Document:

EX-10.19

 Exhibit 10.19 

 
  

 
 PRINCIPAL STOCKHOLDERS AGREEMENT

 BY AND AMONG 

ATOTECH LIMITED 

AND 

THE CARLYLE STOCKHOLDERS 

            , 2020 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION I.
	 	 DEFINITIONS
	  	 	1	 
	 1.1
	 	 Drafting Conventions; No Construction Against Drafter
	  	 	1	 
	 1.2
	 	 Defined Terms
	  	 	2	 
			
	 SECTION II.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	4	 
	 2.1
	 	 Representations and Warranties of the Initial Carlyle Stockholder
	  	 	4	 
	 2.2
	 	 [Reserved.]
	  	 	4	 
	 2.3
	 	 Representations and Warranties of the Company
	  	 	4	 
			
	 SECTION III.
	 	 BOARD MATTERS
	  	 	5	 
	 3.1
	 	 Board of Directors
	  	 	5	 
	 3.2
	 	 Committees of the Board of Directors
	  	 	6	 
	 3.3
	 	 Additional Management Provisions
	  	 	7	 
	 3.4
	 	 Company
	  	 	7	 
			
	 SECTION IV.
	 	 REGISTRATION RIGHTS
	  	 	7	 
	 4.1
	 	 Demand and Piggyback Rights
	  	 	7	 
	 4.2
	 	 Notices, Cutbacks and Other Matters
	  	 	9	 
	 4.3
	 	 Facilitating Registrations and Offerings
	  	 	11	 
	 4.4
	 	 Indemnification
	  	 	16	 
	 4.5
	 	 Rule 144
	  	 	19	 
			
	 SECTION V.
	 	 MISCELLANEOUS PROVISIONS
	  	 	19	 
	 5.1
	 	 Information and Access Rights
	  	 	19	 
	 5.2
	 	 Confidentiality
	  	 	21	 
	 5.3
	 	 Reliance
	  	 	21	 
	 5.4
	 	 Access to Agreement; Amendment and Waiver; Actions of the Board
	  	 	22	 
	 5.5
	 	 Notices
	  	 	22	 
	 5.6
	 	 Counterparts
	  	 	23	 
	 5.7
	 	 Remedies; Severability
	  	 	23	 
	 5.8
	 	 Entire Agreement
	  	 	23	 
	 5.9
	 	 Termination
	  	 	23	 
	 5.10
	 	 Governing Law
	  	 	23	 
	 5.11
	 	 Successors and Assigns; Beneficiaries
	  	 	23	 
	 5.12
	 	 Consent to Jurisdiction; Specific Performance; Waiver of Jury Trial
	  	 	24	 
	 5.13
	 	 Further Assurances; Company Logo
	  	 	24	 
	 5.14
	 	 Regulatory Matters
	  	 	24	 
	 5.15
	 	 Inconsistent Agreements
	  	 	25	 
	 5.16
	 	 In-Kind Distributions
	  	 	25	 
	 5.17
	 	 Recapitalization Transactions
	  	 	25	 
	 5.18
	 	 Conflict with Jersey Law
	  	 	25	 

 EXHIBIT 
 Exhibit
A: Form of Joinder Agreement 

  
 i 

 PRINCIPAL STOCKHOLDERS AGREEMENT 

This Principal Stockholders Agreement (this “Agreement”) is made as of
            , 2020 by and among Atotech Limited, a company incorporated under the laws of Jersey (the “Company”), Carlyle Partners VI Cayman Holdings, L.P. (“CP-VI”), CEP IV Participations, S.à r.l. SICAR (“CEP IV”), Gamma Holding Company Limited (“Gamma Holding” and, together with
CP-VI and CEP IV, the “Initial Carlyle Stockholders”), and any other stockholder who from time to time becomes party to this Agreement by execution of a joinder agreement substantially in the
form of Exhibit A (a “Joinder Agreement”). 
 RECITALS 

A.    Whereas, the Initial Carlyle Stockholders are party to that certain Share for Share Exchange Agreement, dated as of
January 17, 2020 (the “Exchange Agreement”), pursuant to which the Initial Carlyle Stockholders will contribute shares of Atotech UK Topco to the Company, in exchange for shares of the Company. 

B.    Whereas, the Company is proposing to consummate an initial public offering of its share capital (the
“Initial Public Offering”). 
 C.    Whereas, the Initial Carlyle Stockholders and the Company desire
to enter into this Agreement effective upon the effective date of the registration statement relating to the Initial Public Offering (the “Effective Date”). 

D.    Whereas, the board of directors of the Company (the “Board of Directors”) has approved this
Agreement. 
 E.    Whereas, the parties hereto desire to agree upon the respective rights and obligations after the
Effective Date with respect to the securities of the Company now or hereafter issued and outstanding and held by the parties to this Agreement and certain matters with respect to their investment in the Company. 

AGREEMENT 
 Now therefore,
in consideration of the foregoing, and the mutual agreements and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

SECTION I.    DEFINITIONS 

1.1    Drafting Conventions; No Construction Against Drafter. 

(a)    The headings in this Agreement are provided for convenience and do not affect its meaning. The words
“include,” “includes” and “including” are to be read as if they were followed by the phrase “without limitation.” Unless specified otherwise, any reference to an agreement means that agreement as amended or
supplemented, subject to any restrictions on amendment contained in such agreement. Unless specified otherwise, any reference to a statute or regulation means that statute or regulation as amended or supplemented from time to time and any
corresponding provisions of successor statutes or regulations. If any date specified in this Agreement as a date for taking action falls on a day that is not a business day, then that action may be taken on the next business day. Unless specified
otherwise, the words “party” and “parties” refer only to a party named in this Agreement or one who joins this Agreement as a party pursuant to the terms hereof. 

  
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 (b)    The language used in this Agreement shall be deemed to be the
language chosen by the parties to express their mutual intent. If an ambiguity or question of intent or interpretation arises, this Agreement is to be construed as if drafted jointly by the parties and there is to be no presumption or burden of
proof or rule of strict construction favoring or disfavoring any party because of the authorship of any provision of this Agreement. 

1.2    Defined Terms. The following capitalized terms, as used in this Agreement, shall have the meanings set forth
below. 
 “Adverse Disclosure” means public disclosure of material non-public
information that, in the good faith judgment of the Company, upon advice of counsel and as authorized by a resolution of the disinterested members of the Board of Directors of the Company, would require premature disclosure of any material
financing, material corporate reorganization or other material transaction, obligation, fact or event involving the Company, as the case may be. 

“Affiliate” means with respect to any specified Person, any other Person that, directly or indirectly, controls, is
controlled by or is under common control with the specified Person, including any general partner, partner, officer, director, managing member or member of the specified Person and, if the specified Person is a private equity fund, any investment
fund now or hereafter managed by, or that is controlled by or is under common control with, one or more general partners or managing members of, or shares the same management company with, the specified Person or any investment fund, managed account
vehicle, collective investment scheme or comparable investment vehicle (“Fund”) now or hereafter existing that shares the same management company or registered investment advisor with such Person or any Fund now or hereafter
existing that is controlled by, under common control with, managed or advised by the same management company or registered investment advisor that controls, is under common control with, manages or advises the Fund that controls such Person. For the
purposes of this definition, “control” (including, with its correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct, or cause the direction of the management and policies of such Person, whether through the ownership of securities, by contract or otherwise. 

“Articles” means the Company’s Articles of Association in effect as of the Effective Date, as amended from time to time.

 “Carlyle Stockholders” means (i) the Initial Carlyle Stockholders and (ii) any Permitted Transferee or
Affiliate of any Initial Carlyle Stockholder (x) that is issued Common Stock or becomes the beneficial owner of any Common Stock or is Transferred any Common Stock by any other Person and (y) that becomes a party hereto by executing a
Joinder Agreement. 
 “Carlyle Majority Interest” means, at any given time, the Carlyle Stockholders holding a majority of
the outstanding Shares held at that specified time by all Carlyle Stockholders. 
 “Common Stock” means the common shares,
par value $0.10 per share, of the Company. 
 “Company” shall have the meaning set forth in the preamble and shall include
any successor thereto. 
 “Company’s Secretary” means any company secretary and/or any assistant company secretary in
Jersey or elsewhere appointed from time to time. 
 “Director” means a member of the Board of Directors. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934 and the rules and
regulations thereunder. 
 “IFRS” means International Financial Reporting Standards as adopted by the European Union. 

“Initial Capital Interest” means the aggregate sums which remain invested by a Stockholder in shares and yield free
convertible preferred equity certificates of the Company immediately following the IPO. 
 “IPO” means the underwritten
registered public offering of the Company’s Common Stock pursuant to which the Common Stock is being listed on the New York Stock Exchange. 

“Jersey Companies Law” means the Companies (Jersey) Law 1991, as amended. 

“Jersey Consents” means the consents to the circulation of a prospectus granted by the JFSC to the Company in accordance with
the Companies (General Provisions) (Jersey) Order 2002, as amended and the Control of Borrowing (Jersey) Order 1958. 

“JFSC” means the Jersey Financial Services Commission, including the Jersey Companies Registry. 

“Memorandum of Association” means the Company’s Memorandum of Association in effect as of the date hereof, as amended
from time to time. 
 “Necessary Action” means, with respect to a specified result, all actions necessary or desirable to
cause such result, including (i) attending meetings in person or by proxy for purposes of obtaining a quorum, (ii) voting or providing a written consent or proxy with respect to Shares, (iii) causing the adoption of resolutions and
amendments to the organizational documents of the Company, (iv) executing agreements and instruments, (v) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar
actions that are required to achieve such result and (vi) ensuring that applicable provisions are included in any proxy statement prepared by management of the Company in connection with the solicitation of proxies for any meeting of
shareholders of the Company. 
 “Permitted Transferee” means, with respect to any Carlyle Stockholder, (i) any
Affiliate of such Carlyle Stockholder, (ii) any director, officer or employee of any Affiliate of such Carlyle Stockholder, (iii) any direct or indirect member or general or limited partner of such Carlyle Stockholder that is the
transferee of Shares pursuant to a pro rata distribution of Shares by such Carlyle Stockholder to its partners or members, as applicable (or any subsequent transfer of such Shares by the transferee to another Permitted Transferee) or (iv) any
other Transferee designated as a Permitted Transferee by the Carlyle Majority Interest. 
 “Person” means an individual,
corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, government (or agency or political subdivision thereof) or any other entity or group (as defined in Section 13(d) of the
Exchange Act). 
 “Public Offering” means a public offering and sale of Common Stock for cash pursuant to an effective
registration statement under the Securities Act. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations thereunder. 

  
 3 

 “Shares” means, at any time, (i) Common Stock and (ii) any other
equity securities now or hereafter issued by the Company, together with any options thereon and any other shares or other equity securities issued or issuable with respect thereto (whether by way of a share dividend, share split or in exchange for
or in replacement or upon conversion of such shares or otherwise in connection with a combination of shares, recapitalization, merger, consolidation or other corporate reorganization). 

“Stockholders” means the Carlyle Stockholders and any other shareholders who from time to time become party to this Agreement
by execution of a Joinder Agreement. 
 “Transfer” means any direct or indirect transfer, donation, sale, assignment,
pledge, hypothecation, grant of a security interest in or other disposal or attempted disposal of all or any portion of a security, any interest or rights in a security, or any rights under this Agreement. 

“Transferee” means the recipient of a Transfer. 

“WKSI” means a well-known seasoned issuer, as defined in the SEC’s Rule 405. 

SECTION II. REPRESENTATIONS AND WARRANTIES 

2.1    Representations and Warranties of the Initial Carlyle Stockholders. Each of the Initial Carlyle
Stockholders hereby represents, warrants and covenants to the Company as follows: (a) such Initial Carlyle Stockholder has full limited partnership, limited company or other corporate power and authority to enter into this Agreement and perform
its obligations hereunder; (b) this Agreement constitutes the valid and binding obligation of such Initial Carlyle Stockholder enforceable against it in accordance with its terms; and (c) the execution, delivery and performance by such
Initial Carlyle Stockholder of this Agreement: (i) does not and will not violate any laws, rules or regulations of the United States or any state or other jurisdiction applicable to such Initial Carlyle Stockholder, or require such Initial
Carlyle Stockholder to obtain any approval, consent or waiver of, or to make any filing with, any Person that has not been obtained or made; and (ii) does not constitute a breach of or default under any material agreement to which such Initial
Carlyle Stockholder is a party. 
 2.2    [Reserved.] 

2.3    Representations and Warranties of the Company. The Company hereby represents, warrants and covenants to the
Stockholders as follows: (a) the Company has full corporate power and authority to enter into this Agreement and perform its obligations hereunder; (b) this Agreement constitutes the valid and binding obligation of the Company enforceable
against it in accordance with its terms; and (c) the execution, delivery and performance by the Company of this Agreement: (i) does not and will not violate any laws, rules or regulations of the United States or any state or other
jurisdiction applicable to the Company, or require the Company to obtain any approval, consent or waiver of, or to make any filing with, any Person that has not been obtained or made; and (ii) does not and will not result in a breach of,
constitute a default under, accelerate any obligation under or give rise to a right of termination of any indenture or loan or credit agreement or any other material agreement, contract, instrument, mortgage, lien, lease, permit, authorization,
order, writ, judgment, injunction, decree, determination or arbitration award to which the Company is a party or by which the property of the Company is bound or affected, or result in the creation or imposition of any mortgage, pledge, lien,
security interest or other charge or encumbrance on any of the assets or properties of the Company. 

  
 4 

 SECTION III. BOARD MATTERS 

3.1    Board of Directors. From and after the first business day after the Effective Date: 

(a)    Rights to Designate. Each Stockholder hereby agrees to vote, or cause to be voted, all of its Shares, at any
annual or general meeting, by written consent, or otherwise, and will take all Necessary Actions within such Stockholder’s control, and the Company will take all Necessary Actions within its control, to cause the authorized number of directors
on the Board of Directors to be established and remain at eleven, or such other number approved pursuant to the terms of this Agreement, and to elect or appoint or cause to be elected or appointed to the Board of Directors and cause to be continued
in office: 
 (i)    ten designees of the Carlyle Stockholders constituting a Carlyle Majority Interest
(the “Investor Designees”); provided, that (A) the number of Investor Designees to be designated by the Carlyle Majority Interest (on behalf of the Carlyle Stockholders) shall be reduced to six Directors at such
time as the Carlyle Stockholders in the aggregate hold less than thirty-five percent (35%) of the then outstanding shares of Common Stock, (B) the number of Investor Designees to be designated by the Carlyle Majority Interest (on behalf of the
Carlyle Stockholders) shall be reduced to four Directors at such time as the Carlyle Stockholders in the aggregate hold less than twenty-five percent (25%) of the then outstanding shares of Common Stock, (C) the number of Investor Designees to
be designated by the Carlyle Majority Interest (on behalf of the Carlyle Stockholders) shall be reduced to two Directors at such time as the Carlyle Stockholders in the aggregate hold less than fifteen-percent (15%) of the then outstanding shares of
Common Stock, and (D) the Carlyle Stockholders shall have no right to designate any members of the Board of Directors pursuant to this Section 3.1(a)(i) at such time as the Carlyle Stockholders in the aggregate hold less than five percent
(5%) of the then-outstanding shares of Common Stock; 
 (ii)    the senior ranking executive officer of
the Company and its subsidiaries, who initially, and for so long as he is the Company’s Chief Executive Officer, shall be Geoff Wild; and 

(iii)    other than as set forth in this Agreement, each additional designee shall be filled as provided in
the Articles. 
 The Company shall take all Necessary Actions within its control to cause the individuals designated in accordance with Section 3.1(a)
to be nominated for election to the Board of Directors, shall solicit proxies in favor thereof, and at any meeting of the shareholders of the Company (if any is required) at which directors of the Company are to be elected, shall recommend that the
shareholders of the Company elect to the Board of Directors each such individual nominated for election at such meeting. 

(b)    Initial Investor Designees. The initial Investor Designees pursuant to the provisions of
Section 3.1(a)(i) shall be Brian A. Bernasek, Gregor P. Boehm, Herman H. Chang, Friedel Drees, Shaun Mercer, Gregory M. Nikodem, Charles W. Shaver and Martin W. Sumner. Any remaining undesignated Investor Designees shall be designated by the
Carlyle Majority Interest at such time as they shall determine. 
 (c)    Removal and Replacement. 

(i)    Any Person or group of Persons entitled to designate a Director may remove such designee by sending
a written notice to the Company’s Secretary stating the name of the designee to be removed from the Board of Directors (the “Removal Notice”) and, upon receipt of such notice by the Company’s Secretary, such designee shall
be removed from the Board of Directors (and such a designee shall only be removed in such manner), and each Stockholder hereby agrees to vote, at any annual or special meeting, by written consent, or otherwise, all Shares and will take all Necessary
Actions within such Stockholder’s control to effect such removal. 

  
 5 

 (ii)    If at any time any Director ceases to serve on
the Board of Directors (whether due to death, disability, resignation, removal or otherwise), the Person or Persons that designated or nominated such Director pursuant to Section 3.1(a) shall designate or nominate a successor to fill the
vacancy created thereby on the terms and subject to the conditions of Section 3.1(a). Each Stockholder hereby agrees to vote, or cause to be voted, all of its Shares, and will take all Necessary Actions within such Stockholder’s control,
and the Company will take all Necessary Actions within its control, to cause the designated successor to be elected to fill such vacancy. In the event that the Carlyle Stockholders do not, pursuant to Section 3.1(a), have the right to designate
an individual to fill such vacancy, then such vacancy shall be filled as provided in the Articles. 

(iii)    In the event that the Carlyle Stockholders cease to have the right to designate an individual to
serve as a Director pursuant to Section 3.1(a), (i) that number of Directors for which the Carlyle Stockholders cease to have the right to designate to serve as Directors shall resign upon
the expiry of such Directors’ term of service on the Board of Directors in order of expiry (each a “Departing Director”), provided that (A) in lieu of the resignation of any such Departing Director (each a
“Carlyle Continuing Director”), the Carlyle Stockholders may instead designate any other Director previously designated by the Carlyle Stockholders to resign at the expiration of the original Departing Director’s term, with
such Carlyle Continuing Director continuing as a Director, with the Company taking all Necessary Actions to ensure that such Carlyle Continuing Director be nominated for election to the Board of Directors for an additional term and (B) if
multiple Directors terms of service on the Board of Directors expire simultaneously, the Carlyle Stockholders may designate which such Director shall resign, and (ii) the vacancy created by such resignation or removal shall be filled as
provided in the Articles. 
 (d)    Expenses. Each Director shall be entitled to reimbursement from the Company
for his or her reasonable out-of-pocket expenses (including travel) incurred in attending any meeting of the Board of Directors or any committee thereof or governing
body of any subsidiary of the Company or any committee thereof. 
 (e)    Indemnification; Insurance. The Company
shall not alter, in any manner adverse to the Investor Designees, any rights to indemnification and exculpation from liabilities currently afforded to members of the Board of Directors, provided they are permitted by applicable law, pursuant to the
Articles or any indemnification agreement, in each case, as in effect as of the Effective Date. If the Company or any of its respective successors or assigns (i) shall consolidate with or merge into any other corporation or entity and shall not
be the continuing or surviving corporation or entity of such consolidation or merger or (ii) shall transfer all or substantially all of its properties and assets to any individual, corporation or other entity, then, and in each such case,
proper provisions shall be made so that the successors and assigns of the Company shall covenant to afford to each of the Investor Designees such rights to indemnification and exculpation from liabilities. To the fullest extent permitted by
applicable law, the Company shall continue to maintain in effect directors’ and officers’ liability insurance and fiduciary liability insurance with benefits, terms, conditions, retentions and levels of coverage that are at least as
favorable, in the aggregate, to the insureds as provided in the Company’s existing policies as of the Effective Date. 

3.2    Committees of the Board of Directors. From and after the Effective Date, the Company shall, and each
Stockholder shall use its reasonable best efforts to, cause the Board of Directors to establish and maintain the following committees: (a) an Audit Committee, (b) a Compensation Committee, (c) a Nominating and Corporate Governance
Committee, (d) an Executive Committee and (e) any other committee needed to comply with applicable laws and regulations and (d) any other committee as the Board of Directors shall determine in its discretion. Each committee shall
include such number of Investor Designees such that the pro rata representation of the Investor Designees on such committee as a proportion 

  
 6 

 
of the full membership of such committee is not less than the pro rata representation of all of the Investor Designees as a proportion of the full Board of Directors; provided that the
right of any such Investor Designee to serve on a committee shall be subject to the Company’s obligation to comply with any applicable independence requirements of a national securities exchange upon which the Company’s Common Stock is
listed to which it is then subject. 
 3.3    Additional Management Provisions. 

(a)    Each Stockholder and the Company agrees and acknowledges that, subject to applicable law, the Investor Designees
designated by the Carlyle Majority Interest may share confidential, non-public information about the Company and its subsidiaries with the Carlyle Stockholders, their Permitted Transferees and their respective
Affiliates, directors and officers. 
 (b)    The Stockholders and the Company hereby agree, notwithstanding anything to
the contrary in any other agreement or at law or in equity, that, to the maximum extent permitted by applicable law, when the Carlyle Stockholders take any action under this Agreement to give or withhold its consent, the Carlyle Stockholders shall
have no duty (fiduciary or other) to consider the interests of the Company or the other Stockholders and may act exclusively in its own interest; provided, however, that the foregoing shall in no way affect the obligations of the
parties hereto to comply with the provisions of this Agreement. 
 (c)    Each of the parties covenants and agrees to
take all Necessary Actions within its control to ensure that the Articles and Memorandum of Association do not, at any time, conflict with the provisions of this Agreement. 

(d)    For so long as the Company qualifies as a “controlled company” under the applicable listing standards
then in effect, the Company will elect to be a “controlled company” for purposes of such applicable listing standards, and will disclose in its annual meeting proxy statement that it is a “controlled company” and the basis for
that determination. The Company and the Stockholders acknowledge and agree that, as of the date of this Agreement, the Company is a “controlled company.” The Carlyle Stockholders acknowledge that a sufficient number of their designees will
be required to qualify as “independent directors” to ensure that the Board complies with such applicable listing standards in the time periods required by the applicable listing standards then in effect, and shall discuss and use
commercially reasonable efforts to agree upon appropriate changes to their designees consistent with the foregoing. 

3.4    Company. The Company will not give effect to any action by any Stockholder which is in contravention of this
Section III. 
 SECTION IV. REGISTRATION RIGHTS 

4.1    Demand and Piggyback Rights. 

(a)    Right to Demand a Non-Shelf Registered Offering. Upon the demand of
at any time and from time to time after the expiration or waiver of the underwriter lock-up period applicable to the Company’s IPO, the Company will facilitate in the manner described in this Agreement a non-shelf registered offering of the Shares requested by the demanding Carlyle Stockholders to be included in such offering. A demand by Carlyle Stockholders for a non-shelf
registered offering that will result in the imposition of a lockup on the Company and the Stockholders may not be made unless the Shares requested to be sold by the demanding Carlyle Stockholders in such offering have an aggregate market value
(based on the most recent closing price of the Common Stock at the time of the demand) of at least $50 million or such lesser amount if all Shares held by the demanding Carlyle Stockholders are requested to be sold. 

  
 7 

 Subject to Section 4.2(e) below, any demanded non-shelf
registered offering may, at the Company’s option, include Shares to be sold by the Company for its own account and will also include Shares to be sold by other holders of Shares with similar rights that exercise their related piggyback rights
on a timely basis. 
 (b)    Right to Piggyback on a Non-Shelf Registered
Offering. In connection with any registered offering of Common Stock covered by a non-shelf registration statement, the Carlyle Stockholders may exercise piggyback rights to have included in such offering
Shares held by them. The Company will facilitate in the manner described in this Agreement any such non-shelf registered offering. 

(c)    Right to Demand and be Included in a Shelf Registration. Upon the demand of any Carlyle Stockholder (any
such demand, together with any demand pursuant to Section 4.1(a), a “demand registration”, made at any time and from time to time when the Company is eligible to utilize Form S-3 or a
successor form to sell Shares in a secondary offering on a delayed or continuous basis in accordance with Rule 415, the Company will facilitate in the manner described in this Agreement a shelf registration of Shares held by the Carlyle
Stockholders. Any shelf registration filed by the Company covering Shares (whether pursuant to a Carlyle Stockholder demand or at the initiative of the Company) will cover Shares held by each of the Carlyle Stockholders (regardless of whether they
demanded the filing of such shelf or not) up to an equivalent percentage of their original respective holdings as may be agreed upon by the demanding Carlyle Stockholders unless otherwise requested by any such Carlyle Shareholder. If at the time of
such request the Company is a WKSI, such shelf registration would, at the request of such Carlyle Stockholders, cover an unspecified number of Shares to be sold by the Company and the Carlyle Stockholders. 

(d)    Demand and Piggyback Rights for Underwritten Offerings. Upon the demand of one or more Carlyle Stockholders
made at any time and from time to time, the Company will facilitate in the manner described in this Agreement a “takedown” of Shares off of an effective shelf registration statement or inclusion in any
non-shelf registration statement proposed to be filed by the Company. In connection with any underwritten offering (whether pursuant to the exercise of such demand rights or at the initiative of the Company),
the Carlyle Stockholders may exercise piggyback rights (any such registration, a “piggyback registration”) to have included in such registration statement Shares held by them and include any such shares in any underwritten offering
pursuant to such registration statement. Notwithstanding the foregoing, Carlyle Stockholders may not demand a shelf takedown for an offering or inclusion in a non-shelf offering that will result in the
imposition of a lockup on the Company and the Stockholders unless the Shares requested to be sold by the demanding Carlyle Stockholders in such takedown have an aggregate market value (based on the most recent closing price of the Common Stock at
the time of the demand) of at least $50 million or such lesser amount if all Shares held by the demanding Carlyle Stockholders are requested to be sold. 

(e)    Right to Reload a Shelf. Upon the written request of a Carlyle Stockholder, the Company will file and seek
the effectiveness of a post-effective amendment to an existing shelf in order to register up to the number of Shares previously taken down off of such shelf and not yet “reloaded” onto such shelf. 

(f)    Limitations on Demand and Piggyback Rights. 

(i)    Any demand for the filing of a registration statement or for a registered offering or takedown will
be subject to the constraints of any applicable lockup arrangements, and such demand must be deferred until such lockup arrangements no longer apply. If a demand has been made for a non-shelf registered
offering or for an underwritten takedown, no further demands may be made so long as the related offering is still being pursued. Notwithstanding anything in this Agreement to the contrary, the Carlyle Stockholders will not have piggyback or other
registration 

  
 8 

 
rights with respect to registered primary offerings by the Company (i) covered by a Form S-8 registration statement or a successor form applicable to
employee benefit-related offers and sales, (ii) where the Shares are not being sold for cash or (iii) where the offering is a bona fide offering of securities other than Shares, even if such securities are convertible into or exchangeable
or exercisable for Shares. 
 (ii)    The Company may postpone the filing of a demanded registration
statement or suspend the effectiveness of any shelf registration statement for a reasonable “blackout period” not in excess of 90 days if such registration or offering would require the Company to make an Adverse Disclosure; provided that
the Company shall not postpone the filing of a demanded registration statement or suspend the effectiveness of any shelf registration statement pursuant to this Section 4.1(f)(ii) more than once in any 360 day period. The blackout period will
end upon the earlier to occur of, (i) in the case of a bona fide business or financing transaction, a date not later than 90 days from the date such deferral commenced, and (ii) in the case of an Adverse Disclosure, the earlier to occur of
(x) the filing by the Company of its next succeeding Form 20-F or quarterly report on Form 6-K, or (y) the date upon which such information is otherwise
disclosed. 
 4.2    Notices, Cutbacks and Other Matters. 

(a)    Notifications Regarding Registration Statements. In order for one or more Carlyle Stockholders to exercise
their right to demand that a registration statement be filed, they must so notify the Company in writing indicating the number of Shares sought to be registered and the proposed plan of distribution. The Company will keep the Carlyle Stockholders
contemporaneously apprised of all pertinent aspects of its pursuit of any registration, whether pursuant to a Carlyle Stockholder demand or otherwise, with respect to which a piggyback opportunity is available. Pending any required public disclosure
and subject to applicable legal requirements, the parties will maintain the confidentiality of these discussions. 

(b)    Notifications Regarding Registration Piggyback Rights. Any Carlyle Stockholder wishing to exercise its
piggyback rights with respect to a non-shelf registration statement must notify the Company and the other Carlyle Stockholders of the number of Shares it seeks to have included in such registration statement.
Such notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on the second trading day prior to (i) if applicable, the date on which the preliminary prospectus intended to be used in connection with pre-effective marketing efforts for the relevant offering is expected to be finalized, and (ii) in any case, the date on which the pricing of the relevant offering is expected to occur. 

(c)    Notifications Regarding Underwritten Offerings. 

(i)    The Company will keep the Carlyle Stockholders contemporaneously apprised of (including prompt
notice of its intention to conduct any offering of securities) all pertinent aspects of any underwritten offering in order that they may have a reasonable opportunity to exercise their related piggyback rights. Without limiting the Company’s
obligation as described in the preceding sentence, having a reasonable opportunity requires that the Carlyle Stockholders be notified by the Company of an anticipated underwritten offering no later than 5:00 pm, New York City time, on (i) if
applicable, the second trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for such takedown is
finalized, and (ii) in all cases, the second trading day prior to the date on which the pricing of the relevant takedown occurs. 

(ii)    Any Carlyle Stockholder wishing to exercise its piggyback rights with respect to an underwritten
offering must notify the Company and the other Carlyle Stockholders of 

  
 9 

 
the number of Shares it seeks to have included in such offering. Such notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on (i) if
applicable, the trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with marketing efforts for the relevant offering is expected to be finalized, and (ii) in all cases,
the trading day prior to the date on which the pricing of the relevant takedown occurs. 

(iii)    Pending any required public disclosure and subject to applicable legal requirements, the parties
will maintain appropriate confidentiality of their discussions regarding a prospective underwritten takedown. 

(d)    Plan of Distribution, Underwriters and Counsel. If (1) a majority of the Shares proposed to be sold in
an underwritten offering through a non-shelf registration statement or through a shelf takedown are being sold by the Company for its own account and (2) such offering was initiated by the Company and not
by any Carlyle Stockholder pursuant to Section 4.1 or 4.2, the Company will be entitled to determine the plan of distribution and select the managing underwriters for such offering. Otherwise, the Carlyle Stockholders will be entitled to
determine the plan of distribution and select the managing underwriters, and such Carlyle Stockholders will also be entitled to select counsel for the selling Stockholders (which may be the same as counsel for the Company). In the case of a shelf
registration statement, the plan of distribution will provide as much flexibility as is reasonably possible, including with respect to resales by transferee Stockholders. 

(e)    Cutbacks. If the managing underwriters advise the Company and the selling Stockholders that, in their
opinion, the number of Shares requested to be included in an underwritten offering exceeds the amount that can be sold in such offering without adversely affecting the distribution of the Shares being offered, such offering will include only the
number of Shares that the underwriters advise can be sold in such offering. 
 (i)    In the case of a
registered offering upon the demand of one or more Carlyle Stockholders, the selling Stockholders (including those Carlyle Stockholders exercising piggyback rights pursuant to Section 4.1(b)) collectively will have first priority and will be
subject to cutback pro rata based on the Initial Capital Interest of each such selling Stockholder (up to the number of Shares initially requested by them to be included in such offering). To the extent of any remaining capacity, all other
shareholders having similar registration rights will have second priority and will be subject to cutback pro rata based on the number of Shares initially requested by them to be included in such offering. To the extent of any remaining capacity, the
Company will have third priority. Except as contemplated by the immediately preceding three sentences, other selling shareholders (other than transferees to whom a Carlyle Stockholder has assigned its rights under this Agreement) will be included in
an underwritten offering only with the consent of Carlyle Stockholders holding a majority of the Shares being sold in such offering. 

(ii)    In the case of a registered offering upon the initiative of the Company, the Company will have
first priority. To the extent of any remaining capacity, the selling Carlyle Stockholders as a group, on the one hand, and all other shareholders having similar registration rights as a group, on the other hand, will be subject to cutback pro rata
based on the number of Shares initially requested by such group to be included in such offering. The selling Carlyle Stockholders will be subject to cutback pro rata, based on the Initial Capital Interest of each such selling Carlyle Stockholder (up
to the number of Shares initially requested by them to be included in such offering). Except as contemplated by the second preceding sentence, other shareholders (other than transferees to whom a Carlyle Stockholder has assigned its rights under
this Agreement) will be included in an underwritten offering only with the consent of a Carlyle Majority Interest. 

  
 10 

 (f)    Withdrawals. Even if Shares held by a Carlyle Stockholder
have been part of a registered underwritten offering (pursuant to either demand or piggyback rights), such Carlyle Stockholder may, no later than the time at which the public offering price and underwriters’ discount are determined with the
managing underwriter, decline to sell all or any portion of the Shares being offered for its account. 

(g)    Lockups. In connection with any underwritten offering of Shares, the Company and each Carlyle Stockholder
will agree (in the case of Carlyle Stockholders, with respect to Shares respectively held by them) to be bound by the underwriting agreement’s lockup restrictions (which must apply, and continue to apply, in like manner to all of them) that are
agreed to (a) by the Company, if (1) a majority of the Shares being sold in such offering are being sold for its account and (2) such offering was initiated by the Company and not by any Carlyle Stockholder pursuant to
Section 4.1 or 4.2, or (b) by Carlyle Stockholders holding a majority of Shares being sold by all Carlyle Stockholders, if a majority of the Shares being sold in such offering are being sold by Carlyle Stockholders, as applicable. 

(h)    Expenses. All expenses incurred in connection with any registration statement or registered offering
covering Shares held by Carlyle Stockholders, including, without limitation, all registration and filing fees, printing (including printing certificates for the Shares in a form eligible for deposit with the Depository Trust Company and printing
preliminary, supplemental and final prospectuses) expenses, word processing, duplicating, telephone and facsimile expenses, messenger and delivery expenses, transfer taxes, expenses incurred in connection with promotional efforts or
“roadshows”, fees and disbursements of counsel (including the fees and disbursements of outside counsel for Carlyle Stockholders and fees and disbursements of counsel to the underwriters with respect to “blue sky” qualification
of such Shares and their determination for eligibility for investment under the laws of the various jurisdictions (up to the cap on such fees included in any applicable underwriting agreement)) and of the independent certified public accountants
(including with respect to the preparation of customary financial statements required to be included in any offering document, the provision of any customary comfort letters and any the conduct of special audits required by, or incidental to, such
registration), and the expense of qualifying such Shares under state blue sky laws and foreign securities laws, will be borne by the Company. However, underwriters’, brokers’ and dealers’ discounts and commissions applicable to Shares
sold for the account of a Carlyle Stockholder will be borne by such Carlyle Stockholder. 
 4.3    Facilitating
Registrations and Offerings. 
 (a)    General. If the Company becomes obligated under this Agreement to
facilitate a registration and offering of Shares on behalf of Carlyle Stockholders, the Company will do so with the same degree of care and dispatch as would reasonably be expected in the case of a registration and offering by the Company of Shares
for its own account. Without limiting this general obligation, the Company will fulfill its specific obligations as described in this Section 4.3. 

(b)    Registration Statements. In connection with each registration statement that is demanded by Carlyle
Stockholders or as to which piggyback rights otherwise apply, the Company will: 
 (i)    (A) prepare and
file (or confidentially submit) with the SEC a registration statement covering the applicable Shares, (B) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the
sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten public offering, such longer
period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection 

  
 11 

 
with the sale of Shares by an underwriter or dealer), (C) seek the effectiveness thereof, (D) file with the SEC prospectuses and prospectus supplements as may be required, all in
consultation with the Carlyle Stockholders and as reasonably necessary in order to permit the offer and sale of the such Shares in accordance with the applicable plan of distribution, and (E) make any analogous filings with the JFSC as may be
required for the purposes of obtaining any Jersey Consents to facilitate the circulation of any prospectuses and prospectus supplements as may be required in accordance with this Section 4.3; 

(ii)    (1) within a reasonable time prior to the filing of any registration statement, any prospectus, any amendment to a
registration statement, amendment or supplement to a prospectus or any free writing prospectus, provide copies of such documents to the selling Carlyle Stockholders and to the underwriter or underwriters of an underwritten offering, if applicable,
and to their respective counsel; fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the Carlyle Stockholders or the underwriter or the underwriters may request; and make such of the
representatives of the Company as shall be reasonably requested by the selling Carlyle Stockholders or any underwriter available for discussion of such documents; 

(2)    within a reasonable time prior to the filing of any document which is to be incorporated by reference into a
registration statement or a prospectus, provide copies of such document to counsel for the Carlyle Stockholders and underwriters; fairly consider such reasonable changes in such document prior to or after the filing thereof as counsel for such
Carlyle Stockholders or such underwriter shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document; 

(iii)    cause each registration statement and the related prospectus and any amendment or supplement
thereto, as of the effective date of such registration statement, amendment or supplement and during the distribution of the registered Shares (x) to comply in all material respects with the requirements of the Securities Act, the rules and
regulations of the SEC, and the JFSC and (y) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 

(iv)    notify each Carlyle Stockholder promptly, and, if requested by such Carlyle Stockholder, confirm
such advice in writing, (A) when a registration statement has become effective and when any post-effective amendments and supplements thereto become effective if such registration statement or post-effective amendment is not automatically
effective upon filing pursuant to Rule 462, (B) of the issuance by the SEC or any state or foreign securities authority of any stop order, injunction or other order or requirement suspending the effectiveness of a registration statement or the
initiation or threatening of any proceedings for that purpose, (C) if, between the effective date of a registration statement and the closing of any sale of securities covered thereby pursuant to any agreement to which the Company is a party,
the representations and warranties of the Company contained in such agreement cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the Shares for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (D) of the happening of any event during the period a registration statement is effective as a result of which such registration statement or the
related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, if required by applicable law, prepare and file a
supplement or amendment to such registration statement or 

  
 12 

 
prospectus so that, as thereafter delivered to the purchasers of Shares registered thereby, such registration statement or prospectus will not contain an untrue statement of a material fact or
omit to state any fact necessary to make the statements therein not misleading; 
 (v)    furnish counsel
for each underwriter, if any, and for the Carlyle Stockholders copies of any correspondence with the SEC, the JFSC or any state securities authority relating to the registration statement or prospectus; 

(vi)    otherwise comply with all applicable rules and regulations of the SEC and JFSC, including making
available to its security holders an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar provision then in force); 

(vii)    use all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a
registration statement at the earliest possible time; 
 (c)    Non-Shelf
Registered Offerings and Shelf Takedowns. In connection with any non-shelf registered offering or shelf takedown that is demanded by Carlyle Stockholders or as to which piggyback rights otherwise apply,
the Company will: 
 (i)    cooperate with the selling Carlyle Stockholders Shares and the sole
underwriter or managing underwriter of an underwritten offering Shares, if any, to facilitate the timely preparation and delivery of certificates representing the Shares to be sold and not bearing any restrictive legends; and enable such Shares to
be in such denominations (consistent with the provisions of the governing documents thereof) and registered in such names as the selling Carlyle Stockholders or the sole underwriter or managing underwriter of an underwritten offering of Shares, if
any, may reasonably request at least five days prior to any sale of such Shares; 
 (ii)    subject
always to applicable laws, furnish to each Carlyle Stockholder and to each underwriter, if any, participating in the relevant offering, without charge, as many copies of the applicable prospectus, including each preliminary prospectus or prospectus
supplement, and any amendment or supplement thereto and such other documents as such Carlyle Stockholder or underwriter may reasonably request in order to facilitate the public sale or other disposition of the Shares; the Company hereby consents to
the use of the prospectus, including each preliminary prospectus or prospectus supplement, by each such Carlyle Stockholder and underwriter in connection with the offering and sale of the Shares covered by the prospectus, preliminary prospectus or
prospectus supplement; 
 (iii)    (A) use all reasonable efforts to register or qualify the Shares being
offered and sold, no later than the time the applicable registration statement becomes effective, under all applicable state securities or “blue sky” laws of such jurisdictions as each underwriter, if any, or any Carlyle Stockholder
holding Shares covered by a registration statement, shall reasonably request; (B) use all reasonable efforts to keep each such registration or qualification effective during the period such registration statement is required to be kept
effective; (C) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers
thereof set forth in the registration statement and (D) do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter, if any, and Carlyle Stockholder to consummate the disposition in each
such jurisdiction of such Shares owned by such Carlyle Stockholder; provided, however, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so
qualified 

  
 13 

 
or to consent to be subject to general service of process (other than service of process in connection with such registration or qualification or any sale of Shares in connection therewith) in
any such jurisdiction where it would not otherwise be required to qualify but for this subparagraph (D) or subject itself to taxation in any such jurisdiction; 

(iv)    (A) cause all Shares being sold to be qualified for inclusion in or listed on The New York Stock
Exchange or any other U.S. securities exchange on which Shares issued by the Company are then so qualified or listed if so requested by the Carlyle Stockholders, or if so requested by the underwriter or underwriters of an underwritten offering of
Shares, if any, and arrange for at least two market makers to register as such with respect to the Shares with the Financial Industry Regulatory Authority (“FINRA”), (B) comply (and continue to comply) with the requirements of any
self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements, (C) use its best efforts to cause Shares covered by such registration statement to be registered with or approved by
such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Shares and (D) use best efforts to provide a transfer agent and registrar for all Shares to be sold by the
Carlyle Stockholders not later than the effective date of such registration statement; 

(v)    cooperate and assist in any filings required to be made with FINRA and in the performance of any due
diligence investigation by any underwriter in an underwritten offering; 
 (vi)    use all reasonable
efforts to facilitate the distribution and sale of any Shares to be offered pursuant to this Agreement, including without limitation by making road show presentations, holding meetings with and making calls to potential investors and taking such
other actions as shall be requested by the Carlyle Stockholders or the lead managing underwriter of an underwritten offering; 

(vii)    enter into customary agreements (including, in the case of an underwritten offering, underwriting
agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification and contribution contained herein) and take all other customary
and appropriate actions in order to expedite or facilitate the disposition of such Shares in connection therewith, including: 

(1)    make such representations and warranties to the selling Stockholders and the underwriters, if any, in form,
substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings; 

(2)    obtain opinions of counsel to the Company in all relevant jurisdictions and updates thereof (which counsel and
opinions (in form, scope and substance) shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to the underwriters, if any, covering the matters and jurisdictions customarily covered in opinions requested in sales of
securities or underwritten offerings and such other matters as may be reasonably requested by such Stockholders and underwriters; 

(3)    obtain “cold comfort” letters and updates thereof from the Company’s independent certified public
accountants addressed to the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in “cold comfort” letters to underwriters in connection with primary underwritten
offerings; 

  
 14 

 (4)    to the extent requested and customary for the relevant
transaction, enter into a securities sales agreement with the Carlyle Stockholders providing for, among other things, the appointment of such representative as agent for the selling Carlyle Stockholders for the purpose of soliciting purchases of
Shares, which agreement shall be customary in form, substance and scope and shall contain customary representations, warranties and covenants. 

The above shall be done at such times as customarily occur in similar registered offerings or shelf takedowns. 

(viii) take all actions to ensure that any free-writing prospectus utilized in connection with any demand registration or
piggyback registration or shelf offering hereunder complies in all material respects with the Securities Act and the laws of Jersey in relation to the circulation of a prospectus, is filed in accordance with the Securities Act and the laws of Jersey
to the extent required thereby, is retained in accordance with the Securities Act and the laws of Jersey to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(ix) permit any Carlyle Stockholder that, in its sole exclusive judgment, might be deemed to be an underwriter or a controlling
person of the Company, to participate in the preparation of such registrations statement or comparable statement and to allow such Carlyle Stockholder to provide language for insertion therein, in form and substance satisfactory to the Company,
which in the reasonable judgment of such Carlyle Stockholder and its counsel should be included; 
 (x) use best efforts to
(A) make Form S-3 available for the sale of Shares and (B) prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or
preventing the use of any related prospectus or suspending the qualification of any Shares included in such registration statement for sale in any jurisdiction, and in the event any such order is issued, use best efforts to obtain promptly the
withdrawal of such order; 
 (xi) if requested by any managing underwriter and reasonably available, include in any
prospectus or prospectus supplement updated financial or business information for the Company’s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering
in the view of the managing underwriter; 
 (xii) take no direct or indirect action prohibited by Regulation M under the
Exchange Act, provided, however, that to the extent any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable; 

(xiii) cooperate with each Carlyle Stockholder covered by the registration statement and each underwriter or agent
participating in the disposition of such Shares and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock
Exchange, Nasdaq, the JFSC or any other national securities exchange on which the Shares are or are to be listed, and to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the managing
underwriter; 

  
 15 

 (xiv) if the Company files an automatic shelf registration statement
covering any Shares, use its best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain
effective; 
 (xv) if the Company does not pay the filing fee covering the Shares at the time an automatic shelf registration
statement is filed, pay such fee at such time or times as the Shares are to be sold; and 
 (xvi) if the automatic shelf
registration statement has been outstanding for at least three years, at the end of the third year, refile a new automatic shelf registration statement covering the Shares, and, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its best efforts to refile the shelf registration statement on Form S-3 and, if such form is not
available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective. 

(d)    Due Diligence. In connection with each registration and offering of Shares to be sold by Carlyle
Stockholders, the Company will, in accordance with customary practice, make available for inspection by representatives of the Carlyle Stockholders and underwriters and any counsel or accountant retained by such Carlyle Stockholder or underwriters
all relevant financial and other records, pertinent corporate documents and properties of the Company and cause appropriate officers, managers and employees of the Company to supply all information reasonably requested by any such representative,
underwriter, counsel or accountant in connection with their due diligence exercise. 
 (e)    Information from
Stockholders. Each Carlyle Stockholder that holds Shares covered by any registration statement will furnish to the Company such information regarding itself as is required to be included in the registration statement, the ownership of Shares by
such Carlyle Stockholder and the proposed distribution by such Carlyle Stockholder of such Shares as the Company may from time to time reasonably request in writing. 

(f)    If the Company files any automatic shelf registration statement for the benefit of the holders of any of its
securities other than the Carlyle Stockholders, and the Carlyle Stockholders do not request that their Shares be included in such shelf registration statement, the Company agrees that, at the request of the Carlyle Majority Interest, it will include
in such automatic shelf registration statement such disclosures as may be required by Rule 430B in order to ensure that the Carlyle Stockholders may be added to such shelf registration statement at a later time through the filing of a prospectus
supplement rather than a post-effective amendment. If the Company has filed any automatic shelf registration statement for the benefit of the holders of any of its securities other than the Carlyle Stockholders, the Company shall, at the request of
the Carlyle Majority Interest, file any post-effective amendments necessary to include therein all disclosure and language necessary to ensure that the Carlyle Stockholders may be added to such Shelf Registration Statement. 

4.4    Indemnification. 

(a)    Indemnification by the Company. In the event of any registration under the Securities Act by any registration
statement of Shares held by Carlyle Stockholders, the Company will hold harmless Carlyle Stockholders, any such Carlyle Stockholder’s officers, directors, employees, agents, fiduciaries, shareholders, managers, partners, members, affiliates,
direct and indirect equityholders, consultants and representatives, and any successors and assigns thereof, and each underwriter of such securities and each other person, if any, who controls any Carlyle Stockholder or such underwriter within

  
 16 

 
the meaning of the Securities Act (collectively, the “Indemnified Parties”), against any losses, claims, actions, damages, liabilities or expenses (including with respect to
actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, “Losses”), joint or several, to which Carlyle Stockholders or such underwriter or controlling person may
become subject under the Securities Act or otherwise, insofar as such Losses arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary
prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 4.4, collectively called an “application”) executed by or on behalf
of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the “blue sky” or securities laws thereof,
(ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Securities Act or any other
similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance; and
will reimburse any such Indemnified Person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses; provided, however, that the Company shall not be liable to any such Indemnified
Person in any such case to the extent that any such Losses arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, prospectus, preliminary prospectus or
free-writing prospectus or any amendment or supplement thereto, or in any application, in reliance upon and in conformity with information furnished to the Company through a written instrument duly executed by such Indemnified Person specifically
for use in the preparation thereof. 
 (b)    Indemnification by Carlyle Stockholders. Each Carlyle Stockholder
will indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 4.4(a)) the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the
meaning of the Securities Act), with respect to Losses (as determined by a final and unappealable judgment, order or decree of a court of competent jurisdiction) arising from (i) any statement or omission from such registration statement, or
any amendment or supplement to it, if such statement or omission was made in reliance upon and in conformity with information furnished to the Company through a written instrument duly executed by such Carlyle Stockholder specifically regarding such
Carlyle Stockholder for use in the preparation of such registration statement or amendment or supplement, and (ii) compliance by such Carlyle Stockholder with applicable laws in effecting the sale or other disposition of the securities covered
by such registration statement. 
 (c)    Indemnification Procedures. Promptly after receipt by an indemnified
party of notice of the commencement of any action involving a claim referred to in Section 4.4(a) and Section 4.4(b), the indemnified party will, if a resulting claim is to be made or may be made against and indemnifying party, give
written notice to the indemnifying party of the commencement of the action. The failure of any indemnified party to give notice shall not relieve the indemnifying party of its obligations in this Section 4.4, except to the extent that the
indemnifying party is actually prejudiced by the failure to give notice. If any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense of the action with counsel
reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to such indemnified party of its election to assume defense of the action, the indemnifying party will not be liable to such indemnified party for any
legal or other expenses incurred by the latter in connection with the action’s defense. An indemnified party shall have the right to employ separate counsel in any action or proceeding and participate in the defense thereof, but the fees and
expenses of such counsel shall be at such indemnified party’s expense unless (i) the employment of such counsel has been specifically authorized in writing by the indemnifying party, which authorization shall not be unreasonably withheld,
(ii) the indemnifying party has not assumed the defense 

  
 17 

 
and employed counsel reasonably satisfactory to the indemnified party within 30 days after notice of any such action or proceeding, or (iii) the named parties to any such action or
proceeding (including any impleaded parties) include the indemnified party and the indemnifying party and the indemnified party shall have been advised by such counsel that there may be one or more legal defenses available to the indemnified party
that are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action or proceeding on behalf of the indemnified party), it being
understood, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to all local counsel which is necessary, in the good faith opinion of both counsel for the indemnifying party and counsel for the indemnified party
in order to adequately represent the indemnified parties) for the indemnified party and that all such fees and expenses shall be reimbursed as they are incurred upon written request and presentation of invoices. Whether or not a defense is assumed
by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent (but such consent not to be unreasonably withheld). No indemnifying party will consent to entry of any judgment or
enter into any settlement which (i) does not include as an unconditional term the giving by the claimant or plaintiff, to the indemnified party, of a release from all liability in respect of such claim or litigation or (ii) involves the
imposition of equitable remedies or the imposition of any non-financial obligations on the indemnified party. 

(d)    Contribution. If the indemnification required by this Section 4.4 from the indemnifying party is
unavailable to or insufficient to hold harmless an indemnified party in respect of any indemnifiable Losses, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such
proportion as is appropriate to reflect (i) the relative benefit of the indemnifying and indemnified parties and (ii) if the allocation in clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect
the relative benefit referred to in clause (i) and also the relative fault of the indemnified and indemnifying parties, in connection with the actions which resulted in such Losses, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact, has been made by, or
relates to information supplied by, such indemnifying party or parties, and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of
the Losses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. The Company and Carlyle Stockholders agree that it would not be just
and equitable if contribution pursuant to this Section 4.4(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the prior provisions of this
Section 4.4(d). Notwithstanding the provisions of this Section 4.4(d), no indemnifying party shall be required to contribute any amount in excess of the amount by which the net proceeds from the sale of the securities which were offered to
the public by the indemnifying party exceeds the amount of any damages which the indemnifying party has otherwise been required to pay by reason of an untrue statement or omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such a fraudulent misrepresentation. 

(e)    Non-Exclusive Remedy. The indemnification and contribution provided
for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its subsidiaries shall be considered the indemnitors of first
resort in all such circumstances to which this Section 4 applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or
controlling Person of such indemnified party and will survive the transfer of Shares and the termination or expiration of this Agreement. 

  
 18 

 4.5    Rule 144. If the Company is subject to the requirements of
Section 13, 14 or 15(d) of the Exchange Act, the Company covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is subject to the requirements of Section 13, 14
or 15(d) of the Exchange Act but is not required to file such reports, it will, upon the request of any Carlyle Stockholder, make publicly available such information) and it will take such further action as any Carlyle Stockholder may reasonably
request, so as to enable such Carlyle Stockholder to sell Shares without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to
time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Carlyle Stockholder, the Company will deliver to such Carlyle Stockholder a written statement as to whether it has complied with such
requirements. 
 SECTION V. MISCELLANEOUS PROVISIONS 

5.1    Information and Access Rights. 

(a)    Available Financial Information. Upon written request, the Company will deliver, or will cause to be
delivered, to each Carlyle Stockholder (until such time as such Carlyle Stockholder shall cease to own any Shares): 

(i)    as soon as available after the end of each month and in any event within 30 days thereafter, a
consolidated balance sheet of the Company and its subsidiaries as of the end of such month and consolidated statements of operations, income, cash flows, retained earnings and shareholders’ equity of the Company and its subsidiaries, for each
month and for the current fiscal year of the Company to date, prepared in accordance with IFRS (subject to normal year-end audit adjustments and the absence of notes thereto), together with a comparison of
such statements to the corresponding periods of the prior fiscal year and to the Company’s business plan then in effect and approved by the Board of Directors; 

(ii)    an annual budget, a business plan and financial forecasts for the Company for the fiscal year of
the Company (the “Annual Budget”), no later than three business days after the approval thereof by the Board of Directors (but no later than March 31 of such fiscal year), in such manner and form as approved by the Board of
Directors, which shall include at least a projection of income and a projected cash flow statement for each fiscal quarter in such fiscal year and a projected balance sheet as of the end of each fiscal quarter in such fiscal year, in each case
prepared in reasonable detail, with appropriate presentation and discussion of the principal assumptions upon which such budgets and projections are based, which shall be accompanied by the statement of the chief executive officer or chief financial
officer or equivalent officer of the Company to the effect that such budget and projections are based on reasonable and good faith estimates and assumptions made by the management of the Company for the respective periods covered thereby; it being
recognized by such holders that such budgets and projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by them may differ from the projected results. Any material changes in such
Annual Budget shall be delivered to the Carlyle Stockholders as promptly as practicable after such changes have been approved by the Board of Directors; 

(iii)    as soon as available after the end of each fiscal year of the Company, and in any event within 90
days thereafter, (A) the annual financial statements required to be filed by the Company pursuant to the Exchange Act or (B) a consolidated balance sheet of the Company 

  
 19 

 
and its subsidiaries as of the end of such fiscal year, and consolidated statements of income, retained earnings and cash flows of the Company and its subsidiaries for such year, prepared in
accordance with IFRS and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and accompanied by the opinion of independent public accountants of recognized national standing selected by
the Company, and a Company-prepared comparison to the Company’s Annual Budget for such year as approved by the Board of Directors (the “Annual Financial Statements”); and 

(iv)    as soon as available after the end of the first, second and third quarterly accounting periods in
each fiscal year of the Company, and in any event within 45 days thereafter, (A) the quarterly financial statements required to be filed by the Company pursuant to the Exchange Act or (B) a consolidated balance sheet of the Company and its
subsidiaries as of the end of each such quarterly period, and consolidated statements of income, retained earnings and cash flows of the Company and its subsidiaries for such period and for the current fiscal year to date, prepared in accordance
with IFRS (subject to normal year-end audit adjustments and the absence of notes thereto) and setting forth in comparative form the figures for the corresponding periods of the previous fiscal year and to the
Company’s Annual Budget then in effect as approved by the Board of Directors, all of the information to be provided pursuant to this Section 4.1(a)(iv) in reasonable detail and certified by the principal financial or accounting officer of
the Company. 
 In addition to the foregoing, the Company covenants and agrees to provide periodic updates to each Carlyle Stockholder
during the course of the preparation of the Annual Budget and to keep the Carlyle Stockholders reasonably informed as to its progress, status and the budgeted items set forth therein. Notwithstanding anything to the contrary in Section 5.1(a),
the Company’s obligations thereunder shall be deemed satisfied to the extent that such information is provided by (A) providing the financial statements of any wholly-owned subsidiary of the Company to the extent such financial statements
reflect the entirety of the operations of the business or (B) in the case of Section 5.1(a)(iii) and Section 5.1(a)(iv), filing such financial statements of the Company or any wholly-owned subsidiary of the Company whose financial
statements satisfy the requirements of clause (A), as applicable, with the Securities and Exchange Commission on EDGAR or in such other manner as makes them publicly available. The Company’s obligation to furnish the materials described in
Section 5.1(a)(i), Section 5.1(a)(iii) and Section 5.1(a)(iv), shall be satisfied so long as it transmits such materials to the requesting Carlyle Stockholders within the time periods specified therein, notwithstanding that such
materials may actually be received after the expiration of such periods. 
 (b)    Tax Information. Promptly upon
request by any Carlyle Stockholder, the Company will, at the Company’s expense, prepare and deliver to such Carlyle Stockholder any information and certified statement that such Carlyle Stockholder determines to be necessary for such Carlyle
Stockholder (or its direct or indirect owners) to comply with obligations for tax reporting or tax withholding with respect to an investment (direct or indirect) in the Company or any of its subsidiaries. For the avoidance of doubt, such a request
by any Carlyle Stockholder may require the Company, (i) for purposes of Section 301 of the United States Internal Revenue Code of 1986, as amended (the “Code”), to prepare financial statements pursuant to the principles of
“earnings and profits” within the meaning of United States federal income tax law and to determine the amount of any “dividend” within the meaning of Section 316 of the Code, (ii) for purposes of Sections 951 and 951A
of the Code, to determine whether the Company or any of its subsidiaries is a “controlled foreign corporation” within the meaning of Section 957 of the Code, to prepare financial statements pursuant to the principles of “earnings
and profits” within the meaning of United States federal income tax law, and to determine the amount of any “subpart F income” within the meaning of Section 952 of the Code and any “global intangible low-taxed income” within the meaning of Section 951A of the Code, and (iii) for purposes of Section 1291 of the Code and the election under Section 1295 of the Code, to determine whether the
Company or any of its subsidiaries is a “passive foreign investment company” within the meaning of Section 1297 of the Code. 

  
 20 

 (c)    Other Information. The Company covenants and agrees to
deliver to each Carlyle Stockholder, upon written request, until such time as such Carlyle Stockholder shall cease to own any Shares, with reasonable promptness, such other information and data (including such information and reports made available
to any lender of the Company or any of its subsidiaries under any credit agreement or otherwise) with respect to the Company and each of its subsidiaries as from time to time may be reasonably requested by any such Carlyle Stockholder. Each such
Carlyle Stockholder, until such time as such Carlyle Stockholder shall cease to own any Shares, shall have access to such other information concerning the Company’s business or financial condition and the Company’s management as may be
reasonably requested, including such information as may be necessary to comply with regulatory, tax or other governmental filings. 

(d)    Access. The Company shall, and shall cause its subsidiaries, officers, directors, employees, auditors and
other agents to (a) afford the Carlyle Stockholders and their officers, employees, auditors and other agents, during normal business hours and upon reasonable notice, at all reasonable times to the Company’s and its subsidiaries’
officers, employees, auditors, legal counsel, properties, offices, plants and other facilities and to all books and records, and (b) afford the Carlyle Stockholders and their officers, employees, auditors and other agents the opportunity to
discuss the affairs, finances and accounts of the Company and its subsidiaries with their respective officers from time to time as each such Carlyle Stockholder may reasonably request, in each case, until such time as such Carlyle Stockholder shall
cease to own any Shares. 
 5.2    Confidentiality. Each Stockholder agrees that it will keep confidential and
will not disclose, divulge or use for any purpose, other than to monitor its investment in the Company and its subsidiaries, any confidential information obtained from the Company pursuant to Section 5.1, unless such confidential information
(a) is known or becomes known to the public in general (other than as a result of a breach of any confidentiality obligation by such Stockholder or its affiliates), (b) is or has been independently developed or conceived by such Stockholder
without use of the Company’s confidential information, (c) is or has been made known or disclosed to such Stockholder by a third party (other than an Affiliate of such Stockholder) without a breach of any confidentiality obligations such
third party may have to the Company that is known to such Stockholder, or (d) that is communicated to it free of any obligation of confidentiality; provided, that, a Stockholder may disclose confidential information (i) to
its attorneys, accountants, consultants, investment advisors and other professional advisors to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (ii) to any prospective purchaser of any
Shares from such Stockholder as long as such prospective purchaser agrees to be bound by the provisions of this Section 5.2 as if a Stockholder, (iii) to any Affiliate, general partner, partner, member, limited partners, prospective
partners or related investment fund of such Stockholder and their respective directors, officers, investment committees, agents, employees, consultants and representatives, (including without limitation, attorneys, accountants, consultants and
financial advisors and other professionals) (provided that the recipients of such confidential information are subject to a customary confidentiality and non-disclosure obligation), (iv) as may be reasonably
determined by such Stockholder to be necessary in connection with such Stockholder’s enforcement of its rights in connection with this Agreement or its investment in the Company and its subsidiaries, (v) as may otherwise be required by any
applicable law or regulation, regulatory body, stock exchange, court or administrative order, or any listing or trading agreement applicable to such Carlyle Stockholder, or (vi) as otherwise agreed by the Company. 

5.3    Reliance. Each covenant and agreement made by a party in this Agreement or in any certificate, instrument or
other document delivered pursuant to this Agreement is material, shall be deemed to have been relied upon by the other parties and shall remain operative and in full force and effect after the Effective Date regardless of any investigation. This
Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties hereto and their respective successors and permitted assigns. 

  
 21 

 5.4    Access to Agreement; Amendment and Waiver; Actions of the
Board. For so long as this Agreement shall be in effect, this Agreement shall be made available for inspection by any Stockholder at the principal executive offices of the Company. Any party may waive in writing any provision hereof intended for
its benefit, provided, that, in the case of any waiver by the Company, such waiver is consented to in writing by the Carlyle Majority Interest. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall
operate as a waiver thereof. It is further agreed that any waiver, permit, consent or approval of any kind or character on any party’s part of any breach, default or noncompliance under this Agreement or any waiver on such party’s part of
any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be
available to any party at law or in equity or otherwise. This Agreement may be amended only with the prior written consent of the Carlyle Majority Interest and the Company. Any consent given as provided in the preceding sentence shall be binding on
all parties. Further, with the prior written consent of the Carlyle Majority Interest and the Company, at any time hereafter Permitted Transferees may be made parties hereto, with any such additional parties shall be treated as
“Stockholders” for all purposes hereunder, by executing a counterpart signature page in the form attached as Exhibit A hereto, which signature page shall be attached to this Agreement and become a part hereof without any further action of
any other party hereto. 
 5.5    Notices. All notices, requests, demands and other communications provided for
hereunder shall be in writing and mailed (by first class registered or certified mail, postage prepaid), sent by express overnight courier service, or delivered to the applicable party at the respective address indicated below: 

If to the Company: 

Atotech Limited 

William Street, West Bromwich 

West Midlands, B70 OB6 

United Kingdom 

Attn: General Counsel 

With a copy (which shall not constitute notice): 

Latham & Watkins LLP 

555 Eleventh Street, N.W. 

Washington, D.C. 20004 

Attention: Patrick H. Shannon 

Facsimile: (202) 637-2201 

If to the Carlyle Stockholders: 

c/o The Carlyle Group 

1001 Pennsylvania Avenue, N.W. 

Washington, DC 20004 

Attention: Martin W. Sumner 

Facsimile: (202) 347-1818 

  
 22 

 With a copy (which shall not constitute notice): 

Latham & Watkins LLP 

555 Eleventh Street, N.W. 

Washington, D.C. 20004 

Attention: Patrick H. Shannon 

Facsimile: (202) 637-2201 

If to any other Stockholder: 

At such Person’s address for notice as set forth in the books and records of the Company, or, as to each of the foregoing, at such other
address as shall be designated by a party in a written notice to other parties complying as to delivery with the terms of this Section 5.5. All such notices, requests, demands and other communications shall, when mailed, telegraphed or sent,
respectively, be effective (i) two days after being deposited in the mail or (ii) one day after being deposited with the express overnight courier service, respectively, addressed as aforesaid. 

5.6    Counterparts. This Agreement may be executed in two or more counterparts, and delivered via facsimile, .pdf
or other electronic transmission, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. 

5.7    Remedies; Severability. It is specifically understood and agreed that any breach of the provisions of this
Agreement by any party will result in irreparable injury to the other parties, that the remedy at law alone will be an inadequate remedy for such breach, and that, in addition to any other legal or equitable remedies which they may have, such other
parties may enforce their respective rights by actions for specific performance or injunctive relief (to the extent permitted at law or in equity). If any one or more of the provisions of this Agreement, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein are not to be in any way
impaired thereby, it being intended that all of the rights and privileges of the parties be enforceable to the fullest extent permitted by law. 

5.8    Entire Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the subject
matter hereof. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this Agreement. 

5.9    Termination. This Agreement shall (A) with respect to sections II, III, IV (other than with respect to
subsection 4.4) and V (other than with respect to subsections 5.7, 5.8, 5.10, 5.11 and 5.12) terminate on the earlier of (i) the election of the Carlyle Majority Interest or (ii) such date as the Carlyle Stockholders, in the aggregate,
cease to hold any Shares and (B) with respect to all other sections, not terminate. 
 5.10    Governing
Law. To the greatest extent permitted by Jersey law, this Agreement is to be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to its principles or rules of conflict of laws to the extent such
principles or rules are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. 

5.11    Successors and Assigns; Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the
parties and the respective successors and assigns of the parties as contemplated herein. Any successor to the Company by way of merger or otherwise must specifically agree to be bound by the terms hereof as a condition of such succession. 

  
 23 

 5.12    Consent to Jurisdiction; Specific Performance; Waiver of Jury
Trial. 
 (a) Each of the parties hereto irrevocably and unconditionally consents to the sole and exclusive jurisdiction of the
state and federal courts located in Wilmington, Delaware to resolve all disputes, claims or controversies arising out of or relating to this Agreement or any other agreement executed and delivered pursuant to or in connection with this Agreement or
the negotiation, breach, validity, termination or performance hereof and thereof or the transactions contemplated hereby and thereby and agrees that it will not bring any such action in any court other than the federal or state courts located in
Wilmington, Delaware. Each party further irrevocably waives any objection to proceeding in such courts based upon lack of personal jurisdiction or to the laying of venue in such courts and further irrevocably and unconditionally waives and agrees
not to make a claim that such courts are an inconvenient forum. Each of the parties hereto hereby consents to service of process by registered mail at the address to which notices are to be given as provided in Section 5.5. Each of the parties
hereto agrees that its or his submission to jurisdiction and its or his consent to service of process by mail is made for the express benefit of the other parties hereto. The choice of forum set forth in this Section shall not be deemed to preclude
the enforcement of any judgment of a Delaware federal or state court, or the taking of any action under this Agreement to enforce such a judgment, in any other appropriate jurisdiction. 

(b)    The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the
terms and provisions of this Agreement, this being in addition to any other remedy to which such party is entitled at law or in equity. 

(c)    TO THE GREATEST EXTENT PERMITTED BY JERSEY LAW, EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST THE OTHER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR ANY OTHER AGREEMENTS EXECUTED AND DELIVERED PURSUANT TO OR IN CONNECTION HEREWITH OR THE NEGOTIATION, BREACH,
VALIDITY, TERMINATION OR PERFORMANCE HEREOF AND THEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. FURTHER, (I) NO PARTY TO THIS AGREEMENT SHALL SEEK A JURY TRIAL IN ANY SUCH ACTION AND (II) NO PARTY WILL SEEK TO CONSOLIDATE ANY
SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY TO THIS AGREEMENT CERTIFIES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR INSTRUMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH ABOVE IN THIS SECTION 4.12. NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 

5.13    Further Assurances; Company Logo. At any time or from time to time after the Effective Date, the parties
hereto agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as any other party may reasonably request in order to evidence or
effectuate the provisions of this Agreement and to otherwise carry out the intent of the parties hereunder. The Company hereby grants the Carlyle Stockholders and their respective Affiliates permission to use the Company’s and its
subsidiaries’ name and logo in marketing materials. 
 5.14    Regulatory Matters. The Company shall and
shall cause its subsidiaries to keep the Carlyle Stockholders informed, on a current basis, of any events, discussions, notices or changes with respect to any 

  
 24 

 
criminal or regulatory investigation or action involving the Company or any of its subsidiaries, so that the Carlyle Stockholders and their respective Affiliates will have the opportunity to take
appropriate steps to avoid or mitigate any regulatory consequences to them that might arise from such investigation or action. 

5.15    Inconsistent Agreements. Neither the Company nor any Stockholder shall enter into any agreement or side
letter with, or grant any proxy to, any Stockholder, the Company or any other Person (whether or not such proxy, agreements or side letters are with other Stockholders, holders of Common Shares that are not parties to this Agreement or otherwise)
that conflicts with the provisions of this Agreement or which would obligate such Person to breach any provision of this Agreement. 

5.16    In-Kind Distributions. If any of the Carlyle Stockholders (and/or
any of their affiliates) seeks to effectuate an in-kind distribution of all or part of its Shares to its respective direct or indirect equity holders, the Company will, subject to any applicable lock-ups, work with the foregoing Persons to facilitate such in-kind distribution in the manner reasonably requested and consistent with the Company’s obligations under
the Securities Act. 
 5.17    Recapitalization Transactions. If at any time or from time to time there is any
change in the capital structure of the Company by way of stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by other means, appropriate adjustments will be made in
the provision hereof so that the rights and privileges granted hereby will continue. 
 5.18    Conflict with Jersey
Law. In the event of a conflict between the provisions of Jersey law and this Agreement (or any conflict with Delaware law), the parties shall cooperate to effectuate the provisions of this Agreement in accordance with, and take such actions as
may be required to satisfy, the requirements of Jersey law (or Delaware law, as applicable), including taking all Necessary Actions to fully effectuate the intents and purposes of this Agreement while satisfying any requirement of Jersey Law (or
Delaware law, as applicable). Notwithstanding any other provisions of this Agreement, to the extent not inconsistent with the Memorandum of Association, the Articles and Jersey Companies Law (or Delaware law), the Company undertakes to be bound by
and comply with the terms and conditions of this Agreement insofar as the same relates to the Company and any Subsidiaries of the Company and to act in all respects as contemplated by this Agreement. 

[Signature Pages Follow] 

  
 25 

 IN WITNESS WHEREOF, the parties are signing this Principal Stockholders Agreement as of the
date first set forth above. 
  

			
	COMPANY:
	
	            ATOTECH LIMITED
		
	               By:	 	
                     

		 	Name:
		 	Title:

  
 [Signature page to
Principal Stockholders Agreement] 

 
			
	INITIAL CARLYLE STOCKHOLDERS:
	
	 CARLYLE PARTNERS VI CAYMAN HOLDINGS,
L.P.

		
	     By:
	 	
                     

		 	Name:
		 	Title:
	
	 CEP IV PARTICIPATIONS, S.A.R.L.
SICAR

		
	     By:
	 	
                     

		 	Name:
		 	Title:
	
	 GAMMA HOLDING COMPANY
LIMITED

		
	     By:
	 	
                     
                    

		 	Name:
		 	Title:

  
 [Signature page to
Principal Stockholders Agreement] 

 EXHIBIT A 

Joinder Agreement 
 By execution of this
signature page, [                    ] hereby agrees to become a Party to, and to be bound by the obligations of, and receive the benefits of, that
certain Principal Stockholders Agreement, dated as of                , 2020, by and among Atotech Limited, a Jersey company, Carlyle Partners VI Cayman Holdings, L.P.
(“CP-VI”), CEP IV Participations, S.à r.l. SICAR (“CEP IV”), Gamma Holding Company Limited (“Gamma Holding” and, together with CP-VI, Atotech Beteiligungs, Ato Cayman and CEP IV, the “Initial Carlyle Stockholders”), and certain other Parties named therein, as amended from time to time thereafter. 

[                    ] hereby represents, warrants and
covenants to the Company and the Carlyle Stockholders as follows: (a) such Person has full legal capacity to enter into this Joinder Agreement and the Principal Stockholders Agreement and perform its obligations hereunder and thereunder;
(b) this Agreement constitutes the valid and binding obligation of such Person enforceable against such Person in accordance with its terms; and (c) the execution, delivery and performance by such Person of this Agreement does not and will
not: (i) violate any laws, rules or regulations of the United States or any state or other jurisdiction applicable to such Person, or require such Person to obtain any approval, consent or waiver of, or to make any filing with, any Person that
has not been obtained or made; or (ii) constitute a breach of or default under any material agreement to which such Person is a party. 
  

			
	[NAME]
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	
	
	Notice Address:
	
	  

	
	  

  

			
	Accepted:
	
	ATOTECH LIMITED
		
	By:	 	
                     
                    

	Name:	 	
	Title:Exhibit 4.3

 

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

 

As of December 31, 2019, Global Medical REIT
Inc. (the “Company,” “we,”, “our” and “us” refer solely to Global Medical REIT
Inc. and not its subsidiaries) has two classes of securities registered under Section 12 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”): (i) our common stock, par value $0.001 per share, and (ii) our 7.50% Series A Cumulative
Redeemable Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”).

 

The following description of our common
stock and our Series A Preferred Stock is a summary and does not purport to be complete. The description of our stock may not contain
all the information that is important to you and is qualified in its entirety by reference to our charter and bylaws, copies of
which are filed as exhibits to our Annual Report on Form 10-K.

 

Description of Common Stock

 

Our charter provides that we may issue up
to 500,000,000 shares of common stock, $0.001 par value per share. Our charter authorizes our board of directors to amend our charter
to increase or decrease the aggregate number of authorized shares or the number of shares of any class or series without stockholder
approval.

 

Under Maryland law, stockholders are not
personally liable for the obligations of a corporation solely as a result of their status as stockholders.

 

Dividends; Liquidation. Subject to
the preferential rights, if any, of holders of any other class or series of stock, including our Series A Preferred Stock, and
to the provisions of our charter regarding the restrictions on ownership and transfer of stock, holders of shares of our common
stock are entitled to receive distributions on such shares out of assets legally available therefor if, as and when authorized
by our board of directors and declared by us, and the holders of our common stock are entitled to share ratably in our assets legally
available for distribution to our stockholders in the event of our liquidation, dissolution or winding up after payment of or adequate
provision for all of our known debts and liabilities, and subject to the rights of holders of our preferred stock, including our
Series A Preferred Stock, if outstanding at such time.

 

Voting Rights. Subject to the provisions
of our charter regarding the restrictions on ownership and transfer of shares of stock and except as may otherwise be specified
in the terms of any class or series of stock, each outstanding share of common stock entitles the holder to one vote on all matters
submitted to a vote of stockholders, including the election of directors, and, except as provided with respect to any other class
or series of stock, the holder of such share of common stock will possess the exclusive voting power. There is no cumulative voting
in the election of our directors, which means that the stockholders entitled to cast a majority of the votes entitled to be cast
in the election of directors can elect all of the directors then standing for election, and the remaining stockholders will not
be able to elect any directors. Directors are elected by a majority of all the votes cast at a meeting of stockholders duly called
and at which a quorum is present if the election is uncontested.

 

Other. Holders of our common stock
have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe
for any of our securities. Subject to the restrictions on ownership and transfer of stock contained in our charter and the terms
of any other class or series of stock, all our shares of common stock have equal dividend, liquidation and other rights.

 

Under the Maryland General Corporation
Law (the “MGCL”), a Maryland corporation generally cannot dissolve, amend its charter, merge, convert or
consolidate with another entity, sell all or substantially all of its assets or engage in a statutory share exchange, unless
the action is advised by our board of directors and approved by the affirmative vote of stockholders entitled to cast at
least two-thirds of the votes entitled to be cast on the matter, unless a lesser percentage (but not less than a majority) is
specified in the corporation’s charter. Our charter provides that, except for amendments to the provisions of our
charter relating to (i) the removal of directors, (ii) the restrictions on ownership and transfer of our capital stock and
(iii) the vote required to amend such provisions (each of which requires the affirmative vote of stockholders entitled to
cast not less than two-thirds of all the votes to be cast on the matter) and certain amendments that require, pursuant to the
MGCL, only approval by our board of directors, these actions may be taken only if advised by our board of directors and
approved by the affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast on the
matter.

 

    1

     

    

 

Listing. Our common stock is currently
listed on the NYSE under the symbol “GMRE.”

 

Transfer Agent and Registrar. The
transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC.

 

Description of Series A Preferred Stock

 

Our charter provides that we may issue up
to 10,000,000 shares of preferred stock, $0.001 par value per share. 3,105,000 shares of preferred stock have been designated as
shares of Series A Preferred Stock. Our charter authorizes the board of directors to amend our charter to increase or decrease
the aggregate number of authorized shares or the number of shares of any class or series without stockholder approval. Our board
of directors may authorize the issuance of preferred stock in one or more classes or series and may determine, with respect to
any such class or series, the rights, preferences, privileges and restrictions of the preferred stock of that class or series.

 

Reopening. The articles supplementary establishing our
Series A Preferred Stock permit us to “reopen” this series, without the consent of the holders of our Series A Preferred
Stock, in order to issue additional shares of Series A Preferred Stock from time to time. We may in the future issue additional
shares of Series A Preferred Stock without the consent of the holders of Series A Preferred Stock. Any additional shares of Series
A Preferred Stock will have the same terms as our current Series A Preferred Stock. These additional shares of Series A Preferred
Stock will, together with our current Series A Preferred Stock, constitute a single series of securities.

 

Maturity. Our Series A Preferred Stock has no stated
maturity and is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless and until
(i) we redeem such Series A Preferred Stock at our option as described below in “— Redemption,” or (ii)
they are converted by the holder of such Series A Preferred Stock in the event of a Change of Control as described below in “— Conversion
Right upon a Change of Control.”

 

Ranking. Our Series A Preferred Stock ranks, with respect
to dividend rights and rights upon our liquidation, dissolution or winding up:

 

	 	1)	senior to our common stock and to any other class or series of our equity shares expressly designated as ranking junior to the Series A Preferred Stock;
	 	2)	on parity with any preferred or convertible preferred stock ranking on parity with the Series A Preferred Stock; and
	 	3)	junior to all equity shares issued by us with terms specifically providing that those equity shares rank senior to the Series A Preferred Stock with respect to rights of dividend payments and the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, which issuance is subject to the approval of the holders of two-thirds of the outstanding shares of Series A Preferred Stock and any parity preference shares.

 

The term “equity shares” does
not include convertible debt securities, which debt securities would rank senior to the Series A Preferred Stock.

 

Dividends. Holders of Series A Preferred Stock are
entitled to receive, when, as and if declared by our board of directors or a duly authorized committee of the board of
directors, out of funds legally available for the payment of dividends under Maryland law, cumulative cash dividends from the
original issue date or the immediately preceding dividend payment date, as applicable, quarterly in arrears on January 31,
April 30, July 31 and October 31 of each year (each, a “dividend payment date”). These cumulative cash dividends
will accrue on the liquidation preference amount of $25.00 per share at a rate per annum equal to 7.50% of the liquidation
preference of $25.00 per share (equivalent to $1.875 per share) with respect to each dividend period from and including the
original issue date. If we issue additional shares of Series A Preferred Stock after the original issue date, dividends on
such shares will accrue from the original issue date or the most recent dividend payment date at which dividends were paid in
full.

 

    2

     

    

 

Dividends will be payable to holders of record
as of 5:00 p.m., New York time, on the related record date. The record dates for the Series A Preferred Stock are the January 15,
April 15, July 15 or October 15 immediately preceding the relevant dividend payment date (each, a “dividend record date”).
The term “business day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which banking institutions are authorized or required by law or regulation to close in The City of New York.

 

A dividend period is the period from and
including a dividend payment date to, but excluding, the next dividend payment date or any earlier redemption date. Dividends payable
on the Series A Preferred Stock will be computed based on a 360-day year consisting of twelve 30-day months and will be calculated
from the original issue date.

 

Notwithstanding the foregoing, dividends
on the Series A Preferred Stock will accrue whether or not funds are legally available for the payment of those dividends, whether
or not we have earnings and whether or not those dividends are authorized. No interest, or sum in lieu of interest, will be payable
in respect of any dividend payment or payments on the Series A Preferred Stock which may be in arrears, and holders of the Series
A Preferred Stock will not be entitled to any dividends in excess of full cumulative dividends described above. Any dividend payment
made on the Series A Preferred Stock shall be first credited against the earliest accumulated but unpaid dividend due with respect
to those shares.

 

If, for any taxable year, we designate as
a “capital gain dividend,” as defined in Section 857 of the Internal Revenue Code of 1986, as amended (the “Code”),
which we refer to as a Capital Gains Amount, any portion of the dividends, as determined for U.S. federal income tax purposes,
paid or made available for that year to holders of all classes of our shares of capital stock, then, except as otherwise required
by applicable law, the portion of the Capital Gains Amount that shall be allocable to the holders of the Series A Preferred Stock
will be in proportion to the amount that the total dividends, as determined for U.S. federal income tax purposes, paid or made
available to holders of Series A Preferred Stock for the year bears to the total dividends paid or made available for that year
to holders of all classes of our shares of capital stock. In addition, except as otherwise required by applicable law, we will
make a similar allocation with respect to any undistributed long-term capital gains that are to be included in our stockholders’
long-term capital gains based on the allocation of the Capital Gains Amount that would have resulted if those undistributed long-term
capital gains had been distributed as “capital gain dividends” by us to our stockholders.

 

Our Series A Preferred Stock ranks junior
as to payment of dividends to any class or series of our preferred stock that we may issue in the future that is expressly stated
to be senior as to payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company.
If at any time we have failed to pay, on the applicable payment date, accrued dividends on any shares that rank in priority to
the Series A Preferred Stock with respect to dividends, we may not pay any dividends on the Series A Preferred Stock or redeem
or otherwise repurchase any Series A Preferred Stock until we have paid or set aside for payment the full amount of the unpaid
dividends on the shares that rank in priority with respect to dividends that must, under the terms of such shares, be paid before
we may pay dividends on, or redeem or repurchase, the Series A Preferred Stock.

 

So long as any shares of Series A Preferred
Stock remain outstanding, no dividend or distribution shall be paid or declared on junior equity securities, and no junior equity
securities shall be purchased, redeemed or otherwise acquired for consideration by us, directly or indirectly, during a dividend
period, unless the full cumulative dividends on all outstanding shares of Series A Preferred Stock have been declared and paid
(or declared and a sum sufficient for the payment thereof has been set aside).

 

    3

     

    

 

The foregoing limitation does not apply to:

 

	 	·	repurchases, redemptions or other acquisitions of junior equity shares of the Company in connection with any employee incentive or benefit plan;
	 	 	 
	 	·	an exchange, redemption, reclassification or conversion of any class or series of the Company’s junior equity shares, or any junior equity shares or securities of a subsidiary of the Company, for any class or series of the Company’s junior equity shares;
	 	 	 
	 	·	any dividend in the form of shares of capital stock, warrants, options or other rights where the dividend security or the security issuable upon exercise of such warrants, options or other rights is the same security as that on which the dividend is being paid or ranks equal or junior to that security.

 

A “junior equity share” means
any class or series of shares of capital stock of the Company that ranks junior to the Company as to the payment of dividends and
the distribution of assets upon liquidation, dissolution or winding up of the Company. Junior equity share includes our common
stock.

 

When dividends are not paid (or duly provided
for) on any dividend payment date (or, in the case of parity equity shares (as defined below) having dividend payment dates different
from the dividend payment dates pertaining to the Series A Preferred Stock, on a dividend payment date falling within the related
dividend period for Series A Preferred Stock) in full upon the Series A Preferred Stock and any shares of parity equity shares,
all dividends declared upon the Series A Preferred Stock and all such parity equity shares payable on such dividend payment date
(or, in the case of parity equity shares having dividend payment dates different from the dividend payment dates pertaining to
the Series A Preferred Stock, on a dividend payment date falling within the related dividend period for the Series A Preferred
Stock) shall be declared pro rata so that the respective amounts of such dividends shall bear the same ratio to
each other as all accrued but unpaid dividends per share on the Series A Preferred Stock and all parity equity shares payable on
such dividend payment date (or, in the case of parity equity shares having dividend payment dates different from the dividend payment
dates pertaining to the Series A Preferred Stock, on a dividend payment date falling within the related dividend period for the
Series A Preferred Stock) bear to each other.

 

Our board of directors will not authorize
and we will not pay or set apart for payment dividends on our Series A Preferred Stock at any time when the terms and provisions
of any agreement of ours, including any agreement relating to our indebtedness, prohibits the authorization, payment or setting
apart for payment or provides that the authorization, payment or setting apart for payment would constitute a breach of the agreement
or a default under the agreement, or if the authorization, payment or setting apart for payment shall be restricted or prohibited
by law. We also have the right to withhold, from any amounts otherwise payable to you, with respect to all distributions (deemed
or actual) to the extent that withholding is or was required for such distributions under applicable tax withholding rules.

 

Future distributions on our common stock
and preferred stock, including our Series A Preferred Stock, will be at the discretion of our board of directors and will depend
on, among other things, our results of operations, funds from operations, cash flow from operations, financial condition and capital
requirements, the annual distribution requirements under the REIT provisions of the Code, our debt service requirements and any
other factors our board of directors deems relevant. In addition, our revolving credit facility contains provisions that could
limit or, in certain cases, prohibit the payment of distributions on our common stock and preferred stock, including the Series
A Preferred Stock. Accordingly, although we expect to pay quarterly cash distributions on our common stock and scheduled cash dividends
on our Series A Preferred Stock, we cannot guarantee that we will maintain these distributions or what the actual distributions
will be for any future period.

 

Subject to the foregoing, dividends (payable
in cash, shares or otherwise) may be determined by our board of directors (or a duly authorized committee of the board of directors)
and may be declared and paid on our common stock and any shares of capital stock ranking, as to dividends, equally with or junior
to the Series A Preferred Stock from time to time out of any funds legally available for such payment, and the Series A Preferred
Stock shall not be entitled to participate in any such dividend.

 

    4

     

    

 

Liquidation Rights. Upon any voluntary or involuntary
liquidation, dissolution or winding up of the Company, holders of our Series A Preferred Stock are entitled to receive out of assets
of the Company available for distribution to stockholders, after satisfaction of liabilities to creditors, if any, and subject
to the rights of holders of any shares of capital stock then outstanding ranking senior to or pari passu with
the Series A Preferred Stock in respect of distributions upon liquidation, dissolution or winding up of the Company, and before
any distribution of assets is made to holders of common stock or of any of our other classes or series of stock ranking junior
to the Series A Preferred Stock as to such a distribution, a liquidating distribution in the amount of $25.00 per share, plus accumulated
and unpaid dividends (whether or not authorized or declared) through but excluding the date of the final distribution to such holders.
Holders of the Series A Preferred Stock will not be entitled to any other amounts from us after they have received their full liquidation
preference.

 

In any such distribution, if the assets of
the Company are not sufficient to pay the liquidation preferences in full to all holders of the Series A Preferred Stock and all
holders of any of our other shares of capital stock ranking equally as to such distribution with the Series A Preferred Stock,
the amounts paid to the holders of Series A Preferred Stock and to the holders of all such other shares will be paid pro
rata in accordance with the respective aggregate liquidation preferences of those holders. In any such distribution, the
 “liquidation preference” of any holder of preferred stock means the amount otherwise payable to such holder in such
distribution (assuming no limitation on our assets available for such distribution), including any accumulated but unpaid dividends
(whether or not authorized or declared). If the liquidation preference has been paid in full to all holders of Series A Preferred
Stock and any of our other shares of capital stock ranking equally as to the liquidation preference, the holders of our shares
of capital stock ranking junior as to the liquidation preference shall be entitled to receive all remaining assets of the Company
according to their respective rights and preferences.

 

For purposes of this section, the merger
or consolidation of the Company with or into any other entity, a statutory share exchange or the sale, transfer or conveyance of
all or substantially all of the assets of the Company, for cash, securities or other property shall not constitute a liquidation,
dissolution or winding up of the Company. See “— Conversion Right upon a Change of Control” below for information
about conversion of the Series A Preferred Stock in the event of a change of control of the Company.

 

Limited Voting Rights. Holders of the Series A Preferred
Stock generally will have no voting rights. However, if we are in arrears on dividends, whether or not authorized or declared,
on the Series A Preferred Stock for six or more quarterly periods, whether or not consecutive, holders of Series A Preferred Stock
(voting as a single class together with the holders of all other classes or series of parity preferred stock and upon which like
voting rights have been conferred and are exercisable) will be entitled to elect two additional directors at a special meeting
called upon the request of at least 10% of such holders or at our next annual meeting and each subsequent annual meeting of stockholders,
each additional director being referred to as a “Preferred Stock Director,” until all unpaid dividends with respect
to the Series A Preferred Stock and such other classes or series of preferred stock with like voting rights have been paid. Each
Preferred Stock Director will be elected by a plurality of the votes cast by the outstanding shares of Series A Preferred Stock
and any other series of parity equity shares with like voting rights, voting together as a single class. Special meetings called
in accordance with the provisions described in this paragraph shall be subject to the procedures in our bylaws, except that we,
rather than the holders of Series A Preferred Stock or any other class or series of parity preferred stock entitled to vote thereon
when they have the voting rights described above (voting together as a single class), will pay all costs and expenses of calling
and holding the meeting.

 

Any Preferred Stock Director may be removed
at any time with or without cause by the vote of, and may not be removed otherwise than by the vote of, the holders of record of
a majority of the outstanding shares of Series A Preferred Stock and all other classes or series of parity preferred stock entitled
to vote thereon when they have the voting rights described above (voting together as a single class). So long as a dividend arrearage
continues, any vacancy in the office of a Preferred Stock Director may be filled by written consent of the Preferred Stock Director
remaining in office, or if none remains in office, by a plurality of the votes cast by the outstanding shares of Series A Preferred
Stock when they have the voting rights described above (voting as a single class with all other classes or series of parity preferred
stock upon which like voting rights have been conferred and are exercisable).

 

    5

     

    

 

So long as any shares of Series A Preferred
Stock remain outstanding, we will not, without the affirmative vote or written consent of the holders of at least two-thirds of
the then outstanding shares of Series A Preferred Stock and each other class or series of parity preferred stock with like voting
rights (voting together as a single class), authorize, create, issue or increase the number of authorized or issued shares of,
any class or series of equity shares ranking senior to the Series A Preferred Stock with respect to rights of dividend payments
and the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, or reclassify
any of our authorized equity shares into such equity shares, or create, authorize or issue any obligation or security convertible
into or evidencing the right to purchase such equity shares. However, we may create additional classes of parity equity shares
and junior equity shares, amend our charter and the articles supplementary establishing the Series A Preferred Stock to increase
the authorized number of shares of parity equity shares (including the shares of Series A Preferred Stock) and junior equity shares
and issue additional series of parity equity shares and junior equity shares without the consent of any holder of Series A Preferred
Stock.

 

In addition, the affirmative vote or written
consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock and each other class or series
of parity preferred stock with like voting rights (voting together as a single class) is required for us to amend, alter or repeal
any provision of our charter, whether by merger, consolidation or otherwise, so as to materially and adversely affect the voting
rights, powers or preferences of the Series A Preferred Stock, unless the Series A Preferred Stock remains outstanding without
the terms being materially adversely changed or is converted into or exchanged for preferred stock of the surviving entity having
terms substantially similar to those of the Series A Preferred Stock. If such amendment to our charter disproportionately affects
the terms of the Series A Preferred Stock relative to the terms of one or more other classes or series of parity preferred stock,
the affirmative vote or written consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock
at the time, voting separately as a class, is required.

 

In any matter in which holders of Series
A Preferred Stock may vote (as expressly provided in the articles supplementary setting forth the terms of the Series A Preferred
Stock), each share of Series A Preferred Stock shall be entitled to one vote per share.

 

Information Rights. During any period in which we are
not subject to Section 13 or 15(d) of the Exchange Act and any shares of Series A Preferred Stock are outstanding, we will (i)
post to our website or transmit by mail (or other permissible means under the Exchange Act) to all holders of Series A Preferred
Stock, as their names and addresses appear on our record books and without cost to such holders, copies of the Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q, respectively, that we would have been required to file with the SEC pursuant to Section
13 or 15(d) of the Exchange Act if we were subject thereto (other than any exhibits that would have been required) and (ii) promptly,
upon request, supply copies of such reports to any holders or prospective holder of Series A Preferred Stock. We will post to our
website or mail (or otherwise provide) the information to the holders of the Series A Preferred Stock within 15 days after the
respective dates by which a report on Form 10-K or Form 10-Q, as the case may be, in respect of such information would have been
required to be filed with the SEC, if we were subject to Section 13 or 15(d) of the Exchange Act, in each case, based on the dates
on which we would be required to file such periodic reports with the SEC.

 

Listing. The Series A Preferred Stock is listed on the
NYSE under the symbol “GMRE PrA.”

 

Transfer Agent, Registrar and Depositary. American Stock
Transfer & Trust Company, LLC is the transfer agent, registrar, dividend disbursing agent, redemption agent and depositary
for the Series A Preferred Stock.

 

No Maturity, Sinking Fund or Mandatory Redemption. Our
Series A Preferred Stock is perpetual and has no maturity date, and is not subject to any mandatory redemption, sinking fund or
other similar provisions. Accordingly, our Series A Preferred Stock will remain outstanding indefinitely, unless and until we decide
to redeem them or they are converted in connection with a Change of Control (as defined below) by the holders of the Series A Preferred
Stock.

 

    6

     

    

 

Redemption at Our Option. We may, at our option,
redeem our Series A Preferred Stock for cash in whole or in part, from time to time, at any time on or after September 15,
2022, upon not less than 30 nor more than 60 days’ notice at a cash redemption price equal to $25.00 per share, plus
any accumulated and unpaid dividends to, but excluding, the date of redemption. Holders of Series A Preferred Stock will have
no right to require the redemption or repurchase of the Series A Preferred Stock. Investors should not expect us to redeem
the Series A Preferred Stock on or after the date such shares become redeemable at our option.

 

If Series A Preferred Stock is to be redeemed,
the notice of redemption shall be given by first class mail to the holders of record of the Series A Preferred Stock to be redeemed,
mailed not less than 30 days nor more than 60 days prior to the date of redemption thereof (provided that, if the shares
of Series A Preferred Stock are held in book-entry form through DTC, we may give such notice in any manner permitted by DTC). Each
notice of redemption will include a statement setting forth: (i) the redemption date, (ii) the number of shares of Series A Preferred
Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed
from such holder, (iii) the redemption price and (iv) the place or places where holders may surrender certificates evidencing shares
of Series A Preferred Stock for payment of the redemption price. If notice of redemption of any Series A Preferred Stock has been
given and if the funds necessary for such redemption have been set aside by us for the benefit of the holders of any Series A Preferred
Stock so called for redemption, then, from and after the redemption date, dividends will cease to accrue on such Series A Preferred
Stock, such Series A Preferred Stock shall no longer be deemed outstanding and all rights of the holders of such shares will terminate,
except the right to receive the redemption price, without interest.

 

In the case of any redemption of only part
of the Series A Preferred Stock at the time outstanding, the shares to be redeemed shall be selected either pro rata or
by lot.

 

We may also redeem the Series A Preferred
Stock in limited circumstances relating to maintaining our qualification as a REIT, as described below in “— Restrictions
on Ownership and Transfer.”

 

Special Redemption Option upon a Change of Control. Upon
the occurrence of a Change of Control (as defined below), we may redeem for cash, in whole or in part, the Series A Preferred Stock
within 120 days after the date on which such Change of Control occurred, by paying $25.00 per share, plus any accumulated and unpaid
dividends to, but excluding, the date of redemption. If, prior to the Change of Control Conversion Date (as defined below under
the caption “— Conversion Rights upon a Change of Control”), we have provided or provide notice of redemption
with respect to the Series A Preferred Stock (whether pursuant to our optional redemption right or our special redemption option),
the holders of Series A Preferred Stock will not be permitted to exercise the conversion right described below under “— Conversion
Rights upon a Change of Control” with respect to the shares subject to such notice.

 

We will mail to you, if you are a record
holder of the Series A Preferred Stock, a notice of redemption no fewer than 30 days nor more than 60 days before the redemption
date. We will send the notice to your address shown on our transfer books. A failure to give notice of redemption or any defect
in the notice or in its mailing will not affect the validity of the redemption of any Series A Preferred Stock except as to the
holder to whom notice was defective. Each notice will state the following:

 

	 	·	the redemption date;
	 	 	 
	 	·	the special redemption price;
	 	 	 
	 	·	a statement setting forth the calculation of such special redemption price;
	 	 	 
	 	·	the number of shares of Series A Preferred Stock to be redeemed;
	 	 	 
	 	·	the place or places where the certificates, if any, representing shares of Series A Preferred Stock are to be surrendered for payment of the redemption price;
	 	 	 
	 	·	procedures for surrendering noncertificated shares of Series A Preferred Stock for payment of the redemption price;
	 	 	 
	 	·	that dividends on the shares of Series A Preferred Stock to be redeemed will cease to accrue on such redemption date unless we fail to pay the redemption price on such date;

 

    7

     

    

 

	 	·	that payment of the redemption price and any accrued and unpaid dividends will be made upon presentation and surrender of such shares of Series A Preferred Stock;
	 	 	 
	 	·	that the shares of Series A Preferred Stock are being redeemed pursuant to our special redemption option right in connection with the occurrence of a Change of Control and a brief description of the transaction or transactions constituting such Change of Control; and
	 	 	 
	 	·	that the holders of the shares of Series A Preferred Stock to which the notice relates will not be able to tender such shares of Series A Preferred Stock for conversion in connection with the Change of Control and each share of Series A Preferred Stock tendered for conversion that is selected, prior to the Change of Control Conversion Date, for redemption will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.

 

A “Change of Control” means,
after the initial issuance of the Series A Preferred Stock, the following have occurred and are continuing:

 

	 	·	the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger, conversion or other acquisition transaction or series of purchases, mergers, conversions or other acquisition transactions, of shares of our stock entitling that person to exercise more than 50% of the total voting power of all outstanding shares of our stock entitled to vote generally in the election of directors (except that the person will be deemed to have beneficial ownership of all securities that the person has the right to acquire, whether the right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and
	 	 	 
	 	·	following the closing of any transaction referred to in the bullet point above, neither we nor the acquiring or surviving entity has a class of common equity securities listed on the NYSE, the NYSE American LLC or NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, NYSE American LLC or NASDAQ.

 

Conversion Right Upon a Change of Control. Upon the occurrence
of a Change of Control, each holder of Series A Preferred Stock will have the right (unless, prior to the Change of Control Conversion
Date (as defined below), we have provided or provide notice of our election to redeem, in whole or in part, the Series A Preferred
Stock as described above under “— Redemption”) to convert some or all of the Series A Preferred Stock held
by such holder (the “Change of Control Conversion Right”), on the Change of Control Conversion Date into a number of
shares of our common stock per share of Series A Preferred Stock to be converted equal to the lesser of:

 

	 	·	the quotient obtained by dividing (i) the sum of (x) the liquidation preference amount of $25.00 per share of Series A Preferred Stock, plus (y) any accrued and unpaid dividends thereon (whether or not declared) to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a Series A Preferred Stock dividend payment for which dividends have been declared and prior to the corresponding Series A Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum and such declared dividend will instead be paid, on such dividend payment date, to the holder of record of the share of Series A Preferred Stock to be converted as of 5:00 p.m. New York City time, on such record date) by (ii) the Common Stock Share Price (as defined below); and
	 	 	 
	 	·	5.3419 (the “Share Cap”), subject to certain adjustments;

 

subject, in each case, to provisions for the receipt of alternative
consideration as described below.

 

The Share Cap is subject to pro rata adjustments
for any share splits (including those effected pursuant to a distribution of our common stock), subdivisions or combinations (in
each case, a “Share Split”) with respect to our common stock as follows: the adjusted Share Cap as the result of a
Share Split will be the number of common stock that is equivalent to the product obtained by multiplying (i) the Share Cap in effect
immediately prior to such Share Split by (ii) a fraction, the numerator of which is the number of common stock outstanding after
giving effect to such Share Split and the denominator of which is the number of our common stock outstanding immediately prior
to such Share Split.

 

    8

     

    

 

In the case of a Change of Control pursuant
to which our common stock will be converted into cash, securities or other property or assets (including any combination thereof)
(the “Alternative Form Consideration”), a holder of Series A Preferred Stock will receive upon conversion of such Series
A Preferred Stock the kind and amount of Alternative Form Consideration that such holder would have owned or to which that holder
would have been entitled to receive upon the Change of Control had such holder held a number of shares of our common stock equal
to the Common Stock Conversion Consideration immediately prior to the effective time of the Change of Control (the “Alternative
Conversion Consideration,” and the Common Stock Conversion Consideration or the Alternative Conversion Consideration, as
may be applicable to a Change of Control, is referred to as the “Conversion Consideration”).

 

If the holders of our common stock have the
opportunity to elect the form of consideration to be received in the Change of Control, the Conversion Consideration will be deemed
to be the kind and amount of consideration actually received by holders of a majority of our common stock that voted for such an
election (if electing between two types of consideration) or holders of a plurality of our common stock that voted for such an
election (if electing between more than two types of consideration), as the case may be, and will be subject to any limitations
to which all holders of our common stock are subject, including, without limitation, pro rata reductions applicable
to any portion of the consideration payable in the Change of Control.

 

Within 15 days following the occurrence of
a Change of Control, we will provide to holders of Series A Preferred Stock a notice of occurrence of the Change of Control that
describes the resulting Change of Control Conversion Right. This notice will state the following:

 

	 	·	the events constituting the Change of Control;
	 	 	 
	 	·	the date of the Change of Control;
	 	 	 
	 	·	the last date and time by which the holders of Series A Preferred Stock may exercise their Change of Control Conversion Right;
	 	 	 
	 	·	the method and period for calculating the Common Stock Share Price;
	 	 	 
	 	·	the Change of Control Conversion Date;
	 	 	 
	 	·	that if, prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem all or any portion of the Series A Preferred Stock, holders will not be able to convert Series A Preferred Stock designated for redemption and such shares will be redeemed on the related redemption date, even if such shares have already been tendered for conversion pursuant to the Change of Control Conversion Right;
	 	 	 
	 	·	if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per Series A Preferred Stock;
	 	 	 
	 	·	the name and address of the paying agent and the conversion agent; and
	 	 	 
	 	·	the procedures that the holders of Series A Preferred Stock must follow to exercise the Change of Control Conversion Right.

 

We will issue a press release for publication
on the Dow Jones & Company, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are not
in existence at the time of issuance of the press release, such other news or press organization as is reasonably calculated to
broadly disseminate the relevant information to the public), or post a notice on our website, in any event prior to the opening
of business on the first business day following any date on which we provide the notice described above to the holders of Series
A Preferred Stock.

 

    9

     

    

 

To exercise the Change of Control Conversion
Right, the holders of Series A Preferred Stock will be required to deliver, on or before the close of business on the Change of
Control Conversion Date, the certificates (if any) or book entries representing Series A Preferred Stock to be converted, duly
endorsed for transfer (if certificates are delivered), together with a completed written conversion notice to our transfer agent.
The conversion notice must state:

 

	 	·	the relevant Change of Control Conversion Date;
	 	 	 
	 	·	the number of Series A Preferred Stock to be converted; and
	 	 	 
	 	·	that the Series A Preferred Stock are to be converted pursuant to the change of control conversion right held by holders of Series A Preferred Stock.

 

We will not issue fractional shares of common
stock upon the conversion of the Series A Preferred Stock. Instead, we will pay the cash value of any fractional share otherwise
due, computed on the basis of the applicable Common Stock Share Price.

 

The “Change of Control Conversion Date”
is the date on which the shares of Series A Preferred Stock are to be converted, which will be a business day selected by us that
is no fewer than 20 days nor more than 35 days after the date on which we provide the notice described above to the holders of
Series A Preferred Stock.

 

The “Common Stock Share Price”
will be (i) if the consideration to be received in the Change of Control by the holders of our common stock is solely cash, the
amount of cash consideration per share of common stock or (ii) if the consideration to be received in the Change of Control by
holders of our common stock is other than solely cash (x) the average of the closing sale prices per share of our common stock
(or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the
average of the average closing bid and the average closing ask prices) for the 10 consecutive trading days immediately preceding,
but not including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which our
common stock is then traded, or (y) the average of the last quoted bid prices for our common stock in the over-the-counter market
as reported by OTC Markets Group, Inc. or similar organization for the 10 consecutive trading days immediately preceding, but not
including, the effective date of the Change of Control, if our common stock is not then listed for trading on a U.S. securities
exchange.

 

Restrictions on Ownership and Transfer

 

For us to qualify as a REIT under the Code,
our shares of common stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months
(other than the first year for which an election to be a REIT has been made) or during a proportionate part of a shorter taxable
year. Also, not more than 50% of the value of our outstanding shares of stock may be owned, directly or indirectly, by five or
fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year (other than the first
year for which an election to be a REIT has been made).

 

To assist us in qualifying as a REIT, among
other purposes, our charter, subject to certain exceptions, restricts the amount of shares of our stock that a person may beneficially
or constructively own. Our charter provides that, subject to certain exceptions, no person may beneficially or constructively own
more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series
of our capital stock.

 

Our charter also prohibits any person from
(i) beneficially owning our shares of capital stock to the extent that such beneficial ownership would result in our being “closely
held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the
last half of the taxable year), (ii) transferring our shares of capital stock to the extent that such transfer would result in
our shares of capital stock being beneficially owned by less than 100 persons (determined under the principles of Section 856(a)(5)
of the Code), (iii) beneficially or constructively owning our shares of capital stock to the extent such beneficial or constructive
ownership would cause us to constructively own ten percent or more of the ownership interests in a tenant (other than a taxable
REIT subsidiary, or TRS) of our real property within the meaning of Section 856(d)(2)(B) of the Code, and (iv) beneficially or
constructively owning our shares of capital stock if such beneficial or constructive ownership would otherwise cause us to fail
to qualify as a REIT under the Code, including, but not limited to, as a result of any operator that manages a “qualified
healthcare property” for a TRS of ours failing to qualify as an “eligible independent contractor” under the REIT
rules. Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of our shares of capital
stock that will or may violate any of the foregoing restrictions on transferability and ownership, or any person who would have
owned our shares of capital stock that resulted in a transfer of shares of our capital stock to a charitable trust (as described
below), is required to give written notice immediately to us, or in the case of a proposed or attempted transaction, to give at
least 15 days’ prior written notice, and provide us with such other information as we may request in order to determine the
effect of such transfer on our status as a REIT. The foregoing restrictions on transferability and ownership will not apply if
our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify,
as a REIT.

 

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Our board of directors, in its sole discretion,
may prospectively or retroactively exempt a person from the limits described in the paragraph above and may establish or increase
an excepted holder limit (as defined in our charter) for such person. The person seeking an exemption must provide to our board
of directors such representations, covenants and undertakings as our board of directors may deem appropriate in order to conclude
that granting the exemption and establishing or increasing the excepted holder limit will not cause us to lose our status as a
REIT. Our board of directors may require a ruling from the Internal Revenue Service or an opinion of counsel, in either case in
form and substance satisfactory to the board of directors, in its sole discretion, in order to determine or ensure our status as
a REIT.

 

Any attempted transfer of our shares of capital
stock which, if effective, would violate any of the restrictions described above will result in the number of shares of our capital
stock causing the violation (rounded up to the nearest whole share) to be automatically transferred to a trust for the exclusive
benefit of one or more charitable beneficiaries, except that any transfer that results in the violation of the restriction relating
to our shares of capital stock being beneficially owned by fewer than 100 persons will be void ab initio. In either case, the proposed
transferee will not acquire any rights in such shares. The automatic transfer will be deemed to be effective as of the close of
business on the business day prior to the date of the purported transfer or other event that results in the transfer to the trust.
Shares held in the trust will be issued and outstanding shares. The proposed transferee will not benefit economically from ownership
of any shares held in the trust, will have no rights to dividends or other distributions and will have no rights to vote or other
rights attributable to the shares held in the trust. The trustee of the trust will have all voting rights and rights to dividends
or other distributions with respect to shares held in the trust. These rights will be exercised for the exclusive benefit of the
charitable beneficiary. Any dividend or other distribution paid prior to our discovery that shares have been transferred to the
trust will be paid by the recipient to the trustee upon demand. Any distribution authorized but unpaid will be paid when due to
the trustee. Any dividend or other distribution paid to the trustee will be held in trust for the charitable beneficiary. Subject
to Maryland law, the trustee will have the authority (i) to rescind as void any vote cast by the proposed transferee prior to our
discovery that the shares have been transferred to the trust and (ii) to recast the vote in accordance with the desires of the
trustee acting for the benefit of the charitable beneficiary. However, if we have already taken irreversible corporate action,
then the trustee will not have the authority to rescind and recast the vote.

 

Within 20 days of
receiving notice from us that shares of stock have been transferred to the trust, the trustee will sell the shares to a
person designated by the trustee, whose ownership of the shares will not violate the above ownership and transfer
limitations. Upon the sale, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will
distribute the net proceeds of the sale to the proposed transferee and to the charitable beneficiary as follows. The proposed
transferee will receive the lesser of (i) the price paid by the proposed transferee for the shares or, if the proposed
transferee did not give value for the shares in connection with the event causing the shares to be held in the trust (e.g., a
gift, devise or other similar transaction), the market price (as defined in our charter) of the shares on the day of the
event causing the shares to be held in the trust and (ii) the price received by the trustee (net of any commission and other
expenses of sale) from the sale or other disposition of the shares. The trustee may reduce the amount payable to the proposed
transferee by the amount of dividends or other distributions paid to the proposed transferee and owed by the proposed
transferee to the trustee. Any net sale proceeds in excess of the amount payable to the proposed transferee will be paid
immediately to the charitable beneficiary. If, prior to our discovery that our shares of capital stock have been transferred
to the trust, the shares are sold by the proposed transferee, then (i) the shares shall be deemed to have been sold on behalf
of the trust and (ii) to the extent that the proposed transferee received an amount for the shares that exceeds the amount he
or she was entitled to receive, the excess shall be paid to the trustee upon demand.

 

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If a transfer to a charitable trust, as described
above, would be ineffective for any reason to prevent a violation of a restriction, the transfer that would have resulted in such
violation will be void ab initio, and the proposed transferee shall acquire no rights in such shares.

 

Every owner of more than 5% (or such lower
percentage as required by the Code or the regulations promulgated thereunder) of our shares of common stock, within 30 days after
the end of each taxable year, is required to give us written notice, stating his or her name and address, the number of shares
of each class and series of our stock that he or she beneficially owns and a description of the manner in which the shares are
held. Each such owner will provide us with such additional information as we may request in order to determine the effect, if any,
of his or her beneficial ownership on our status as a REIT and to ensure compliance with the ownership limits. In addition, each
stockholder will upon demand be required to provide us with such information as we may request in good faith in order to determine
our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such
compliance and to ensure compliance with the stock ownership limit.

 

These ownership limitations could delay,
defer or prevent a transaction or a change in control that might involve a premium price for our common stock or otherwise be in
the best interest of our stockholders.

 

Anti-Takeover Provisions of the Maryland
General Corporation Law (MGCL)

 

Business Combinations. Under certain
provisions of the MGCL applicable to Maryland corporations, certain “business combinations,” including a merger, consolidation,
share exchange or, in certain circumstances, an asset transfer or issuance or reclassification of equity securities, between a
Maryland corporation and an “interested stockholder” or, generally, any person who beneficially owns 10% or more of
the voting power of the corporation’s outstanding voting shares or an affiliate or associate of the corporation who, at any
time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the
corporation’s then outstanding voting stock, or an affiliate of such an interested stockholder, are prohibited for five years
after the most recent date on which the interested stockholder becomes an interested stockholder. Thereafter, any such business
combination must be recommended by the board of directors of such corporation and approved by the affirmative vote of at least
(a) 80% of the votes entitled to be cast by holders of the corporation’s outstanding voting stock and (b) two-thirds of the
votes entitled to be cast by holders of the corporation’s voting stock other than stock held by the interested stockholder
with whom (or with whose affiliate) the business combination is to be effected or held by an affiliate or associate of the interested
stockholder, unless, among other conditions, the corporation’s stockholders receive a minimum price (as defined in the MGCL)
for their shares and the consideration is received in cash or in the same form as previously paid by the interested stockholder
for its shares. Under the MGCL, a person is not an “interested stockholder” if the board of directors approved in advance
the transaction by which the person otherwise would have become an interested stockholder. A corporation’s board of directors
may provide that its approval is subject to compliance with any terms and conditions determined by it.

 

These provisions of the MGCL do not
apply, however, to business combinations that are approved or exempted by a board of directors prior to the time that the
interested stockholder becomes an interested stockholder. Pursuant to the statute, our board of directors has by resolution
exempted business combinations between us and any other person from these provisions of the MGCL, provided that the business
combination is first approved by our board of directors, including a majority of directors who are not affiliates or
associates of such person, and, consequently, the five year prohibition and the supermajority vote requirements will not
apply to such business combinations. As a result, any person may be able to enter into business combinations with us that may
not be in the best interests of our stockholders without compliance by us with the supermajority vote requirements and other
provisions of the statute. This resolution, however, may be altered or repealed in whole or in part at any time. If this
resolution is repealed, or our board of directors does not otherwise approve a business combination, the statute may
discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

 

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Control Share Acquisitions. The MGCL
provides that “control shares” of a Maryland corporation acquired in a “control share acquisition” have
no voting rights except to the extent approved by the affirmative vote of two-thirds of the votes entitled to be cast on the matter,
excluding shares of stock in a corporation in respect of which any of the following persons is entitled to exercise or direct the
exercise of the voting power of such shares in the election of directors: (1) a person who makes or proposes to make a control
share acquisition, (2) an officer of the corporation or (3) an employee of the corporation who is also a director of corporation.
 “Control shares” are voting shares which, if aggregated with all other such shares owned by the acquirer, or in respect
of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy),
would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power: (A)
one-tenth or more but less than one-third, (B) one-third or more but less than a majority or (C) a majority or more of all voting
power. Control shares do not include shares that the acquirer is then entitled to vote as a result of having previously obtained
stockholder approval. A “control share acquisition” means the acquisition of control shares, subject to certain exceptions.

 

A person who has made or proposes to make
a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses), may compel our
board of directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights
of the shares. If no request for a meeting is made, the corporation may itself present the question at any stockholders’
meeting.

 

If voting rights are not approved at the
meeting or if the acquirer does not deliver an acquiring person statement as required by the statute, then, subject to certain
conditions and limitations, the corporation may redeem any or all of the control shares (except those for which voting rights have
previously been approved) for fair value determined, without regard to the absence of voting rights for the control shares, as
of the date of the last control share acquisition by the acquirer or of any meeting of stockholders at which the voting rights
of such shares are considered and not approved. If voting rights for control shares are approved at a stockholders’ meeting
and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal
rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price
per share paid by the acquirer in the control share acquisition.

 

The control share acquisition statute does
not apply to (a) shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction
or (b) acquisitions approved or exempted by the charter or bylaws of the corporation.

 

Our bylaws contain a provision exempting
from the control share acquisition statute any and all acquisitions by any person of our shares. There is no assurance that such
provision will not be amended or eliminated at any time in the future.

 

Subtitle 8. Subtitle 8 of Title 3
of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three
independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and
notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions:

 

	 	·	a classified board;
	 	 	 
	 	·	a two-thirds vote requirement for removing a director;
	 	 	 
	 	·	a requirement that the number of directors be fixed only by vote of the directors;
	 	 	 
	 	·	a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred; and
	 	 	 
	 	·	a majority requirement for the calling of a special meeting of stockholders.

 

We have elected in our charter to be subject
to the provision of Subtitle 8 that requires that vacancies on our board may be filled only by the remaining directors and for
the remainder of the full term of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws
unrelated to Subtitle 8, we already (1) require the affirmative vote of the holders of not less than two-thirds of all of the votes
entitled to be cast on the matter for the removal of any director from the board, which removal will be allowed only for cause,
(2) vest in the board the exclusive power to fix the number of directorships and (3) require, unless called by our chairman, chief
executive officer, president or the board of directors, the request of stockholders entitled to cast not less than a majority of
the votes entitled to be cast at such meeting to call a special meeting of stockholders.

 

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