Document:

EX-4.1

 Exhibit 4.1 

REPUBLIC SERVICES, INC. 
 to 

U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
  

 
 FOURTH
SUPPLEMENTAL INDENTURE, 
 Dated as of March 11, 2015 
  

 
 $500,000,000

 3.20% Notes due 2025 
  

 
 Supplement to
Indenture dated as of November 25, 2009 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of March 11, 2015 (the “Fourth Supplemental
Indenture”), between REPUBLIC SERVICES, INC., a Delaware corporation (hereinafter called the “Company”) and U.S. BANK NATIONAL ASSOCIATION, as trustee under the Base Indenture referred to below (hereinafter called the
“Trustee”). 
 WHEREAS, the Company entered into an Indenture dated as of November 25, 2009 (the “Base Indenture,”
all capitalized terms used in this Fourth Supplemental Indenture and not otherwise defined being used as defined in the Base Indenture) (the Base Indenture, as supplemented, including as supplemented by this Fourth Supplemental Indenture is
hereinafter collectively called the “Indenture”) with the Trustee, providing for the issuance of senior debt securities, unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one
or more series and to have such other provisions as authorized by or pursuant to the authority granted in one or more resolutions of the Board of Directors of the Company; and 

WHEREAS, the Company proposes to issue $500,000,000 aggregate principal amount of its 3.20% Notes due 2025 (such notes being referred to
herein as the “Notes” and all references to Securities in the Base Indenture shall be deemed to refer also to the Notes unless the context otherwise provides); and 

WHEREAS, Section 9.01 of the Base Indenture provides that without the consent of the Holders of the Securities of any series issued under
the Base Indenture, the Company, when authorized by a Board Resolution, and the Trustee may enter into one or more indentures supplemental to the Base Indenture to, among other things, establish the form or terms of securities of any series as
permitted by Sections 2.01 and 3.01 thereof; and 
 WHEREAS, the entry into this Fourth Supplemental Indenture by the parties hereto is in
all respects authorized by the provisions of the Base Indenture; and 
 WHEREAS, all things necessary have been done to make this Fourth
Supplemental Indenture, when executed and delivered by the Company, the legal, valid and binding agreement of the Company, in accordance with its terms; and 

WHEREAS, all things necessary have been done to make the Notes, when executed and delivered by the Company and authenticated by the Trustee as
provided for in the Indenture, the legal, valid and binding agreement of the Company, in accordance with its terms; and 
 NOW, THEREFORE,
THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH: 
 The parties hereto mutually covenant and agree as follows: 

SECTION 1. The Base Indenture is hereby amended solely with respect to the Notes, except as otherwise expressly provided herein, as follows:

  

	 	(A)	 By amending Section 1.01 to replace in whole the following definitions thereto in lieu of the corresponding existing definitions, so that in the

  
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event of a conflict with the definition of terms in the Base Indenture, the following definitions shall control: 

“Independent Investment Banker” means one of Barclays Capital, Inc., J.P. Morgan Securities LLC or Merrill Lynch,
Pierce, Fenner & Smith Incorporated, as selected by the Company, and their respective successors, or if each of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc., a
subsidiary of Moody’s Corporation, and its successors. 
 “Reference Treasury Dealer” means (1) each of
Barclays Capital, Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors, provided, however, that if any of the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute for such firm another Primary Treasury Dealer, and (2) up to three additional Primary Treasury Dealers selected by the Independent
Investment Banker after consultation with the Company. 
 “Restricted Subsidiary” means any Subsidiary of the
Company which, at the time of determination, owns or is a lessee pursuant to a capital lease of any Principal Property. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and
its successors. 
  

	 	(B)	By amending Section 1.01 to add the following new definitions in correct alphabetical order: 

“Change of Control” means the occurrence of any of the following after the date of issuance of the Notes: 

1. the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act)
other than to the Company or one of its Subsidiaries; 
 2. the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being agreed that an employee of the Company or any of its Subsidiaries for whom shares
are held under an employee stock ownership, employee 

  
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retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a “group” (as that term is used in
Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of the Company’s Voting Stock representing more than 50% of the voting power of its outstanding Voting Stock; 
 3. the
Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting
Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted
into or exchanged for, Voting Stock representing more than 50% of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such transaction; 

4. during any period of 24 consecutive calendar months, the majority of the members of the Company’s Board of Directors shall no longer be
composed of individuals (a) who were members of the Company’s Board of Directors on the first day of such period or (b) whose election or nomination to the Company’s Board of Directors was approved by individuals referred to in
clause (a) above constituting, at the time of such election or nomination, at least a majority of the Company’s Board of Directors or, if directors are nominated by a committee of the Company’s Board of Directors, constituting at the
time of such nomination, at least a majority of such committee; or 
 5. the adoption of a plan relating to the Company’s liquidation or
dissolution. 
 “Change of Control Triggering Event” means, with respect to the Notes, the Notes cease to be rated
Investment Grade by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending Change of Control) and
ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible
ratings change). If a Rating Agency is not providing a rating for the Notes at the commencement of any Trigger Period, the Notes will be deemed to have ceased to be rated Investment Grade by such Rating Agency during that Trigger Period.
Notwithstanding the foregoing, no Change of Control Triggering Event will be 

  
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deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating
category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected
by the Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agency.” 

“Notes” has the meaning set forth in the Recitals. 

“Rating Agency” means each of Moody’s and S&P; provided, that if either of Moody’s or S&P ceases to
rate the Notes or fails to make a rating of the Notes publicly available for reasons outside the Company’s control, the Company may appoint another “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act as a replacement for such Rating Agency; provided, that the Company shall give notice of such appointment to the Trustee. 

“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time
entitled to vote generally in the election of the board of directors of such Person. 
  

	 	(C)	By amending Section 4.01 by adding the following sentence at the end of thereof: 

“Both Section 4.02 (defeasance and discharge) and Section 4.03 (covenant defeasance) shall apply to the Notes.” 

 

	 	(D)	By replacing Section 4.03 in its entirety with the following: 

 “Upon
the Company’s exercise of the option applicable to this Section 4.03 with respect to the Notes, the Company shall be released from its obligations under any covenant or provision contained or referred to in Sections 10.05, 10.06, 10.07 and
14.01, with respect to the Defeased Securities, on and after the date the conditions set forth in Section 4.04 below are satisfied (hereinafter, “covenant defeasance”), and the Defeased Securities shall thereafter be deemed to be not
“Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all
other purposes hereunder, and the Events of Default under Section 5.01(c), (d) and (e) shall cease to be in full force and effect with respect to the Notes. For this purpose, such covenant defeasance means that, with respect to the

  
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Defeased Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly,
by reason of any reference elsewhere herein to any such Section or by reason of reference in any such Section to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default
under Section 5.01(c), (d) and (e) but, except as specified above, the remainder of this Indenture and such Defeased Securities shall be unaffected thereby.” 

 

	 	(E)	By amending Section 9.01 by: 

  

	 	(a)	deleting the period at the end of clause (m) and inserting the following: “; and”; and 

  

	 	(b)	inserting the following clause after clause (m): 

 “(n) to add additional Securities of
the same class and series in one or more tranches from time to time.” 
  

	 	(F)	By amending Section 9.02 by: 

  

	 	(a)	deleting the word “or” at the end of clause (j); 

  

	 	(b)	deleting the period at the end of clause (k) and inserting the following: “; or”; and 

  

	 	(c)	inserting the following clause after clause (k): 

 “(l) amend, change or modify the
Company’s obligation to make and consummate a Change of Control Offer in the event of a Change of Control Triggering Event in accordance with Section 14.01 after such Change of Control Triggering Event has occurred, including amending,
changing or modifying any definition related thereto.” 
  

	 	(G)	By inserting after the first sentence in Section 3.01 the following: 

 “The aggregate
principal amount of Notes which may be issued under this Indenture shall be unlimited and the Company may issue additional notes of the same class and series as the Notes (the “Additional Notes”) in one or more tranches from time to time,
without notice to or the consent of existing Holders of the Securities of any series, including the Notes. The Additional Notes shall have the same terms as all other Notes and all references in the Indenture shall be deemed to also refer to the
Additional Notes. The Additional Notes shall vote as a class with all other Notes as to matters as to which such Notes have a vote.” 

  
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	 	(H)	By replacing Section 11.01 in its entirety with the following: 

  

	 	“(a)	Prior to the date that is three months prior to the Stated Maturity of the Notes, the Notes will be redeemable, as a whole or in part, at the option of the Company, at any time or from time to time, at a redemption
price equal to the greater of: 

  

	 	(1)	100% of the principal amount of the Notes to be redeemed, and 

  

	 	(2)	the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the applicable Treasury Rate, plus 20 basis points. 

 In the case of each of clauses (1) and
(2), accrued and unpaid interest will be payable to the redemption date. 
  

	 	(b)	On or after the date that is three months prior to the Stated Maturity of the Notes, the Notes will be redeemable, as a whole or in part, at the option of the Company, at any time or from time to time, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to the redemption date.” 

  

	 	(I)	By adding as a new “Article XIV” thereto the following: 

 “Article XIV 

Repurchase of Notes at the Option of the Holders 

Section 14.01. REPURCHASE AT OPTION OF HOLDERS UPON A CHANGE OF CONTROL 

(a) Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its
right to redeem the Notes pursuant to Article XI of the Indenture, each Holder of Notes shall have the right to require the Company to purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such
Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the
“Change of Control Payment”), subject to the rights of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. 

(b) Within 30 days following the date upon which the Change of Control Triggering Event occurred with respect to the Notes, or
at the 

  
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Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will be required to send, by first class mail, a notice to
each Holder of Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. 
 Such notice shall
state: 
  

	 	(i)	the events causing the Change of Control; 

  

	 	(ii)	the date of the Change of Control; 

  

	 	(iii)	the amount of the Change of Control Payment; 

  

	 	(iv)	that the Holder must exercise the repurchase right prior to the close of business on the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may
be required by law (the “Change of Control Payment Date”); 

  

	 	(v)	if the notice is mailed prior to any Change of Control but after the public announcement of the pending Change of Control, that the offer is conditioned on the Change of Control being consummated on or prior to the
Change of Control Payment Date; 

  

	 	(vi)	the name and address of the Paying Agent; 

  

	 	(vii)	that the Holder must complete the Change of Control Repurchase Notice (as defined below) to participate in the Change of Control Offer; and 

 

	 	(viii)	any other procedures that Holders must follow to require the Company to repurchase the Notes. 

(c) Repurchases of Notes under this Section 14.01 shall be made, at the option of the Holder thereof, upon 

 

	 	(i)	delivery to the Trustee (or other Paying Agent appointed by the Company) by a Holder of a duly completed notice (the “Change of Control Repurchase Notice”) in the form set forth on the reverse of the Note at
any time prior 5:00 p.m., New York City Time, on the Change of Control Payment Date; or 

  

	 	(ii)	 delivery or book-entry transfer of the Notes to the Trustee (or other Paying Agent appointed by the Company) at any time after delivery of the Change
of Control Repurchase 

  
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Notice (together with all necessary endorsements) at the Corporate Trust Office of the Trustee or the corporate trust office of its Affiliate (or other Paying Agent appointed by the Company) in
the Borough of Manhattan, such delivery being a condition to receipt by the Holder of the Change of Control Payment therefor; provided that such Change of Control Payment shall be so paid pursuant to this Section 14.01 only if the Note so
delivered to the Trustee (or other Paying Agent appointed by the Company) shall conform in all respects to the description thereof in the related Change of Control Repurchase Notice. 

The Change of Control Repurchase Notice shall state: 
  

	 	(i)	if certificated, the certificate numbers of Notes to be delivered for repurchase; 

  

	 	(ii)	the portion of the principal amount of Notes to be repurchased, which must be $2,000 or an integral multiple of $1,000 in excess thereof; 

 

	 	(iii)	that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and the Indenture; and 

  

	 	(iv)	if such Change of Control Repurchase Notice is delivered prior to the occurrence of a Change of Control pursuant to a definitive agreement giving rise to a Change of Control, that the Holder acknowledges that the
Company’s offer is conditioned on the consummation of such Change of Control. 

 provided, however, that if the
Notes are not in certificated form, the Change of Control Repurchase Notice must comply with appropriate procedures of the Depositary. 

(c) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

 

	 	(i)	accept or cause a third party to accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer, 

 

	 	(ii)	deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all the Notes or portions of the Notes properly tendered, and 

  
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	 	(iii)	deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased.

 (d) The Company shall not be required to make a Change of Control Offer with respect to the Notes if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer. 

Section 14.02. COMPLIANCE WITH TENDER OFFER RULES 

The Company shall comply in all material respects with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such
securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s obligations under the
Change of Control Offer provisions of the Notes by virtue of any such conflict.” 
  

	 	(J)	The form of Security attached as Exhibit A hereto shall be the form of Note for the series of Notes established by this Fourth Supplemental Indenture and the terms therein shall be incorporated by reference into this
Fourth Supplemental Indenture. 

 SECTION 2. The Base Indenture is incorporated by reference in full into this Fourth
Supplemental Indenture, and all parties to this Fourth Supplemental Indenture agree to be bound by the terms and provisions of the Base Indenture as supplemented and amended by this Fourth Supplemental Indenture. The Base Indenture and this Fourth
Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Fourth Supplemental Indenture supersede any similar provisions included in the Base Indenture unless not permitted by law. 

SECTION 3. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this
Fourth Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
 SECTION 4. All
covenants and agreements in this Fourth Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

SECTION 5. In case any provision in this Fourth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions herein and therein shall not in any way be affected or impaired thereby. 

  
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 SECTION 6. Nothing in this Fourth Supplemental Indenture, expressed or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, and the Holders of the Notes any benefit or any legal or equitable right, remedy or claim under this Fourth Supplemental Indenture. 

SECTION 7. This Fourth Supplemental Indenture and each Note shall be deemed to be a contract made under the laws of the State of New York and
this Fourth Supplemental Indenture and each such Note shall be governed by and construed in accordance with the laws of the State of New York. 

SECTION 8. All terms used in this Fourth Supplemental Indenture not otherwise defined herein that are defined in the Base Indenture shall have
the meanings set forth therein. 
 SECTION 9. This Fourth Supplemental Indenture may be executed in any number of counterparts, each of
which shall be an original; but such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page hereto by facsimile or electronic transmission shall be as effective as delivery of
a manually executed counterpart of this Fourth Supplemental Indenture. 
 SECTION 10. The recitals contained herein and in the Notes, except
the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Fourth Supplemental Indenture or the Notes. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly
executed all as of the day and year first above written. 
  

					
	REPUBLIC SERVICES, INC., as Issuer
		
	By:		 /s/ Marsha Lacy

			Name:		Marsha Lacy
			Title:		Vice President and Treasurer

 
					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:		 /s/ Rick Prokosch

			Name:		Rick Prokosch
			Title:		Vice President, Account Manager

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

[THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 3.06 OF THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH 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.]1 
  

	1 	This paragraph should be included only if the Note is issued in global form. 

  
 A-1 

 REPUBLIC SERVICES, INC. 

 
  

3.20% NOTES DUE 2025 
  

					
					CUSIP NO. 760759AQ3
			
	No.     				$            

 Republic Services, Inc., a Delaware corporation (herein called the “Company,” which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to                      or its
registered assigns, the principal sum of              ($        ) United States dollars [,or such greater or lesser amount as may from time to
time be endorsed on the Schedule of Increases and Decreases of Interests in the Global Note attached hereto (but in no event may such amount exceed the aggregate principal amount of Notes authenticated pursuant to Section 3.03 of the Indenture
referred to below and then Outstanding pursuant the terms of the Indenture)]2, on March 15, 2025, at the office or agency of the Company referred to below, and to pay interest thereon from
March 11, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing September 15, 2015 at the rate of
3.20% per annum, in United States dollars, until the principal hereof is paid or duly provided for. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Security (or any Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid, or duly provided for, and interest on such defaulted interest at the interest rate borne by the Securities, to the extent lawful, shall forthwith
cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this Security (or any Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
defaulted interest to be fixed by the Trustee, notice thereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of the principal of, premium, if any, and interest on, this Security, and exchange or transfer of this Security, will be made at the
office or agency of the Company in The City of New York maintained for such purpose (which initially will be a corporate trust office of the Trustee or its affiliate located at 100 Wall Street, Suite 1600, New York, NY 10005), or at such other
office or agency as may be maintained for such purpose, in such coin or currency of 
  

	2 	 Use if Global Security 

  
 A-2 

 
the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option
of the Company by check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 

  
 A-3 

 Unless the certificate of authentication hereon has been duly executed by the Trustee referred to
on the reverse hereof or by the authenticating agent appointed as provided in the Indenture by manual signature of an authorized signer, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any
purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the manual or facsimile signature of one of
its authorized officers. 
  

			
	REPUBLIC SERVICES, INC.
		
	By:		  

			Name:
			Title:

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the 3.20% Notes due March 15, 2025 referred to in the within-mentioned Indenture. 

 

			
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	By:		  

			Authorized Signatory

 Dated: 

  
 A-5 

 [FORM OF REVERSE SIDE OF SECURITY] 

REPUBLIC SERVICES, INC. 
 3.20%
Notes due 2025 
 This Security is one of a duly authorized issue of Securities of the Company designated as its 3.20% Notes due 2025
(herein called the “Securities”), limited (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to $500,000,000, issued under and subject to the terms of an indenture (herein called the
“Indenture”) dated as of November 25, 2009, between the Company and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by
a Fourth Supplemental Indenture, dated as of March 11, 2015, between the Company and the Trustee to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties, obligations and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 

Prior to the date that is three months prior to their Stated Maturity, the Securities may be redeemed, as a whole or in part, at the option of
the Company, at any time or from time to time at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the sum of the present values of the remaining scheduled payments of
principal and interest thereon, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate, plus 20 basis points, plus, in each case, accrued and unpaid
interest to the Redemption Date, if any (subject to the right of holders of record of such Securities on relevant record dates to receive interest due on an interest payment date). On or after the date that is three months prior to their Stated
Maturity, the Securities may be redeemed in whole or in part, at the option of the Company, at any time or from time to time at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid
interest thereon to the Redemption Date, if any (subject to the right of holders of record of such Securities on relevant record dates to receive interest due on an interest payment date). 

Any redemption may be made upon not less than 30 and not more than 60 days’ notice to the Holders thereof as provided in the Indenture.

 If less than all of the Securities are to be redeemed, the Trustee shall select, not more than 60 nor less than 30 days before the
Redemption Date, the Securities or portions thereof to be redeemed, by such method the Trustee shall deem fair and appropriate. 
 In the
case of any redemption of Securities in accordance with the Indenture, interest installments whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities of record as of the close of business on the
relevant Regular Record Date or Special Record Date referred to on the face hereof. Securities (or portions 

  
 A-6 

 
thereof) for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 

In the event of redemption or repurchase of this Security in accordance with the Indenture in part only, a new Security or Securities for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 Upon the occurrence of a Change
of Control Triggering Event with respect to the Securities, unless the Company has exercised its right to redeem the Securities pursuant to Article XI of the Indenture, each Holder of the Securities shall have the right to require the Company to
purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Security pursuant to Article XIV of the Indenture. 

If an Event of Default shall occur and be continuing, the principal amount of all the Securities may be declared due and payable in the manner
and with the effect provided in the Indenture. 
 The Indenture contains provisions for defeasance at any time of (a) the entire
Indebtedness on the Securities and (b) certain covenants and Defaults and Events of Default, in each case upon compliance with certain conditions set forth therein. 

The Indenture permits, with certain exceptions (including certain amendments permitted without the consent of any Holders and certain
amendments which require the consent of all of the Holders) as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders under the Indenture and the Securities at any time
by the Company and the Trustee with the consent of the Holders of at least a majority in aggregate principal amount of the Securities at the time Outstanding that are affected. The Indenture also contains provisions permitting the Holders of at
least a majority in aggregate principal amount of the Securities (100% of the Holders in certain circumstances) at the time Outstanding that are affected, on behalf of the Holders of all the Securities, to waive compliance by the Company with
certain provisions of the Indenture and the Securities of such series and certain past Defaults and Events of Default under the Indenture and the Securities and their consequences. Any such consent or waiver by or on behalf of the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent or waiver is made upon this Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company or any other obligor on the Securities (in the event such other obligor is obligated to make payments in respect of the Securities), which is absolute and unconditional, to pay the principal of,
and premium, if any, and interest on, this Security at the times, place, and rate, and in the coin or currency, herein prescribed. 
 As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the
Company in the Borough of Manhattan, 

  
 A-7 

 
The City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
its attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities in certificated form are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple
of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a differing authorized denomination, as requested
by the Holder surrendering the same. 
 Except as indicated in the Indenture, no service charge shall be made for any registration of
transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations under the Securities or
the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the
issue of the Securities. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO THE TO CONFLICT OF LAWS PRINCIPLES THEREOF. 
 All terms used in this Security which are defined in the Indenture and not otherwise
defined herein shall have the meanings assigned to them in the Indenture. 

  
 A-8 

 CHANGE OF CONTROL REPURCHASE NOTICE 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 14.01 of the Indenture, state the amount you elect to
have purchased: 
 $         

 

			
	Date:		  

  

							
			Your Signature:		  
		
			(Sign exactly as your name appears on the face of this Security)
				
			Tax Identification No:		  
		
				
			Signature Guarantee*:		  
		

  

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

  
 A-9 

 SCHEDULE OF INCREASES AND DECREASES OF INTERESTS 

IN THE GLOBAL SECURITY3 

The following increases or decreases in this Global Security have been made: 
  

									
	Date of Exchange	  	Amount of
decrease
in Principal
Amount of
this Global
Security	  	 Amount of
increase in
Principal Amount
of

this Global
Security
	  	Principal Amount
of this Global
Security following
such decrease
(or increase)	  	Signature of
authorized officer
of Trustee or Note
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	3 	This should be included only if the Security is a Global Security. 

  
 A-10EX-10.1

 Exhibit 10.1 

AGREEMENT 
 This
Agreement is made as of March 10, 2015 (this “Agreement”) between Career Education Corporation, a Delaware corporation (the “Company”), and each of the parties listed on Exhibit A hereto (collectively,
“Tenzing Global”). The Company and Tenzing Global are referred to herein as the “Parties.” Certain capitalized terms used in this Agreement have the meanings ascribed to them in Section 3(b) below. 

WHEREAS, Tenzing Global beneficially owns 2,050,000 shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”), as of the date of this Agreement; and 
 WHEREAS, the Company has reached an agreement with Tenzing Global with respect to
certain matters related to the composition of the Company’s Board of Directors (the “Board”) and certain other matters, as provided in this Agreement. 

NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows: 
 Section 1.
Covenants. 
 (a) Board Matters. The Parties agree as follows: 

(i) the Board and all applicable committees of the Board shall take all necessary actions to immediately appoint Richard Wang
(the “New Director”) to the Board as a director with a term expiring at the Company’s 2015 annual meeting of stockholders (the “2015 Annual Meeting”); 

(ii) the Board and all applicable committees of the Board shall nominate the New Director for election to the Board as a
director at the 2015 Annual Meeting; 
 (iii) the Company shall recommend that the Company’s stockholders vote, and
shall solicit proxies, in favor of the election of the New Director to the Board at the 2015 Annual Meeting and otherwise support the New Director for election in a manner no less rigorous and favorable than the manner in which the Company supports
its other nominees; and 
 (iv) if the New Director is elected to serve at the 2015 Annual Meeting, the New Director shall be
considered with all other Board members for Board committee appointment in connection with the Board’s annual review of committee composition. 

 (b) Board Policies and Procedures. The New Director agrees, during the term of any service
as a director of the Company: (i) to comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to independent members of the Board, including, without limitation, the Company’s codes of conduct and
ethics, insider trading policy, its related party transactions policy and corporate governance guidelines and (ii) to keep confidential and not publicly disclose discussions and matters considered in meetings of the Board and Board committees
and other information received regarding the Company in connection with his capacity as a member of the Board, in each case, unless previously disclosed publicly by the Company or as required by the federal securities laws. Subject to the
confidentiality obligations hereunder, the New Director will be: (A) entitled to receive copies of any notices, documents and other materials and information distributed to the independent directors of the Company in their capacity as a member
of the Board, (B) afforded the same access to information of the Company as that afforded to other independent directors of the Company in their capacity as a member of the Board, (C) entitled to receive the same form of cash or equity
compensation from the Company for his service as a director of the Company as is afforded to the other independent directors of the Company in their capacity as a member of the Board and (D) permitted to contact or communicate with management
or employees of the Company to the same extent the other independent directors of the Company, in their capacity as a member of the Board, are permitted to contact or communicate with management or employees of the Company. To the extent permitted
by law and the Company’s existing insurance coverage, the New Director will be covered by the same indemnification and insurance provisions and coverage as are applicable to the individuals that are currently independent directors of the
Company. The New Director shall provide the Company with such information concerning the New Director as is required to be disclosed under applicable law or stock exchange regulations, as promptly as necessary to enable timely filing of the
Company’s proxy statement and other required filings. 
 (c) Resignation. Any provision in this Agreement to the contrary
notwithstanding, if at any time after the date of this Agreement Tenzing Global disposes of any securities, and following such disposition, Tenzing Global ceases to have an aggregate beneficial ownership (as defined in Rule 13d-3 promulgated by the
Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of 2% or more of the Company’s then outstanding Common Stock (subject to adjustment for
stock splits, reclassifications, combinations and similar adjustments), then (A) Tenzing Global shall cause the New Director to immediately tender his resignation from the Board and any committee of the Board on which he then sits and
(B) the parties shall have no further obligations under this Section 1. In furtherance of the foregoing, the New Director shall, prior to his appointment to the Board, and Tenzing Global shall cause the New Director to, execute an
irrevocable resignation as director in the form attached hereto as Exhibit B and deliver it to the Company. 
 (d) Affiliates and
Associates; Ownership. Tenzing Global agrees that it will cause its Affiliates and Associates (as such terms are defined in Section 3(b)(i) below) to comply with the terms of this Agreement. Tenzing Global shall keep the Company regularly
apprised of collective and beneficial ownership of Tenzing Global to the extent that such position differs from the ownership positions provided to the Company concurrent with the execution of this Agreement. Tenzing Global shall not increase its
beneficial ownership of Common Stock through purchases or acquisitions to more than 15% of the Company’s then outstanding Common Stock (other than securities issued or purchased by the Company pursuant to a stock split, stock dividend, stock
repurchase or similar corporate action initiated by the Company with respect to any Common Stock beneficially owned by Tenzing Global on the date of this Agreement). 

  
 2 

 Section 2. Voting. From the date of this Agreement until the expiration of the
Standstill Period (as such term is defined in Section 3(b)(iv) below), Tenzing Global agrees to cause to be present for quorum purposes and to vote by proxy and vote all shares of Common Stock beneficially owned by Tenzing Global in favor of
(i) the election of directors nominated by the Board and (ii) otherwise in accordance with the Board’s recommendation on any precatory or non-binding proposals and any non-Transaction-related proposals. 

Section 3. Standstill. 

(a) Tenzing Global agrees that, from the date of this Agreement until the expiration of the Standstill Period, neither it nor any of its
Affiliates or Associates will, and it will cause each of its Affiliates and Associates not to, directly or indirectly, in any manner, acting alone or in concert with others: 

(i) engage in, directly or indirectly, any “solicitation” (as defined in Rule 14a-l of Regulation 14A) of proxies (or
written consents) or otherwise become a “participant in a solicitation” (as such term is defined in Instruction 3 of Schedule 14A of Regulation 14A under the Exchange Act) in opposition to the recommendation or proposal of the Board, or
directly or indirectly recommend or request or induce or attempt to induce any other person to take any such actions, or seek to advise, encourage or influence any other person with respect to the voting of the Common Stock (including any
withholding from voting or any solicitation of consents that improperly seeks to call a special meeting of stockholders) or grant a proxy, consent or other authority with respect to the voting of the Common Stock or other voting securities to any
person other than to the Board or persons appointed as proxies by the Board; 
 (ii) form, join or in any way participate in
any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to the Common Stock (other than a “group” that includes all or some of the persons identified on Exhibit A, but does not include
any other entities or persons not identified on Exhibit A as of the date hereof); provided, however, that nothing herein shall limit the ability of an Affiliate of Tenzing Global to join the “group” following the execution of this
Agreement, so long as any such Affiliate agrees to be bound by the terms and conditions of this Agreement; 
 (iii) deposit
any Common Stock in any voting trust or subject any Common Stock to any arrangement or agreement with respect to the voting of any Common Stock, other than any such voting trust, arrangement or agreement solely among the members of Tenzing Global
and otherwise in accordance with this Agreement; 
 (iv) seek, or encourage any person, to submit nominations in furtherance
of a “contested solicitation” for the election or removal of directors with respect to the Company or seek, encourage or take any other action with respect to the election or removal of any directors; 

(v) (A) make any proposal for consideration by stockholders at any annual or special meeting of stockholders of the
Company, (B) make any offer or proposal (with or without conditions) with respect to any merger, acquisition, recapitalization, restructuring, disposition or other business combination involving the Company, or encourage, initiate or support
any other third party in any such related activity or (C) make any public communication in opposition to any Company acquisition or disposition activity approved by the Board; 

  
 3 

 (vi) seek, alone or in concert with others, representation on the Board, except
as specifically contemplated in this Agreement; 
 (vii) vote for any nominee or nominees for election to the Board, other
than those nominated or supported by the Board; 
 (viii) except as specifically provided in Section 1 of this
Agreement, seek to place a representative or other Affiliate, Associate or nominee on the Board or seek the removal of any member of the Board, a change in the size, structure or composition of the Board or a change in executive officers of the
Company, other than through non-public communications with the Company that would not reasonably be expected to trigger public disclosure obligations for any Party; 

(ix) seek to advise, encourage, support or influence any person with respect to the voting or disposition of any securities of
the Company at any annual or special meeting of stockholders (other than such encouragement, support or influence that is consistent with Company’s management or the Board’s recommendation in connection with such matter); 

(x) other than through action at the Board by the New Director acting in his capacity as a director of the Company, seek to
call, or to request the call of, a special meeting of the Company’s stockholders, or make a request for a list of the Company’s stockholders or for any books and records of the Company; 

(xi) seek, propose, or make any statement with respect to, or solicit, negotiate with, or provide any information to any person
with respect to, a merger, consolidation, acquisition of control or other business combination, tender or exchange offer, purchase, sale or transfer of assets or securities, dissolution, liquidation, reorganization, change in capital structure,
recapitalization, dividend, share repurchase or similar transaction involving the Company, its subsidiaries, its Affiliates or its business(es), whether or not any such transaction involves a change of control of the Company (any of the transactions
or events described in this subsection (xii), a “Transaction”); 
 (xii) acquire, announce an intention to
acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, by purchase or otherwise, beneficial ownership of any Common Stock of the Company representing in the aggregate (among Tenzing Global and its Affiliates and
Associates) in excess of 15% of the Company’s then outstanding Common Stock (other than securities issued or purchased by the Company pursuant to a stock split, stock dividend, stock repurchase or similar corporate action initiated by the
Company with respect to any Common Stock beneficially owned by Tenzing Global on the date of this Agreement); 

  
 4 

 (xiii) make any request or submit any proposal to amend the terms of this
Agreement other than through non-public communications with the Company that would not reasonably be expected to trigger public disclosure obligations for any Party; or 

(xiv) enter into any agreement, arrangement or understanding with a third party concerning any of the foregoing (other than
this Agreement) or encourage or solicit any person to undertake any of the foregoing activities; 
 provided, that, notwithstanding anything in this
Section 3(a), it is understood and agreed that this Agreement shall not be deemed to prohibit (x) the New Director from engaging in any lawful act in his capacity as a director of the Company that is either expressly approved by the
Board or required in order to comply with his fiduciary duties as a director of the Company or (y) solely with respect to any Transaction that has been approved by a majority of the Board and has been announced by the Company, Tenzing Global
from making public statements, engaging in discussions with other shareholders, soliciting proxies or voting any shares or proxies consistent with the Board’s recommendation in connection with such matter. 

(b) As used in this Agreement: 

(i) the terms “Affiliate” and “Associate” shall have the respective meanings set forth in
Rule 12b-2 promulgated by the SEC under the Exchange Act; provided that neither “Affiliate” nor “Associate” shall include (A) any person that is a publicly held corporation or organization and is an Affiliate or Associate
solely by reason of the fact that a principal or representative of Tenzing Global serves as a member of the board of directors or similar governing body of such corporation or organization, (B) any principal or representative of Tenzing Global
solely in its capacity as a member of the board of directors or similar governing body of a publicly held corporation or organization, or (C) any corporation or organization that is an Associate of a person solely because such person, directly
or indirectly, is the beneficial owner of 10% or more of any class of equity securities of such corporation or organization and is not an Affiliate of such person; 

(ii) the terms “beneficial owner” and “beneficial ownership” shall have the same meanings as
set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act; 
 (iii)
the terms “person” or “persons” shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization
or other entity of any kind or nature; and 
 (iv) the term “Standstill Period” shall mean the period
commencing on the date of this Agreement and ending on the later to occur of (i) 45 days prior to the advance notice deadline for the submission of director nominations for the Company’s 2016 annual meeting of stockholders, including any
adjournments or postponements thereof; and (ii) the earlier to occur of (a) the day following the date of the Company’s 2016 annual meeting of stockholders if the New Director is nominated to serve as a director on the Board for 2016
and the New Director accepts such nomination; and (b) the date of the New Director’s resignation from the Board. 

  
 5 

 Section 4. Representations and Warranties of the Company. The Company represents and
warrants to Tenzing Global that (a) the Company has the corporate power and authority to execute this Agreement and to bind it thereto, (b) this Agreement has been duly and validly authorized, executed and delivered by the Company,
constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles and (c) the execution, delivery and performance of this Agreement by the Company does not and will not
violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to the Company or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could
constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract,
commitment, understanding, or arrangement to which the Company is a party or by which it is bound. 
 Section 5. Representations and
Warranties of Tenzing Global. Tenzing Global represents and warrants to the Company that (a) the authorized signatories of Tenzing Global set forth on the signature page hereto have the power and authority to execute this Agreement and any
other documents or agreements to be entered into in connection with this Agreement and to bind it thereto, (b) this Agreement has been duly authorized, executed and delivered by Tenzing Global, and is a valid and binding obligation of Tenzing
Global, enforceable against Tenzing Global in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the
rights of creditors and subject to general equity principles, (c) the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the
terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of Tenzing Global as currently in effect, (d) the execution, delivery and performance of this Agreement by Tenzing Global does not and will
not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to Tenzing Global, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or
both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement,
contract, commitment, understanding or arrangement to which such member is a party or by which it is bound and (e) as of the date of this Agreement, (i) Tenzing Global is deemed to beneficially own in the aggregate 2,050,000 shares of
Common Stock and (ii) Tenzing Global does not currently have, and does not currently have any right to acquire, any interest in any other securities of the Company (or any rights, options or other securities convertible into or exercisable or
exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of any securities of
the Company or any of its Affiliates, including any swaps or other derivative arrangements designed to produce economic benefits and risks that correspond to the ownership of Common Stock, whether or not any of the foregoing would give rise to
beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by delivery of Common Stock, payment of cash or by other consideration, and without regard to any short position under any
such contract or arrangement. 

  
 6 

 Section 6. Mutual Non-Disparagement. Subject to applicable law (and including Company
disclosure deemed advisable under the federal securities laws), each of the Parties covenants and agrees that, during the Standstill Period, or if earlier, until such time as the other Party or any of its agents, subsidiaries, affiliates,
successors, assigns, officers, key employees, members, managers or directors shall have breached this Section 6, neither it nor any of its respective agents, subsidiaries, affiliates, successors, assigns, officers, key employees,
members, managers or directors, shall in any way publicly disparage, call into disrepute, or otherwise defame or slander the other Parties or such other Parties’ subsidiaries, affiliates, successors, assigns, officers (including any current
officer of a Party or a Parties’ subsidiaries who no longer serves in such capacity following the execution of this Agreement), directors (including any current director of a Party or a Parties’ subsidiaries who no longer serves in such
capacity following the execution of this Agreement), employees, stockholders, agents, attorneys or representatives, or any of their products, services or businesses in any manner that would damage the business or reputation of such other Parties,
their products, services or businesses or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former directors), employees, stockholders, agents, attorneys or representatives. 

Section 7. Public Announcements. Promptly following the execution of this Agreement, the Company shall issue a press release, in
form and substance reasonably acceptable to Tenzing Global, announcing certain terms of this Agreement (the “Press Release”), which Press Release shall include a quotation from Tenzing Global reasonably acceptable to the Company.
Prior to the issuance of the Press Release, neither the Company nor Tenzing Global shall issue any press release or public announcement regarding this Agreement or take any action that would require public disclosure thereof without the prior
written consent of the other Party except as required by law. No Party or any of its Affiliates shall make any public statement (including, without limitation, in any filing required under the Exchange Act) concerning the subject matter of this
Agreement inconsistent with the Press Release. Additionally, promptly following the execution of this Agreement, the Company will file a mutually agreed upon Current Report on Form 8-K, which will report the entry into this Agreement. 

Section 8. Expenses. Each Party shall be responsible for its own fees and expenses incurred in connection with the negotiation,
execution and effectuation of this Agreement and the transactions contemplated hereby. 
 Section 9. Specific Performance. Each
of Tenzing Global, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other Party hereto may occur in the event any of the provisions of this Agreement are not performed in accordance with
their specific terms or are otherwise breached and that such injury would not be adequately compensable in monetary damages. It is accordingly agreed that Tenzing Global, on the one hand, and the Company, on the other hand (the “Moving
Party”), shall each be entitled to seek specific enforcement of, and injunctive or other equitable relief, without the posting of any bond, to prevent any violation of, the terms hereof, and the other party hereto will not take action,
directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available. 

  
 7 

 Section 10. Notice. Any notices, consents, determinations, waivers or other
communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile or
email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one business day after deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 
 To the
Company: 
 Career Education Corporation 

231 N. Martingale Rd. 

Schaumburg, IL 60173 
 Fax No.:
(847) 551-7700 
 E-mail: jayers@careered.com 

Attention: Jeffrey D. Ayers 

Senior Vice President, General Counsel and Corporate Secretary 

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

Katten Muchin Rosenman LLP 
 525
W. Monroe Street 
 Chicago, IL 60661 

Fax No.: (312) 577-8641 

E-mail: lawrence.levin@kattenlaw.com 

Attention: Lawrence D. Levin, Esq. 

To Tenzing Global: 

Tenzing Global Management LLC 

388 Market Street, Suite 860 

San Francisco, CA 94111 7700 

Fax No.: (415) 645-2401 

E-mail: rwang@tenzing-global.com 

Attention: Richard Wang 
 with a
copy to (which shall not constitute notice): 
 Crowell & Moring LLP 

275 Battery Street, 23rd Floor 

San Francisco, CA 94111 
 Fax
No.: (415) 986-2827 
 Email: mindick@crowell.com 

Attention: Murray A. Indick 

  
 8 

 Section 11. Applicable Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware without reference to the conflict of laws principles thereof. Each of the Parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the
rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or assigns, shall be
brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or
federal court within the State of Delaware). Each of the Parties hereto hereby irrevocably submits, with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction
of the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding
with respect to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or
from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by
applicable legal requirements, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject
matter hereof, may not be enforced in or by such courts. 
 Section 12. Entire Agreement; Amendment and Waiver; Successors and
Assigns; Third Party Beneficiaries. This Agreement constitutes the entire understanding of the Parties hereto with respect to its subject matter and supersedes all prior agreements with respect to the subject matter hereof. There are no
restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than as set forth in the preceding sentence. No modifications of this Agreement can be made except in writing signed by an
authorized representative of each the Company and Tenzing Global, except that the signature of an authorized representative of the Company will not be required to permit an Affiliate of Tenzing Global to agree to be listed on Exhibit A
and be bound by the terms and conditions of this Agreement. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The
terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto and their respective successors, heirs, executors, legal representatives, and permitted assigns. No party shall assign
this Agreement or any rights or obligations hereunder without, with respect to any member of Tenzing Global, the prior written consent of the Company, and with respect to the Company, the prior written consent of Tenzing Global. This Agreement is
solely for the benefit of the Parties hereto and is not enforceable by any other persons. 

  
 9 

 Section 13. Receipt of Adequate Information: No Reliance; Representation by Counsel.
Each Party acknowledges that it has received adequate information to enter into this Agreement, that is has not relied on any promise, representation or warranty, express or implied not contained in this Agreement and that it has been represented by
counsel in connection with this Agreement. Accordingly, any rule of law or any legal decision that would provide any party with a defense to the enforcement of the terms of this Agreement against such party shall have no application and is expressly
waived. The provisions of the Agreement shall be interpreted in a reasonable manner to effect the intent of the Parties. 
 Section 14.
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held
invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or unenforceable. The Parties further agree to replace such invalid or unenforceable provision of this Agreement with a valid and
enforceable provision that will achieve, to the extent possible, the purposes of such invalid or unenforceable provision. 

Section 15. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). 

[Signature Page Follows] 

  
 10 

 IN WITNESS WHEREOF, the Parties hereto have duly executed and delivered this Agreement as of the
date first above written. 
  

			
	CAREER EDUCATION CORPORATION
		
	By:		 /s/ Ronald D. McCray

	Name:		Ronald D. McCray
	Title:		Chairman of the Board of Directors and Interim President and Chief Executive Officer
	
	TENZING GLOBAL MANAGEMENT LLC:
		
	By:		 /s/ Richard Wang

	Name:		Richard Wang
	Title:		Managing Partner
	
	TENZING GLOBAL INVESTORS LLC:
		
	By:		 /s/ Richard Wang

	Name:		Richard Wang
	Title:		Managing Partner
	
	TENZING GLOBAL INVESTORS FUND I LP:
	By:		Tenzing Global Investors, LLC, its General
			Partner
		
	By:		 /s/ Richard Wang

	Name:		Richard Wang
	Title:		Managing Partner
	
	 /s/ Richard Wang

	RICHARD WANG

  
 11 

 Exhibit A 

Tenzing Global Management LLC 
 Tenzing Global Investors LLC 

Tenzing Global Investors Fund I LP 
 Richard Wang 

 Exhibit B 

FORM OF IRREVOCABLE RESIGNATION 

March 10, 2015 
 Attention: Board of Directors 

Career Education Corporation 
 231 N. Martingale Rd. 

Schaumburg, IL 60173 
 Re: Resignation 

Ladies and Gentlemen: 
 Reference is made to the Agreement,
dated as of March 10, 2015 (the “Agreement”), by and between Career Education Corporation (the “Company”) and each of the parties listed on Exhibit A thereto. Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Agreement. 
 In accordance with Section 1(c) of the Agreement, I hereby tender my conditional resignation as a
director of the Board and as a member of any committees of the Board, provided that this resignation shall be effective upon the Board’s acceptance of this resignation, and only in the event that at any time Tenzing Global disposes of any
securities, and following such disposition, Tenzing Global ceases to have an aggregate beneficial ownership (as defined in Rule 13d-3 promulgated by the SEC under the Exchange Act) of 2% or more of the Company’s then-outstanding Common Stock
(subject to adjustment for stock splits, reclassifications, combinations and similar adjustments). I hereby acknowledge that this conditional resignation as a director of the Board is as a result of the terms and conditions of the Agreement. 

This resignation may not be withdrawn by me at any time during which it is effective. 

 

	
	Very truly yours,
	
	 /s/ Richard Wang

	Richard Wang

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