Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

JAGUAR HOLDING COMPANY II and 
 PPD
DEVELOPMENT, L.P. 
 as Issuers 

4.625% Senior Notes due 2025 

5.000% Senior Notes due 2028 

INDENTURE 
 Dated as of
June 5, 2020 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	SECTION 1.1.	 	Definitions	  	 	1	 
	SECTION 1.2.	 	Other Definitions	  	 	45	 
	SECTION 1.3.	 	Rules of Construction	  	 	46	 
		
	ARTICLE II	  			
		
	THE NOTES	  			
			
	SECTION 2.1.	 	Form and Dating	  	 	47	 
	SECTION 2.2.	 	Form of Execution and Authentication	  	 	51	 
	SECTION 2.3.	 	Registrar and Paying Agent	  	 	52	 
	SECTION 2.4.	 	Paying Agent to Hold Money in Trust	  	 	52	 
	SECTION 2.5.	 	Lists of Holders of the Notes	  	 	52	 
	SECTION 2.6.	 	Transfer and Exchange	  	 	52	 
	SECTION 2.7.	 	Replacement Notes	  	 	62	 
	SECTION 2.8.	 	Outstanding Notes	  	 	62	 
	SECTION 2.9.	 	Treasury Notes	  	 	62	 
	SECTION 2.10.	 	Temporary Notes	  	 	62	 
	SECTION 2.11.	 	Cancellation	  	 	63	 
	SECTION 2.12.	 	Payment of Interest; Defaulted Interest	  	 	63	 
	SECTION 2.13.	 	CUSIP and ISIN Numbers	  	 	64	 
	SECTION 2.14.	 	[Reserved.]	  	 	64	 
	ARTICLE III	  			
		
	COVENANTS	  			
	SECTION 3.1.	 	Payment of Notes	  	 	64	 
	SECTION 3.2.	 	Reports and Other Information	  	 	64	 
	SECTION 3.3.	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	68	 
	SECTION 3.4.	 	Limitation on Restricted Payments	  	 	76	 
	SECTION 3.5.	 	Liens	  	 	84	 
	SECTION 3.6.	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	86	 
	SECTION 3.7.	 	Asset Sales	  	 	88	 
	SECTION 3.8.	 	Transactions with Affiliates	  	 	92	 
	SECTION 3.9.	 	Change of Control	  	 	95	 
	SECTION 3.10.	 	Maintenance of Insurance	  	 	98	 
	SECTION 3.11.	 	Future Guarantors	  	 	98	 
	SECTION 3.12.	 	Compliance Certificate; Statement by Officers as to Default	  	 	98	 
	SECTION 3.13.	 	[Reserved]	  	 	98	 
	SECTION 3.14.	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	98	 
	SECTION 3.15.	 	Covenant Suspension	  	 	99	 

  
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	 	 	 	  	Page	 
			
	SECTION 3.16.	 	Stay, Extension and Usury Laws	  	 	100	 
		
	ARTICLE IV	  			
		
	MERGER, CONSOLIDATION, AMALGAMATION OR SALE OF ASSETS	  			
			
	SECTION 4.1.	 	When the Issuers May Merge, Amalgamate or Otherwise Dispose of Assets	  	 	101	 
		
	ARTICLE V	  			
		
	REDEMPTION OF NOTES	  			
			
	SECTION 5.1.	 	Optional Redemption	  	 	104	 
	SECTION 5.2.	 	Election to Redeem; Notice to Trustee of Optional and Mandatory Redemptions	  	 	104	 
	SECTION 5.3.	 	Selection by Trustee of Notes to Be Redeemed	  	 	104	 
	SECTION 5.4.	 	Notice of Redemption	  	 	105	 
	SECTION 5.5.	 	Deposit of Redemption Price	  	 	106	 
	SECTION 5.6.	 	Notes Payable on Redemption Date	  	 	106	 
	SECTION 5.7.	 	Notes Redeemed in Part	  	 	106	 
	SECTION 5.8.	 	Offer to Repurchase	  	 	107	 
		
	ARTICLE VI	  			
		
	DEFAULTS AND REMEDIES	  			
			
	SECTION 6.1.	 	Events of Default	  	 	108	 
	SECTION 6.2.	 	Acceleration	  	 	110	 
	SECTION 6.3.	 	Other Remedies	  	 	110	 
	SECTION 6.4.	 	Waiver of Past Defaults	  	 	110	 
	SECTION 6.5.	 	Control by Majority	  	 	111	 
	SECTION 6.6.	 	Limitation on Suits	  	 	111	 
	SECTION 6.7.	 	Rights of Holders to Receive Payment	  	 	112	 
	SECTION 6.8.	 	Collection Suit by Trustee	  	 	112	 
	SECTION 6.9.	 	Trustee May File Proofs of Claim	  	 	112	 
	SECTION 6.10.	 	Priorities	  	 	112	 
	SECTION 6.11.	 	Undertaking for Costs	  	 	112	 
		
	ARTICLE VII	  			
		
	TRUSTEE	  			
			
	SECTION 7.1.	 	Duties of Trustee	  	 	113	 
	SECTION 7.2.	 	Rights of Trustee	  	 	114	 
	SECTION 7.3.	 	Individual Rights of Trustee	  	 	115	 
	SECTION 7.4.	 	Disclaimer	  	 	115	 
	SECTION 7.5.	 	Notice of Defaults	  	 	116	 
	SECTION 7.6.	 	Compensation and Indemnity	  	 	116	 
	SECTION 7.7.	 	Replacement of Trustee	  	 	117	 
	SECTION 7.8.	 	Successor Trustee by Merger	  	 	117	 
	SECTION 7.9.	 	Eligibility; Disqualification	  	 	118	 
	SECTION 7.10.	 	Limitation on Duty of Trustee	  	 	118	 

  
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	 	 	 	  	Page	 
			
	SECTION 7.11.	 	Preferential Collection of Claims Against the Issuers	  	 	118	 
		
	ARTICLE VIII	  			
		
	DISCHARGE OF INDENTURE; DEFEASANCE	  			
			
	SECTION 8.1.	 	Discharge of Liability on Notes; Defeasance	  	 	118	 
	SECTION 8.2.	 	Conditions to Defeasance	  	 	119	 
	SECTION 8.3.	 	Application of Trust Money	  	 	120	 
	SECTION 8.4.	 	Repayment to Issuers	  	 	121	 
	SECTION 8.5.	 	Indemnity for U.S. Government Obligations	  	 	121	 
	SECTION 8.6.	 	Reinstatement	  	 	121	 
		
	ARTICLE IX	  			
		
	AMENDMENTS	  			
	SECTION 9.1.	 	Without Consent of Holders	  	 	121	 
	SECTION 9.2.	 	With Consent of Holders	  	 	122	 
	SECTION 9.3.	 	Effect of Consents and Waivers	  	 	124	 
	SECTION 9.4.	 	Notation on or Exchange of Notes	  	 	124	 
	SECTION 9.5.	 	Trustee To Sign Amendments	  	 	124	 
		
	ARTICLE X	  			
		
	GUARANTEES	  			
			
	SECTION 10.1.	 	Guarantees	  	 	125	 
	SECTION 10.2.	 	Limitation on Liability; Termination, Release and Discharge	  	 	126	 
	SECTION 10.3.	 	Right of Contribution	  	 	128	 
	SECTION 10.4.	 	No Subrogation	  	 	128	 
	SECTION 10.5.	 	Limitations on Merger	  	 	128	 
	SECTION 10.6.	 	Execution and Delivery	  	 	129	 
		
	ARTICLE XI	  			
		
	INTENTIONALLY OMITTED	  			
		
	ARTICLE XII	  			
		
	MISCELLANEOUS	  			
			
	SECTION 12.1.	 	Notices	  	 	130	 
	SECTION 12.2.	 	Certificate and Opinion as to Conditions Precedent	  	 	131	 
	SECTION 12.3.	 	Statements Required in Certificate or Opinion	  	 	131	 
	SECTION 12.4.	 	Severability	  	 	132	 
	SECTION 12.5.	 	Rules by Trustee, Paying Agent and Registrar	  	 	132	 
	SECTION 12.6.	 	Days Other than Business Days	  	 	132	 
	SECTION 12.7.	 	Governing Law	  	 	132	 
	SECTION 12.8.	 	Electronic Signatures	  	 	132	 
	SECTION 12.9.	 	Waiver of Jury Trial	  	 	132	 
	SECTION 12.10.	 	No Recourse Against Others	  	 	132	 

  
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	 	 	 	  	Page	 
			
	SECTION 12.11.	 	Successors	  	 	132	 
	SECTION 12.12.	 	Multiple Originals	  	 	132	 
	SECTION 12.13.	 	Variable Provisions	  	 	133	 
	SECTION 12.14.	 	Table of Contents; Headings	  	 	133	 
	SECTION 12.15.	 	Force Majeure	  	 	133	 
	SECTION 12.16.	 	USA Patriot Act	  	 	133	 
	SECTION 12.17.	 	[Reserved]	  	 	133	 
	SECTION 12.18.	 	Communication by Holders with Other Holders	  	 	133	 
		
	ARTICLE XIII	  			
		
	MEASURING COMPLIANCE	  			
			
	SECTION 13.1.	 	Compliance in Connection with Certain Investments and Repayments.	  	 	133	 

 EXHIBITS: 
  

			
	EXHIBIT A-1	  	Form of 2025 Note
	EXHIBIT A-2	  	Form of 2028 Note
	EXHIBIT B	  	Form of Certificate of Transfer
	EXHIBIT C	  	Form of Certificate of Exchange
	EXHIBIT D	  	Form of Certificate to Be Delivered in Connection with Transfers to Institutional Accredited Investors
	EXHIBIT E	  	Form of Supplemental Indenture

  

  
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 INDENTURE, dated as of June 5, 2020, as amended or supplemented from time to time (this
“Indenture”), among JAGUAR HOLDING COMPANY II, a Delaware corporation ( “Jaguar”), PPD DEVELOPMENT, L.P., a Delaware limited partnership (the “Co-Issuer” and,
together with Jaguar, the “Issuers”), the Guarantors (as defined herein) and WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (in such capacity, the “Trustee”). The Issuers are subsidiaries of PPD, Inc., a
Delaware corporation (the “Company”). 
 Recitals 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein) of
the Notes (as defined herein): 
 ARTICLE I 

Definitions and Incorporation by Reference 

SECTION 1.1. Definitions. 

“144A Global Note” means a global note substantially in the form of Exhibit
A-1 hereto for the 2025 Notes and Exhibit A-2 hereto for the 2028 Notes, in each case, bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“2025 Notes” means the Initial 2025 Notes and any Additional 2025 Notes. 

“2028 Notes” means the Initial 2028 Notes and any Additional 2028 Notes. 

“Acquired Indebtedness” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged, amalgamated or consolidated with or into
or becomes a Restricted Subsidiary of such specified Person, whether or not such Indebtedness is Incurred in connection with, or in contemplation of, such other Person merging, amalgamating or consolidating with or into, or becoming a Restricted
Subsidiary of such specified Person, and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such
specified Person. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “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. 
 “Agent” means any Registrar, Paying Agent, co-registrar or additional paying agent. 
 “Applicable Measurement Period” means the
most recently completed four consecutive fiscal quarters of the Company ending on or immediately preceding the applicable date of calculation for which internal financial statements are available. 

 “Applicable Premium” means, with respect to any Note on any applicable
Redemption Date, as calculated by the Issuers, the greater of: 
 (1) 1% of the then outstanding principal amount of such
Note; and 
 (2) the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price
of the Note at June 15, 2022, in the case of the Initial 2025 Notes, or June 15, 2023, in the case of the Initial 2028 Notes, or at such first optional redemption date as may be specified by the Issuers in accordance with the provisions of
Section 2.2, in the case of any Additional Notes, in each case, as set forth in Section 5.1(a), plus (ii) all required interest payments due on such Note through June 15, 2022, in the
case of the Initial 2025 Notes, or June 15, 2023, in the case of the Initial 2028 Notes, or at such first optional redemption date as may be specified by the Issuers in accordance with the provisions of Section 2.2
(excluding accrued but unpaid interest to (but not including) the Redemption Date), computed using a discount rate equal to the Treasury Rate plus 50 basis points; over (b) the then outstanding principal amount of such Note. 

The Trustee shall have no duty to calculate or verify the Issuers’ calculation of the Applicable Premium. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 
 “Asset
Sale” means: 
 (1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series
of related transactions) of property or assets (including by way of a Sale/Leaseback Transaction) of the Company or any Restricted Subsidiary, or 

(2) the issuance or sale of Equity Interests (other than preferred stock of Restricted Subsidiaries issued in compliance with
Section 3.3 and directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary of the Company
(other than to the Company or another Restricted Subsidiary) (whether in a single transaction or a series of related transactions), 
 (each of the
foregoing referred to in this definition as a “disposition”). Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 

(a) a sale, exchange or other disposition of cash, Cash Equivalents or Investment Grade Securities, or of obsolete, damaged,
unnecessary, unsuitable or worn out equipment or other assets in the ordinary course of business, or dispositions of property no longer used, useful or economically practicable to maintain in the conduct of the business of the Company and its
Restricted Subsidiaries (including allowing any registrations or any applications for registration of any intellectual property or other intellectual property rights to lapse or become abandoned); 

(b) the sale, conveyance, lease or other disposition of all or substantially all of the assets of the Company or either of the
Issuers in compliance with Section 4.1 or any disposition that constitutes a Change of Control; 

  
 2 

 (c) any Restricted Payment that is permitted to be made, and is made, under
Section 3.4 or any Permitted Investment; 
 (d) any disposition of assets or issuance or sale of
Equity Interests of any Restricted Subsidiary, in a single transaction or series of related transactions, with an aggregate Fair Market Value of less than or equal to $100.0 million; 

(e) any transfer or disposition of property or assets or issuance or sale of Equity Interests by a Restricted Subsidiary to the
Company or by the Company or a Restricted Subsidiary to another Restricted Subsidiary; 
 (f) the creation of any Lien
permitted under this Indenture; 
 (g) any issuance, sale, pledge or other disposition of Equity Interests in, or
Indebtedness or other securities of, an Unrestricted Subsidiary; 
 (h) the sale, lease, assignment, license or sublease of
inventory, equipment, accounts receivable, notes receivable or other current assets held for sale in the ordinary course of business or the conversion of accounts receivable to notes receivable or dispositions of accounts receivable in connection
with the collection or compromise thereof; 
 (i) the lease, assignment, license, sublicense or sublease of any real or
personal property in the ordinary course of business; 
 (j) a sale or transfer of accounts receivable, or participations
therein, and related assets of the type specified in the definition of “Receivables Financing” to a Receivables Subsidiary in a Qualified Receivables Financing or in factoring or similar transactions; 

(k) a transfer of accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” (or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing; 

(l) any exchange of assets for Related Business Assets (including a combination of Related Business Assets and a de minimis
amount of cash or Cash Equivalents) of comparable or greater market value than the assets exchanged, as determined in good faith by the Company; 

(m) (i) non-exclusive licenses, sublicenses or cross-licenses of intellectual
property, other intellectual property rights or other general intangibles and (ii) exclusive licenses, sublicenses or cross-licenses of intellectual property, other intellectual property rights or other general intangibles in the ordinary
course of business of the Company and the Restricted Subsidiaries of the Company; 
 (n) any Sale/Leaseback Transaction of
any property acquired or built after the Issue Date; provided that such sale is for at least Fair Market Value; 
 (o)
the surrender or waiver of obligations of trade creditors or customers or other contract rights that were incurred in the ordinary course of business of the Company or any Restricted Subsidiary of the Company, including pursuant to any plan of
reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or compromise, settlement, release or surrender of a contract, tort or other litigation claim, arbitration or other disputes; 

  
 3 

 (p) dispositions arising from foreclosures, condemnations, eminent domain,
seizure, nationalization or any similar action with respect to assets, dispositions of property subject to casualty events and (except for purposes of calculating Net Cash Proceeds of any Asset Sale under Sections 3.7(b), 3.7(c),
3.7(d), 3.7(e) and 3.7(f)) dispositions necessary or advisable (as determined by the Company in good faith) in order to consummate any acquisition of any Person, business or assets; 

(q) dispositions of Investments (including Equity Interests) in joint ventures to the extent required by, or made pursuant to
customary buy/sell arrangements or rights of first refusal between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(r) to the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for
use in a Similar Business; 
 (s) the issuance of directors’ qualifying shares and shares issued to foreign nationals to
the extent required by applicable law; 
 (t) dispositions of property to the extent that (i) such property is exchanged
for credit against the purchase price of similar replacement property that is purchased within 90 days of such disposition or (ii) the proceeds of such Asset Sale are applied within 90 days of such disposition to the purchase price of such
replacement property (which replacement property is purchased within 90 days of such disposition); 
 (u) a sale or transfer
of equipment receivables, or participations therein, and related assets; and 
 (v) sale, distribution or other disposition
of the Existing Non-Core Assets held by the Company or any Restricted Subsidiary of the Company. 

For the avoidance of doubt, the unwinding of Swap Contracts shall not be deemed to constitute an Asset Sale. 

“Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. 

“beneficial owner” has the meaning given to that term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will not be deemed to have beneficial ownership of any securities that such “person” has the right to acquire or vote only upon the happening of any future event or contingency (including the passage of time) that has not yet occurred. The
terms “beneficial ownership,” “beneficially owns” and “beneficially owned” have a corresponding meaning. 

“Board of Directors” means as to any Person, the board of directors, board of managers, sole member or managing member or
other governing body of such Person, or if such Person is owned or managed by a single entity or has a general partner, the board of directors, board of managers, sole member or managing member or other governing body of such entity or general
partner, or in each case, any duly authorized committee thereof, and the term “directors” means members of the Board of Directors. 

  
 4 

 “Business Day” means a day other than a Saturday, Sunday or other day on
which banking institutions are authorized or required by law or regulation to close, or are in fact closed, in the State of New York or, with respect to any payments to be made under this Indenture, the place of payment. 

“Capital Stock” means: 

(1) in the case of a corporation or a company, corporate stock or share capital; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that “cash-settled phantom appreciation programs” in
connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock). 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Cash Contribution Amount” means the aggregate amount of cash contributions made to the capital of the Company or any
Restricted Subsidiary and designated as a “Cash Contribution Amount” as described in the definition of “Contribution Indebtedness.” 

“Cash Equivalents” means: 

(1) U.S. dollars, Canadian dollars, Japanese yen, pounds sterling, euros or the national currency of any participating member
state of the European Union (as it is constituted on the Issue Date (and for avoidance of doubt, including the United Kingdom)) and, with respect to any Foreign Subsidiaries, other currencies held by such Foreign Subsidiary in the ordinary course of
business; 
 (2) securities issued or directly guaranteed or insured by the government of the United States or any country
that is a member of the European Union (as it is constituted on the Issue Date (and for avoidance of doubt, including the United Kingdom)) or any agency or instrumentality thereof in each case with maturities not exceeding two years from the date of
acquisition; 
 (3) money market deposits, certificates of deposit, time deposits and eurodollar time deposits with
maturities of two years or less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding two years, and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of
$250.0 million in the case of domestic banks or $100.0 million (or the U.S. dollar equivalent thereof) in the case of foreign banks; 

  
 5 

 (4) repurchase obligations for underlying securities of the types described
in clauses (2) and (3) above and clause (6) below entered into with any financial institution or securities dealers of recognized national standing meeting the qualifications specified in clause (3) above; 

(5) commercial paper or variable or fixed rate notes issued by a corporation or other Person (other than an Affiliate of the
Company) rated at least “A-2” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing
within two years after the date of acquisition; 
 (6) readily marketable direct obligations issued by any state,
commonwealth or territory of the United States of America or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or reasonably equivalent ratings of another internationally
recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 
 (7)
Indebtedness issued by Persons (other than the Sponsors) with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another
internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition, and marketable short-term money market and similar securities having a rating of at least
“A-2” or “P-2” from either S&P or Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency); 

(8) investment funds investing at least 95% of their assets in investments of the types described in clauses (1) through
(7) above and (9) and (10) below; 
 (9) Investments with average maturities of 12 months or less from the date of
acquisition in money market funds rated AAA (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency); and

 (10) in the case of investments by any Foreign Subsidiary or investments made in a country outside the United States of
America, other investments of comparable tenor and credit quality to those described in the foregoing clauses (1) through (9) customarily utilized in the countries where such Foreign Subsidiary is located or in which such investment is made.

 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clause
(1) above; provided that such amounts are converted into any currency listed in clause (1) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts. 

“Cash Management Services” means any of the following to the extent not constituting a line of credit (other than an
overnight draft facility that is not in default): automated clearing house transactions, treasury and/or cash management services, including, without limitation, treasury, depository, overdraft, credit, purchasing or debit card, non-card e-payables services, electronic funds transfer, treasury management services (including controlled disbursement services, overdraft automatic clearing house fund
transfer services, return items and interstate depository network services), other demand deposit or operating account relationships, foreign exchange facilities and merchant services. 

  
 6 

 “Change of Control” means the occurrence of any of the following events:

 (i) the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange
Act, proxy, vote, written notice or otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), including any group acting for the purpose of acquiring, holding or
disposing of Equity Interests of the Company (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, but excluding any employee benefit plan of such Person and its subsidiaries and any Person or entity
acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than the Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation, amalgamation or other
business combination or purchase, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) representing more than 50% of the total voting power of all of the outstanding Voting Stock
of the Company, unless the Permitted Holders otherwise have the right (pursuant to contract, proxy or otherwise), directly or indirectly, to designate, nominate or appoint a majority of the aggregate votes on the Board of Directors of the Company;
or 
 (ii) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets
of the Company and its Subsidiaries, taken as a whole, to any Person other than an Issuer or a Guarantor; 
 provided,
however, that in no event shall a Change of Control be deemed to have occurred pursuant to clause (i) or (ii) above if immediately after the date upon which the event occurred that would have given rise to the Change of Control, the
Consolidated Total Debt Ratio at the end of the Applicable Measurement Period would be no greater than 3.50 to 1.00. 
 Notwithstanding
anything to the contrary in the definition of “Change of Control” or any provision of Section 13d-3 of the Exchange Act, (i) a Person or group shall not be deemed to beneficially own Voting
Stock (x) to be acquired by such Person or group pursuant to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the
consummation of the acquisition of the Voting Stock in connection with the transactions contemplated by such agreement or (y) solely as a result of veto or approval rights in any joint venture agreement, shareholder agreement, investor rights
agreement or other similar agreement, (ii) if any group (other than a Permitted Holder) includes one or more Permitted Holders, the issued and outstanding Voting Stock of the Company owned, directly or indirectly, by any Permitted Holders that
are part of such group shall not be treated as being beneficially owned by such group or any other member of such group for purposes of determining whether a Change of Control has occurred, (iii) a Person or group (other than Permitted Holders)
will not be deemed to beneficially own Voting Stock of another Person as a result of its ownership of Equity Interests or other securities of such other Person’s parent (or related contractual rights) unless it owns more than 50% of the total
voting power of the Voting Stock of such Person’s parent and (iv) the right to acquire Voting Stock (so long as such Person does not have the right to direct the voting of the Voting Stock subject to such right) or any veto power in
connection with the acquisition or disposition of Voting Stock will not cause a party to be a beneficial owner. 

“Clearstream” means Clearstream Banking, Société Anonyme. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. 

“Company” has the meaning set forth in the preamble hereto. 

“Company Order” means a written request or order signed in the name of the Issuers by any Officer of each of the Issuers.

  
 7 

 “Consolidated EBITDA” means, with respect to any Person and its Restricted
Subsidiaries on a consolidated basis for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period: 

(1) increased, in each case to the extent deducted and not added back in calculating such Consolidated Net Income (other than
with respect to clauses (k), (l) and (n) below) (and, in each case, without duplication), by: 
 (a) provision for taxes
based on income, profits or capital, including federal and state franchise, excise, property and similar taxes and foreign withholding taxes paid or accrued, including giving effect to any penalties and interest with respect thereto, and state taxes
in lieu of business fees (including business license fees) and payroll tax credits, income tax credits and similar credits and including an amount equal to the amount of tax distributions actually made to the holders of Equity Interests of such
Person or its Restricted Subsidiaries or any direct or indirect parent of such Person or its Restricted Subsidiaries in respect of such period (in each case, to the extent attributable to the operations of such Person and its Subsidiaries), which
shall be included as though such amounts had been paid as income taxes directly by such Person or its Restricted Subsidiaries; plus 

(b) Consolidated Interest Expense; plus 

(c) all depreciation and amortization charges and expenses, including amortization or expense recorded for upfront payments
related to any contract signing and signing bonus and incentive payments; plus 
 (d) the amount of any interest
expense consisting of Subsidiary income attributable to minority equity interests of third parties in any Restricted Subsidiary of such Person that is not a Wholly Owned Restricted Subsidiary of such Person; plus 

(e) the amount of management, monitoring, consulting, transaction and advisory fees (including termination fees) and related
indemnities, charges and expenses paid or accrued to or on behalf of any direct or indirect parent of the Company or any of the Permitted Holders, in each case, to the extent permitted under Section 3.8; plus 

(f) earn-out obligations incurred in connection with any acquisition or other
Investment and paid or accrued during the applicable period; plus 
 (g) all charges, costs, expenses, accruals or
reserves in connection with the rollover, acceleration or payout of equity interests held by management and all losses, charges and expenses related to payments made to holders of options or other derivative equity interests in the common equity of
such Person or any direct or indirect parent of the Company in connection with, or as a result of, any distribution being made to equityholders of such Person or any of its direct or indirect parents, which payments are being made to compensate such
optionholders as though they were equityholders at the time of, and entitled to share in, such distribution; plus 

(h) all non-cash losses, charges and expenses, including any write-offs or write-downs;
provided that if any such non-cash charge represents an accrual or reserve for potential cash items in any future Applicable Measurement Period, (i) such Person may determine not to add back such non-cash charge in the period for which Consolidated EBITDA is being calculated and (ii) to the extent such Person does decide to add back such non-cash charge, the cash
payment in respect thereof in such future Applicable Measurement Period will be subtracted from Consolidated EBITDA for such future Applicable Measurement Period; plus 

  
 8 

 (i) all costs and expenses in connection with
pre-opening and opening and closure and/or consolidation of facilities that were not already excluded in calculating such Consolidated Net Income; plus 

(j) restructuring charges, accruals or reserves and business optimization expense, including any restructuring costs and
integration costs incurred in connection with any acquisitions, project start-up costs (including entry into new market/channels and new service offerings), costs related to the closure, relocation,
reconfiguration and/or consolidation of facilities and costs to relocate employees, integration and transaction costs, retention charges, severance, contract termination costs, recruiting and signing bonuses and expenses, future lease commitments,
systems establishment costs, systems, facilities or equipment conversion costs, excess pension charges and consulting fees, expenses attributable to the implementation of costs savings initiatives, costs associated with tax projects/audits and costs
consisting of professional consulting or other fees relating to any of the foregoing; plus 
 (k) Pro Forma Cost
Savings; plus 
 (l) all adjustments of the nature used in connection with the calculation of “Adjusted
EBITDA” (or similar pro forma non-GAAP measures) as set forth in the “Offering Memorandum Summary” section in the Offering Memorandum that contains a reconciliation of net income to such
measure to the extent such adjustments of such nature continue to be applicable during the period in which Consolidated EBITDA is being calculated; provided that any such adjustments that consist of reductions in costs and other operating
improvements or synergies shall be calculated in accordance with, and satisfy the requirements specified in, the definition of “Pro Forma Basis”; plus 

(m) the amount of loss or discount on sale of receivables and related assets to the Receivables Subsidiary in connection with a
Receivables Financing; plus 
 (n) the aggregate amount of Consolidated Net Income for such period attributable to non-controlling interests of third parties in any non-Wholly-Owned Subsidiary, excluding cash distributions in respect thereof to the extent already included in Consolidated
Net Income; plus 
 (o) with respect to any joint venture that is not a Restricted Subsidiary, an amount equal to the
proportion of those items described in clauses (a), (b) and (c) above relating to such joint venture corresponding to such Person’s and the Restricted Subsidiaries’ proportionate share of such joint venture’s Consolidated Net
Income (determined as if such joint venture were a Restricted Subsidiary) solely to the extent Consolidated Net Income was reduced thereby; 

(2) decreased (without duplication and to the extent increasing such Consolidated Net Income for such period) by (i) non-cash gains or income, excluding any non-cash gains that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that were deducted
(and not added back) in the calculation of Consolidated EBITDA for any prior period ending after the Issue Date and (ii) the amount of any minority interest income consisting of a Subsidiary loss attributable to minority equity interest of
third parties in any non-Wholly Owned Subsidiary (to the extent not deducted from Consolidated Net Income for such period); 

(3) increased (with respect to losses) or decreased (with respect to gains) by, without duplication, any net cash
or realized gains and losses relating to (i) amounts denominated in foreign currencies resulting from the application of FASB ASC 830 (including net cash or realized gains and losses from exchange rate fluctuations on intercompany balances and
balance sheet items, net of realized gains or losses from related Swap Contracts (entered into in the ordinary course of business or consistent with past practice)) or (ii) any other amounts denominated in or otherwise trued-up to provide similar accounting as if they were denominated in foreign currencies; and 

  
 9 

 (4) increased (with respect to losses) or decreased (with
respect to gains) by, without duplication, any gain or loss relating to Swap Contracts (excluding Swap Contracts entered into in the ordinary course of business or consistent with past practice); 

provided that the Company may, in its sole discretion, elect to not make any adjustment for any item pursuant to the foregoing clauses (1)(a) through
(o), (2), (3) or (4) above if any such item individually is less than $2.0 million in any fiscal quarter. 
 “Consolidated
Interest Expense” means, with respect to any Person for any period, the sum, without duplication, of: 
 (1) the
aggregate interest expense of such Person and its Restricted Subsidiaries for such period, calculated on a consolidated basis in accordance with GAAP, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income
(including pay in kind interest payments, amortization of original issue discount, the interest component of Financing Lease Obligations and net payments and receipts (if any) pursuant to interest rate Swap Contracts (other than in connection with
the early termination thereof) but excluding any non-cash interest expense attributable to the movement in the mark-to-market
valuation of Indebtedness, Swap Contracts or other derivative instruments, all amortization and write-offs of deferred financing fees, debt issuance costs, commissions, discounts, fees and expenses and expensing of any bridge, commitment or other
financing fees, costs of surety bonds, charges owed with respect to letters of credit, bankers’ acceptances or similar facilities, and all discounts, commissions, fees and other charges associated with any Receivables Financing); plus

 (2) consolidated capitalized interest of the referent Person and its Restricted Subsidiaries for such period, whether paid
or accrued; less 
 (3) interest income of the referent Person and its Restricted Subsidiaries for such period; 

provided that (a) when determining Consolidated Interest Expense in respect of any four-quarter period ending prior to the first anniversary of
the Issue Date, Consolidated Interest Expense will be calculated by multiplying the aggregate Consolidated Interest Expense accrued since the Issue Date by 365 and then dividing such product by the number of days from and including the Issue Date to
and including the last day of such period and (b) in the case of any Person that became a Restricted Subsidiary of such Person after the commencement of such four-quarter period, the interest expense of such Person paid in cash prior to the
date on which it became a Restricted Subsidiary of such Person will be disregarded. For purposes of this definition, interest on Financing Lease Obligations will be deemed to accrue at the interest rate reasonably determined by such Person to be the
rate of interest implicit in such Financing Lease Obligations in accordance with GAAP. 
 “Consolidated Net Income” means,
with respect to any Person for any period, the aggregate of the net income (or loss) of such Person and its Restricted Subsidiaries for such period, calculated on a consolidated basis in accordance with GAAP and before any reduction in respect of
Preferred Stock dividends; provided that (without duplication): 

  
 10 

 (a) all net after-tax extraordinary,
nonrecurring, exceptional or unusual gains, losses, income, expenses and charges, in each case as determined in good faith by such Person, and in any event including, without limitation, all restructuring, severance, relocation, retention and
completion payments, consolidation, integration or other similar charges and expenses, contract termination costs, system establishment charges, conversion costs, start-up or closure or transition costs,
expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, fees, expenses or charges relating to curtailments, settlements or modifications to pension and post-retirement
employee benefit plans in connection with any acquisition or Permitted Investment, expenses associated with strategic initiatives, facilities shutdown and opening costs, and any fees, expenses, charges or change in control payments related to any
acquisition or Permitted Investment (including any transition-related expenses (including retention or transaction-related bonuses or payments) incurred before, on or after the Issue Date), will be excluded; 

(b) all (i) transaction fees, costs and expenses incurred in connection with the consummation of any equity issuances,
investments, acquisitions, dispositions, recapitalizations, mergers, amalgamations, option buyouts and the Incurrence, modification or repayment of Indebtedness permitted to be Incurred hereunder (including any Refinancing Indebtedness in respect
thereof) or any amendments, waivers or other modifications under the agreements relating to such Indebtedness or similar transactions and (ii) without duplication of any of the foregoing, non-operating or
non-recurring professional fees, costs and expenses for such period will be excluded; 

(c) all net after-tax income, loss, expense or charge from abandoned, closed or
discontinued operations and any net after-tax gain or loss on the disposal of abandoned, closed or discontinued operations (and all related expenses) other than in the ordinary course of business (as
determined in good faith by such Person) will be excluded; 
 (d) all net after-tax
gain, loss, expense or charge attributable to business dispositions and asset dispositions, including the sale or other disposition of any Equity Interests of any Person, other than in the ordinary course of business (as determined in good faith by
such Person) will be excluded; 
 (e) all net after-tax income, loss, expense or
charge attributable to the early extinguishment or cancellation of Indebtedness, Swap Contracts or other derivative instruments (including deferred financing costs written off and premiums paid) will be excluded; 

(f) all non-cash gains, losses, expenses or charges attributable to the movement in the
mark-to-market valuation of Indebtedness, Swap Contracts or other derivative instruments will be excluded; 

(g) any non-cash or unrealized foreign currency translation or transactional gains and
losses related to changes in currency exchange rates (including remeasurements of Indebtedness and any net loss or gain resulting from Swap Contracts for currency exchange risk), will be excluded; 

(h) (i) the net income for such period of any Person that is not a Restricted Subsidiary of the referent Person or that is
accounted for by the equity method of accounting, will be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or converted into cash) with respect to such equity ownership to the referent Person or
a Restricted Subsidiary thereof in respect of such period and (ii) the net income for such period will include any ordinary course dividends or distributions or other payments paid in cash (or converted into cash) with respect to such equity
ownership received from any such Person during such period in excess of the amounts included in subclause (i) above; 

  
 11 

 (i) the cumulative effect of a change in accounting principles and changes
as a result of the adoption or modification of accounting policies will be excluded; 
 (j) the effects of purchase
accounting, fair value accounting or recapitalization accounting adjustments (including the effects of such adjustments pushed down to the referent Person and its Restricted Subsidiaries) resulting from the application of purchase accounting, fair
value accounting or recapitalization accounting in relation to any acquisition consummated before or after the Issue Date, and the amortization, write-down or write-off of any amounts thereof, net of taxes,
will be excluded; 
 (k) all non-cash impairment charges and asset write-ups, write-downs and write-offs, in each case pursuant to GAAP, and the amortization of intangibles arising from the application of GAAP will be excluded; 

(l) all non-cash expenses realized in connection with or resulting from equity or
equity-linked compensation, employee benefit plans or agreements or post-employment benefit plans or agreements, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other similar
rights will be excluded; 
 (m) any costs or expenses incurred in connection with the payment of dividend equivalent rights
to option holders pursuant to any management equity plan, stock option plan or any other management or employee benefit plan or agreement or post-employment benefit plan or agreement will be excluded; 

(n) all amortization and write-offs of deferred financing fees, debt issuance costs, commissions, fees and expenses, costs of
surety bonds, charges owed with respect to letters of credit, bankers’ acceptances or similar facilities, and expensing of any bridge, commitment or other financing fees (including in connection with a transaction undertaken but not completed),
will be excluded; 
 (o) all discounts, commissions, fees and other charges (including interest expense) associated with any
Receivables Financing will be excluded; 
 (p) (i) the non-cash portion of
“straight-line” rent expense will be excluded and (ii) the cash portion of “straight-line” rent expense that exceeds the amount expensed in respect of such rent expense will be included; 

(q) expenses and lost profits with respect to liability or casualty events or business interruption will be disregarded to the
extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer, but only to the extent that such amount
(i) has not been denied by the applicable carrier in writing and (ii) is in fact reimbursed within 365 days of the date on which such liability was discovered or such casualty event or business interruption occurred (with a deduction for
any amounts so added back that are not reimbursed within such 365-day period); provided that any proceeds of such reimbursement when received will be excluded from the calculation of Consolidated Net
Income to the extent the expense or lost profit reimbursed was previously disregarded pursuant to this clause (q); 

  
 12 

 (r) losses, charges and expenses that are covered by indemnification or
other reimbursement provisions in connection with any asset disposition will be excluded to the extent actually reimbursed, or, so long as such Person has made a determination that a reasonable basis exists for indemnification or reimbursement, but
only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such
365 days); 
 (s) non-cash charges or income relating to adjustments to deferred tax
asset valuation allowances will be excluded; 
 (t) cash dividends or returns of capital from Investments (such return of
capital not reducing the ownership interest in the underlying Investment), in each case received during such period, to the extent not otherwise included in Consolidated Net Income for that period or any prior period subsequent to the Issue Date
will be included; 
 (u) solely for the purpose of determining the amount available for Restricted Payments under
Section 3.4(a)(C)(1)(i) and without duplication of provisions under Section 3.4(a)(C) with respect to cash dividends or other returns on Investments, the net income (or loss) for such period of any
Restricted Subsidiary (other than an Issuer or a Guarantor) will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary is not at the date of determination permitted without any
prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of such Person will be increased by the amount of
dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to such Person or any of its Restricted Subsidiaries in respect of such period, to the extent not already included therein (subject, in
the case of a dividend to another Restricted Subsidiary (other than an Issuer or a Guarantor), to the limitation contained in this clause (u)); 

(v) any Initial Public Company Costs will be excluded; 

(w) any (a) severance or relocation costs or expenses, (b) one-time non-cash compensation charges, (c) the costs and expenses related to employment of terminated employees, or (d) costs or expenses realized in connection with or resulting from stock appreciation or similar
rights, stock options or other rights of officers, directors and employees, in each case of such Person or any of its Restricted Subsidiaries, shall be excluded; and 

(x) any non-cash interest expense and non-cash
interest income, in each case to the extent there is no associated cash disbursement or receipt, as the case may be, before the earlier of the maturity date of the Notes and the date on which all the Notes cease to be outstanding, shall be excluded;

 provided that the Company may, in its sole discretion, elect to not make any adjustment for any item pursuant to clauses
(a) through (x) above if any such item individually is less than $2.0 million in any fiscal quarter. 

  
 13 

 For the purpose of Section 3.4 only, there shall be excluded from
Consolidated Net Income any income arising from the sale or other disposition of Restricted Investments, from repurchases or redemptions of Restricted Investments, from repayments of loans or advances which constituted Restricted Investments or from
any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries, in each case to the extent such amounts increase the amount of Restricted Payments permitted under Sections 3.4(a)(C)(5) or
3.4(a)(C)(6). 
 “Consolidated Net Tangible Assets” means the aggregate amount of assets of the Company and its
Restricted Subsidiaries (including deferred tax assets (without reducing such deferred tax assets by deferred tax liabilities), and less applicable reserves and other properly deductible items) after deducting therefrom all goodwill, trade names,
trademarks, patents, unamortized debt discount and expense, investments, and other like intangibles, all as set forth in the most recent consolidated balance sheet of the Company determined on a Pro Forma Basis. 

“Consolidated Senior Secured Debt Ratio” means, as of any date of determination, the ratio of (1) (a) Consolidated Total
Indebtedness of the Company that is secured by a Lien as of such date and not subordinated in right of payment to the Notes minus (b) the amount of unrestricted cash and Cash Equivalents that would be stated on the balance sheet of the
Company and its Restricted Subsidiaries as of the last day of the Applicable Measurement Period, and in each case, calculated on a Pro Forma Basis to (2) the Consolidated EBITDA of the Company for the Applicable Measurement Period, calculated
on a Pro Forma Basis; provided that (in the event that the Company shall classify Indebtedness Incurred on the date of determination as secured in part pursuant to clause (24) of the definition of “Permitted Liens” and in part
pursuant to one or more other clauses of such definition (other than Liens Incurred under clause (6) thereof in respect of Indebtedness Incurred under Section 3.3(b)(i)(y)) as provided in the final paragraph of such
definition) any calculation of Consolidated Total Indebtedness that is secured by a Lien for purposes of clause (x) above on such date (but not in respect of any future calculation following such date) shall not include any such Indebtedness
(and shall not give effect to any repayment, repurchase, redemption, defeasance or other acquisition, retirement or discharge of Indebtedness from the proceeds thereof) to the extent secured pursuant to any such other clause of such definition. For
purposes of calculating the Consolidated Senior Secured Debt Ratio with respect to any revolving Indebtedness Incurred in an amount not to exceed a specified Consolidated Senior Secured Debt Ratio, the Company may elect, at any time (which election
may not be changed with respect to such revolving Indebtedness), to either (x) give pro forma effect to the Incurrence of the entire committed amount of such Indebtedness, in which case such committed amount may thereafter be borrowed or
reborrowed, in whole or in part, from time to time, without further compliance with the Consolidated Senior Secured Debt Ratio component of any provision hereunder, or (y) give pro forma effect to the Incurrence of the actual amount
drawn under such revolving Indebtedness, in which case, the ability to Incur the amounts committed to under such Indebtedness will be subject to the Consolidated Senior Secured Debt Ratio (to the extent being Incurred pursuant to such ratio) at the
time of each such Incurrence. On the Issue Date, the entire committed amount of the revolving portion of the Senior Credit Agreement shall be deemed to have been Incurred under Section 3.3(b)(i)(x) and not under
Section 3.3 (b)(i)(y). 
 “Consolidated Total Debt Ratio” means, as of any date of determination,
the ratio of (1) (x) Consolidated Total Indebtedness of the Company as of such date minus (y) the amount of unrestricted cash and Cash Equivalents that would be stated on the balance sheet of the Company and its Restricted Subsidiaries
as of the last day of the Applicable Measurement Period and held by the Company and its Restricted Subsidiaries as of such date of determination, and in each case, calculated on a Pro Forma Basis to (2) the Consolidated EBITDA of the Company
for the Applicable Measurement Period, calculated on a Pro Forma Basis. 

  
 14 

 “Consolidated Total Indebtedness” means, as of any date of determination,
an amount equal to (1) the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis, to the extent required to be recorded on a balance sheet in
accordance with GAAP, consisting of funded Indebtedness for borrowed money (other than Indebtedness with respect to Cash Management Services or that are otherwise removed in consolidation) and (2) the aggregate amount of all outstanding
Disqualified Stock of the Company and all Disqualified Stock and Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective
voluntary or involuntary liquidation preferences and Maximum Fixed Repurchase Prices, in each case determined on a consolidated basis in accordance with GAAP, in each case of clauses (1) and (2) above, based on internal financial statements for
the Applicable Measurement Period and calculated on a Pro Forma Basis. 
 “Contingent Obligations” means, with respect to
any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any
manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 

(1) to purchase any such primary obligation or any property constituting direct or indirect security therefor, 

(2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured
or waived. 
 “Contribution Indebtedness” means Indebtedness of the Company or any Restricted Subsidiary in an aggregate
principal amount not greater than the aggregate amount of cash contributions (other than Excluded Contributions) made to the capital of the Company or any Restricted Subsidiary (other than, in the case of such Restricted Subsidiary, contributions by
the Company or another Restricted Subsidiary to its capital) after the Issue Date and designated as a Cash Contribution Amount; provided that such Contribution Indebtedness is designated as Contribution Indebtedness pursuant to an
Officer’s Certificate on the Incurrence date thereof. 
 “Control Investment Affiliate” means, as to any Person, any
other Person other than any Sponsor, which directly or indirectly controls, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect
equity or debt investments in the Company and/or other Persons. 
 “Controlled Foreign Subsidiary” means any Subsidiary of
the Company that is a “controlled foreign corporation” within the meaning of Section 957 of the Code. 
 “Corporate
Trust Office” shall be at the address of the Trustee specified in Section 12.1 or such other address as to which the Trustee may give notice to the Issuers or Holders pursuant to the procedures set forth in
Section 12.1. 

  
 15 

 “Credit Agreement” means (1) the Senior Credit Agreement and
(2) whether or not the Senior Credit Agreement remains outstanding, if designated by the Company to be included in this definition of “Credit Agreement,” one or more (a) debt facilities, indentures or commercial paper facilities
providing for revolving credit loans, term loans, notes, debentures, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of
credit, (b) debt securities, notes, mortgages, guarantees, collateral documents, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances) or
(c) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrower(s) or issuer(s) and, in each case, as Refinanced, restated, increased (provided that such increase in borrowings is
permitted under this Indenture), replaced or refunded in whole or in part from time to time and whether by the same or any other agent, lender or investor or group of lenders or investors. 

“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.6, substantially in the form of Exhibit A-1 hereto for the 2025 Notes and Exhibit A-2 hereto for the 2028 Notes, except
that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means The Depository Trust Company, its nominees and their respective successors and assigns, or such other
depository institution hereinafter appointed by the Issuers. 
 “Designated Non-cash
Consideration” means the Fair Market Value of non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection
on such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means
Preferred Stock of the Company or any direct or indirect parent of the Company, as applicable (other than Excluded Equity), that is issued after the Issue Date for cash and is so designated as Designated Preferred Stock, pursuant to an
Officer’s Certificate, on the issuance date thereof, the cash proceeds of which are contributed to the capital of the Company (if issued by any direct or indirect parent of the Company) and excluded from the calculation set forth in
Section 3.4(a)(C). 
 “Disqualified Stock” means, with respect to any Person, any Equity
Interests of such Person that, by its terms (or by the terms of any security into which it is convertible or for which it is puttable, redeemable or exchangeable), in each case, at the option of the holder thereof or upon the happening of any event:

 (1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control, casualty event or asset sale and any purchase requirement triggered thereby may not become operative until compliance with, in the case of an asset sale or casualty event, Section 3.7, or, in the
case of a change of control, Section 3.9, 

  
 16 

 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock,
or 
 (3) is redeemable at the option of the holder thereof, in whole or in part, 

in each case, prior to the date that is 91 days after the earlier of the maturity date of the applicable series of Notes and the date the Notes of such series
are no longer outstanding; provided that only the portion of Equity Interests that so mature or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be
deemed to be Disqualified Stock; provided, further, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or a direct or indirect parent of the
Company or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries or a direct or indirect parent of the Company in
order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Equity Interests of such Person that by its terms authorizes
such Person to satisfy its obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock. 

“Domestic Subsidiary” means any Subsidiary of the Company that (1) is organized under the laws of the United States, any
state thereof or the District of Columbia, (2) is not a Subsidiary of a Foreign Subsidiary and (3) is not a FSHCO. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
Capital Stock that arises only by reason of the happening of a contingency or any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means any public or private sale on or after the Issue Date of Capital Stock or Preferred Stock of the
Company or any direct or indirect parent of the Company, as applicable (other than Disqualified Stock), other than: 
 (1)
public offerings with respect to the Company’s or such direct or indirect parent’s common stock registered on Form S-4 or Form S-8 or a successor form thereto;

 (2) issuances to any Subsidiary of the Company; and 

(3) any such public or private sale that constitutes an Excluded Contribution or Refunding Capital Stock. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Excluded Contributions” means the Net Cash Proceeds and Cash Equivalents, or the Fair Market Value of other
assets, received by the Company after the Issue Date from: 
 (1) contributions to its common equity capital, and 

(2) the sale of Capital Stock (other than Excluded Equity) of the Company, 

  
 17 

 in each case designated as Excluded Contributions pursuant to an Officer’s Certificate, or that are
utilized to make a Restricted Payment pursuant to Section 3.4(b)(ii). Excluded Contributions will be excluded from the calculation set forth in Section 3.4(a)(C). 

“Excluded Equity” means (i) Disqualified Stock, (ii) any Equity Interests issued or sold to a Restricted Subsidiary
or any employee stock ownership plan or trust established by the Company or any of its Subsidiaries or a direct or indirect parent of the Company (to the extent such employee stock ownership plan or trust has been funded by the Company or any
Subsidiary or a direct or indirect parent of the Company), and (iii) any Equity Interest that has already been used or designated (x) as (or the proceeds of which have been used or designated as) a Cash Contribution Amount, Designated
Preferred Stock, an Excluded Contribution or Refunding Capital Stock, or (y) to increase the amount available under Section 3.4(b)(iv)(a) or clause (14) of the definition of “Permitted Investments” or is
proceeds of Indebtedness referred to in Section 3.4(b)(xiii)(b). 
 “Exempted Indebtedness”
means, as of any particular time, all then outstanding Indebtedness of the Company and Principal Property Subsidiaries incurred after the Issue Date and secured by any mortgage, security interest, pledge or lien other than those permitted by
Section 3.5(b). 
 “Existing Investments” means A.M. Pappas Life Science Ventures III, L.P., A.M.
Pappas Life Science Ventures IV, L.P., Acylin Therapeutics, Inc., Auven Therapeutics Holdings, L.P., Bay City Capital Fund IV, L.P., Bay City Capital Fund V, L.P., Liquidia Technologies, Inc. and venBio Global Strategic Fund, L.P. 

“Existing Non-Core Assets” means the Existing Investments. 

“Fair Market Value” means, with respect to any asset or property, the price that could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction (as determined in good
faith by the Company or any direct or indirect parent of the Company, whose determination will be conclusive for all purposes under this Indenture and the Notes). 

“FASB ASC” means the Accounting Standard Codifications as promulgated by the Financial Accounting Standards Board, including
any renumbering of such standards or any successor or replacement section or sections promulgated by the Financial Accounting Standards Board. 

“Financing Lease Obligation” means, as applied to any Person, any obligation that is required to be accounted for as a
financing or capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes in accordance with GAAP. At the time any determination thereof is to
be made, the amount of the liability in respect of a financing or capital lease would be the amount required to be reflected as a liability on such balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Fixed Charge Coverage Ratio” means, with respect to any Person as of any date, the ratio of (1) Consolidated
EBITDA of such Person for the Applicable Measurement Period, calculated on a Pro Forma Basis for such period to (2) the Fixed Charges of such Person for such period calculated on a Pro Forma Basis. In the event that the Company or any of its
Restricted Subsidiaries Incurs or redeems or repays any Indebtedness (other than in the case of revolving credit borrowings or revolving advances under any Qualified Receivables Financing unless the related commitments have been terminated and such
Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Preferred Stock or Disqualified Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to,
substantially simultaneously with or in connection with 

  
 18 

 
the event for which the calculation of the Fixed Charge Coverage Ratio is made, then the Fixed Charge Coverage Ratio shall be calculated on a Pro Forma Basis; provided that, in the event
that the Company shall classify Indebtedness Incurred on the date of determination as Incurred in part as Ratio Debt and in part pursuant to one or more clauses of Section 3.3(b) (other than in respect of clause
(xv) of Section 3.3(b)) as provided in Section 3.3(c), any calculation of Fixed Charges pursuant to this definition on such date (but not in respect of any future calculation following such
date) shall not include any such Indebtedness (and shall not give effect to any repayment, repurchase, redemption, defeasance or other acquisition, retirement or discharge of Indebtedness from the proceeds thereof) to the extent Incurred pursuant to
any such other clause of such definition. 
 “Fixed Charges” means, with respect to any Person for any period, the sum of:

 (1) Consolidated Interest Expense of such Person for such period, and 

(2) the product of (a) all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred
Stock or Disqualified Stock of such Person and its Restricted Subsidiaries for such period and (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local
statutory tax rate of such Person and its Restricted Subsidiaries, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 

“Foreign Subsidiary” means any direct or indirect Subsidiary of the Company that is not a Domestic Subsidiary. 

“FSHCO” means any Subsidiary of the Company that owns no material assets other than Capital Stock and/or, if applicable,
Indebtedness of one or more Controlled Foreign Subsidiaries or another FSHCO (it being understood that PPD International Holdings, Inc., AbC.R.O., Inc. and APBI Finance Corp. satisfy the foregoing requirement as of the Issue Date). 

“GAAP” means generally accepted accounting principles in the United States as in effect from time to time, including those
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by
such other entity as approved by a significant segment of the accounting profession; provided that the Company may at any time elect by written notice to the Trustee to use IFRS in lieu of GAAP for financial reporting purposes and, upon any
such notice, references herein to GAAP shall thereafter be construed to mean (1) for periods beginning on and after the date specified in such notice, IFRS as in effect from time to time and (2) for prior periods, GAAP as defined in the
first sentence of this definition without giving effect to the proviso thereto. All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP (unless IFRS has been elected in lieu thereof);
provided that any calculation or determination in the Indenture that requires the application of GAAP across multiple quarters need not be calculated or determined using the same accounting standard for each constituent quarter. For the
avoidance of doubt, solely making an election (without any other action) referred to in this definition will not be treated as an incurrence of Indebtedness. 

If there occurs or has occurred a change in generally accepted accounting principles and such change would cause a change in the method of
calculation of any term or measure used in the Indenture (an “Accounting Change”), then the Company may elect, as evidenced by an Officer’s Certificate delivered to the Trustee, that such term or measure shall be calculated as if such
Accounting Change had not occurred. 

  
 19 

 “Global Note Legend” means the legend set forth in
Section 2.1(b), which is required to be placed on all Global Notes issued under this Indenture. 
 “Global
Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A-1 hereto for the 2025 Notes and
Exhibit A-2 hereto for the 2028 Notes, in each case, issued in accordance with Section 2.1 or 2.6. 

“guarantee” means, as to any Person, a guarantee (other than by endorsement of negotiable instruments for collection in the
ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Guarantee” means any guarantee of the Obligations of the Issuers under this Indenture and the Notes in accordance with the
provisions of this Indenture. 
 “Guarantors” means, collectively, the Company and each Restricted Subsidiary of the
Company (other than either Issuer) that Incurs a Guarantee of the Notes; provided that upon the release or discharge of such Person from its Guarantee in accordance with this Indenture, such Person automatically ceases to be a Guarantor. 

“Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards Board. 

“Immediate Family Member” means, with respect to any individual, such individual’s child, stepchild, grandchild or more
remote descendent, parent, stepparent, grandparent, spouse, former spouse, domestic partner, former domestic partner, sibling,
mother-in-law-, father-in-law, son-in-law and daughter-in-law (including adoptive relationships), any trust, partnership or
other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals, such individuals’ estate (or an executor or administrator acting on its behalf), heirs, legatees or any other Person who was an
Affiliate of such individual upon the death of such individual and who, upon such death, directly or indirectly owned Equity Interests in the Company or any of its parent companies or any private foundation or fund that is controlled by any of the
foregoing individuals or any donor-advised fund of which any such individual is the donor. 
 “Incur” means, with respect
to any Indebtedness, Capital Stock or Lien, to issue, assume, guarantee, incur or otherwise become liable for such Indebtedness, Capital Stock or Lien, as applicable; provided that any Indebtedness, Capital Stock or Lien of a Person existing
at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. 

“Indebtedness” means, with respect to any Person, without duplication: 

(1) the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price
of any property, (d) in respect of Financing Lease Obligations or (e) representing any Swap Contracts, in each case, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Swap Contracts) would appear
as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

  
 20 

 (2) to the extent not otherwise included, any guarantee by such Person of
the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 

(3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person
(whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness shall be the lesser of: (a) the Fair Market Value of such asset at such date of determination, and (b) the
amount of such Indebtedness of such other Person. 
 The term “Indebtedness” shall not include any lease, concession or license of property (or
Guarantee thereof) which would be considered a Non-Financing Lease Obligation, any prepayments of deposits received from clients or customers in the ordinary course of business or consistent with past
practices, or obligations under any license, permit or other approval (or Guarantees given in respect of such obligations) Incurred prior to the Issue Date or in the ordinary course of business or consistent with past practices. 

Notwithstanding the above provisions, in no event shall the following constitute Indebtedness: 

(i) Contingent Obligations Incurred in the ordinary course of business or consistent with past practices; 

(ii) obligations under or in respect of Receivables Financings; 

(iii) any balance that constitutes a trade payable, accrued expense or similar obligation to a trade creditor, in each case
Incurred in the ordinary course of business; 
 (iv) intercompany liabilities that would be eliminated on the consolidated
balance sheet of the Company and its consolidated Subsidiaries; 
 (v) prepaid or deferred revenue arising in the ordinary
course of business; 
 (vi) Cash Management Services; 

(vii) in connection with the purchase by the Company or any Restricted Subsidiary of any business, any post-closing payment
adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided, however, that, at
the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid in a timely manner; 

(viii) for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement or
termination obligations, deferred compensatory or employee or director equity plans pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage taxes; 

(ix) Capital Stock; or 

(x) obligations, to the extent such obligations would otherwise constitute Indebtedness, under any agreement that have been
irrevocably defeased or irrevocably satisfied and discharged pursuant to the terms of such agreement. 

  
 21 

 “Indenture” has the meaning set forth in the preamble hereto. 

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in each case of
nationally recognized standing that is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial 2025 Notes” means the $500,000,000 in aggregate principal amount of the 4.625% Senior Notes due 2025 of the Issuers
issued under this Indenture on the Issue Date. 
 “Initial 2028 Notes” means the $700,000,000 in aggregate principal amount
of the 5.000% Senior Notes due 2028 of the Issuers issued under this Indenture on the Issue Date. 
 “Initial Notes” means,
collectively, the Initial 2025 Notes and the Initial 2028 Notes. 
 “Initial Public Company Costs” means, as to any Person,
costs relating to compliance with the provisions of the Securities Act and the Exchange Act, as applicable to companies with equity securities held by the public, costs associated with, or in anticipation of, or preparation for, compliance with the
requirements of the Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, the rules of national securities exchange companies with listed equity, directors’ compensation, fees and expense reimbursement,
costs relating to investor relations, shareholder meetings and reports to shareholders, directors’ and officers’ insurance and other executive costs, legal and other professional fees, and listing fees, in each case to the extent arising
solely by virtue of the initial listing of such Person’s equity securities on a national securities exchange; provided that any such costs arising from the costs described above in respect of the ongoing operation of such Person as a
listed equity or its listed debt securities following the initial listing of such Person’s equity securities or debt securities, respectively, on a national securities exchange shall not constitute Initial Public Company Costs. 

“Initial Purchasers” means Barclays Capital Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman
Sachs & Co., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC and UBS Securities LLC and Deutsche Bank Securities
Inc., with respect to the offer and sale of the Initial Notes, and such other initial purchasers party to future purchase agreements entered into in connection with an offer and sale of any Additional Notes. 

“Interest Payment Date” means, in the case of the Initial Notes, June 15 and December 15 of each year, commencing
on December 15, 2020 and, in the case of any Additional Notes, such interest payment dates as may be designated by the Issuers in accordance with the provisions of Section 2.2 and, in each case, ending at the Stated
Maturity of the Notes. 
 “Investment” means, with respect to any Person, (i) all investments by such Person in other
Persons (including Affiliates) in the form of (a) loans (including guarantees of Indebtedness), (b) advances or capital contributions (excluding accounts receivable, trade credit and advances or other payments made to customers, dealers,
suppliers and distributors and payroll, commission, travel and similar advances to officers, directors, managers, employees, consultants and independent contractors made in the ordinary course of business), and (c) purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and (ii) investments that are 

  
 22 

 
required by GAAP to be classified on the balance sheet of the Company in the same manner as the other investments included in clause (i) of this definition to the extent such transactions
involve the transfer of cash or other property; provided that Investments shall not include, in the case of the Company and the Restricted Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days
(inclusive of any roll-over or extensions of terms) and made in the ordinary course of business. If the Company or any Restricted Subsidiary sells or otherwise disposes of any Equity Interests of any Restricted Subsidiary, or any Restricted
Subsidiary issues any Equity Interests, in either case, such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any
such sale or other disposition equal to the Fair Market Value of the Equity Interests of and all other Investments in such Restricted Subsidiary retained. In no event shall a guarantee of a Non-Financing Lease
Obligation of the Company or any Restricted Subsidiary be deemed an Investment. For purposes of the definition of “Unrestricted Subsidiary” and Section 3.4: 

(1) “Investments” shall include the portion (proportionate to the Company’s equity interest in such Subsidiary)
of the Fair Market Value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted
Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 

(a) the Company’s “Investment” in such Subsidiary at the time of such redesignation, less 

(b) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net
assets of such Subsidiary at the time of such redesignation; and 
 (2) any property transferred to or from an Unrestricted
Subsidiary shall be valued at its Fair Market Value at the time of such transfer. 
 The amount of any Investment outstanding at any time
(including for purposes of calculating the amount of any Investment outstanding at any time under any provision of Section 3.4 and otherwise determining compliance with Section 3.4) shall be the
original cost of such Investment (determined, in the case of any Investment made with assets of the Company or any Restricted Subsidiary, based on the Fair Market Value of the assets invested and without taking into account subsequent increases or
decreases in value), reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Company or a Restricted Subsidiary in respect of such Investment, and shall be net of any Investment
by such Person in the Company or any Restricted Subsidiary. 
 “Investment Grade Rating” means, with respect to the Notes
of a series, a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 

“Investment Grade Securities” means: 

(1) securities issued or directly guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other
than Cash Equivalents), 
 (2) securities that have an Investment Grade Rating, but excluding any debt securities or
instruments constituting loans or advances among the Company and its Subsidiaries, 

  
 23 

 (3) investments in any fund that invests at least 95% of its assets in
investments of the type described in clauses (1) and (2) above and clause (4) below which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 

(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments and
in each case with maturities not exceeding two years from the date of acquisition. 
 “Issue Date” means June 5, 2020.

 “Issuers” has the meaning set forth in the preamble hereto. 

“joint venture” means any joint venture or similar arrangement (in each case, regardless of legal formation), including but
not limited to collaboration arrangements, profit sharing arrangements or other contractual arrangements. 
 “JV
Distributions” means, at any time, 50% of the aggregate amount of all cash dividends or distributions received by the Company or any of its Restricted Subsidiaries as a return on an Investment in a Permitted Joint Venture during the period
from April 1, 2020 through the end of the Applicable Measurement Period; provided that the Company or any of its Restricted Subsidiaries are not required to reinvest such dividends or distributions in the Permitted Joint Venture. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference,
priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option
or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction); provided that in no event shall a Non-Financing Lease Obligation or an agreement to sell be deemed to constitute a Lien. 

“Management Investors” means the current, former or future officers, directors, managers and employees (and any Immediate
Family Members of the foregoing) of the Company or the Restricted Subsidiaries who are or who become direct or indirect investors in the Company, including any such officers, directors, managers, employees, members or partners (and any Immediate
Family Members of the foregoing) owning through an equityholding vehicle. 
 “Market Capitalization” means the an amount
equal to (1) the total number of issued and outstanding shares of common Equity Interests of the Company on a Business Day no more than five business days prior to the date of the declaration or making of a Restricted Payment permitted pursuant
to clause (viii) of Section 3.4(b) multiplied by (2) the arithmetic mean of the closing prices per share of such common Equity Interests on the principal securities exchange on which such common Equity Interests
are traded for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Payment (or, if such common Equity Interests have only been traded on such securities exchange for a period of time that is less than 30
consecutive trading days, such shorter period of time. 
 “Maximum Fixed Repurchase Price” means, with respect to any
Disqualified Stock or Preferred Stock that does not have a fixed repurchase price, an amount calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any
date on which Consolidated Total Indebtedness shall be required to be determined pursuant to the Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value
shall be determined reasonably and in good faith by the Company. 

  
 24 

 “Moody’s” means Moody’s Investors Service, Inc. or any successor
to the rating agency business thereof. 
 “Net Cash Proceeds” means the aggregate cash proceeds (using the Fair Market
Value of any Cash Equivalents) received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to, or by monetization of, a note or installment receivable or otherwise, but only as
and when received, and including any proceeds received as a result of unwinding any related Swap Contracts in connection with such transaction but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or
other consideration received in any other non-cash form), net of the direct cash costs relating to such Asset Sale and the sale or disposition of such Designated
Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses incurred as a result thereof, taxes paid
or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), amounts required to be applied to the repayment of principal, premium (if any) and interest on
Indebtedness required (other than pursuant to Section 3.7(b)) to be paid as a result of such transaction, any costs associated with unwinding any related Swap Contracts in connection with such transaction and any deduction
of appropriate amounts to be provided by the Company or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company or any of
its Restricted Subsidiaries after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
obligations associated with such transaction, and deductions in respect of withholding taxes that are or would otherwise be payable in cash if such funds were repatriated to the United States. 

“Non-Financing Lease Obligation” means a lease obligation that is not required to be
accounted for as a financing or capital lease on both the balance sheet and the income statement for financial reporting purposes in accordance with GAAP. For avoidance of doubt, a straight-line or operating lease shall be considered a Non-Financing Lease Obligation. 
 “Non-Guarantor
Subsidiary” means any Restricted Subsidiary of the Company that is not an Issuer or a Guarantor. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Notes” means the
Initial Notes and any Additional Notes, treated as a single class of securities except as otherwise provided in Section 2.2 and Section 9.2(a). 

“Notes Custodian” means the custodian with respect to the Global Note (as appointed by the Depositary), or any successor
Person thereto and shall initially be the Trustee. 
 “Obligations” means any principal, interest (including any interest
accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal
or foreign law), premium, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the
documentation governing any Indebtedness. 

  
 25 

 “Offering Memorandum” means the Offering Memorandum related to the offering
of the Initial Notes, dated May 21, 2020. 
 “Officer” means, with respect to any Person, the Chairman of the Board,
Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, General Counsel, Senior Vice President or Vice President, the Treasurer or the Secretary (or any person serving the equivalent function of any of the
foregoing) of such Person (or of any direct or indirect parent, general partner, managing member or sole member of such Person) or any individual designated as an “Officer” for purposes of this Indenture by the Board of Directors of such
Person (or the Board of Directors of any direct or indirect parent, general partner, managing member or sole member of such Person). 

“Officer’s Certificate” means a certificate signed on behalf of the Company or any direct or indirect parent of the
Company by an Officer of the Company or such parent entity that meets the requirements set forth in this Indenture. 
 “Opinion of
Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Issuers. 

“Pari Passu Indebtedness” means: 

(1) with respect to the Issuers, the Notes and any Indebtedness that ranks pari passu in right of payment to the Notes;
and 
 (2) with respect to any Guarantor, its Guarantee and any Indebtedness that ranks pari passu in right of payment
to such Guarantor’s Guarantee. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream a
Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear or Clearstream). 

“Permanent Regulation S Global Note” means a permanent Global Note in the form of Exhibit
A-1 hereto for the 2025 Notes and Exhibit A-2 hereto for the 2028 Notes, in each case, bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Temporary Regulation S Global Note upon expiration of the Restricted Period. 

“Permitted Asset Swap” means the purchase and sale or exchange of Related Business Assets or a combination of Related
Business Assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries, on the one hand, and another Person, on the other; provided that (1) such purchase and sale or exchange occurs within 90 days of each
other and (2) any cash or Cash Equivalents received must be applied in accordance with Section 3.7. 

“Permitted Holders” means (1) each of the Sponsors and each Management Investor (including any Sponsor or Management
Investor holding through an equityholding vehicle), (2) any Person who is acting solely as an underwriter or initial purchaser in connection with a public or private offering of Equity Interests of the Company, acting in such capacity,
(3) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) of which any of the foregoing or any Permitted Parent are members and any member of such group; provided that, in the case of such
group and any member of such group and without giving effect to the existence of such group or any other group, no Person or other group (other the Permitted Holders specified in clauses (1), (2), (4) or (5) of this definition) own, directly or
indirectly, more than 50% of the total voting power of the Voting Stock of the Company held by such 

  
 26 

 
group, (4) any Permitted Parent and (5) any Permitted Plan. Any Person or group, together with its Affiliates, whose acquisition of beneficial ownership constitutes a Change of Control
in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 

“Permitted Investments” means: 

(1) any Investment in cash and Cash Equivalents or Investment Grade Securities and Investments that were Cash Equivalents or
Investment Grade Securities when made; 
 (2) any Investment in the Company (including the Notes) or any Restricted
Subsidiary; 
 (3) any Investments by Subsidiaries that are not Restricted Subsidiaries in other Subsidiaries that are not
Restricted Subsidiaries; 
 (4) any Investment by the Company or any Restricted Subsidiary in a Person that is primarily
engaged in a Similar Business if as a result of such Investment (a) such Person becomes a Restricted Subsidiary or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or
into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary (and any Investment held by such Person that was not acquired by such Person in contemplation of so becoming a
Restricted Subsidiary or in contemplation of such merger, consolidation, amalgamation, transfer, conveyance or liquidation); 

(5) any Investment in securities or other assets received in connection with an Asset Sale made pursuant to
Section 3.7 or any other disposition of assets not constituting an Asset Sale; 
 (6) any
Investment (a) existing on the Issue Date, (b) made pursuant to binding commitments in effect on the Issue Date or (c) that Refinances any Investment described under either of the immediately preceding clauses (a) or (b),
provided that any such Investment is in an amount that does not exceed the amount Refinanced, except as contemplated pursuant to the terms of such Investment in existence on the Issue Date or as otherwise permitted under this definition or
under Section 3.4; 
 (7) loans and advances to, or guarantees of Indebtedness of, employees,
directors, officers, managers, consultants or independent contractors in an aggregate amount, taken together with all other Investments made pursuant to this clause (7) that are at such time outstanding, not in excess of the greater of
$25.0 million and .035 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period; 
 (8) loans
and advances to officers, directors, employees, managers, consultants and independent contractors for business-related travel and entertainment expenses, moving and relocation expenses and other similar expenses, in each case in the ordinary course
of business; 
 (9) any Investment (a) acquired by the Company or any of its Restricted Subsidiaries (i) in
exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization by the Company or any such Restricted
Subsidiary of such other Investment or accounts receivable, or (ii) as a result of a foreclosure or other remedial action by the Company or 

  
 27 

 
any of its Restricted Subsidiaries with respect to any Investment or other transfer of title with respect to any Investment in default and (b) received in compromise or resolution of
(i) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Company or any Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or
insolvency of any trade creditor or customer, or (ii) litigation, arbitration or other disputes; 
 (10) Swap Contracts
and Cash Management Services permitted under Section 3.3(b)(x); 
 (11) any Investment by the
Company or any of its Restricted Subsidiaries in a Similar Business (other than an Investment in an Unrestricted Subsidiary) in an aggregate amount, taken together with all other Investments made pursuant to this clause (11) that are at such
time outstanding, not to exceed the greater of (a) $200.0 million and (b) .25 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period; provided, however, that if any Investment pursuant to this
clause (11) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made
pursuant to clause (2) above and shall cease to have been made pursuant to this clause (11) for so long as such Person continues to be a Restricted Subsidiary; 

(12) additional Investments by the Company or any of its Restricted Subsidiaries in an aggregate amount, taken together with
all other Investments made pursuant to this clause (12) that are at the time outstanding, not to exceed the greater of (a) $200.0 million and (b) .25 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period;
provided, however, that if any Investment pursuant to this clause (12) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such
date, such Investment shall thereafter be deemed to have been made pursuant to clause (2) above and shall cease to have been made pursuant to this clause (12) for so long as such Person continues to be a Restricted Subsidiary; 

(13) any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of
Section 3.8(b) (except transactions described in clause (ii), (iii), (iv), (viii), (ix), (xiii) or (xiv) of such Section 3.8(b)); 

(14) Investments the payment for which consists of Equity Interests (other than Excluded Equity) of the Company or any direct
or indirect parent of the Company, as applicable; provided, however, that such Equity Interests shall not increase the amount available for Restricted Payments under Section 3.4(a)(C); 

(15) Investments consisting of the leasing, licensing, sublicensing or contribution of intellectual property in the ordinary
course of business or pursuant to joint marketing arrangements with other Persons; 
 (16) Investments consisting of
purchases or acquisitions of inventory, supplies, materials and equipment or purchases, acquisitions, licenses, sublicenses or leases or subleases of intellectual property, or other rights or assets, in each case, in the ordinary course of business;

 (17) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in
connection with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness; 

  
 28 

 (18) Investments of a Restricted Subsidiary acquired after the Issue Date or
of an entity merged into or amalgamated or consolidated with the Company or a Restricted Subsidiary in a transaction that is not prohibited by Section 4.1 after the Issue Date to the extent that such Investments were not
made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19) repurchases of the Notes; 

(20) guarantees of Indebtedness permitted to be Incurred under Section 3.3, and Obligations relating
to such Indebtedness and guarantees (other than guarantees of Indebtedness) in the ordinary course of business; 
 (21)
advances, loans or extensions of trade credit in the ordinary course of business by the Company or any of its Restricted Subsidiaries; 

(22) Investments consisting of purchases and acquisitions of assets or services in the ordinary course of business; 

(23) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection
or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; 
 (24) intercompany current
liabilities owed to Unrestricted Subsidiaries or joint ventures Incurred in the ordinary course of business in connection with the cash management operations of the Company and its Subsidiaries; 

(25) Investments in joint ventures of the Company or any of its Restricted Subsidiaries or in Unrestricted Subsidiaries in an
aggregate amount, taken together with all other Investments made pursuant to this clause (25) that are at such time outstanding, not to exceed the greater of (a) $155.0 million and (b) .20 multiplied by Pro Forma Consolidated EBITDA for
the Applicable Measurement Period; provided that the Investments permitted pursuant to this clause (25) may be increased by the amount of JV Distributions, without duplication of dividends or distributions increasing amounts available
pursuant to Section 3.4(a)(C); 
 (26) additional Investments (other than Investments in
Unrestricted Subsidiaries) so long as, after giving effect thereto on a pro forma basis, the Consolidated Total Debt Ratio does not exceed 4.50 to 1.00; 

(27) accounts receivable, security deposits and prepayments and other credits granted or made in the ordinary course of
business and any Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and others, including in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and
disputes with or judgments against, such account debtors and others, in each case, in the ordinary course of business; 

(28) Investments acquired as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured
Investments or other transfer of title with respect to any secured Investment in default; 

  
 29 

 (29) Investments resulting from pledges and deposits that are Permitted
Liens; 
 (30) acquisitions of obligations of one or more officers or other employees of any direct or indirect parent of the
Company, the Company or any Subsidiary of the Company in connection with such officer’s or employee’s acquisition of Equity Interests of the Company or any direct or indirect parent of the Company, so long as no cash is actually advanced
by the Company or any Restricted Subsidiary to such officers or employees in connection with the acquisition of any such obligations; 

(31) Guarantees of Non-Financing Lease Obligations (for the avoidance of doubt,
excluding Financing Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case, entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 

(32) Investments consisting of the redemption, purchase, repurchase or retirement of any Equity Interests permitted by
Section 3.4; 
 (33) non-cash Investments made in
connection with tax planning and reorganization activities; 
 (34) Investments made pursuant to obligations entered into
when the Investment would have been permitted hereunder so long as such Investment when made reduces the amount available under the clause under which the Investment would have been permitted; and 

(35) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client and
customer contracts and loans or advances made to, and guarantees with respect to obligations of, distributors, suppliers, licensors and licensees in the ordinary course of business. 

“Permitted Joint Venture” means, with respect to any specified Person, a joint venture in any other Person engaged in a
Similar Business in respect of which the Company or a Restricted Subsidiary beneficially owns at least 35% of the shares of Equity Interests of such Person. 

“Permitted Liens” means, with respect to any Person: 

(1) Liens Incurred in connection with workers’ compensation laws, unemployment insurance laws or similar legislation, or
in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or to secure public or statutory obligations of such Person or to secure surety, stay, customs or appeal bonds to
which such Person is a party, or as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business; 

(2) Liens imposed by law, such as carriers’, warehousemen’s, landlords’, materialmen’s, repairman’s,
construction contractors’, mechanics’ or other like Liens, in each case for sums not yet overdue by more than 30 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against
such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review (or which, if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are
being maintained, to the extent required by GAAP) or with respect to which the failure to make payment could not reasonably be expected to have a material adverse effect as determined in good faith by the Company or a direct or indirect parent of
the Company; 

  
 30 

 (3) Liens for taxes, assessments or other governmental charges or levies
(i) which are not yet due or payable, (ii) which are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained to the extent required by GAAP, or for property taxes on property such
Person or one of its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy or claim is to such property or (iii) with respect to which the failure to make payment could not reasonably be expected to
have a material adverse effect as determined in good faith by the Company or a direct or indirect parent of the Company; 

(4) Liens in favor of issuers of performance and surety bonds, bid, indemnity, warranty, release, appeal or similar bonds or
with respect to regulatory requirements or letters of credit or bankers’ acceptances issued and completion of guarantees provided for, in each case, pursuant to the request of and for the account of such Person in the ordinary course of its
business; 
 (5) survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for,
licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar
purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such
Person or to the ownership of its properties which do not in the aggregate materially adversely interfere with the ordinary conduct of the business of such Person; 

(6) Liens Incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (i) or
(iv) of Section 3.3(b) and obligations secured ratably thereunder; provided that, in the case of Section 3.3(b)(iv), such Lien extends only to the assets and/or Capital Stock, the
acquisition, lease, construction, repair, replacement or improvement of which is financed thereby and any replacements, additions and accessions thereto and any income or profits thereof; provided, further, that individual financings provided
by a lender may be cross collateralized to other financings provided by such lender or its affiliates; 
 (7) Liens of the
Company or any Restricted Subsidiaries existing on the Issue Date (other than Liens permitted under clause (6) above, which clause (6) includes Liens Incurred to secure Indebtedness under the Senior Credit Agreement); 

(8) Liens on assets of, or Equity Interests in, a Person at the time such Person becomes a Subsidiary; provided,
however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, that such Liens are limited to all or a portion of the assets
(and improvements on such assets) that secured (or, under the written arrangements under which the Liens arose, could secure) the obligations to which such Liens relate; provided, further, that for purposes of this clause (8), if a Person
becomes a Subsidiary, any Subsidiary of such Person shall be deemed to become a Subsidiary of the Company, and any assets of such Person or any Subsidiary of such Person shall be deemed acquired by the Company at the time of such merger,
amalgamation or consolidation; 
 (9) Liens on assets at the time the Company or any Restricted Subsidiary acquires the
assets, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or such Restricted Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in
contemplation of, such acquisition; provided, 

  
 31 

 
further, that such Liens are limited to all or a portion of the assets (and improvements on such assets) that secured (or, under the written arrangements under which the Liens arose, could
secure) the obligations to which such Liens relate; provided, further, that for purposes of this clause (9), if, in connection with an acquisition by means of a merger, amalgamation or consolidation with or into the Company or any Restricted
Subsidiary, a Person other than the Company or a Restricted Subsidiary is the successor company with respect thereto, any Subsidiary of such Person shall be deemed to become a Subsidiary of the Company or any Restricted Subsidiary, and any assets of
such Person or any such Subsidiary of such Person shall be deemed acquired by the Company or any Restricted Subsidiary at the time of such merger, amalgamation or consolidation; 

(10) Liens on assets of a Restricted Subsidiary securing Indebtedness or other obligations of such Restricted Subsidiary owing
to the Company or another Restricted Subsidiary permitted to be Incurred in accordance with Section 3.3; 

(11) Liens securing Swap Contracts Incurred in compliance with Section 3.3; 

(12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances or letters of credit entered into in the ordinary course of business issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(13) leases, subleases, licenses, sublicenses, occupancy agreements or assignments of or in respect of real or personal
property; 
 (14) Liens arising from, or from Uniform Commercial Code financing statement filings regarding, Non-Financing Lease Obligations or consignments entered into by the Company and the Guarantors in the ordinary course of business; 

(15) Liens in favor of the Company or any Restricted Subsidiary; 

(16) (i) Liens on accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” Incurred in connection with a Qualified Receivables Financing and (ii) Liens securing Indebtedness or other obligations of any Receivables Subsidiary; 

(17) deposits made or other security provided in the ordinary course of business to secure liability to insurance carriers or
under self-insurance arrangements in respect of such obligations; 
 (18) Liens on the Equity Interests of Unrestricted
Subsidiaries; 
 (19) grants of intellectual property, software and other technology licenses; 

(20) judgment and attachment Liens not giving rise to an Event of Default pursuant to clauses (iv), (v) or (vi) of
Section 6.1 and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(21) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business; 

  
 32 

 (22) Liens Incurred to secure Cash Management Services and other “bank
products” (including those described in clauses (x) and (xxiii) of Section 3.3(b)); 

(23) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any
Lien referred to in the foregoing clauses (7), (8), (9) or (11), or the succeeding clauses (24) or (25); provided, however, that (a) such new Lien shall be limited to all or part of the same property that secured (or, under
the written arrangements under which the original Lien arose, could secure) the original Lien (plus any replacements, additions, accessions and improvements on such property), (b) the Indebtedness secured by such Lien at such time is not increased
to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under the foregoing clauses (7), (8), (9), (11), or the succeeding clauses (24) or (25) of this
definition at the time the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to pay the aggregate amount of accrued and unpaid interest, original issue discount, premiums (including tender premiums),
underwriting discounts, defeasance costs and fees and expenses in connection therewith, related to such Refinancing, and (c) any amounts incurred under this clause (23) as a Refinancing indebtedness of clause (25) of this definition
shall reduce the amount available under such clause (25); 
 (24) Liens securing Pari Passu Indebtedness permitted to be
Incurred pursuant to Section 3.3; if at the time of any Incurrence of such Pari Passu Indebtedness and after giving pro forma effect thereto the Consolidated Senior Secured Debt Ratio would not exceed 5.00 to
1.00; 
 (25) other Liens securing Indebtedness or other obligations provided that at the time of incurrence thereof
and after giving pro forma effect thereto and the use of proceeds thereof, the aggregate principal amount then secured pursuant to this clause (25) shall not exceed the greater of (a) $175.0 million and (b) .225 multiplied by Pro
Forma Consolidated EBITDA for the Applicable Measurement Period; 
 (26) Liens on the Equity Interests or assets of a joint
venture to secure Indebtedness of such joint venture Incurred pursuant to clause (xxi) of Section 3.3(b); 

(27) Liens on equipment of the Company or any Restricted Subsidiary granted in the ordinary course of business to the
Company’s or such Restricted Subsidiary’s client at which such equipment is located; 
 (28) Liens created for the
benefit of (or to secure) the Notes or the related Guarantees; 
 (29) Liens on property or assets used to redeem, repay,
defease or to satisfy and discharge Indebtedness; provided that such redemption, repayment, defeasance or satisfaction and discharge is not prohibited by this Indenture; 

(30) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation and exportation of goods in the ordinary course of business; 
 (31) Liens (a) of a
collection bank arising under Section 4-210 of the Uniform Commercial Code, or any comparable or successor provision, on items in the course of collection; (b) attaching to pooling, commodity trading
accounts or other commodity brokerage accounts Incurred in the ordinary course of business; and (c) in favor of banking or other financial institutions or entities, or electronic payment service providers, arising as a matter of law encumbering
deposits (including the right of set-off) and which are within the general parameters customary in the banking or finance industry; 

  
 33 

 (32) Liens that are contractual rights of
set-off (a) relating to the establishment of depository relations with banks or other Persons not given in connection with the issuance of Indebtedness; (b) relating to pooled deposit or sweep
accounts of the Company or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations Incurred in the ordinary course of business of the Company and the Restricted Subsidiaries; or (c) relating to purchase orders and
other agreements entered into with customers of the Company or any Restricted Subsidiary in the ordinary course of business; 

(33) any encumbrance or restriction (including put and call arrangements) with respect to Equity Interests of any joint venture
or similar arrangement pursuant to any joint venture or similar agreement; 
 (34) Liens on insurance policies and the
proceeds thereof securing the financing of the premiums with respect thereto; 
 (35) Liens on vehicles or equipment of the
Company or any of the Restricted Subsidiaries granted in the ordinary course of business; 
 (36) Liens on assets of Non-Guarantor Subsidiaries securing Indebtedness Incurred in accordance with Section 3.3(b); 

(37) Liens disclosed by the title insurance policies delivered on or subsequent to the Issue Date and any replacement,
extension or renewal of any such Liens (so long as the Indebtedness and other obligations secured by such replacement, extension or renewal Liens are permitted by this Indenture); provided that such replacement, extension or renewal Liens do
not cover any property other than the property that was subject to such Liens prior to such replacement, extension or renewal; 

(38) Liens arising solely by virtue of any statutory or common law provision or customary business provision relating to
banker’s liens, rights of set-off or similar rights; 
 (39) (a) Liens solely on
any cash earnest money deposits made by the Company or any Restricted Subsidiary in connection with any letter of intent or other agreement in respect of any Permitted Investment and (b) Liens on advances of cash or Cash Equivalents in favor of
the seller of any property to be acquired in a Permitted Investment to be applied against the purchase price for such Investment; 

(40) the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of
business; 
 (41) Liens on securities that are the subject of repurchase agreements constituting Cash Equivalents under
clause (4) of the definition thereof; 
 (42) Liens encumbering reasonable customary initial deposits and margin
deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(43) rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Company
or any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

  
 34 

 (44) restrictive covenants affecting the use to which real property may be
put; provided that such covenants are complied with; 
 (45) security given to a public utility or any municipality or
governmental authority when required by such utility or authority in connection with the operations of that Person in the ordinary course of business; 

(46) zoning by-laws and other land use restrictions, including, without limitation,
site plan agreements, development agreements and contract zoning agreements; and 
 (47) Liens on cash proceeds of
Indebtedness (and on the related escrow accounts) in connection with the issuance of such Indebtedness into (and pending the release from) a customary escrow arrangement to the extent such Indebtedness is Incurred in compliance with
Section 3.3. 
 For purposes of determining compliance with this definition, (x) a Lien need not be Incurred
solely by reference to one category of Permitted Liens described in this definition but may be Incurred under any combination of such categories (including in part under one such category and in part under any other such category), (y) in the event
that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted Liens, the Company shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this
definition, and (z) in the event that a portion of the Indebtedness secured by a Lien could be classified as secured in part pursuant to clause (6) or (24) above (giving effect to the Incurrence of such portion of such Indebtedness), the
Company, in its sole discretion, may classify such portion of such Indebtedness (and any Obligations in respect thereof) as having been secured pursuant to clause (6) or (24) above and thereafter the remainder of the Indebtedness as having been
secured pursuant to one or more of the other clauses of this definition. 
 “Permitted Parent” means (1) any direct or
indirect parent company of the Company that at the time it became a parent company was a Permitted Holder pursuant to clause (1) or (3) of the definition thereof and was not formed in connection with, or in contemplation of, a transaction that
would otherwise constitute a Change of Control and (2) any Public Company (or Wholly Owned Subsidiary of such Public Company), except to the extent (and until such time as) any Person or group (other than a Permitted Holder) is deemed to be or
becomes a beneficial owner of Voting Stock of such Public Company representing more than 50% of the total voting power of the Voting Stock of such Public Company (as determined in accordance with the provisions of the final paragraph of the
definition of “Change of Control”). 
 “Permitted Plan” means any employee benefit plan of the Company or any of
its Affiliates and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan. 

“Person” means any individual, corporation, company, partnership, limited liability company, joint venture, association,
joint stock company, trust, unincorporated organization, government (or any agency or political subdivision thereof) or any other entity. 

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution
or winding up. 
 “Principal Property Subsidiary” means any Subsidiary that owns, operates or leases one or more Restricted
Properties. 
 “Private Placement Legend” means the legend set forth in Section 2.1(c) to be
placed on all Notes issued under this Indenture except where otherwise permitted by the provisions hereof. 

  
 35 

 “Pro Forma Basis” means, with respect to the calculation of any test,
financial ratio, metric, basket or covenant under this Indenture, including the Consolidated Senior Secured Debt Ratio, the Consolidated Total Debt Ratio and the Fixed Charge Coverage Ratio and the calculation of Pro Forma Consolidated EBITDA and
Consolidated Net Tangible Assets, of any Person and its Restricted Subsidiaries, as of any date, that pro forma effect will be given to any acquisition, merger, amalgamation, consolidation or Investment, any issuance, Incurrence, assumption,
repayment or redemption of Indebtedness (including Indebtedness issued, Incurred, assumed, repaid or redeemed as a result of, or to finance, any relevant transaction and for which any such test, financial ratio, metric, basket or covenant is being
calculated), any issuance or redemption of Preferred Stock or Disqualified Stock, all sales, transfers and other dispositions or discontinuance of any Subsidiary, line of business, division, segment or operating unit, any operational change
(including the entry into any material contract or arrangement) or any designation of a Restricted Subsidiary as an Unrestricted Subsidiary or of an Unrestricted Subsidiary as a Restricted Subsidiary, in each case that have occurred during the four
consecutive fiscal quarter period of such Person being used to calculate such test, financial ratio, metric, basket or covenant (the “Reference Period”), or subsequent to the end of the Reference Period but prior to such date or
prior to or substantially simultaneously with the event for which a determination under this definition is made (including any such event occurring at a Person who became a Restricted Subsidiary of the subject Person or was merged, amalgamated or
consolidated with or into the subject Person or any other Restricted Subsidiary of the subject Person after the commencement of the Reference Period), as if each such event occurred on the first day of the Reference Period; provided that
(x) pro forma effect will be given to reasonably identifiable and quantifiable pro forma cost savings or expense reductions related to operational efficiencies (including the entry into any material contract or arrangement),
strategic initiatives or purchasing improvements and other cost savings, improvements or synergies, in each case, that have been realized, or are reasonably expected to be realized, by such Person and its Restricted Subsidiaries based upon actions
to be taken within 24 months after the consummation of the action as if such cost savings, expense reductions, improvements and synergies occurred on the first day of the Reference Period and (y) no amount shall be added back pursuant to this
definition to the extent duplicative of amounts that are otherwise included in computing Consolidated EBITDA for such Reference Period. 

For purposes of making any computation referred to above: 

(1) if any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such
Indebtedness shall be calculated as if the rate in effect on the date for which a determination under this definition is made had been the applicable rate for the entire period (taking into account any Swap Contracts applicable to such Indebtedness
if such Swap Contracts has a remaining term in excess of 12 months); 
 (2) interest on a Capitalized Lease Obligation shall
be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer, in his or her capacity as such and not in his or her personal capacity, of the Company or a direct or indirect parent of the Company to
be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP; 
 (3) interest on
Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none,
then based upon such optional rate as the Company may designate; 
 (4) interest on any Indebtedness under a revolving credit
facility or a Qualified Receivables Financing computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period; and 

  
 36 

 (5) to the extent not already covered above, any such calculation may
include adjustments calculated in accordance with Regulation S-X under the Securities Act. 
 Any pro forma
calculation may include, without limitation, (1) adjustments calculated in accordance with Regulation S-X under the Securities Act, (2) adjustments calculated to give effect to any Pro Forma Cost
Savings and (3) all adjustments of the type used in connection with the calculation of “Adjusted EBITDA” as set forth in the footnotes to “Offering Memorandum Summary—Summary Consolidated Financial Data” in the Offering
Memorandum to the extent such adjustments, without duplication, continue to be applicable to the Reference Period; provided that any such adjustments that consist of reductions in costs and other operating improvements or synergies shall be
calculated in accordance with, and satisfy the requirements specified in, the definition of “Pro Forma Cost Savings.” 

“Pro Forma Consolidated EBITDA” means, with respect to any period, the Consolidated EBITDA for the Company and its Restricted
Subsidiaries for such period calculated on a Pro Forma Basis. 
 “Pro Forma Cost Savings” means, without duplication of any
amounts referenced in the definition of “Pro Forma Basis,” an amount equal to the amount of cost savings, operating expense reductions, operating improvements (including the entry into any material contract or arrangement) and acquisition
synergies, in each case, projected in good faith to be realized (calculated on a pro forma basis as though such items had been realized on the first day of such period) as a result of actions taken or to be taken by the Company (or any
successor thereto) or any Restricted Subsidiary, net of the amount of actual benefits realized or expected to be realized during such period that are otherwise included in the calculation of Consolidated EBITDA from such actions; provided
that such cost savings, operating expense reductions, operating improvements and synergies are reasonably identifiable (as determined in good faith by a responsible financial or accounting officer, in his or her capacity as such and not in his or
her personal capacity, of the Company or of any direct or indirect parent of the Company (or any successor thereto)) and are reasonably anticipated to be realized within 24 months after the consummation of any change that is expected to result in
such cost savings, expense reductions, operating improvements or synergies; provided, further, that no cost savings, operating expense reductions, operating improvements and synergies shall be added pursuant to this definition to the extent
duplicative of any expenses or charges otherwise added to Consolidated Net Income or Consolidated EBITDA, whether through a pro forma adjustment, add-back, exclusion or otherwise, for such period. 

“Public Company” means any Person with a class or series of Voting Stock that is traded on a stock exchange or in the over-the-counter market. 
 “QIB” means any
“qualified institutional buyer” (as defined in Rule 144A). 
 “Qualified Receivables Financing” means any
Receivables Financing of a Receivables Subsidiary that meets the following conditions: 
 (1) the Board of Directors of the
Company or any direct or indirect parent of the Company shall have determined in good faith that such Receivables Financing (including financing terms, covenants, termination events and other provisions) is, in the aggregate, economically fair and
reasonable to the Company and its Restricted Subsidiaries, 
 (2) all sales of accounts receivable and related assets by the
Company or any Restricted Subsidiary to the Receivables Subsidiary are made at Fair Market Value (as determined in good faith by the Company), and 

  
 37 

 (3) the financing terms, covenants, termination events and other provisions
thereof shall be market terms at the time the Receivables Financing is first introduced (as determined in good faith by the Company) and may include Standard Securitization Undertakings. 

The grant of a security interest in any accounts receivable of the Company or any of its Restricted Subsidiaries (other than a Receivables
Subsidiary) to secure any Credit Agreement shall not be deemed a Qualified Receivables Financing. 
 “Rating Agency” means
(1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate either series of Notes for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Section 3 under the Exchange Act selected by the Company or any direct or indirect parent of the Company as a replacement agency for Moody’s or S&P, as the case may be with respect to such series of Notes. 

“Receivables Fees” means distributions or payments made directly or by means of discounts with respect to any participation
interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing. 

“Receivables Financing” means any transaction or series of transactions that may be entered into by the Company or any of its
Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, contribute, convey or otherwise transfer to (1) a Receivables Subsidiary (in the case of a transfer by the Company or any of its Subsidiaries) and (2) any
other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Company or any of its Subsidiaries, and any assets related
thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets which are
customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Swap Contracts entered into by the Company or any such Subsidiary in
connection with such accounts receivable. 
 “Receivables Repurchase Obligation” means any obligation of a seller of
receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any
asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Receivables Subsidiary” means a Wholly Owned Restricted Subsidiary of the Company (or another Person formed for the purposes
of engaging in a Qualified Receivables Financing with the Company in which the Company or any Subsidiary of the Company or a direct or indirect parent of the Company makes an Investment and to which the Company or any Subsidiary of the Company or a
direct or indirect parent of the Company transfers accounts receivable and related assets) which engages in no activities other than in connection with the financing of accounts receivable of the Company and its Subsidiaries or a direct or indirect
parent of the Company, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors
of the Company or any direct or indirect parent of the Company (as provided below) as a Receivables Subsidiary and: 
 (1) no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (a) is guaranteed by the Company or any other Subsidiary of the Company (excluding guarantees of obligations (other than the principal of, and interest on,
Indebtedness) pursuant to 

  
 38 

 
Standard Securitization Undertakings), (b) is recourse to or obligates the Company or any other Subsidiary of the Company in any way other than pursuant to Standard Securitization Undertakings,
or (c) subjects any property or asset of the Company or any other Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, 

(2) with which neither the Company nor any other Subsidiary of the Company has any material contract, agreement, arrangement or
understanding other than on terms which the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company, and 

(3) to which neither the Company nor any other Subsidiary of the Company has any obligation to maintain or preserve such
entity’s financial condition or cause such entity to achieve certain levels of operating results. 
 Any such designation by the Board
of Directors of the Company or any direct or indirect parent of the Company shall be evidenced to the Trustee by delivering to the Trustee a certified copy of the resolution of the Board of Directors of the Company or any direct or indirect parent
of the Company giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing conditions. 

“Record Date” for the interest payable on any applicable Interest Payment Date means, in the case of the Initial Notes,
June 1 and December 1 (whether or not a Business Day) and, in the case of any Additional Notes, such record date (whether or not a Business Day) as may be designated by the Issuers in accordance with the provisions
Section 2.2, in each case, next preceding such Interest Payment Date. 
 “Regulation S” means
Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Temporary Regulation S Global Note
or Permanent Regulation S Global Note, as applicable, in the form of Exhibit A-1 hereto for the 2025 Notes and Exhibit A-2 hereto for
the 2028 Notes, in each case, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal
amount of the Notes sold in reliance on Rule 903. 
 “Related Business Assets” means assets (other than cash or Cash
Equivalents) used or useful in a Similar Business; provided that any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary shall not be deemed to be Related
Business Assets if they consist of securities of a Person, unless such Person is, or upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 

“Related Taxes” means any taxes, charges or assessments, including, but not limited to, sales, use, transfer, rental, ad
valorem, value-added, stamp, property, consumption, franchise, license, capital, net worth, gross receipts, excise, occupancy, intangibles or similar taxes, charges or assessments (other than U.S. federal, state or local income taxes), required to
be paid by any direct or indirect parent of the Company by virtue of its being incorporated or having Capital Stock outstanding (but not by virtue of owning stock or other equity interests of any corporation or other entity other than the Company,
any of its Subsidiaries or any other direct or indirect parent of the Company), or being a holding company parent of the Company, any of its Subsidiaries or any other direct or indirect parent of the Company or receiving dividends from or other
distributions in respect of the Capital Stock of the Company, any of its Subsidiaries or any other direct or indirect parent of the Company, or having guaranteed any obligations 

  
 39 

 
of the Company or any Subsidiary thereof, or having made any payment in respect of any of the items for which the Company or any of its Subsidiaries is permitted to make payments to any parent
entity pursuant to Section 3.4 or acquiring, developing, maintaining, owning, prosecuting, protecting or defending its intellectual property and associated rights (including but not limited to receiving or paying royalties
for the use thereof) relating to the business or businesses of the Company or any Subsidiary thereof. 
 “Replacement
Assets” means (1) substantially all the assets of a Person primarily engaged in a Similar Business or (2) a majority of the Voting Stock of any Person primarily engaged in a Similar Business that shall become, on the date of
acquisition thereof, a Restricted Subsidiary. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private
Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means, in relation to the Initial Notes, the 40 consecutive days beginning on and including the later of
(1) the day on which the Initial Notes are offered to Persons other than distributors (as defined in Regulation S under the Securities Act) and (2) the Issue Date; and, in relation to any Additional Notes that bear the Private Placement
Legend, the comparable period of 40 consecutive days. 
 “Restricted Property” means (1) any manufacturing facility,
or portion thereof, owned or leased by the Company or any of its Subsidiaries and located within the continental United States, which, in the opinion of the Board of Directors of the Company or any direct or indirect parent of the Company, is of
material importance to the business of the Company and its Subsidiaries taken as a whole, but no such manufacturing facility, or portion thereof, shall be deemed of material importance if its gross book value (before deducting accumulated
depreciation) is less than 10% of Consolidated Net Tangible Assets, or (2) any shares of capital stock of any Subsidiary owning any such manufacturing facility. As used in this definition, “manufacturing facility” means
property, plant and equipment used for actual manufacturing such as quality assurance, engineering, maintenance, staging area for work in process materials, employees’ eating and comfort facilities and manufacturing administration, and it
excludes sales offices, research facilities and facilities used only for warehousing or general administration. 
 “Restricted
Subsidiary” means any Subsidiary of a Person other than an Unrestricted Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Company.

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

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor to the rating agency business
thereof. 
 “Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the
Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or such Restricted Subsidiary leases it from such Person, other than leases between the Company and a Restricted
Subsidiary or between Restricted Subsidiaries. 

  
 40 

 “SEC” means the Securities and Exchange Commission, or any successor to its
principal functions. 
 “Secured Indebtedness” means any Indebtedness secured by a Lien other than Indebtedness with
respect to Cash Management Services. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder. 
 “Senior Credit Agreement” means the credit agreement, dated as of
August 18, 2015, among Jaguar Holding Company II, Pharmaceutical Product Development, LLC, Jaguar Holding Company I, LLC (f/k/a Jaguar Holding Company I), the financial institutions named therein and Credit Suisse AG, Cayman Islands Branch, as
Administrative Agent, as described under “Description of Other Indebtedness—Senior Secured Credit Facilities” in the Offering Memorandum, including any notes, mortgages, guarantees, collateral documents, instruments and agreements
executed in connection therewith, as amended, restated, supplemented, waived, renewed or otherwise modified from time to time, and (if designated by the Company) as replaced (whether or not upon termination, and whether with the original lenders or
otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including (if designated by the Company) any agreement or indenture or commercial paper facilities with banks or other institutional lenders or investors
extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or
indenture or indentures or increasing the amount loaned or issued thereunder (provided that such increase in borrowings is permitted under Section 3.3) or altering the maturity thereof or adding Restricted
Subsidiaries as additional borrowers, issuers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders, investors or group of investors. 

“Service Agreement” means the Service Agreement, dated as of March 18, 2019, among PPD, Inc. (f/k/a Eagle Holding
Company I) and Hellman & Friedman LP. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a
“significant subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 

“Similar Business” means any business engaged or proposed to be engaged in by the Company and its Subsidiaries on the Issue
Date and any business or other activities that are similar, ancillary, complementary, incidental or related to, or an extension, development or expansion of, the businesses in which the Company and its Subsidiaries are engaged on the Issue Date.

 “Specified Consolidated Total Debt Ratio” means 5.00 to 1.00. 

“Sponsors” means Hellman & Friedman LLC, The Carlyle Group Inc. or any of their respective Control Investment
Affiliates and, in each case (whether individually or as a group) any of their respective Affiliates and their and their respective Affiliates’ funds, partnerships or other co-investment vehicles managed,
advised or controlled by the foregoing, but excluding any operating portfolio companies of the foregoing. 

  
 41 

 “Standard Securitization Undertakings” means representations, warranties,
covenants, indemnities and guarantees of performance entered into by the Company or any Subsidiary of the Company which the Company has determined in good faith to be customary in a Receivables Financing including, without limitation, those relating
to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency unless such contingency has occurred). 
 “Subordinated Indebtedness” means (a) with
respect to the Issuers, any Indebtedness of the Issuers which is by its terms expressly subordinated in right of payment to the Notes, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms expressly
subordinated in right of payment to its Guarantee. 
 “Subsidiary” means, with respect to any Person (1) any
corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of the Voting Stock is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, (2) any partnership, joint venture, limited liability company or similar entity of which (x) more than 50%
of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Restricted Subsidiary of such Person is a controlling general partner or
otherwise controls such entity and (3) any Person that is consolidated in the consolidated financial statements of the specified Person in accordance with GAAP. Unless otherwise expressly provided, all references herein to a
“Subsidiary” shall mean a Subsidiary of the Company. 
 “Swap Contract” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any obligations or liabilities under any such master agreement. 

“Temporary Regulation S Global Note” means a temporary Global Note in the form of Exhibit
A-1 hereto for the 2025 Notes and Exhibit A-2 hereto for the 2028 Notes, in each case, bearing the Global Note Legend, the Private Placement Legend, and the
Temporary Regulation S Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903. 

  
 42 

 “Temporary Regulation S Legend” means the legend set forth in
Section 2.1(d). 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb)
as in effect on the Issue Date. 
 “Treasury Rate” means, as of the date of any applicable redemption, the yield to
maturity as of the earlier of (1) such date of redemption or (2) the date on which the applicable series of Notes are defeased or satisfied and discharged, of the most recently issued United States Treasury securities with a constant
maturity (as compiled and published in the most recent statistical release designated as “H.15” under the caption “Treasury constant maturities” or any successor publication which is published at least weekly by the Board of
Governors of the Federal Reserve System (or companion online data resource published by the Board of Governors of the Federal Reserve System and which established yields on actually traded United States Treasury securities adjusted to constant
maturity that has become publicly available at least two Business Days prior to the date of such redemption or date of defeasance or satisfaction or discharge (or, if such statistical release is no longer published, any publicly available source of
similar market data)) most nearly equal to the period from such redemption date or date of defeasance or satisfaction and discharge to June 15, 2022, in the case of the 2025 Notes, and June 15, 2023, in the case of the 2028 Notes;
provided, however, that if the period from such redemption date to June 15, 2022, in the case of the 2025 Notes, and June 15, 2023, in the case of the 2028 Notes, is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used. 
 “Trust Officer” means any
officer within the corporate trust administration department of the Trustee, with direct responsibility for performing the Trustee’s duties under this Indenture and also means, with respect to a particular corporate trust matter, any other
officer of the Trustee to whom such matter is referred because of such person’s knowledge of and familiarity with the particular subject. 

“Trustee” has the meaning set forth in the preamble hereto. 

“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private
Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note substantially in the form of Exhibit A-2 hereto for the 2025 Notes and Exhibit A-2 hereto for the 2028 Notes, in each case, that bears the Global Note Legend and that has the “Schedule of
Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend. 

“Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board
of Directors of the Company or any direct or indirect parent of the Company pursuant to Section 3.14; and 

(2) any Subsidiary of an Unrestricted Subsidiary. 

“U.S. Government Obligations” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

  
 43 

 (2) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 

which, in each case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account
of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote
(without regard to the occurrence of any contingency) in the election of the Board of Directors of such Person. To the extent that a partnership agreement, limited liability company agreement or other agreement governing a partnership or limited
liability company provides that the members of the Board of Directors of such partnership or limited liability company (or, in the case of a limited partnership whose business and affairs are managed or controlled by its general partner, the Board
of Directors of the general partner of such limited partnership) is appointed or designated by one or more Persons rather than by a vote of Voting Stock, each of the Persons who are entitled to appoint or designate the members of such Board of
Directors will be deemed to own a percentage of Voting Stock of such partnership or limited liability company equal to (1) the aggregate votes entitled to be cast on such Board of Directors by the members of such Board of Directors which such
Person or Persons are entitled to appoint or designate divided by (2) the aggregate number of votes of all members of such Board of Directors. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the
case may be, at any date, the number of years (and/or portion thereof) obtained by dividing: (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect of such Indebtedness or redemption or similar payment, in respect of such Disqualified Stock or Preferred Stock, by (b) the number of years (calculated to the
nearest one-twelfth) that will elapse between such date and the making of such payment (it being understood that the Weighted Average Life to Maturity shall be determined without giving effect to any change in
installment or other required payments of principal resulting from prepayments following Incurrence of such Indebtedness), by (2) the then outstanding principal amount of such Indebtedness. 

“Wholly Owned Restricted Subsidiary” means any Wholly Owned Subsidiary that is a Restricted Subsidiary. 

“Wholly Owned Subsidiary” of any Person means a direct or indirect Subsidiary of such Person 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) shall at the time be owned by such Person or
by one or more Wholly Owned Subsidiaries of such Person. 

  
 44 

 SECTION 1.2. Other Definitions. 

 

			
	 Term
	  	Defined in
Section
	 “actual knowledge”
	  	7.2(g)
	 “Additional 2025 Notes”
	  	2.2
	 “Additional 2028 Notes”
	  	2.2
	 “Additional Notes”
	  	2.2
	 “Affiliate Transaction”
	  	3.8(a)
	 “Agent Members”
	  	2.1(d)
	 “Asset Sale Offer”
	  	3.7(d)
	 “Authentication Order”
	  	2.2
	 “Certain Capital Markets Debt”
	  	3.11
	 “Change of Control Offer”
	  	3.9(b)
	 “Change of Control Payment”
	  	3.9(a)
	 “Change of Control Payment Date”
	  	3.9(b)(iii)
	 “covenant defeasance option”
	  	8.1(b)
	 “Covenant Suspension Event”
	  	3.15(a)
	 “Defaulted Interest”
	  	2.12
	 “DTC”
	  	2.1(b)
	 “Election Date”
	  	3.5(b)
	 “ERISA”
	  	2.1(c) and (d)
	 “Event of Default”
	  	6.1
	 “Excess Proceeds”
	  	3.7(d)
	 “Guarantor Obligations”
	  	10.1(a)
	 “Increased Amount”
	  	3.5(e)
	 “legal defeasance option”
	  	8.1(b)
	 “Offer Amount”
	  	5.8(a)
	 “Offer Period”
	  	5.8(a)
	 “Offer to Repurchase”
	  	5.8
	 “Paying Agent”
	  	2.3
	 “Permitted Debt”
	  	3.3(b)
	 “Purchase Date”
	  	5.8(a)
	 “Qualified Reporting Subsidiary”
	  	3.2(e)
	 “Ratio Debt”
	  	3.3(a)
	 “Redemption Date”
	  	5.4
	 “Refinance”
	  	3.3(b)(xiv)
	 “Refinancing Indebtedness”
	  	3.3(b)(xiv)
	 “Refunding Capital Stock”
	  	3.4(b)(ii)(a)
	 “Registrar”
	  	2.3
	 “Resale Restriction Termination Date”
	  	2.1(c) and (d)
	 “Restricted Payments”
	  	3.4(a)
	 “Retained Declined Proceeds”
	  	3.7(e)
	 “Retired Capital Stock”
	  	3.4(b)(ii)(a)
	 “Reversion Date”
	  	3.15(b)
	 “Similar Laws”
	  	2.1(c) and (d)

  
 45 

			
	 Term
	  	Defined in
Section
	 “Special Interest Payment Date”
	  	2.12(a)
	 “Special Record Date”
	  	2.12(a)
	 “Successor Company”
	  	4.1(a)(i)
	 “Successor Guarantor”
	  	4.1(b)(i)(A)
	 “Suspended Covenants”
	  	3.15(a)
	 “Suspension Period”
	  	3.15(b)
	 “Total Leverage Excess Proceeds”
	  	3.7(d)
	 “Transaction Agreement Date”
	  	13.1
	 “Unpaid Amount”
	  	3.4(b)(ii)(c)

 SECTION 1.3. Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP or IFRS, if applicable;

 (c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; 

(f) (i) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of
its nature as unsecured Indebtedness; (ii) Secured Indebtedness shall not be deemed to be subordinated or junior to other Secured Indebtedness merely because it has a junior priority with respect to the same collateral; and
(iii) Indebtedness shall not be treated as subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral; 

(g) references to sections of, or rules under, the Securities Act or Exchange Act shall be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC from time to time; 
 (h) unless the context otherwise
requires, any reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and 

(i) the words “herein,” “hereof” and “hereunder” and any other words of similar import refer to
this Indenture as a whole and not any particular Article, Section, clause or other subdivision. 

  
 46 

 ARTICLE II 

The Notes 
 SECTION 2.1. Form
and Dating. 
 (a) The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A-1 hereto for the 2025 Notes and Exhibit A-2 hereto of the 2028 Notes, the terms of which are incorporated in and made a part hereof. The Notes may have notations,
legends or endorsements approved as to form by the Issuers, and required by law, stock exchange rule, agreements to which the Issuers are subject or usage. Each Note shall be dated the date of its authentication. The Notes shall be issuable only in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 (b) The Notes shall initially be issued in the form
of one or more Global Notes and The Depository Trust Company (“DTC”), its nominees, and their respective successors, shall act as the Depositary with respect thereto. Each Global Note (i) shall be registered in the name of the
Depositary for such Global Note or the nominee of such Depositary, (ii) shall be delivered by the Trustee to such Depositary or held by the Trustee as Notes Custodian for the Depositary pursuant to such Depositary’s instructions, and
(iii) shall bear a Global Note Legend in substantially the following form: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE
DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

  
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 (c) Except as permitted by Section 2.6(g), any Note not registered
under the Securities Act shall bear the following Private Placement Legend on the face thereof: 
 THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL SECURITIES AND THE LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATES OF THE ISSUERS WERE THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 BY
ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT (A) EITHER (1) THIS SECURITY IS NOT BEING ACQUIRED OR HELD FOR OR ON BEHALF OF, AND NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO
ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR
OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE 

  
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OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE
SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT (EACH, A
“PLAN”), OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR
VIOLATION UNDER ANY APPLICABLE SIMILAR LAW AND (B) EACH PURCHASER OR TRANSFEREE THAT IS, OR IS ACQUIRING THIS SECURITY OR ANY INTEREST THEREIN WITH THE ASSETS OF, A PLAN, WILL BE DEEMED TO REPRESENT, WARRANT AND ACKNOWLEDGE, FOR SO LONG AS IT
HOLDS SUCH INVESTMENT, THAT A FIDUCIARY INDEPENDENT OF THE ISSUERS, THE INITIAL PURCHASERS AND THEIR RESPECTIVE AFFILIATES, ON THE PLAN’S BEHALF IS AND AT ALL TIMES WILL BE RESPONSIBLE FOR ITS DECISION TO INVEST IN AND HOLD THE SECURITIES AS
CONTEMPLATED HEREBY. 
 (d) The Temporary Regulation S Global Note shall bear a legend in substantially the following form: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS
AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND 

  
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THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF
REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT (A) EITHER (1) THIS SECURITY
IS NOT BEING ACQUIRED OR HELD FOR OR ON BEHALF OF, AND NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR
PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR OF AN ENTITY
WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT (EACH, A “PLAN”), OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAW AND (B) EACH PURCHASER OR TRANSFEREE THAT IS, OR IS ACQUIRING
THIS SECURITY OR ANY INTEREST THEREIN WITH THE ASSETS OF, A PLAN, WILL BE DEEMED TO REPRESENT, WARRANT AND ACKNOWLEDGE, FOR SO LONG AS IT HOLDS SUCH INVESTMENT, THAT A FIDUCIARY INDEPENDENT OF THE ISSUERS, THE INITIAL PURCHASERS AND THEIR RESPECTIVE
AFFILIATES, ON THE PLAN’S BEHALF IS AND AT ALL TIMES WILL BE RESPONSIBLE FOR ITS DECISION TO INVEST IN AND HOLD THE SECURITIES AS CONTEMPLATED HEREBY. 

Members of, or Participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to
any Global Note held on their behalf by the Depositary, or the Trustee as its custodian and the Depositary may be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of the Global Note for all
purposes whatsoever, including but not limited to notices and payments. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuers or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. Notwithstanding anything to the
contrary contained herein, any notice to be delivered to DTC (including, but not limited to, a notice of redemption) may be delivered electronically by the Trustee or the Issuers in accordance with Applicable Procedures. 

  
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 SECTION 2.2. Form of Execution and Authentication. An Officer shall sign the Notes
for each of the Issuers by manual, facsimile or electronic signature. 
 If an Officer whose signature is on a Note no longer holds that
office at the time the Note is authenticated, the Note shall nevertheless be valid. 
 A Note shall not be entitled to any benefit under the
Indenture or valid for any purpose until authenticated by the manual signature of the Trustee. The signature of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The Trustee shall authenticate (i) Initial 2025 Notes for original issue on the Issue Date in an aggregate principal amount of
$500,000,000, (ii) Initial 2028 Notes for original issue on the Issue Date in an aggregate principal amount of $700,000,000 and (iii) subject to compliance with Section 3.3, (x) one or more series of 2025 Notes
(“Additional 2025 Notes”) for original issue after the Issue Date (such Notes to be substantially in the form of Exhibit A-1 hereto) in an unlimited amount and/or (y) one or more
series of 2028 Notes (“Additional 2028 Notes”) for original issue after the Issue Date (such Notes to be substantially in the form of Exhibit A-2 hereto) in an unlimited amount, in each
case upon written order of each of the Issuers signed by an Officer of each of the Issuers (an “Authentication Order”), which Authentication Order shall, in the case of any issuance of Additional Notes, certify that such issuance is
in compliance with Section 3.3. In addition, each such Authentication Order shall specify the amount of Notes to be authenticated, the series of Notes to be authenticated, the date on which the Notes are to be
authenticated, whether the securities are to be Initial Notes or Additional Notes and the aggregate principal amount of Notes outstanding on the date of authentication, and shall further specify the amount of such Notes to be issued as Global Notes
or Definitive Notes. Such Notes shall initially be in the form of one or more Global Notes, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Notes to be issued, (ii) shall be
registered in the name of the Depositary or its nominee and (iii) shall be held by the Trustee as Notes Custodian. 
 The Issuers shall
have the right to designate the maturity date, interest rate and optional redemption provisions applicable to each series of Additional Notes, which may differ from the maturity date, interest rate and optional redemption provisions applicable to
the related series of Initial Notes. Additional Notes that differ with respect to maturity date, interest rate or optional redemption provisions from the related series of Initial Notes will constitute a different series of Notes from the related
series of Initial Notes. Additional Notes that have the same maturity date, interest rate and optional redemption provisions as the related series of Initial Notes will be treated as the same series as the related series of Initial Notes unless
otherwise designated by the Issuers. The Initial 2025 Notes and the Initial 2028 Notes are separate series. Except as otherwise provided in Section 9.2(a), (i) the Initial 2025 Notes and any Additional 2025 Notes issued
under this Indenture shall vote and consent together on all matters as one class, (ii) the Initial 2028 Notes and any Additional 2028 Notes issued under this Indenture shall vote and consent together on all matters as one class and
(iii) no series of Notes shall have the right to vote or consent as a separate class on any matter. The Issuers shall also have, subject to the provisions of Section 9.2(a), the right to vary the application of the
provisions of this Indenture to any series of Additional Notes. 
 The Initial Notes and any Additional Notes shall be resold initially only
to (A) QIBs and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. 

  
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 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to
authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Issuers or any Affiliate of the Issuers. 
 SECTION 2.3.
Registrar and Paying Agent. The Issuers shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (including any co-registrar, the
“Registrar”) and (ii) an office or agency in the United States where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange and,
upon written request from the Issuers, the Registrar shall provide the Issuers with a copy of such register to enable it to maintain a register of the Notes at its registered offices. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. The Issuers may change any Paying Agent, Registrar or
co-registrar without prior notice to any Holder. The Issuers shall notify the Trustee in writing and the Trustee shall notify the Holders of the name and address of any Agent not a party to this Indenture. The
Issuers or any of their Subsidiaries may act as Paying Agent, Registrar or co-registrar. The Issuers shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement
shall implement the provisions hereof that relate to such Agent. The Issuers shall notify the Trustee in writing of the name and address of any such Agent. If the Issuers fail to maintain a Registrar or Paying Agent, or fail to give the foregoing
notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.6. 

The Issuers initially appoint the Trustee as Registrar, Paying Agent and to act as Notes Custodian with respect to the Notes. 

SECTION 2.4. Paying Agent to Hold Money in Trust. The Issuers shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest on the Notes of a series, and shall notify the Trustee
in writing of any Default by the Issuers in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all
money held by such Paying Agent to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than either of the Issuers) shall have no further liability for the money delivered to the Trustee. If either of the Issuers acts as Paying
Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. 
 SECTION
2.5. Lists of Holders of the Notes. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders of Notes of each series and shall otherwise comply
with TIA § 312(a). If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing a list in such form
and as of such date as the Trustee may reasonably require of the names and addresses of Holders, including the aggregate principal amount of the Notes held by each thereof, and the Issuers shall otherwise comply with TIA § 312(a). 

SECTION 2.6. Transfer and Exchange. References in this Section 2.6 to transfers and exchanges of Global Notes
and Definitive Notes shall refer to transfers and exchange of such Notes of the same series, as applicable. 

  
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 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred
except, as a whole, by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. Global Notes shall be exchanged by the Issuers for Definitive Notes, subject to any applicable laws, only (i) if the Issuers deliver to the Trustee written notice from the Depositary that the Depositary is unwilling or
unable to continue to act as Depositary for the Global Notes or that it is no longer a clearing agency registered under the Exchange Act and, in either case, the Issuers fail to appoint a successor Depositary within 120 days after the date of such
notice from the Depositary; (ii) the Issuers in their sole discretion determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee;
provided that in no event shall the Temporary Regulation S Global Note be exchanged by the Issuers for Definitive Notes prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates
required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act; or (iii) upon request of Holders of a majority of the aggregate principal amount of outstanding Notes if there shall have occurred and be continuing an Event of Default with
respect to the Notes. In any such case, the Issuers shall notify the Trustee in writing that, upon surrender by the Participants and Indirect Participants of their interests in such Global Note, certificated Notes shall be issued to each Person that
such Participants, Indirect Participants and DTC jointly identify as being the beneficial owner of the related Notes. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.7 and 2.10. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.6 or Section 2.7 or Section 2.10, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.6(a). However, beneficial interests in a Global Note may
be transferred and exchanged as provided in Section 2.6(b) or Section 2.6(c) below. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depositary, in accordance with the provisions hereof and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth in
this Indenture to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with the applicable subparagraphs below. 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Restricted Period, no transfer of beneficial interests in a Temporary Regulation S Global Note may be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser) unless permitted by
applicable law and made in compliance with Sections 2.6(b)(ii) and (iii) below. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.6(b)(i) unless specifically stated above. 

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of
beneficial interests that are not subject to Section 2.6(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant 

  
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account to be credited with such increase, or (B) if Definitive Notes are at such time permitted to be issued pursuant to this Indenture, (1) a written order from a Participant or an
Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and
(2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (B)(1) above; provided that in
no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Temporary Regulation S Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any
certificates required pursuant to Rule 903 under the Securities Act. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.6(i) below. 

(iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.6(b)(ii) above and the Registrar receives
the following: 
 (A) if the transferee shall take delivery in the form of a beneficial interest in a 144A Global Note, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(B) if the transferee shall take delivery in the form of a beneficial interest in the Temporary Regulation S Global Note or the
Permanent Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.
A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.6(b)(ii) above, and 

(A) the Registrar receives the following: 

(y) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(z) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (A), if the Registrar or the Issuers so request or if the Applicable Procedures so
require, an Opinion of Counsel of the Holder or the Issuers (except in the case the Issuers have so requested) in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

  
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 If any such transfer is effected pursuant to subparagraph (A) above at a time when an Unrestricted
Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.2, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (A) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer and Exchange of Beneficial Interests for Definitive Notes. 

(i) Transfer and Exchange of Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes. Subject to
Section 2.6(a), if any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Restricted Definitive Note, then upon receipt by the Registrar of the following documentation: 

(A) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C)
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such beneficial interest is being
transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) [reserved]; 

(F) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such beneficial interest
is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof; 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.6(i) below, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the certificate a Restricted Definitive Note in the appropriate principal amount. Any Restricted
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.6(c) shall be registered in such name or names and 

  
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in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to
this Section 2.6(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(ii) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding
Section 2.6(c)(i)(A) and Section 2.6(c)(i)(C), a beneficial interest in the Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof
in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a
transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (iii)
Transfer and Exchange of Beneficial Interests in Restricted Global Notes for Unrestricted Definitive Notes. Subject to Section 2.6(a), a holder of a beneficial interest in a Restricted Global Note may exchange such
beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 

(A) the Registrar receives the following: 

(y) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(z) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof, 

and, in each such case set forth in this subparagraph (A), if the Registrar or the Issuers so request or if the Applicable Procedures so
require, an Opinion of Counsel of the Holder or the Issuers (except in the case the Issuers have so requested) in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(iv) Transfer and Exchange of Beneficial Interests in Unrestricted Global Notes for Unrestricted Definitive Notes. Subject to
Section 2.6(a), if any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.6(b)(ii) above, the Trustee shall cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.6(i) below, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the certificate an Unrestricted
Definitive Note in the appropriate principal amount. Any Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.6(c)(iv) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The

  
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Trustee shall deliver such Unrestricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Unrestricted Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.6(c)(iv) shall not bear the Private Placement Legend. 
 (d) Transfer and Exchange of
Definitive Notes for Beneficial Interests. 
 (i) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in
Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in
the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C)
if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note
is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a)
thereof; 
 (E) [reserved]; 

(F) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such
Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause
(A) above, the appropriate Restricted Global Note, and in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above, the Regulation S Global Note. 

(ii) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of a
Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if: 

  
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 (A) the Registrar receives the following: 

(y) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in an Unrestricted Global
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(z) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (A), if the Registrar or the Issuers so request or if the Applicable Procedures so
require, an Opinion of Counsel of the Holder or the Issuers (except in the case the Issuers have so requested) in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.6(d)(ii), the Trustee shall cancel
the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (iii)
Transfer and Exchange of Unrestricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or
transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel
the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from an Unrestricted Definitive Note or a Restricted Definitive Note, as the case may be, to a beneficial
interest is effected pursuant to Sections 2.6(d)(ii)(A) or (d)(iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.2, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Unrestricted Definitive Notes or Restricted Definitive Notes, as the case
may be, so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive
Notes and such Holder’s compliance with the provisions of this Section 2.6(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or its attorney, duly authorized
in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.6(e). 

(i) Transfer of Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and
registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer shall be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

  
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 (B) if the transfer shall be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer shall be made pursuant to any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including, if the Issuers so request, a certification and/or Opinion of Counsel in form reasonably acceptable to the Issuers to the effect that such transfer is
in compliance with the Securities Act. 
 (ii) Transfer and Exchange of Restricted Definitive Notes for Unrestricted Definitive Notes.
Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if 

(A) the Registrar receives the following: 

(y) if the Holder of such Restricted Definitive Note proposes to exchange such Note for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(z) if the Holder of such Restricted Definitive Note proposes to transfer such Note to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (A), if the Registrar or the Issuers so request, an Opinion of Counsel of the Holder or
the Issuers (except in the case the Issuers so request) in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this
Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (iii)
Transfer of Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt
of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 

(f) Temporary Regulation S Global Note. 

(i) Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Temporary Regulation S Global Note, which
shall be deposited on behalf of the purchasers of the Notes represented thereby with the Notes Custodian and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of
Euroclear or Clearstream, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided. 
 (ii) During the
Restricted Period, beneficial ownership interests in Temporary Regulation S Global Notes may only be sold, pledged or transferred (A) to the Issuers, (B) in an offshore transaction in accordance with Rule 904 of Regulation S (other than a
transaction resulting in an exchange for an interest in a Permanent Regulation S Global Note) or (C) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any
State of the 

  
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United States; and beneficial interests in a 144A Global Note may be transferred to a Person who takes delivery in the form of an interest in a Regulation S Global Note, whether before or after
the expiration of the Restricted Period, only if the transferor first delivers to the Trustee a written certificate to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 

(iii) Within a reasonable period after expiration or termination of the Restricted Period, beneficial interests in each Temporary Regulation S
Global Note shall be exchanged for beneficial interests in a Permanent Regulation S Global Note upon delivery to DTC of the certification of compliance and the transfer of applicable Notes pursuant to the Applicable Procedures. Simultaneously with
the authentication of the corresponding Permanent Regulation S Global Note, the Trustee shall cancel the corresponding Temporary Regulation S Global Note. The aggregate principal amount of a Temporary Regulation S Global Note and a Permanent
Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

(iv) Notwithstanding anything to the contrary in this Section 2.6, a beneficial interest in the Temporary Regulation
S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of
any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

(g) Private Placement Legend. 

(i) Except as permitted by subparagraph (ii) below, each Restricted Global Note and each Restricted Definitive Note (and all Notes issued
in exchange therefor or substitution thereof) shall bear the Private Placement Legend. 
 (ii) Notwithstanding the foregoing, any Global Note
or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.6 (and all Notes issued in exchange therefor or substitution thereof) shall not bear
the Private Placement Legend. 
 (h) Global Note Legend. Each Global Note shall bear the Global Note Legend. 

(i) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with
Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another
Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee
to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

  
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 (j) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.2 or at the Registrar’s request. 

(ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.7, 3.9, 5.7, 5.8 and 9.4). 

(iii) [Reserved]. 
 (iv) All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits hereof, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (v) Neither the Registrar nor the Issuers
shall be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business on a Business Day 15 days before the mailing of a notice of redemption of Notes and ending at the close of
business on the day of such mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer
of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date. 
 (vi) Prior to due presentment for the
registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 

(vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.2. 
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to the
Registrar pursuant to this Section 2.6 to effect a registration of transfer or exchange may be submitted by facsimile or electronically. 

(ix) The Trustee shall have no obligation or duty to monitor, determine or inquire as 

to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any
interest in any Note (including any transfers between or among Participants or Indirect Participants) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(x) Neither the Trustee, the Issuers nor any Agent shall have any responsibility for 

any actions taken or not taken by the Depositary. 

(xi) Affiliates of the Issuers, including investment funds affiliated with the Sponsors, may acquire, hold and dispose of the Notes and
exercise voting, consent and other similar rights with respect to such Notes (subject to the express restrictions contained in this Indenture). 

  
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 SECTION 2.7. Replacement Notes. If any mutilated Note is surrendered to the Trustee,
or the Issuers, and the Issuers and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, the Issuers shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement
Note if the Trustee’s requirements for replacements of Notes are met. The Holder must supply indemnity or security sufficient in the judgment of the Trustee (with respect to the Trustee and its agents) and the Issuers (with respect to the
Issuers) to protect the Issuers, the Trustee, any Agent or any authenticating agent from any loss which any of them may suffer if a Note is replaced. The Issuers and the Trustee may charge for their fees and expenses in replacing a Note including
amounts to cover any tax, assessment, fee or other governmental charge that may be imposed in relation thereto. 
 Every replacement Note is
an obligation of the Issuer. 
 SECTION 2.8. Outstanding Notes. The Notes (or the Notes of any series) outstanding at any time are
all the Notes (or all the Notes of such series) authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.8 as not outstanding. 

If a Note is replaced pursuant to Section 2.7, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under
Section 3.1, it shall cease to be outstanding and interest on it shall cease to accrue. 
 Subject to
Section 2.9, a Note does not cease to be outstanding because either of the Issuers or any Affiliate of either of the Issuers hold the Note. 

SECTION 2.9. Treasury Notes. In determining whether the Holders of the requisite majority of outstanding Notes (or the outstanding
Notes of any series) have concurred in any request, demand, authorization, direction, notice, waiver or consent (other than in respect of any action pursuant to Section 9.2(a), which requires the consent of each Holder of
an affected Note), Notes owned by either of the Issuers or any Affiliate of either of the Issuers shall be disregarded and considered as though not outstanding, except that for purposes of determining whether the Trustee shall be protected in
relying on any such request, demand, authorization, direction, notice, waiver or consent, only Notes or Notes of such series, as applicable, which a Trust Officer actually knows to be owned by either of the Issuers or any Affiliate of either of the
Issuers shall be considered as not outstanding. Upon request of the Trustee, the Issuers shall promptly furnish to the Trustee an Officer’s Certificate listing and identifying all Notes, if any, known by the Issuers to be owned or held by or
for the account of any of the above-described persons, and the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are
outstanding for the purpose of any such determination. 
 SECTION 2.10. Temporary Notes. Until Definitive Notes of a series are ready
for delivery, the Issuers may prepare and the Trustee shall upon receipt of an Authentication Order authenticate temporary Notes of such series. Temporary Notes of a series shall be substantially in the form of Definitive Notes of such series but
may have variations that the Issuers consider appropriate for temporary Notes of such series. Without unreasonable delay, the Issuers shall prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate Definitive Notes of an
applicable series in exchange for temporary Notes of such series. Until such exchange, temporary Notes of a series shall be entitled to the same rights, benefits and privileges as Definitive Notes of such series. 

  
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 SECTION 2.11. Cancellation. The Issuers at any time may deliver Notes to the Trustee
for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall dispose of all canceled Notes in its customary manner (subject to the record retention requirements of the Exchange Act and the Trustee), and upon the written request of the Issuers, the Trustee shall
deliver certification of such cancellation to the Issuers. The Issuers may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. 

SECTION 2.12. Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more predecessor Notes) is registered at the close of business on the regular Record Date for such interest at the office or agency of the Issuers
maintained for such purpose pursuant to Section 2.3. 
 Any interest on any Note which is payable, but is not paid
when the same becomes due and payable and such nonpayment continues for a period of 30 days shall forthwith cease to be payable to the Holder on the regular Record Date by virtue of having been such Holder, and such defaulted interest and (to the
extent lawful) interest on such defaulted interest at the rate borne by the 2025 Notes or the 2028 Notes, as applicable (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”), shall be paid by
the Issuers, at their election in each case, as provided in clause (a) or (b) below: 
 (a) The Issuers may elect to
make payment of any Defaulted Interest to the Persons in whose names the Notes of the applicable series (or their respective predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of
such Defaulted Interest, which shall be fixed in the following manner. The Issuers shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note of such series and the date of the proposed payment (the
“Special Interest Payment Date”), and at the same time the Issuers shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Issuers shall fix a record date
(the “Special Record Date”) for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10 days prior to the Special Interest Payment Date and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Issuers shall promptly notify the Trustee of such Special Record Date and shall, or at the written request and in the name and expense of the Issuers, the Trustee shall, cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner provided for in Section 12.1, not less than 10 days prior to such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in whose
names the Notes of such series (or their respective predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (b). 

(b) The Issuers may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes of the applicable series may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuers to the Trustee of the proposed payment pursuant to this clause (b),
such manner of payment shall be deemed practicable by the Trustee. 

  
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 Subject to the foregoing provisions of this Section, each Note delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

SECTION 2.13. CUSIP and ISIN Numbers. The Issuers in issuing the Notes may use “CUSIP” and/or “ISIN” numbers (if
then generally in use). The Trustee shall not be responsible for the use of CUSIP or ISIN numbers, and the Trustee makes no representation as to their correctness as printed on any Note or notice to Holders. The Issuers shall promptly notify the
Trustee in writing of any change in the CUSIP or ISIN numbers. A separate CUSIP or ISIN number will be issued for any Additional Notes, unless either series of Initial Notes and such Additional Notes are treated as “fungible” for U.S.
federal income tax purposes. 
 SECTION 2.14. [Reserved.] 

ARTICLE III 
 Covenants

 SECTION 3.1. Payment of Notes. With respect to any series of Notes, the Issuers shall promptly pay the principal of, premium,
if any, and interest on the Notes of such series on the dates and in the manner provided in the Notes of such series and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if by 11:00 a.m. (New York
City time) on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited
from paying such money to the Holders on that date pursuant to the terms of this Indenture. 
 The Issuers shall pay interest on overdue
principal at the rate specified therefor in the applicable Notes. 
 Notwithstanding anything to the contrary contained in this Indenture,
the Issuers may, to the extent they are required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. 

SECTION 3.2. Reports and Other Information. 

(a) So long as any Notes are outstanding, the Company shall provide to the Trustee and, upon request, to the Holders, a copy of all of the
following information and reports: 
 (i) within 90 days after the end of each fiscal year (or such longer period as may be
permitted by the SEC if the Company were then subject to SEC reporting requirements as a non-accelerated filer, including any extensions permitted under Rule 12b-25 of
the Exchange Act), annual audited financial statements for such fiscal year including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with respect to the periods presented and a report on the
annual financial statements by the Company’s independent registered public accounting firm (all of the foregoing financial information to be prepared on a basis substantially consistent with that which would be included in an Annual Report on
Form 10-K filed with the SEC by the Company (if the Company were required to prepare and file such form), 

  
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 (ii) within 45 days after the end of each of the first three fiscal quarters
of each fiscal year (or such longer period as may be permitted by the SEC if the Company were then subject to SEC reporting requirements as a non-accelerated filer, including any extensions permitted under
Rule 12b-25 of the Exchange Act), unaudited financial statements for the interim period as of, and for the period ending on, the end of such fiscal quarter including a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” (all of the foregoing financial information to be prepared on a basis substantially consistent with that which would be included in a Quarterly Report on Form 10-Q filed with the SEC by the Company (if the Company were required to prepare and file such form), and 

(iii) within the time period specified for filing current reports on Form 8-K by the
SEC, current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports for any of the following events: (a) significant acquisitions or
dispositions, (b) the bankruptcy of the Company, an Issuer or a Significant Subsidiary, (c) the acceleration of any Indebtedness of the Company or any Restricted Subsidiary having a principal amount in excess of $100.0 million,
(d) a change in the Company’s certifying independent auditor, (e) the appointment or departure of the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Chief Operating Officer or President (or persons
fulfilling similar duties) of the Company, (f) resignation of a director on disagreeable terms, (g) change in fiscal year, (h) non-reliance on previously issued financial statements,
(i) change of control transactions, (j) entry into material agreements, (k) entry into material direct financial obligations and (l) historical financial statements (other than pro forma financial statements, the provision
of which shall be governed by the next succeeding paragraph) of an acquired business (relating to transactions required to be reported pursuant to Item 2.01 of Form 8-K to the extent and in the form available
to the Company (as determined by the Company in good faith) if the Company were a domestic reporting company under the Exchange Act); provided that no such current report will be required to be furnished if the Company determines in its good
faith judgment that such event is not material to Holders or to the business, assets, operations, financial position or prospects of the Company and its Restricted Subsidiaries, taken as a whole, or if the Company determines in its good faith
judgment that such disclosure would otherwise cause material competitive harm to the business, assets, operations, financial position or prospects of the Company and its Restricted Subsidiaries, taken as a whole; provided, further,
that such non-disclosure shall be limited only to those specific provisions that would cause material competitive harm and not the occurrence of the event itself; 

provided, further, however, that in addition to providing such information to the Trustee and upon request, Holders, the Issuers or the Company
shall, to the extent the requirements set forth in Section 3.2(h) are satisfied, make available to the Holders, bona fide prospective investors in the Notes, bona fide market makers in the Notes affiliated with any Initial
Purchaser and bona fide securities analysts (to the extent providing analysis of investment in the Notes) such information by (A) posting to the website of the Company (or any direct or indirect parent of the Company or of a Restricted
Subsidiary) or on a non-public, password-protected website maintained by the Company (or any direct or indirect parent of the Company or of a Restricted Subsidiary) or a third party, in each case, within 15
days after the time the Company would be required to provide such information pursuant to clause (i), (ii) or (iii) above, as applicable, or (B) otherwise providing substantially comparable availability of such reports (as determined by
the Company in good faith) (it being understood that, without limitation, making such reports available on Bloomberg or another comparable private electronic information service shall constitute substantially comparable availability). 

  
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 (b) Notwithstanding the foregoing, (i) the Issuers and the Company shall not be
required to furnish any information, certificates or reports required by (A) Section 302, Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation
S-K or (B) Regulation G or Item 10(e) of Regulation S-K promulgated by the SEC with respect to financial measures contained therein, (ii) the information and
reports referred to in Section 3.2(a) will not be required to contain the separate financial statements or other information contemplated by Rule 3-05, Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X, (iii) to the extent pro forma
financial information is required to be provided by the Company, the Company may provide only pro forma revenues, net income, EBITDA, Adjusted EBITDA (as such term is defined in the Offering Memorandum), senior secured debt, total debt and
capital expenditures (or equivalent financial information) in lieu thereof, (iv) the information and reports referred to in Section 3.2(a) shall not be required to present compensation or beneficial ownership
information and (v) the information and reports referred to in Section 3.2(a) shall not be required to include any exhibits required by Item 15 of Form 10-K, Item 6 of Form 10-Q or Item 9.01 of Form 8-K. 
 (c) For so long as the Company
has designated any of its Subsidiaries as Unrestricted Subsidiaries, then substantially concurrently with the provision of the quarterly and annual financial information required by Section 3.2(a), the Company will provide
the Holders with the percentage of the Adjusted EBITDA (presented on a basis substantially consistent with the presentation of Adjusted EBITDA in the Offering Memorandum) that the Unrestricted Subsidiaries contribute to such Adjusted EBITDA for the
Company and its Subsidiaries for the applicable period; provided, however, that no such information shall be required to be provided to the extent the Company determines in its reasonable judgment that any such Unrestricted Subsidiaries are
not material to the operations or performance of the Company and its Subsidiaries as a whole. Such information need not be provided in the financial report itself and may be separately provided to Holders via a
non-public, password protected website maintained by the Company or a third party in accordance with Section 3.2(i). 

(d) In addition, to the extent not satisfied by the foregoing, the Issuers and the Company agree that, for so long as any Notes are
outstanding, the Issuers or the Company shall furnish to Holders, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision). 

(e) Notwithstanding the foregoing, the financial statements, information, auditors’ reports and other documents required to be provided as
described above, may be, rather than those of the Company, those of (i) any predecessor or successor of the Company or any entity meeting the requirements of clauses (ii) or (iii) of this Section 3.2(e), (ii) any
Wholly Owned Subsidiary of the Company that, together with its consolidated Subsidiaries, constitutes substantially all of the assets of the Company and its consolidated Subsidiaries (“Qualified Reporting Subsidiary”) or
(iii) any direct or indirect parent of the Company; provided that, if the financial information so furnished relates to such Qualified Reporting Subsidiary of the Company or such direct or indirect parent of the Company, the same is
accompanied by consolidating information, which may be posted to the website of the Company (or any direct or indirect parent of the Company or of a Restricted Subsidiary) on a non-public, password-protected
website maintained by the Company or a third party, that explains in reasonable detail the differences between the information relating to such Qualified Reporting Subsidiary or such parent entity (as the case may be), on the one hand, and the
information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand. For the avoidance of doubt, the consolidating information referred to in the proviso in the preceding sentence need not be audited. 

  
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 (f) The Company will be deemed to have satisfied the information and reporting requirements
of Section 3.2(a) if (i) the Company or any Qualified Reporting Subsidiary of the Company or any direct or indirect parent of the Company has filed reports or registration statements containing such information
(including the information required pursuant to the first sentence of Section 3.2(e), which, for the avoidance of doubt, need not be filed with the SEC via EDGAR to the extent it is otherwise provided to Holders pursuant to
this covenant) with the SEC via the EDGAR (or successor) filing system within the applicable time periods after giving effect to any extensions permitted by the SEC and that are publicly available or (ii) with respect to the Holders only, the
Company or any Qualified Reporting Subsidiary or any parent has made such reports available electronically (including by posting to a non-public, password-protected website as provided above) pursuant to this
Section 3.2. 
 (g) To the extent any such reports referred to in the first paragraph of this covenant is not so
filed or furnished, as applicable, within the time periods specified above and such reports are subsequently filed or furnished, as applicable, the Company will be deemed to have satisfied it obligations with respect thereto at such time and any
Default or Event of Default with respect thereto shall be deemed to have been cured. 
 (h) So long as Notes are outstanding, the Company
shall also: 
 (i) promptly after furnishing to the Trustee the annual and quarterly reports required by Sections
3.2(a)(i) and (ii), hold a conference call to discuss such reports and the results of operations for the relevant reporting period; provided, however, that the Company will be deemed to have satisfied the requirements of this
clause (i) if any Qualified Reporting Subsidiary or any direct or indirect parent of the Company holds a conference call to discuss such reports and results of operations for the relevant reporting period; and 

(ii) post to the website of the Company, announce by press release or post on a
non-public, password-protected website maintained by the Company or a third party, which may require a confidentiality acknowledgment (but not restrict the recipients of such information from trading
securities of the Company or its affiliates), prior to the date of the conference call required to be held in accordance with Section 3.2(h)(i), the time and date of such conference call and either all information necessary
to access the call or informing the Holders, bona fide prospective investors in the Notes, bona fide market makers in the Notes affiliated with any Initial Purchaser and bona fide securities analysts (to the extent providing analysis of an
investment in the Notes) how they can obtain such information, including, without limitation, the applicable password or other login information. 

(i) Any person who requests or accesses such financial information or seeks to participate in any conference calls required by
Section 3.2(a) may be required to provide its email address, employer name and other information reasonably requested by the Company and represent to the Company (to the Company’s reasonable good faith satisfaction)
that: 
 (i) it is a Holder, a beneficial owner of the Notes, a bona fide prospective investor in the Notes, a bona fide
market maker in the Notes affiliated with any Initial Purchaser or a bona fide securities analyst providing an analysis of investment in the Notes; 

(ii) it will not use the information in violation of applicable securities laws or regulations; 

(iii) it will keep such provided information confidential and will not communicate the information to any Person; and 

  
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 (iv) it (a) will not use such information in any manner intended to
compete with the business of the Company and its Subsidiaries and (b) is not a Person (which includes such Person’s Affiliates) that (i) is principally engaged in a Similar Business or (ii) derives a significant portion of its
revenues from operating or owning a Similar Business. 
 (j) Delivery of reports, information and documents (including without limitation
reports contemplated under this Section 3.2) to the Trustee under this Indenture is for informational purposes only and the Trustee’s receipt thereof shall not constitute actual or constructive notice of any
information contained therein, or determinable from information contained therein, including the Company or either Issuer’s compliance with any of the covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on an
Officer’s Certificate). 
 SECTION 3.3. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any
Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock, and the Company will not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Company
and any Restricted Subsidiary may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any Restricted Subsidiary may issue shares of Preferred Stock, in each case if either (x), in the case of Incurrence of
Indebtedness, the Consolidated Total Debt Ratio as of the end of the Applicable Measurement Period would not exceed 6.00 to 1.00, determined on a pro forma basis (including pro forma application of the net proceeds therefrom), as if
the additional Indebtedness had been Incurred at the end (for purposes of determining Consolidated Total Indebtedness) and at the beginning (for purposes of determining Consolidated EBITDA) of the Applicable Measurement Period or (y) the Fixed
Charge Coverage Ratio as of the end of the Applicable Measurement Period would not be less than 2.00 to 1.00, determined on a pro forma basis, including pro forma application of the net proceeds therefrom, as if the additional
Indebtedness had been Incurred, or the shares of Disqualified Stock or Preferred Stock been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such Applicable Measurement Period (Incurrence under
either cause (x) or (y), “Ratio Debt”); provided, further, that the aggregate amount of Indebtedness (including Acquired Indebtedness) that may be Incurred and Disqualified Stock or Preferred Stock that may be
issued pursuant to the foregoing by Non-Guarantor Subsidiaries shall not exceed the greater of (x) $270.0 million and (y) .35 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement
Period, at any one time outstanding. 
 (b) The foregoing limitations will not apply to (collectively, “Permitted Debt”):

 (i) the Incurrence by the Company or its Restricted Subsidiaries of Indebtedness or Disqualified Stock, or the Incurrence
by its Restricted Subsidiaries of Preferred Stock, under any Credit Agreement, the guarantees thereof and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances
being deemed to have a principal amount or liquidation preference, if applicable, equal to the face amount thereof) up to an aggregate outstanding principal amount or liquidation preference not to exceed at any one time the greater of (x) the
sum of (A) $4,000 million plus (B) the greater of (I) $800.0 million and (II) 1.0 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period and (y) the sum of (A) the greater of (I)
$800.0 million and (II) 1.0 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period plus (B) the maximum principal amount that could be Incurred such that after giving effect to such Incurrence the Consolidated
Senior Secured Debt Ratio as of the end of the Applicable Measurement Period (after giving pro forma effect to the Incurrence of such 

  
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Indebtedness and the application of net proceeds therefrom) does not exceed 5.00 to 1.00 (with any Indebtedness up to the greater of (A) $800.0 million and (B) 1.0 multiplied by Pro Forma
Consolidated EBITDA for the Applicable Measurement Period Incurred on the date of determination (in the same transaction or series of transactions) of the Consolidated Senior Secured Debt Ratio not being included in the calculation of the
Consolidated Senior Secured Debt Ratio under this subclause (y)(B) on such date but not, for the avoidance of doubt, excluded from any such calculation made on any such subsequent date); provided that solely for the purpose of calculating the
Consolidated Senior Secured Debt Ratio under this clause (i), any outstanding Indebtedness Incurred under this clause (i) that is unsecured shall nevertheless be deemed to be secured by a Lien; 

(ii) the Incurrence by the Issuers and the Guarantors of Indebtedness represented by the Notes (not including any Additional
Notes) and the Guarantees thereof, as applicable; 
 (iii) Indebtedness and Disqualified Stock of the Company and its
Restricted Subsidiaries, and the Preferred Stock of any Restricted Subsidiary, existing on the Issue Date (other than Indebtedness, Disqualified Stock and Preferred Stock described in clause (i) or (ii) above); 

(iv) Indebtedness (including, without limitation, Financing Lease Obligations and mortgage financings as purchase money
obligations) Incurred by the Company or any Restricted Subsidiaries, Disqualified Stock issued by the Company or any of its Restricted Subsidiaries and Preferred Stock issued by any of its Restricted Subsidiaries to finance all or any part of the
purchase, lease, construction, installation, repair or improvement of property (real or personal), plant or equipment or other fixed or capital assets (whether through the direct purchase of assets or the Equity Interests of any Person owning such
assets) and Indebtedness, Disqualified Stock or Preferred Stock arising from the conversion of the obligations of the Company or any Restricted Subsidiary under or pursuant to any “synthetic lease” transactions to on-balance sheet Indebtedness of the Company or such Restricted Subsidiary; provided that, at the time of Incurrence thereof and after giving pro forma effect thereto and the use of the proceeds
thereof, the aggregate principal amount or liquidation preference or Maximum Fixed Repurchase Price, including all Indebtedness, Disqualified Stock or Preferred Stock Incurred to Refinance any Indebtedness, Disqualified Stock or Preferred Stock
Incurred pursuant to this clause (iv), and that is then outstanding pursuant to this clause (iv), shall not to exceed the greater of (x) $175.0 million and (y) .225 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement
Period, at any one time outstanding, plus, in the case of any Refinancing of any Indebtedness, Disqualified Stock or Preferred Stock permitted under this clause (iv) or any portion thereof, the aggregate amount of fees, underwriting
discounts, original issuance discounts, accrued and unpaid interest, premiums (including tender premiums) and other costs, amounts and expenses incurred in connection with such Refinancing (it being understood that any Indebtedness, Disqualified
Stock or Preferred Stock Incurred pursuant to this clause (iv) shall cease to be deemed Incurred or outstanding pursuant to this clause (iv) but shall be deemed Incurred and outstanding as Ratio Debt from and after the first date on which
the Company or such Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness, Disqualified Stock or Preferred Stock as Ratio Debt (to the extent the Company or any of its Restricted Subsidiaries are able to Incur any Liens
related thereto as Permitted Liens after such reclassification)); provided, further that Financing Lease Obligations incurred by the Company or any Restricted Subsidiary pursuant to this clause (iv) in connection with a Sale/Leaseback
Transaction shall not be subject to the foregoing limitation so long as the proceeds of such Sale/Leaseback Transaction are used by the Company or such Restricted Subsidiary to permanently repay outstanding loans under any Credit Agreement or other
Indebtedness that is secured by Liens on the assets subject to such Sale/Leaseback Transaction; 

  
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 (v) Indebtedness or Disqualified Stock Incurred by the Company or any of its
Restricted Subsidiaries and Preferred Stock Incurred by any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit or bank guarantees or similar instruments issued in the ordinary course of business,
including, without limitation, (x) letters of credit or performance or surety bonds in respect of workers’ compensation claims, health, disability or other employee benefits (whether current or former) or property, casualty or liability
insurance or self-insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims, health, disability or other employee benefits (whether current or former) or property, casualty or
liability insurance and (y) guarantees of Indebtedness Incurred by customers in connection with the purchase or other acquisition of equipment or supplies in the ordinary course of business; 

(vi) the Incurrence of Indebtedness, Disqualified Stock or Preferred Stock arising from agreements of the Company or its
Restricted Subsidiaries providing for indemnification, earn-outs, adjustment of purchase or acquisition price or similar obligations, in each case, Incurred in connection with the acquisition or disposition of any business, assets or a Subsidiary of
the Company in accordance with the terms of this Indenture, other than guarantees of Indebtedness Incurred or Disqualified Stock or Preferred Stock Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the
purpose of financing such acquisition; 
 (vii) Indebtedness or Disqualified Stock of the Company to a Restricted Subsidiary;
provided that (x) such Indebtedness or Disqualified Stock owing to a Non-Guarantor Subsidiary shall be subordinated in right of payment to the Issuers’ Obligations with respect to this
Indenture or the Guarantee of the Guarantors with respect to the Obligations under this Indenture and (y) any subsequent issuance or transfer of any Capital Stock or any other event that results in any such Restricted Subsidiary ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such Indebtedness or Disqualified Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness or Disqualified
Stock not permitted by this clause (vii); 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to the
Company or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred
Stock not permitted by this clause (viii); 
 (ix) Indebtedness, Disqualified Stock or Preferred Stock of a Restricted
Subsidiary or the Company owing to the Company or another Restricted Subsidiary; provided that (x) if the Company or a Guarantor Incurs such Indebtedness, Disqualified Stock or Preferred Stock owing to a
Non-Guarantor Subsidiary, such Indebtedness, Disqualified Stock or Preferred Stock is subordinated in right of payment to the Company’s Obligations with respect to this Indenture or the Guarantee of such
Guarantor, as applicable, and (y) any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary lending such Indebtedness, Disqualified Stock or Preferred Stock ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness, Disqualified Stock or Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness,
Disqualified Stock or Preferred Stock not permitted by this clause (ix); 

  
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 (x) Swap Contracts or Cash Management Services that, at the time Incurred,
were not Incurred for speculative purposes; 
 (xi) obligations (including reimbursement obligations with respect to letters
of credit or bank guarantees or similar instruments) in respect of customs, self-insurance, performance, bid, appeal and surety bonds and completion guarantees and similar obligations provided by the Company or any Restricted Subsidiary; 

(xii) Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries and Preferred Stock of any of its
Restricted Subsidiaries; provided that, at the time of Incurrence thereof and after giving pro forma effect thereto and the use of the proceeds thereof, the aggregate principal amount or liquidation preference or Maximum Fixed
Repurchase Price, including all Indebtedness, Disqualified Stock or Preferred Stock Incurred to Refinance any Indebtedness, Disqualified Stock or Preferred Stock Incurred pursuant to this clause (xii), then outstanding and Incurred pursuant to this
clause (xii), shall not exceed the greater of (x) $270.0 million and (y) .35 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period, plus, in the case of any Refinancing of any Indebtedness, Disqualified Stock
or Preferred Stock permitted under this clause (xii) or any portion thereof, the aggregate amount of fees, underwriting discounts, original issuance discounts, accrued and unpaid interest, premiums (including tender premiums) and other costs,
amounts and expenses incurred in connection with such Refinancing (it being understood that any Indebtedness, Disqualified Stock or Preferred Stock Incurred pursuant to this clause (xii) shall cease to be deemed Incurred or outstanding pursuant
to this clause (xii) but shall be deemed Incurred and outstanding as Ratio Debt from and after the first date on which the Company or such Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness, Disqualified Stock or
Preferred Stock as Ratio Debt (to the extent the Company or any of its Restricted Subsidiaries are able to Incur any Liens related thereto as Permitted Liens after such reclassification)); 

(xiii) any guarantee by the Company or a Restricted Subsidiary of Indebtedness, Disqualified Stock, Preferred Stock or other
obligations of the Company or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness, Disqualified Stock, Preferred Stock or other obligations by the Company or such Restricted Subsidiary is permitted under the terms of
this Indenture; 
 (xiv) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness or Disqualified
Stock or the Incurrence by any Restricted Subsidiary of Preferred Stock that serves to modify, extend, refinance, renew, replace, redeem, repurchase, defease, acquire, amend, supplement, restructure, repay, prepay, retire, extinguish or refund
(collectively to “Refinance” or a “Refinancing” or “Refinanced”), in whole or in part, and is in an aggregate principal amount (or if issued with original issue discount an aggregate issue price)
that is equal to or less than, Indebtedness, Disqualified Stock or Preferred Stock Incurred as Ratio Debt or permitted under clause (ii), clause (iii), this clause (xiv), clause (xv) or clause (xviii) of this
Section 3.3(b) or subclause (y) of each of clauses (iv), (xii), (xx), (xxix) or (xxx) of this Section 3.3(b) (provided that any amounts Incurred under this clause (xiv) as
Refinancing Indebtedness in respect of Indebtedness, Disqualified Stock or Preferred Stock Incurred pursuant to subclause (y) of any of these clauses shall reduce the amount available 

  
 71 

 
under such subclause (y) of such clause so long as such Refinancing Indebtedness remains outstanding) or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to Refinance such
Indebtedness, Disqualified Stock or Preferred Stock, plus any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay fees, underwriting discounts, original issuance discounts, accrued and unpaid interest, premiums
(including tender premiums) and other costs and expenses Incurred in connection with such Refinancing (subject to the following proviso, “Refinancing Indebtedness”); provided, however, that such Refinancing
Indebtedness: 
 (1) with respect to Refinancing Indebtedness in respect of amounts originally Incurred under clauses
(ii) and (iii) above, has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred that is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock
being Refinanced (without giving effect to any amortization or prepayments previously made in respect of such indebtedness); 

(2) to the extent that such Refinancing Indebtedness Refinances (i) Subordinated Indebtedness, such Refinancing
Indebtedness is Subordinated Indebtedness or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock, respectively; and 

(3) shall not include (x) Indebtedness, Disqualified Stock or Preferred Stock of a
Non-Guarantor Subsidiary that Refinances Indebtedness, Disqualified Stock or Preferred Stock of an Issuer or a Guarantor or (y) Indebtedness or Disqualified Stock of the Company or Indebtedness,
Disqualified Stock or Preferred Stock of a Restricted Subsidiary that Refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; 

provided that subclause (1) will not apply to any refunding or Refinancing of any Secured Indebtedness; 

(xv) (i) Indebtedness, Disqualified Stock or Preferred Stock (x) of the Company or any Restricted Subsidiaries
Incurred or assumed in connection with an acquisition of any assets (including Capital Stock), business or Person and (y) of any Person that is acquired by the Company or any of its Restricted Subsidiaries or merged into or consolidated or
amalgamated with the Company or a Restricted Subsidiary in accordance with the terms of this Indenture and (ii) Indebtedness, Disqualified Stock or Preferred Stock Incurred or assumed in anticipation of, or in connection with, an acquisition of
any assets, business or Person; provided, however, that after giving effect to such acquisition, merger, consolidation or amalgamation and the Incurrence of such Indebtedness, Disqualified Stock or Preferred Stock, any of: 

(1) the Company would be permitted to Incur at least $1.00 of additional Indebtedness under either clause (x) or clause
(y) of the definition of Ratio Debt; 
 (2) the Consolidated Total Debt Ratio of the Company as of the end of the
Applicable Measurement Period is equal to or less than such ratio immediately prior to such acquisition, merger, consolidation or amalgamation; or 

  
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 (3) the Fixed Charge Coverage Ratio of the Company as of the end of the
Applicable Measurement Period is equal to or greater than such ratio immediately prior to such acquisition, merger, consolidation or amalgamation; 

provided, further, that the aggregate amount of Indebtedness that may be Incurred and Disqualified Stock or Preferred Stock that may be issued pursuant
to the foregoing by Non-Guarantor Subsidiaries shall not exceed the greater of (x) $270 million and (y) .35 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period, at any one
time outstanding; 
 (xvi) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument drawn against insufficient funds in the ordinary course of business; 
 (xvii) Indebtedness of the
Company or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to any credit facility permitted hereunder, so long as such letter of credit has not been terminated and is in a principal amount not in excess of
the stated amount of such letter of credit or bank guarantee; 
 (xviii) Contribution Indebtedness; 

(xix) Indebtedness or Disqualified Stock of the Company or any Restricted Subsidiary or the Preferred Stock of any Restricted
Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary
course of business; 
 (xx) Indebtedness, Disqualified Stock or Preferred Stock of
Non-Guarantor Subsidiaries; provided that, at the time of Incurrence thereof and after giving pro forma effect thereto and the use of the proceeds thereof, the aggregate prepaid amount or
liquidation preference or Maximum Fixed Repurchase Price including all Indebtedness, Disqualified Stock or Preferred Stock Incurred to Refinance any Indebtedness Incurred, Disqualified Stock or Preferred Stock Incurred pursuant to this clause
(xx) and that is then outstanding pursuant to this clause (xx), does not exceed the greater of (x) $235.0 million and (y) .30 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period, plus, in the case of
any Refinancing of any Indebtedness, Disqualified Stock or Preferred Stock permitted under this clause or any portion thereof, the aggregate amount of fees, underwriting discounts, original issuance discounts, accrued and unpaid interest, premiums
(including tender premiums) and other costs and expenses Incurred in connection with such Refinancing (it being understood that any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued pursuant to this clause (xx) shall cease
to be deemed Incurred, issued or outstanding pursuant to this clause (xx) but shall be deemed Incurred or issued and outstanding as Ratio Debt from and after the first date on which such Non-Guarantor
Subsidiary could have Incurred such Indebtedness or issued such Disqualified Stock or Preferred Stock as Ratio Debt (to the extent the Company or any of its Restricted Subsidiaries are able to Incur any Liens related thereto as Permitted Liens after
such reclassification)); 
 (xxi) Indebtedness, Disqualified Stock or Preferred Stock of a joint venture to the Company or a
Restricted Subsidiary and to the other holders of Equity Interests or participants of such joint venture, so long as the percentage of the aggregate amount of such Indebtedness, Disqualified Stock or Preferred Stock of such joint venture owed to
such holders of its Equity Interests or participants of such joint venture does not exceed the percentage of the aggregate outstanding amount of the Equity Interests of such joint venture held by such holders or such participant’s participation
in such joint venture; 

  
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 (xxii) Indebtedness, Disqualified Stock or Preferred Stock Incurred by a
Receivables Subsidiary in a Qualified Receivables Financing that is not recourse to the Company or any Restricted Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings); 

(xxiii) Indebtedness, Disqualified Stock or Preferred Stock Incurred on a short-term basis to banks and other financial
institutions in the ordinary course of business of the Company and the Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements, including cash management, cash pooling
arrangements and related activities to manage cash balances of the Company and its Subsidiaries and joint ventures including treasury, depository, overdraft, credit, purchasing or debit card, electronic funds transfer and other cash management
arrangements and Indebtedness in respect of netting services, overdraft protection, credit card programs, automatic clearinghouse arrangements and similar arrangements; 

(xxiv) Indebtedness, Disqualified Stock or Preferred Stock consisting of Indebtedness or Disqualified Stock Incurred by the
Company or any Restricted Subsidiary or Preferred Stock Incurred by any Restricted Subsidiary to future, current or former officers, directors, managers, employees, consultants and independent contractors thereof or any direct or indirect parent
thereof, their respective estates, heirs, family members, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Company or any direct or indirect parent of the Company to the extent permitted by
Section 3.4; 
 (xxv) customer deposits and advance payments received in the ordinary course of
business from customers for goods purchased in the ordinary course of business; 
 (xxvi) Indebtedness or Disqualified Stock
Incurred by the Company or a Restricted Subsidiary or Preferred Stock Incurred by any Restricted Subsidiary in connection with bankers’ acceptances, discounted bills of exchange, warehouse receipts or similar facilities or the discounting or
factoring of receivables for credit management purposes, in each case Incurred or undertaken in the ordinary course of business; 

(xxvii) Indebtedness or Disqualified Stock Incurred by the Company or any Restricted Subsidiary or Preferred Stock Incurred by
any Restricted Subsidiary to the extent that the net proceeds thereof are promptly deposited with the Trustee to satisfy and discharge the Notes in accordance with this Indenture; 

(xxviii) (i) guarantees Incurred in the ordinary course of business in respect of obligations to suppliers, customers,
franchisees, lessors, licensees, sub-licensees and distribution partners and (ii) Indebtedness Incurred by the Company or a Restricted Subsidiary as a result of leases entered into by the Company or such
Restricted Subsidiary or any direct or indirect parent of the Company in the ordinary course of business; 
 (xxix)
Indebtedness or Disqualified Stock Incurred by the Company or any Restricted Subsidiary or Preferred Stock Incurred by any Restricted Subsidiary on behalf of, or representing guarantees of Indebtedness, Disqualified Stock or Preferred Stock Incurred
by, joint ventures; provided that at the time of Incurrence thereof and after giving pro forma effect 

  
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thereto and the use of the proceeds thereof, the aggregate principal amount or the liquidation preference or Maximum Fixed Repurchase Price, including all Indebtedness, Disqualified Stock or
Preferred Stock Incurred to Refinance any Indebtedness, Disqualified Stock or Preferred Stock Incurred pursuant to this clause (xxix) and that is then outstanding under this clause (xxix) does not exceed the greater of (x)
$80.0 million and (y) .10 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period, plus, in the case of any Refinancing of any Indebtedness, Disqualified Stock or Preferred Stock permitted under this clause
(xxix) or any portion thereof, the aggregate amount of fees, underwriting discounts, original issuance discounts, accrued and unpaid interest, premiums (including tender premiums) and other costs and expenses Incurred in connection with such
Refinancing (it being understood that any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued pursuant to this clause (xxix) shall cease to be deemed Incurred or outstanding pursuant to this clause (xxix) but shall be
deemed Incurred and outstanding as Ratio Debt from and after the first date on which the Company or such Restricted Subsidiary could have Incurred such Indebtedness, Disqualified Stock or Preferred Stock as Ratio Debt (to the extent the Company or
any of its Restricted Subsidiaries are able to Incur any Liens related thereto as Permitted Liens after such reclassification)); 

(xxx) Indebtedness or Disqualified Stock of the Company or any Restricted Subsidiary or Preferred Stock of any Restricted
Subsidiary Incurred to finance or assumed in connection with an acquisition of any assets (including Capital Stock), business or Person; provided that, at the time of Incurrence thereof and after giving pro forma effect thereto and the
use of the proceeds thereof, the aggregate principal amount or liquidation preference or Maximum Fixed Repurchase Price, including all Indebtedness, Disqualified Stock or Preferred Stock incurred to Refinance any Indebtedness, Disqualified Stock or
Preferred Stock Incurred pursuant to this clause (xxx) and that is then outstanding under this clause (xxx) does not exceed the greater of (x) $195.0 million and (y) .25 multiplied by Pro Forma Consolidated EBITDA for the Applicable
Measurement Period, plus, in the case of any Refinancing of any Indebtedness, Disqualified Stock or Preferred Stock permitted under this clause (xxx) or any portion thereof, the aggregate amount of fees, underwriting discounts, original
issuance discounts, accrued and unpaid interest, premiums (including tender premiums) and other costs and expenses Incurred in connection with such Refinancing (it being understood that any Indebtedness Incurred or Disqualified Stock or Preferred
Stock issued pursuant to this clause (xxx) shall cease to be deemed Incurred or outstanding pursuant to this clause (xxx) but shall be deemed Incurred and outstanding as Ratio Debt from and after the first date on which the Company or such
Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness, Disqualified Stock or Preferred Stock as Ratio Debt (to the extent the Company or any of its Restricted Subsidiaries are able to Incur any Liens related thereto as
Permitted Liens after such reclassification)); 
 (xxxi) Indebtedness, Disqualified Stock or Preferred Stock consisting of
obligations of the Company or any Restricted Subsidiary under deferred compensation or other similar arrangements incurred by such Person in connection with any Permitted Investment; and 

(xxxii) unfunded pension fund and other employee benefit plan obligations and liabilities to the extent that they are permitted
to remain unfunded under applicable law. 
 (c) For purposes of determining compliance with this Section 3.3, in
the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of Permitted Debt or is entitled to be Incurred or issued as Ratio Debt, the Company may, in
its sole discretion, at the time of Incurrence or issuance, divide, classify or reclassify, or 

  
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at any later time divide, classify or reclassify, such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that complies with this covenant;
provided that all Indebtedness under the Senior Credit Agreement Incurred on or prior to the Issue Date shall be deemed to have been Incurred pursuant to Section 3.3(b)(i)(x) and the Company shall not be permitted to
reclassify all or any portion of Indebtedness Incurred on or prior to the Issue Date pursuant to Section 3.3(b)(i)(x). Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of
original issue discount, the payment of interest or dividends in the form of additional Indebtedness with the same terms, the payment of dividends on Disqualified Stock or Preferred Stock in the form of additional shares of Disqualified Stock or
Preferred Stock of the same class, the accretion of liquidation preference and increases in the amount of Indebtedness, Disqualified Stock or Preferred Stock outstanding solely as a result of fluctuations in the exchange rate of currencies will not
be deemed to be an Incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock for purposes of this covenant. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness that are otherwise included in
the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the
case may be, was in compliance with this Section 3.3. Any Indebtedness Incurred to Refinance Indebtedness Incurred pursuant to Section 3.3(b)(i) shall be permitted to include additional
Indebtedness Incurred or Disqualified Stock or Preferred Stock issued to pay fees, underwriting discounts, original issue discounts, accrued and unpaid interest, premiums and other costs, amounts and expenses incurred in connection with such
Refinancing. 
 For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness,
Disqualified Stock or Preferred Stock, the U.S. dollar-equivalent principal amount or liquidation preference or Maximum Fixed Repurchase Price amount of Indebtedness, Disqualified Stock or Preferred Stock denominated in a foreign currency shall be
calculated based on the relevant currency exchange rate in effect on the date such Indebtedness, Disqualified Stock or Preferred Stock was Incurred, in the case of term debt, Disqualified Stock or Preferred Stock or first committed or first Incurred
(whichever yields the lower U.S. dollar-equivalent), in the case of revolving credit debt, as the case may be; provided that if such Indebtedness, Disqualified Stock or Preferred Stock is Incurred to Refinance other Indebtedness, Disqualified
Stock or Preferred Stock denominated in a foreign currency, and such Refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such
Refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount or liquidation preference or Maximum Fixed
Repurchase Price of such Indebtedness, Disqualified Stock or Preferred Stock being Refinanced (plus fees, underwriting discounts, original issuance discounts, accrued and unpaid interest, premiums (including tender premiums) and other costs and
expenses Incurred in connection therewith). 
 The principal amount of any Indebtedness, Disqualified Stock or Preferred Stock Incurred to
Refinance other Indebtedness, Disqualified Stock or Preferred Stock if Incurred in a different currency from the Indebtedness, Disqualified Stock or Preferred Stock being Refinanced, shall be calculated based on the currency exchange rate applicable
to the currencies in which such respective Indebtedness, Disqualified Stock or Preferred Stock is denominated that is in effect on the date of such Refinancing. 

SECTION 3.4. Limitation on Restricted Payments. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 

  
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 (i) declare or pay any dividend or make any payment or distribution on
account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving the Company (other than (A) dividends or distributions
by the Company payable solely in Equity Interests (other than Disqualified Stock) of the Company; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of
any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance
with its Equity Interests in such class or series of securities); 
 (ii) purchase, redeem, defease or otherwise acquire or
retire for value any Equity Interests of the Company or any direct or indirect parent of the Company, including in connection with any merger, amalgamation or consolidation; 

(iii) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case,
prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness of any Issuer or Guarantor (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness
of any Issuer or Guarantor in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement
and (B) Indebtedness permitted under clause (vii) or (ix) of Section 3.3(b); or 
 (iv)
make any Restricted Investment; 
 (all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as
“Restricted Payments”), unless, at the time of such Restricted Payment: 
 (A) (i) in the case of a
Restricted Payment (other than a Restricted Investment or a Restricted Payment utilizing clause (1)(i) immediately below), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof and, (ii) in
the case of a Restricted Payment (other than a Restricted Investment) utilizing clause (1)(i) immediately below, no Default of the nature described in clauses (i), (ii) or (v) of Section 6.1 shall have occurred and be
continuing or would occur as a consequence thereof; 
 (B) immediately after giving effect to such transaction on a Pro Forma
Basis, the Company could Incur $1.00 of additional Indebtedness as Ratio Debt; and 
 (C) such Restricted Payment, together
with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clause (i) of Section 3.4(b), but
excluding all other Restricted Payments permitted by Section 3.4(b)), is less than the sum of, without duplication: 

(1) (i) the greater of (x) $350.0 million and (y) .45 multiplied by Pro Forma Consolidated EBITDA for the Applicable
Measurement Period, plus (ii) an amount (which shall not be less than zero) equal to 50% of the Consolidated Net Income for the period (taken as one accounting period) beginning on April 1, 2020 to the end of the Applicable Measurement
Period, or, in the case that such Consolidated Net Income for such period is a deficit, minus 100.0% of such deficit, plus 

  
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 (2) 100% of the aggregate net proceeds, including cash and the Fair Market
Value of assets (other than cash), received by the Company after the Issue Date from the issue or sale of Equity Interests of the Company (other than Excluded Equity), including such Equity Interests issued upon exercise of warrants or options,
plus 
 (3) 100% of the aggregate amount of contributions to the capital of the Company received in cash and the Fair
Market Value of assets (other than cash) after the Issue Date (other than Excluded Equity), plus 
 (4) the principal
amount of any Indebtedness, or the liquidation preference or Maximum Fixed Repurchase Price, as the case may be, of any Disqualified Stock, in each case, of the Company or any Restricted Subsidiary thereof issued after the Issue Date (other than
Indebtedness or Disqualified Stock issued to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Company or any Restricted Subsidiary (other than to the extent such employee stock ownership plan or trust has been
funded by the Company or any Restricted Subsidiary)) that, in each case, has been converted into or exchanged for Equity Interests in the Company or any direct or indirect parent of the Company (other than Excluded Equity), plus 

(5) 100% of the aggregate amount received by the Company or any Restricted Subsidiary in cash and the Fair Market Value of
assets (other than cash) received by the Company or any Restricted Subsidiary from: 
 (A) the sale or other disposition
(other than to the Company or a Restricted Subsidiary of the Company) of Restricted Investments made by the Company and its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Company and its
Restricted Subsidiaries by any Person (other than the Company or any of its Restricted Subsidiaries) and from repayments of loans or advances that constituted Restricted Investments, 

(B) the sale (other than to the Company or a Restricted Subsidiary or an employee stock ownership plan or trust established by
the Company or any Restricted Subsidiary (other than to the extent such employee stock ownership plan or trust has been funded by the Company or any Restricted Subsidiary)) of the Equity Interests of an Unrestricted Subsidiary, and 

(C) any distribution or dividend from an Unrestricted Subsidiary, plus 

(6) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or a Restricted Subsidiary, in each case after the Issue Date, the Fair Market Value of the Investment of the Company in such Unrestricted
Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made
pursuant to Section 3.4(b)(x) or constituted a Permitted Investment, plus 
 (7) the
aggregate amount of Retained Declined Proceeds since the Issue Date (to the extent holders were provided notice in connection with the Asset Sale Offer related thereto that any Excess Proceeds not accepted by the holders shall constitute Retained
Declined Proceeds and such Retained Declined Proceeds will increase the amount available for Restricted Payments under Section 3.4(a)(C)) to the extent not otherwise applied in accordance with
Section 3.4(b)(xi). 

  
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 (b) The provisions of Section 3.4(a) will not prohibit: 

(i) the payment of any dividend or distribution or consummation of any redemption within 60 days after the date of declaration
thereof or the giving of a redemption notice related thereto, if at the date of declaration or notice such payment would have complied with the provisions of this Indenture; 

(ii) (a) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) of the Company or any direct or indirect parent of the Company, or Subordinated Indebtedness of any Issuer or Guarantor, in exchange for, or out of the proceeds of the issuance or sale of, Equity Interests of the Company or any
direct or indirect parent of the Company or contributions to the equity capital of the Company (other than Excluded Equity) (collectively, including any such contributions, “Refunding Capital Stock”); 

(b) the declaration and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the issuance or sale
(other than to a Restricted Subsidiary of the Company or to an employee stock ownership plan or any trust established by the Company or any of its Restricted Subsidiaries) of Refunding Capital Stock; and 

(c) if immediately prior to the retirement of the Retired Capital Stock, the declaration and payment of dividends thereon was
permitted pursuant to this Section 3.4 and has not been made as of such time (the “Unpaid Amount”), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital
Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of the Company or any direct or indirect parent of the Company) in an aggregate amount no greater than the Unpaid Amount (with the payment
of such Unpaid Amount being treated as a payment under the applicable provision); 
 (iii) the prepayment, redemption,
defeasance, repurchase or other acquisition or retirement of Subordinated Indebtedness of any Issuer or Guarantor made by exchange for, or out of the proceeds of the Incurrence of, Refinancing Indebtedness thereof; 

(iv) the purchase, retirement, redemption or other acquisition (or Restricted Payments to the Company or any direct or indirect
parent of the Company to finance any such purchase, retirement, redemption or other acquisition) for value of Equity Interests (including related stock appreciation rights or similar securities) of the Company or any direct or indirect parent of the
Company held directly or indirectly by any future, present or former employee, officer, director, manager, consultant or independent contractor of the Company or any direct or indirect parent of the Company or any Subsidiary of the Company or their
estates, heirs, family members, spouses or former spouses or permitted transferees (including for all purposes of this clause (iv), Equity Interests held by any entity whose Equity Interests are held by any such future, present or former employee,
officer, director, manager, consultant or independent contractor or their estates, heirs, family members, spouses or former spouses or permitted transferees) pursuant to any management equity plan or stock option plan or any other management or
employee benefit plan or other agreement or arrangement or any stock subscription or shareholder or similar agreement; provided, however, that the aggregate amounts paid under this clause (iv) shall not exceed the greater of (x)
$60.0 million and (y) .075 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period in any calendar year (with any portion of such applicable cap with respect to any calendar year that is not utilized in such calendar
year being permitted to be carried over for any succeeding calendar years); provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 

  
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 (a) the cash proceeds received by the Company from the issuance or sale of
Equity Interests (other than Disqualified Stock) of the Company or any direct or indirect parent of the Company (to the extent contributed to the Company), in each case, to any future, present or former employees, officers, directors, managers,
consultants or independent contractors of the Company or its Restricted Subsidiaries or any direct or indirect parent of the Company that occurs on or after the Issue Date; provided that the amount of such cash proceeds utilized for any such
repurchase, retirement, other acquisition or dividend will not increase the amount available for Restricted Payments under Section 3.4(a)(C); plus 

(b) the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries or any direct
or indirect parent of the Company (to the extent contributed to the Company) after the Issue Date; plus 
 (c) the
amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent contractors of the Company or its Restricted Subsidiaries or any direct or indirect parent of the Company that are foregone in
return for the receipt of Equity Interests; less 
 (d) the amount of cash proceeds described in subclause (a), (b) or
(c) of this clause (iv) previously used to make Restricted Payments pursuant to this clause (iv); provided that the Issuers may elect to apply all or any portion of the aggregate increase contemplated by subclauses (a), (b) or
(c) above in any calendar year; 
 provided, further, that cancellation of Indebtedness owing to the Company or any Restricted Subsidiary
or any direct or indirect parent of the Company from any future, current or former officer, director, employee, manager, consultant or independent contractor (or any permitted transferees thereof) of the Company or any of its Restricted Subsidiaries
or any direct or indirect parent of the Company, in connection with a repurchase of Equity Interests of the Company or any direct or indirect parent of the Company from such Persons will not be deemed to constitute a Restricted Payment for purposes
of this covenant or any other provisions of this Indenture; 
 (v) the declaration and payment of dividends or distributions
to holders of any class or series of Disqualified Stock of the Company or any of its Restricted Subsidiaries or any class or series of Preferred Stock of any Restricted Subsidiaries issued or Incurred in accordance with
Section 3.3; 
 (vi) the declaration and payment of dividends or distributions to holders of any
class or series of Designated Preferred Stock (other than Disqualified Stock) and the declaration and payment of dividends to the Company or any direct or indirect parent of the Company, the proceeds of which will be used to fund the payment of
dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of the Company or any indirect parent of the Company issued after the Issue Date; provided, however, that (A) the
Consolidated Total Debt Ratio as of the end of the Applicable Measurement Period is 6.00 to 1.00 or less or the Fixed Charge Coverage Ratio as of the end of the Applicable Measurement Period is 2.00 to 1.00 or greater and (B) the aggregate
amount of dividends declared and paid pursuant to this clause (vi) does not exceed the net cash proceeds actually received by the Company from the sale (or the contribution of the net cash proceeds from the sale) of Designated Preferred Stock;

 (vii) [Reserved]; 

(viii) the declaration and payment of dividends on the Company’s common stock (or the payment of dividends to any direct
or indirect parent of the Company to fund the payment by any direct or indirect parent of the Company of dividends on such entity’s common stock) of up to the sum of (A) 6.0% per annum of the net cash proceeds received by the Company or
contributed to the Company by any direct or indirect parent of the Company from any public offering of common stock, other than public offerings with respect to the Company’s common stock registered on Form
S-4 or S-8 or successor form thereto and other than any public sale constituting Excluded Contributions plus (B) 7.0% of the Market Capitalization of the Company; 

  
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 (ix) Restricted Payments that are made with Excluded Contributions; 

(x) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this
clause (x) not to exceed the greater of (x) $270.0 million and (y) .35 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period; 

(xi) the payment, purchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness,
Disqualified Stock or Preferred Stock of the Company and its Restricted Subsidiaries pursuant to provisions similar to those described under Sections 3.7 and 3.9; provided that, prior to such payment, purchase, redemption,
defeasance or other acquisition or retirement for value, the Issuers (or a third party to the extent permitted by this Indenture) have made any Change of Control Offer or Asset Sale Offer, as the case may be, with respect to either series of Notes,
and have repurchased, redeemed, defeased, acquired or retired all Notes of such series validly tendered and not validly withdrawn in connection with such Change of Control Offer or Asset Sale Offer, as the case may be; 

(xii) for so long as the Company or any of its Subsidiaries are members of a group filing a consolidated, combined, affiliated
or unitary income (or franchise in lieu of income) tax return with any direct or indirect parent of the Company, Restricted Payments to such direct or indirect parent of the Company in amounts required for such parent entity to pay federal,
national, foreign, state and local income taxes (and franchise taxes) imposed on such entity to the extent such income taxes (and franchise taxes) are attributable to the income of the Company and its Subsidiaries; provided, however,
that the amount of such payments in respect of any tax year does not, in the aggregate, exceed the amount that the Company and its Subsidiaries that are members of such consolidated, combined, affiliated or unitary group would have been required to
pay in respect of federal, national, foreign, state and local income and/or franchise taxes (as the case may be) in respect of such year if the Company and its Subsidiaries paid such income and/or franchise taxes directly on a separate company basis
or as a stand-alone consolidated, combined, affiliated or unitary income (or franchise in lieu of income) tax group (reduced by any such taxes paid directly by the Company or any Subsidiary); 

(xiii) the declaration and payment of dividends, other distributions or other amounts to, or the making of loans to any direct
or indirect parent of the Company, in the amount required for such entity to, if applicable: 
 (a) pay amounts equal to the
amounts required for any direct or indirect parent of the Company to pay fees and expenses (including Related Taxes), customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers, employees, directors,
managers, consultants or independent contractors of any direct or indirect parent of the Company, if applicable, and general corporate operating (including, without limitation, expenses related to auditing and other accounting matters) and overhead
costs and expenses of the Company or any direct or indirect parent of the Company, if applicable, in each case to the extent such fees, expenses, salaries, bonuses, benefits and indemnities are attributable to the ownership or operation of the
Company and its Subsidiaries; 
 (b) pay, if applicable, amounts equal to amounts required for any direct or indirect parent
of the Company to pay interest and/or principal on Indebtedness the proceeds of which have been contributed to the Company (other than as Excluded Equity) and that has been guaranteed by, and is otherwise considered Indebtedness of, the Company or
any Restricted Subsidiary Incurred in accordance with Section 3.3 (except to the extent any such payments have otherwise been made by any Issuer or Guarantor); 

  
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 (c) pay fees and expenses incurred by any direct or indirect parent of the
Company related to (i) the maintenance by such parent entity of its corporate or other entity existence and performance of its obligations under this Indenture and similar obligations under any Credit Agreement, (ii) any unsuccessful
equity or debt offering of such parent entity (or any debt or equity offering from which such parent does not receive any proceeds) and (iii) any equity or debt issuance, incurrence or offering, any disposition or acquisition or any investment
transaction by the Company or any of its Restricted Subsidiaries (or any acquisition of or investment in any business, assets or property that will be contributed to the Company or any of its Restricted Subsidiaries as part of the same or a related
transaction) permitted by this Indenture; 
 (d) make payments to the Sponsors (i) pursuant to the Service Agreement or
(ii) for any monitoring, consulting, management, transaction, advisory, financing, underwriting or placement services or in respect of other investment banking activities, termination or similar fees, indemnities, reimbursements and reasonable
and documented out-of-pocket fees and expenses of the Sponsors including, without limitation, in connection with acquisitions or divestitures, which payments are
approved in respect of such activities by a majority of the Board of Directors of the Company or any direct or indirect parent of the Company in good faith; 

(e) pay franchise and excise taxes and other fees, taxes (including Related Taxes) and expenses in connection with any
ownership of the Company or any of its Subsidiaries or required to maintain their organizational existences; 
 (f) make
payments for the benefit of the Company or any of its Restricted Subsidiaries to the extent such payments could have been made by the Company or any of its Restricted Subsidiaries because such payments (x) would not otherwise be prohibited by
this Section 3.4 and (y) would be permitted by Section 3.8; and 

(g) Restricted Payments to any direct or indirect parent of the Company to finance, or to any direct or indirect parent of the
Company for the purpose of paying to any other direct or indirect parent of the Company to finance, any Investment that, if consummated by the Company or any Restricted Subsidiary, would be a Permitted Investment; provided that (i) such
Restricted Payment is made substantially concurrently with the closing of such Investment and (ii) promptly following the closing thereof, such direct or indirect parent of the Company causes (x) all property acquired (whether assets or
Equity Interests) to be contributed to the Company or any Restricted Subsidiary or (y) the merger, consolidation or amalgamation (to the extent permitted by Section 4.1) of the Person formed or acquired into the
Company or any Restricted Subsidiary in order to consummate such acquisition or Investment, in each case, in accordance with the requirements of Section 3.11; 

(xiv) (i) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity
Interests represent a portion of the exercise price of such options or warrants, (ii) payments made or expected to be made by the Company or any Restricted Subsidiary in respect of withholding or similar taxes payable or expected to be payable
by any future, present or former director, officer, employee, manager, consultant or independent contractor of the Company or any direct or indirect parent of the Company or any Subsidiary of the Company (or their respective Affiliates, estates or
Immediate Family Members) in connection with the exercise of stock options or the grant, vesting or delivery of Equity Interests and (iii) loans or advances to officers, directors, employees, managers, consultants and independent contractors of
the Company or any direct or indirect parent of the Company or any Subsidiary of the Company in connection with such Person’s purchase of Equity Interests of the Company or any direct or indirect parent of the Company; provided that no
cash is actually advanced pursuant to this subclause (iii) other than to pay taxes due in connection with such purchase, unless immediately repaid; 

  
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 (xv) purchases of receivables pursuant to a Receivables Repurchase
Obligation in connection with a Qualified Receivables Financing and the payment or distribution of Receivables Fees; 
 (xvi)
payments or distributions to satisfy dissenters’ rights, pursuant to or in connection with a consolidation, merger, amalgamation or transfer of assets that complies with the provisions of this Indenture; 

(xvii) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a
Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents); 

(xviii) the payment of cash in lieu of the issuance of fractional shares of Equity Interests in connection with any merger,
consolidation, amalgamation or other business combination, or in connection with any dividend, distribution or split of or upon exercise, conversion or exchange of Equity Interests, warrants, options or other securities exercisable or convertible
into, Equity Interests of the Company or any direct or indirect parent of the Company; 
 (xix) Investments in Unrestricted
Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (xix) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent the
proceeds of such sale do not consist of cash, Cash Equivalents or marketable securities, not to exceed the greater of (x) $155.0 million and (y) .20 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period (with the
Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 

(xx) the making of payments to or on behalf of the Sponsors for any other financial advisory, financing, underwriting or
placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are approved in respect of such activities by a majority of the Board of
Directors of the Company or any direct or indirect parent of the Company in good faith; 
 (xxi) any additional Restricted
Payment so long as immediately after giving effect to the making of such Restricted Payment, the Company’s Consolidated Total Debt Ratio as of the end of the Applicable Measurement Period does not exceed 4.50 to 1.00; and 

(xxii) Restricted Payments made with the Net Cash Proceeds from the sale or other disposition of the Existing Non-Core Assets, distributions in the form of returns of capital from the Existing Non-Core Assets or the dividend or distribution of the Capital Stock or assets of the
Existing Non-Core Assets; 
 provided, however, that at the time of, and after giving effect to, any
Restricted Payment permitted under clause (xxi) of this Section 3.4(b), no Event of Default shall have occurred and be continuing or would occur as a consequence thereof. For purposes of clauses (xii) and (xiii)
of this Section 3.4(b), taxes and Related Taxes shall include all interest and penalties with respect thereto and all additions thereto. 

As of the Issue Date, all of the Company’s Subsidiaries will be Restricted Subsidiaries. The Company will not permit any Unrestricted
Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Company
and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments or Permitted Investments in an amount determined as set forth in the last sentence of the definition of

  
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“Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the restrictive covenants set forth in this Indenture. If the Company or any Restricted Subsidiary makes a Restricted Payment that, at the
time of the making of such Restricted Payment, in the good faith determination of the Company, would be permitted under this Indenture, such Restricted Payment shall be deemed to have been made in compliance with this Indenture notwithstanding any
subsequent adjustments made in good faith to the financial statements of the Company (or any direct or indirect parent of the Company) or any Qualified Reporting Subsidiary) affecting Consolidated Net Income, Consolidated EBITDA, Pro Forma
Consolidated EBITDA, Consolidated Total Debt Ratio or any other financial measure or ratio. 
 For purposes of this
Section 3.4, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant to one or more provisions described above and/or one or more of the exceptions contained in the definition of
“Permitted Investments,” the Company may divide and classify such Investment or Restricted Payment (or a portion thereof) in any manner that complies with this covenant and may later divide and reclassify any such Investment or Restricted
Payment so long as the Investment or Restricted Payment (as so divided and/or reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification. 

SECTION 3.5. Liens. 
 (a)
Prior to an Election Date and (if an Election Date occurs) following any Reversion Date, the Issuers will not, and will not permit any Guarantor to, directly or indirectly, create, Incur or assume any Lien securing Indebtedness (other than Permitted
Liens) on any asset or property of the Issuers or Guarantors, unless (1) in the case of Liens securing Subordinated Indebtedness, the Notes and any Guarantee of the applicable series are secured by a Lien on such property or assets and the
proceeds thereof that is senior in priority to such Liens; or (2) in all other cases, the Notes and the Guarantees of the applicable series are secured by a Lien on such property or assets and the proceeds thereof equally and ratably with or
prior to such Liens. 
 (b) Following a Covenant Suspension Event, the Issuers or the Company may elect by written notice to the Trustee to
be subject to this clause (b) with respect to the limitation on Liens in lieu of Section 3.5(a) (the date such notice is delivered, the “Election Date”). From and after an Election Date and until a
Reversion Date, the Company will not and will not permit any of the Company’s Principal Property Subsidiaries to, directly or indirectly, create, Incur or assume any Lien securing Indebtedness on any (1) Restricted Property or
(2) shares of Capital Stock or evidence of Indebtedness for borrowed money issued by any Principal Property Subsidiary, whether owned at the Issue Date or thereafter acquired, without making effective provision, and the Issuers or the Company
in such case will make or cause to be made effective provision, whereby the Notes and the Guarantees of the applicable series shall be secured by such Lien equally and ratably with any and all other Indebtedness or obligations thereby secured, so
long as such Indebtedness or obligations shall be so secured; provided, however, that the foregoing shall not apply to any of the following: 

(1) Liens that exist on the date of the Covenant Suspension Event; 

(2) Liens on property, shares of Capital Stock or evidence of Indebtedness of any corporation existing at the time such
corporation becomes a Guarantor; 
 (3) Liens in favor of the Issuers or any Guarantor; 

  
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 (4) Liens in favor of governmental bodies to secure progress, advance or
other payments pursuant to contract or statute or Indebtedness incurred to finance all or a part of construction of or improvements to property subject to such Liens; 

(5) Liens (i) on property, shares of Capital Stock or evidences of Indebtedness for borrowed money existing at the time of
acquisition thereof (including acquisition through merger, amalgamation or consolidation), and construction and improvement Liens that are entered into within one year from the date of such construction or improvement; provided that in the
case of construction or improvement the Lien shall not apply to any property theretofore owned by the Issuers or any Guarantor except substantially unimproved real property on which the property so constructed or the improvement is located and
(ii) for the acquisition of any real property, which Liens are created within 180 days after the completion of such acquisition to secure or provide for the payment of the purchase price of the real property acquired; provided that with
respect to clauses (i) and (ii), any such Liens do not extend to any other property of the Issuers or any of the Guarantors (whether such property is then owned or thereafter acquired); 

(6) mechanics’, landlords’ and similar Liens arising in the ordinary course of business in respect of obligations not
due or being contested in good faith; 
 (7) Liens for taxes, assessments, or governmental charges or levies that are not
delinquent or are being contested in good faith; 
 (8) Liens arising from any legal proceedings that are being contested in
good faith; 
 (9) any Liens that (i) are incidental to the ordinary conduct of its business or the ownership of its
properties and assets, including Liens incurred in connection with workmen’s compensation, unemployment insurance or other forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, leases and
contracts, (ii) were not incurred in connection with the borrowing of money or the obtaining of advances or credit and (iii) do not in the aggregate materially detract from the value of the property of the Issuers or any other Guarantor or
materially impair the use thereof in the operation of its business; and 
 (10) Liens for the sole purpose of extending,
renewing or replacing in whole or in part any of the foregoing. 
 (c) Notwithstanding the provisions of
Section 3.5(b), during any Suspension Period, if the Election Date has occurred and until a Reversion Date, the Company or any Subsidiary may, without equally and ratably securing the Notes and the Guarantees of the
applicable series, create or Incur Liens that would otherwise be subject to the foregoing restrictions if at the time of such creation or Incurrence, and after giving effect thereto, Exempted Indebtedness does not exceed 10% of Consolidated Net
Tangible Assets. 
 (d) Any Lien that is granted to secure the Notes or the Guarantees of the applicable series pursuant to clauses
(a), (b) or (c) of this Section 3.5 shall be automatically and unconditionally released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the
Notes or the Guarantees of the applicable series under the applicable clauses (a), (b) or (c) of this Section 3.5 (other than a release as a result of the enforcement of remedies in respect of such
Lien or the Obligations secured by such Lien). 

  
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 (e) With respect to any Lien securing Indebtedness that was permitted to secure such
Indebtedness at the time of the Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount
of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original
issue discount or liquidation preference, any fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection therewith and increases in the amount of Indebtedness outstanding solely as a
result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness. 
 SECTION 3.6.
Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries (other than the Issuers or the Guarantors) to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary
(other than the Issuers or the Guarantors) to: 
 (A) (i) pay dividends or make any other distributions to the Company
or any of its Restricted Subsidiaries on its Capital Stock; or (ii) pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries; 

(B) make loans or advances to the Company or any of its Restricted Subsidiaries; or 

(C) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 

However, the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of: 

(i) contractual encumbrances or restrictions of the Company or any of its Restricted Subsidiaries in effect on the Issue Date,
including pursuant to the Senior Credit Agreement and the other documents relating to the Senior Credit Agreement, related Swap Contracts and Indebtedness permitted pursuant to clause (iii) of Section 3.3(b); 

(ii) this Indenture, the Notes, the Guarantees and the other documents relating to this Indenture and the Notes; 

(iii) applicable law or any applicable rule, regulation or order; 

(iv) any agreement or other instrument of a Person acquired by or merged, amalgamated or consolidated with or into the Company
or any Restricted Subsidiary or an Unrestricted Subsidiary that is designated a Restricted Subsidiary that was in existence at the time of such acquisition (or at the time it merges with or into the Company or any Restricted Subsidiary or assumed in
connection with the acquisition of assets from such Person (but, in each case, not created in contemplation thereof)), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the
Person, or the property or assets of the Person, so acquired or designated; provided that in connection with a merger, amalgamation or consolidation under this clause (iv), if a Person other than the Company or such Restricted Subsidiary is
the successor company with respect to such merger, amalgamation or consolidation, any agreement or instrument of such Person or any Subsidiary of such Person, shall be deemed acquired or assumed, as the case may be, by the Company or such Restricted
Subsidiary, as the case may be, at the time of such merger, amalgamation or consolidation; 

  
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 (v) customary encumbrances or restrictions contained in contracts or
agreements for the sale of assets applicable to such assets pending consummation of such sale, including customary restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of
Capital Stock or assets of such Restricted Subsidiary; 
 (vi) restrictions on cash or other deposits or net worth imposed
by customers under contracts entered into in the ordinary course of business; 
 (vii) customary provisions in operating or
other similar agreements, asset sale agreements and stock sale agreements entered into in connection with the entering into of such transaction, which limitation is applicable only to the assets that are the subject of those agreements; 

(viii) purchase money obligations for property acquired and Financing Lease Obligations, to the extent such obligations impose
restrictions of the nature discussed in clause (C) of this Section 3.6(a) on the property so acquired; 

(ix) customary provisions contained in leases, sub-leases, licenses, sublicenses,
contracts and other similar agreements to the extent such obligations impose restrictions of the type described in clause (C) of this Section 3.6(a) on the property subject to such lease; 

(x) any encumbrance or restriction effected in connection with a Qualified Receivables Financing that, in the good faith
determination of the Company, is necessary or advisable to effect such Qualified Receivables Financing; 
 (xi) any
encumbrance or restriction contained in other Indebtedness, Disqualified Stock or Preferred Stock of the Company or any Restricted Subsidiary that is Incurred subsequent to the Issue Date pursuant to Section 3.3;
provided that (i) such encumbrances and restrictions contained in any agreement or instrument will not materially affect the Issuers’ ability to make anticipated principal or interest payments on either series of Notes (as
determined by the Company or a direct or indirect of the Company in good faith) or (ii) such encumbrances and restrictions contained in any agreement or instrument taken as a whole are not materially less favorable to the Holders of such series
of Notes than the encumbrances and restrictions contained in this Indenture or the Senior Credit Agreement (as determined by the Company or a direct or indirect parent of the Company in good faith); 

(xii) any encumbrance or restriction contained in Secured Indebtedness otherwise permitted to be Incurred pursuant to
Sections 3.3 and 3.5 to the extent limiting the right of the debtor to dispose of the assets securing such Indebtedness; 

(xiii) any encumbrance or restriction arising or agreed to in the ordinary course of business, not relating to any
Indebtedness, and that do not, individually or in the aggregate, (x) detract from the value of the property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary or
(y) materially affect the Issuers’ ability to make future principal or interest payments on either series of Notes, in each case, as determined by the Company or a direct or indirect parent of the Company in good faith; 

  
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 (xiv) customary provisions in joint venture agreements or arrangements and
other similar agreements or arrangements relating solely to the applicable joint venture; and 
 (xv) any encumbrances or
restrictions of the type referred to in clauses (A), (B) and (C) of this Section 3.6(a) imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or other
Refinancings of the contracts, instruments or obligations referred to in the immediately preceding clauses (i) through (xiv); provided that such encumbrances and restrictions contained in any such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or other Refinancing are, in the good faith judgment of the Company or a direct or indirect parent of the Company, not materially more restrictive, taken as a whole, than the encumbrances and
restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or other Refinancing. 

(b) For purposes of determining compliance with this Section 3.6, (i) the priority of any Preferred Stock in
receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of
loans or advances made to the Company or a Restricted Subsidiary to other Indebtedness Incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

SECTION 3.7. Asset Sales. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless: 

(i) the Company or any of its Restricted Subsidiaries, as the case may be, receives consideration (including by way of relief
from, or by any other person assuming responsibility for, any liabilities, contingent or otherwise) at the time of such Asset Sale at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of
the assets sold or otherwise disposed of; and 
 (ii) except in the case of a Permitted Asset Swap, at least 75% of the
consideration therefor received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents or Replacement Assets; provided that the amount of: 

(1) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet or in the
notes thereto for which internal financial statements are available immediately preceding such date or, if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s or
such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet in the good faith determination of the Company) of the Company or such Restricted
Subsidiary (other than liabilities that are by their terms subordinated to the Notes) that are extinguished in connection with the transactions relating to such Asset Sale, or that are assumed by the transferee of any such assets or Equity
Interests, in each case, pursuant to an agreement that releases or indemnifies the Company or such Restricted Subsidiary, as the case may be, from further liability; 

  
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 (2) any notes or other obligations or other securities or assets received
by the Company or such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the
extent of the cash or Cash Equivalents received), in each case, within 180 days of the receipt thereof; and 
 (3) any
Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this subclause (3) that is at such time outstanding, not to exceed the greater of (x) $235.0 million and (y) .30 multiplied by Pro Forma Consolidated EBITDA for
the Applicable Measurement Period, calculated at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated
Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value); 

shall each be deemed to be Cash Equivalents for the purposes of this clause (ii). 

(b) Within 540 days after the Company’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset Sale, the
Company or such Restricted Subsidiary may apply an amount equal to the Net Cash Proceeds from such Asset Sale, at its option: 

(i) to reduce Obligations under the Senior Credit Agreement and in the case of revolving loans, to correspondingly reduce
commitments with respect thereto; 
 (ii) to reduce Obligations under Indebtedness (other than Subordinated Indebtedness)
that is secured by a Lien, which Lien is permitted by this Indenture and, in the case of revolving loans, to correspondingly reduce commitments with respect thereto; 

(iii) to reduce Obligations under (x) Pari Passu Indebtedness of the Issuers or the Guarantors (provided that if
the Issuers or any Guarantor shall so reduce such Obligations under Pari Passu Indebtedness other than the Notes, the Issuers shall (A) ratably reduce Obligations under the Notes as provided in Section 5.1 or through
open-market purchases (to the extent such purchases are at or above 100.0% of the principal amount thereof) or (B) make an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase at a
purchase price equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest, if any, the principal amount of Notes that would otherwise be redeemed under subclause (A) above) or (y) Indebtedness of a Non-Guarantor Subsidiary, in each case, other than Indebtedness owed to the Company or another Restricted Subsidiary (and, in the case of revolving loans, to correspondingly reduce commitments with respect thereto);

 (iv) to make an investment in any one or more businesses, assets (other than working capital assets), or property or
capital expenditures, in each case used or useful in a Similar Business; 
 (v) to make an investment in any one or more
businesses, properties (other than working capital assets) or assets (other than working capital assets) that replace the businesses, properties and/or assets that are the subject of such Asset Sale; or 

(vi) any combination of the foregoing; 

  
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 provided that the Company and its Restricted Subsidiaries will be deemed to have complied with the
provisions described in clause (iv) or (v) of this Section 3.7(b) if and to the extent that, within 540 days after the Asset Sale that generated the Net Cash Proceeds, the Company or such Restricted Subsidiary, as
applicable, has entered into and not abandoned or rejected a binding agreement to make an investment in compliance with the provision described in clauses (iv) or (v) of this Section 3.7(b), and that investment is
thereafter completed within 180 days after the end of such 540-day period. 
 (c) Notwithstanding the
foregoing, to the extent that repatriation to the United States (x) of any or all of the Net Cash Proceeds of any Asset Sales by a Foreign Subsidiary is prohibited or delayed by applicable local law or (y) would have a material adverse tax
consequence (taking into account any foreign tax credit, or other net benefit actually realized in connection with such repatriation that would not otherwise be realized), as determined by the Company or any direct or indirect parent of the Company
in its sole discretion, the portion of such Net Cash Proceeds so affected will not be required to be applied in compliance with this Section 3.7, and such amounts may be retained by the applicable Foreign Subsidiary,
provided that clause (x) of this Section 3.7(c) shall apply to such amounts so long, but only so long, as the applicable local law will not permit repatriation to the United States (the Company hereby agreeing
to use commercially reasonable efforts to cause the applicable Foreign Subsidiary to take all actions reasonably required by the applicable local law and is not subject to clause (y) of this Section 3.7(c), then,
applicable organizational impediments or other impediment to permit such repatriation), and if such repatriation of any of such affected Net Cash Proceeds is permitted under the applicable local law, such repatriation will be promptly effected and
such repatriated Net Cash Proceeds will be applied (net of additional taxes payable or reserved against as a result thereof) in compliance with this Section 3.7. The time periods set forth in this
Section 3.7 shall not start until such time as the Net Cash Proceeds may be repatriated (whether or not such repatriation actually occurs). 

(d) Pending the final application of any such amount of Net Cash Proceeds, the Company or such Restricted Subsidiary may temporarily reduce
Indebtedness under a revolving credit facility, if any, or otherwise invest or utilize such Net Cash Proceeds in any manner not prohibited by this Indenture. Any amount of Net Cash Proceeds from any Asset Sale that is not invested or applied as
provided and within the time period set forth in Section 3.7(b) shall be deemed to constitute “Excess Proceeds”; provided that any amount of proceeds offered to Holders pursuant to
Section 3.7(b)(iii)(x) or pursuant to an Asset Sale Offer made at any time after the Asset Sale shall be deemed to have been applied as required and shall not be deemed to be Excess Proceeds without regard to the extent to
which such offer is accepted by the Holders. When the aggregate amount of Excess Proceeds less Total Leverage Excess Proceeds, if any, exceeds $100.0 million, the Issuers shall make an offer (an “Asset Sale Offer”) to all
Holders and, if required by the terms of any Pari Passu Indebtedness, to all holders of such Pari Passu Indebtedness, to purchase the maximum principal amount of such Notes and Pari Passu Indebtedness, as applicable, on a pro rata basis, that
may be purchased out of such Excess Proceeds less Total Leverage Excess Proceeds, if any, at an offer price, in the case of the Notes, in cash in an amount equal to 100.0% of the principal amount thereof (or in the event such other Indebtedness was
issued with original issue discount, 100.0% of the accreted value thereof), plus accrued and unpaid interest, if any (or such lesser price with respect to Pari Passu Indebtedness, if any, as may be provided by the terms of such other Indebtedness),
to (but not including) the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture and the agreement governing such Pari Passu Indebtedness. Notwithstanding the foregoing, the Issuers shall only be
required to make an Asset Sale Offer with 50% of the Excess Proceeds if the Consolidated Total Debt Ratio for the Company is less than or equal to the Specified Consolidated Total Debt Ratio after giving effect to any application of any Net Cash
Proceeds as set forth herein, including completion of any prior offer to repurchase a portion of the Notes (any Excess Proceeds not required to be offered in an Asset Sale Offer in reliance on this sentence (i.e. such 50%) shall constitute
“Total Leverage Excess Proceeds”). For the avoidance of doubt, any Excess Proceeds not constituting Total Leverage Excess Proceeds shall be, at the option of the Issuers, offered in 

  
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an Asset Sale Offer or applied in the manner and within the time periods described in clauses (i) through (vi) of Section 3.7(b). The Issuers will commence an Asset
Sale Offer with respect to Excess Proceeds less any Total Leverage Excess Proceeds within ten Business Days after the date that such Excess Proceeds less any Total Leverage Excess Proceeds exceed $100.0 million by transmitting electronically or
by delivering to the Holders the notice required pursuant to the terms of this Indenture, with a copy to the Trustee or otherwise in accordance with the procedures of DTC. The Issuers may satisfy the foregoing obligations with respect to such Net
Cash Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Cash Proceeds at any time prior to the expiration of the application period or by electing to make an Asset Sale Offer with respect to such Net Cash Proceeds
before the aggregate amount of Excess Proceeds less any Total Leverage Excess Proceeds exceeds $100.0 million. 
 (e) To the extent that
the aggregate amount of Notes and any other Pari Passu Indebtedness tendered or otherwise surrendered in connection with an Asset Sale Offer made with Excess Proceeds less any Total Leverage Excess Proceeds is less than the amount offered in an
Asset Sale Offer, the Company and its Restricted Subsidiaries may use any remaining Excess Proceeds (any such amount, “Retained Declined Proceeds”) for any purpose not otherwise prohibited by this Indenture. If the aggregate
principal amount of Notes and Pari Passu Indebtedness tendered or otherwise surrendered by holders thereof exceeds the amount offered in an Asset Sale Offer, the Trustee shall select the Notes (and the Issuers or their agents shall select such Pari
Passu Indebtedness) to be purchased in the manner described below. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds less any Total Leverage Excess Proceeds shall be reset at zero. To the extent the Excess Proceeds less any
Total Leverage Excess Proceeds exceed the outstanding aggregate principal amount of the Notes (and, if required by the terms thereof, all Pari Passu Indebtedness), the Issuers need only make an Asset Sale Offer up to the outstanding aggregate
principal amount of Notes (and any such Pari Passu Indebtedness), and any additional Excess Proceeds less any Total Leverage Excess Proceeds shall not be subject to this covenant and shall be permitted to be used for any purpose in the Issuers’
discretion. 
 (f) The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the purchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations under this Section 3.7 by virtue of such
compliance. 
 (g) If more Notes are tendered pursuant to an Asset Sale Offer than the Issuers are required to purchase, selection of such
Notes for purchase by the Issuers will be made in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or if such Notes are not listed, on a pro rata basis based on the total
amount of Notes and Pari Passu Indebtedness tendered or otherwise surrendered in connection with an Asset Sale Offer (with adjustments so that only Notes in denominations of the minimum denomination of $2,000 or integral multiples of $1,000 in
excess thereof shall be purchased), by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with applicable legal requirements, and, in the case of global notes, the procedures of DTC);
provided that the selection of Notes of a series for purchase shall not result in a Holder with a principal amount of Notes of such series less than the minimum denomination of $2,000. No Note will be repurchased in part if less than the
minimum denomination of such Note would be left outstanding. 

  
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 (h) Notices of an Asset Sale Offer shall be sent by first class mail, postage prepaid, or
sent electronically, at least 10 days but not more than 60 days before the purchase date to each Holder at such Holder’s registered address or otherwise in accordance with DTC procedures. If any Note is to be purchased in part only, any notice
of purchase that relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased. 
 (i) A
new Note in principal amount equal to the unpurchased portion of any Note (other than a global note) purchased in part will be issued in the name of the Holder thereof upon cancellation of the Note. On and after the purchase date, unless the Issuers
default in payment of the purchase price, interest shall cease to accrue on Notes or portions thereof purchased. 
 SECTION 3.8.
Transactions with Affiliates. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company involving aggregate consideration in excess of the greater of $70.0 million and .08 multiplied by Pro Forma Consolidated EBITDA for
the Applicable Measurement Period (each of the foregoing, an “Affiliate Transaction”), unless: 
 (i) such
Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an
unrelated Person on an arm’s-length basis (as determined in good faith by the Company or any direct or indirect parent of the Company); and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of the greater of $80.0 million and .10 multiplied by Pro Forma Consolidated EBITDA for the Applicable Measurement Period, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors
of the Company or any direct or indirect parent of the Company, approving such Affiliate Transaction, together with an Officer’s Certificate certifying that the Board of Directors of the Company or any direct or indirect parent of the Company
determined or resolved that such Affiliate Transaction complies with clause (i) above. 
 (b) The provisions of
Section 3.8(a) shall not apply to the following: 
 (i) (a) transactions between or among the
Company and/or any of its Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of such transaction) and (b) any merger, amalgamation or consolidation of the Company or any direct or indirect parent of the
Company; provided that such parent entity shall have no material liabilities and no material assets (other than cash, Cash Equivalents and the Capital Stock of the Company) and such merger, amalgamation or consolidation is otherwise in
compliance with the terms of this Indenture and effected for a bona fide business purpose; 
 (ii) (a) Restricted
Payments permitted by this Indenture and (b) Permitted Investments; 
 (iii) transactions in which the Company or any
Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the
requirements of Section 3.8(a)(i); 

  
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 (iv) payments, loans, advances or guarantees (or cancellation of loans,
advances or guarantees) to employees, officers, directors, managers, consultants or independent contractors for bona fide business purposes or in the ordinary course of business; 

(v) any agreement or arrangement as in effect as of the Issue Date or as thereafter amended, supplemented or replaced (so long
as such amendment, supplement or replacement agreement or arrangement is not materially disadvantageous to the Holders when taken as a whole as compared to the original agreement or arrangement as in effect on the Issue Date (as determined in good
faith by the Company or any direct or indirect parent of the Company)) or any transaction or payments contemplated thereby; 

(vi) the Service Agreement or any transaction or payments (including reimbursement of out-of-pocket expenses or payments under any indemnity obligations) contemplated thereby; 

(vii) the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under the
terms of any stockholders or similar agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date or similar transactions, arrangements or agreements which it may enter
into thereafter; provided, however, that the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under, any future amendment to any such existing transaction, arrangement or
agreement or under any similar transaction, arrangement or agreement entered into after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing transaction, arrangement or agreement,
together with all amendments thereto, taken as a whole, or new transaction, arrangement or agreement are not otherwise disadvantageous to the Holders, in any material respect when taken as a whole as compared with the original transaction,
arrangement or agreement as in effect on the Issue Date; 
 (viii) transactions with customers, clients, suppliers or
purchasers or sellers of goods or services, in each case, in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its Restricted Subsidiaries or are on terms at least as
favorable as might reasonably have been obtained at such time from an unaffiliated party; 
 (ix) any transaction effected as
part of a Qualified Receivables Financing; 
 (x) the sale, issuance or transfer of Equity Interests (other than Disqualified
Stock) of the Company; 
 (xi) payments by the Company or any of its Restricted Subsidiaries to or on behalf of the Sponsors
made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are approved by a
majority of the Board of Directors of the Company or any direct or indirect parent of the Company in good faith or a majority of the disinterested members of the Board of Directors of the Company or any direct or indirect parent of the Company in
good faith; 
 (xii) any contribution to the capital of the Company (other than Disqualified Stock) or any investments by the
Sponsors or a direct or indirect parent of the Company in Equity Interests (other than Disqualified Stock) of the Company (and payment of reasonable out-of-pocket expenses incurred by the Sponsors or a direct
or indirect parent of the Company in connection therewith); 

  
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 (xiii) any transaction with a Person (other than an Unrestricted Subsidiary)
that would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns an Equity Interest in or otherwise controls such Person; provided that no Affiliate of the Company or any of its Subsidiaries (other
than the Company or a Restricted Subsidiary) shall have a beneficial interest or otherwise participate in such Person; 

(xiv) transactions between the Company or any of its Restricted Subsidiaries and any Person that would constitute an Affiliate
Transaction solely because such Person is a director or such Person has a director which is also a director of the Company or any direct or indirect parent of the Company; provided, however, that such director abstains from voting as a
director of the Company or such direct or indirect parent of the Company, as the case may be, on any matter involving such other Person; 

(xv) the entering into of any tax sharing agreement or arrangement and any payments permitted by Sections 3.4
(b)(xii), (b)(xiii)(a) or (b)(xiii)(e); 
 (xvi) [Reserved]; 

(xvii) pledges of Equity Interests of Unrestricted Subsidiaries; 

(xviii) the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Company or any direct or indirect parent of the Company in good
faith; 
 (xix) (1) any employment, consulting, service or termination agreement, or customary indemnification
arrangements, entered into by the Company or any of its Restricted Subsidiaries with current, former or future officers, directors, employees, managers, consultants and independent contractors of the Company or any of its Restricted Subsidiaries (or
of any direct or indirect parent of the Company to the extent such agreements or arrangements are in respect of services performed for the Company or any of its Restricted Subsidiaries), (2) any subscription agreement or similar agreement pertaining
to the repurchase of Equity Interests pursuant to put/call rights or similar rights with current, former or future officers, directors, employees, managers, consultants and independent contractors of the Company or any of its Restricted Subsidiaries
or of any direct or indirect parent of the Company and (3) any payment of compensation or other employee compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers officers, directors, employees,
managers, consultants and independent contractors of the Company or any of its Restricted Subsidiaries or any direct or indirect parent of the Company (including amounts paid pursuant to any management equity plan or any other management or employee
benefit plan or agreement or any stock subscription or shareholder agreement, stock option or similar plans and any successor plan thereto and any supplemental executive retirement benefit plans or arrangements), in each case in the ordinary course
of business or as otherwise approved in good faith by the Board of Directors of the Company or any direct or indirect parent of the Company; 

  
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 (xx) investments by Affiliates in Indebtedness or preferred Equity Interests
of the Company or any of its Subsidiaries, so long as non-Affiliates were also offered the opportunity to invest in such Indebtedness or preferred Equity Interests, and transactions with Affiliates solely in
their capacity as holders of Indebtedness or preferred Equity Interests of the Company or any of its Subsidiaries, so long as such transaction is with all holders of such class (and there are such
non-Affiliate holders) and such Affiliates are treated no more favorably than all other holders of such class generally; 

(xxi) the existence of, or the performance by the Company or any of its Restricted Subsidiaries or any direct or indirect
parent of the Company of their obligations under the terms of, any registration rights agreement to which they are a party or become a party in the future; 

(xxii) investments by the Sponsors or a direct or indirect parent of the Company in securities of the Company or any Restricted
Subsidiary (and payment of reasonable out-of-pocket expenses incurred by the Sponsors or a direct or indirect parent of the Company in connection therewith); 

(xxiii) transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary
course of business; 
 (xxiv) any lease entered into between the Company or any Restricted Subsidiary, as lessee, and any
Affiliate of the Company, as lessor, in the ordinary course of business; 
 (xxv) (i) intellectual property licenses in
the ordinary course of business and (ii) intercompany intellectual property licenses and research and development agreements; 

(xxvi) transactions pursuant to, and complying with, Section 3.3 to the extent such transaction
complies with Section 3.8(a)(i) or Section 4.1(a) and Section 4.1(c); and 

(xxvii) intercompany transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the
Company and its Restricted Subsidiaries and not for the purpose of circumventing any covenant set forth in this Indenture. 
 SECTION 3.9.
Change of Control. 
 (a) Upon the occurrence of a Change of Control with respect to the Notes of a series, each Holder shall have the
right to require the Issuers to purchase all or any part of such Holder’s Notes of such series at a purchase price in cash (a “Change of Control Payment”) equal to 101.0% of the principal amount thereof, plus accrued and unpaid
interest, if any, to (but not including) the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the purchase date), except to
the extent the Issuers have previously elected to redeem all of the Notes pursuant to Section 5.1. 

  
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 (b) Prior to or within 30 days following any Change of Control with respect to the Notes of
a series, except to the extent that the Issuers have exercised their right to redeem all the Notes of such series as described under Section 5.1, the Issuers shall deliver a notice (a “Change of Control
Offer”) to each Holder of Notes of such series with a copy to the Trustee describing: 
 (i) that a Change of
Control has occurred or, if the Change of Control Offer is being made in advance of a Change of Control, that a Change of Control is expected to occur, and that such Holder has, or upon such occurrence will have, the right to require the Issuers to
purchase such Holder’s Notes of such series at a purchase price in cash equal to 101.0% of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the date of purchase (subject to the right of Holders of
record on a Record Date to receive interest on the relevant Interest Payment Date falling prior to or on the purchase date); 

(ii) the transaction or transactions that constitute, or are expected to constitute, such Change of Control; 

(iii) the purchase date (which shall be no earlier than 10 days nor later than 60 days from the date such notice is delivered
(unless delivered in advance of the occurrence of such Change of Control)) (a “Change of Control Payment Date”); 

(iv) that any Note of such series not properly tendered will remain outstanding and continue to accrue interest; 

(v) that unless the Issuers default in the payment of the Change of Control Payment, all Notes of such series accepted for
payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 
 (vi)
that Holders electing to have any Notes of such series purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes
completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(vii) that Holders shall be entitled to withdraw their tendered Notes of such series and their election to require the Issuers
to purchase such Notes; provided that the Paying Agent receives, not later than the expiration time of the Change of Control Offer, a facsimile transmission or letter setting forth the name of the Holder of the Notes of such series, the
principal amount of Notes of such series tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes of such series and its election to have such Notes purchased; 

(viii) that if a Holder (other than a Holder of a Global Note) is tendering for purchase less than all of its Notes of such
series, the Issuers will issue new Notes of such series to such Holder and such new Notes will be equal in principal amount to the unpurchased portion of the Notes of such series surrendered. The unpurchased portion of the Notes of such series must
be equal to $2,000 or an integral multiple of $1,000 in excess thereof; 
 (ix) if such notice is delivered prior to the
occurrence of a Change of Control, stating that the Change of Control Offer is conditional on the occurrence of such Change of Control; and 

(x) the other instructions determined by the Issuers, consistent with this covenant, that a Holder must follow in order to have
its Notes of such series purchased. 
 While the Notes are in global form and the Issuers make an offer to purchase all of the Notes of the
applicable series pursuant to the Change of Control Offer, a Holder of the applicable series of Notes may exercise its option to elect for the purchase of the Notes of the applicable series to be made through the facilities of the Depositary in
accordance with the rules and regulations thereof. 

  
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 (c) Holders electing to have a Note purchased shall be required to surrender the Note, with
an appropriate form duly completed, to the Paying Agent at the address specified in the notice at least three Business Days prior to the Change of Control Payment Date. Holders shall be entitled to withdraw their election if the Paying Agent
receives not later than prior to the expiration of the Change of Control Offer, a telegram, telex facsimile transmission or letter setting forth the name of the Holder, the principal amount at maturity of the Note which was delivered for purchase by
the Holder and a statement that such Holder is withdrawing his selection to have such Note purchased. 
 (d) On the Change of Control Payment
Date, all Notes purchased by the Issuers under this Section 3.9 shall be delivered by the Issuers to the Trustee for cancellation, and the Issuers shall pay through the Paying Agent the purchase price plus accrued and
unpaid interest, if any, to, but not including the Change of Control Payment Date, to the Holders entitled thereto. With respect to any Note purchased in part (other than a Global Note), the Issuers shall issue a new Note in a principal amount equal
at maturity to the unpurchased portion of the original Note in the name of the Holder upon cancellation of the original Note. 
 (e)
Notwithstanding the provisions of this Section 3.9, the Issuers shall not be required to make a Change of Control Offer with respect to a series of Notes (i) upon a Change of Control if a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuers and purchases all Notes with respect to such series validly
tendered and not validly withdrawn under such Change of Control Offer or (ii) if the Issuers have previously issued a notice of a full redemption with respect to such series pursuant to the provisions of Section 5.4.

 (f) Prior to any Change of Control Offer, the Issuers shall deliver to the Trustee an Officer’s Certificate stating that all
conditions precedent contained herein to the right of the Issuers to make such offer have been complied with. 
 (g) The Issuers shall
comply, to the extent applicable, with the requirements of Rule 14e-1 of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this
Section 3.9. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 3.9, the Issuers shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached their obligations under this Section 3.9 by virtue of such compliance. 

(h) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control. 

(i) On the Change of Control Payment Date, the Issuers shall, to the extent permitted by law, 

(i) accept for payment all Notes of the applicable series issued by the Issuers or portions thereof validly tendered and not
validly withdrawn pursuant to the Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the
aggregate Change of Control Payment in respect of all Notes of the applicable series or portions thereof so tendered; and 

(iii) deliver, or cause to be delivered, to the Trustee for cancellation the Notes of the applicable series so accepted
together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuers. 

  
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 SECTION 3.10. Maintenance of Insurance. The Issuers and the Guarantors shall maintain
with financially sound and reputable insurance companies not Affiliates of the Issuers, insurance with respect to their properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons. 
 SECTION 3.11.
Future Guarantors. If, after the Issue Date, (a) any Domestic Subsidiary of the Company (including any newly formed, newly acquired or newly redesignated Restricted Subsidiary, but excluding any Receivables Subsidiary, FSHCO or
Subsidiary of a Controlled Foreign Subsidiary) that is not then an Issuer or a Guarantor (i) guarantees or Incurs any Indebtedness under the Senior Credit Agreement or (ii) guarantees any capital markets Indebtedness of the Company or any
of its Restricted Subsidiaries with an aggregate principal amount in excess of $200.0 million (“Certain Capital Markets Debt”) or (b) the Company otherwise elects to have any Restricted Subsidiary of the Company become a
Guarantor, then, in each such case, the Company shall cause such Restricted Subsidiary to execute and deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary shall become a Guarantor under this Indenture
providing for a Guarantee by such Restricted Subsidiary on the same terms and conditions as those set forth in this Indenture and applicable to the other Guarantors; provided that, in the case of clause (a), such supplemental indenture shall
be executed and delivered to the Trustee within 20 Business Days of the date that such Indebtedness under the Senior Credit Agreement or such Certain Capital Markets Debt has been guaranteed or Incurred, as applicable, by such Restricted Subsidiary.

 Each Guarantee shall be released in accordance with Section 10.2(b). 

SECTION 3.12. Compliance Certificate; Statement by Officers as to Default. The Company shall deliver to the Trustee, within 120 days
after the end of each fiscal year of the Company ending after the Issue Date, an Officer’s Certificate to the effect that to the best knowledge of the signer thereof on behalf of the Company, the Issuers are or are not in default in the
performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Issuers (through their own action or omission or through the
action or omission of any Guarantor as applicable) shall be in default, specifying all such defaults and the nature and status thereof of which such signer may have knowledge. The individual signing any certificate given by any Person pursuant to
this Section 3.12 shall be the principal executive, financial or accounting officer of such Person or the direct or indirect parent of such Person, in compliance with TIA § 314(a)(4). 

So long as any of the Notes are outstanding, upon any Officer becoming aware of any Default or Event of Default (unless such Default or Event
of Default has been cured or waived within such 30 day period), the Company shall deliver to the Trustee, within 30 days of such Officer becoming aware of such Default or Event of Default (unless such Default or Event of Default has been cured or
waived within such 30 day period), an Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

SECTION 3.13. [Reserved]. 

SECTION 3.14. Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Board of Directors of the Company or any direct or indirect parent of the Company may designate any Subsidiary of the Company
(including any existing Subsidiary and any newly acquired or newly formed Subsidiary of the Company but excluding the Issuers) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests of, or owns
or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that either: 

(i) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 

  
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 (ii) if such Subsidiary has consolidated assets greater than $1,000, then
such designation would be permitted under Section 3.4. 
 (b) The Board of Directors of the Company or any direct
or indirect parent of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation no Event of Default shall have occurred and be
continuing. 
 (c) Any such designation by the Board of Directors of the Company or any direct or indirect parent of the Company pursuant to
Section 3.14(b) shall be evidenced to the Trustee by promptly delivering to the Trustee a copy of the resolution of the Board of Directors of the Company or any direct or indirect parent of the Company giving effect to such
designation and an Officer’s Certificate certifying that such designation complied with this Section 3.14. 

SECTION 3.15. Covenant Suspension. 

(a) If on any date following the Issue Date (i) the Notes of a series have Investment Grade Ratings from both Rating Agencies, after
giving effect to the Covenant Suspension Event and the Suspended Covenants, and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being
collectively referred to as a “Covenant Suspension Event”), the Guarantees of the Notes of such series will be automatically and unconditionally released and discharged and, with respect to the Notes of such series, Sections
3.3, 3.4, 3.5(a) (to the extent the Issuers make an election pursuant to Section 3.5(b)), 3.6, 3.7, 3.8, 3.9, 3.11 and 4.1(a)(iv) (collectively, the
“Suspended Covenants”) shall no longer be applicable to such Notes of such series. 
 (b) In the event that the Company and
its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture with respect to Notes of a series for any period of time pursuant to Section 3.15(a) and on any subsequent date (the
“Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes of such series below an Investment Grade Rating, then the Company and its Restricted
Subsidiaries shall thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. The period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is referred to as the
“Suspension Period.” 
 (c) Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Cash
Proceeds shall be reset at zero. 
 (d) With respect to Restricted Payments made after the Reversion Date, the amount of Restricted Payments
made shall be calculated as though Section 3.4 had been in effect prior to, but not during, the Suspension Period. No Subsidiary may be designated as an Unrestricted Subsidiary during the Suspension Period, unless such
designation would have complied with Section 3.4 as if Section 3.4 were in effect during such period. In addition, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during
the Suspension Period shall be classified to have been Incurred or issued pursuant to Section 3.3(b)(iii). In addition, for purposes of Section 3.8, all agreements and arrangements entered into

  
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by the Company and any Restricted Subsidiary with an Affiliate of the Company during the Suspension Period prior to such Reversion Date shall be deemed to have been entered pursuant to
Section 3.8(b)(v), and for purposes of Section 3.6, all contracts entered into during the Suspension Period prior to such Reversion Date that contain any of the restrictions contemplated by
Section 3.6 shall be deemed to have been entered pursuant to Section 3.6(a)(i). In addition, any Change of Control during such Suspension Period shall not require a Change of Control Offer during
or after the Suspension Period; provided that if the public notice of an arrangement that could result in a Change of Control occurs during a Suspension Period and the Notes are rated below an Investment Grade Rating by either of the Rating
Agencies during the period commencing 60 days prior to such notice until the end of the 60-day period following such notice (which 60-day period shall be extended so
long as the rating of the Notes of the applicable series is under publicly announced consideration for possible downgrade by either of the Rating Agencies) then the Issuers shall be required to make a Change of Control Offer upon the Reversion Date.

 (e) During the Suspension Period, any reference in the definition of “Unrestricted Subsidiary” or “Permitted Liens” to
Section 3.3 or any provision thereof shall be construed as if Section 3.3 had remained in effect since the Issue Date and during the Suspension Period. 

(f) In addition, during the Suspension Period, the Guarantees of the Notes of the applicable series will be automatically released and the
obligation to grant further Guarantees of the Notes of the applicable series will be suspended. Upon the Reversion Date, the obligation to grant Guarantees of the Notes of the applicable series pursuant to Section 3.11 will
be reinstated (and the Reversion Date will be deemed to be the date on which any guaranteed Indebtedness was Incurred for purposes of Section 3.11). 

(g) Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred as a result
of any failure to comply with the Suspended Covenants during any Suspension Period, and the Company and any Subsidiary of the Company will be permitted, without causing a Default or Event of Default or breach of any of the Suspended Covenants
(notwithstanding the reinstatement thereof) under this Indenture, to honor, comply with or otherwise perform any contractual commitments or obligations entered into during a Suspension Period following a Reversion Date and to consummate the
transactions contemplated thereby; provided that, to the extent any such commitment or obligation results in the making of a Restricted Payment, such Restricted Payment shall be made under Section 3.4(a)(C) or
Section 3.4(b) and if not permitted by Section 3.4(a)(C) or Section 3.4(b), such Restricted Payment shall be deemed permitted by
Section 3.4(a)(C) and shall be deducted for purposes of calculating the amount pursuant to Section 3.4(a)(C) (so that the amount available under Section 3.4(a)(C)
immediately following such Restricted Payment shall be negative). 
 The Issuers or the Company shall provide an Officer’s Certificate
to the Trustee indicating the occurrence of any Covenant Suspension Event or Reversion Date. The Trustee shall have no obligation to (i) independently determine or verify if such events have occurred, (ii) make any determination regarding
the impact of actions taken during the Suspension Period on the Company and its Restricted Subsidiaries’ future compliance with their covenants or (iii) notify the Holders of any Covenant Suspension Event or Reversion Date. 

SECTION 3.16. Stay, Extension and Usury Laws. The Issuers and each of the Guarantors covenant (to the extent that they may lawfully do
so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or
the performance of this Indenture; and the Issuers and each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law,
hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

  
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 ARTICLE IV 

Merger, Consolidation, Amalgamation or Sale of Assets 

SECTION 4.1. When the Issuers May Merge, Amalgamate or Otherwise Dispose of Assets. 

(a) None of the Company or the Issuers may consolidate, merge or amalgamate with or into or wind up into (whether or not the Company or such
Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 

(i) the Company or such Issuer is the surviving Person or the Person formed by or surviving any such consolidation, merger,
amalgamation or winding up (if other than the Company or such Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership, limited partnership, limited liability
company or trust organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia (the Company or such Issuer or such Person, as the case may be, being herein called the “Successor
Company”) or, if such entity is not organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia, a co-obligor of the Notes is organized or
existing under such laws; 
 (ii) the Successor Company (if other than the Company or such Issuer, as applicable) expressly
assumes all the obligations of the Company or such Issuer, as applicable, under this Indenture and, in the case of such Issuer, the Notes pursuant to one or more supplemental indentures or other documents or instruments; 

(iii) immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the
Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction), no Default or Event of Default shall have
occurred and be continuing; 
 (iv) immediately after giving pro forma effect to such transaction, as if such
transaction had occurred at the beginning of the applicable four-quarter period, either: 
 (1) the Company (or a Successor
Company to the Company, if applicable) would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or 

(2) the Consolidated Total Debt Ratio as of the end of the Applicable Measurement Period for the Company (or a Successor
Company, if applicable) and its Restricted Subsidiaries is equal to or less than such ratio for the Company (or a Successor Company, if applicable) and its Restricted Subsidiaries immediately prior to such transaction or the Fixed Charge Coverage
Ratio as of the end of the Applicable Measurement Period for the Company (or a Successor Company to the Company, if applicable) and its Restricted Subsidiaries would be equal to or greater than such ratio for the Company (or a Successor Company to
the Company, if applicable) and its Restricted Subsidiaries immediately prior to such transaction; and 

  
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 (v) the Company or such Issuer shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture. 

The Successor Company (if other than the Company or an Issuer, as applicable) shall succeed to, and be substituted for the Company or such
Issuer, as applicable, under this Indenture and, if applicable, the Notes, and the Company or such Issuer, as applicable, shall automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding clauses
(iii) and (iv) above, (A) the Company and such Issuer may consolidate or amalgamate with, merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to any Guarantor, (B) the
Company and such Issuer may merge, consolidate or amalgamate with an Affiliate of the Company or such Issuer solely for the purpose of reincorporating or reorganizing the Company or such Issuer in another state or territory of the United States or
the District of Columbia, so long as the principal amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby (unless such increase is permitted by this Indenture), (C) the Company or such Issuer may convert into
a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Issuer or the laws of the United States, any state or territory thereof or the
District of Columbia or, in the case of each of clauses (A), (B) and (C), if the resulting entity is not organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia, a co-obligor of the Notes is organized or existing under such laws, (D) either Issuer or any Guarantor may change its name and (E) any Restricted Subsidiary may merge, amalgamate or consolidate with the
Company or either Issuer; provided that the Company or such Issuer is the Successor Company in such merger, amalgamation or consolidation. 

(b) Subject to Sections 10.2 and 10.5, each Guarantor shall not, and the Company shall not permit any Guarantor to, consolidate,
merge or amalgamate with or into or wind up into (whether or not such Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more
related transactions to, any Person unless: 
 (i) (A) such Guarantor is the surviving Person or the Person formed by or
surviving any such consolidation, merger, amalgamation or winding up (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership, limited
partnership, limited liability company or trust, or foreign analog thereof, organized or existing under the laws of the jurisdiction of organization of such Guarantor or laws of the United States, any state or territory thereof or the District of
Columbia or, in the case of a voluntary Guarantee by a Foreign Subsidiary, the jurisdiction of organization of such Guarantor, or the laws of another jurisdiction so long as the Guarantee provided by such surviving Guarantor, or the laws of such
other jurisdiction are substantially equivalent to the Guarantee provided under the laws of the jurisdiction of organization of the predecessor Guarantor (such Guarantor or such Person, as the case may be, being herein called the “Successor
Guarantor”); 
 (B) the Successor Guarantor (if other than such Guarantor) expressly assumes all the obligations of
such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture or other documents or instruments; 

(C) immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the
Successor Guarantor or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at the time of such transaction) no Default or Event of Default shall have occurred and
be continuing; and 

  
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 (D) the Successor Guarantor (if other than such Guarantor) shall have
delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indenture (if any) comply with this Indenture;
or 
 (ii) such sale or disposition or consolidation, amalgamation or merger is made in compliance with
Section 3.7 to the extent applicable on the date of the subject transaction. 
 (c) Subject to Article X,
the Successor Guarantor shall succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor shall automatically be released and discharged from its obligations under this Indenture
and such Guarantor’s Guarantee. Notwithstanding the foregoing, (1) a Guarantor may merge, consolidate or amalgamate with an Affiliate of the Company incorporated or organized solely for the purpose of reincorporating or reorganizing such
Guarantor in the United States, any state or territory thereof or the District of Columbia, so long as the principal amount of Indebtedness of the Company and the Restricted Subsidiaries is not increased thereby (unless such increase is permitted by
this Indenture), (2) a Guarantor may (A) consolidate, merge or amalgamate with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and assets to, either Issuer or
a Guarantor or (B) dissolve if such Guarantor sells, assigns, transfers, leases, conveys or otherwise disposes of all or substantially all of its properties and assets to another Person in compliance with Section 3.7
and after giving effect to such sale, assignment, transfer , lease, conveyance or disposition and prior to such dissolution, has no or a de minimis amount of assets, (3) a Guarantor may convert into a corporation, partnership, limited
partnership, limited liability company or trust, or the foreign analog thereof, organized or existing under the laws of the jurisdiction of organization of such Guarantor or the laws of the United States, any state or territory thereof or the
District of Columbia, or the laws of another jurisdiction so long as the Guarantee provided by such Guarantor under the laws of such other jurisdiction is substantially equivalent to the Guarantee provided under the laws of the jurisdiction of
organization of the Guarantor prior to such conversion, (4) a Guarantor may change its name and (5) any Restricted Subsidiary may merge, amalgamate or consolidate into any Guarantor; provided, in the case of this clause (5), that
the surviving Person (i) is a corporation, partnership, limited partnership, limited liability company, trust or the foreign analog thereof organized or existing under the laws of the United States, any state or territory thereof or the
District of Columbia (or, in the case of a voluntary Guarantee by a Foreign Subsidiary, the jurisdiction of organization of such Restricted Subsidiary or Guarantor or the laws of another jurisdiction so long as the Guarantee provided by such
surviving Person under the laws of such other jurisdiction is substantially equivalent to the Guarantee provided under the laws of the jurisdiction of organization of the predecessor Guarantor) and (ii) is or becomes a Guarantor upon
consummation of such merger, amalgamation or consolidation. 
 (d) For purposes of this Section 4.1, the sale,
lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would
constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

  
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 ARTICLE V 

Redemption of Notes 

SECTION 5.1. Optional Redemption. 

(a) The Notes may be redeemed, in whole at any time, or in part from time to time, subject to the conditions and at the redemption prices set
forth in Paragraph 6 of the form of Note set forth in Exhibit A-1 hereto for the 2025 Notes or Exhibit A-2 hereto for the 2028 Notes, as applicable, which
are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to the redemption date. 

(b) Any redemption of the Notes (including with the net cash proceeds of an Equity Offering) may, at the Issuers’ discretion, be subject
to one or more conditions precedent, including, but not limited to, consummation of any related Equity Offering or consummation of a Change of Control. In addition, if such redemption or notice is subject to satisfaction of one or more conditions
precedent, such notice shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion), or such redemption may
not occur and such notice may be modified or rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the redemption date, or by the redemption date so delayed (which
may exceed 60 days from the date of the redemption notice in such case). In addition, such notice of redemption may be extended if such conditions precedent have not been satisfied or waived by the Issuers, by providing notice to noteholders. 

(c) The Issuers or their affiliates may at any time and from time to time purchase the Notes. Any such purchases may be made through open
market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise, upon such terms and at such prices as well as with such consideration as the Issuers or any such Affiliates may
determine. 
 SECTION 5.2. Election to Redeem; Notice to Trustee of Optional and Mandatory Redemptions. If the Issuers elect to
redeem Notes pursuant to Section 5.1, the Issuers shall furnish to the Trustee, at least two Business Days for Global Notes and 10 calendar days for Definitive Notes before notice of redemption is required to be mailed or
caused to be mailed to Holders pursuant to Section 5.4, an Officer’s Certificate setting forth (a) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall
occur, (b) the Redemption Date, (c) the principal amount of the Notes to be redeemed and (d) the redemption price. The Issuers may also include a request in such Officer’s Certificate that the Trustee give the notice of
redemption in the Issuers’ name and at their expense and setting forth the information to be stated in such notice as provided in Section 5.4. The Issuers shall deliver to the Trustee such documentation and records as
shall enable the Trustee to select the Notes to be redeemed pursuant to Section 5.3. 
 SECTION 5.3. Selection
by Trustee of Notes to Be Redeemed. If less than all of the Notes of a series are to be redeemed at any time, the Trustee shall select Notes for redemption in compliance with the requirements of the principal national securities exchange, if
any, on which such Notes are listed (so long as the Trustee knows of such listing), or if such Notes are not so listed, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as
complies with applicable legal requirements and, in the case of the Global Notes, the procedures of the Depositary) in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof; provided that the selection of Notes
for redemption shall not result in a Holder with a principal amount of Notes of any series less than the minimum denomination of $2,000. If any Note is to be purchased or redeemed in part only, the notice of purchase or redemption relating to such
Note shall 

  
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state the portion of the principal amount thereof that has been or is to be purchased or redeemed. A new Note in a principal amount equal to the unredeemed portion thereof shall be issued in the
name of the Holder thereof upon cancellation of the original Note in accordance with Section 5.7. On and after the Redemption Date, interest will cease to accrue on Notes or portions thereof called for redemption so long as
the Issuers have deposited or have caused to be deposited with the Paying Agent funds sufficient to pay the principal of and premium, if any, plus accrued and unpaid interest, if any, on the Notes to be redeemed. For avoidance of doubt, the Issuers
may elect, in their discretion, to redeem only the 2025 Notes, only the 2028 Notes, or any combination thereof. 
 The Trustee shall
promptly notify the Issuers in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes shall relate, in the
case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed. 

SECTION 5.4. Notice of Redemption. The Issuers shall deliver to each Holder’s registered address or otherwise in accordance with
the procedures of the Depositary, a notice of redemption to each Holder whose Notes are to be redeemed not less than 10 nor more than 60 days prior to a date fixed for redemption (a “Redemption Date”); provided, however, that
redemption notices may be delivered more than 60 days prior to a Redemption Date if the notice is issued pursuant to Article VIII. 

All notices of redemption shall be prepared by the Issuers and shall state: 

(a) the Redemption Date, 

(b) the redemption price and the amount of accrued interest to, but excluding, the Redemption Date payable as provided in
Section 5.6, if any, 
 (c) if less than all outstanding Notes are to be redeemed, the
identification of the particular Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption, 

(d) in case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the
Redemption Date, upon surrender of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof remaining unredeemed, 

(e) that on the Redemption Date the redemption price (and accrued interest to, but excluding, the Redemption Date payable as
provided in Section 5.6, if any) shall become due and payable upon each such Note, or the portion thereof, to be redeemed, and, unless the Issuers default in making the redemption payment, that interest on Notes called for
redemption (or the portion thereof) shall cease to accrue on and after said date, 
 (f) the place or places where such Notes
are to be surrendered for payment of the redemption price and accrued interest, if any, 
 (g) the name and address of the
Paying Agent, 

  
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 (h) that Notes called for redemption must be surrendered to the Paying Agent
to collect the redemption price, 
 (i) the CUSIP number, and that no representation is made as to the accuracy or
correctness of the CUSIP number, if any, listed in such notice or printed on the Notes, 
 (j) the Section of this Indenture
pursuant to which the Notes are to be redeemed, and 
 (k) any conditions to such redemption. 

At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ names and at their expense; provided,
however, that the Issuers shall have delivered to the Trustee, at least two Business Days prior to when the notice of the redemption is to be given, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in the preceding paragraph. Such Officer’s Certificate shall state that all conditions precedent to the delivery of such notice have been complied with. 

SECTION 5.5. Deposit of Redemption Price. Prior to 11:00 a.m. New York City time, on any Redemption Date, the Issuers shall deposit
with the Trustee or with a Paying Agent (or, if the Issuers are acting as their own Paying Agent, segregate and hold in trust as provided in Section 2.4) an amount of money sufficient to pay the redemption price of, and
accrued interest on, all the Notes which are to be redeemed on that date. 
 SECTION 5.6. Notes Payable on Redemption Date. Notice of
redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable at the redemption price therein specified (together with accrued interest, if any, to, but excluding, the Redemption Date),
and from and after such date (unless the Issuers shall default in the payment of the redemption price and accrued interest, if any, to, but excluding, the Redemption Date) such Notes shall cease to bear interest. Upon surrender of any such Note for
redemption in accordance with said notice, such Note shall be paid by the Issuers at the redemption price, together with accrued interest, if any, to, but excluding, the Redemption Date (subject to the rights of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the Redemption Date). 
 If any Note called
for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. 

If a Redemption Date is on or after a Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any,
shall be paid to the Person in whose name the Note is registered at the close of business on such Record Date, and no further interest shall be payable to Holders whose Notes shall be subject to redemption by the Issuers. 

SECTION 5.7. Notes Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article) shall
be surrendered at the office or agency of the Issuers maintained for such purpose pursuant to Section 2.3 (with, if the Issuers so require, due endorsement by, or a written instrument of transfer in form satisfactory to the
Issuers duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Issuers shall execute, and the Trustee upon receipt of an Authentication Order shall authenticate and make available for delivery to the
Holder of such Note at the expense of the Issuers, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so
surrendered; provided that each such new Note shall be in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof. 

  
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 SECTION 5.8. Offer to Repurchase. In the event that, pursuant to
Section 3.7, the Issuers are required to commence an offer to all Holders to purchase the Notes (an “Offer to Repurchase”), they shall follow the procedures specified below: 

(a) The Offer to Repurchase shall remain open for a period of at least 10 days following its commencement and not more than 60
days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuers shall
apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such Pari Passu Indebtedness, if any (in each instance, on a pro rata basis, if applicable), or, if less than the Offer Amount has been tendered, all
Notes and other Indebtedness tendered in response to the Offer to Repurchase. Payment for any Notes so purchased shall be made pursuant to Section 3.1. 

(b) If the Purchase Date is on or after an Interest Record Date and on or before the related Interest Payment Date, any accrued
and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Offer to Repurchase.

 (c) Upon the commencement of an Offer to Repurchase, the Issuers shall send, by first class mail (or electronically for
Global Notes), a notice to the Trustee and each of the Holders. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Repurchase. The notice, which shall govern the terms of
the Offer to Repurchase, shall state: 
 (i) that the Offer to Repurchase is being made pursuant to this
Section 5.8 and Section 3.7, and the length of time the Offer to Repurchase shall remain open; 

(ii) the Offer Amount, the purchase price and the Purchase Date; 

(iii) that any Note not tendered or accepted for payment shall continue to accrue interest; 

(iv) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Offer to Repurchase
shall cease to accrue interest after the Purchase Date; 
 (v) that Holders electing to have a Note purchased pursuant to an
Offer to Repurchase may elect to have Notes purchased in a minimum amount of $2,000 or an integral multiple of $1,000 in excess thereof only; 

(vi) that Holders electing to have Notes purchased pursuant to any Offer to Repurchase shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the address specified in the
notice at least three Business Days before the Purchase Date; 

  
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 (vii) that Holders shall be entitled to withdraw their election if the
Issuers, the Depositary or the Paying Agent, as the case may be, receives, not later than on the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes the Holder
delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; 
 (viii)
that, if the aggregate principal amount of Notes and, if applicable, Pari Passu Indebtedness, if any, surrendered by Holders thereof exceeds the Offer Amount, the Trustee shall select the Notes and, if applicable, the Issuers shall select such Pari
Passu Indebtedness to be purchased or prepaid, on a pro rata basis based on the principal amount of Notes and Pari Passu Indebtedness, if any, surrendered (with such adjustments as may be deemed appropriate by the Issuers so that only Notes
in minimum denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased); and 
 (ix) that
Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 

(d) On or before the Purchase Date, the Issuers shall, to the extent lawful, accept for payment, on a pro rata basis to
the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Offer to Repurchase, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver or cause to be delivered to the Trustee the
Notes properly accepted together with an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of this Section 5.8. The Issuers, the
Depositary or the Paying Agent, as the case may be, shall on the Purchase Date mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuers for purchase, and the
Issuers shall promptly issue a new Note, and the Trustee, upon written request from the Issuers, shall authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers shall publicly announce the results of the Offer to Repurchase on the Purchase Date. 

ARTICLE VI 
 Defaults and
Remedies 
 SECTION 6.1. Events of Default. Each of the following is an “Event of Default” with respect to the
Notes of a series: 
 (i) a default in any payment of interest on any Note of such series when due, continued for 30 days;

 (ii) a default in the payment of principal or premium, if any, of any Note of such series when due at its Stated Maturity,
upon optional redemption, upon required purchase, upon acceleration or otherwise; 
 (iii) the failure by the Company or any
Restricted Subsidiary to comply for 60 days after receipt of written notice referred to below with any of its obligations, covenants or agreements (other than a default pursuant to Sections 6.1(i) or 6.1(ii)) contained in the Notes of
such series or this Indenture relating to such series of Notes; provided that in the case of a failure to comply with Section 3.2, such period of continuance of such default or breach shall be 180 days after written
notice described in this clause (iii) has been given; 

  
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 (iv) the failure by the Company or any Restricted Subsidiary to pay the
principal amount of any Indebtedness for borrowed money (other than Indebtedness for borrowed money owing to the Company or a Restricted Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness
for borrowed money (other than Indebtedness for borrowed money owing to the Company or a Restricted Subsidiary) by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid at final maturity or
acceleration exceeds $150.0 million or its foreign currency equivalent; 
 (v) the Company, the Issuers or any
Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (1) commences a voluntary case; 

(2) consents to the entry of an order for relief against it in any voluntary case; 

(3) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(4) makes a general assignment for the benefit of its creditors; 

or takes any comparable action under any foreign laws relating to insolvency; 

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

(1) is for relief against the Company or any Significant Subsidiary in an involuntary case; 

(2) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or 

(3) orders the winding up or liquidation of the Company or any Significant Subsidiary; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days; 

(vii) failure by the Company, an Issuer or any Significant Subsidiary to pay final and
non-appealable judgments aggregating in excess of $150.0 million or its foreign currency equivalent (net of any amounts that are covered by enforceable insurance policies issued by solvent insurance
companies), which judgments are not discharged, waived or stayed for a period of 60 days after such judgment becomes final and, in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon
such judgment or decree which is not promptly stayed; or 

  
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 (viii) the Guarantee with respect to such series of Notes of a Significant
Subsidiary ceases to be in full force and effect (except as contemplated by the terms thereof or of this Indenture), or any Guarantor that is a Significant Subsidiary denies in writing that it has any further liability under its Guarantee with
respect to such series of Notes or gives written notice to such effect, other than by reason of the termination or discharge of this Indenture with respect to such series of Notes or the release of any such Guarantee with respect to such series of
Notes in accordance with this Indenture, and such Default continues for 10 days. 
 The foregoing shall constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is 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. 
 However, a default under Section 6.1(iii) shall not constitute an Event of Default until the
Trustee or the Holders of at least 30% in principal amount of the then outstanding Notes of the applicable series notify in writing the Company and the Issuers of the default and such default is not cured within the time specified in
Section 6.1(iii) after receipt of such notice. 
 SECTION 6.2. Acceleration. If an Event of Default (other
than an Event of Default specified in Sections 6.1(v) or (vi) above with respect to the Issuers) with respect to the Notes of a series occurs and is continuing, the Trustee or the Holders of at least 30% in principal amount of
outstanding Notes of the applicable series by written notice to the Company and the Issuers (and to the Trustee, if given by the Holders) may declare the principal of, premium, if any, and accrued but unpaid interest on, all Notes of the applicable
series to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default arising from Sections 6.1(v) or (vi) of the Issuers occurs, the principal of, premium,
if any, and interest on all Notes of the applicable series shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. 

SECTION 6.3. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal of or interest on the Notes (or the Notes of any series) or to enforce the performance of any provision of the Notes (or the Notes of any series), this Indenture (including sums owed to the Trustee and its agents and
counsel) and the Guarantees. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any
of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.
No remedy is exclusive of any other remedy. All available remedies are cumulative. 
 SECTION 6.4. Waiver of Past Defaults. The
Holders of a majority in aggregate principal amount of the then outstanding Notes of the applicable series by written notice to the Trustee and the Issuers may, on behalf of the Holders of all of the Notes of the applicable series, waive, rescind or
cancel any declaration of an existing or past Default or Event of Default and its consequences under this Indenture if such waiver, rescission or cancellation would not conflict with any judgment or decree, except a continuing Default or Event of
Default in the payment of interest or premium on, or the principal of, the Notes of the applicable series (other than such nonpayment of principal or interest that has become due as a result of such acceleration). Upon any such waiver, such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
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 In the event of any Event of Default arising from Section 6.1(iv),
such Event of Default and all consequences thereof shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders of the Notes of the applicable series, if prior to 20 days after such Event of Default
arose, the Company delivers an Officer’s Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the requisite amount of holders of such
Indebtedness have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has otherwise been cured. 

SECTION 6.5. Control by Majority. The Holders of a majority in principal amount of the then outstanding Notes of the applicable series
may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to such series. The Trustee, however, may refuse to follow any
direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability (it being understood that the Trustee does not have an
affirmative duty to determine whether any such action is prejudicial to any Holder) unless such Holders have offered, and if requested, provided, to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or
expense. Prior to taking any action under this Indenture, the Trustee shall be entitled to security or indemnification satisfactory to it in its sole discretion against all losses, liabilities and expenses that may be caused by taking or not taking
such action. 
 SECTION 6.6. Limitation on Suits. In case an Event of Default occurs with respect to the Notes of a series and is
continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders of the Notes of such series unless such Holders have offered, and if requested,
provided, to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense. Except to enforce the right to receive payment of principal, premium ( if any) or interest when due, no Holder of the Notes of such
series may pursue any remedy with respect to this Indenture or the Notes of such series unless: 
 (i) such Holder has
previously given the Trustee written notice that an Event of Default is continuing; 
 (ii) Holders of at least 30% of the
aggregate principal amount of the then outstanding Notes of the applicable series have requested in writing the Trustee to pursue the remedy; 

(iii) such Holders have offered, and if requested, provided, the Trustee security or indemnity reasonably satisfactory to it in
respect of any loss, liability or expense; 
 (iv) the Trustee has not complied with such request within 60 days after the
receipt of the request and the offer of security or indemnity; and 
 (v) the Holders of a majority in principal amount of
the then outstanding Notes of the applicable series have not given the Trustee a written direction inconsistent with such request within such 60-day period. 

  
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 SECTION 6.7. Rights of Holders to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of principal of, premium, if any, or interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, or to bring suit for the enforcement
of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.8.
Collection Suit by Trustee. If an Event of Default specified in Sections 6.1(i) or (ii) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust
against the Issuers for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.6. 

SECTION 6.9. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Company, its Subsidiaries (including PPD) or their respective creditors or properties and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders (pursuant to the written direction of Holders of a
majority in principal amount of the then outstanding Notes) in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.6. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan or reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in such proceeding. 

SECTION 6.10. Priorities. The Trustee shall pay out any money or property received by it in the following order: 

First: to the Trustee for amounts due under Section 7.6; 

Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Issuers or, to the extent the Trustee receives any amount for any Guarantor, to such Guarantor as a court
of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section. At least 15 days before such record date, the Issuers (or Trustee) shall deliver to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal amount of the Notes of any series. 

  
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 ARTICLE VII 

Trustee 
 SECTION 7.1.
Duties of Trustee. 
 (a) If an Event of Default has occurred with respect to the Notes of a series and is continuing, the Trustee
shall, in the exercise of its rights and powers under this Indenture, use the same degree of care and skill in its exercise of such rights and powers as a prudent Person would exercise or use under the circumstances in the conduct of such
Person’s own affairs, subject to the provisions of clause (h) below. 
 (b) Except during the continuance of an Event of Default of
which a Trust Officer has actual knowledge: 
 (i) the duties of the Trustee and the Agents shall be determined solely by the
express provisions of the Indenture and the Trustee and the Agents undertake to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture
against the Trustee or the Agents; and 
 (ii) in the absence of gross negligence or willful misconduct on its part, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee under this Indenture, the Notes and the Guarantees, as applicable.
However, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to
the requirements of this Indenture, the Notes and the Guarantees as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) this Section 7.1(c) does not limit the effect of
Section 7.1(b); 
 (ii) the Trustee shall not be liable for any error of judgment made in good
faith by a Trust Officer or Trust Officers unless it is proved in a final non-appealable decision of a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and

 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.5. 
 (d) The Trustee and the Agents shall not be liable for
interest on any money received by it except as the Trustee and the Agents may agree in writing with the Issuers. 
 (e) Money held in trust
by the Trustee need not be segregated from other funds except to the extent required by law. 

  
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 (f) No provision of this Indenture, the Notes or the Guarantees shall require the Trustee or
an Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (g) Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.1. 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders shall have offered, and if requested, provided to the Trustee, security, prefunding or indemnity satisfactory to the Trustee against the costs, expenses (including reasonable attorneys’ fees and
expenses) and liabilities that might be incurred by it in compliance with such request or direction. 
 SECTION 7.2. Rights of
Trustee. 
 (a) The Trustee and the Agents may conclusively rely and shall be protected in acting upon any resolution, certificate,
statement, instrument, opinion, notice, request, direction, consent, order, bond or any other paper or document believed by it to be genuine and to have been signed or presented by the proper Person or Persons. The Trustee and the Agents need not
investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting (except in connection with
(x) the original issuance of Notes on the date hereof and (y) with respect to an Opinion of Counsel, the execution of any amendment or supplement adding a new Guarantor under this Indenture), it may require an Officer’s Certificate or
an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys, custodians, nominees and agents and shall not be responsible for the misconduct or negligence of
or for the supervision of any agent, custodians, nominees or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence as
determined in a final non-appealable decision of a court of competent jurisdiction. 
 (e) The
Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture, the Notes and the Guarantees shall be full and complete authorization and protection from liability in
respect to any action taken, omitted or suffered by it hereunder or under the Notes and the Guarantees in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Trustee and the Agents shall not be bound to make any investigation into any statement, warranty or representation, or the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond or other paper or document made or in connection with this Indenture; moreover, the Trustee and the Agents shall not be
bound to make any investigation into (i) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or
genuineness of this Indenture or any other agreement, instrument or document or (iii) the 

  
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facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note or other evidence of indebtedness
or other paper or document, but the Trustee or an Agent, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee or an Agent, as applicable, shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuers, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or
investigation. 
 (g) The Trustee shall not be deemed to have knowledge of any Default or Event of Default except any Default or Event of
Default of which a Trust Officer shall have (x) received written notification from the Issuers or a Holder at the Corporate Trust Office of the Trustee and such notice references the Notes and this Indenture or (y) obtained “actual
knowledge.” “Actual knowledge” shall mean the actual fact or statement of knowing by a Trust Officer without independent investigation with respect thereto. 

(h) In no event shall the Trustee or an Agent be responsible or liable for special, indirect, consequential, punitive or incidental loss or
damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee or Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent (including the Agents), custodian and other Person employed to act hereunder. 

(j) The Trustee may request that the Issuers deliver an Officer’s Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture. 
 (k) The Trustee shall not have any duty (A) to
see to any recording, filing, or depositing of this Indenture or any agreement referred to herein, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, re-filing or
redepositing of any thereof or (B) to see to any insurance. 
 (l) The right of the Trustee or an Agent to take or refrain from taking
any actions enumerated in this Indenture shall not be construed as a duty. 
 SECTION 7.3. Individual Rights of Trustee. The Trustee,
in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuers, the Guarantors or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Section 7.9. In addition, the Trustee shall
be permitted to engage in transactions with the Issuers; provided, however, that if the Trustee acquires any conflicting interest the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest,
(ii) apply to the SEC for permission to continue acting as Trustee or (iii) resign. 
 SECTION 7.4. Disclaimer. Neither the
Trustee nor any Agent shall be responsible for and none of them makes any representation as to the validity or adequacy of this Indenture, the Notes or the Guarantees, neither of them shall be accountable for the Issuers’ use of the Notes or
the proceeds from the Notes, and neither of them shall be responsible for any statement of the Issuers in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of
authentication or for the use or application of any funds received by any Paying Agent other than the Trustee. 

  
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 SECTION 7.5. Notice of Defaults. If a Default occurs and is continuing and is
actually known to the Trustee, the Trustee shall deliver to each Holder notice of the Default within 90 days after it is known to the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Note
of the applicable series, the Trustee may withhold notice if and so long as the Trustee in good faith determines that withholding notice is in the interests of the Holders of the applicable series. 

SECTION 7.6. Compensation and Indemnity. The Issuers shall pay to the Trustee and the Agents from time to time such compensation for
their services as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee and the Agents upon
request for all reasonable disbursements, advances and expenses incurred or made by it, including, but not limited to, costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing
of notices to Holders and reasonable costs of counsel, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel,
accountants and experts. The Issuers shall indemnify the Trustee or any predecessor Trustee in each of its capacities hereunder (including Paying Agent, and Registrar), and each of their officers, directors, employees, counsel and agents, against
any and all loss, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of this trust and the performance of their duties hereunder and under the Notes
and the Guarantees, including the costs and expenses of enforcing this Indenture (including this Section 7.6), the Notes and the Guarantees and of defending itself against any claims (whether asserted by any Holder, the
Issuers or otherwise). The Trustee and the Agents shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Trustee or an Agent to so notify the Issuers shall not relieve the Issuers of their obligations
hereunder. The Issuers shall defend the claim and the Trustee and the Agents may have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel. The Issuers need not reimburse any expense or indemnify against any
loss, liability or expense incurred by the Trustee or an Agent as a result of its own willful misconduct or gross negligence. 
 To secure
the Issuers’ payment obligations in this Section, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on
particular Notes. The right of the Trustee to receive payment of any amounts due under this Section 7.6 shall not be subordinate to any other liability or indebtedness of the Issuer. 

The Issuers’ obligations pursuant to this Section and any lien arising hereunder shall survive the satisfaction and discharge of this
Indenture and the resignation or removal of the Trustee or an Agent. When the Trustee or an Agent incurs expenses after the occurrence of a Default specified in Sections 6.1(v) or (vi) with respect to the Issuers, the expenses are
intended to constitute expenses of administration under any Bankruptcy Law. 
 Pursuant to Section 10.1, the
obligations of the Issuers hereunder are jointly and severally guaranteed by the Guarantors. 

  
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 SECTION 7.7. Replacement of Trustee. The Trustee may resign at any time by so
notifying the Issuers. The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Issuers and the Trustee in writing and may appoint a successor Trustee. The Issuers shall remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.9; 

(ii) the Trustee is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed by the Issuers or by the Holders of a majority in principal amount of the Notes and such Holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuers shall promptly appoint a successor Trustee.

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.6. All costs reasonably incurred in connection with any
resignation or removal hereunder shall be borne by the Issuers. 
 If a successor Trustee does not take office within 30 days after the
retiring Trustee resigns or is removed, the retiring Trustee or the Holders of at least 10% in principal amount of the Notes of any series may petition, at the Issuers’ expense, any court of competent jurisdiction for the appointment of a
successor Trustee. 
 If the Trustee fails to comply with Section 7.9, unless the Trustee’s duty to resign is
stayed, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement of the Trustee pursuant to this Section 7.7, the Issuers’ obligations under
Section 7.6 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.8. Successor Trustee by
Merger. If the Trustee, consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion or
consolidation to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of
the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

  
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 SECTION 7.9. Eligibility; Disqualification. The Trustee shall have a combined capital
and surplus of at least $50.0 million as set forth in its most recent filed annual report of condition. 
 This Indenture shall always
have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 

SECTION 7.10. Limitation on Duty of Trustee. The Trustee shall not have any duty to ascertain or inquire as to the performance or
observance of any of the terms of this Indenture, the Notes and the Guarantees by the Issuers, the Guarantors or any other Person. 

SECTION 7.11. Preferential Collection of Claims Against the Issuers. The Trustee is subject to TIA § 311(a), excluding any
creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

The Issuers shall promptly notify the Trustee in writing when any Notes are listed on any stock exchange and of any delisting thereof. 

ARTICLE VIII 
 Discharge of
Indenture; Defeasance 
 SECTION 8.1. Discharge of Liability on Notes; Defeasance. 

(a) With respect to any series of Notes, this Indenture will be discharged and will cease to be of further effect (except as to surviving
rights of registration of transfer or exchange of Notes of such series and certain rights of the Trustee, as expressly provided for in the Indenture) as to all outstanding Notes of such series, and any collateral then securing the Notes of such
series shall be released, when: 
 (1) either (i) all Notes of such series theretofore authenticated and delivered
(other than Notes of such series pursuant to Section 2.7 which have been replaced or paid and Notes of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the
Issuers and thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee for cancellation or (ii) all of the Notes of such series not previously delivered to the Trustee for cancellation (a) have
become due and payable, (b) shall become due and payable at their Stated Maturity within one year or (c) if redeemable at the option of the Issuers, have been called for redemption or are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of a full redemption by the Trustee in the name, and at the expense, of the Issuers, and any Issuer, Guarantor or other Person has deposited or caused to be deposited with the Trustee
(in a manner that is not revocable by any Issuer, Guarantor or other Person) cash or U.S. Government Obligations or a combination thereof in an amount sufficient to pay and discharge the entire Indebtedness on the Notes of such series not
theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes of such series to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Issuers
directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 
 (2) the
Issuers and/or the Guarantors have paid all other sums then due and payable to the Trustee under this Indenture relating to the Notes of such series; and 

(3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

  
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 (b) Subject to Sections 8.1(c) and 8.2, the Issuers at any time may terminate
(i) all of their obligations under the Notes with respect to any series and this Indenture (with respect to Notes of such series) and have each Guarantor’s obligation discharged with respect to its Guarantee and cure any then-existing
Events of Default (“legal defeasance option”) or (ii) their obligations under Sections 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9 and 3.10 and the operation of
Section 4.1 (other than Sections 4.1(a)(i), (ii) and (v) and Section 4.1(b)(i)(C)) and Sections 6.1(iii) (with respect to any Default under Sections 3.2,
3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9 and 3.10), 6.1(iv), 6.1(v) (with respect to Significant Subsidiaries of the Company only), 6.1(vi) (with respect to Significant
Subsidiaries of the Company only) and 6.1(vii) (“covenant defeasance option”). The Issuers may exercise their legal defeasance option notwithstanding their prior exercise of the covenant defeasance option. In the event that
the Issuers terminate all of their obligations under the Notes and this Indenture (with respect to such Notes) by exercising the legal defeasance option or the covenant defeasance option, the obligations of each Guarantor under its Guarantee of such
Notes shall be terminated simultaneously with the termination of such obligations. 
 To the extent the Issuers exercise their option to
effect legal defeasance or covenant defeasance, such election may be made with respect to the 2025 Notes only, the 2028 Notes only, or any combination thereof. 

If the Issuers exercise their legal defeasance option, payment of the Notes with respect to any series so defeased may not be accelerated
because of an Event of Default. If the Issuers exercise their covenant defeasance option with respect to any series of Notes, payment of the Notes of such series so defeased may not be accelerated because of an Event of Default specified in
Section 6.1(iii) (with respect to any Default by the Issuers or any of their Restricted Subsidiaries with any of their obligations under Article III other than Sections 3.1, 3.11, 3.15),
6.1(iv), 6.1(v) (with respect to Significant Subsidiaries of the Company only), 6.1(vi) (with respect to Significant Subsidiaries of the Company only) or 6.1(vii). 

Upon satisfaction of the conditions set forth herein and upon request of the Issuers, the Trustee shall acknowledge in writing the discharge
of those obligations that the Issuers terminate. 
 (c) Notwithstanding clauses (a) and (b) above, the Issuers’ obligations in
Sections 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 7.6, 7.7 and in this Article VIII shall survive until the Notes have been paid in full. Thereafter, the Issuers’
obligations in Sections 7.6, 8.5 and 8.6 shall survive such satisfaction and discharge. 
 SECTION 8.2. Conditions
to Defeasance. 
 (a) The Issuers may exercise their legal defeasance option or their covenant defeasance option only if: 

(i) the Issuers irrevocably deposit or cause to be deposited with the Trustee cash in U.S. Dollars, U.S. Government Obligations
or a combination thereof in an amount in the opinion of an Independent Financial Advisor sufficient to pay the principal and the premium (if any) and interest on the applicable Notes when due at maturity or redemption, as the case may be;
provided that if such redemption is made pursuant to Paragraph 6(b) of the form of Note set forth in Exhibit A hereto (or any corresponding paragraph of a Global Note or a Definitive Note), then (x) the amount of money or U.S.
Government Obligations that the Issuers must irrevocably deposit or cause to be deposited will be determined using an assumed Applicable Premium calculated as of the date of such deposit, as calculated by the Issuers in good faith, and (y) the
Issuers must irrevocably deposit or cause to be deposited additional money in trust on the redemption date as necessary to pay the Applicable Premium as determined on such date; 

  
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 (ii) the Issuers deliver to the Trustee a certificate from an Independent
Financial Advisor expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment shall provide cash at such times and in
such amounts as shall be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

(iii) 91 days pass after the deposit is made and during the 91-day period no Default
specified in Sections 6.1(v) or (vi) with respect to the Issuers occurs which is continuing at the end of the period; 

(iv) the deposit does not constitute a default under any other agreement binding on the Issuers; 

(v) the Issuers deliver to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not
constitute, or is qualified as, a regulated investment advisor under the Investment Advisors Act of 1940; 
 (vi) in the case
of the legal defeasance option, the Issuers shall have delivered to the Trustee an Opinion of Counsel stating that (1) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the
date of this Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Notes of the applicable series shall
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such deposit and defeasance had not occurred; 
 (vii) in the case of the covenant defeasance option, the Issuers
shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Notes of the applicable series shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance
and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(viii) the Issuers deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been complied with. 

Before or after a deposit, the Issuers may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date in
accordance with Article V. 
 SECTION 8.3. Application of Trust Money. The Trustee shall hold in trust money or U.S.
Government Obligations deposited with it pursuant to this Article VIII. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of
principal of and interest on the Notes of the applicable series. 

  
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 SECTION 8.4. Repayment to Issuers. Anything herein to the contrary notwithstanding,
the Trustee shall deliver or pay to the Issuers from time to time upon Company Order any money or U.S. Government Obligations held by it as provided in this Article VIII which, in the opinion of an Independent Financial Advisor expressed in a
written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect legal defeasance or covenant defeasance, as applicable; provided that the Trustee shall not be
required to liquidate any U.S. Government Obligations in order to comply with the provisions of this Section 8.4. 

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Issuers upon written request any money
held by them for the payment of principal of or interest on the Notes that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuers for payment as general creditors. 

SECTION 8.5. Indemnity for U.S. Government Obligations. The Issuers shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations, other than any such tax, fee or other charge which by law is for the account of the Holders
of the outstanding Notes of the applicable series. 
 SECTION 8.6. Reinstatement. If the Trustee or Paying Agent is unable to apply
any money or U.S. Government Obligations in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the obligations of the Issuers and each Guarantor under this Indenture, the applicable series of Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such
time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if any of the Issuers or the Guarantors has made any payment
of interest on or principal of any Notes of the applicable series because of the reinstatement of its obligations, the Issuers or any Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Notes of the applicable
series to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 
 ARTICLE IX 

Amendments 
 SECTION 9.1.
Without Consent of Holders. Notwithstanding Section 9.2 hereof, this Indenture, the Notes and Guarantees of a series may be amended or supplemented by the Issuers, any Guarantor (with respect to this Indenture or a
Guarantee to which it is a party) and the Trustee without notice to or consent of any Holder: 
 (i) to cure any ambiguity,
omission, mistake, defect or inconsistency identified in an Officer’s Certificate of the Company delivered to the Trustee; 

(ii) to conform the text of this Indenture (including any supplemental indenture or other instrument pursuant to which
Additional Notes of a series are issued), the Guarantees relating to a series of Notes or the Notes of a series to the “Description of Notes” in the Offering Memorandum or, with respect to any Additional Notes of a series and any
supplemental indenture or other instrument pursuant to which such Additional Notes are issued, to the “Description of Notes” relating to the issuance of such Additional Notes, solely to the extent that such “Description of Notes”
provides for terms of such Additional Notes that differ from the terms of the Initial Notes of a series, as contemplated by Section 2.2; 

(iii) to comply with Section 4.1; 

  
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 (iv) to provide for the assumption by a successor Person of the obligations
of an Issuer or any Guarantor under this Indenture and the Notes or Guarantee, as the case may be; 
 (v) to provide for
uncertificated Notes in addition to or in place of certificated Notes; provided, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code; 

(vi) (A) to add or release Guarantees in accordance with the terms of this Indenture with respect to the Notes of a series
or (B) to add one or more co-issuers of the Notes of a series to the extent it does not result in adverse tax consequences to the Holders; 

(vii) to add any provision for the security of the Notes of a series; 

(viii) to add to the covenants of the Company and its Restricted Subsidiaries for the benefit of the Holders or to surrender
any right or power herein conferred upon the Issuers or any Guarantor; 
 (ix) to make any change that does not adversely
affect the rights of any Holder in any material respect upon delivery to the Trustee of an Officer’s Certificate of the Company certifying the absence of such adverse effect; 

(x) to comply with any requirement of the SEC in connection with the qualification of this Indenture under the TIA; 

(xi) to make any amendment to the provisions of this Indenture relating to the transfer and legending of the Notes as permitted
by this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with this Indenture as so amended would not result in Notes being transferred in
violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(xii) to evidence and provide for the acceptance of appointment by a successor Trustee; provided that the successor
Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; or 
 (xiii) to provide for or
confirm the issuance of Additional Notes of a series in accordance with this Indenture. 
 For the avoidance of doubt, a Guarantor will only
be required to execute amendments of the type described in this Section 9.1 if it relates to such Guarantor’s Guarantee. 

SECTION 9.2. With Consent of Holders. 

(a) This Indenture, the Notes of a series and the Guarantees relating to a series of Notes may be amended or supplemented with the consent of
the Holders of at least a majority in aggregate principal amount of the Notes of such series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes of
such series) and any existing or past Default or compliance with any provisions of such documents may be waived with the consent of the Holders of a majority in principal amount of the Notes of such series then outstanding (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes of such series); provided that (x) if any such amendment or waiver will only

  
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affect one series of Notes (or less than all series of Notes) then outstanding under this Indenture, then only the consent of the holders of a majority in principal amount of the Notes of such
series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such series of the Notes) shall be required and (y) if any such amendment or waiver by its terms
will affect a series of Notes in a manner that is different from and materially adverse relative to the manner in which such amendment or waiver affects other series of Notes, then the consent of the holders of a majority in principal amount of the
Notes of such series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such series of the Notes) shall be required. However, without the consent of each Holder
of a Note of a series affected (including, for the avoidance of doubt, any Notes held by Affiliates), no amendment, supplement or waiver may (with respect to any Notes held by a non-consenting Holder): 

(i) reduce the percentage of the aggregate principal amount of Notes of such series whose Holders must consent to an amendment,
supplement or waiver; 
 (ii) reduce the rate of or extend the time for payment of interest on any Note (other than any
change to the notice periods with respect to any redemption); 
 (iii) reduce the principal of or change the Stated Maturity
of any Note; 
 (iv) waive a Default in the payment of principal of or premium, if any, or interest on the Notes, except a
rescission of acceleration of the Notes (with respect to a default that does not result from non-payment) by the Holders of at least a majority in aggregate principal amount of the Notes of such series and a
waiver of the payment default that resulted from such acceleration; 
 (v) reduce the premium payable upon the redemption of
any Note or change the time at which any Note may be redeemed as described under Section 5.1 (other than any change to the notice periods with respect to such redemption); 

(vi) make any Note payable in money other than that stated in such Note; 

(vii) impair the right of any Holder to institute suit for the enforcement of any payment on or with respect to such
Holder’s Notes; 
 (viii) make any change in the provisions of this Indenture relating to waivers of past Defaults or
the rights of Holders to receive payments of principal of or premium, if any, or interest on the Notes; 
 (ix) make the
Notes or any Guarantee subordinated in right of payment to any other obligations; or 
 (x) make any change in the amendment
or waiver provisions of this Indenture that require each Holder’s consent as described in clauses (i) through (ix) of this sentence. 

(b) It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of
any proposed amendment. It shall be sufficient if such consent approves the substance thereof. For the avoidance of doubt, no amendment to, or deletion of any of the covenants contained in Article III of this Indenture (other than
Section 3.1) shall be deemed to impair or affect any rights of Holders of the Notes to receive payment of principal of, or premium, if any, or interest on, the Notes or the right of any holder to institute suit for the
enforcement of payments on or with respect to any 

  
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such holder’s Notes. The provisions under the Indenture relating to the Issuers’ obligation to make an offer to purchase the Notes of a series as a result of a Change of Control or an
Asset Sale, including the definition of “Change of Control” and “Asset Sale,” may be waived, amended or modified at any time (including after a Change of Control or an Asset Sale) with the written consent of the holders of a
majority in aggregate principal amount of the Notes of the applicable series. 
 (c) After an amendment under this
Section 9.2 becomes effective, the Issuers shall mail or electronically deliver to the Holders of Notes affected thereby a notice briefly describing such amendment. The failure of the Issuers to deliver such notice, or any
defect therein, shall not in any way impair or affect the validity of an amendment under this Section 9.2. 

SECTION 9.3. Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Note shall bind the Holder and
every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. After an amendment or waiver becomes effective, it
shall bind every Holder unless it makes a change described in clauses (i) through (ix) of Section 9.2(a), in which case the amendment or waiver or other action shall bind each Holder who has consented to it and every
subsequent Holder of a Note that evidences the same debt as the consenting Holder’s Notes. Any amendment, other than an amendment that in the sole determination of the Trustee adversely affects the rights, duties, liabilities or immunities of
the Trustee or a waiver, in each case, made pursuant to Section 9.2 shall become effective upon receipt by the Trustee of the requisite number of written consents. 

The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or
take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their
duly designated proxies), and only those Persons, shall be entitled to give such consent or to take any such action, whether or not such Persons continue to be Holders after such record date. 

SECTION 9.4. Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee, at the request of the Issuers,
may require the Holder to deliver it to the Trustee. The Trustee, at the request of the Issuers, may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuers so determine, the
Issuers in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment. 

SECTION 9.5. Trustee To Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this
Article IX if the amendment, supplement or waiver does not, in the sole determination of the Trustee, adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing
any amendment, supplement or waiver pursuant to this Article IX, the Trustee shall be entitled to receive, and (subject to Sections 7.1 and 7.2) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by or complies with this Indenture, that all conditions precedent to such amendment required by this Indenture have been complied with and that such
amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers, enforceable against the Issuers in accordance with its terms, subject to customary exceptions. Notwithstanding the foregoing, no Opinion of Counsel will be
required for the Trustee to execute any amendment or supplement entered into in connection with (a) adding a new Guarantor under this Indenture or (b) releasing a Guarantor due to the release or discharge of the Indebtedness or guarantee
that resulted in the grant of a Guarantee. 

  
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 ARTICLE X 

Guarantees 
 SECTION 10.1.
Guarantees. 
 (a) Subject to the provisions of this Article X, each Guarantor hereby jointly and severally, irrevocably, fully
and unconditionally guarantees, as guarantor and not as a surety, with each other Guarantor, to each Holder, to the extent lawful, and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or
otherwise, of the principal of, premium, if any, and interest on the Notes of each series and all other Obligations of the Issuers under this Indenture and the Notes of such series (including, without limitation, interest accruing after the filing
of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Issuers or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and the
obligations under Section 7.6) (all the foregoing being hereinafter collectively called the “Guarantor Obligations”). Each Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be
extended or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound under this Article X notwithstanding any extension or renewal of any Guarantor Obligation. 

(b) Each Guarantor waives (to the extent lawful) presentation to, demand of, payment from and protest to the Issuers of any of the Guarantor
Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Guarantor waives (to the extent lawful) notice of any default under the Notes or the Guarantor Obligations. 

(c) Each Guarantor further agrees that its Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and
waives any right to require that any resort be had by any Holder to any security held for payment of the Guarantor Obligations. 
 (d) Except
as set forth in Section 10.2 and Article VIII, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the
Guarantor Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of
the invalidity, illegality or unenforceability of the Guarantor Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not (to the extent lawful) be discharged or impaired or
otherwise affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Issuers or any other Person under this Indenture, the Notes or any other agreement or otherwise; (b) any
extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder for the
Guarantor Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of the Issuers; (g) any default, failure or delay, willful or otherwise,
in the performance of the Guarantor Obligations; or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a
discharge of such Guarantor as a matter of law or equity. 
 (e) Each Guarantor agrees that its Guarantee herein shall remain in full force
and effect until payment in full of all the Guarantor Obligations or such Guarantor is released from its Guarantee in compliance with Section 4.1, Section 10.2 and Article VIII. Each
Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest on any of the Guarantor Obligations is
rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuers or otherwise. 

  
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 (f) In furtherance of the foregoing and not in limitation of any other right which any
Holder has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuers to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise,
each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee, the Agents or the Trustee on behalf of the Holders and such Agents an amount equal to the sum of
(i) the unpaid amount of such Guarantor Obligations then due and owing and (ii) accrued and unpaid interest on such Guarantor Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after
the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Issuers or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding). 
 (g) Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on the other hand,
(x) the maturity of the Guarantor Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the Guarantor Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guarantor Obligations, such Guarantor Obligations (whether or not due and payable) shall forthwith become due and
payable by the Guarantor for the purposes of this Guarantee. 
 (h) Each Guarantor also agrees to pay any and all reasonable costs and
expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Section. 

(i) Neither the Issuers nor the Guarantors shall be required to make a notation on the Notes to reflect any Guarantee or any release,
termination or discharge thereof and any such notation shall not be a condition to the validity of any Guarantee. 
 SECTION 10.2.
Limitation on Liability; Termination, Release and Discharge. 
 (a) Any term or provision of this Indenture to the contrary
notwithstanding, the obligations of each Guarantor hereunder shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or
payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law or the laws of the jurisdiction of organization of such Guarantor and not otherwise being void or voidable under any similar laws affecting the
rights of creditors generally. 

  
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 (b) A Guarantee by a Guarantor of a series of Notes shall be automatically and
unconditionally released and discharged with respect to such series, and each Guarantor and its obligations under the Guarantee and this Indenture with respect to such series shall be released and discharged upon: 

(1) the sale, exchange, disposition or other transfer (including through merger, consolidation, amalgamation or dissolution) of
(i) the Capital Stock of such Guarantor, if after such transaction the Guarantor is no longer a Restricted Subsidiary, or (ii) all or substantially all the assets of such Guarantor if such sale, exchange, disposition or other transfer
(including through merger, consolidation, amalgamation or dissolution) is made in compliance with this Indenture, so long as such Guarantor is also released from its guarantee under the Senior Credit Agreement and Certain Capital Markets Debt (if
applicable); 
 (2) the Issuers or the Company designating such Guarantor to be an Unrestricted Subsidiary in accordance with
the provisions set forth in Section 3.4, Section 3.14 and the definition of “Unrestricted Subsidiary”; 

(3) in the case of any Restricted Subsidiary that after the Issue Date is required to guarantee the Notes pursuant to
Section 3.11, the release or discharge of the guarantee by such Restricted Subsidiary of Indebtedness of the Company or any Restricted Subsidiary of the Company or such Restricted Subsidiary or the repayment of the
Indebtedness or Disqualified Stock, in each case, that resulted in the obligation to guarantee the Notes (and the release, discharge or repayment of any other Indebtedness and Disqualified Stock that would require such Restricted Subsidiary to
guarantee the Notes pursuant to the covenant described in Section 3.11, except if a release or discharge is by or as a result of payment in connection with the enforcement of remedies under such other guarantee or
Indebtedness or Disqualified Stock; 
 (4) with respect to such series of Notes, the Issuers’ exercise of their legal
defeasance option or covenant defeasance option with respect to such series as described under Article VIII or if the Issuers’ Obligations with respect to such series under this Indenture are discharged in accordance with the terms of
this Indenture (including through redemption or repurchase of all the Notes with respect to such series as a result of satisfaction and discharge or otherwise) as described in Section 8.1; 

(5) the release or discharge of the Guarantee by, or direct obligation of, such Guarantor of the Obligations under the Senior
Credit Agreement, except a discharge or release by or as a result of payment in connection with the enforcement of remedies under such guarantee or direct obligation; 

(6) in the case of any Guarantor that is a Domestic Subsidiary, such Guarantor ceasing to be a Domestic Subsidiary; or 

(7) with respect to such series of Notes, the occurrence of a Covenant Suspension Event, as described in
Section 3.15 the Notes having an Investment Grade Rating from both Rating Agencies. 
 A Guarantee also will be
automatically released upon the applicable Guarantor ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing the Senior Credit Agreement or other exercise of remedies in respect thereof. 

(c) If any Guarantor is released from its Guarantee, any of its Subsidiaries that are Guarantors shall be released from their Guarantees, if
any. 
 (d) In the case of Section 10.2(b), the Issuers shall deliver to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. 

  
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 (e) The release of a Guarantor from its Guarantee and its obligations under this Indenture
in accordance with the provisions of this Section 10.2 shall not preclude the future applications of Section 3.11 to such Person. 

SECTION 10.3. Right of Contribution. Each Guarantor hereby agrees that to the extent that any such Guarantor shall have paid more than
its proportionate share of any payment made on the obligations under its Guarantee, such Guarantor shall be entitled to seek and receive contribution from and against the Issuers or any other Guarantor who have not paid their proportionate share of
such payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee and the Holders and each Guarantor shall remain liable to the Trustee and the
Holders for the full amount guaranteed by such Guarantor hereunder. 
 SECTION 10.4. No Subrogation. Notwithstanding any payment or
payments made by each Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Issuers or any other Guarantor or any collateral security or guarantee or right of offset held
by the Trustee or any Holder for the payment of the Guarantor Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuers or any other Guarantor in respect of payments made by such Guarantor
hereunder, until all amounts owing to the Trustee and the Holders by the Issuers on account of the Guarantor Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the
Guarantor Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be
turned over to the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guarantor Obligations. 

SECTION 10.5. Limitations on Merger. Subject to Sections 4.1 and 10.2, a Guarantor shall not, and the Company shall not
permit any Guarantor to, consolidate, merge or amalgamate with or into or wind up into (whether or not such Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions to, any Person unless: 
 (1) (a) such Guarantor is the surviving
Person or the Person is the Successor Guarantor; 
 (b) the Successor Guarantor (if other than such Guarantor) expressly
assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture or other documents or instruments; 

(c) immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the
Successor Guarantor or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and
be continuing; 
 (d) the Successor Guarantor (if other than such Guarantor) shall have delivered or caused to be delivered
to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indenture (if any) comply with this Indenture; or 

  
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 (2) such sale or disposition or consolidation, amalgamation or merger is
made in compliance with Section 3.7 to the extent applicable on the date of the subject transaction. 
 Subject to
this Article X, the Successor Guarantor shall succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor shall automatically be released and discharged from its obligations under
this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing, (1) a Guarantor may merge, consolidate or amalgamate with an Affiliate of the Company incorporated or organized solely for the purpose of reincorporating or
reorganizing such Guarantor in the United States, any state or territory thereof or the District of Columbia, so long as the principal amount of Indebtedness of the Company and the Restricted Subsidiaries is not increased thereby (unless such
increase is permitted by this Indenture), (2) a Guarantor may (a) consolidate, merge or amalgamate with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and
assets to the Issuers or a Guarantor or (b) dissolve if such Guarantor sells, assigns, transfers, leases, conveys or otherwise disposes of all or substantially all of its properties and assets to another Person in compliance with
Section 3.7 and after giving effect to such sale, assignment, transfer, lease, conveyance or disposition and prior to such dissolution, has no or a de minimis amount of assets, (3) a Guarantor may convert into a
corporation, partnership, limited partnership, limited liability company or trust, or the foreign analog thereof, organized or existing under the laws of the jurisdiction of organization of such Guarantor or the laws of the United States, any state
or territory thereof or the District of Columbia, or the laws of another jurisdiction so long as the Guarantee provided by such Guarantor under the laws of such other jurisdiction is substantially equivalent to the Guarantee provided under the laws
of the jurisdiction of organization of the Guarantor prior to such conversion, (4) a Guarantor may change its name and (5) any Restricted Subsidiary may merge, amalgamate or consolidate into any Guarantor; provided that, in the case
of this clause (5), that the surviving Person (i) is a corporation, partnership, limited partnership, limited liability company, trust or the foreign analog thereof organized or existing under the laws of the United States, any state or
territory thereof or the District of Columbia (or in the case of a voluntary Guarantee by a Foreign Subsidiary, the jurisdiction of organization of such Restricted Subsidiary or Guarantor or the laws of another jurisdiction so long as the Guarantee
provided by such surviving Person under the laws of such other jurisdiction is substantially equivalent to the Guarantee provided under the laws of the jurisdiction of organization of the predecessor Guarantor) and (ii) is or becomes a
Guarantor upon consummation of such merger, amalgamation or consolidation. 
 SECTION 10.6. Execution and Delivery. 

(a) To evidence its Guarantee set forth in Section 10.1, each Guarantor hereby agrees that this Indenture shall be executed on behalf of
such Guarantor by an Officer or person holding an equivalent title. 
 (b) Each Guarantor hereby agrees that its Guarantee set forth in
Section 10.1 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

(c) If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the
Guarantees shall be valid nevertheless. 
 (d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 

  
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 (e) If required by Section 3.11, the Issuers shall cause any newly
created or acquired Restricted Subsidiary to comply with the provisions of Section 3.11 and this Article X, to the extent applicable. 

ARTICLE XI 
 INTENTIONALLY
OMITTED 
 ARTICLE XII 

Miscellaneous 
 SECTION
12.1. Notices. Notices given by publication shall be deemed given on the first date on which publication is made, and notices given by first-class mail, postage prepaid, shall be deemed given five calendar days after mailing. Notices
personally delivered will be deemed given at the time delivered by hand. Notices given by facsimile or email will be deemed given when transmitted. Notices given by overnight air courier guaranteeing next day delivery will be deemed given the next
Business Day after timely delivery to the courier. Any notice given by DTC shall be sufficiently given according to the Applicable Procedures. Any notice or communication shall be in writing and delivered in person, by facsimile or mailed by
first-class mail addressed as follows: 
 if to the Issuers or any Guarantor: 

Jaguar Holding Company II 
 PPD
Development, L.P. 
 c/o PPD, Inc. 

929 North Front Street 

Wilmington, NC 28401 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
 if to the
Trustee: 
 Wilmington Trust, National Association 

Global Capital Markets 
 50 South
Sixth Street, Suite 1290 
 Minneapolis, MN 55402 

Facsimile: [                    ] 

Attention: [                    ] 

The Issuers or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the
registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

  
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 The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable
for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding if such instructions conflict or are inconsistent with a subsequent written instruction. The
party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties. 
 Notwithstanding any other provision of this Indenture or any
Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary
for such Note (or its designee) pursuant to the standing instructions from such Depositary. 
 SECTION 12.2. Certificate and Opinion as
to Conditions Precedent. Upon any request or application by the Issuers to the Trustee to take or refrain from taking any action under this Indenture (except in connection with (x) the original issuance of Notes on the date hereof and
(y) with respect to clause (ii) below, the execution of any amendment or supplement adding a new Guarantor under this Indenture), the Issuers shall furnish to the Trustee: 

(i) an Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(ii) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with. 
 SECTION 12.3. Statements Required in Certificate or Opinion. Each certificate
or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than a certificate provided pursuant to Section 3.12) shall include: 

(i) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of such individual, he has made
such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials. 

  
 131 

 SECTION 12.4. Severability. In case any provision in this Indenture or in the Notes
or in any Guarantee is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not be in any way affected or impaired thereby. 

SECTION 12.5. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of,
Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 12.6. Days Other than Business
Days. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on such payment for the intervening period. If a regular Record Date is not a Business Day, the
Record Date shall not be affected. 
 SECTION 12.7. Governing Law. This Indenture, the Notes and the Guarantees shall be governed by,
and construed in accordance with, the laws of the State of New York. 
 SECTION 12.8. Electronic Signatures. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means; provided that, notwithstanding anything herein to the contrary, the Trustee is under no obligation to agree to
accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to reasonable procedures approved by the Trustee. 

SECTION 12.9. Waiver of Jury Trial. EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 12.10. No Recourse Against Others. No manager, managing director, incorporator, director, officer, employee or holder of any
Equity Interests of the Issuers, any Subsidiary or any direct or indirect parent of the Company, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the Notes, the Guarantees or this Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issuance of the Notes. This
waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

SECTION 12.11. Successors. All agreements of the Issuers and any Guarantor in this Indenture and the Notes shall bind their respective
successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 12.12. Multiple Originals. The
parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an executed counterpart of a signature page to this Indenture by telecopier, facsimile
or other electronic transmission (i.e. a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof. One signed copy is enough to prove this Indenture. 

  
 132 

 SECTION 12.13. Variable Provisions. The Issuers initially appoint the Trustee as
Paying Agent and Registrar with respect to the Notes and Notes Custodian with respect to any Global Notes. 
 SECTION 12.14. Table of
Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof. 
 SECTION 12.15. Force Majeure. In no event shall the Trustee or any Agent be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, pandemics and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services or the unavailability of the Federal Reserve
bank wire or telex or other wire or communication facility; it being understood that the Trustee and such Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances. 
 SECTION 12.16. USA Patriot Act. The parties hereto acknowledge that in accordance with
Section 326 of the USA Patriot Act the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account. The parties to this Indenture agree that they shall provide the Trustee with such information as they may request in order to satisfy the requirements of the USA Patriot Act. 

SECTION 12.17. [Reserved]. 

SECTION 12.18. Communication by Holders with Other Holders. Holders may communicate pursuant to TIA § 312(b) with other Holders of
Notes with respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

ARTICLE XIII 
 Measuring
Compliance 
 SECTION 13.1. Compliance in Connection with Certain Investments and Repayments. With respect to any
(x) Investment or acquisition, in each case, the consummation of which is not conditioned on the availability of, or on obtaining third party financing and (y) repayment, repurchase or Refinancing of Indebtedness with respect to which a
notice of repayment (or similar notice), which may be conditional, has been delivered, in each case for purposes of determining: 
 (a)
whether any Indebtedness (including Acquired Indebtedness) that is being incurred in connection with such Investment, acquisition or Refinancing of Indebtedness is permitted to be incurred in compliance with Section 3.3;

 (b) whether any Lien being incurred in connection with such Investment, acquisition or Refinancing of Indebtedness or to secure any such
Indebtedness is permitted to be incurred in compliance with Section 3.5 or the definition of “Permitted Liens”; 

  
 133 

 (c) whether any other transaction undertaken or proposed to be undertaken in connection with
such Investment, acquisition or Refinancing of Indebtedness complies with the covenants or agreements contained in this Indenture or the Notes; and 

(d) any calculation of the ratios or financial metrics, including Fixed Charge Coverage Ratio, Consolidated Total Debt Ratio, Consolidated
Senior Secured Debt Ratio and Specified Consolidated Total Debt Ratio, and any calculation of Consolidated Net Income, Consolidated EBITDA, Pro Forma Consolidated EBITDA, Consolidated Net Tangible Assets and/or Pro Forma Cost Savings and, whether a
Default or Event of Default exists in connection with the foregoing, 
 at the option of the Company, using the date that the definitive agreement for such
Investment, acquisition or Refinancing of Indebtedness is entered into, or the date that notice, which may be conditional, of such Refinancing of Indebtedness is given to the holders of such Indebtedness (the “Transaction Agreement
Date”) may be used as the applicable date of determination, as the case may be, in each case with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Pro
Forma Basis” or “Consolidated EBITDA.” For the avoidance of doubt, if the Company elects to use the Transaction Agreement Date as the applicable date of determination in accordance with the foregoing, (a) any fluctuation or
change in the Fixed Charge Coverage Ratio, Consolidated Total Debt Ratio, Consolidated Senior Secured Debt Ratio, Specified Consolidated Total Debt Ratio, Consolidated Net Income, Consolidated EBITDA, Pro Forma Consolidated EBITDA, Consolidated Net
Tangible Assets and/or Pro Forma Cost Savings of the Company from the Transaction Agreement Date to the date of consummation of such Investment, acquisition or Refinancing of Indebtedness, will not be taken into account for purposes of determining
whether any Indebtedness or Lien that is being incurred in connection with such Investment, acquisition or Refinancing of Indebtedness, or in connection with compliance by the Company or any of the Restricted Subsidiaries with any other provision of
this Indenture or the Notes or any other transaction undertaken in connection with such Investment, acquisition or Refinancing of Indebtedness, is permitted to be Incurred and (b) until such Investment, acquisition or Refinancing of
Indebtedness is consummated or such definitive agreement is terminated, such Investment, acquisition or Refinancing of Indebtedness and all transactions proposed to be undertaken in connection therewith (including the incurrence of Indebtedness and
Liens) will be given pro forma effect when determining compliance of other transactions (including the incurrence of Indebtedness and Liens unrelated to such Investment, acquisition or Refinancing of Indebtedness) that are consummated after
the Transaction Agreement Date and on or prior to the consummation of such Investment, acquisition or Refinancing of Indebtedness and any such transactions (including any incurrence of Indebtedness and the use of proceeds thereof) will be deemed to
have occurred on the date the definitive agreements are entered and outstanding thereafter for purposes of calculating any baskets or ratios or financial metrics under this Indenture after the date of such agreement and before the consummation of
such Investment, acquisition or Refinancing of Indebtedness. The compliance with any requirement relating to the absence of a Default or Event of Default may be determined as of the Transaction Agreement Date and not as of any later date as would
otherwise be required under this Indenture. 
 [Signature Pages Follow] 

  
 134 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the date first above written. 
  

			
	JAGUAR HOLDING COMPANY II
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	PPD DEVELOPMENT, L.P.
	By its general partner: PPD GP, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
	
	PPD, INC.
	EAGLE HOLDING COMPANY II, LLC
	JAGUAR HOLDING COMPANY I, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	ACCESS TO PATIENTS, LLC
		
	By:	 	 /s/ Roger Smith

		 	Name: Roger Smith
		 	Title: President

 [Signature Page to the Indenture] 

 
			
	ACURIAN, INC.
		
	By:	 	 /s/ Roger Smith

		 	Name: Roger Smith
		 	Title: Senior Vice President
	
	APPLIED BIOSCIENCE INTERNATIONAL LLC
	 ATP, LLC
 PPD HOLDINGS,
LLC

	PPD GLOBAL CENTRAL LABS, LLC
	PPD AERONAUTICS, LLC
	RIVER VENTURES, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President and Secretary
	
	COMPASS NEUROHEALTH, LLC
	COMPASS RESEARCH, LLC
	COMPASS RESEARCH NORTH, LLC
	COMPASS RESEARCH PHASE 1, LLC
	NEUROHEALTH, INC.
	THE COMPASS CLINIC, LLC
		
	By:	 	 /s/ Roger Smith

		 	Name: Roger Smith
		 	Title: President
	
	FIELDACCESS, LLC
		
	By:	 	 /s/ William J. Sharbaugh

		 	Name: William J. Sharbaugh
		 	Title: Manager

 [Signature Page to the Indenture] 

 
			
	EVIDERA INC.
	EVIDERA HOLDINGS INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Secretary
	
	EVIDERA, LLC
	
	By its sole member: Evidera, Inc.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Secretary
	
	JAGUAR (BARBADOS) FINANCE S.R.L.
		
	By:	 	 /s/ Theresa McCutcheon

		 	Name: Theresa McCutcheon
		 	Title: Manager
	
	MEDICIGROUP, INC.
		
	By:	 	 /s/ Roger Smith

		 	Name: Roger Smith
		 	Title: President
	
	OPTIMAL RESEARCH, LLC
	SYNEXUS CLINICAL RESEARCH US, INC.
		
	By:	 	 /s/ Roger Smith

		 	Name: Roger Smith
		 	Title: President

 [Signature Page to the Indenture] 

 
			
	PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Executive Vice President, Chief
		 	Administrative Officer, General Counsel and
		 	Secretary
	
	PHARMACO INVESTMENTS, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: President and Secretary
	
	PPD INVESTIGATOR SERVICES, LLC
	PPD GP, LLC
	PPD SERVICES, INC.
	PPD VACCINES AND BIOLOGICS, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Chief Administrative Officer, General Counsel and Secretary
	
	SYNARC, INC.
		
	By:	 	 /s/ Roger Smith

		 	Name: Roger Smith
		 	Title: President

 [Signature Page to the Indenture] 

 
			
	WILDCAT ACQUISITION HOLDINGS (UK) LIMITED
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Director

 [Signature Page to the Indenture] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Barry D. Somrock

		 	Name: Barry D. Somrock
		 	Title: Vice President

 [Signature Page to the Indenture] 

 EXHIBIT A-1 

[FORM OF FACE OF 2025 NOTE] 

Global Note Legend, if applicable 

Private Placement Legend, if applicable 

Temporary Regulation S Legend, if applicable 

  
 A-1-1 

			
	No. [___]	  	 Principal Amount $[________________],
 as
revised by the Schedule of Increases
 or Decreases in the Global Note attached hereto1

		
		  	CUSIP NO. _________________2

 JAGUAR HOLDING COMPANY II 

PPD DEVELOPMENT, L.P. 
 4.625%
Senior Notes due 2025 
 Jaguar Holding Company II, a Delaware corporation, and PPD Development, L.P., a Delaware limited partnership,
promise to pay to Cede & Co., or its registered assigns, the initial principal amount set forth on the Schedule of Increases or Decreases in the Global Note attached hereto, as revised by the Schedule of Increases or Decreases in the Global
Note attached hereto, on June 15, 2025. 
 Interest Payment Dates: June 15 and December 15. 

Record Dates: June 1 and December 1. 

Additional provisions of this 2025 Note are set forth on the other side of this 2025 Note. 

 

	1 	 Insert Global Notes only 

	2	 144A – 47010L AB8 

	  	 Reg S – U4683L AB2 

  
 A-1-2 

 
			
	JAGUAR HOLDING COMPANY II
		
	By:	 	              

		 	Name:
		 	Title:
	
	PPD DEVELOPMENT, L.P.
	By its general partner: PPD GP, LLC
		
	By:	 	              

		 	Name:
		 	Title:

  
 A-1-3 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 WILMINGTON TRUST, NATIONAL ASSOCIATION 

as Trustee, certifies that this is one of the 
 2025 Notes
referred to in the Indenture. 
  

							
	By:	 	              
	 	                                      
              	 	
		 	Authorized Signatory	 		 	Date:

  
 A-1-4 

 [FORM OF REVERSE SIDE OF NOTE] 

4.625% Senior Notes due 2025 
 1. Interest

 Jaguar Holding Company II, a Delaware corporation, and PPD Development, L.P., a Delaware limited partnership (such corporation and
limited partnership, and their successors and assigns under the Indenture, hereinafter referred to as the “Issuers”), promise to pay interest on the principal amount of this 2025 Note at the rate per annum shown above. 

The Issuers shall pay interest semiannually on June 15 and December 15 of each year, with the first interest payment to be made on
December 15, 2020.3 Interest on the 2025 Notes shall accrue from the most recent date to which interest has been paid on the 2025 Notes or, if no interest has been paid, from June 5,
2020.4 The Issuers shall pay interest on overdue principal or premium, if any (plus interest on such interest to the extent lawful), at the rate borne by the 2025 Notes to the extent lawful.
Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuers shall pay interest on overdue principal at 2% per annum in excess of the
above rate and shall pay interest on overdue installments of interest at such higher rate to the extent lawful. 
 2. Method of Payment 

By no later than 11:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any 2025 Note is due
and payable, the Issuers shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest. The Issuers shall pay interest (except Defaulted Interest) to the Persons who are
registered Holders of 2025 Notes at the close of business on the June 1 and December 1 next preceding the Interest Payment Date unless such 2025 Notes are cancelled, repurchased or redeemed after the record date and before the Interest
Payment Date. Holders must surrender 2025 Notes to a Paying Agent to collect principal payments. The Issuers shall pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for payment of
public and private debts. Payments in respect of 2025 Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by the Paying Agent by the transfer of immediately available funds to the accounts specified
by the Depositary. The Issuers shall make all payments in respect of a Definitive Note (including principal, premium, if any, and interest) through the Paying Agent by mailing a check to the registered address of each Holder thereof. 

3. Paying Agent and Registrar 
 Initially,
Wilmington Trust, National Association, duly organized and existing under the laws of the United States of America and having a corporate trust office at 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402 (“Trustee”), shall
act as Paying Agent and Registrar. The Issuers may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Holder. The Issuers or any of their Subsidiaries may act as Paying Agent,
Registrar or co-registrar. 
  

	3 	 With respect to the Initial 2025 Notes. 

	4 	 With respect to the Initial 2025 Notes. 

  
 A-1-5 

 4. Indenture 

The Issuers issued the 2025 Notes under an Indenture dated as of June 5, 2020 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Indenture”), among the Issuers, the Guarantors and the Trustee. The terms of the 2025 Notes include those stated in the Indenture. Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Indenture. The 2025 Notes are subject to all such terms, and Holders are referred to the Indenture and the Securities Act for a statement of those terms. To the extent any provision of this 2025 Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The 2025 Notes are senior
unsecured obligations of the Issuers. This 2025 Note is one of the 4.625% Senior Notes due 2025 referred to in the Indenture. The 2025 Notes include (i) $500,000,000 aggregate principal amount of the Issuers’ 4.625% Senior Notes due 2025 issued
under the Indenture on June 5, 2020 and (ii) if and when issued, additional related 2025 Notes of the Issuers that may be issued from time to time under the Indenture subsequent to June 5, 2020 (herein called “Additional 2025
Notes”). 
 5. Guarantee 
 To
guarantee the due and punctual payment of the principal, premium, if any, and interest (including post-filing or post-petition interest) on the 2025 Notes and all other amounts payable by the Issuers under the Indenture and the 2025 Notes when and
as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the 2025 Notes and the Indenture, the Guarantors have unconditionally Guaranteed (and future guarantors shall unconditionally
Guarantee), jointly and severally, such obligations on a senior unsecured basis, subject to the limitations described in Article X of the Indenture. 

6. Optional Redemption  
 (a) On and after
June 15, 20225, the Issuers may redeem the 2025 Notes, at their option, in whole at any time or in part from time to time, upon notice as described in Section 5.4 of
the Indenture, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, to (but not including) the redemption date (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date falling prior to or on the redemption date), if redeemed during the 12-month period commencing on June 156 of the years set forth below: 
  

					
	 Year
	  	Percentage	 
	 2022
	  	 	102.313%	 
	 2023
	  	 	101.156%	 
	 2024 and thereafter
	  	 	100.000%	 

  

	5 	 With respect to the Initial 2025 Notes. 

	6 	 With respect to the Initial 2025 Notes. 

  
 A-1-6 

 (b) At any time prior to June 15,
20227, the Issuers may redeem the 2025 Notes at their option, in whole at any time or in part from time to time, upon notice as described in Section 5.4 of the Indenture,
at a redemption price equal to 100% of the principal amount of the 2025 Notes redeemed plus the Applicable Premium as of the date of the redemption notice, and accrued and unpaid interest, if any, to (but not including) the applicable redemption
date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the redemption date). 

(c) At any time and from time to time, upon notice as described in Section 5.4 of the Indenture, prior to
June 15, 20228, the Issuers may redeem in the aggregate up to 40% of the aggregate principal amount of the 2025 Notes (calculated after giving effect to any issuance of Additional 2025 Notes)
with an amount equal to the net cash proceeds of one or more Equity Offerings, to the extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock)
of the Company through an issuance of Capital Stock by the Company, at a redemption price (expressed as a percentage of the principal amount thereof) equal to 104.625% plus accrued and unpaid interest, if any, to (but not including) the redemption
date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the redemption date); provided, however, that at least 50% of the
aggregate principal amount of the 2025 Notes (calculated after giving effect to any issuance of Additional 2025 Notes) must remain outstanding after each such redemption; provided, further, that for purposes of calculating the
principal amount of the 2025 Notes able to be redeemed with the net cash proceeds of such Equity Offering or Equity Offerings, such amount shall include only the principal amount of the 2025 Notes to be redeemed plus the premium on such 2025
Notes to be redeemed; provided, still further, that such redemption shall occur within 120 days after the date on which any such Equity Offering is consummated. 

(d) At any time, the Issuers or a third party may redeem, at their option, the 2025 Notes at 101% of the principal amount thereof, plus accrued
and unpaid interest, if any, to (but not including) the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the purchase date)
following the consummation of a Change of Control if at least 90% of the 2025 Notes outstanding prior to such consummation are purchased pursuant to a Change of Control Offer with respect to such Change of Control. 

(f) Any redemption of the 2025 Notes (including with the net cash proceeds of an Equity Offering) may, at the Issuers’ discretion, be
subject to one or more conditions precedent, including, but not limited to, consummation of any related Equity Offering or consummation of a Change of Control. In addition, if such redemption or notice is subject to satisfaction of one or more
conditions precedent, such notice shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion), or such
redemption may not occur and such notice may be modified or rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the redemption date, or by the redemption date so
delayed (which may exceed 60 days from the date of the redemption notice in such case). In addition, such notice of redemption may be extended if such conditions precedent have not been satisfied or waived by the Issuers, by providing notice to
noteholders. 
  

	7 	 With respect to the Initial 2025 Notes. 

	8 	 With respect to the Initial 2025 Notes. 

  
 A-1-7 

 (g) Unless the Issuers default in the payment of the redemption price, interest shall cease
to accrue on the 2025 Notes or portions thereof called for redemption on the applicable redemption date. 
 (h) Any redemption pursuant to
this paragraph 6 shall be made pursuant to the provisions of Article V of the Indenture. 
 7. Change of Control; Asset Sales 

(a) If a Change of Control occurs after the Issue Date, unless the Issuers have exercised their right to redeem all of the 2025 Notes under
Section 5.1 of the Indenture, each Holder shall have the right to require the Issuers to repurchase all or any part (in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof; provided
that the 2025 Notes submitted or selected for purchase shall not result in a Holder with a principal amount of 2025 Notes less than the minimum denomination of $2,000) of such Holder’s 2025 Notes at a purchase price in cash equal to 101% of the
principal amount of the 2025 Notes plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date
falling prior to or on the purchase date) as provided in, and subject to the terms of, the Indenture. 
 (b) In connection with any Change of
Control Offer, any such Change of Control Offer may, at the Issuers’ discretion, be subject to one or more conditions precedent. In addition, if such Change of Control Offer or notice is subject to satisfaction of one or more conditions
precedent, such notice shall state that, in the Issuers’ discretion, the purchase date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion), or such purchase may not
occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the purchase date, or by the purchase date so delayed. 

(c) In the event of an Asset Sale Offer that requires the purchase of 2025 Notes pursuant to Section 3.7(d) of the
Indenture, the Issuers shall be required to make an offer to all Holders to purchase 2025 Notes in accordance with Sections 3.7(d) and 5.8 of the Indenture at an offer price in cash in an amount equal to 100.0% of the principal amount
of the 2025 Notes, plus accrued and unpaid interest to, but excluding, the date of purchase (subject to the rights of Holders of record on any Record Date to receive payments of interest on the related Interest Payment Date). Holders that are the
subject of an offer to purchase shall receive an Asset Sale Offer from the Issuers prior to any related purchase date and may elect to have such 2025 Note purchased pursuant to such offer by completing the form entitled “Option of Holder To
Elect Purchase” attached hereto, or transferring its interest in such 2025 Note by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the address specified in the notice at least three Business
Days before the Purchase Date. 
 8. Denominations; Transfer; Exchange 

The 2025 Notes are in registered form without coupons in minimum denominations of principal amount of $2,000 and whole multiples of $1,000 in
excess thereof. A Holder may transfer or exchange 2025 Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required
by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any 2025 Notes for a period beginning 15 Business Days before an Interest Payment Date and ending on such Interest Payment Date. 

  
 A-1-8 

 9. Persons Deemed Owners 

The registered Holder of this 2025 Note may be treated as the owner of it for all purposes. 

10. Unclaimed Money 
 If money for the
payment of the principal of or premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuers at their request unless an abandoned property law designates another person. After any
such payment, Holders entitled to the money must look only to the Issuers and not to the Trustee for payment. 
 11. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the 2025
Notes and the Indenture if the Issuers irrevocably deposit in trust with the Trustee money or U.S. Government Obligations (sufficient, without reinvestment, in the opinion of an Independent Financial Advisor) for the payment of principal, premium
(if any) and interest on the 2025 Notes to redemption or maturity, as the case may be. 
 12. Amendment, Waiver 

The Indenture and the 2025 Notes may be amended or waived as set forth in Article IX of the Indenture. 

13. Defaults and Remedies 
 Events of
Default shall be as set forth in Article VI of the Indenture. 
 If an Event of Default occurs and is continuing, the Trustee or
Holders of at least 30% in principal amount of outstanding 2025 Notes may declare all the 2025 Notes to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Issuers are Events of Default which shall result
in the 2025 Notes being due and payable immediately upon the occurrence of such Events of Default. 
 Holders may not enforce the Indenture
or the 2025 Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the 2025 Notes unless it receives indemnity or security satisfactory to the Trustee. Subject to certain limitations, Holders of a majority in
principal amount of the 2025 Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal
or interest) if it determines that withholding notice is in their interest. 
 14. Trustee Dealings with the Issuer 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of 2025 Notes and may otherwise deal with and collect obligations owed to it by the Issuers or their Affiliates and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not
Trustee. 

  
 A-1-9 

 15. No Recourse Against Others 

No manager, managing director, director, officer, employee, incorporator or Holder of any Equity Interests in the Company, any Subsidiary or
any direct or indirect parent or Affiliate of the Company, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the 2025 Notes, the Indenture or any Guarantee or for any claim based on, in respect of, or by
reason of, such obligations or their creation. By accepting a 2025 Note, each Holder waives and releases all such liability. The waiver and release shall be part of the consideration for the issuance of the 2025 Notes. This waiver may not be
effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
 16.
Authentication 
 This 2025 Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on
its behalf) manually signs the certificate of authentication on the other side of this 2025 Note. 
 17. Abbreviations 

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

18. CUSIP Numbers 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Note Identification Procedures the Issuers have caused CUSIP numbers to be printed on the 2025 Notes. No representation is made as to the accuracy of such numbers as printed on the 2025 Notes
and reliance may be placed only on the other identification numbers placed thereon. 
 19. Successor Entity 

When a successor entity assumes, in accordance with the Indenture, all the obligations of its predecessor under the 2025 Notes and the
Indenture, and immediately before and thereafter no Default or Event of Default exists and all other conditions of the Indenture are satisfied, the predecessor entity shall be released from those obligations. 

20. Governing Law 
 This 2025 Note shall
be governed by, and construed in accordance with, the laws of the State of New York. 

  
 A-1-10 

 ASSIGNMENT FORM 

To assign this 2025 Note, fill in the form below: 
 I or we
assign and transfer this 2025 Note to 
  
  

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

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint ____________agent to transfer this 2025 Note on the books of the Issuer. The agent may substitute another to act
for him. 
  

			
	Date: ______________	  	Your Signature: __________________
		
	Signature Guarantee: _________________________	  	
	                                    
(Signature must be guaranteed)

  
  

Sign exactly as your name appears on the other side of this 2025 Note. 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

  
 A-1-11 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this 2025 Note shall be $[        ]. The following increases or
decreases in this Global Note have been made: 
  

									
	 Date of

Exchange
	 	Amount of decrease in Principal
Amount of this Global Note	 	 Amount in increase in

Principal amount of this
 Global
Note
	 	 Principal amount of this

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

  
 A-1-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2025 Note purchased by the Issuers pursuant to Sections 3.7 or 3.9 of the Indenture, check the
box: 
  

			
	 ☐

3.7
	  	 ☐
 3.9

 If you want to elect to have only part of this 2025 Note purchased by the Issuers pursuant to Sections
3.7 or 3.9 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or integral multiples of $1,000 in excess thereof): $ 
  

			
	Date:
                                    	  	Your
Signature:                                       
                                 
		  	(Sign exactly as your name appears on the other side of the 2025 Note)

 Signature Guarantee:
                                        
                     

        (Signature must be guaranteed) 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

  
 A-1-13 

 EXHIBIT A-2 

[FORM OF FACE OF 2028 NOTE] 

Global Note Legend, if applicable 

Private Placement Legend, if applicable 

Temporary Regulation S Legend, if applicable 

  
 A-2-1 

			
	 No. [___]
	  	 Principal Amount $[________________],

as revised by the Schedule of Increases

or Decreases in the Global Note attached hereto9

		
		  	 CUSIP NO.
_________________10

 JAGUAR HOLDING COMPANY II 

PPD DEVELOPMENT, L.P. 
 5.000%
Senior Notes due 2028 
 Jaguar Holding Company II, a Delaware corporation, and PPD Development, L.P., a Delaware limited partnership,
promise to pay to Cede & Co., or its registered assigns, the initial principal amount set forth on the Schedule of Increases or Decreases in the Global Note attached hereto, as revised by the Schedule of Increases or Decreases in the Global
Note attached hereto, on June 15, 2028. 
 Interest Payment Dates: June 15 and December 15. 

Record Dates: June 1 and December 1. 

Additional provisions of this 2028 Note are set forth on the other side of this 2028 Note. 

 

	9 	 Insert Global Notes only 

	10	 144A – 47010L AA0 

	  	 Reg S – U4683L AA4 

  
 A-2-2 

 
			
	JAGUAR HOLDING COMPANY II
		
	By:	 	          

		 	Name:
		 	Title:
	
	PPD DEVELOPMENT, L.P.
	By its general partner: PPD GP, LLC
		
	By:	 	          

		 	Name:
		 	Title:

  
 A-2-3 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 WILMINGTON TRUST, NATIONAL ASSOCIATION 

as Trustee, certifies that this is one of the 
 2028 Notes
referred to in the Indenture. 
  

					
	By:	  	  
	  	
		  	Authorized Signatory	  	Date:

  
 A-2-4 

 [FORM OF REVERSE SIDE OF NOTE] 

5.000% Senior Notes due 2028 
 1. Interest

 Jaguar Holding Company II, a Delaware corporation, and PPD Development, L.P., a Delaware limited partnership (such corporation and limited
partnership, and their successors and assigns under the Indenture, hereinafter referred to as the “Issuers”), promise to pay interest on the principal amount of this 2028 Note at the rate per annum shown above. 

The Issuers shall pay interest semiannually on June 15 and December 15 of each year, with the first interest payment to be made on
December 15, 2020.11 Interest on the 2028 Notes shall accrue from the most recent date to which interest has been paid on the 2028 Notes or, if no interest has been paid, from June 5,
2020.12 The Issuers shall pay interest on overdue principal or premium, if any (plus interest on such interest to the extent lawful), at the rate borne by the 2028 Notes to the extent lawful.
Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuers shall pay interest on overdue principal at 2% per annum in excess of the
above rate and shall pay interest on overdue installments of interest at such higher rate to the extent lawful. 
 2. Method of Payment 

By no later than 11:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any 2028 Note is due
and payable, the Issuers shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest. The Issuers shall pay interest (except Defaulted Interest) to the Persons who are
registered Holders of 2028 Notes at the close of business on the June 1 and December 1 next preceding the Interest Payment Date unless such 2028 Notes are cancelled, repurchased or redeemed after the record date and before the Interest
Payment Date. Holders must surrender 2028 Notes to a Paying Agent to collect principal payments. The Issuers shall pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for payment of
public and private debts. Payments in respect of 2028 Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by the Paying Agent by the transfer of immediately available funds to the accounts specified
by the Depositary. The Issuers shall make all payments in respect of a Definitive Note (including principal, premium, if any, and interest) through the Paying Agent by mailing a check to the registered address of each Holder thereof. 

3. Paying Agent and Registrar 
 Initially,
Wilmington Trust, National Association, duly organized and existing under the laws of the United States of America and having a corporate trust office at 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402 (“Trustee”), shall
act as Paying Agent and Registrar. The Issuers may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Holder. The Issuers or any of their Subsidiaries may act as Paying Agent,
Registrar or co-registrar. 
  
  

 

	11 	 With respect to the Initial 2028 Notes. 

	12 	 With respect to the Initial 2028 Notes. 

  
 A-2-5 

 4. Indenture 

The Issuers issued the 2028 Notes under an Indenture dated as of June 5, 2020 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Indenture”), among the Issuers, the Guarantors and the Trustee. The terms of the 2028 Notes include those stated in the Indenture. Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Indenture. The 2028 Notes are subject to all such terms, and Holders are referred to the Indenture and the Securities Act for a statement of those terms. To the extent any provision of this 2028 Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The 2028 Notes are senior
unsecured obligations of the Issuers. This 2028 Note is one of the 5.000% Senior Notes due 2028 referred to in the Indenture. The 2028 Notes include (i) $700,000,000 aggregate principal amount of the Issuers’ 5.000% Senior Notes due 2028 issued
under the Indenture on June 5, 2020 and (ii) if and when issued, additional related 2028 Notes of the Issuers that may be issued from time to time under the Indenture subsequent to June 5, 2020 (herein called “Additional 2028
Notes”). 
 5. Guarantee 
 To
guarantee the due and punctual payment of the principal, premium, if any, and interest (including post-filing or post-petition interest) on the 2028 Notes and all other amounts payable by the Issuers under the Indenture and the 2028 Notes when and
as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the 2028 Notes and the Indenture, the Guarantors have unconditionally Guaranteed (and future guarantors shall unconditionally
Guarantee), jointly and severally, such obligations on a senior unsecured basis, subject to the limitations described in Article X of the Indenture. 

6. Optional Redemption  
 (a) On and after
June 15, 202313, the Issuers may redeem the 2028 Notes, at their option, in whole at any time or in part from time to time, upon notice as described in Section 5.4
of the Indenture, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, to (but not including) the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date falling prior to or on the redemption date), if redeemed during the 12-month period commencing on June 1514 of the years set forth below: 
  

					
	 Year
	  	Percentage	 
	 2023
	  	 	102.500	% 
	 2024
	  	 	101.250	% 
	 2025 and thereafter
	  	 	100.000	% 

  
  

 

	13 	 With respect to the Initial 2028 Notes. 

	14 	 With respect to the Initial 2028 Notes. 

  
 A-2-6 

 (b) At any time prior to June 15,
202315, the Issuers may redeem the 2028 Notes at their option, in whole at any time or in part from time to time, upon notice as described in Section 5.4 of the
Indenture, at a redemption price equal to 100% of the principal amount of the 2028 Notes redeemed plus the Applicable Premium as of the date of the redemption notice, and accrued and unpaid interest, if any, to (but not including) the applicable
redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the redemption date). 

(c) At any time and from time to time, upon notice as described in Section 5.4 of the Indenture, prior to
June 15, 202316, the Issuers may redeem in the aggregate up to 40% of the aggregate principal amount of the 2028 Notes (calculated after giving effect to any issuance of Additional 2028
Notes) with an amount equal to the net cash proceeds of one or more Equity Offerings, to the extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified
Stock) of the Company through an issuance of Capital Stock by the Company, at a redemption price (expressed as a percentage of the principal amount thereof) equal to 105.000% plus accrued and unpaid interest, if any, to (but not including) the
redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the redemption date); provided, however, that at least 50% of
the aggregate principal amount of the 2028 Notes (calculated after giving effect to any issuance of Additional 2028 Notes) must remain outstanding after each such redemption; provided, further, that for purposes of calculating the
principal amount of the 2028 Notes able to be redeemed with the net cash proceeds of such Equity Offering or Equity Offerings, such amount shall include only the principal amount of the 2028 Notes to be redeemed plus the premium on such 2028
Notes to be redeemed; provided, still further, that such redemption shall occur within 120 days after the date on which any such Equity Offering is consummated. 

(d) At any time, the Issuers or a third party may redeem, at their option, the 2028 Notes at 101% of the principal amount thereof, plus accrued
and unpaid interest, if any, to (but not including) the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the purchase date)
following the consummation of a Change of Control if at least 90% of the 2028 Notes outstanding prior to such consummation are purchased pursuant to a Change of Control Offer with respect to such Change of Control. 

(f) Any redemption of the 2028 Notes (including with the net cash proceeds of an Equity Offering) may, at the Issuers’ discretion, be
subject to one or more conditions precedent, including, but not limited to, consummation of any related Equity Offering or consummation of a Change of Control. In addition, if such redemption or notice is subject to satisfaction of one or more
conditions precedent, such notice shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion), or such
redemption may not occur and such notice may be modified or rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the redemption date, or by the redemption date so
delayed (which may exceed 60 days from the date of the redemption notice in such case). In addition, such notice of redemption may be extended if such conditions precedent have not been satisfied or waived by the Issuers, by providing notice to
noteholders. 
  
  

 

	15 	 With respect to the Initial 2028 Notes. 

	16 	 With respect to the Initial 2028 Notes. 

  
 A-2-7 

 (g) Unless the Issuers default in the payment of the redemption price, interest shall cease
to accrue on the 2028 Notes or portions thereof called for redemption on the applicable redemption date. 
 (h) Any redemption pursuant to
this paragraph 6 shall be made pursuant to the provisions of Article V of the Indenture. 
 7. Change of Control; Asset Sales 

(a) If a Change of Control occurs after the Issue Date, unless the Issuers have exercised their right to redeem all of the 2028 Notes under
Section 5.1 of the Indenture, each Holder shall have the right to require the Issuers to repurchase all or any part (in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof; provided
that the 2028 Notes submitted or selected for purchase shall not result in a Holder with a principal amount of 2028 Notes less than the minimum denomination of $2,000) of such Holder’s 2028 Notes at a purchase price in cash equal to 101% of the
principal amount of the 2028 Notes plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date
falling prior to or on the purchase date) as provided in, and subject to the terms of, the Indenture. 
 (b) In connection with any Change of
Control Offer, any such Change of Control Offer may, at the Issuers’ discretion, be subject to one or more conditions precedent. In addition, if such Change of Control Offer or notice is subject to satisfaction of one or more conditions
precedent, such notice shall state that, in the Issuers’ discretion, the purchase date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion), or such purchase may not
occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the purchase date, or by the purchase date so delayed. 

(c) In the event of an Asset Sale Offer that requires the purchase of 2028 Notes pursuant to Section 3.7(d) of the
Indenture, the Issuers shall be required to make an offer to all Holders to purchase 2028 Notes in accordance with Sections 3.7(d) and 5.8 of the Indenture at an offer price in cash in an amount equal to 100.0% of the principal amount
of the 2028 Notes, plus accrued and unpaid interest to, but excluding, the date of purchase (subject to the rights of Holders of record on any Record Date to receive payments of interest on the related Interest Payment Date). Holders that are the
subject of an offer to purchase shall receive an Asset Sale Offer from the Issuers prior to any related purchase date and may elect to have such 2028 Note purchased pursuant to such offer by completing the form entitled “Option of Holder To
Elect Purchase” attached hereto, or transferring its interest in such 2028 Note by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the address specified in the notice at least three Business
Days before the Purchase Date. 
 8. Denominations; Transfer; Exchange 

The 2028 Notes are in registered form without coupons in minimum denominations of principal amount of $2,000 and whole multiples of $1,000 in
excess thereof. A Holder may transfer or exchange 2028 Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required
by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any 2028 Notes for a period beginning 15 Business Days before an Interest Payment Date and ending on such Interest Payment Date. 

  
 A-2-8 

 9. Persons Deemed Owners 

The registered Holder of this 2028 Note may be treated as the owner of it for all purposes. 

10. Unclaimed Money 
 If money for the
payment of the principal of or premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuers at their request unless an abandoned property law designates another person. After any
such payment, Holders entitled to the money must look only to the Issuers and not to the Trustee for payment. 
 11. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the 2028
Notes and the Indenture if the Issuers irrevocably deposit in trust with the Trustee money or U.S. Government Obligations (sufficient, without reinvestment, in the opinion of an Independent Financial Advisor) for the payment of principal, premium
(if any) and interest on the 2028 Notes to redemption or maturity, as the case may be. 
 12. Amendment, Waiver 

The Indenture and the 2028 Notes may be amended or waived as set forth in Article IX of the Indenture. 

13. Defaults and Remedies 
 Events of
Default shall be as set forth in Article VI of the Indenture. 
 If an Event of Default occurs and is continuing, the Trustee or
Holders of at least 30% in principal amount of outstanding 2028 Notes may declare all the 2028 Notes to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Issuers are Events of Default which shall result
in the 2028 Notes being due and payable immediately upon the occurrence of such Events of Default. 
 Holders may not enforce the Indenture
or the 2028 Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the 2028 Notes unless it receives indemnity or security satisfactory to the Trustee. Subject to certain limitations, Holders of a majority in
principal amount of the 2028 Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal
or interest) if it determines that withholding notice is in their interest. 
 14. Trustee Dealings with the Issuer 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of 2028 Notes and may otherwise deal with and collect obligations owed to it by the Issuers or their Affiliates and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not
Trustee. 
 15. No Recourse Against Others 

No manager, managing director, director, officer, employee, incorporator or Holder of any Equity Interests in the Company, any Subsidiary or
any direct or indirect parent or Affiliate of the Company, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the 2028 Notes, the 

  
 A-2-9 

 
Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting a 2028 Note, each Holder waives and releases all such
liability. The waiver and release shall be part of the consideration for the issuance of the 2028 Notes. This waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is
against public policy. 
 16. Authentication 

This 2028 Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs
the certificate of authentication on the other side of this 2028 Note. 
 17. Abbreviations 

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

18. CUSIP Numbers 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Note Identification Procedures the Issuers have caused CUSIP numbers to be printed on the 2028 Notes. No representation is made as to the accuracy of such numbers as printed on the 2028 Notes
and reliance may be placed only on the other identification numbers placed thereon. 
 19. Successor Entity 

When a successor entity assumes, in accordance with the Indenture, all the obligations of its predecessor under the 2028 Notes and the
Indenture, and immediately before and thereafter no Default or Event of Default exists and all other conditions of the Indenture are satisfied, the predecessor entity shall be released from those obligations. 

20. Governing Law 
 This 2028 Note shall
be governed by, and construed in accordance with, the laws of the State of New York. 

  
 A-2-10 

 ASSIGNMENT FORM 

To assign this 2028 Note, fill in the form below: 
 I or we
assign and transfer this 2028 Note to 
  
  

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

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint ____________agent to transfer this 2028 Note on the books of the Issuer. The agent may substitute another to act
for him. 
  

			
	 Date: ______________
	  	 Your Signature: __________________

		
	 Signature Guarantee: _________________________
	  	
	           (Signature must be guaranteed)
	  	

  
  

Sign exactly as your name appears on the other side of this 2028 Note. 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

  
 A-2-11 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this 2028 Note shall be
$[                ]. The following increases or decreases in this Global Note have been made: 
  

									
	 Date of
 Exchange
	  	Amount of decrease in Principal
Amount of this Global Note	  	Amount in increase
in Principal amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease or increase	  	Signature of authorized signatory
of Trustee or Notes Custodian

  
 A-2-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2028 Note purchased by the Issuers pursuant to Sections 3.7 or 3.9 of the Indenture, check the
box: 
  

			
	 ☐

3.7
	    	 ☐
 3.9

 If you want to elect to have only part of this 2028 Note purchased by the Issuers pursuant to Sections
3.7 or 3.9 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or integral multiples of $1,000 in excess thereof): $ 
  

					
	Date:                                     
                                         
 	 	Your Signature:	  	  

		 		  	(Sign exactly as your name appears on the other side of the 2028 Note)

 Signature Guarantee:
                                        
                 

      (Signature must be guaranteed) 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 
  

  
 A-2-13 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Jaguar Holding
Company II 
 PPD Development, L.P. 
 c/o PPD, Inc. 

929 North Front Street 
 Wilmington, NC 28401 

Facsimile: [                    ] 

Attention:  [                    ] 

Wilmington Trust, National Association 
 Global Capital Markets

 50 South Sixth Street, Suite 1290 
 Minneapolis, MN 55402

 Facsimile: [                    ] 

Attention:  [                    ] 

 

	 	Re:	 [4.625 % Senior Notes due 2025 ][5.000% Senior Notes due 2028] 

Reference is hereby made to the Indenture, dated as of June 5, 2020 (the “Indenture”), among Jaguar Holding Company II,
a Delaware corporation, PPD Development, L.P., a Delaware limited partnership (such corporation and limited partnership, and their successors and assigns under the Indenture, hereinafter referred to as the “Issuers”), the Guarantors
and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

__________________ (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in
Annex A hereto, in the principal amount of $____ in such Note[s] or interests (the “Transfer”), to ___________ (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the
Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
  

					
	1.	 	☐	 	Check if Transferee shall take delivery of a beneficial interest in the 144A Global Note or a Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the
United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account
is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act.

  
 B-1 

									
	2.	 	☐	 	Check if Transferee shall take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made
in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the
proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or
the Definitive Note and in the Indenture and the Securities Act.
			
	3.	 	☐	 	Check and complete if Transferee shall take delivery of a beneficial interest in an Unrestricted Global Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The
Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
					
		 		 	(a)	 	☐	 	such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;
	
	or
					
		 		 	(b)	 	☐	 	such Transfer is being effected to the Issuers or a subsidiary thereof;
	
	or
					
		 		 	(c)	 	☐	 	such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act;
	or
					
		 		 	(d)	 	☐	 	such Transfer is being effected to an institutional accredited investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor
hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted
Global Note or

  
 B-2 

									
		 		 		 		 	Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer
is in respect of a principal amount of Notes at the time of transfer of less than $150,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that
such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Definitive Notes and in the Indenture and the Securities Act.
			
	4.	 	☐	 	Check if Transferee shall take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.
					
		 		 	(a)	 	☐	 	Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
					
		 		 	(b)	 	☐	 	Check if Transfer is pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
					
		 		 	(c)	 	☐	 	Check if Transfer is pursuant to other exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or
Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall not be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

  
 B-3 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuers. 
  

			
	  

		 	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                       
      

  
 B-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

							
	1.	 	The Transferor owns and proposes to transfer the following:
	
	[CHECK ONE OF (a) OR (b)]
	(a)	 	☐	 	a beneficial interest in the:
				
		 	(i)	 	☐	 	144A Global Note (CUSIP [         ]), or
				
		 	(ii)	 	☐	 	Regulation S Global Note (CUSIP [             ]), or
			
	(b)	 	☐	 	a Restricted Definitive Note.
		
	2.	 	After the Transfer the Transferee shall hold:
	
	[CHECK ONE]
			
	(a)	 	☐	 	a beneficial interest in the:
				
		 	(i)	 	☐	 	144A Global Note (CUSIP [         ]), or
				
		 	(ii)	 	☐	 	Regulation S Global Note (CUSIP [             ]), or
				
		 	(iii)	 	☐	 	Unrestricted Global Note (CUSIP [         ]), or
			
	(b)	 	☐	 	a Restricted Definitive Note; or
			
	(c)	 	☐	 	an Unrestricted Definitive Note,
	
	in accordance with the terms of the Indenture.

  

  
 B-5 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Jaguar Holding
Company II 
 PPD Development, L.P. 
 c/o PPD, Inc. 

929 North Front Street 
 Wilmington, NC 28401 

Facsimile: [                    ] 

Attention: [                    ] 

Wilmington Trust, National Association 
 Global Capital Markets

 50 South Sixth Street, Suite 1290 
 Minneapolis, MN 55402

 Facsimile: [                    ] 

Attention: [                    ] 

 

	 	Re:	 [4.625% Senior Notes due 2025] [5.000% Senior Notes due 2028] 

(CUSIP [                ]) 

Reference is hereby made to the Indenture, dated as of June 5, 2020 (the “Indenture”), among Jaguar Holding Company II,
a Delaware corporation, PPD Development, L.P., a Delaware limited partnership (such corporation and limited partnership, and their successors and assigns under the Indenture, hereinafter referred to as the “Issuers”), the Guarantors
and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                       
     (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of
$                     in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that: 
 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted
Definitive Notes or Beneficial Interests in an Unrestricted Global Note. 
 (a)   ☐   Check if Exchange
is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States. 

  
 C-1 

 (b)   ☐   Check if Exchange is from beneficial interest in a
Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
 (c)   ☐   Check if
Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(d)   ☐   Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection
with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for
Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes. 
 (a)   ☐   Check if
Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
Restricted Definitive Note issued shall continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b)   ☐   Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global
Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] _ 144A Global Note, _ Regulation S Global Note with an equal principal amount, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to
and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued shall be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

  
 C-2 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuers. 
  

			
	  

		 	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                         
    
  

  
 C-3 

 EXHIBIT D 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

Jaguar Holding Company II 
 PPD Development, L.P. 

c/o PPD, Inc. 
 929 North Front Street 

Wilmington, NC 28401 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
 Wilmington Trust, National
Association 
 Global Capital Markets 
 50 South Sixth Street,
Suite 1290 
 Minneapolis, MN 55402 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
  

	 	Re:	 [4.625% Senior Notes due 2025[5.000% Senior Notes due 2028] 

Reference is hereby made to the Indenture, dated as of June 5, 2020 (the “Indenture”), among Jaguar Holding Company II,
a Delaware corporation, PPD Development, L.P., a Delaware limited partnership (such corporation and limited partnership, and their successors and assigns under the Indenture, hereinafter referred to as the “Issuers”), the Guarantors
and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of $ aggregate principal amount of: 

 

	 	(a)	 ☐ a beneficial interest in a Global Note, or 

 

	 	(b)	 ☐ a Definitive Note, 

we confirm that: 

1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and
conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of
1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the Notes have not
been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as
hereinafter stated, that if we should sell the Notes or any interest therein, we shall do so only (A) to the Issuers or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional
buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its 

  
 D-1 

 
behalf by a U.S. broker-dealer) to you and to the Issuers a signed letter substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time
of transfer of less than $150,000, an Opinion of Counsel in form reasonably acceptable to the Issuers to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of
Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person
purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated
herein. 
 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we shall be required to
furnish to you and the Issuers such certifications, legal opinions and other information as you and the Issuers may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes
purchased by us shall bear a legend to the foregoing effect. 
 4. We are an institutional “accredited investor”
(as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts
(each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 You and
the Issuers are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered
hereby. 
  

			
	  

		 	[Insert Name of Accredited Investor]
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                         
     
  

  
 D-2 

 EXHIBIT E 

FORM OF SUPPLEMENTAL INDENTURE 

THIS [•] SUPPLEMENTAL INDENTURE, dated as of [•], 20[•] (this “Supplemental Indenture”), is by and among
Jaguar Holding Company II, a Delaware corporation, PPD Development, L.P., a Delaware limited partnership (such corporation and limited partnership, and their successors and assigns under the Indenture, hereinafter referred to as the
“Issuers”), each of the parties identified as a New Guarantor on the signature pages hereto (each, a “New Guarantor” and collectively, the “New Guarantors”) and Wilmington Trust, National
Association, as trustee (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Issuers and the Trustee are parties to an indenture, dated as of June 5, 2020 (the “Indenture”), providing
for the issuance of the Issuers’ 4.625% Senior Notes due 2025 (the “2025 Notes”) and 5.000% Senior Notes due 2028 (the “2028 Notes” and, together with the 2025 Notes, the “Notes”); 

WHEREAS, Section 3.11 of the Indenture provides that under certain circumstances the New Guarantors shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the New Guarantors shall unconditionally guarantee all of the Issuers’ obligations under the Notes and the Indenture on the terms and conditions set forth herein; and 

WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Issuers, the New Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. Agreements to Become Guarantors. Each of the New Guarantors hereby unconditionally guarantees the Issuers’ obligations for the
due and punctual payment of the principal of, premium, if any, and interest on all the Notes and the performance and observance of each other obligation and covenant set forth in the Indenture to be performed or observed on the part of the Issuers,
on the terms and subject to the conditions set forth in Article X of the Indenture and agrees to be bound by all other provisions of the Indenture and the Notes applicable to a Guarantor therein. 

3. Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all
respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or
hereafter authenticated and delivered shall be bound hereby. 
 4. No Recourse Against Others. No manager, managing director,
director, officer, employee, incorporator or holder of any Equity Interests in the Company, any Subsidiary or any direct or indirect parent of the Company, as such, shall have any liability for any obligations of the Issuers or the New Guarantors
under the Notes, the Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes, by accepting a Note, waives and releases all such liability. This waiver and release
are part of the consideration for issuance of the Notes. This waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

  
 E-1 

 5. Notices. For purposes of Section, the address for notices to each of the Issuers
and the Guarantors shall be: 
 Jaguar Holding Company II 

PPD Development, L.P. 
 c/o PPD,
Inc. 
 929 North Front Street 

Wilmington, NC 28401 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
 6. Governing
Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
 7.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement. Delivery of an executed counterpart of a signature
page to this Supplemental Indenture by telecopier, facsimile or other electronic transmission (i.e. a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof. 

8. Effect of Headings. The section headings herein are for convenience only and shall not affect the construction hereof. 

9. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by each of the Issuers and the New Guarantors. 

[remainder of page intentionally blank] 

  
 E-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

			
	JAGUAR HOLDING COMPANY II
		
	By:	 	  

		 	
Name:   [               
                                         
    ]

		 	
Title:   [              
                                         
     ]

	
	PPD DEVELOPMENT, L.P.
	By its general partner: PPD GP, LLC
		
	By:	 	  

		 	
Name:   [               
                                         
    ]

		 	
Title:   [              
                                         
     ]

	
	[●], as a New Guarantor
		
	By:	 	  

		 	
Name:   [               
                                         
    ]

		 	
Title:   [              
                                         
     ]

  
 E-3 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	
Name:   [               
                                         
    ]

		 	
Title:   [              
                                         
     ]

  
 E-4EX-4.3

 Exhibit 4.3 

 
  

DEPOSIT AGREEMENT 
  

 
 by and among

 BURNING ROCK BIOTECH LIMITED 

and 
 CITIBANK, N.A., 

as Depositary, 
 and 

ALL HOLDERS AND BENEFICIAL OWNERS OF 

AMERICAN DEPOSITARY SHARES 

ISSUED HEREUNDER 
  

 
 Dated as of
[date], 2020 

 TABLE OF CONTENTS 
  

							
	ARTICLE I	 		  			
			
	DEFINITIONS	 		  	 	1	
	 Section 1.1
	 	 “ADS Record Date”
	  	 	1	
	 Section 1.2
	 	 “Affiliate”
	  	 	1	
	 Section 1.3
	 	 “American Depositary Receipt(s)”, “ADR(s)” and “Receipt(s)”
	  	 	1	
	 Section 1.4
	 	 “American Depositary Share(s)” and “ADS(s)”
	  	 	2	
	 Section 1.5
	 	 “Articles of Association”
	  	 	2	
	 Section 1.6
	 	 “Beneficial Owner”
	  	 	2	
	 Section 1.7
	 	 “Certificated ADS(s)”
	  	 	3	
	 Section 1.8
	 	 “Citibank”
	  	 	3	
	 Section 1.9
	 	 “Commission”
	  	 	3	
	 Section 1.10
	 	 “Company”
	  	 	3	
	 Section 1.11
	 	 “Custodian”
	  	 	3	
	 Section 1.12
	 	 “Deliver” and “Delivery”
	  	 	3	
	 Section 1.13
	 	 “Deposit Agreement”
	  	 	4	
	 Section 1.14
	 	 “Depositary”
	  	 	4	
	 Section 1.15
	 	 “Deposited Property”
	  	 	4	
	 Section 1.16
	 	 “Deposited Securities”
	  	 	4	
	 Section 1.17
	 	 “Dollars” and “$”
	  	 	4	
	 Section 1.18
	 	 “DTC”
	  	 	4	
	 Section 1.19
	 	 “DTC Participant”
	  	 	4	
	 Section 1.20
	 	 “Exchange Act”
	  	 	5	
	 Section 1.21
	 	 “Foreign Currency”
	  	 	5	
	 Section 1.22
	 	 “Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full
Entitlement Share(s)”
	  	 	5	
	 Section 1.23
	 	 “Holder(s)”
	  	 	5	
	 Section 1.24
	 	 “Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and “Partial
Entitlement Share(s)”
	  	 	5	
	 Section 1.25
	 	 “Principal Office”
	  	 	5	
	 Section 1.26
	 	 “Registrar”
	  	 	5	
	 Section 1.27
	 	 “Restricted Securities”
	  	 	5	
	 Section 1.28
	 	 “Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted
Shares”
	  	 	6	
	 Section 1.29
	 	 “Securities Act”
	  	 	6	
	 Section 1.30
	 	 “Share Registrar”
	  	 	6	
	 Section 1.31
	 	 “Shares”
	  	 	6	
	 Section 1.32
	 	 “Uncertificated ADS(s)”
	  	 	6	
	 Section 1.33
	 	 “United States” and “U.S.”
	  	 	6	
			
	ARTICLE II	 		  			
		
	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	  	 	7	
	 Section 2.1
	 	 Appointment of Depositary
	  	 	7	
	 Section 2.2
	 	 Form and Transferability of ADSs
	  	 	7	

  
 i 

							
	 Section 2.3
	 	 Deposit of Shares
	  	 	9	
	 Section 2.4
	 	 Registration and Safekeeping of Deposited Securities
	  	 	11	
	 Section 2.5
	 	 Issuance of ADSs
	  	 	11	
	 Section 2.6
	 	 Transfer, Combination and Split-up of ADRs
	  	 	12	
	 Section 2.7
	 	 Surrender of ADSs and Withdrawal of Deposited Securities
	  	 	13	
	 Section 2.8
	 	 Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer,
etc.
	  	 	14	
	 Section 2.9
	 	 Lost ADRs, etc.
	  	 	15	
	 Section 2.10
	 	 Cancellation and Destruction of Surrendered ADRs; Maintenance of Records.15
	  			
	 Section 2.11
	 	 Escheatment
	  	 	15	
	 Section 2.12
	 	 Partial Entitlement ADSs
	  	 	15	
	 Section 2.13
	 	 Certificated/Uncertificated ADSs
	  	 	16	
	 Section 2.14
	 	 Restricted ADSs
	  	 	17	
			
	ARTICLE III	 		  			
		
	CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs	  	 	18	
	 Section 3.1
	 	 Proofs, Certificates and Other Information
	  	 	18	
	 Section 3.2
	 	 Liability for Taxes and Other Charges
	  	 	19	
	 Section 3.3
	 	 Representations and Warranties on Deposit of Shares
	  	 	19	
	 Section 3.4
	 	 Compliance with Information Requests
	  	 	20	
	 Section 3.5
	 	 Ownership Restrictions
	  	 	20	
	 Section 3.6
	 	 Reporting Obligations and Regulatory Approvals
	  	 	20	
			
	ARTICLE IV	 		  			
		
	THE DEPOSITED SECURITIES	  	 	21	
	 Section 4.1
	 	 Cash Distributions
	  	 	21	
	 Section 4.2
	 	 Distribution in Shares
	  	 	22	
	 Section 4.3
	 	 Elective Distributions in Cash or Shares
	  	 	23	
	 Section 4.4
	 	 Distribution of Rights to Purchase Additional ADSs
	  	 	24	
	 Section 4.5
	 	 Distributions Other Than Cash, Shares or Rights to Purchase Shares
	  	 	25	
	 Section 4.6
	 	 Distributions with Respect to Deposited Securities in Bearer Form
	  	 	26	
	 Section 4.7
	 	 Redemption
	  	 	26	
	 Section 4.8
	 	 Conversion of Foreign Currency
	  	 	27	
	 Section 4.9
	 	 Fixing of ADS Record Date
	  	 	28	
	 Section 4.10
	 	 Voting of Deposited Securities
	  	 	28	
	 Section 4.11
	 	 Changes Affecting Deposited Securities
	  	 	30	
	 Section 4.12
	 	 Available Information
	  	 	31	
	 Section 4.13
	 	 Reports
	  	 	31	
	 Section 4.14
	 	 List of Holders
	  	 	31	
	 Section 4.15
	 	 Taxation
	  	 	31	
			
	ARTICLE V	 		  			
		
	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	  	 	33	
	 Section 5.1
	 	 Maintenance of Office and Transfer Books by the Registrar
	  	 	33	

  
 ii 

							
	 Section 5.2
	 	 Exoneration
	  	 	33	 
	 Section 5.3
	 	 Standard of Care
	  	 	34	 
	 Section 5.4
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	35	 
	 Section 5.5
	 	 The Custodian
	  	 	35	 
	 Section 5.6
	 	 Notices and Reports
	  	 	36	 
	 Section 5.7
	 	 Issuance of Additional Shares, ADSs etc.
	  	 	37	 
	 Section 5.8
	 	 Indemnification
	  	 	38	
	 Section 5.9
	 	 ADS Fees and Charges
	  	 	39	 
	 Section 5.10
	 	 Restricted Securities Owners
	  	 	40	 
			
	ARTICLE VI	 		  			
		
	AMENDMENT AND TERMINATION	  	 	40	 
	 Section 6.1
	 	 Amendment/Supplement
	  	 	40	 
	 Section 6.2
	 	 Termination
	  	 	41	 
			
	ARTICLE VII	 		  			
		
	MISCELLANEOUS	  	 	42	 
	 Section 7.1
	 	 Counterparts
	  	 	42	 
	 Section 7.2
	 	 No Third-Party Beneficiaries/Acknowledgments
	  	 	42	 
	 Section 7.3
	 	 Severability
	  	 	42	 
	 Section 7.4
	 	 Holders and Beneficial Owners as Parties; Binding Effect
	  	 	43	 
	 Section 7.5
	 	 Notices
	  	 	43	 
	 Section 7.6
	 	 Governing Law and Jurisdiction
	  	 	44	 
	 Section 7.7
	 	 Assignment
	  	 	45	 
	 Section 7.8
	 	 Compliance with, and No Disclaimer under, U.S. Securities Laws
	  	 	45	 
	 Section 7.9
	 	 The Cayman Islands Law References
	  	 	46	 
	 Section 7.10
	 	 Titles and References
	  	 	46	 
			
	EXHIBITS	 		  			
		 	 Form of ADR
	  	 	A-1	 
		 	 Fee Schedule
	  	 	B-1	 

  
 iii 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of [●], 2020, by and among (i) Burning Rock Biotech Limited, an exempted company with limited
liability organized under the laws of the Cayman Islands, and its successors (the “Company”), (ii) Citibank, N.A., a national banking association organized under the laws of the United States of America
(“Citibank”) acting in its capacity as depositary, and any successor depositary hereunder (Citibank in such capacity, the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares
issued hereunder (all such capitalized terms as hereinafter defined). 
 W I T N E S S E T H T H A T: 

WHEREAS, the Company desires to establish with the Depositary an ADR facility to provide inter alia for the deposit of the
Shares (as hereinafter defined) and the creation of American Depositary Shares representing the Shares so deposited and for the execution and Delivery (as hereinafter defined) of American Depositary Receipts (as hereinafter defined) evidencing such
American Depositary Shares; and 
 WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the terms
set forth in the Deposit Agreement (as hereinafter defined); and 
 WHEREAS, any American Depositary Receipts issued pursuant to the
terms of the Deposit Agreement are to be substantially in the form of Exhibit A attached hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in the Deposit Agreement; and 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 

DEFINITIONS 
 All
capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated: 

Section 1.1    “ADS Record Date” shall have the meaning given to such
term in Section 4.9. 
 Section 1.2    “Affiliate” shall have the meaning assigned to
such term by the Commission (as hereinafter defined) under Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor regulation thereto. 

Section 1.3    “American Depositary Receipt(s)”,
“ADR(s)” and “Receipt(s)” shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the Deposit Agreement in the form of Certificated
ADS(s) (as hereinafter defined), as such ADRs may be amended from time to time in accordance with the provisions of the Deposit Agreement. An ADR may evidence any number of ADSs and may, in the case of ADSs held through a central depository such as
DTC, be in the form of a “Balance Certificate.” 

 Section 1.4    “American Depositary
Share(s)” and “ADS(s)” shall mean the rights and interests in the Deposited Property (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of the Deposit
Agreement and, if issued as Certificated ADS(s) (as hereinafter defined), the ADR(s) issued to evidence such ADSs. ADS(s) may be issued under the terms of the Deposit Agreement in the form of (a) Certificated ADS(s) (as hereinafter defined), in
which case the ADS(s) are evidenced by ADR(s), or (b) Uncertificated ADS(s) (as hereinafter defined), in which case the ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such
purposes under the terms of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the context otherwise requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s),
individually or collectively, as the context may require. Each ADS shall represent the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified in the form of ADR attached hereto as Exhibit A (as
amended from time to time) that are on deposit with the Depositary and/or the Custodian, subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), until there shall occur a
distribution upon Deposited Securities referred to in Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs are not issued, and thereafter each ADS shall represent the right to
receive, and to exercise the beneficial ownership interests in, the applicable Deposited Property on deposit with the Depositary and the Custodian determined in accordance with the terms of such Sections, subject, in each case, to the terms and
conditions of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS). In addition, the ADS(s)-to-Share(s) ratio is subject to amendment as
provided in Articles IV and VI of the Deposit Agreement (which may give rise to Depositary fees). 

Section 1.5    “Articles of Association” shall mean the Articles of
Association of the Company, as amended and restated from time to time. 

Section 1.6    “Beneficial Owner” shall mean, as to any ADS, any person
or entity having a beneficial interest deriving from the ownership of such ADS. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s) or any other instruments or agreements relating to the ADSs and the corresponding Deposited
Property, the Depositary, the Custodian and their respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holders only of the Deposited Property represented by the ADSs for the benefit
of the Holders and Beneficial Owners of the corresponding ADSs. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited Property held on behalf of
the Holders and Beneficial Owners of ADSs. The beneficial ownership interests in the Deposited Property are intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs
representing the Deposited Property. The beneficial ownership interests in the Deposited Property shall, unless otherwise agreed by the Depositary, be exercisable by the Beneficial Owners of the ADSs only through the Holders of such ADSs, by the
Holders of the ADSs (on behalf of the applicable Beneficial Owners) only through the Depositary, and by the Depositary (on behalf of the Holders and Beneficial Owners of the corresponding ADSs) directly, or indirectly through the Custodian or their
respective nominees, in each case upon the terms of the Deposit Agreement and, if applicable, the terms of the ADR(s) evidencing the ADSs. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A Beneficial Owner shall be able
to exercise any right or receive any benefit hereunder solely through the person who is the Holder of the ADSs owned by such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner of all
the ADSs registered in his/her/its name. The manner in which a Beneficial Owner holds ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of, the manner in which, and the extent to which,
services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement.  

  
 2 

 Section 1.7    “Certificated ADS(s)” shall
have the meaning set forth in Section 2.13. 
 Section 1.8    “Citibank” shall mean
Citibank, N.A., a national banking association organized under the laws of the United States of America, and its successors. 

Section 1.9    “Commission” shall mean the Securities and Exchange
Commission of the United States or any successor governmental agency thereto in the United States. 

Section 1.10    “Company” shall mean Burning Rock Biotech Limited, an
exempted company with limited liability organized under the laws of the Cayman Islands, and its successors. 

Section 1.11    “Custodian” shall mean (i) as of the date hereof,
Citibank, N.A. - Hong Kong, having its principal office at 9/F, Citi Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong, as the custodian of Deposited Property for the purposes of the Deposit Agreement, (ii) Citibank,
N.A., acting as custodian of Deposited Property pursuant to the Deposit Agreement, and (iii) any other entity that may be appointed by the Depositary pursuant to the terms of Section 5.5 as successor, substitute or additional custodian
hereunder. The term “Custodian” shall mean any Custodian individually or all Custodians collectively, as the context requires. 

Section 1.12    “Deliver” and “Delivery” shall
mean (x) when used in respect of Shares and other Deposited Securities, either (i) the physical delivery of the certificate(s) representing such securities, or (ii) the book-entry transfer and recordation of such securities on
the books of the Share Registrar (as hereinafter defined) or in the applicable book-entry settlement system, and (y) when used in respect of ADSs, either (i) the physical delivery of ADR(s) evidencing the ADSs, or (ii) the
book-entry transfer and recordation of ADSs on the books of the Depositary or any book-entry settlement system in which the ADSs are settlement-eligible. 

  
 3 

 Section 1.13    “Deposit
Agreement” shall mean this Deposit Agreement and all exhibits hereto, as the same may from time to time be amended and supplemented from time to time in accordance with the terms of the Deposit Agreement. 

Section 1.14    “Depositary” shall mean Citibank, N.A., a national
banking association organized under the laws of the United States, in its capacity as depositary under the terms of the Deposit Agreement, and any successor depositary hereunder. 

Section 1.15    “Deposited Property” shall mean the Deposited Securities and any cash and
other property held on deposit by the Depositary and the Custodian in respect of the ADSs under the terms of the Deposit Agreement, subject, in the case of cash, to the provisions of Section 4.8. All Deposited Property shall be held by the
Custodian, the Depositary and their respective nominees for the benefit of the Holders and Beneficial Owners of the ADSs representing the Deposited Property. The Deposited Property is not intended to, and shall not, constitute proprietary assets of
the Depositary, the Custodian or their nominees. Beneficial ownership in the Deposited Property is intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs
representing the Deposited Property. 
 Section 1.16     “Deposited Securities” shall mean
the Shares and any other securities held on deposit by the Custodian from time to time in respect of the ADSs under the Deposit Agreement and constituting Deposited Property. 

Section 1.17    “Dollars” and “$” shall refer to
the lawful currency of the United States. 
 Section 1.18    “DTC”
shall mean The Depository Trust Company, a national clearinghouse and the central book-entry settlement system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants (as hereinafter defined)
maintained in DTC, and any successor thereto. 
 Section 1.19    “DTC
Participant” shall mean any financial institution (or any nominee of such institution) having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC. A DTC Participant may or
may not be a Beneficial Owner. If a DTC Participant is not the Beneficial Owner of the ADSs credited to its account at DTC, or of the ADSs in respect of which the DTC Participant is otherwise acting, such DTC Participant shall be deemed, for all
purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owner(s) of the ADSs credited to its account at DTC or in respect of which the DTC Participant is so acting. A DTC Participant, upon acceptance in any one of its
DTC accounts of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall (notwithstanding any explicit or implicit disclosure that it may be acting on behalf of another party) be deemed
for all purposes to be a party to, and bound by, the terms of the Deposit Agreement and the applicable ADR(s) to the same extent as, and as if the DTC Participant were, the Holder of such ADSs. 

  
 4 

 Section 1.20    “Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended from time to time. 

Section 1.21    “Foreign Currency” shall mean any currency other than
Dollars. 
 Section 1.22    “Full Entitlement ADR(s)”, “Full Entitlement
ADS(s)” and “Full Entitlement Share(s)” shall have the respective meanings set forth in Section 2.12. 

Section 1.23    “Holder(s)” shall mean the person(s) in whose name the
ADSs are registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder is not the Beneficial Owner of the ADS(s) registered in its name, such person shall
be deemed, for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owners of the ADSs registered in its name. The manner in which a Holder holds ADSs (e.g., in certificated vs. uncertificated form) may affect
the rights and obligations of, and the manner in which, and the extent to which, the services are made available to, Holders pursuant to the terms of the Deposit Agreement.  

Section 1.24    “Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and
“Partial Entitlement Share(s)” 
 shall have the respective meanings set forth in Section 2.12. 

Section 1.25    “Principal Office” shall mean, when used with respect to
the Depositary, the principal office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of the Deposit Agreement, is located at 388 Greenwich Street, New York, New York 10013,
U.S.A. 
 Section 1.26    “Registrar” shall mean the Depositary or any
bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations of ADSs as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than the Depositary) appointed
pursuant to the Deposit Agreement shall be required to give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement. 

Section 1.27    “Restricted Securities” shall mean Shares, Deposited
Securities or ADSs which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and are subject to resale limitations under the
Securities Act or the rules issued thereunder, or (ii) are held by an executive officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit
under the laws of the United States, the Cayman Islands, or under a shareholder agreement or the Articles of Association of the Company or under the regulations of an applicable securities exchange unless, in each case, such Shares, Deposited
Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a transaction (a) covered by an effective resale registration statement, or (b) exempt from the registration requirements of the
Securities Act (as hereinafter defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities. 

  
 5 

 Section 1.28    “Restricted ADR(s)”,
“Restricted ADS(s)” and “Restricted Shares” shall have the respective meanings set forth in Section 2.14. 

Section 1.29    “Securities Act” shall mean the United States Securities
Act of 1933, as amended from time to time. 
 Section 1.30    “Share
Registrar” shall mean Maples Fund Services (Cayman) Limited or any other institution organized under the laws of the Cayman Islands appointed by the Company from time to time to carry out the duties of registrar for the Shares, and any
successor thereto. 
 Section 1.31    “Shares” shall mean the
Company’s Class A ordinary shares, par value US$0.0002 per share, validly issued and outstanding and fully paid and may, if the Depositary so agrees after consultation with the Company, include evidence of the right to receive Shares;
provided that in no event shall Shares include evidence of the right to receive Shares with respect to which the full purchase price has not been paid or Shares as to which preemptive rights have theretofore not been validly waived or
exercised; provided further, however, that, if there shall occur any change in par value, split-up, consolidation, reclassification, exchange, conversion or any other event
described in Section 4.11 in respect of the Shares of the Company, the term “Shares” shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting from such event.  

Section 1.32    “Uncertificated ADS(s)” shall have the meaning set forth in
Section 2.13. 
 Section 1.33    “United States” and
“U.S.” shall have the meaning assigned to it in Regulation S as promulgated by the Commission under the Securities Act. 

  
 6 

 ARTICLE II 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; 

DEPOSIT OF SHARES; EXECUTION AND 

DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 

Section 2.1    Appointment of Depositary. The Company hereby appoints the Depositary as depositary for
the Deposited Property and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in the Deposit Agreement and the applicable ADRs. Each Holder and each Beneficial Owner, upon acceptance of any ADSs
(or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and
(b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit
Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit
Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 

Section 2.2    Form and Transferability of ADSs. 

(a)    Form. Certificated ADSs shall be evidenced by definitive ADRs which shall be engraved,
printed, lithographed or produced in such other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under the Deposit Agreement in denominations of any whole number of ADSs. The ADRs shall be substantially in the form
set forth in Exhibit A to the Deposit Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated in the Deposit Agreement or required by law. ADRs shall be
(i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar, and
(iv) registered in the books maintained by the Registrar for the registration of issuances and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any benefits under the Deposit Agreement or be valid
or enforceable for any purpose against the Depositary or the Company, unless such ADR shall have been so dated, signed, countersigned and registered. ADRs bearing the facsimile signature of a duly-authorized signatory of the Depositary or the
Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the
Delivery of such ADR by the Depositary. The ADRs shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any depositary receipts previously or subsequently issued pursuant to any other arrangement between
the Depositary (or any other depositary) and the Company and which are not ADRs outstanding hereunder. 

(b)    Legends. The ADRs may be endorsed with, or have incorporated in the text thereof, such legends
or recitals not inconsistent with the provisions of the Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any applicable laws
or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations or
restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise, or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall
be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the
ADR representing the ADSs owned by such Beneficial Owners. 

  
 7 

 (c)    Title. Subject to the limitations contained
herein and in the ADR, title to an ADR (and to each Certificated ADS evidenced thereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs,
such ADR has been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS (that is, the person in whose name an ADS is
registered on the books of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or any ADR to any holder or any
Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner’s representative, is the Holder
registered on the books of the Depositary. 

(d)    Book-Entry Systems. The Depositary shall
make arrangements for the acceptance of the ADSs into DTC. All ADSs held through DTC will be registered in the name of the nominee for DTC (currently “Cede & Co.”). As such, the nominee for DTC will be the only “Holder”
of all ADSs held through DTC. Unless issued by the Depositary as Uncertificated ADSs, the ADSs registered in the name of Cede & Co. will be evidenced by one or more ADR(s) in the form of a “Balance Certificate,” which will provide
that it represents the aggregate number of ADSs from time to time indicated in the records of the Depositary as being issued hereunder and that the aggregate number of ADSs represented thereby may from time to time be increased or decreased by
making adjustments on such records of the Depositary and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or such other entity as is appointed by DTC or its nominee) may hold the “Balance Certificate” as custodian for DTC.
Each Beneficial Owner of ADSs held through DTC must rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any rights attributable to such ADSs. The DTC Participants shall for all purposes be deemed to have all
requisite power and authority to act on behalf of the Beneficial Owners of the ADSs held in the DTC Participants’ respective accounts in DTC and the Depositary shall for all purposes be authorized to rely upon any instructions and information
given to it by DTC Participants. So long as ADSs are held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADSs registered in the name of the nominee for DTC will be shown on, and transfers of such ownership
will be effected only through, records maintained by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with respect to the interests of clients of DTC Participants). Any
distributions made, and any notices given, by the Depositary to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) satisfy the Depositary’s obligations under the Deposit Agreement to make such
distributions, and give such notices, in respect of the ADSs held in DTC (including, for avoidance of doubt, to the DTC Participants holding the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs). 

  
 8 

 Section 2.3    Deposit of Shares. Subject to the
terms and conditions of the Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary in its individual capacity but subject,
however, in the case of the Company or any Affiliate of the Company, to Section 5.7) at any time, whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every
deposit of Shares shall be accompanied by the following: (A) (i) in the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the
Custodian, (ii) in the case of Shares represented by certificates in bearer form, the requisite coupons and talons pertaining thereto, and (iii) in the case of Shares delivered by book-entry transfer and recordation,
confirmation of such book-entry transfer and recordation in the books of the Share Registrar or of the applicable book-entry settlement system, if available, as applicable, to the Custodian or that irrevocable instructions have been given to cause
such Shares to be so transferred and recorded, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or
otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement and applicable law, (C) if the Depositary so requires, a written order directing
the Depositary to issue and deliver to, or upon the written order of, the person(s) stated in such order the number of ADSs representing the Shares so deposited, (D) evidence reasonably satisfactory to the Depositary (which may be an opinion of
counsel) that all necessary approvals have been granted by, or there has been compliance with the rules and regulations of, any applicable governmental agency in the Cayman Islands, and (E) if the Depositary so requires, (i) an agreement,
assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for
additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be reasonably satisfactory to the Depositary or the Custodian and (ii) if the Shares are
registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered
in the name of the Depositary, the Custodian or any nominee. 
 Without limiting any other provision of the Deposit Agreement, the
Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit (a) any Restricted Securities (except as contemplated by Section 2.14) nor (b) any fractional Shares or fractional Deposited
Securities nor (c) a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give rise to fractional ADSs. No Shares shall be accepted for deposit unless accompanied by evidence, if any is required by
the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of the Cayman Islands and any necessary
approval has been granted by any applicable governmental body in the Cayman Islands, if any. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer
agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares furnished by the Company or any such
custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. 

  
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 Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit
under the Deposit Agreement (A) any Shares or other securities required to be registered under the provisions of the Securities Act, unless (i) a registration statement is in effect as to such Shares or other securities or (ii) the
deposit is made upon terms contemplated in Section 2.14, or (B) any Shares or other securities the deposit of which would violate any provisions of the Articles of Association. For purposes of the foregoing sentence, the Depositary shall
be entitled to rely upon representations and warranties made or deemed made pursuant to the Deposit Agreement and shall not be required to make any further investigation. The Depositary will comply with written instructions of the Company (received
by the Depositary reasonably in advance) not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the
Company’s compliance with the securities laws of the United States. 

  
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 Section 2.4    Registration and Safekeeping of Deposited
Securities. The Depositary shall instruct the Custodian upon each Delivery of registered Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof), together with the other documents
above specified, to present such Shares, together with the appropriate instrument(s) of transfer or endorsement, duly stamped (if applicable), to the Share Registrar for transfer and registration of the Shares (as soon as transfer and registration
can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary, or by a Custodian for the account and to
the order of the Depositary or a nominee of the Depositary, in each case, on behalf of the Holders and Beneficial Owners, at such place(s) as the Depositary or the Custodian shall determine. Notwithstanding anything else contained in the Deposit
Agreement, any ADR(s), or any other instruments or agreements relating to the ADSs and the corresponding Deposited Property, the registration of the Deposited Securities in the name of the Depositary, the Custodian or any of their respective
nominees, shall, to the maximum extent permitted by applicable law, vest in the Depositary, the Custodian or the applicable nominee the record ownership in the applicable Deposited Securities with the beneficial ownership rights and interests in
such Deposited Securities being at all times vested with the Beneficial Owners of the ADSs representing the Deposited Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the applicable nominee shall at all times be entitled
to exercise the beneficial ownership rights in all Deposited Property, in each case only on behalf of the Holders and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth in the Deposit Agreement and, if
applicable, the ADR(s) representing the ADSs. The Depositary, the Custodian and their respective nominees shall for all purposes be deemed to have all requisite power and authority to act in respect of Deposited Property on behalf of the Holders and
Beneficial Owners of ADSs representing the Deposited Property, and upon making payments to, or acting upon instructions from, or information provided by, the Depositary, the Custodian or their respective nominees all persons shall be authorized to
rely upon such power and authority. 
 Section 2.5    Issuance of ADSs. The Depositary has made
arrangements with the Custodian for the Custodian to confirm to the Depositary upon receipt of a deposit of Shares (i) that a deposit of Shares has been made pursuant to Section 2.3, (ii) that such Deposited Securities have been
recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders’ register maintained by or on behalf of the Company by the Share Registrar on the books of the applicable book-entry settlement system, if
applicable (iii) that all required documents have been received, and (iv) the person(s) to whom or upon whose order ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such notification may be made by letter,
cable, telex, SWIFT message or, at the risk and expense of the person making the deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions of
the Deposit Agreement and applicable law, shall issue the ADSs representing the Shares so deposited to or upon the order of the person(s) named in the notice delivered to the Depositary and, if applicable, shall execute and deliver at its Principal
Office Receipt(s) registered in the name(s) requested by such person(s) and evidencing the aggregate number of ADSs to which such person(s) are entitled, but, in each case, only upon payment to the Depositary of the charges of the Depositary for
accepting a deposit of Shares and issuing ADSs (as set forth in Section 5.9 and Exhibit B hereto) and all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Shares
and the issuance of the ADS(s). The Depositary shall only issue ADSs in whole numbers and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs. 

  
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 Section 2.6    Transfer, Combination and Split-up of ADRs. 
 (a)    Transfer. The Registrar shall
register the transfer of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced by
the ADRs canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions has been satisfied:
(i) the ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii) the surrendered ADRs have been properly
endorsed or are accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) the surrendered ADRs have been duly stamped (if required by the laws of the State of
New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and
Exhibit B hereto) have been paid, subject, however, in each case, to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.

 (b)    Combination &
Split-Up. The Registrar shall register the split-up or combination of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose
and the Depositary shall (x) cancel such ADRs and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by the ADRs canceled by the Depositary, (y) cause the Registrar to
countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly authorized
attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination thereof, and (ii) all applicable fees and charges of, and expenses incurred by, the
Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each case, to the terms and conditions of the applicable ADRs, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof. 

  
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 Section 2.7    Surrender of ADSs and Withdrawal of Deposited
Securities. The Holder of ADSs shall be entitled to Delivery (at the Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs upon satisfaction of each of the following conditions: (i) the
Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office (and if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby,
(ii) if applicable and so required by the Depositary, the ADRs Delivered to the Depositary for such purpose have been properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature
guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the Deposited
Securities being withdrawn to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental
charges (as are set forth in Section 5.9 and Exhibit B) have been paid, subject, however, in each case, to the terms and conditions of the ADRs evidencing the surrendered ADSs, of the Deposit Agreement, of the Articles of
Association and of any applicable laws and the rules of the applicable book-entry settlement system, if available, and to any provisions of or governing the Deposited Securities , in each case as in effect at the time thereof. 

Upon satisfaction of each of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if
applicable, the ADR(s) evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and (iii) shall direct the Custodian to Deliver, or
cause the Delivery of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for the Deposited Securities, or evidence of the electronic
transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each case, to the terms and conditions of the Deposit
Agreement, of the ADRs evidencing the ADSs so canceled, of the Articles of Association, of any applicable laws and of the rules of the applicable book-entry settlement system, if available, and to the terms and conditions of or governing the
Deposited Securities, in each case as in effect at the time thereof. 
 The Depositary shall not accept for surrender ADSs representing less
than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms
hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share
represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs. 

  
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 Notwithstanding anything else contained in any ADR or the Deposit Agreement, the Depositary
may make delivery at the Principal Office of the Depositary of Deposited Property consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any non-cash
distributions, which are at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs, and for the
account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at
the Principal Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. 

Section 2.8    Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer,
etc. 
 (a)    Additional Requirements. As a condition precedent to the execution and
Delivery, the registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Property, the Depositary or the
Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of an ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and Exhibit B, (ii) the production of proof
satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of ADRs
or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations as the Depositary and the Company may establish consistent with the provisions of the representative ADR, if applicable, the Deposit Agreement and
applicable law. 
 (b)    Additional Limitations. The issuance of ADSs against deposits of Shares
generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfers of ADSs
generally may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good
faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit
Agreement or the representative ADR(s), if applicable, or under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.8(a).

 (c)    Regulatory Restrictions. Notwithstanding any provision of the Deposit Agreement or any
ADR(s) to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the
Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as
such General Instructions may be amended from time to time). 

  
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 Section 2.9    Lost ADRs, etc. In case any ADR shall
be mutilated, destroyed, lost, or stolen, the Depositary shall execute and deliver a new ADR of like tenor at the expense of the Holder (a) in the case of a mutilated ADR, in exchange of and substitution for such mutilated ADR upon
cancellation thereof, or (b) in the case of a destroyed, lost or stolen ADR, in lieu of and in substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i) has submitted to the Depositary a written request for
such exchange and substitution before the Depositary has notice that the ADR has been acquired by a bona fide purchaser, (ii) has provided such security or indemnity (including an indemnity bond) as may be required by the Depositary to save it
and any of its agents harmless, and (iii) has satisfied any other reasonable requirements imposed by the Depositary, including, without limitation, evidence reasonably satisfactory to the Depositary of such destruction, loss or theft of such
ADR, the authenticity thereof and the Holder’s ownership thereof. 
 Section 2.10    Cancellation and
Destruction of Surrendered ADRs; Maintenance of Records. All ADRs surrendered to the Depositary shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable
against the Depositary for any purpose. The Depositary is authorized to destroy ADRs so canceled, provided the Depositary maintains a record of all destroyed ADRs. Any ADSs held in book-entry form (e.g., through accounts at DTC) shall be
deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs surrendered (without the need to physically destroy the Balance Certificate). 

Section 2.11    Escheatment. In the event any unclaimed property relating to the ADSs, for any reason,
is in the possession of Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon expiration of any applicable statutory period relating to abandoned
property laws, escheat such unclaimed property to the relevant authorities in accordance with the laws of each of the relevant States of the United States. 

Section 2.12    Partial Entitlement ADSs. In the event any Shares are deposited which (i) entitle
the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii) are not fully fungible (including, without limitation, as to
settlement or trading) with the Shares then on deposit (the Shares then on deposit collectively, “Full Entitlement Shares” and the Shares with different entitlement, “Partial Entitlement Shares”), the Depositary
shall (i) cause the Custodian to hold Partial Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii) subject to the terms of the Deposit Agreement, issue ADSs representing Partial Entitlement Shares which are
separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon (“Partial
Entitlement ADSs/ADRs” and “Full Entitlement ADSs/ADRs”, respectively). If and when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial
Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full Entitlement ADRs, (b) cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full
Entitlement Shares, and (c) take such actions as are necessary to remove the distinctions between (i) the Partial Entitlement ADRs and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the other. Holders and
Beneficial Owners of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All
provisions and conditions of the Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated by this Section 2.12. The Depositary is authorized to take any and
all other actions as may be necessary (including, without limitation, making the necessary notations on ADRs) to give effect to the terms of this Section 2.12. The Company agrees to give timely written notice to the Depositary if any Shares
issued or to be issued are Partial Entitlement Shares and shall assist the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to the Custodian. 

  
 15 

 Section 2.13    Certificated/Uncertificated ADSs.
Notwithstanding any other provision of the Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by ADRs (such ADSs, the “Uncertificated ADS(s)” and the ADS(s) evidenced by
ADR(s), the “Certificated ADS(s)”). When issuing and maintaining Uncertificated ADS(s) under the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents
maintaining direct registration systems for equity securities in New York and issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not
be represented by any instruments but shall be evidenced by registration in the books of the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse
claims of which the Depositary has notice at such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to (x) applicable laws and any rules and
regulations the Depositary may have established in respect of the Uncertificated ADSs, and (y) the continued availability of Certificated ADSs in the U.S. Holders of Certificated ADSs shall, if the Depositary maintains a direct registration
system for the ADSs, have the right to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s) to the Depositary for such purpose and (ii) the presentation of a written request to that
effect to the Depositary, subject in each case to (a) all liens and restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims of which the Depositary then has notice, (b) the terms of the Deposit Agreement and
the rules and regulations that the Depositary may establish for such purposes hereunder, (c) applicable law, and (d) payment of the Depositary fees and expenses applicable to such exchange of Certificated ADS(s) for Uncertificated ADS(s).
Uncertificated ADSs shall in all material respects be identical to Certificated ADS(s) of the same type and class, except that (i) no ADR(s) shall be, or shall need to be, issued to evidence Uncertificated ADS(s), (ii) Uncertificated
ADS(s) shall, subject to the terms of the Deposit Agreement, be transferable upon the same terms and conditions as uncertificated securities under New York law, (iii) the ownership of Uncertificated ADS(s) shall be recorded on the books of the
Depositary maintained for such purpose and evidence of such ownership shall be reflected in periodic statements provided by the Depositary to the Holder(s) in accordance with applicable New York law, (iv) the Depositary may from time to time,
upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably necessary to maintain Uncertificated ADS(s) on behalf of
Holders, provided that (a) such rules and regulations do not conflict with the terms of the Deposit Agreement and applicable law, and (b) the terms of such rules and regulations are readily available to Holders upon request, (v) the
Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are registered on the books of the
Depositary maintained for such purpose, (vi) the Depositary may, in connection with any deposit of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs, require
the prior receipt of such documentation as the Depositary may deem reasonably appropriate, and (vii) upon termination of the Deposit Agreement, the Depositary shall not require Holders of Uncertificated ADSs to affirmatively instruct the
Depositary before remitting proceeds from the sale of the Deposited Property represented by such Holders’ Uncertificated ADSs under the terms of Section 6.2. When issuing ADSs under the terms of the Deposit Agreement, including, without
limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may in its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically instructed by the applicable
Holder to issue Certificated ADSs. All provisions and conditions of the Deposit Agreement shall apply to Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated by this Section 2.13. The Depositary is authorized
and directed to take any and all actions and establish any and all procedures deemed reasonably necessary to give effect to the terms of this Section 2.13. Any references in the Deposit Agreement or any ADR(s) to the terms “American
Depositary Share(s)” or “ADS(s)” shall, unless the context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.13 and except as required by applicable law, the
Uncertificated ADSs shall be treated as ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Uncertificated ADSs, any conflict arises
between (a) the terms of the Deposit Agreement (other than this Section 2.13) and (b) the terms of this Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling and shall govern the rights
and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated ADSs. 

  
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 Section 2.14    Restricted ADSs. The Depositary
shall, at the request and expense of the Company, establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such Restricted Securities
in the form of ADSs issued under the terms hereof (such Shares, “Restricted Shares”). Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish
procedures permitting the deposit of such Restricted Shares and the issuance of ADSs representing the right to receive, subject to the terms of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted
Shares (such ADSs, the “Restricted ADSs,” and the ADRs evidencing such Restricted ADSs, the “Restricted ADRs”). Notwithstanding anything contained in this Section 2.14, the Depositary and the Company may, to
the extent not prohibited by law, agree to issue the Restricted ADSs in uncertificated form (“Uncertificated Restricted ADSs”) upon such terms and conditions as the Company and the Depositary may deem necessary and appropriate. The
Company shall assist the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably satisfactory to the Depositary to ensure that the establishment of such procedures does not violate the
provisions of the Securities Act or any other applicable laws. The depositors of such Restricted Shares and the Holders of the Restricted ADSs may be required prior to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and
Restricted ADSs or the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may require. The Company shall provide to the Depositary in writing the
legend(s) to be affixed to the Restricted ADRs (if the Restricted ADSs are to be issued as Certificated ADSs), or to be included in the statements issued from time to time to Holders of Uncertificated ADSs (if issued as Uncertificated
Restricted ADSs), which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted
ADSs, may be transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall, to the extent
required by law, be held separate and distinct from the other Deposited Securities held hereunder. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC (unless
(x) otherwise agreed by the Company and the Depositary, (y) the inclusion of Restricted ADSs is acceptable to the applicable clearing system, and (z) the terms of such inclusion are generally accepted by the Commission for Restricted
Securities of that type), and shall not in any way be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, shall be
transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise contemplated by the Deposit Agreement and (ii) an opinion of counsel reasonably satisfactory to the Depositary setting forth,
inter alia, the conditions upon which the Restricted ADSs presented, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, are transferable by the Holder thereof under applicable securities laws and the transfer restrictions
contained in the legend applicable to the Restricted ADSs presented for transfer. Except as set forth in this Section 2.14 and except as required by applicable law, the Restricted ADSs and the Restricted ADRs evidencing Restricted ADSs shall be
treated as ADSs and ADRs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the
terms of the Deposit Agreement (other than this Section 2.14) and (b) the terms of (i) this Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.14 and of the
Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs. 

  
 17 

 If the Restricted ADRs, the Restricted ADSs and the Restricted Shares cease to be Restricted
Securities, the Depositary, upon receipt of (x) an opinion of counsel reasonably satisfactory to the Depositary setting forth, inter alia, that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are not as of such time
Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted ADRs, the Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations that may have
been established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat the newly
unrestricted ADRs and ADSs on the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, and (iii) take all actions
necessary to remove any distinctions, limitations and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not
Restricted ADRs or Restricted ADSs, respectively, on the other hand, including, without limitation, by making the newly-unrestricted ADSs eligible for inclusion in the applicable book-entry settlement systems. 

ARTICLE III 
 CERTAIN
OBLIGATIONS OF HOLDERS 
 AND BENEFICIAL OWNERS OF ADSs 

Section 3.1    Proofs, Certificates and Other Information. Any person presenting Shares for deposit,
any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable
taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions
of, or governing, the Deposited Property, to execute such certifications and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form presented for deposit,
such information relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary
consistent with its obligations under the Deposit Agreement and the applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale
of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by the terms of Section 7.8(a), the delivery of any Deposited Property until such proof or other information is filed or such certifications are
executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s, the Registrar’s and the Company’s satisfaction. The Depositary shall provide the
Company, in a timely manner, with copies or originals if necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval or copies of written representations and warranties which it
receives from Holders and Beneficial Owners, and (ii) any other information or documents which the Company may reasonably request and which the Depositary shall request and receive from any Holder or Beneficial Owner or any person presenting
Shares for deposit or ADSs for cancellation, transfer or withdrawal. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners, or (ii) verify or vouch
for the accuracy of the information so provided by the Holders or Beneficial Owners. 

  
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 Section 3.2    Liability for Taxes and Other Charges.
Any tax or other governmental charge payable by the Custodian or by the Depositary with respect to any Deposited Property, ADSs or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the
Depositary may withhold or deduct from any distributions made in respect of Deposited Property held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial Owner any or all of such Deposited
Property and apply such distributions and sale proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and ADRs,
the Holder and the Beneficial Owner remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to Section 7.8(a)) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner
agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties
thereon) arising from (i) any ADSs held by such Holder and/or owned by such Beneficial Owner, (ii) the Deposited Property represented by the ADSs, and (iii) any transaction entered into by such Holder and/or Beneficial Owner in
respect of the ADSs and/or the Deposited Property represented thereby. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADR, the obligations of Holders and Beneficial Owners under this Section 3.2 shall survive
any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement. 

Section 3.3    Representations and Warranties on Deposit of Shares. Each person depositing Shares under
the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and legally
obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented
for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as
contemplated in Section 2.14), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and
cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to
take any and all actions necessary to correct the consequences thereof. 

  
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 Section 3.4    Compliance with Information Requests.
Notwithstanding any other provision of the Deposit Agreement or any ADR(s), each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of any stock exchange on which the
Shares or ADSs are, or will be, registered, traded or listed or the Articles of Association, which are made to provide information, inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares as the case may
be) and regarding the identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to
use its reasonable efforts to forward, upon the request of the Company and at the Company’s expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

 Section 3.5    Ownership Restrictions. Notwithstanding any other provision contained in the
Deposit Agreement or any ADR(s) to the contrary, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Articles of Association. The Company may also
restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may, in
its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including, but not
limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder or
Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Articles of Association. Nothing herein shall be interpreted as obligating the Depositary or the Company to ensure
compliance with the ownership restrictions described in this Section 3.5. 
 Section 3.6    Reporting
Obligations and Regulatory Approvals. Applicable laws and regulations may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals
in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such
determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective
agents or affiliates shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations. 

  
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 ARTICLE IV 

THE DEPOSITED SECURITIES 

Section 4.1    Cash Distributions. Whenever the Company intends to make a distribution of a cash
dividend or other cash distribution in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least twenty (20) days (or such other number of days as the Depositary and the Company may agree to in
writing from time to time) prior to the proposed distribution specifying, inter alia, the record date applicable for determining the holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such
notice, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9. Upon receipt of confirmation of the receipt of (x) any cash dividend or other cash distribution on any Deposited Securities, or
(y) proceeds from the sale of any Deposited Property held in respect of the ADSs under the terms hereof, the Depositary will (i) if any amounts are received in a Foreign Currency, promptly convert or cause to be converted such cash
dividend, distribution or proceeds into Dollars (subject to the terms and conditions of Section 4.8), (ii) if applicable and unless previously established, establish the ADS Record Date upon the terms described in Section 4.9, and
(iii) distribute promptly the amount thus received (net of (a) the applicable fees and charges set forth in the Fee Schedule attached hereto as Exhibit B, and (b) applicable taxes withheld) to the Holders entitled thereto as of
the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so
distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next
distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited
Property, an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to
the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed
property in accordance with the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed
distribution provided for in this Section 4.1, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.1, and the Company, the Holders and the Beneficial Owners acknowledge that
the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.1 where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as
provided herein. 

  
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 Section 4.2    Distribution in Shares. Whenever the
Company intends to make a distribution that consists of a dividend in, or free distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days (or such other number of days as the Depositary and the
Company may agree to in writing from time to time) prior to the proposed distribution, specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of
such notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary
shall either (i) subject to Section 5.9, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares
received as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or
(ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the
additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional
ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1. In the event that the Depositary
determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation under Section 5.7, has
furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose
of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute
the net proceeds of any such sale (after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1. The Depositary shall hold
and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary
timely notice of the proposed distribution provided for in this Section 4.2, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.2, and the Company, the Holders and the
Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.2 where such notice has not been so timely given, other than its failure to use
commercially reasonable efforts, as provided herein. 

  
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 Section 4.3    Elective Distributions in Cash or
Shares. Whenever the Company intends to make a distribution payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least forty-five
(45) days prior to the proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such elective
distribution to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to
determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution
available to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and
(iii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied or if the Company requests such elective distribution not to be made available to
Holders of ADSs, the Depositary shall establish the ADS Record Date on the terms described in Section 4.9 and, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the Cayman Islands in
respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the terms described in Section 4.2. If the above
conditions are satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section 4.9 and establish procedures to enable Holders to elect the receipt of the proposed distribution in cash or in additional ADSs. The
Company shall assist the Depositary in establishing such procedures to the extent necessary. If a Holder elects to receive the proposed distribution (X) in cash, the distribution shall be made upon the terms described in Section 4.1, or
(Y) in ADSs, the distribution shall be made upon the terms described in Section 4.2. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective distribution in Shares (rather than ADSs).
There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Notwithstanding anything contained in the
Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.3, the Depositary agrees to use commercially reasonable efforts to perform the
actions contemplated in this Section 4.3, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this
Section 4.3 where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

  
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 Section 4.4    Distribution of Rights to Purchase Additional
ADSs. 
 (a)    Distribution to ADS Holders. Whenever the Company intends to distribute to
the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days (or such other number of days as the Depositary and the Company may agree to in
writing from time to time) prior to the proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be
made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist
the Depositary in its determination, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested
that such rights be made available to Holders, (ii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of
rights is reasonably practicable. In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the rights as
contemplated in Section 4.4(b) below. In the event all conditions set forth above are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9) and establish procedures to (x) distribute
rights to purchase additional ADSs (by means of warrants or otherwise), (y) enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the
Depositary and (b) taxes), and (z) deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such procedures. Nothing herein shall obligate the Depositary to make
available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). 
 (b)    Sale of
Rights. If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive reasonably
satisfactory documentation within the terms of Section 5.7, or determines it is not reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the
Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Company shall
assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred
by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1. 
 (c)    Lapse of
Rights. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall
allow such rights to lapse. 
 The Depositary shall not be liable for (i) any failure to accurately determine whether it may be lawful
or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded
to the Holders on behalf of the Company in connection with the rights distribution. 
 Notwithstanding anything to the contrary in this
Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to
sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect
or (ii) unless the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel for the Company in any other applicable country in which rights would be distributed, in each case reasonably
satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws.

  
 24 

 In the event that the Company, the Depositary or the Custodian shall be required to withhold
and does withhold from any distribution of Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly. In the event that the
Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of
all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or
charges. 
 There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive or
exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be
acquired upon the exercise of such rights. 
 Section 4.5    Distributions Other Than Cash, Shares or Rights
to Purchase Shares. 
 (a)    Whenever the Company intends to distribute to the holders of Deposited Securities
property other than cash, Shares or rights to purchase additional Shares, the Company shall give timely notice thereof to the Depositary and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a
notice indicating that the Company wishes such distribution to be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary, to determine whether such distribution to Holders is lawful and
reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution is reasonably practicable. 

(b)    Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs
and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively
and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes
withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes
(including applicable interest and penalties) or other governmental charges applicable to the distribution. 
 (c)    If
(i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of
Section 5.7, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and
upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees
and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may dispose of such property
for the account of the Holders in any way it deems reasonably practicable under the circumstances. 

  
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 (d)    Neither the Depositary nor the Company shall be liable for
(i) any failure to accurately determine whether it is lawful or practicable to make the property described in this Section 4.5 available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection with
the sale or disposal of such property. 
 Section 4.6    Distributions with Respect to Deposited Securities
in Bearer Form. 
 Subject to the terms of this Article IV, distributions in respect of Deposited Securities that are held by the
Depositary or the Custodian in bearer form shall be made to the Depositary for the account of the respective Holders of ADS(s) with respect to which any such distribution is made upon due presentation by the Depositary or the Custodian to the
Company of any relevant coupons, talons, or certificates. The Company shall promptly notify the Depositary of such distributions. The Depositary or the Custodian shall promptly present such coupons, talons or certificates, as the case may be, in
connection with any such distribution. 
 Section 4.7    Redemption. If the Company intends to
exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give timely notice thereof to the Depositary at least forty-five (45) days (or such other number of days as the Depositary and the Company may
agree to in writing from time to time) prior to the intended date of redemption which notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) reasonably satisfactory
documentation given by the Company to the Depositary within the terms of Section 5.7, and only if the Depositary shall have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting
forth the intended exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in
respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption price have been
received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon
delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by
the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the
ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 and the applicable fees and
charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed. 

  
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 Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event
the Company fails to give the Depositary timely notice of the proposed redemption provided for in this Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.7, and
the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.7 where such notice has not been so timely given,
other than its failure to use commercially reasonable efforts, as provided herein. 

Section 4.8    Conversion of Foreign Currency. Whenever the Depositary or the Custodian shall receive
Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of Deposited Property, which in the judgment of the Depositary can at such time be converted on a practicable basis, by sale or in any other manner that
it may determine in accordance with applicable law, into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may
reasonably determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of the fees and charges set forth in the Fee Schedule attached hereto as Exhibit B, and applicable taxes withheld) in accordance with the terms
of the applicable sections of the Deposit Agreement. The Depositary and/or its agent (which may be a division, branch or Affiliate of the Depositary) may act as principal for any conversion of Foreign Currency. If the Depositary shall have
distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case
without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of any application of exchange restrictions or otherwise. 

If such conversion or distribution generally or with regard to a particular Holder can be effected only with the approval or license of any
government or agency thereof, the Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event, however, shall the Depositary be obligated to make such a filing. 

If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of
proceeds of such conversion received by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied or, in the
opinion of the Depositary, not obtainable at a reasonable cost or within a reasonable period, the Depositary may, in its discretion, (i) make such conversion and distribution in Dollars to the Holders for whom such conversion, transfer and
distribution is lawful and practicable, (ii) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this is lawful and practicable, or (iii) hold (or cause the
Custodian to hold) such Foreign Currency (without liability for interest thereon) for the respective accounts of the Holders entitled to receive the same. 

  
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 Section 4.9    Fixing of ADS Record Date. Whenever
(a) the Depositary shall receive notice of the fixing of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), (b)
for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, (c) the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited
Securities, or (d) the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the “ADS Record
Date”) for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice
or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as
practicable to the applicable record date for the Deposited Securities (if any) set by the Company in the Cayman Islands and shall not announce the establishment of any ADS Record Date prior to the relevant corporate action having been made
public by the Company (if such corporate action affects the Deposited Securities). Subject to applicable law and the provisions of Section 4.1 through 4.8 and to the other terms and conditions of the Deposit Agreement, only the Holders of ADSs
at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 

Section 4.10    Voting of Deposited Securities. As soon as practicable after receipt of notice of any
meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of
consent or proxy in accordance with Section 4.9. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the
Depositary at least thirty (30) days (or such other number of days as the Depositary and the Company may agree to in writing from time to time) prior to the date of such vote or meeting), at the Company’s expense and provided no U.S. legal
prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject
to any applicable law, the provisions of the Deposit Agreement, the Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the
Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given. 

Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or
regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of
Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (e.g., by reference to a website
containing the materials for retrieval or a contact for requesting copies of the materials). 

  
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 The Depositary has been advised by the Company that under the Articles of Association as in
effect on the date of the Deposit Agreement, voting at any meeting of shareholders of the Company is by show of hands unless (before or on the declaration of the result of the show of hands) a poll is demanded. The Depositary will not join in
demanding a poll, whether or not requested to do so by Holders of ADSs. Under the Articles of Association of the Company as in effect on the date of the Deposit Agreement, a poll may be demanded by (a) the chairman of the meeting, (b) any
shareholder(s) present in person or by proxy and representing not less than 10% of the total voting rights of all the shareholders having the right to vote on the resolution. 

Voting instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely
receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit
Agreement, the Articles of Association and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder’s ADSs as follows: (a) in the
event voting takes place at a shareholders’ meeting by a show of hands, the Depositary will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions received timely from a majority of
Holders of ADSs who provided voting instructions, and (b) in the event voting takes place at a shareholders’ meeting by poll, the Depositary will instruct the Custodian to vote the Deposited Securities in accordance with the voting
instructions timely received from the Holders of ADSs. 
 If the Depositary does not receive instructions from a Holder as of the ADS Record
Date on or before the date established by the Depositary for such purpose and voting is by poll, such Holder shall be deemed, and the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder, to have
instructed the Depositary to give a discretionary proxy to a person designated by the Company to vote the Deposited Securities; provided, however, that no such discretionary proxy shall be given by the Depositary with respect to any matter to be
voted upon as to which the Company informs the Depositary that (A) the Company does not wish such proxy to be given, (B) substantial opposition exists, or (C) the rights of holders of Deposited Securities may be materially adversely
affected. Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for
purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary
timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary will deem such Holder (unless otherwise specified
in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. 

  
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 Notwithstanding anything else contained herein, the Depositary shall, if so requested in
writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a
meeting of shareholders. 
 Notwithstanding anything else contained in the Deposit Agreement or any ADR, the Depositary shall not have any
obligation to take any action with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws or if the Depositary has not distributed the materials
referred to in the first paragraph of this Section 4.10. The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to
deliver to the Depositary an opinion of U.S. counsel addressing any actions requested to be taken if so requested by the Depositary. 

There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to
enable the Holder to return voting instructions to the Depositary in a timely manner. 

Section 4.11    Changes Affecting Deposited Securities. Upon any change in nominal or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company or to which it
is a party, any property which shall be received by the Depositary or the Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as
new Deposited Property under the Deposit Agreement, and the ADSs shall, subject to the provisions of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent the right to receive such additional or replacement Deposited
Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets,
the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by,
the Depositary, and (b) taxes) and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver additional ADSs as in the
case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in
respect of the ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees to, jointly with
the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the event that any Deposited
Property so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of Company’s counsel satisfactory to the
Depositary that such action is not in violation of any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of
such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such Deposited Property upon an averaged or other practicable basis without regard to
any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. Neither the Company nor the Depositary shall be responsible
for (i) any failure to determine that it may be lawful or practicable to make such Deposited Property available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with
such sale, or (iii) any liability to the purchaser of such Deposited Property; provided that this sentence shall not limit the Company’s obligations or liabilities to the Depositary or any “indemnified person” (as defined in
Section 5.8) 

  
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 Section 4.12    Available Information. 

The Company is subject to the periodic reporting requirements of the Exchange Act and, accordingly, is required to file or furnish certain
reports with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located (as of the date of the
Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. 
 Section 4.13    Reports. The
Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian,
or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such Deposited Property by the Company. The Depositary shall also provide or make available to Holders copies of such
reports when furnished by the Company pursuant to Section 5.6. 
 Section 4.14    List of
Holders. Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of ADSs of all Holders. 

Section 4.15    Taxation. The Depositary will, and will instruct the Custodian to,
forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax reports with governmental authorities or agencies. The Depositary, the
Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Property under applicable tax treaties or laws for the Holders and
Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of tax at source on dividends
and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the Deposited Property. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be required from time to time,
and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the
Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable law. The Depositary and the Company shall have no obligation or liability to any person if any Holder or
Beneficial Owner fails to provide such information or if such information does not reach the relevant tax authorities in time for any Holder or Beneficial Owner to obtain the benefits of any tax treatment. The Holders and Beneficial Owners shall
indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to
tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. 

  
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 If the Company (or any of its agents) withholds from any distribution any amount on account
of taxes or governmental charges, or pays any other tax in respect of such distribution (e.g., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly to the Depositary information
about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor, in each case, in a form reasonably satisfactory to the Depositary. The
Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall
not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the
Depositary or the Custodian, as applicable. None of the Company, the Depositary nor the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of
non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability. 
 The
Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. Neither the Company nor the Depositary shall incur any liability for any tax consequences that may be incurred
by Holders and Beneficial Owners on account of their ownership of the ADSs, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive Foreign Investment Company” (in
each case as defined in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise. Upon written request, the Depositary shall, at the expense of the person making the request, promptly provide (i) each Holder and
(ii) each person that was a Holder during the period to which the information applies, a copy of any tax-related information provided to the Depositary by the Company for the benefit of such Holders. 

  
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 ARTICLE V 

THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 

Section 5.1    Maintenance of Office and Transfer Books by the Registrar. Until termination of the
Deposit Agreement in accordance with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the issuance and delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of
withdrawal of Deposited Securities, the registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs evidencing the ADSs so issued,
transferred, combined or split-up, in each case in accordance with the provisions of the Deposit Agreement. 

The Registrar shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by the Company and by
the Holders of such ADSs, provided that such inspection shall not be, to the Registrar’s knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object other than the business of the Company or
other than a matter related to the Deposit Agreement or the ADSs. 
 The Registrar may close the transfer books with respect to the ADSs, at
any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section 7.8(a). 

If any ADSs are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as
Registrar or appoint a Registrar or one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if
applicable, to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. As promptly as practicable, the Depositary shall notify the Company of any such removal or appointment. 

Section 5.2    Exoneration. Notwithstanding anything contained in the Deposit Agreement or any ADR,
neither the Depositary nor the Company shall be obligated to do or perform any act or thing which is inconsistent with the provisions of the Deposit Agreement or incur any liability (to the extent not limited by Section 7.8(b)) (i) if the
Depositary, the Custodian, the Company or their respective agents shall be prevented or forbidden from, hindered or delayed in, doing or performing any act or thing required or contemplated by the terms of the Deposit Agreement, by reason of any
provision of any present or future law or regulation of the United States, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of potential criminal or civil
penalties or restraint, or by reason of any provision, present or future, of the Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or other event or circumstance beyond its control
(including, without limitation, fire, flood, earthquake, tornado, hurricane, tsunami, explosion, or other natural disaster, nationalization, expropriation, currency restriction, work stoppage, strikes, civil unrest, act of war (whether declared or
not) or terrorism, revolution, rebellion, embargo, computer failure, failure of public infrastructure (including communication or utility failure), failure of common carriers, nuclear, cyber or biochemical incident, any pandemic, epidemic or other
prevalent disease or illness with an actual or probable threat to human life, any quarantine order or travel restriction imposed by a governmental authority or other competent public health authority, or the failure or unavailability of the United
States Federal Reserve Bank (or other central banking system) or DTC (or other clearing system)), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Articles of Association or
provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or
authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or
other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, (v) for any action or inaction of any clearing or settlement system (and any
participant thereof) for the Deposited Property or the ADSs, or (vi) for any consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement. 

  
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 The Depositary, its controlling persons, its agents, any Custodian and the Company, its
controlling persons and its agents may rely and shall be protected in acting upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

Section 5.3    Standard of Care. The Company and the Depositary assume no obligation and shall not be
subject to any liability under the Deposit Agreement or any ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations specifically set forth in the Deposit Agreement or the
applicable ADRs without negligence or bad faith. 
 Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of
their respective controlling persons, or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Property or in respect of the ADSs, which in its opinion may involve it
in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with
respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). 
 The Depositary and its agents shall not
be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without negligence
and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of any
information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity or worth of the
Deposited Property, for the value of any Deposited Property or any distribution thereon, for any interest on Deposited Property, for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for any action of or failure to act
by, or any information provided or not provided by, DTC or any DTC Participant. 
 The Depositary shall not be liable for any acts or
omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the
issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 

  
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 The Depositary shall not be liable for any acts or omissions made by a predecessor
depositary whether in connection with an act or omission of the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary, provided that in connection
with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 

Section 5.4    Resignation and Removal of the Depositary; Appointment of Successor Depositary. The
Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the
Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of
(i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) upon the appointment by the Company of a successor depositary and its
acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign or be removed,
the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to
execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become
fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9). The predecessor depositary, upon payment of all sums due it and on the written request of the Company,
shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all of the
Depositary’s right, title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the
successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. 
 Any
entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 

Section 5.5    The Custodian. The Depositary has initially appointed Citibank, N.A. - Hong Kong as
Custodian for the purpose of the Deposit Agreement. The Custodian or its successors in acting hereunder shall be authorized to act as custodian in the Cayman Islands and shall be subject at all times and in all respects to the direction of the
Depositary for the Deposited Property for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Property and no other Custodian
has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to Deliver, or cause the Delivery of, the Deposited Property held by it,
together with all such records maintained by it as Custodian with respect to such Deposited Property as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is
appropriate to do so, it may appoint an additional custodian with respect to any Deposited Property, or discharge the Custodian with respect to any Deposited Property and appoint a substitute custodian, which shall thereafter be Custodian hereunder
with respect to the Deposited Property. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company. 

  
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 Citibank may at any time act as Custodian of the Deposited Property pursuant to the Deposit
Agreement, in which case any reference to Custodian shall mean Citibank solely in its capacity as Custodian pursuant to the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary shall not be
obligated to give notice to the Company, any Holders of ADSs or any other Custodian of its acting as Custodian pursuant to the Deposit Agreement. 

Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary,
continue to be the Custodian of the Deposited Property without any further act or writing, and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any
Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary. 

Section 5.6    Notices and Reports. On or before the first date on which the Company gives notice, by
publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in
respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in the English language but otherwise in the
form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Articles of
Association that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat. 
 The Company will also transmit
to the Depositary (a) an English language version of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) the English-language versions of the Company’s annual reports prepared in accordance with the applicable requirements of the Commission, to the extent such notices, reports and communications are not available on
the Company’s website or are not otherwise publicly available. The Depositary shall arrange, at the request of the Company and at the Company’s expense, to provide copies thereof to all Holders or make such notices, reports and other
communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities or on such other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock
exchange requirement. The Company has delivered to the Depositary and the Custodian a copy of the Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company in connection
with such Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein to the extent such amendment or change is not available on
the Company’s website or is not otherwise publicly available. The Depositary may rely upon such copy for all purposes of the Deposit Agreement. 

  
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 The Depositary will, at the expense of the Company, make available a copy of any such
notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the ADSs at the Depositary’s Principal Office, at the office of the Custodian and at any other designated transfer office.

 Section 5.7    Issuance of Additional Shares, ADSs etc. The Company agrees that in the event it or
any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance or assumption of securities convertible
into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a
meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets, (viii) any assumption, reclassification, recapitalization,
reorganization, merger, consolidation or sale of assets which affects the Deposited Securities, or (ix) a distribution of securities other than Shares, it will obtain U.S. legal advice and take all steps necessary to ensure that the application
of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the
Exchange Act and the securities laws of the states of the U.S.). In support of the foregoing, the Company will furnish to the Depositary (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating whether such
transaction (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and (b) an opinion of the Cayman Islands counsel stating that
(1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Cayman Islands and (2) all requisite regulatory consents and approvals, if any, have been obtained in the Cayman Islands.
If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been
declared effective. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the
terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in the Deposit Agreement, to prevent such transaction from violating
the registration requirements of the Securities Act. The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance
or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable
for Shares or rights to subscribe for such securities or distribute securities other than Shares, unless such transaction and the securities issuable in such transaction do not violate the registration provisions of the Securities Act, or any other
applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.). 

  
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 Notwithstanding anything else contained in the Deposit Agreement, nothing in the Deposit
Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction. 

Section 5.8    Indemnification. The Depositary agrees to indemnify the Company and its directors,
officers, employees, agents and Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable fees and expenses of counsel) which may
arise out of acts performed or omitted by the Depositary or the Custodian (for so long as the Custodian is a branch of Citibank, N.A.) under the terms hereof due to the negligence or bad faith of the Depositary or the Custodian, as applicable. 

The Company agrees to indemnify the Depositary, the Custodian and any of their respective directors, officers, employees, agents and
Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable fees and expenses of counsel) that may arise (a) out of, or in
connection with, any offer, issuance, sale, resale, transfer, deposit or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as the case may be, (b) out of, or as a result of, any offering documents in respect thereof or
(c) out of acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company, in connection with the Deposit Agreement, any ancillary or supplemental agreement
entered into between the Company and the Depositary, the ADRs, the ADSs, the Shares, or any Deposited Property, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and
Affiliates, except to the extent such loss, liability, tax, charge or expense is due to the negligence or bad faith of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. 

The obligations set forth in this Section shall survive the termination of the Deposit Agreement and the succession or substitution of any
party hereto. 

  
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 Any person seeking indemnification hereunder (an “indemnified person”) shall
notify the person from whom it is seeking indemnification (the “indemnifying person”) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of such commencement (provided that the
failure to make such notification shall not affect such indemnified person’s rights to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall consult in good faith with the
indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise or settle any action or claim
that may give rise to an indemnity hereunder without the consent of the indemnifying person, which consent shall not be unreasonably withheld. 

Section 5.9    ADS Fees and Charges. The Company, the Holders, the Beneficial
Owners, persons depositing Shares or withdrawing Deposited Securities in connection with the issuance and cancellation of ADSs, and persons receiving ADSs upon issuance or whose ADSs are being cancelled shall be required to pay to the Depositary the
Depositary’s fees and related charges identified as payable by them respectively in the Fee Schedule attached hereto as Exhibit B. All ADS fees and charges so payable may be deducted from distributions or must be remitted to the
Depositary, or its designee, and may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of ADS fees and charges payable by Holders and Beneficial Owners, any such change
(excluding any changes to the waiver by the Depositary of fees and charges contemplated herein) may be made only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest ADS fee schedule to
anyone upon request. 
 ADS fees and charges for (i) the issuance of ADSs and (ii) the cancellation of ADSs will be payable by the
person for whom the ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person for whom ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the
Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the
Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at the time. ADS fees and charges in
respect of distributions and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the
funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the ADS fees and
charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through DTC, and may
be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs.
In the case of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs
of another series, the ADS conversion fee will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are delivered. 

  
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 The Depositary may reimburse the Company for certain expenses incurred by the Company in
respect of the ADR program established pursuant to the Deposit Agreement, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree from
time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket expenses, as the Depositary and the
Company may agree from time to time. Responsibility for payment of such fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its
statement for such fees, charges and reimbursements to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 

The obligations of Holders and Beneficial Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any
Depositary, upon the resignation or removal of such Depositary as described in Section 5.4, the right to collect ADS fees and charges shall extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or
removal. 
 Section 5.10    Restricted Securities Owners. The Company agrees to advise in writing
each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under the circumstances contemplated in Section 2.14) and, to the
extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.14). 

ARTICLE VI 
 AMENDMENT
AND TERMINATION 
 Section 6.1    Amendment/Supplement. Subject to the terms and conditions of
this Section 6.1 and applicable law, the ADRs outstanding at any time, the provisions of the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or
supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose
or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial
existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of
outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such
notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (e.g., upon retrieval from the
Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the
Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form
and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial existing rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at
the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and the ADR, if applicable, as amended or
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of
applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the
Depositary may amend or supplement the Deposit Agreement and any ADRs at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and any ADRs in such circumstances may become
effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 

  
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 Section 6.2    Termination. The Depositary shall, at
any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such
termination. If (i) ninety (90) days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) ninety (90) days shall have expired after the Company shall have delivered
to the Depositary a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may
terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of
the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date, the Depositary shall continue to perform all of its
obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. 

If any ADSs shall remain outstanding after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have
any obligation to perform any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions
pertaining to Deposited Securities, (ii) sell Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net
proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all
applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable
law in connection with its role as Depositary under the Deposit Agreement. 
 At any time after the Termination Date, the Depositary may
sell the Deposited Property then held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit
Agreement, in an un-segregated account and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall
be discharged from all obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the
Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in
connection with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of
the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the applicable ADSs
are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement). 

Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the
Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an
unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration
requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

  
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 ARTICLE VII 

MISCELLANEOUS 

Section 7.1    Counterparts. The Deposit Agreement may be executed in any number of counterparts, each
of which shall be deemed an original and all of such counterparts together shall constitute one and the same agreement. Copies of the Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during
business hours. 
 Section 7.2    No Third-Party
Beneficiaries/Acknowledgments. The Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person,
except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among the
parties. The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking relationships with the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii) Citibank
and its Affiliates may own and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions in which parties adverse to the Company, the Holders, the Beneficial Owners or their
respective Affiliates may have interests, (iii) the Depositary and its Affiliates may from time to time have in their possession non-public information about the Company, the Holders, the Beneficial
Owners, and their respective Affiliates, (iv) nothing contained in the Deposit Agreement shall (a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or
(b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships, or to account for any profit made or payment received in such transactions or relationships, (v) the Depositary shall not be deemed
to have knowledge of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial Owners, or any of their respective Affiliates, and (vi) the Company, the Depositary, the
Custodian and their respective agents and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and the Cayman Islands, and the authority of courts and regulatory authorities of such other jurisdictions,
and, consequently, the requirements and the limitations of such other laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may affect the rights and obligations of the parties to the Deposit Agreement.

 Section 7.3    Severability. In case any one or more of the provisions contained in the Deposit
Agreement or in the ADRs should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed
thereby. 

  
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 Section 7.4    Holders and Beneficial Owners as Parties;
Binding Effect. The Holders and Beneficial Owners from time to time of ADSs issued hereunder shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any ADR evidencing their ADSs by
acceptance thereof or any beneficial interest therein. 
 Section 7.5    Notices. Any and all notices
to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to
Burning Rock Biotech Limited, 601, 6/F, Building 3, Standard Industrial Unit 2, No. 7, Luoxuan 4th Road, International Bio Island, Guangzhou, Guangdong Province, People’s Republic of
China, Attention: Chief Financial Officer, or to any other address which the Company may specify in writing to the Depositary. 
 Any
and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air
courier, addressed to Citibank, N.A., 388 Greenwich Street, New York, New York 10013, U.S.A., Attention: Depositary Receipts Department, or to any other address which the Depositary may specify in writing to the Company. 

Any and all notices to be given to any Holder shall be deemed to have been duly given (a) if personally delivered or sent by mail
or cable, telex or facsimile transmission, confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books of the Depositary or, if such Holder shall have filed with the Depositary a request that notices
intended for such Holder be mailed to some other address, at the address specified in such request, or (b) if a Holder shall have designated such means of notification as an acceptable means of notification under the terms of the Deposit
Agreement, by means of electronic messaging addressed for delivery to the e-mail address designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for all
purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders. Any notices
given to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) constitute notice to the DTC Participants who hold the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs. 

Delivery of a notice sent by mail, air courier or cable, telex or facsimile transmission shall be deemed to be effective at the time when a
duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air courier service, without regard for the
actual receipt or time of actual receipt thereof by a Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any Holder, the Custodian, the Depositary, or the Company,
notwithstanding that such cable, telex or facsimile transmission shall not be subsequently confirmed by letter. 

  
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 Delivery of a notice by means of electronic messaging shall be deemed to be effective at the
time of the initiation of the transmission by the sender (as shown on the sender’s records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or fails to receive such notice on
account of its failure to maintain the designated e-mail address, its failure to designate a substitute e-mail address or for any other reason. 

Section 7.6    Governing Law and Jurisdiction. The Deposit Agreement, the ADRs and the ADSs shall be
interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof. Notwithstanding anything
contained in the Deposit Agreement to the contrary, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities and the obligations and duties of the Company
in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the laws of the Cayman Islands (or, if applicable, such other laws as may govern the Deposited Securities). 

Except as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts
in the City of New York shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with the Deposit Agreement and, for such purposes, each irrevocably
submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and empowers Cogency Global Inc. (the “Agent”) now at 122 East 42nd Street, 18th Floor, New York, NY 10168 as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties,
assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence
or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available to act as such, the Company agrees to designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably
satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a
copy thereof upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air
mail, postage prepaid, to its address provided in Section 7.5. The Company agrees that the failure of the Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered
in any action or proceeding based thereon. 
 Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in
the event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c) against both the Company and the Depositary,
in any such case, in any state or federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then
the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit
to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit,
action or proceeding brought against it as described in this paragraph. 

  
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 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead
or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of
immunity from legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, from execution of
judgment, or from any other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement against it, its assets and its revenues in any jurisdiction, in each case with
respect to any matter arising out of, or in connection with, the Deposit Agreement, any ADR or the Deposited Property. 
 EACH OF THE
PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY
AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). 

The provisions of this Section 7.6 shall survive any termination of the Deposit Agreement, in whole or in part. 

Section 7.7    Assignment. Subject to the provisions of Section 5.4, the Deposit Agreement may not
be assigned by either the Company or the Depositary. 
 Section 7.8    Compliance with, and No Disclaimer
under, U.S. Securities Laws. (a)    Notwithstanding anything in the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as
would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 

  
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 (b)    Each of the parties to the Deposit Agreement (including, without
limitation, each Holder and Beneficial Owner) acknowledges and agrees that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the Securities Act or the Exchange Act, in each case to the extent
established under applicable U.S. laws. 
 Section 7.9    The Cayman Islands Law References.
Any summary of the Cayman Islands laws and regulations and of the terms of the Articles of Association set forth in the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary.
While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and
(ii) these laws and regulations and the Articles of Association may change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation under the terms of the Deposit Agreement to update any such summaries.

 Section 7.10    Titles and References. (a)    Deposit
Agreement. All references in the Deposit Agreement to exhibits, articles, sections, subsections, and other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of the Deposit Agreement unless
expressly provided otherwise. The words “the Deposit Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect at the
relevant time between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any
other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of the Deposit Agreement are included for convenience only and shall be disregarded
in construing the language contained in the Deposit Agreement. References to “applicable laws and regulations” shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Property as in effect at the relevant time of
determination, unless otherwise required by law or regulation. 
 (b)    ADRs. All references in
any ADR(s) to paragraphs, exhibits, articles, sections, subsections, and other subdivisions refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly provided otherwise. The
words “the Receipt”, “the ADR”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant time, and
not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender in any ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and
vice versa unless the context otherwise requires. Titles to paragraphs of any ADR are included for convenience only and shall be disregarded in construing the language contained in the ADR. References to “applicable laws and
regulations” shall refer to laws and regulations applicable to the Company, the Depositary, the Custodian, their agents and controlling persons, the ADRs, the ADSs and the Deposited Property as in effect at the relevant time of determination,
unless otherwise required by law or regulation. 

  
 46 

 IN WITNESS WHEREOF, BURNING ROCK BIOTECH LIMITED and CITIBANK, N.A. have duly executed the
Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of any beneficial
interest therein. 
  

			
	BURNING ROCK BIOTECH LIMITED
		
	By:	 	  

		 	Name: Leo Li
		 	Title: Director and Chief Financial Officer
	
	CITIBANK, N.A.
		
	By:	 	  

		 	Name:
		 	Title:

  
 47 

 EXHIBIT A 

[FORM OF ADR] 
  

			
	 Number

                    
	  	CUSIP NUMBER:                 
		  	 American Depositary Shares (each American Depositary Share representing the right to receive one (1) fully paid
Class A ordinary share)

 AMERICAN DEPOSITARY RECEIPT 

for 
 AMERICAN DEPOSITARY SHARES

 representing 
 DEPOSITED
CLASS A ORDINARY SHARES 
 of 

BURNING ROCK BIOTECH LIMITED 

(Organized under the laws of the Cayman Islands) 

CITIBANK, N.A., a national banking association organized and existing under the laws of the United States of America, as depositary (the
“Depositary”), hereby certifies that                     is the owner of
                     American Depositary Shares (hereinafter “ADS”) representing deposited Class A ordinary shares, including
evidence of rights to receive such Class A ordinary shares, par value $0.0002 per share (the “Shares”), of Burning Rock Biotech Limited, an exempted company with limited liability organized under the laws of the Cayman Islands (the
“Company”). As of the date of issuance of this ADR, each ADS represents the right to receive one (1) Share deposited under the Deposit Agreement (as hereinafter defined) with the Custodian, which at the date of issuance of this ADR is
Citibank, N.A. - Hong Kong (the “Custodian”). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement.
The Depositary’s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A. 

  
 A-1 

 (1)    The Deposit Agreement. This American
Depositary Receipt is one of an issue of American Depositary Receipts (“ADRs”), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [●], 2020 (as amended and supplemented from
time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder. The Deposit Agreement sets forth the rights and obligations of Holders and
Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other Deposited Property (as defined in the Deposit Agreement) from time to time received and held on deposit in
respect of the ADSs. Copies of the Deposit Agreement are on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with
the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the
taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. The manner in which a Beneficial Owner holds ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of,
the manner in which, and the extent to which, services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement. 

The statements made on the face and reverse of this ADR are summaries of certain provisions of the Deposit Agreement and the Articles of
Association (as in effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement and the Articles of Association, to which reference is hereby made. 

All capitalized terms not defined herein shall have the meanings ascribed thereto in the Deposit Agreement. 

The Depositary makes no representation or warranty as to the validity or worth of the Deposited Property. The Depositary has made arrangements
for the acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable to such ADSs. The Depositary may issue
Uncertificated ADSs subject, however, to the terms and conditions of Section 2.13 of the Deposit Agreement. 

(2)    Surrender of ADSs and Withdrawal of Deposited Securities. The Holder of this ADR (and of the ADSs
evidenced hereby) shall be entitled to Delivery (at the Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder
(or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable, this ADR evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities
represented thereby, (ii) if applicable and so required by the Depositary, this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank (including
signature guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing the Depositary to cause the
Deposited Securities being withdrawn to be Delivered to or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and
governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR evidencing the surrendered ADSs, of
the Deposit Agreement, of the Articles of Association and of any applicable laws and the rules of the applicable book-entry settlement system, if available, and to any provisions of or governing the Deposited Securities , in each case
as in effect at the time thereof. 

  
 A-2 

 Upon satisfaction of each of the conditions specified above, the Depositary (i) shall
cancel the ADSs Delivered to it (and, if applicable, this ADR(s) evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and
(iii) shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for the
Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each
case, to the terms and conditions of the Deposit Agreement, of the ADRs evidencing the ADSs so canceled, of the Articles of Association, of any applicable laws and of the rules of the applicable book-entry settlement system, if available, and to
the terms and conditions of or governing the Deposited Securities, in each case as in effect at the time thereof. 
 The Depositary shall
not accept for surrender ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares
to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or
cause to be sold the fractional Share represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the person
surrendering the ADSs. 
 Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may make delivery at
the Principal Office of the Depositary of Deposited Property consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any non-cash distributions, which are at
the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the
account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at
the Principal Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. 

  
 A-3 

 (3)    Transfer, Combination and Split-up of ADRs. The Registrar shall register the transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR
and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced by this ADR canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the
person entitled thereto, if each of the following conditions has been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of
effecting a transfer thereof, (ii) this surrendered ADR has been properly endorsed or is accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) this
surrendered ADR has been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental
charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each
case as in effect at the time thereof. 
 The Registrar shall register the split-up or combination
of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs
evidenced by this ADR canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied:
(i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination hereof,
and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid,
subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. 

(4)    Pre-Conditions to Registration, Transfer, Etc.
As a condition precedent to the execution and Delivery, the registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of
any Deposited Property, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of this ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 of, and
Exhibit B to, the Deposit Agreement and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 of the Deposit Agreement, and
(iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of this ADR or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations as the Depositary and the
Company may establish consistent with the provisions of this ADR, if applicable, the Deposit Agreement and applicable law. 

  
 A-4 

 The issuance of ADSs against deposits of Shares generally or against deposits of particular
Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally may be suspended, during any period when
the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any
requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement or this ADR, if applicable, or under any provision
of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all cases to Section 7.8(a) of the Deposit Agreement and paragraph (25) of this ADR. Notwithstanding
any provision of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated therewith at any time subject only to (i) temporary delays caused by closing
the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with
any U.S. or foreign laws or governmental regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). 

(5)    Compliance with Information Requests. Notwithstanding any other provision of the
Deposit Agreement or this ADR, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of any stock exchange on which the Shares or ADSs
are, or will be, registered, traded or listed, or the Articles of Association, which are made to provide information, inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and the Shares represented by such ADSs,
as the case may be) and regarding the identity of any other person(s) interested in such ADSs (and the Shares represented by such ADSs, as the case may be) and the nature of such interest and various other matters, whether or not they are Holders
and/or Beneficial Owners at the time of such request. 
 (6)    Ownership Restrictions.
Notwithstanding any other provision contained in this ADR or of the Deposit Agreement to the contrary, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable
law or the Articles of Association. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or
Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the
limits set forth in the preceding sentence, including but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or the mandatory sale or disposition on behalf of a Holder or Beneficial
Owner of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Articles of Association. Nothing herein or in the Deposit
Agreement shall be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described herein or in Section 3.5 of the Deposit Agreement. 

  
 A-5 

 (7)    Reporting Obligations and Regulatory
Approvals. Applicable laws and regulations may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain
circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such determination,
file such reports, and obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates
shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations. 

(8)    Liability for Taxes and Other Charges. Any tax or other governmental charge payable by
the Custodian or by the Depositary with respect to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any
distributions made in respect of Deposited Property held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial Owner any or all of such Deposited Property and apply such distributions and sale
proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and this ADR, the Holder and the Beneficial Owner hereof
remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or
combination of ADRs and (subject to paragraph (25) of this ADR and Section 7.8(a) of the Deposit Agreement) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and
Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest
and penalties thereon) arising from (i) any ADSs held by such Holder and/or owned by such Beneficial Owner, (ii) the Deposited Property represented by the ADSs, and (iii) any transaction entered into by such Holder and/or Beneficial
Owner in respect of the ADSs and/or the Deposited Property represented thereby. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADR, the obligations of Holders and Beneficial Owners under Section 3.2 of the
Deposit Agreement shall survive any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement. 

(9)    Representations and Warranties on Deposit of Shares. Each person depositing Shares
under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and legally
obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented
for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as
contemplated in Section 2.14 of the Deposit Agreement), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares,
the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person
depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

  
 A-6 

 (10)    Proofs, Certificates and Other
Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of
citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the
Deposit Agreement or this ADR evidencing the ADSs and the provisions of, or governing, the Deposited Property, to execute such certifications and to make such representations and warranties, and to provide such other information and documentation
(or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the
Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement and this ADR. The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of
transfer of any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (25) and Section 7.8(a) of the Deposit Agreement, the delivery of any
Deposited Property until such proof or other information is filed or such certifications are executed, or such representations and warranties are made or such other documentation or information provided, in each case to the Depositary’s, the
Registrar’s and the Company’s satisfaction. 
 (11)    ADS Fees and Charges. The
following ADS fees are payable under the terms of the Deposit Agreement: 
  

	 	(i)	 ADS Issuance Fee: by any person for whom ADSs are issued (e.g., an issuance upon a deposit of
Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (iv) below,
a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued under the terms of the Deposit Agreement; 

  

	 	(ii)	 ADS Cancellation Fee: by any person for whom ADSs are being cancelled (e.g., a cancellation of
ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) cancelled; 

  
 A-7 

	 	(iii)	 Cash Distribution Fee: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for the distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements); 

  

	 	(iv)	 Stock Distribution /Rights Exercise Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per
100 ADSs (or fraction thereof) held for the distribution of ADSs pursuant to (a) stock dividends or other free stock distributions, or (b) an exercise of rights to purchase additional ADSs; 

 

	 	(v)	 Other Distribution Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for the distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares); 

 

	 	(vi)	 Depositary Services Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held on the applicable record date(s) established by the Depositary; 

  

	 	(vii)	 Registration of ADS Transfer Fee: by any Holder of ADS(s) being transferred or by any person to whom
ADSs are transferred, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) transferred (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any
other reason); and 

  

	 	(viii)	 ADS Conversion Fee: by any Holder of ADS(s) being converted or by any person to whom the converted ADSs
are delivered, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) converted from one ADS series to another ADS series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of
Restricted ADSs into freely transferrable ADSs, and vice versa). 

 The Company, Holders, Beneficial Owners, persons depositing
Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and persons for whom ADSs are issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement: 

 

	 	(a)	 taxes (including applicable interest and penalties) and other governmental charges; 

 

	 	(b)	 such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

  
 A-8 

	 	(c)	 such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit
Agreement to be at the expense of the person depositing Shares or withdrawing Deposited Property or of the Holders and Beneficial Owners of ADSs; 

  

	 	(d)	 in connection with the conversion of Foreign Currency, the fees, expenses, spreads, taxes and other charges of
the Depositary and/or conversion service providers (which may be a division, branch or Affiliate of the Depositary). Such fees, expenses, spreads, taxes and other charges shall be deducted from the Foreign Currency; 

 

	 	(e)	 any reasonable and customary
out-of-pocket expenses incurred in such conversion and/or on behalf of the Holders and Beneficial Owners in complying with currency exchange control or other
governmental requirements; and 

  

	 	(f)	 the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in connection
with the ADR program. 

 All ADS fees and charges may, at any time and from time to time, be changed by agreement between
the Depositary and Company but, in the case of ADS fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated by paragraph (23) of this ADR and as contemplated in Section 6.1 of the Deposit Agreement. The
Depositary shall provide, without charge, a copy of its latest ADS fee schedule to anyone upon request. 
 ADS fees and charges for
(i) the issuance of ADSs and (ii) the cancellation of ADSs will be payable by the person for whom the ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person for whom ADSs are being cancelled (in the case of
ADS cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or
the DTC Participant(s) holding the ADSs being cancelled, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures
and practices of the DTC Participant(s) as in effect at the time. ADS fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of
distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS
Record Date established by the Depositary will be invoiced for the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions other
than cash and the ADS service fee may be deducted from distributions made through DTC, and may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in turn
charge the amount of such ADS fees and charges to the Beneficial Owners for whom they hold ADSs. In the case of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or by the
person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of another series, the ADS conversion fee will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are
delivered. 

  
 A-9 

 The Depositary may reimburse the Company for certain expenses incurred by the Company in
respect of the ADR program established pursuant to the Deposit Agreement, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree from
time to time. The Company shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket expenses, as the Depositary and the
Company may agree from time to time. Responsibility for payment of such fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its
statement for such fees, charges and reimbursements to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 

The obligations of Holders and Beneficial Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any
Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall extend for those ADS fees and charges incurred prior to the effectiveness of
such resignation or removal. 
 (12)    Title to ADRs. Subject to the limitations contained
in the Deposit Agreement and in this ADR, it is a condition of this ADR, and every successive Holder of this ADR by accepting or holding the same consents and agrees, that title to this ADR (and to each Certificated ADS evidenced hereby) shall be
transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, this ADR has been properly endorsed or is accompanied by proper instruments of transfer.
Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute owner thereof for all
purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless, in the case of a holder of ADSs, such holder
is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner’s representative, is the Holder registered on the books of the Depositary. 

(13)    Validity of ADR. The Holder(s) of this ADR (and the ADSs represented hereby) shall not
be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has been (i) dated, (ii) signed by the manual or facsimile signature of a duly-authorized
signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the books maintained by the Registrar for the registration of issuances and
transfers of ADRs. An ADR bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or the Registrar, as the case may be, shall
bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary. 

  
 A-10 

 (14)    Available Information; Reports; Inspection of Transfer
Books. 
 The Company is subject to the periodic reporting requirements of the Exchange Act and, accordingly, is required to file or
furnish certain reports with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located (as of the
date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received
from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such Deposited Property by the
Company. 
 The Registrar shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by the
Company and by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar’s knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object other than the business of the
Company or other than a matter related to the Deposit Agreement or the ADSs. 
 The Registrar may close the transfer books with respect to
the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to paragraph
(25) and Section 7.8(a) of the Deposit Agreement. 
  

									
	CITIBANK, N.A. 
Transfer Agent and Registrar	  		 	CITIBANK, N.A. 
as Depositary
					
	By:	 	  
	  		 	By:	 	  

		 	Authorized Signatory	  		 		 	Authorized Signatory

 The address of the Principal Office of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.

  
 A-11 

 [FORM OF REVERSE OF ADR] 

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS 

OF THE DEPOSIT AGREEMENT 

(15)    Dividends and Distributions in Cash, Shares, etc. (a) Cash Distributions:
Upon the timely receipt by the Depositary of a notice from the Company that it intends to make a distribution of a cash dividend or other cash distribution, the Depositary shall establish the ADS Record Date upon the terms described in
Section 4.9 of the Deposit Agreement. Upon receipt of confirmation of the receipt of (x) any cash dividend or other cash distribution on any Deposited Securities, or (y) proceeds from the sale of any Deposited Property held in respect
of the ADSs under the terms of the Deposit Agreement, the Depositary will (i) if any amounts are received in a Foreign Currency, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (subject to the
terms and conditions of Section 4.8 of the Deposit Agreement), (ii) if applicable and unless previously established, establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii) distribute
promptly the amount thus received (net of (a) the applicable fees and charges described in the Fee Schedule attached as Exhibit B to the Deposit Agreement and (b) applicable taxes withheld) to the Holders entitled thereto as of the ADS
Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so
distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next
distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited
Property, an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to
the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed
property in accordance with the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed
distribution provided for in Section 4.1 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.1 of the Deposit Agreement, and the Company, the Holders and
the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.1 of the Deposit Agreement where such notice has not been so timely given, other
than its failure to use commercially reasonable efforts, as provided herein. 

  
 A-12 

 (b) Share Distributions: Upon the timely receipt by the Depositary of a notice from the
Company that it intends to make a distribution that consists of a dividend in, or free distribution of Shares, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of
confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either (i) subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in proportion
to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without
limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after
the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable
fees and charges of, and expenses incurred by, the Depositary, and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and
distribute the net proceeds upon the terms described in Section 4.1 of the Deposit Agreement. In the event that the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges
which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligations under Section 5.7 of the Deposit Agreement, has furnished an opinion of U.S. counsel determining that Shares must be registered under the
Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor)
in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and (b) fees
and charges of, and the expenses incurred by, the Depositary) to Holders entitled thereto upon the terms of Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with
the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in Section 4.1
of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.2 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the
Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.2 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein. 

  
 A-13 

 (c) Elective Distributions in Cash or Shares: Upon the timely receipt of a notice indicating
that the Company wishes an elective distribution in cash or Shares to be made available to Holders of ADSs upon the terms described in the Deposit Agreement, the Company and the Depositary shall determine in accordance with the Deposit Agreement
whether such distribution is lawful and reasonably practicable. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to
Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit
Agreement. If the above conditions are satisfied, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish the ADS Record Date according to paragraph (17) and Section 4.9 of the Deposit Agreement and
establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the distribution shall be made as in the case of a distribution in
cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be made as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not
reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall establish an ADS Record Date upon the terms of Section 4.9 of the Deposit Agreement and, to the
extent permitted by law, distribute to Holders, on the basis of the same determination as is made in the Cayman Islands in respect of the Shares for which no election is made, either (x) cash, upon the terms described in Section 4.1 of the
Deposit Agreement or (y) additional ADSs representing such additional Shares, in each case, upon the terms described in Section 4.2 of the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make
available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and
conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in Section 4.3 of
the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.3 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the
Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.3 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein. 

  
 A-14 

 (d) Distribution of Rights to Purchase Additional ADSs: Upon the timely receipt by the
Depositary of a notice indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Depositary upon consultation with the Company, shall determine, whether it is lawful and reasonably
practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary
shall have received reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable. If such
conditions are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary
shall establish the ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) enable the
Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) deliver ADSs upon the valid exercise of such
rights. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary
to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive reasonably satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement or
determines it is not reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public and private sale) as it may deem practicable. The Depositary shall, upon such sale, convert and distribute proceeds of such sale
(net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms hereof and of Section 4.1 of the Deposit Agreement. If the Depositary is unable to make any rights available to Holders
upon the terms described in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse. The
Depositary shall not be liable for (i) any failure to accurately determine whether it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss
incurred in connection with such sale or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution. 

Notwithstanding anything herein or in Section 4.4 of the Deposit Agreement to the contrary, if registration (under the Securities Act or
any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary
will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the Company furnishes the Depositary
opinion(s) of counsel for the Company in the United States and counsel for the Company in any other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect that the offering and
sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. 

In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of
Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly. In the event that the Depositary determines that any distribution of
Deposited Property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such Deposited Property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 

  
 A-15 

 There can be no assurance that Holders generally, or any Holder in particular, will be given
the opportunity to receive or exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the Company to file any registration statement in
respect of any rights or Shares or other securities to be acquired upon the exercise of such rights. 
 (e) Distributions other than Cash, Shares or
Rights to Purchase Shares: Upon receipt of a notice indicating that the Company wishes property other than cash, Shares or rights to purchase additional Shares to be made to Holders of ADSs, the Depositary shall determine whether such
distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have
received satisfactory documentation contemplated in Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is reasonably practicable. Upon satisfaction of such conditions, the Depositary
shall distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such manner as the Depositary may deem practicable for accomplishing such
distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property so
distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges
applicable to the distribution. 
 If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in
a public or private sale, at such place or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion
received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of Section 4.1 of the Deposit Agreement.
If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the circumstances. 

Neither the Depositary nor the Company shall be responsible for (i) any failure to determine whether it is lawful or practicable to make
the property described in Section 4.5 of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection with the sale or disposal of such property. 

  
 A-16 

 (16)    Redemption. Upon timely receipt of notice
from the Company that it intends to exercise its right of redemption in respect of any of the Deposited Securities, and satisfactory documentation, and only if the Depositary shall have determined that such proposed redemption is practicable, the
Depositary shall provide to each Holder a notice setting forth the Company’s intention to exercise the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the
Custodian to present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken
place and that funds representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and
(b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the
ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and the
applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed. 

Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely
notice of the proposed redemption provided for in Section 4.7 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.7 of the Deposit Agreement, and the
Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.7 of the Deposit Agreement where such notice has not been
so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

(17)    Fixing of ADS Record Date. Whenever (a) the Depositary shall receive notice of
the fixing of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights or other distribution), (b) for any reason the Depositary causes a change in
the number of Shares that are represented by each ADS, (c) the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or (d) the Depositary shall find
it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the “ADS Record Date”) for the determination of the Holders of ADS(s) who
shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action, or to exercise the
rights of Holders with respect to such changed number of Shares represented by each ADS. Subject to applicable law, the terms and conditions of this ADR and Sections 4.1 through 4.8 of the Deposit Agreement, only the Holders of ADSs at the close of
business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, or otherwise take action. 

  
 A-17 

 (18)    Voting of Deposited Securities. As soon as
practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in
respect of such meeting or solicitation of consent or proxy in accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take
any further action if the request shall not have been received by the Depositary at least thirty (30) days (or such other number of days as the Depositary and the Company may agree to in writing from time to time) prior to the date of such vote
or meeting), at the Company’s expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at
the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any,
shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs, and (c) a brief statement as to
the manner in which such voting instructions may be given. 
 Notwithstanding anything contained in the Deposit Agreement or any ADR, the
Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or
solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials
upon request (e.g., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). 

The Depositary has been advised by the Company that under the Articles of Association as in effect on the date of the Deposit Agreement,
voting at any meeting of shareholders of the Company is by show of hands unless (before or on the declaration of the result of the show of hands) a poll is demanded. The Depositary will not join in demanding a poll, whether or not requested to do so
by Holders of ADSs. Under the Articles of Association of the Company as in effect on the date of the Deposit Agreement, a poll may be demanded by (a) the chairman of the meeting, (b) any shareholder(s) present in person or by proxy and
representing not less than 10% of the total voting rights of all the shareholders having the right to vote on the resolution. 
 Voting
instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the
Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, the Articles of Association and the provisions of the Deposited Securities, to vote, or cause the
Custodian to vote, the Deposited Securities (in person or by proxy) represented by such Holder’s ADSs as follows: (a) in the event voting takes place at a shareholders’ meeting by a show of hands, the Depositary will instruct the
Custodian to vote all Deposited Securities in accordance with the voting instructions received timely from a majority of Holders of ADSs who provided voting instructions, and (b) in the event voting takes place at a shareholders’ meeting
by poll, the Depositary will instruct the Custodian to vote the Deposited Securities in accordance with the voting instructions timely received from the Holders of ADSs. 

  
 A-18 

 If the Depositary does not receive instructions from a Holder as of the ADS Record Date on
or before the date established by the Depositary for such purpose and voting is by poll, such Holder shall be deemed, and the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder, to have instructed the
Depositary to give a discretionary proxy to a person designated by the Company to vote the Deposited Securities; provided, however, that no such discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as to
which the Company informs the Depositary that (A) the Company does not wish such proxy to be given, (B) substantial opposition exists, or (C) the rights of holders of Deposited Securities may be materially adversely affected. Neither
the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of
establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives
voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice
distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. 

Notwithstanding anything else contained herein, the Depositary shall, if so requested in writing by the Company, represent all Deposited
Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders. 

Notwithstanding anything else contained in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action
with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws or if the Depositary has not distributed the materials referred to in the first paragraph of
Section 4.10 of the Deposit Agreement. The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the
Depositary an opinion of U.S. counsel addressing any actions requested to be taken if so requested by the Depositary. 
 There can be no
assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner.     

  
 A-19 

 (19)    Changes Affecting Deposited Securities.
Upon any change in nominal or par value, split up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company or to
which it is a party, any property which shall be received by the Depositary or the Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be
treated as new Deposited Property under the Deposit Agreement, and this ADR shall, subject to the provisions of the Deposit Agreement, this ADR evidencing such ADSs and applicable law, represent the right to receive such additional or replacement
Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of
assets, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses
incurred by, the Depositary, and (b) taxes) and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver additional
ADSs as in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the
Commission in respect of the ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. Notwithstanding the
foregoing, in the event that any Deposited Property so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of
Company’s counsel satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places and upon such terms as it may deem
proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such Deposited Property upon an averaged
or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit
Agreement. Neither the Company nor the Depositary shall be responsible for (i) any failure to determine that it may be lawful or practicable to make such Deposited Property available to Holders in general or to any Holder in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of such Deposited Property; provided that this sentence shall not limit the Company’s obligations or liabilities
to the Depositary or any “indemnified person” (as defined in Section 5.8 of the Deposit Agreement) 

  
 A-20 

 (20)    Exoneration. Notwithstanding anything
contained in the Deposit Agreement or this ADR, neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (to the extent not limited
by paragraph (25) hereof and Section 7.8(b) of the Deposit Agreement) (i) if the Depositary, the Custodian, the Company or their respective agents shall be prevented or forbidden from, hindered or delayed in, doing or performing any
act or thing required or contemplated by the terms of the Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States, the Cayman Islands or any other country, or of any other governmental authority
or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Articles of Association or any provision of or governing any Deposited
Securities, or by reason of any act of God or other event or circumstance beyond its control (including, without limitation, fire, flood, earthquake, tornado, hurricane, tsunami, explosion, or other natural disaster, nationalization, expropriation,
currency restriction, work stoppage, strikes, civil unrest, act of war (whether declared or not) or terrorism, revolution, rebellion, embargo, computer failure, failure of public infrastructure (including communication or utility failure), failure
of common carriers, nuclear, cyber or biochemical incident, any pandemic, epidemic or other prevalent disease or illness with an actual or probable threat to human life, any quarantine order or travel restriction imposed by a governmental authority
or other competent public health authority, or the failure or unavailability of the United States Federal Reserve Bank (or other central banking system) or DTC (or other clearing system)), (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in the Deposit Agreement or in the Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the
inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders
of ADSs, (v) for any action or inaction of any clearing or settlement system (and any participant thereof) for the Deposited Property or the ADSs, or (vi) for any consequential or punitive damages (including lost profits) for any breach of
the terms of the Deposit Agreement. The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request or other
document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

(21)    Standard of Care. The Company and the Depositary assume no obligation and shall not be
subject to any liability under the Deposit Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations specifically set forth in the Deposit Agreement or
this ADR without negligence or bad faith. Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding in respect of any Deposited Property or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements
of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). 

The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or
for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any
liability for any failure to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any
translation thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity or worth of the Deposited Property, for the value of any Deposited Property or any distribution thereon, for any interest
on Deposited Property, for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property, for the credit worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement,
for the failure or timeliness of any notice from the Company, or for any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant. 

  
 A-21 

 The Depositary shall not be liable for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential
liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 
 The Depositary
shall not be liable for any acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or after the
removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 

(22)    Resignation and Removal of the Depositary; Appointment of Successor Depositary. The
Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company
(whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in
the Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the
Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan,
the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary,
without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement).
The predecessor depositary, upon payment of all sums due it and on the written request of the Company shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as
contemplated in Sections 5.8 and 5.9 of the Deposit Agreement), (ii) duly assign, transfer and deliver all of the Depositary’s right, title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a
list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. Any
entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 

  
 A-22 

 (23)    Amendment/Supplement. Subject to the
terms and conditions of this paragraph (23), and Section 6.1 of the Deposit Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement
between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges
(other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or
Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any
amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided,
however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (e.g., upon retrieval from the Commission’s, the Depositary’s or the
Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be
registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be
borne by Holders, shall be deemed not to materially prejudice any substantial existing rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by
continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and this ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the
right of the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt
new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and this ADR at any time in
accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any
other period of time as required for compliance with such laws, rules or regulations. 

  
 A-23 

 (24)    Termination. The Depositary shall, at any
time at the written direction of the Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such
termination. If (i) ninety (90) days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) ninety (90) days shall have expired after the Company shall have delivered
to the Depositary a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may
terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of
the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date, the Depositary shall continue to perform all of its obligations
under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and the Depositary shall not,
after the Termination Date, have any obligation to perform any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions of the Deposit Agreement, continue to (i) collect
dividends and other distributions pertaining to Deposited Securities, (ii) sell Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other distributions received
with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred
by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be
required under applicable law in connection with its role as Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after such
sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without
liability for interest, for the    pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement
except (i) to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for
the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection with the termination of the Deposit Agreement. After the
Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The obligations under the terms of the Deposit
Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation
under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement). 

(25)    Compliance with, and No Disclaimer under, U.S. Securities Laws. (a) Notwithstanding any
provisions in this ADR or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General
Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 

  
 A-24 

 (b)    Each of the parties to the Deposit Agreement (including, without limitation, each
Holder and Beneficial Owner) acknowledges and agrees that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the Securities Act or the Exchange Act, in each case to the extent established
under applicable U.S. laws. 
 (26)    No Third Party
Beneficiaries/Acknowledgements.    The Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim
whatsoever to any other person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or
similar relationship among the parties. The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking relationships with the Company, the Holders, the Beneficial Owners, and their respective
Affiliates, (ii) Citibank and its Affiliates may own and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions in which parties adverse to the Company, the Holders, the
Beneficial Owners or their respective Affiliates may have interests, (iii) the Depositary and its Affiliates may from time to time have in their possession non-public information about the Company, the
Holders, the Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit Agreement shall (a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such
relationships, or (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships, or to account for any profit made or payment received in such transactions or relationships, (v) the Depositary
shall not be deemed to have knowledge of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial Owners, or any of their respective Affiliates, and (vi) the Company, the
Depositary, the Custodian and their respective agents and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and the Cayman Islands, and the authority of courts and regulatory authorities of such
other jurisdictions, and, consequently, the requirements and the limitations of such other laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may affect the rights and obligations of the parties to
the Deposit Agreement. 
 (27)    Governing Law / Waiver of Jury Trial. The Deposit Agreement, the
ADRs and the ADSs shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law
thereof. Notwithstanding anything contained in the Deposit Agreement to the contrary, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities and the
obligations and duties of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the laws of the Cayman Islands (or, if applicable, such other laws as may govern the Deposited Securities). 

  
 A-25 

 EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER
AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT,
ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). 

  
 A-26 

 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                                         
                        whose taxpayer identification number is
                                         
                    and whose address including postal zip code is
                            , the within ADR and all rights thereunder, hereby irrevocably
constituting and appointing
                                         
        attorney-in-fact to transfer said ADR on the books of the Depositary with full power of substitution in the premises. 

Dated:                         
                                         
                               Name:
                                         
                                         
                               

By: 

Title:                 

NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any change whatsoever. 
 If the endorsement be executed by an attorney, executor,
administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR.

  

                       
                                  

SIGNATURE GUARANTEED 
 All
endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc. 

Legends 
 [The ADRs issued in respect
of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: “This ADR evidences ADSs representing ‘partial entitlement’ Shares of the Company and as such do not entitle the holders thereof
to the same per-share entitlement as other Shares (which are ‘full entitlement’ Shares) issued and outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions
and entitlements identical to other ADSs when the Shares represented by such ADSs become ‘full entitlement’ Shares.”] 

  
 A-27 

 EXHIBIT B 

FEE SCHEDULE 
 ADS FEES
AND RELATED CHARGES 
 All capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Deposit Agreement.
Except as otherwise specified herein, any reference to ADSs herein includes Partial Entitlement ADSs, Full Entitlement ADSs, Certificated ADSs, Uncertificated ADSs, and Restricted ADSs. 

 

	I.	 ADS Fees 

The following ADS fees are payable under the terms of the Deposit Agreement: 
  

					
	 Service
	  	 Rate
	  	 By Whom Paid

	(1) Issuance of ADSs (e.g., an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason),
excluding issuances as a result of distributions described in paragraph (4) below.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.	  	Person for whom ADSs are issued.
	(2) Cancellation of ADSs (e.g., a cancellation of ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or
for any other reason).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled.	  	Person for whom ADSs are being cancelled.
	(3) Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.
	(4) Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) an exercise of rights to purchase additional ADSs.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.
	(5) Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.

  
 B-1 

					
	(6) ADS Services.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.	  	Person holding ADSs on the applicable record date(s) established by the Depositary.
	(7) Registration of ADS Transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) transferred.	  	Person for whom or to whom ADSs are transferred.
	(8) Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs into freely transferable ADSs, and vice
versa).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) converted.	  	Person for whom ADSs are converted or to whom the converted ADSs are delivered.

  

	II.	 Charges 

The Company, Holders, Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and
persons for whom ADSs are issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement: 
  

	(i)	 taxes (including applicable interest and penalties) and other governmental charges; 

 

	(ii)	 such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

  

	(iii)	 such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit
Agreement to be at the expense of the person depositing Shares or withdrawing Deposited Property or of the Holders and Beneficial Owners of ADSs; 

  

	(iv)	 in connection with the conversion of Foreign Currency, the fees, expenses, spreads, taxes and other charges of
the Depositary and/or conversion service providers (which may be a division, branch or Affiliate of the Depositary). Such fees, expenses, spreads, taxes, and other charges shall be deducted from the Foreign Currency; 

  
 B-2 

	(v)	 any reasonable and customary
out-of-pocket expenses incurred in such conversion and/or on behalf of the Holders and Beneficial Owners in complying with currency exchange control or other
governmental requirements; and 

  

	(vi)	 the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in connection
with the ADR program. 

 The above fees and charges may at any time and from time to time be changed by agreement between the Company and
the Depositary. 

  
 B-3

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