Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
 AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P. 
 AMERICOLD REALTY
TRUST 
 $350,000,000 

4.10% Series C Guaranteed Senior Notes due January 8, 2030 

 
  

NOTE AND GUARANTY AGREEMENT 

 
  

Dated as of May 7, 2019 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	  	HEADING	  	PAGE	 
	 SECTION 1.
	  	AUTHORIZATION OF NOTES	  	 	1	 
			
	 SECTION 2.
	  	SALE AND PURCHASE OF NOTES; GUARANTIES	  	 	1	 
			
	 Section 2.1
	  	Sale and Purchase of Notes	  	 	1	 
			
	 Section 2.2
	  	Guaranties	  	 	1	 
			
	 SECTION 3.
	  	CLOSING	  	 	2	 
			
	 SECTION 4.
	  	CONDITIONS TO CLOSING	  	 	2	 
			
	 Section 4.1
	  	Representations and Warranties	  	 	2	 
			
	 Section 4.2
	  	Performance; No Default	  	 	2	 
			
	 Section 4.3
	  	Compliance Certificates	  	 	2	 
			
	 Section 4.4
	  	Opinions of Counsel	  	 	3	 
			
	 Section 4.5
	  	Purchase Permitted By Applicable Law, Etc.	  	 	3	 
			
	 Section 4.6
	  	Sale of Other Notes	  	 	4	 
			
	 Section 4.7
	  	Payment of Special Counsel Fees	  	 	4	 
			
	 Section 4.8
	  	Private Placement Number	  	 	4	 
			
	 Section 4.9
	  	Changes in Corporate Structure	  	 	4	 
			
	 Section 4.10
	  	Funding Instructions	  	 	4	 
			
	 Section 4.11
	  	Subsidiary Guaranty Agreement	  	 	4	 
			
	 Section 4.12
	  	Incorporated Covenants	  	 	4	 
			
	 Section 4.13
	  	Rating on the Notes	  	 	4	 
			
	 Section 4.14
	  	Proceedings and Documents	  	 	4	 
			
	 SECTION 5.
	  	REPRESENTATIONS AND WARRANTIES OF THE CONSTITUENT COMPANIES	  	 	5	 
			
	 Section 5.1
	  	Organization; Power and Authority	  	 	5	 
			
	 Section 5.2
	  	Authorization, Etc.	  	 	5	 
			
	 Section 5.3
	  	Disclosure	  	 	6	 
			
	 Section 5.4
	  	Organization and Ownership of Shares of Subsidiaries; Affiliates	  	 	7	 
			
	 Section 5.5
	  	Financial Statements; Material Liabilities	  	 	7	 
			
	 Section 5.6
	  	Compliance with Laws, Other Instruments, Etc.	  	 	8	 

  
 -i- 

							
	 Section 5.7
	  	Governmental Authorizations, Etc.	  	 	8	 
			
	 Section 5.8
	  	Litigation; Observance of Agreements, Statutes and Orders	  	 	8	 
			
	 Section 5.9
	  	Taxes	  	 	8	 
			
	 Section 5.10
	  	Title to Property; Leases; Liens	  	 	9	 
			
	 Section 5.11
	  	Licenses, Permits, Etc.	  	 	9	 
			
	 Section 5.12
	  	Compliance with Employee Benefit Plans	  	 	10	 
			
	 Section 5.13
	  	Private Offering	  	 	11	 
			
	 Section 5.14
	  	Use of Proceeds; Margin Regulations	  	 	11	 
			
	 Section 5.15
	  	Existing Indebtedness; Future Liens	  	 	12	 
			
	 Section 5.16
	  	Foreign Assets Control Regulations, Etc.	  	 	12	 
			
	 Section 5.17
	  	Status under Certain Statutes	  	 	13	 
			
	 Section 5.18
	  	Environmental Matters	  	 	13	 
			
	 Section 5.19
	  	Solvency	  	 	14	 
			
	 SECTION 6.
	  	REPRESENTATIONS OF THE PURCHASERS	  	 	14	 
			
	 Section 6.1
	  	Purchase for Investment	  	 	14	 
			
	 Section 6.2
	  	Accredited Investor	  	 	14	 
			
	 Section 6.3
	  	Source of Funds	  	 	15	 
			
	 SECTION 7.
	  	INFORMATION AS TO CONSTITUENT COMPANIES	  	 	16	 
			
	 Section 7.1
	  	Financial and Business Information	  	 	16	 
			
	 Section 7.2
	  	Officer’s Certificate	  	 	19	 
			
	 Section 7.3
	  	Visitation	  	 	20	 
			
	 Section 7.4
	  	Electronic Delivery	  	 	20	 
			
	 Section 7.5
	  	Limitation on Disclosure Obligation	  	 	21	 
			
	 SECTION 8.
	  	PAYMENT AND PREPAYMENT OF THE NOTES	  	 	22	 
			
	 Section 8.1
	  	Maturity	  	 	22	 
			
	 Section 8.2
	  	Optional Prepayments with Make-Whole Amount	  	 	22	 
			
	 Section 8.3
	  	Allocation of Partial Prepayments	  	 	22	 
			
	 Section 8.4
	  	Maturity; Surrender, Etc.	  	 	23	 
			
	 Section 8.5
	  	Purchase of Notes	  	 	23	 
			
	 Section 8.6
	  	Make-Whole Amount	  	 	23	 
			
	 Section 8.7
	  	Offer to Prepay Notes in the Event of a Change of Control	  	 	25	 
			
	 Section 8.8
	  	Payments Due on Non-Business Days	  	 	26	 

  
 -ii- 

							
	 SECTION 9.
	  	AFFIRMATIVE COVENANTS	  	 	27	 
			
	 Section 9.1
	  	Compliance with Laws	  	 	27	 
			
	 Section 9.2
	  	Insurance	  	 	27	 
			
	 Section 9.3
	  	Maintenance of Properties	  	 	27	 
			
	 Section 9.4
	  	Payment of Taxes and Claims	  	 	27	 
			
	 Section 9.5
	  	Corporate Existence, Etc.	  	 	28	 
			
	 Section 9.6
	  	Books and Records	  	 	28	 
			
	 Section 9.7
	  	REIT Status; Stock Exchange Listing	  	 	28	 
			
	 Section 9.8
	  	Ownership	  	 	28	 
			
	 Section 9.9
	  	Subsidiary Guarantors	  	 	29	 
			
	 Section 9.10
	  	Most Favored Lender Provision	  	 	30	 
			
	 Section 9.11
	  	Rating on the Notes. The Issuer shall at all times maintain a Debt Rating for the Notes from an NRSRO	  	 	31	 
			
	 SECTION 10.
	  	NEGATIVE COVENANTS	  	 	32	 
			
	 Section 10.1
	  	Transactions with Affiliates	  	 	32	 
			
	 Section 10.2
	  	Merger, Consolidation, Etc.	  	 	32	 
			
	 Section 10.3
	  	Line of Business	  	 	33	 
			
	 Section 10.4
	  	Economic Sanctions, Etc.	  	 	34	 
			
	 Section 10.5
	  	Liens	  	 	34	 
			
	 Section 10.6
	  	Financial Covenants	  	 	34	 
			
	 SECTION 11.
	  	EVENTS OF DEFAULT	  	 	35	 
			
	 SECTION 12.
	  	REMEDIES ON DEFAULT, ETC.	  	 	38	 
			
	 Section 12.1
	  	Acceleration	  	 	38	 
			
	 Section 12.2
	  	Other Remedies	  	 	38	 
			
	 Section 12.3
	  	Rescission	  	 	38	 
			
	 Section 12.4
	  	No Waivers or Election of Remedies, Expenses, Etc.	  	 	39	 
			
	 SECTION 13.
	  	GUARANTEE	  	 	39	 
			
	 Section 13.1
	  	The Guarantee	  	 	39	 
			
	 Section 13.2
	  	Waiver of Defenses	  	 	39	 
			
	 Section 13.3
	  	Guaranty of Payment	  	 	40	 
			
	 Section 13.4
	  	Guaranty Unconditional	  	 	40	 
			
	 Section 13.5
	  	Reinstatement	  	 	41	 

  
 -iii- 

							
	 Section 13.6
	  	Payment on Demand	  	 	41	 
			
	 Section 13.7
	  	Stay of Acceleration	  	 	41	 
			
	 Section 13.8
	  	No Subrogation	  	 	41	 
			
	 Section 13.9
	  	Marshalling	  	 	42	 
			
	 Section 13.10
	  	Transfer of Notes	  	 	42	 
			
	 Section 13.11
	  	Consideration	  	 	42	 
			
	 SECTION 14.
	  	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	 	42	 
			
	 Section 14.1
	  	Registration of Notes	  	 	42	 
			
	 Section 14.2
	  	Transfer and Exchange of Notes	  	 	42	 
			
	 Section 14.3
	  	Replacement of Notes	  	 	43	 
			
	 SECTION 15.
	  	PAYMENTS ON NOTES	  	 	43	 
			
	 Section 15.1
	  	Place of Payment	  	 	43	 
			
	 Section 15.2
	  	Payment by Wire Transfer	  	 	43	 
			
	 Section 15.3
	  	FATCA Information	  	 	44	 
			
	 SECTION 16.
	  	EXPENSES, ETC.	  	 	44	 
			
	 Section 16.1
	  	Transaction Expenses	  	 	44	 
			
	 Section 16.2
	  	Certain Taxes	  	 	45	 
			
	 Section 16.3
	  	Survival	  	 	45	 
			
	 SECTION 17.
	  	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	 	45	 
			
	 SECTION 18.
	  	AMENDMENT AND WAIVER	  	 	46	 
			
	 Section 18.1
	  	Requirements	  	 	46	 
			
	 Section 18.2
	  	Solicitation of Holders of Notes	  	 	46	 
			
	 Section 18.3
	  	Binding Effect, Etc.	  	 	47	 
			
	 SECTION 19.
	  	NOTICES	  	 	47	 
			
	 SECTION 20.
	  	REPRODUCTION OF DOCUMENTS	  	 	48	 
			
	 SECTION 21.
	  	CONFIDENTIAL INFORMATION	  	 	48	 
			
	 SECTION 22.
	  	SUBSTITUTION OF PURCHASER	  	 	49	 
			
	 SECTION 23.
	  	MISCELLANEOUS	  	 	49	 
			
	 Section 23.1
	  	Successors and Assigns	  	 	49	 
			
	 Section 23.2
	  	Accounting Terms	  	 	50	 
			
	 Section 23.3
	  	Severability	  	 	50	 
			
	 Section 23.4
	  	Construction, Etc.	  	 	50	 

  
 -iv- 

							
	 Section 23.5
	  	Counterparts	  	 	51	 
			
	 Section 23.6
	  	Governing Law	  	 	51	 
			
	 Section 23.7
	  	Jurisdiction and Process; Waiver of Jury Trial	  	 	51	 

  
 -v- 

					
			
	Schedule A	 	—	  	Defined Terms
			
	SCHEDULE 1(c)	 	—	  	Form of 4.10% Series C Guaranteed Senior Note due January 8, 2030
			
	SCHEDULE 4.4(a)	 	—	  	Form of Opinion of Special Counsel to the Constituent Companies and the Subsidiary Guarantors
			
	SCHEDULE 4.4(b)	 	—	  	Form of Opinion of Special Counsel for the Purchasers
			
	SCHEDULE 5.3	 	—	  	Disclosure Materials
			
	SCHEDULE 5.4	 	—	  	Subsidiaries of the Parent Guarantor and Ownership of Subsidiary Stock; Affiliates; Directors and Senior Officers
			
	SCHEDULE 5.5	 	—	  	Financial Statements
			
	SCHEDULE 5.15	 	—	  	Existing Indebtedness
			
	SCHEDULE QA	 	—	  	List of Qualified Assets
			
	PURCHASER SCHEDULE	 	—	  	Information Relating to Purchasers 
			
	EXHIBIT SGA	 	—	  	Form of Subsidiary Guaranty Agreement

  
 -vi- 

 AMERICOLD REALTY OPERATING
PARTNERSHIP, L.P. 
 AMERICOLD REALTY TRUST 

10 Glenlake Parkway, Suite 600, South Tower 

Atlanta, Georgia 30328 
 4.10%
Series C Guaranteed Senior Notes due January 8, 2030 
 Dated as of May 7, 2019 

TO EACH OF THE PURCHASERS LISTED 

  IN THE PURCHASER SCHEDULE HERETO: 

Ladies and Gentlemen: 
 AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Issuer”), and AMERICOLD REALTY TRUST, a Maryland real estate
investment trust (the “Parent Guarantor,” and together with the Issuer, the “Constituent Companies” and individually, a “Constituent Company”), jointly and severally, agree with each of the
Purchasers as follows: 
 SECTION 1. AUTHORIZATION OF NOTES. 

The Issuer will authorize the issue and sale of $350,000,000 aggregate principal amount of its 4.10% Series C Guaranteed Senior Notes due
January 8, 2030 (the “Notes”). The Notes shall be substantially in the form set out in Schedule 1(c). Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the
rules of construction set forth in Section 23.4 shall govern. 
 SECTION 2. SALE AND PURCHASE
OF NOTES; GUARANTIES. 
 Section 2.1 Sale and Purchase
of Notes. Subject to the terms and conditions of this Agreement, the Issuer will issue and sell to each Purchaser and each Purchaser will purchase from the Issuer, at the Closing provided for in Section 3, Notes in the principal amount
specified opposite such Purchaser’s name in the Purchaser Schedule at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any
liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

Section 2.2 Guaranties. The obligations of the Issuer hereunder and under the Notes are unconditionally and
irrevocably guaranteed (a) by the Parent Guarantor pursuant to the Parent Guaranty and (b) by each Subsidiary Guarantor pursuant to the Subsidiary Guaranty Agreement. 

 SECTION 3. CLOSING. 

The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Schiff Hardin LLP, 666 Fifth Avenue, 17th Floor, New York, New York 10103, at 11:00 a.m., New York, New York time, at a closing (the “Closing”) on May 7, 2019. At the Closing, the Issuer will deliver to each Purchaser
the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name
(or in the name of its nominee), against delivery by such Purchaser to the Issuer or its order of immediately available funds in the amount of the purchase price therefor by wire transfer to the account of the Issuer set forth in the funding
instructions delivered by the Issuer pursuant to Section 4.10. If at the Closing the Issuer shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall
not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure
by the Issuer to tender such Notes or any of the conditions specified in Section 4 not having been fulfilled to such Purchaser’s satisfaction. 

SECTION 4. CONDITIONS TO CLOSING. 

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to
such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 
 Section 4.1
Representations and Warranties. 
 (a) Representations of each Constituent Company. The representations and
warranties of each Constituent Company in this Agreement shall be correct when made and at the Closing. 
 (b)
Representations and Warranties of each Subsidiary Guarantor. The representations and warranties of each Subsidiary Guarantor in the Subsidiary Guaranty Agreement shall be correct when made and at the Closing. 

Section 4.2 Performance; No Default. Each Constituent Company and each Subsidiary Guarantor shall have
performed and complied with all agreements and conditions contained in this Agreement and the Subsidiary Guaranty Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and
sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing. Neither Constituent Company nor any Subsidiary shall have entered into any
transaction since April 26, 2019 that would have been prohibited by Section 10 had such Section applied since such date. 

Section 4.3 Compliance Certificates. 

(a) Officer’s Certificate of each Constituent Company. Each Constituent Company shall have delivered to such
Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 

  
 -2- 

 (b) Secretary’s Certificate of each Constituent Company. Each
Constituent Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (1) the resolutions attached thereto and other trust or limited partnership
proceedings relating to the authorization, execution and delivery of the Notes (in the case of the Issuer) and this Agreement (in the case of each Constituent Company) and (2) such Constituent Company’s organizational documents as then in
effect. 
 (c) Officer’s Certificate of each Subsidiary Guarantor. Each Subsidiary Guarantor shall have delivered
to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying as to such Subsidiary Guarantor that the conditions specified in Sections 4.1(b), 4.2 and 4.9 have been fulfilled. 

(d) Secretary’s Certificate of each Subsidiary Guarantor. Each Subsidiary Guarantor shall have delivered to such
Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (1) the resolutions attached thereto and other corporate, limited liability company, partnership or trust proceedings relating to
the authorization, execution and delivery of the Subsidiary Guaranty Agreement and (2) such Subsidiary Guarantor’s organizational documents as then in effect. 

Section 4.4 Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to
such Purchaser, dated the date of the Closing (a) from King & Spalding LLP, counsel to the Constituent Companies and the Subsidiary Guarantors, Venable LLP, Maryland counsel to the Constituent Companies and the Subsidiary Guarantors,
Greenberg Traurig LLP, Massachusetts counsel to the Constituent Companies and the Subsidiary Guarantors, Smith, Slusky, Pohren & Rogers, LLP, Nebraska counsel to the Constituent Companies and the Subsidiary Guarantors, and Stoel Rives LLP,
Minnesota counsel to the Constituent Companies and the Subsidiary Guarantors, collectively covering the matters set forth in Schedule 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or
its counsel may reasonably request (and the Constituent Companies hereby instruct their counsel to deliver such opinion to the Purchasers) and (b) from Schiff Hardin LLP, the Purchasers’ special counsel in connection with such
transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 

Section 4.5 Purchase Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of
Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by
insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not
subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date of this Agreement. If requested by such Purchaser, such Purchaser shall have
received an Officer’s Certificate from the Issuer certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

  
 -3- 

 Section 4.6 Sale of Other Notes. Contemporaneously with the
Closing, the Issuer shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in the Purchaser Schedule. 

Section 4.7 Payment of Special Counsel Fees. Without limiting Section 16.1, the Constituent Companies shall
have paid on or before the Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the Constituent Companies at least
one Business Day prior to the Closing. 
 Section 4.8 Private Placement Number. A Private Placement Number issued
by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes. 

Section 4.9 Changes in Corporate Structure. Neither Constituent Company nor any Subsidiary Guarantor shall have
changed its jurisdiction of incorporation, formation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of
the most recent financial statements referred to in Schedule 5.5. 
 Section 4.10 Funding Instructions. At least
three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer of the Issuer on letterhead of the Issuer confirming the information specified in Section 3 including
(a) the name and address of the transferee bank, (b) such transferee bank’s ABA number and (c) the account name and number into which the purchase price for the Notes is to be deposited. 

Section 4.11 Subsidiary Guaranty Agreement. Such Purchaser shall have received a copy of the Subsidiary Guaranty
Agreement which shall have been duly authorized, executed and delivered by each Person then required to be a Subsidiary Guarantor. 

Section 4.12 Incorporated Covenants. Such Purchaser shall have received an Officer’s Certificate from
the Constituent Companies identifying each Incorporated Covenant then in effect under any Principal Credit Facility. 

Section 4.13 Rating on the Notes. Such Purchaser shall have received a copy of a letter from each NRSRO rating the
Notes as of the date of the Closing evidencing each such rating (which evidence shall include the information required by Section 9.11). 

Section 4.14 Proceedings and Documents. All corporate and other proceedings in connection with the transactions
contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart
originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 

  
 -4- 

 SECTION 5. REPRESENTATIONS AND WARRANTIES
OF THE CONSTITUENT COMPANIES. 
 Each Constituent Company
represents and warrants to each Purchaser that: 
 Section 5.1 Organization; Power and Authority. 

(a) The Issuer is a limited partnership duly organized, validly existing and in good standing under the laws of its
jurisdiction of formation, and is duly qualified as a foreign limited partnership and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified
or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Issuer has the limited partnership power and authority to own or hold under lease the properties it purports to own or
hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. 

(b) The Parent Guarantor is a real estate investment trust duly organized, validly existing and in good standing under the laws
of its jurisdiction of formation, and is duly qualified as a foreign entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in
good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Parent Guarantor has the trust power and authority to own or hold under lease the properties it purports to own or hold under
lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and to perform the provisions hereof. 

(c) Each Subsidiary Guarantor is a corporation or other legal entity duly organized or formed, validly existing and, where
applicable, in good standing under the laws of its jurisdiction of organization or formation, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Subsidiary
Guarantor has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact and to execute and deliver the Subsidiary
Guaranty Agreement and to perform the provisions thereof. 
 Section 5.2 Authorization, Etc. 

(a) This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Issuer, and
this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms, except as such enforceability may be
limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 

  
 -5- 

 (b) This Agreement has been duly authorized by all necessary corporate
action on the part of the Parent Guarantor, and this Agreement constitutes a legal, valid and binding obligation of the Parent Guarantor enforceable against the Parent Guarantor in accordance with its terms, except as such enforceability may be
limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 (c) The Subsidiary Guaranty Agreement has been duly
authorized by all necessary corporate or other action on the part of each Subsidiary Guarantor, and the Subsidiary Guaranty Agreement constitutes a legal, valid and binding obligation of each Subsidiary Guarantor enforceable against each Subsidiary
Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3 Disclosure. The SEC filings posted to the IntraLinks site maintained by the agent for the Issuer and the
Parent Guarantor, Merrill Lynch, Pierce, Fenner & Smith Incorporated, for this transaction and identified on Schedule 5.3, taken as a whole, fairly describe, in all material respects, the general nature of the business and principal
properties of the Parent Guarantor, the Issuer and their Subsidiaries. This Agreement, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Constituent
Companies prior to April 26, 2019 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement and such documents, certificates or other writings and such financial statements delivered to each
Purchaser being referred to, collectively, as the “Disclosure Documents”) (other than pro forma financial information, estimates, budgets, forward looking statements and information of a general economic or industry
nature concerning the Constituent Companies and their Subsidiaries), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein (taken as a whole) not
misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2018, there has been no change in the financial condition, operations, business, properties or prospects of
the Parent Guarantor or any Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to either Constituent Company that could reasonably be expected
to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. The pro forma financial information, estimates, budgets, forward looking statements and information of a general economic or industry nature
concerning the Constituent Companies and their Subsidiaries contained in the Disclosure Documents have been prepared in good faith based upon reasonable assumptions believed by management of the Constituent Companies to be reasonable at the time
made, it being recognized by the Purchasers that such information is not to be viewed as a guarantee of performance. 

  
 -6- 

 Section 5.4 Organization and Ownership of Shares of Subsidiaries;
Affiliates. 
 (a) Schedule 5.4 contains (except as noted therein) complete and correct lists of (1) the Parent
Guarantor’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its Capital Stock outstanding owned by the Parent Guarantor and each other Subsidiary
and whether such Subsidiary is a Qualified Asset Guarantor or another Subsidiary Guarantor, (2) the Unconsolidated Affiliates, and (3) each Constituent Company’s directors and senior officers. 

(b) All of the outstanding shares of Capital Stock of each Subsidiary shown in Schedule 5.4 as being owned by the Parent
Guarantor and its Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by the Parent Guarantor or another Subsidiary free and clear of any Lien that is prohibited by this
Agreement. 
 (c) Each Subsidiary (other than a Subsidiary Guarantor) is a corporation or other legal entity duly organized,
validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in
which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each
such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure to do so
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (d) No Subsidiary
is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay
dividends out of profits or make any other similar distributions of profits to the Parent Guarantor or any of its Subsidiaries that owns outstanding shares of Capital Stock of such Subsidiary. 

Section 5.5 Financial Statements; Material Liabilities. The Constituent Companies have delivered to each Purchaser
copies of the financial statements of the Parent Guarantor and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the
consolidated financial position of the Parent Guarantor and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been
prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end
adjustments).    The Parent Guarantor and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents. 

  
 -7- 

 Section 5.6 Compliance with Laws, Other Instruments, Etc. The
execution, delivery and performance by (a) the Issuer of this Agreement and the Notes, (b) the Parent Guarantor of this Agreement and (c) each Subsidiary Guarantor of the Subsidiary Guaranty Agreement will not (1) contravene,
result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Parent Guarantor or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement,
lease, corporate charter, regulations or by-laws, shareholders agreement or any other agreement or instrument to which the Parent Guarantor or any Subsidiary is bound or by which the Parent Guarantor or any
Subsidiary or any of their respective properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental
Authority applicable to the Parent Guarantor or any Subsidiary or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Parent Guarantor or any Subsidiary. 

Section 5.7 Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or
declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by (a) the Issuer of this Agreement or the Notes, (b) the Parent Guarantor of this Agreement or (c) any Subsidiary
Guarantor of the Subsidiary Guaranty Agreement. 
 Section 5.8 Litigation; Observance of Agreements, Statutes and
Orders. 
 (a) There are no actions, suits, investigations or proceedings pending or, to the best knowledge of either
Constituent Company, threatened against or affecting the Parent Guarantor or any Subsidiary or any property of the Parent Guarantor or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that
could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (b) Neither Constituent
Company nor any Subsidiary is (1) in default under any agreement or instrument to which it is a party or by which it is bound, (2) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any
Governmental Authority or (3) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in
Section 5.16), which default or violation could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.9 Taxes; REIT Status; Stock Exchange Listing. 

(a) The Parent Guarantor and its Subsidiaries have filed all federal, state and other material tax returns that are required to
have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments
have become due and payable and before they have become delinquent, except for any taxes and assessments (1) the amount of which, individually or in the aggregate, is not Material or (2) the amount, applicability or validity of which is
currently being contested in good faith by appropriate proceedings and with respect to which the Parent Guarantor or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. Neither Constituent Company knows of
any basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and 

  
 -8- 

 
reserves on the books of the Parent Guarantor and its Subsidiaries in respect of U.S. federal, state or other taxes for the then most recently ended fiscal quarter are adequate in accordance with
GAAP. The U.S. federal income tax liabilities of the Parent Guarantor and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the
fiscal year ended December 31, 2014. 
 (b) The Parent Guarantor (1) qualifies as a “real estate investment
trust” as defined in section 856 of the Code for U.S. Federal income tax purposes (a “REIT”), (2) has elected to be treated as a REIT and has not revoked its election to be a REIT and (3) is in compliance with all other
requirements and conditions imposed under the Code to allow it to maintain its status as a REIT. Each Subsidiary is either (i) a “qualified REIT subsidiary” within the meaning of Section 856(i) of the Code, (ii) a REIT,
(iii) a “taxable REIT subsidiary” within the meaning of Section 856(1) of the Code, (iv) a partnership under Treasury Regulation Section 301.7701-3 or (v) an entity
disregarded as a separate entity from its owner under Treasury Regulation Section 301.7701-3. 

(c) The Parent Guarantor’s common Capital Stock is listed on the New York Stock Exchange. 

Section 5.10 Title to Property; Leases; Liens. The Parent Guarantor and its Subsidiaries have good and sufficient
title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the
Parent Guarantor or any Subsidiary after such date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are
Material are valid and subsisting and are in full force and effect in all material respects. None of the Qualified Assets or the Capital Stock of any Subsidiary Guarantor or any Wholly-Owned, direct Foreign Subsidiary of a Subsidiary Guarantor that
owns or leases a Qualified Asset is subject to any Lien except Permitted Encumbrances and Permitted Equity Encumbrances. 

Section 5.11 Licenses, Permits, Etc. 

(a) The Parent Guarantor and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents,
copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, except to the extent that the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect,
without known conflict with the rights of others, other than any such conflict that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No claim has been asserted against the Parent Guarantor or any
of its Subsidiaries or is pending by any Person challenging or questioning the use of any intellectual property of the Parent Guarantor or any of its Subsidiaries or the validity or effectiveness of any such intellectual property in each case that
could reasonably be expected to have a Material Adverse Effect, nor does either Constituent Company know of any valid basis for any such claim in each case that could reasonably be expected to have a Material Adverse Effect. 

  
 -9- 

 (b) To the best knowledge of each Constituent Company, no product or service
of the Parent Guarantor or any of its Subsidiaries infringes any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person, except to the extent
that such infringements, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(c) To the best knowledge of each Constituent Company, there is no violation by any Person of any right of the Parent Guarantor
or any of its Subsidiaries with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Parent Guarantor or any of its Subsidiaries,
except to the extent that such violations, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

Section 5.12 Compliance with Employee Benefit Plans. 

(a) The Parent Guarantor and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable
laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Neither the Parent Guarantor nor any ERISA Affiliate has incurred
any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could,
individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Parent Guarantor or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Parent
Guarantor or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a
security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. 

(b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined
as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the
assets of such Plan allocable to such benefit liabilities by more than $1,000,000 in the case of any single Plan and by more than $1,000,000 in the aggregate for all Plans. The present value of the accrued benefit liabilities (whether or not vested)
under each Non-U.S. Plan that is funded, determined as of the end of the Parent Guarantor’s most recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current
value of the assets of such Non-U.S. Plan allocable to such benefit liabilities by more than $75,000. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and
the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. 

  
 -10- 

 (c) The Parent Guarantor and its ERISA Affiliates have not incurred
(1) withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material or (2) any obligation in
connection with the termination of or withdrawal from any Non-U.S. Plan that individually or in the aggregate are Material. 

(d) The expected postretirement benefit obligation (determined as of the last day of the Parent Guarantor’s most recently
ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section
4980B of the Code) of the Parent Guarantor and its Subsidiaries is not Material. 
 (e) The execution and delivery of this
Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406(a)(1) of ERISA or in connection with which a tax could be imposed pursuant to
section 4975(c)(1)(A)-(D) of the Code. The representation by the Constituent Companies to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s
representation in Section 6.3 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser. 

(f) All Non-U.S. Plans have been established, operated, administered and maintained in
compliance with all laws, regulations and orders applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by the Parent Guarantor and its Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue could not be reasonably
expected to have a Material Adverse Effect. 
 Section 5.13 Private Offering. Neither Constituent Company nor
anyone acting on their behalf has offered the Notes, the Parent Guaranty, the Subsidiary Guaranty Agreement or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or
negotiated in respect thereof with, any Person other than the Purchasers and not more than 50 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither Constituent Company nor anyone acting on
its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes, the execution and delivery by the Parent Guarantor of this Agreement for purposes of providing the Parent Guaranty or the execution and delivery of
the Subsidiary Guaranty Agreement to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction. 

Section 5.14 Use of Proceeds; Margin Regulations. The Issuer will apply the proceeds of the sale of the Notes
hereunder to repay certain existing Indebtedness of the Constituent Companies and for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or
carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the
Issuer in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said 

  
 -11- 

 
Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Parent Guarantor and its Subsidiaries and the Constituent Companies do not have
any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings
assigned to them in said Regulation U. 
 Section 5.15 Existing Indebtedness; Future Liens. 

(a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the
Parent Guarantor and its Subsidiaries the outstanding principal amount of which exceeds $1,000,000 (or its equivalent in the relevant currency of payment) as of December 31, 2018 (including descriptions of the obligors and obligees, principal
amounts outstanding, any collateral therefor and any Guaranty thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of such Indebtedness of the Parent Guarantor
or its Subsidiaries. The aggregate principal amount of all outstanding Indebtedness of the Parent Guarantor and its Subsidiaries not set forth on Schedule 5.15 does not exceed $25,000,000 (or its equivalent in the relevant currency of payment).
Neither the Parent Guarantor nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Parent Guarantor or such Subsidiary and no event or condition
exists with respect to any Indebtedness of the Parent Guarantor or any Subsidiary the outstanding principal amount of which exceeds $1,000,000 (or its equivalent in the relevant currency of payment) that would permit (or that with notice or the
lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b) Except as disclosed in Schedule 5.15, neither the Parent Guarantor nor any Subsidiary has agreed or consented to cause or
permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or
hereafter acquired, to be subject to a Lien not permitted by this Agreement. 
 (c) Neither the Parent Guarantor nor any
Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Parent Guarantor or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any
other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Issuer under this Agreement and the Notes, of the Parent Guarantor under this Agreement or of any Subsidiary
Guarantor under the Subsidiary Guaranty Agreement. 
 Section 5.16 Foreign Assets Control Regulations, Etc. 

(a) Neither the Parent Guarantor nor any Controlled Entity (1) is a Blocked Person, (2) has been notified that its
name appears or may in the future appear on a State Sanctions List or (3) is a target of sanctions that have been imposed by the United Nations or the European Union. 

  
 -12- 

 (b) Neither the Parent Guarantor nor any Controlled Entity (1) has
violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (2) to the either Constituent Company’s knowledge, is under
investigation by any Governmental Authority for possible violation of any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. 

(c) No part of the proceeds from the sale of the Notes hereunder: 

(1) constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Parent
Guarantor or any Controlled Entity, directly or indirectly, (i) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (ii) for any purpose that would cause any Purchaser to be in violation of any
U.S. Economic Sanctions Laws or (iii) otherwise in violation of any U.S. Economic Sanctions Laws; 
 (2) will be used,
directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or 

(3) will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any
Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable
Anti-Corruption Laws. 
 (d) The Parent Guarantor has established procedures and controls which the Constituent Companies
reasonably believe are adequate (and otherwise comply with applicable law) to ensure that the Parent Guarantor and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti-Money
Laundering Laws and Anti-Corruption Laws. 
 Section 5.17 Status under Certain Statutes. Neither Constituent
Company nor any Subsidiary (a) is an “investment company” or is required to be registered as such under the Investment Company Act of 1940 or (b) is subject to regulation under the Public Utility Holding Company Act of 2005, the
ICC Termination Act of 1995 or the Federal Power Act. 
 Section 5.18 Environmental Matters. 

(a) Neither the Parent Guarantor nor any Subsidiary has knowledge of any claim or has received any notice of any claim and no
proceeding has been instituted asserting any claim against the Parent Guarantor or any of its Subsidiaries or any of their respective real properties or other assets now or formerly owned, leased or operated by any of them, alleging any damage to
the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

  
 -13- 

 (b) Neither the Parent Guarantor nor any Subsidiary has knowledge of any
facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of
them or to other assets or their use, except, in each case, such as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(c) Neither the Parent Guarantor nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly
owned, leased or operated by any of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(d) Neither the Parent Guarantor nor any Subsidiary has disposed of any Hazardous Materials in a manner which is contrary to
any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(e) All buildings on all real properties now owned, leased or operated by the Parent Guarantor or any Subsidiary are in
compliance with applicable Environmental Laws, except where failure to comply could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

Section 5.19 Solvency. As of the date of the Closing, the Parent Guarantor and its Subsidiaries and the Issuer and
its Subsidiaries, in each case taken as a whole and on a consolidated basis, immediately after the consummation of the transactions contemplated hereby, are Solvent. 

SECTION 6. REPRESENTATIONS OF THE PURCHASERS. 

Section 6.1 Purchase for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own
account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or
their property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the
Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Issuer is not required to register the Notes. 

Section 6.2 Accredited Investor. Each Purchaser severally represents that it is an “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others are also “accredited
investors”). Each Purchaser further severally represents that such Purchaser has had the opportunity to ask questions of, and request information from, the Constituent Companies and receive answers concerning the Constituent Companies and the
terms and conditions of the offering and sale of the Notes. 

  
 -14- 

 Section 6.3 Source of Funds. Each Purchaser severally represents
that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:

 (a) the Source is an “insurance company general account” (as the term is defined in the United States Department
of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by
the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on
behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the
total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual
obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not
affected in any manner by the investment performance of the separate account; or 
 (c) the Source is either (1) an
insurance company pooled separate account, within the meaning of PTE 90-1 or (2) a bank collective investment fund, within the meaning of the PTE 91-38 and, except
as disclosed by such Purchaser to the Issuer in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such
pooled separate account or collective investment fund; or 
 (d) the Source constitutes assets of an “investment
fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI
of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and
(g) of the QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Issuer that would cause the QPAM and the Issuer to be “related” within the meaning of
Part VI(h) of the QPAM Exemption and (1) the identity of such QPAM and (2) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or
maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to
the Issuer in writing pursuant to this clause (d); or 

  
 -15- 

 (e) the Source constitutes assets of a “plan(s)” (within the
meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of
Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of “control” in Part
IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Issuer and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Issuer in
writing pursuant to this clause (e); or 
 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee
benefit plans, each of which has been identified to the Issuer in writing pursuant to this clause (g); or 
 (h) the Source
does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.3, the terms
“employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

SECTION 7. INFORMATION AS TO CONSTITUENT COMPANIES.

 Section 7.1 Financial and Business Information. The Constituent Companies shall deliver to each holder of a Note
that is an Institutional Investor: 
 (a) Quarterly Statements — within 45 days (or such shorter period as is the
earlier of (x) 15 days greater than the period applicable to the filing of the Parent Guarantor’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of whether the Parent Guarantor is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any
Principal Credit Facility or the date on which such corresponding financial statements are delivered under any Principal Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period
in each fiscal year of the Parent Guarantor (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

(1) a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such quarter, and 

(2) consolidated statements of income, changes in shareholders’ equity and cash flows of the Parent Guarantor and its
Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

  
 -16- 

 setting forth in each case in comparative form the figures for the corresponding periods in
the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer of the Parent Guarantor as fairly presenting, in all material
respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments; 

(b) Annual Statements — within 90 days (or such shorter period as is the earlier of (x) 15 days greater than the
period applicable to the filing of the Parent Guarantor’s Annual Report on Form 10-K (the “Form 10-K”) with the SEC
regardless of whether the Parent Guarantor is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Principal Credit Facility or the date on which such
corresponding financial statements are delivered under any Principal Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Parent Guarantor, duplicate copies of 

(1) a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such year, and 

(2) consolidated statements of income, changes in shareholders’ equity and cash flows of the Parent Guarantor and its
Subsidiaries for such year, 
 setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable
detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion
is based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their
results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards,
and that such audit provides a reasonable basis for such opinion in the circumstances; 
 (c) SEC and Other Reports
— promptly upon their becoming available, one copy of (1) each financial statement, report, notice, proxy statement or similar document sent by the Parent Guarantor or any Subsidiary (i) to its creditors under any Principal Credit
Facility (including documentation that, on the date of this Agreement, is required to be provided pursuant to Section 8.2(a)(1)(y) of the Bank Credit Agreement, but excluding information sent to such creditors in the ordinary course of
administration of a credit facility, such as information relating to pricing and borrowing availability) or (ii) to its public Securities holders generally, and (2) each regular or periodic report, each registration statement (without
exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto filed by the Parent Guarantor or any Subsidiary with the SEC and of all press releases and other statements made available generally by the Parent
Guarantor or any Subsidiary to the public concerning developments that are Material; 

  
 -17- 

 (d) Notice of Default or Event of Default — promptly, and in any
event within five days after a Responsible Officer of either Constituent Company becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default
hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the
Constituent Companies are taking or propose to take with respect thereto; 
 (e) Employee Benefits Matters —
promptly, and in any event within five days after a Responsible Officer of either Constituent Company becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Parent Guarantor or an
ERISA Affiliate proposes to take with respect thereto: 
 (1) with respect to any Plan, any reportable event, as defined in
section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date of this Agreement; 

(2) the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under
section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Parent Guarantor or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the
PBGC with respect to such Multiemployer Plan; 
 (3) any event, transaction or condition that could result in the incurrence
of any liability by the Parent Guarantor or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights,
properties or assets of the Parent Guarantor or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, could
reasonably be expected to have a Material Adverse Effect; or 
 (4) receipt of notice of the imposition of a Material
financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; 

(f) Notices from Governmental Authority — promptly, and in any event within five Business Days after receipt
thereof, (1) copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or
other inquiry by such agency regarding financial or other operational results of the Parent Guarantor or any Subsidiary, and (2) copies of any other notice to the Parent Guarantor or any Subsidiary from any Governmental Authority relating to
any order, ruling, statute or other law or regulation, in each case with respect to clauses (1) and (2) that could reasonably be expected to have a Material Adverse Effect; 

  
 -18- 

 (g) Resignation or Replacement of Auditors — within 10 days
following the date on which the Parent Guarantor’s auditors resign or the Parent Guarantor elects to change auditors, as the case may be, notification thereof, together with such further information as the Required Holders may reasonably
request; and 
 (h) Requested Information — promptly, such additional financial and other information regarding
the operations, business affairs, financial condition, assets or properties of the Parent Guarantor or any of its Subsidiaries or relating to the ability of the Issuer to perform its obligations hereunder and under the Notes, the ability of the
Parent Guarantor to perform its obligations hereunder or the ability of any Subsidiary Guarantor to perform its obligations under the Subsidiary Guaranty Agreement as from time to time may be reasonably requested by any such holder of a Note. 

Section 7.2 Officer’s Certificate. Each set of financial statements delivered to a holder of a
Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer of the Parent Guarantor: 

(a) Covenant Compliance — setting forth the information from such financial statements that is required in order to
establish whether the Constituent Companies were in compliance with the requirements of Section 10.6 and each Incorporated Covenant during the quarterly or annual period covered by the financial statements then being furnished (including with
respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount, ratio or percentage, as
the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence. In the event that the Parent Guarantor or any Subsidiary has made an election to measure any financial liability
using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 23.2) as to the period covered by any such financial statement, such Senior Financial Officer’s
certificate as to such period shall include a reconciliation from GAAP with respect to such election; 
 (b) Event of
Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Parent Guarantor and its
Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event
that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including any such event or condition resulting from the failure of the Parent Guarantor or any Subsidiary to comply with any Environmental Law),
specifying the nature and period of existence thereof and what action the Constituent Companies shall have taken or propose to take with respect thereto; and 

  
 -19- 

 (c) Subsidiary Guarantors – describing any changes to the
composition of the Subsidiary Guarantor group, if any, during the quarterly or annual period covered by the statements then being furnished. 

Section 7.3 Visitation. Each Constituent Company shall permit the representatives of each holder of a Note that is
an Institutional Investor: 
 (a) No Default — if no Default or Event of Default then exists, at the expense of
such holder and upon reasonable prior notice to such Constituent Company and no more than once in any calendar year, to visit the principal executive office of such Constituent Company, to discuss the affairs, finances and accounts of such
Constituent Company and its Subsidiaries with such Constituent Company’s officers, and (with the consent of such Constituent Company, which consent will not be unreasonably withheld) to visit the other offices and properties of such Constituent
Company and each Subsidiary; and 
 (b) Default — if a Default or Event of Default then exists, at the expense of
the Constituent Companies to visit and inspect any of the offices or properties of such Constituent Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts
therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and, in the presence of the Constituent Companies if the Constituent Companies shall so request, their independent public accountants (and by
this provision each Constituent Company authorizes said accountants to discuss the affairs, finances and accounts of such Constituent Company and its Subsidiaries), all at such times and as often as may be requested in writing. 

Section 7.4 Electronic Delivery. Financial statements, opinions of independent certified public accountants, other
information and Officer’s Certificates that are required to be delivered by a Constituent Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have been delivered if such Constituent Company satisfies any
of the following requirements with respect thereto: 
 (a) such financial statements satisfying the requirements of
Section 7.1(a) or (b) and related Officer’s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in a separate writing delivered to the Constituent
Companies; 
 (b) the Parent Guarantor shall have timely filed such Form 10–Q or Form 10–K, satisfying the
requirements of Section 7.1(a) or Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer’s Certificate satisfying the requirements of Section 7.2 available on its home page
on the internet, which is located at www.americold.com as of the date of this Agreement; 

  
 -20- 

 (c) such financial statements satisfying the requirements of
Section 7.1(a) or Section 7.1(b) and related Officer’s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf of such Constituent
Company on IntraLinks or on any other similar website to which each holder of Notes has free access; or 
 (d) such
Constituent Company shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR and shall have made such items available on its home page on the internet or on IntraLinks or on any other similar website to which
each holder of Notes has free access; 
 provided however, that in no case shall access to such financial statements, other information and
Officer’s Certificates be conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 21); provided further, that in the case of any of clauses (b), (c) or (d), except to
the extent the relevant information has been filed with the SEC on EDGAR, such Constituent Company shall have given each holder of a Note prior written notice, which may be by e-mail or in accordance with
Section 19, of such posting or filing in connection with each delivery, provided further, that upon request of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or
to receive them by e-mail, such Constituent Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder; provided, however,
that so long as the Constituent Companies have otherwise complied with the requirements of this Section 7, failure to send e-mailed or paper copies within the time required by this particular provision of
this Section 7 shall not constitute a Default or Event of Default hereunder. 
 Section 7.5 Limitation on
Disclosure Obligation. Neither Constituent Company nor any Subsidiary shall be required to disclose the following information pursuant to Section 7.1(c)(1)(i), 7.1(h) or 7.3: 

(a) information that constitutes trade secrets; 

(b) information that either Constituent Company determines after consultation with counsel qualified to advise on such matters
that, notwithstanding the confidentiality requirements of Section 21, it would be prohibited from disclosing by applicable law or regulations without making public disclosure thereof; 

(c) information that either Constituent Company determines after consultation with counsel qualified to advise on such matters
is privileged attorney-client work product and the disclosure of which would waive such privilege to the detriment of either Constituent Companies or any Subsidiary (it being understood that the Constituent Companies will act in good faith not to
use the terms of this clause (c) merely to shield the Constituent Companies from making disclosures otherwise required to be made under this Agreement); or 

(d) information that, notwithstanding the confidentiality requirements of Section 21, either Constituent Company is
prohibited from disclosing by the terms of an obligation of confidentiality contained in any agreement with any non-Affiliate binding upon the Company and not entered into in contemplation of this clause (b),
provided that the Company shall use commercially reasonable efforts to obtain consent from the party in whose favor the obligation of confidentiality was made to permit the disclosure of the relevant information and provided,
further, that the Constituent Companies have received a written opinion of counsel confirming that disclosure of such information without consent from such other contractual party would constitute a breach of such agreement. 

  
 -21- 

 Promptly after determining that a Constituent Company or a Subsidiary is not permitted to disclose any
information as a result of the limitations described in this Section 7.5, the Constituent Companies will provide each of the holders with an Officer’s Certificate describing generally the requested information that such Constituent Company
or such Subsidiary is prohibited from disclosing pursuant to this Section 7.5 and the circumstances under which such Constituent Company or such Subsidiary is not permitted to disclose such information. 

SECTION 8. PAYMENT AND PREPAYMENT OF THE
NOTES. 
 Section 8.1 Maturity. As provided therein, the entire unpaid principal
balance of each Note shall be due and payable on the Maturity Date thereof. 
 Section 8.2 Optional Prepayments with
Make-Whole Amount. The Issuer may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding
in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount; provided that, so long as no Default or Event of Default
shall then exist or would arise as a result thereof, no Make-Whole Amount shall be required in respect of the prepayment of any Note made pursuant to this Section 8.2 within 60 days of the Maturity Date thereof. The Issuer will give each holder
of Notes written notice of each optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such prepayment unless the Issuer and the Required Holders agree to another time period
pursuant to Section 18. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid
(determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer of the Issuer as to the
estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Issuer
shall deliver to each holder of Notes a certificate of a Senior Financial Officer of the Issuer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 

Section 8.3 Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to
Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called
for prepayment. In the case of any purchase or prepayment of the Notes pursuant to Section 8.5 or Section 8.7, the principal amount of the Notes to be purchased or prepaid shall be allocated among all of the Notes that have accepted such
offer of purchase or prepayment. 

  
 -22- 

 Section 8.4 Maturity; Surrender, Etc. In the case of each
prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date
and the applicable Make-Whole Amount, if any. From and after such date, unless the Issuer shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such
principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Issuer and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

Section 8.5 Purchase of Notes. The Issuer will not, and will not permit any Affiliate to, purchase, redeem, prepay
or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to an offer to purchase made by
the Issuer or an Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with respect
to such offer, and shall remain open for at least 10 Business Days. If the holders of more than 50% of the principal amount of the Notes then outstanding accept such offer, the Issuer shall promptly notify the remaining holders of such fact and the
expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 10 Business Days from its receipt of such notice to accept such offer. The Issuer will
promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.6 Make-Whole Amount. 

The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value
of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the
Make-Whole Amount, the following terms have the following meanings: “Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be
immediately due and payable pursuant to Section 12.1, as the context requires. 
 “Discounted Value” means, with
respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called
Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (a) 0.50% plus (b) the
yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page
PX1” (or such other display 

  
 -23- 

 
as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run
U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such
Remaining Average Life, then such implied yield to maturity will be determined by (1) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (2) interpolating linearly between
the “Ask Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (i) closest to
and greater than such Remaining Average Life and (ii) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (A) 0.50% plus (B) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day
for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S.
Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied
yield to maturity will be determined by interpolating linearly between (I) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (II) the U.S. Treasury constant maturity
so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (a) such
Called Principal into (b) the sum of the products obtained by multiplying (1) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (2) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the
scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to the Called
Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date,
provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 
 “Settlement
Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to
Section 12.1, as the context requires. 

  
 -24- 

 Section 8.7 Offer to Prepay Notes in the Event of a Change of
Control. 
 (a) Notice of Change of Control or Control Event. The Constituent Companies will, within 10 Business
Days after any Responsible Officer of either thereof has knowledge of the occurrence of any Change of Control or any Control Event, give written notice of such Change of Control or Control Event to each holder of Notes unless notice in respect of
such Change of Control (or the Change of Control contemplated by such Control Event) shall have been given pursuant to Section 8.7(b). If a Change of Control has occurred, such notice shall contain and constitute an offer by the Issuer to
prepay Notes as described in Section 8.7(c) and shall be accompanied by the certificate described in Section 8.7(g). 

(b) Condition to Company Action. The Parent Guarantor will not take any action that consummates or finalizes a Change of
Control unless (1) at least 30 days prior to such action the Issuer shall have given to each holder of Notes written notice containing and constituting an offer to prepay Notes as described in Section 8.7(c), accompanied by the certificate
described in Section 8.7(g), and (2) contemporaneously with such action, the Issuer prepays all Notes required to be prepaid in accordance with this Section 8.7. 

(c) Offer to Prepay Notes. The offer to prepay Notes contemplated by Sections 8.7(a) and (b) shall be an offer to
prepay, in accordance with and subject to this Section 8.7, all, but not less than all, Notes held by each holder on a date specified in such offer (the “Change of Control Proposed Prepayment Date”). If such Change of Control
Proposed Prepayment Date is in connection with an offer contemplated by Section 8.7(a), such date shall be a Business Day not less than 30 days and not more than 60 days after the date of such offer (or if the Change of Control Proposed
Prepayment Date shall not be specified in such offer, the Change of Control Proposed Prepayment Date shall be the Business Day nearest to the 30th day after the date of such offer). 

(d) Acceptance; Rejection. A holder of Notes may accept or reject the offer to prepay made pursuant to this
Section 8.7 by causing a notice of such acceptance or rejection to be delivered to the Issuer at least five Business Days prior to the Change of Control Proposed Prepayment Date. A failure by a holder of Notes to so respond to an offer to
prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of such offer by such holder. 
 (e)
Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together with accrued and unpaid interest on such Notes accrued to the date of prepayment but without
any Make-Whole Amount. The prepayment shall be made on the Change of Control Proposed Prepayment Date, except as provided by Section 8.7(f). 

(f) Deferral Pending Change of Control. The obligation of the Issuer to prepay Notes pursuant to the offers required by
Section 8.7(c) and accepted in accordance with Section 8.7(d) is subject to the occurrence of the Change of Control in respect of which such offers and acceptances shall have been made. In the event that such Change of Control does not
occur on the Change of Control Proposed Prepayment Date in respect 

  
 -25- 

 
thereof, the prepayment shall be deferred until, and shall be made on the date on which, such Change of Control occurs. The Constituent Companies shall keep each holder of Notes reasonably and
timely informed of (1) any such deferral of the date of prepayment, (2) the date on which such Change of Control and the prepayment are expected to occur and (3) any determination by the Parent Guarantor that efforts to effect such
Change of Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.7 in respect of such Change of Control automatically shall be deemed rescinded without penalty or other liability). 

(g) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.7 shall be accompanied by
a certificate, executed by a Senior Financial Officer of the Issuer and dated the date of such offer, specifying (1) the Change of Control Proposed Prepayment Date, (2) that such offer is made pursuant to this Section 8.7 and that
failure by a holder to respond to such offer by the deadline established in Section 8.7(d) shall result in such offer to such holder being deemed rejected, (3) the principal amount of each Note offered to be prepaid, (4) the interest
that would be due on each Note offered to be prepaid, accrued to the Change of Control Proposed Prepayment Date, (5) that the conditions of this Section 8.7 have been fulfilled and (6) in reasonable detail, the nature and date of the
Change of Control. 
 (h) Change of Control Defined. “Change of Control” means the occurrence of any
of the following events: 
 (1) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of 35% or more
of the outstanding equity securities of the Parent Guarantor entitled to vote for members of the board of directors or equivalent governing body of the Parent Guarantor; or 

(2) occupation of a majority of the seats (other than vacant seats) on the board of trustees of the Parent Guarantor by Persons
who were neither (i) nominated by the board of trustees of the Parent Guarantor nor (ii) appointed by directors so nominated. 

(i) Control Event Defined. “Control Event” means the execution of any definitive written agreement
which, when fully performed by the parties thereto, would result in a Change of Control. 
 Section 8.8 Payments Due
on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (a) except as set forth in clause (b), any payment of interest on any Note that is due on a date that is
not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (b) any payment of principal of or
Make-Whole Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the
computation of interest payable on such next succeeding Business Day. 

  
 -26- 

 SECTION 9. AFFIRMATIVE COVENANTS. 

The Constituent Companies covenant that so long as any of the Notes are outstanding: 

Section 9.1 Compliance with Laws. Without limiting Section 10.4, each Constituent Company will, and will cause
each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in
Section 5.16) and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective
businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses,
certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.2 Insurance. Each Constituent Company will, and will cause each of its Subsidiaries to, maintain, with
financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly
situated. 
 Section 9.3 Maintenance of Properties. Each Constituent Company will, and will cause each of its
Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be
properly conducted at all times, provided that this Section 9.3 shall not prevent the Parent Guarantor or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in
the conduct of its business and the Parent Guarantor has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.4 Payment of Taxes and Claims. Each Constituent Company will, and will cause each of its Subsidiaries to,
file all federal, state and other material tax returns and reports required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or
levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might
become a Lien on properties or assets of the Parent Guarantor or any Subsidiary, provided that neither the Parent Guarantor nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (a) the amount, applicability or
validity thereof is contested by the Parent Guarantor or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Parent Guarantor or a Subsidiary has established adequate reserves therefor in accordance with GAAP on
the books of the Parent Guarantor or such Subsidiary or (b) the nonpayment of all such taxes, assessments, charges, levies and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 -27- 

 Section 9.5 Corporate Existence, Etc. Subject to
Section 10.2, each Constituent Company will at all times preserve and keep its organizational existence in full force and effect. Subject to Section 10.2, each Constituent Company will at all times preserve and keep in full force and
effect the corporate or other organizational existence of each of its Subsidiaries (unless merged into the Parent Guarantor or a Wholly-Owned Subsidiary) and all rights and franchises of the Parent Guarantor and its Subsidiaries unless, in the good
faith judgment of the Parent Guarantor, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. 

Section 9.6 Books and Records. Each Constituent Company will, and will cause each of its Subsidiaries to, maintain
proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over such Constituent Company or such Subsidiary, as the case may be. Each Constituent
Company will, and will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. Each Constituent Company and its Subsidiaries have devised a
system of internal accounting controls (which may be on a consolidated basis or organized based on profit centers) sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect all transactions and
dispositions of assets and each Constituent Company will, and will cause each of its Subsidiaries to, continue to maintain such system. 

Section 9.7 REIT Status; Stock Exchange Listing. The Parent Guarantor will (a) continue to be treated as
a REIT and (b) cause its common Capital Stock to be listed and to remain listed on the New York Stock Exchange or the NASDAQ Stock Market. 

Section 9.8 Ownership. 

(a) The Parent Guarantor will at all times be the sole general partner of the Issuer. 

(b) The Parent Guarantor will not permit any Persons (other than itself) to own, directly or indirectly, Capital Stock of the
Issuer that, if exchanged for Capital Stock of the Parent Guarantor, would result in a Change of Control under clause (1) of the definition thereof. 

(c) The Issuer will own, directly or indirectly, free of any Liens, encumbrances or adverse claims, 100% of the Capital Stock
of each Subsidiary Guarantor and each Qualified Asset Holder (except as otherwise expressly permitted by this Agreement). 

  
 -28- 

 Section 9.9 Subsidiary Guarantors. 

(a) The Parent Guarantor will cause each of its Subsidiaries that guarantees or otherwise becomes liable at any time, whether
as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Principal Credit Facility (including any Subsidiary that was a party to the Subsidiary Guaranty
Agreement but subsequently (x) was released from the Subsidiary Guaranty Agreement and (y) has guaranteed or otherwise became liable under any Principal Credit Facility), to concurrently therewith: 

(1) if the Subsidiary Guaranty Agreement entered into on the date of the Closing is then outstanding, execute a supplement to
the Subsidiary Guaranty Agreement in the form of Exhibit A thereto (a “Subsidiary Guaranty Supplement”) or, if all Subsidiary Guarantors have been released pursuant to Section 9.9(b) and such Subsidiary Guaranty Agreement has
been terminated, enter into a new subsidiary guaranty agreement substantially in the form of Exhibit SGA (a “New Subsidiary Guaranty Agreement”) or, if a New Subsidiary Guaranty Agreement is then in effect, a supplement to such New
Subsidiary Guaranty in the form of Exhibit A thereto (a “New Subsidiary Guaranty Supplement”); and 

(2) deliver the following to each holder of a Note: 

(i) an executed counterpart of such Subsidiary Guaranty Supplement or such New Subsidiary Guaranty Agreement or such New
Subsidiary Guaranty Supplement, as the case may be; 
 (ii) a certificate signed by an authorized responsible officer of
such Subsidiary containing representations and warranties on behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6 and 5.7 of this Agreement (but with respect to such Subsidiary, such
Subsidiary Guaranty Supplement and the Subsidiary Guaranty Agreement or such New Subsidiary Guaranty Agreement or such New Subsidiary Guaranty Supplement and the New Subsidiary Guaranty Agreement, as the case may be); 

(iii) all documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing
existence and, where applicable, good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and delivery of such Subsidiary Guaranty Supplement, such New Subsidiary Guaranty
Agreement or such New Subsidiary Guaranty Supplement and the performance by such Subsidiary of its obligations under the Subsidiary Guaranty Agreement or the New Subsidiary Guaranty Agreement, as the case may be; and 

(iv) an opinion of counsel reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary,
such Subsidiary Guaranty Supplement and the Subsidiary Guaranty Agreement or such New Subsidiary Guaranty Agreement or such New Subsidiary Guaranty Supplement and the New Subsidiary Guaranty Agreement, as the case may be, as the Required Holders may
reasonably request. 

  
 -29- 

 (b) At the election of the Parent Guarantor and by written notice to each
holder of Notes, any Subsidiary Guarantor that is a party to the Subsidiary Guaranty Agreement may be discharged from all of its obligations and liabilities under the Subsidiary Guaranty Agreement and shall be automatically released from its
obligations thereunder without the need for the execution or delivery of any other document by the holders, provided that (1) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Principal Credit
Facility, then such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under the Subsidiary Guaranty Agreement) under such Principal Credit Facility,
(2) at the time of, and after giving effect to, such release and discharge, no Default or Event of Default shall be existing, (3) no amount is then due and payable under the Subsidiary Guaranty Agreement, (4) if in return for such
Subsidiary Guarantor being released and discharged under any Principal Credit Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Principal Credit Facility for such release (other than
(i) commitment fees, upfront fees, ticking fees, alternate transaction fees and similar fees given in consideration of a new extension of credit in connection with an extension or replacement of such Principal Credit Facility, (ii) amounts
paid in satisfaction of principal or interest under such Principal Credit Facility and (iii) structuring, arrangement or similar fees solely for the account of the agents or arrangers under such Principal Credit Facility in connection with such
release and discharge), the holders of the Notes shall receive equivalent consideration substantially concurrently therewith and (5) each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth
in clauses (1) through (4). 
 Section 9.10 Most Favored Lender Provision. If at any time a
Principal Credit Facility or any guaranty in respect thereof shall include any Financial Covenant and such provision is not expressly contained in Section 10.6 on the date of the Closing (any such provision, together with any related
definitions (including, any term defined therein with reference to the application of GAAP, as identified in such Principal Credit Facility), an “Incorporated Covenant”), then the Company shall promptly, and in any
event within 10 Business Days thereof, provide a Most Favored Lender Notice with respect to each such Incorporated Covenant; provided that a Most Favored Lender Notice is not required to be given in the case of any Incorporated Covenant
incorporated herein on the date of the Closing. Thereupon, unless waived in writing by the Required Holders within 10 days of the Purchasers’ and holders’ receipt of such notice, such Incorporated Covenant shall be deemed incorporated by
reference into this Agreement, mutatis mutandis, as if set forth fully herein, effective (a) in the case of any Incorporated Covenant effective on the date of the Closing, as of the such date, and (b) in the case of any Incorporated
Covenant effective after the date of the Closing, as of the date when such Incorporated Covenant became effective under such Principal Credit Facility. Any Incorporated Covenant incorporated into this Agreement pursuant to this provision
(1) shall remain unchanged herein notwithstanding any temporary waiver of such Incorporated Covenant under the relevant Principal Credit Facility, (2) shall be deemed automatically amended herein to reflect any subsequent amendments agreed
and implemented in relation to such Incorporated 

  
 -30- 

 Covenant under the relevant Principal Credit Facility and (3) shall be deemed deleted from this
Agreement at such time as such Incorporated Covenant is deleted or otherwise removed from or is no longer in effect under or pursuant to the relevant Principal Credit Facility or if the relevant Principal Credit Facility has been terminated;
provided that (i) if in return for any such Incorporated Covenant ceasing to be in effect or being deleted or being so amended or modified in such Principal Credit Facility, any fee or other form of consideration (other than
(A) commitment fees, upfront fees, ticking fees, alternate transaction fees and similar fees given in consideration of a new extension of credit in connection with an extension or replacement of such Principal Credit Facility, (B) amounts
paid in satisfaction of principal or interest under such Principal Credit Facility and (C) structuring, arrangement or similar fees solely for the account of the agents or arrangers under such Principal Credit Facility in connection with such
deletion, amendment or modification) is given or agreed to be given to any holder of Indebtedness under such Principal Credit Facility, then the Constituent Companies shall pay or agree to pay to the holders of the Notes equivalent consideration,
determined on a pro rata basis in proportion to the relative outstanding principal amount of the Notes and the principal amount of Indebtedness outstanding under such Principal Credit Facility, substantially concurrently therewith; (ii) no
Incorporated Covenant shall be so deemed automatically amended or deleted during any time that a Default or Event of Default has occurred and is continuing; and (iii) no Incorporated Covenant shall be so deemed automatically amended in a manner
that would cause it to become less restrictive or deleted, unless the Constituent Companies shall have first provided notice thereof to each Purchaser and holder of the Notes. In determining whether a breach of any Financial Covenant incorporated by
reference into this Agreement pursuant to this Section 9.10 shall constitute an Event of Default, the period of grace, if any, applicable to such Incorporated Covenant in the relevant Principal Credit Facility (notwithstanding the grace period
set forth in Section 11(d)) shall apply. 
 Section 9.11 Rating on the Notes. The Issuer shall at all times
maintain a Debt Rating for the Notes from an NRSRO. Evidence of such Debt Rating shall (a) be delivered by the Issuer to the holders of the Notes (1) at least annually (but not more than 30 days prior to each anniversary of the date of the
Closing) and (2) promptly upon any change in such Debt Rating, (b) set forth the Debt Rating for the Notes, (c) refer to each Private Placement Number issued by CUSIP Global Services, managed on behalf of the American Bankers
Association by S&P Global Market Intelligence, in respect of such Notes, (d) state that such Debt Rating addresses the likelihood of payment of both the principal and interest of such Notes, (e) not include any prohibition against
sharing such evidence with the SVO or any other regulatory authority having jurisdiction over the holders of the Notes, and (f) include such other information relating to such Debt Rating as may be required from time to time by the SVO or any
other regulatory authority having jurisdiction over the holders of the Notes. 

  
 -31- 

 SECTION 10. NEGATIVE COVENANTS. 

The Constituent Companies covenant that so long as any of the Notes are outstanding: 

Section 10.1 Transactions with Affiliates. The Constituent Companies will not, and will not permit any Subsidiary to,
enter into directly or indirectly any transaction or group of related transactions (including the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than a Constituent Company or
another Subsidiary), except: (a) arrangements in respect of shared services, joint procurement, corporate expense allocation and information technology licensing; (b) the consummation of the transactions contemplated by this Agreement and
the payment of the transaction costs in connection therewith, and as otherwise permitted by this Agreement; (c) if approved by the governing body of such Person in accordance with applicable law, any indemnity provided for the benefit of
directors of such Person; (d) the payment of fees, expenses, compensation or employee benefit arrangements to managers, consultants, employees, officers and outside directors of such Person; and (e) in the ordinary course and pursuant to
the reasonable requirements of the applicable Constituent Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the applicable Constituent Company or such Subsidiary than would be obtainable in a
comparable arm’s-length transaction with a Person not an Affiliate. 

Section 10.2 Merger, Consolidation, Etc. The Constituent Companies will not, and will not permit any Subsidiary
Guarantor or Qualified Asset Holder to, consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: 

(a) in the case of any such transaction involving the Issuer, the successor formed by such consolidation or the survivor of
such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Issuer as an entirety, as the case may be, shall be a solvent entity organized and existing under the laws of the United States or
any state thereof (including the District of Columbia), and, if the Issuer is not such entity, (1) such entity shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of
each covenant and condition of the Issuer set forth in this Agreement and the Notes and (2) such entity shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent counsel, or other independent
counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof; 

(b) in the case of any such transaction involving the Parent Guarantor, the successor formed by such consolidation or the
survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Parent Guarantor as an entirety, as the case may be, shall be a solvent entity that is organized and existing under
the laws of the United States or any state thereof (including the District of Columbia) and, if the Parent Guarantor is not such entity, (1) such entity shall have executed and delivered to each holder of Notes its assumption of the due and
punctual performance and observance of each covenant and condition of the Parent Guarantor set forth in this Agreement and (2) Parent Guarantor shall have caused to be delivered to each holder of Notes an opinion of nationally recognized
independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms
hereof; 

  
 -32- 

 (c) in the case of any such transaction involving a Subsidiary Guarantor,
the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Subsidiary Guarantor as an entirety, as the case may be, shall be a
solvent entity that is organized and existing under the laws of the United States or any state thereof (including the District of Columbia) and, if such Subsidiary Guarantor or another Subsidiary Guarantor is not such entity, (1) such entity
shall have executed and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of the Subsidiary Guaranty Agreement and (2) the Constituent Companies shall have caused
to be delivered to each holder of Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption
are enforceable in accordance with their terms and comply with the terms hereof; 
 (d) in the case of any such transaction
involving a Qualified Asset Holder, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Qualified Asset Holder as an
entirety, as the case may be, shall be (1) such Qualified Asset Holder or another Qualified Asset Holder or (2) any other Person so long as immediately after giving effect to such transaction or each transaction in any series of
transactions the Parent Guarantor would be in compliance, on a pro forma basis, with the requirements of Section 10.6(e); 

(e) the Parent Guarantor and each Subsidiary Guarantor, as applicable, reaffirms its obligations under the Parent Guaranty
and/or the Subsidiary Guaranty Agreement in writing at such time pursuant to documentation that is reasonably acceptable to the Required Holders; and 

(f) immediately before and immediately after giving effect to such transaction or each transaction in any such series of
transactions, no Default or Event of Default shall have occurred and be continuing. 
 No such conveyance, transfer or lease of substantially all of the
assets of a Constituent Company or any Subsidiary Guarantor shall have the effect of releasing such Constituent Company or such Subsidiary Guarantor, as the case may be, or any successor corporation or limited liability company that shall
theretofore have become such in the manner prescribed in this Section 10.2, from its liability under (x) this Agreement or the Notes (in the case of the Issuer), (y) this Agreement (in the case of the Parent Guarantor) or (z) the
Subsidiary Guaranty Agreement (in the case of any Subsidiary Guarantor), unless, in the case of the conveyance, transfer or lease of substantially all of the assets of a Subsidiary Guarantor, such Subsidiary Guarantor is released from the Subsidiary
Guaranty Agreement in accordance with Section 9.9(b) in connection with or immediately following such conveyance, transfer or lease. 

Section 10.3 Line of Business. The Constituent Companies will not, and will not permit any Subsidiary to, engage in
any business if, as a result, the general nature of the business in which the Parent Guarantor and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Parent
Guarantor and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement or other business activities that are extensions thereof or otherwise incidental, reasonably related or ancillary thereto. 

  
 -33- 

 Section 10.4 Economic Sanctions, Etc. The Constituent Companies
will not, and will not permit any Controlled Entity to, (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or engage in
any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (1) would cause any holder or any affiliate of such holder to be in
violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (2) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. 

Section 10.5 Liens. The Constituent Companies will not, and will not permit any Subsidiary to, directly or
indirectly create, incur, assume or suffer to exist any Lien on: 
 (a) any Qualified Asset, other than Permitted
Encumbrances; 
 (b) any Capital Stock of (1) any Subsidiary Guarantor, (2) any Wholly-Owned, direct Foreign
Subsidiary of a Qualified Asset Guarantor that owns or leases a Qualified Asset or (3) any Qualified Asset Holder, other than Permitted Equity Encumbrances; and 

(c) any income or revenues from, or proceeds of, any of the foregoing; 

or sign, file or authorize under the Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral description any portion
of any Qualified Asset or the Capital Stock of (i) any Subsidiary Guarantor, (ii) any Wholly-Owned, direct Foreign Subsidiary of a Qualified Subsidiary Guarantor that owns or leases a Qualified Asset or (iii) any Qualified Asset
Holder, or any income or revenue from, or proceeds of, any of the foregoing. 
 Section 10.6 Financial Covenants.

 (a) Maximum Total Leverage Ratio. The Parent Guarantor will not permit the Total Leverage Ratio to exceed 0.60 to
1.00. 
 (b) Minimum Fixed Charge Coverage Ratio. The Parent Guarantor will not permit the Fixed Charge Coverage Ratio
for any Reference Period to be less than 1.50 to 1.00. 
 (c) Maximum Total Secured Indebtedness Ratio. The Parent
Guarantor will not permit the Total Secured Indebtedness Ratio to exceed 0.40 to 1.00. 
 Notwithstanding the foregoing, the
Constituent Companies will not, and will not permit any of their Subsidiaries to, secure any Indebtedness outstanding under or pursuant to any Principal Credit Facility unless and until the Notes (and any guarantee delivered in connection therewith)
shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Required 

  
 -34- 

 
Holders in substance and in form, including an intercreditor agreement and opinions of counsel to such Constituent Company and/or any such Subsidiary, as the case may be, from counsel that is
reasonably acceptable to the Required Holders; provided that if the Indebtedness under the Principal Credit Facility thereafter ceases at any time to be secured, then, so long as no Default or Event of Default then exists or would result
therefrom, the Liens securing the Notes shall be automatically released concurrently with the release of the Liens securing such Principal Credit Facility. 

(d) Minimum Unsecured Debt Service Coverage Ratio. The Parent Guarantor will not permit the Unsecured Debt Service
Coverage Ratio to be less than 2.00 to 1.00. 
 (e) Maximum Unsecured Indebtedness to Qualified Assets Ratio. The
Parent Guarantor will not permit, at any time, the Unsecured Indebtedness to Qualified Assets Ratio to exceed 0.60 to 1.00. 
 Each of the
covenants set forth in this Section 10.6(a) through (d) shall be tested on the last day of each Reference Period. 
 SECTION 11.
EVENTS OF DEFAULT. 
 An “Event of Default” shall
exist if any of the following conditions or events shall occur and be continuing: 
 (a) the Issuer defaults in the payment
of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b) the Issuer defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due
and payable; or 
 (c) either Constituent Company defaults in the performance of or compliance with any term contained in
Section 7.1(d), Section 9.7(a), Section 9.9 or Section 10; or 
 (d) either Constituent Company or any
Subsidiary Guarantor defaults in the performance of or compliance with any term contained or incorporated by reference herein (other than those referred to in Sections 11(a), (b) and (c)) or in the Subsidiary Guaranty Agreement and such
default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual knowledge of such default and (2) either Constituent Company receiving written notice of such default from any holder of a Note (any
such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 

(e) (1) any representation or warranty made in writing by or on behalf of either Constituent Company or by any officer of
either Constituent Company in this Agreement or any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made, or (2) any representation
or warranty made in writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in the Subsidiary Guaranty Agreement or any writing furnished in connection with the Subsidiary Guaranty Agreement proves to have
been false or incorrect in any material respect on the date as of which made; or 

  
 -35- 

 (f) (1) either Constituent Company or any Subsidiary is in default (as
principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $75,000,000 (or, if lower, the lowest
corresponding threshold under any Principal Credit Facility) (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto, or (2) either Constituent Company or any Subsidiary is in default in
the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $75,000,000 (or, if lower, the lowest corresponding threshold under any Principal Credit Facility) (or its
equivalent in the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or
one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (3) as a consequence of the occurrence or continuation of any event or
condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into Capital Stock), (i) either Constituent Company or any Subsidiary has become obligated to purchase or repay Indebtedness
before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $75,000,000 (or, if lower, the lowest corresponding threshold under any Principal Credit Facility) (or its
equivalent in the relevant currency of payment), or (ii) one or more Persons have the right to require either Constituent Company or any Subsidiary so to purchase or repay such Indebtedness; or 

(g) either Constituent Company or any Subsidiary (1) is generally not paying, or admits in writing its inability to pay,
its debts as they become due, (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents to the appointment of a custodian, receiver, trustee or other officer with
similar powers with respect to it or with respect to any substantial part of its property, (5) is adjudicated as insolvent or to be liquidated, or (6) takes corporate action for the purpose of any of the foregoing; or 

(h) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by either
Constituent Company or any Subsidiary, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for
relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of either Constituent Company or any
Subsidiary, or any such petition shall be filed against either Constituent Company or any Subsidiary and such petition shall not be dismissed within 60 days; or 

  
 -36- 

 (i) any event occurs with respect to either Constituent Company or any
Subsidiary which under the laws of any jurisdiction is analogous to any of the events described in Section 11(g) or Section 11(h), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the
relevant proceeding which most closely corresponds to the proceeding described in Section 11(g) or Section 11(h); or 
 (j)
one or more final judgments or orders for the payment of money aggregating in excess of $75,000,000 (or, if lower, the lowest corresponding threshold under any Principal Credit Facility) (or its equivalent in the relevant currency of payment),
including any such final order enforcing a binding arbitration decision, are rendered against one or more of the Constituent Companies and their Subsidiaries and which judgments are not, within 30 days after entry thereof, bonded, discharged or
stayed pending appeal, or are not discharged within 30 days after the expiration of such stay; or 
 (k) if (1) any Plan
shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (2) a notice of
intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall
have notified the Parent Guarantor or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (3) there is any “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under
one or more Plans, determined in accordance with Title IV of ERISA, (4) the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S. Plans
allocable to such liabilities, (5) the Parent Guarantor or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating
to employee benefit plans, (6) the Parent Guarantor or any ERISA Affiliate withdraws from any Multiemployer Plan, (7) the Parent Guarantor or any Subsidiary establishes or amends any employee welfare benefit plan that provides
post-employment welfare benefits in a manner that would increase the liability of the Parent Guarantor or any Subsidiary thereunder, (8) the Parent Guarantor or any Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the
requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (9) the Parent Guarantor or any Subsidiary becomes subject to the imposition of a financial
penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (1) through (9) above, either
individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms “employee benefit plan” and “employee welfare benefit
plan” shall have the respective meanings assigned to such terms in section 3 of ERISA; or 
 (l) the Subsidiary
Guaranty Agreement shall cease to be in full force and effect, any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of the Subsidiary Guaranty
Agreement, or the obligations of any Subsidiary Guarantor under the Subsidiary Guaranty Agreement are not or cease to be legal, valid, binding and enforceable in accordance with the terms thereof. 

  
 -37- 

 SECTION 12. REMEDIES ON DEFAULT,
ETC. 
 Section 12.1 Acceleration. 

(a) If an Event of Default with respect to either Constituent Company described in Section 11(g), (h) or (i) (other than
an Event of Default described in clause (1) of Section 11(g) or described in clause (6) of Section 11(g) by virtue of the fact that such clause encompasses clause (1) of Section 11(g)) has occurred, all the Notes then
outstanding shall automatically become immediately due and payable. 
 (b) If any other Event of Default has occurred and is
continuing, the Required Holders may at any time at its or their option, by notice or notices to the Issuer, declare all the Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders
of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Issuer, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the applicable Default Rate) and (y) the Make-Whole Amount determined in respect of
such principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Issuer acknowledges, and the parties hereto agree, that each holder
of a Note has the right to maintain its investment in the Notes free from repayment by the Issuer (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Issuer in the event that the Notes are
prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 

Section 12.2 Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of
whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity
or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or the Subsidiary Guaranty Agreement, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of
the exercise of any power granted hereby or thereby or by law or otherwise. 
 Section 12.3 Rescission. At any
time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written notice to the Issuer, may rescind and annul any such declaration and its consequences if (a) the Issuer has paid
all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest 

  
 -38- 

 
on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the applicable Default Rate,
(b) neither the Issuer nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of
amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 18, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the
Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any
holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement, the Subsidiary Guaranty
Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the
Constituent Companies under Section 16, the Constituent Companies will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection
under this Section 12, including reasonable attorneys’ fees, expenses and disbursements. 
 SECTION 13.
GUARANTEE. 
 Section 13.1 The Guarantee. The Parent Guarantor hereby
absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, to each holder of a Note (a) the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the
principal of, Make-Whole Amount, if any, and interest (including any interest accruing after the commencement of any proceeding in bankruptcy and any additional interest that would accrue but for the commencement of such proceeding) on the Notes and
all other obligations of the Issuer under this Agreement and (b) the full and prompt performance and observance by the Issuer of each and all of the obligations, covenants and agreements required to be performed or observed by the Issuer under
the terms of this Agreement and the Notes (all the foregoing being hereinafter collectively called the “Obligations”). The Parent Guarantor further agrees (to the extent permitted by applicable law) that the
Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound under this Section 13 notwithstanding any extension or renewal of any Obligation. 

Section 13.2 Waiver of Defenses. The Parent Guarantor waives presentation to, demand of payment from and protest to
the Issuer of any of the Obligations and also waives notice of protest for nonpayment. The Parent Guarantor waives notice of any default under this Agreement, the Notes or the other Obligations. The obligation of the Parent Guarantor hereunder shall
not be affected by (a) the failure of any holder of a Note to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person (including any Subsidiary Guarantor) under this Agreement, the Notes, the
Subsidiary Guaranty Agreement or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, 

  
 -39- 

 
waiver, amendment or modification of any of the terms or provisions of this Agreement, the Notes, the Subsidiary Guaranty Agreement or any other agreement; (d) the acceptance of any security
or Guarantee (including the Subsidiary Guaranty Agreement) by any holder of a Note for the Obligations or any of them; (e) the release of any security or Guarantee (including the Subsidiary Guaranty Agreement) held by any holder of a Note for
the Obligations or any of them; (f) the release of the Issuer, any Subsidiary Guarantor or any other Person from its liability with respect to the Obligations; (g) any act or failure to act with regard to the Obligations; (h) the
voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets, marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization
or arrangement under bankruptcy or similar laws, composition with creditors or readjustment of, or other similar procedure affecting the Issuer, any Subsidiary Guarantor or any other Person or any of the assets of any of them, or any allegation or
contest of the validity of this Agreement, the Notes, the Subsidiary Guaranty Agreement or any other agreement or the disaffirmance of this Agreement or the Notes or the Subsidiary Guaranty Agreement or any other agreement in any such proceeding;
(i) the invalidity or unenforceability of this Agreement, the Notes, the Subsidiary Guaranty Agreement or any other agreement; (j) the impossibility or illegality of performance on the part of the Issuer, any Subsidiary Guarantor or any
other Person of its obligations under the Notes, this Agreement, the Subsidiary Guaranty Agreement or any other instrument or agreement; (k) in respect of the Issuer, any Subsidiary Guarantor or any other Person, any change of circumstances,
whether or not foreseen or foreseeable, whether or not imputable to the Issuer, any Subsidiary Guarantor or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes,
wars (whether or not declared), acts of terrorists, civil commotions, acts of God or the public enemy, delays or failures of suppliers or carriers, inability to obtain materials, action of any Governmental Authority, change of law or any other
causes affecting performance, or other force majeure, whether or not beyond the control of the Issuer, any Subsidiary Guarantor or any other Person and whether or not of the kind above specified; or (l) any change in the ownership of the
Issuer. 
 It being understood that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other
acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Section 13.2 that the obligations of the Parent Guarantor shall be absolute, unconditional and irrevocable to the extent herein
specified and shall not be discharged, impaired or varied except by the payment of the Obligations and then only to the extent of such payment. 

Section 13.3 Guaranty of Payment. The Parent Guarantor further agrees that the Guarantee herein constitutes a
guaranty of payment when due (and not a guaranty of collection) and waives any right to require that any resort be had by any holder of a Note to any other Person or to any security held for payment of the Obligations. 

Section 13.4 Guaranty Unconditional. The obligations of the Parent Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or 

  
 -40- 

 unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of the Parent Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any holder of a Note to assert any claim or demand or to enforce any remedy under this Agreement, the Notes, the Subsidiary
Guaranty Agreement or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of the Parent Guarantor or would otherwise operate as a discharge of the Parent Guarantor as a matter of law or equity. 

Section 13.5 Reinstatement. The Parent Guarantor further agrees that the Guarantee herein shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored by any holder of a Note upon the bankruptcy or reorganization of the Issuer or
otherwise. 
 Section 13.6 Payment on Demand. In furtherance of the foregoing and not in limitation of any other
right which any holder of a Note has at law or in equity against the Parent Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by
redemption or otherwise, the Parent Guarantor hereby promises to and shall, upon receipt of written demand by any holder of a Note, forthwith pay, or cause to be paid, in cash, to the holders an amount equal to the sum of (a) the unpaid amount
of such Obligations then due and owing and (b) accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by applicable law). 

The Parent Guarantor acknowledges and agrees that repeated and successive demands may be made and recoveries may be had hereunder as and when,
from time to time, the Issuer shall default under the terms of a Note or this Agreement and that notwithstanding recovery hereunder for or in respect of any given Default or Event of Default, the Guarantee contained in this Section 13 shall
remain in full force and effect and shall apply to each and every subsequent Default or Event of Default. 

Section 13.7 Stay of Acceleration. The Parent Guarantor further agrees that, as between itself, on the one hand, and
the holders of the Notes, on the other hand, (a) the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Agreement for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Obligations guaranteed hereby and (b) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become
due and payable by the Parent Guarantor for the purposes of this Guarantee. 
 Section 13.8 No Subrogation.
Notwithstanding any payment or payments made by the Parent Guarantor hereunder, the Parent Guarantor shall not be entitled to be subrogated to any of the rights of any holder of a Note against the Issuer or any collateral security or Guarantee or
right of offset held by any holder for the payment of the Obligations, nor shall the Parent Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuer or any Subsidiary Guarantor in respect of payments made by the Parent
Guarantor hereunder, until all 

  
 -41- 

 
amounts owing to the holders of the Notes by the Issuer on account of the Obligations are paid in full. If any amount shall be paid to the Parent Guarantor on account of such subrogation rights
at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Parent Guarantor in trust for the holders of the Notes, segregated from other funds of the Parent Guarantor, and shall, forthwith upon receipt
by the Parent Guarantor, be turned over to the holders of the Notes in the exact form received by the Parent Guarantor (duly indorsed by the Parent Guarantor to the holders of the Notes, if required), to be applied against the Obligations. 

Section 13.9 Marshalling. No holder of a Note shall be under any obligation: (a) to marshal any assets in favor
of the Parent Guarantor or in payment of any or all of the liabilities of the Issuer under or in respect of the Notes and this Agreement or the obligations of the Parent Guarantor hereunder or (b) to pursue any other remedy that the Parent
Guarantor may or may not be able to pursue itself and that may lighten the Parent Guarantor’s burden, any right to which the Parent Guarantor hereby expressly waives. 

Section 13.10 Transfer of Notes. All rights of any holder of a Note under this Section 13 shall be considered
to be transferred or assigned at any time or from time to time upon the transfer of any Note held by such holder whether with or without the consent of or notice to the Parent Guarantor under this Section 13 or to the Issuer. 

Section 13.11 Consideration. The Parent Guarantor has received, or shall receive, direct or indirect benefits from
the making of this Guarantee. 
 SECTION 14. REGISTRATION; EXCHANGE; SUBSTITUTION OF
NOTES. 
 Section 14.1 Registration of Notes. The Issuer shall keep at its
principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall
be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and
(b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name
any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Issuer shall not be affected by any notice or knowledge to the contrary. The Issuer shall give to any holder of a Note that is
an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 

Section 14.2 Transfer and Exchange of Notes. Upon surrender of any Note to the Issuer at the address and to the
attention of the designated officer (all as specified in Section 19(3)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the
registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within 10 Business Days
thereafter, the Issuer shall execute and deliver, at the Issuer’s expense (except as provided below), one or more new Notes (as requested 

  
 -42- 

 by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal
amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1(c). Each such new Note shall be dated and bear interest from the date to which
interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Issuer may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in
respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a
denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.3. 

Section 14.3 Replacement of Notes. Upon receipt by the Issuer at the address and to the attention of the designated
officer (all as specified in Section 19(3)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from
such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
 (a) in the case of
loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $100,000,000 or a
Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 

(b) in the case of mutilation, upon surrender and cancellation thereof, 

within 10 Business Days thereafter, the Issuer at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the
date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

SECTION 15. PAYMENTS ON NOTES. 

Section 15.1 Place of Payment. Subject to Section 15.2, payments of principal, Make-Whole Amount, if any, and
interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction. The Issuer may at any time, by notice to each holder of a Note, change the place of payment of
the Notes so long as such place of payment shall be either the principal office of the Issuer in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

Section 15.2 Payment by Wire Transfer. So long as any Purchaser or its nominee shall be the holder of any Note, and
notwithstanding anything contained in Section 15.1 or in such Note to the contrary, the Issuer will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming due hereunder by the
method and at the address specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such other method or at such other address as such Purchaser shall 

  
 -43- 

 have from time to time specified to the Issuer in writing for such purpose, without the presentation or
surrender of such Note or the making of any notation thereon, except that upon written request of the Issuer made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for
cancellation, reasonably promptly after any such request, to the Issuer at its principal executive office or at the place of payment most recently designated by the Issuer pursuant to Section 15.1. Prior to any sale or other disposition of any
Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Issuer in exchange for
a new Note or Notes pursuant to Section 14.2. The Issuer will afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and
that has made the same agreement relating to such Note as the Purchasers have made in this Section 15.2. 

Section 15.3 FATCA Information. By acceptance of any Note, the holder of such Note agrees that such
holder will with reasonable promptness duly complete and deliver to the Issuer, or to such other Person as may be reasonably requested by the Issuer, from time to time (a) in the case of any such holder that is a United States Person, such
holder’s United States tax identification number or other forms reasonably requested by the Issuer necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Issuer to comply
with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional
documentation as may be necessary for the Issuer to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount, if any, to deduct and withhold
from any such payment made to such holder. Nothing in this Section 15.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Issuer is required to obtain such information under FATCA and,
in such event, the Issuer shall treat any such information it receives as confidential. 
 SECTION 16. EXPENSES,
ETC. 
 Section 16.1 Transaction Expenses. Whether or not the
transactions contemplated hereby are consummated, the Constituent Companies will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel)
incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Subsidiary Guaranty Agreement or the Notes (whether
or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Subsidiary Guaranty
Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Subsidiary Guaranty Agreement or the Notes, or by reason of being a holder of any Note,
(b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Parent Guarantor or any Subsidiary or in connection with any work-out
or restructuring of the transactions contemplated 

  
 -44- 

 
hereby and by the Notes and the Subsidiary Guaranty Agreement and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and
financial information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed $3,500. If required by the NAIC, the Issuer shall obtain and maintain at its own cost and expense a Legal Entity Identifier
(LEI). 
 The Constituent Companies will pay, and will save each Purchaser and each other holder of a Note harmless from, (1) all
claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes), (2) any and all wire transfer fees that any bank or
other financial institution deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (3) any judgment, liability, claim, order, decree, fine, penalty, cost,
fee, expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Issuer. 

Section 16.2 Certain Taxes. The Constituent Companies agree to pay all stamp, documentary or similar taxes or
fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or the Subsidiary Guaranty Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United
States or any other jurisdiction where either Constituent Company or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or the Subsidiary Guaranty Agreement or of any of the
Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Constituent Companies pursuant to this Section 16, and will save each holder of a Note to the extent permitted by applicable law
harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Constituent Companies hereunder. 

Section 16.3 Survival. The obligations of the Constituent Companies under this Section 16 will survive
the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, the Subsidiary Guaranty Agreement or the Notes, and the termination of this Agreement. 

SECTION 17. SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
ENTIRE AGREEMENT. 
 All representations and warranties contained herein shall survive the
execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless
of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of either Constituent Company pursuant to this Agreement
shall be deemed representations and warranties of such Constituent Company under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and the Subsidiary Guaranty Agreement embody the entire agreement and understanding between
each Purchaser and the Constituent Companies and supersede all prior agreements and understandings relating to the subject matter hereof. 

  
 -45- 

 SECTION 18. AMENDMENT AND WAIVER.

 Section 18.1 Requirements. This Agreement and the Notes may be amended, and the observance of any term
hereof or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Constituent Companies and the Required Holders, except that: 

(a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 22 hereof, or any defined term (as it is used therein), will
be effective as to any Purchaser unless consented to by such Purchaser in writing; and 
 (b) no amendment or waiver may,
without the written consent of each Purchaser and the holder of each Note at the time outstanding, (1) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or
reduce the rate or change the time of payment or method of computation of (i) interest on the Notes or (ii) the Make-Whole Amount, (2) change the percentage of the principal amount of the Notes the holders of which are required to
consent to any amendment or waiver, or (3) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 18 or 21. 

Section 18.2 Solicitation of Holders of Notes. 

(a) Solicitation. The Constituent Companies will provide each holder of a Note with sufficient information, sufficiently
far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or the
Subsidiary Guaranty Agreement. The Constituent Companies will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 18 or the Subsidiary Guaranty Agreement to each holder of a Note
promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 

(b) Payment. The Constituent Companies will not directly or indirectly pay or cause to be paid any remuneration, whether
by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for or as an inducement to the entering into by such holder of any waiver or amendment
of any of the terms and provisions hereof or of the Subsidiary Guaranty Agreement or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms,
ratably to each holder of a Note even if such holder did not consent to such waiver or amendment. 
 (c) Consent in
Contemplation of Transfer. Any consent given pursuant to this Section 18 or the Subsidiary Guaranty Agreement by a holder of a Note that has transferred or has agreed to transfer its Note to (1) a Constituent Company, (2) any
Subsidiary or any other Affiliate or (3) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with either Constituent Company and/or any of its Affiliates, in each case in
connection with 

  
 -46- 

 such consent, shall be void and of no force or effect except solely as to such holder, and
any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar
conditions) shall be void and of no force or effect except solely as to such holder. 
 Section 18.3 Binding Effect,
Etc. Any amendment or waiver consented to as provided in this Section 18 or the Subsidiary Guaranty Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon each
Constituent Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended
or waived or impair any right consequent thereon. No course of dealing between either Constituent Company and any holder of a Note and no delay in exercising any rights hereunder or under any Note or the Subsidiary Guaranty Agreement shall operate
as a waiver of any rights of any holder of such Note. 
 Section 17.4. Notes Held by Constituent Companies,
Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this
Agreement, the Subsidiary Guaranty Agreement or the Notes, or have directed the taking of any action provided herein or in the Subsidiary Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the
aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by a Constituent Company or any of its Affiliates shall be deemed not to be outstanding. 

SECTION 19. NOTICES. 

Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent
(a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested
(postage prepaid), or (c) by an internationally recognized overnight delivery service (charges prepaid). Any such notice must be sent: 

(1) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in the
Purchaser Schedule, or at such other address as such Purchaser or nominee shall have specified to the Constituent Companies in writing, 

(2) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
Constituent Companies in writing, or 
 (3) if to either Constituent Company, to such Constituent Company at its address set
forth at the beginning hereof to the attention of the Legal Department, or at such other address as such Constituent Company shall have specified to the holder of each Note in writing. 

Notices under this Section 19 will be deemed given only when actually received. 

  
 -47- 

 SECTION 20. REPRODUCTION OF
DOCUMENTS. 
 This Agreement and all documents relating hereto, including (a) consents, waivers and
modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any
Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. Each Constituent Company agrees and stipulates that,
to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction
was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 20 shall not prohibit either Constituent Company or
any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

SECTION 21. CONFIDENTIAL INFORMATION. 

For the purposes of this Section 21, “Confidential Information” means information delivered to any Purchaser by or on
behalf of a Constituent Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified
when received by such Purchaser as being confidential information of such Constituent Company or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior
to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through
disclosure by a Constituent Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such
Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential
Information to (1) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (2) its auditors, financial
advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with this Section 21, (3) any other holder of any Note, (4) any Institutional Investor to which it sells or
offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 21), (5) any Person from which it offers to
purchase any Security of either Constituent Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 21), (6) any federal or state regulatory authority having jurisdiction
over such Purchaser, (7) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (8) any other
Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (ii) in response to any subpoena or other legal process,
(iii) in 

  
 -48- 

 
connection with any litigation to which such Purchaser is a party or (iv) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such
delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement or the Subsidiary Guaranty Agreement. Each holder of a Note, by its
acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 21 as though it were a party to this Agreement. On reasonable request by a Constituent Company in connection with the delivery
to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the
Constituent Companies embodying this Section 21. 
 In the event that as a condition to receiving access to information relating to a
Constituent Company or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks,
another secure website, a secure virtual workspace or otherwise) which is different from this Section 21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and the Constituent Companies, this
Section 21 shall supersede any such other confidentiality undertaking. 
 SECTION 22. SUBSTITUTION OF
PURCHASER. 
 Each Purchaser shall have the right to substitute any one of its Affiliates or another
Purchaser or any one of such other Purchaser’s Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Issuer, which notice shall be signed by both
such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the
representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such Substitute Purchaser in lieu of such original
Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by
the Issuer of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 22), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to
such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 
 SECTION
23. MISCELLANEOUS. 
 Section 23.1 Successors and Assigns. All
covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not,
except that, subject to Section 10.2, neither Constituent Company may assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
 -49- 

 Section 23.2 Accounting Terms. All accounting terms used
herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (a) all computations made pursuant to this Agreement shall be made
in accordance with GAAP, and (b) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of
“Indebtedness”), (1) any election by the Parent Guarantor or any Subsidiary to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar
accounting standard) shall be disregarded and such determination shall be made as if such election had not been made and (2) any change to GAAP occurring after the date of this Agreement as a result of the adoption of any proposals set forth in
the Proposed Accounting Standards Update, Leases (Topic 840), issued by the Financial Accounting Standards Board on August 17, 2010, the Proposed Accounting Standards Update, Leases (Topic 842), issued by the Financial Accounting Standards
Board on May 16, 2013, or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as a
capital lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect on the date of this Agreement shall be disregarded. 

Section 23.3 Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the
full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 23.4 Construction, Etc. Each covenant contained herein shall be construed (absent express provision
to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision
herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes
of the Notes, shall also include 

  
 -50- 

 
any such notes issued in substitution therefor pursuant to Section 14, (b) subject to Section 23.1, any reference herein to any Person shall be construed to include such
Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to
such law or regulation as amended, modified or supplemented from time to time. 
 Any reference herein to a merger, transfer, consolidation,
amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of one or more limited liability companies (or the
unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a
limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 

Section 23.5 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall
be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 23.6 Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights
of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of
the laws of a jurisdiction other than such State. 
 Section 23.7 Jurisdiction and Process; Waiver of Jury Trial.

 (a) Each party hereto irrevocably submits to the non-exclusive jurisdiction of any
New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, each party
hereto irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of
any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b) Each party hereto agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or
proceeding of the nature referred to in Section 23.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States or the State of
New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

  
 -51- 

 (c) Each party hereto consents to process being served by or on behalf of
any holder of Notes in any suit, action or proceeding of the nature referred to in Section 23.7(a) by mailing a copy thereof by registered, certified, priority or express mail (or any substantially similar form of mail), postage prepaid, return
receipt or delivery confirmation requested, to it at its address specified in Section 19 or at such other address of which such holder shall then have been notified pursuant to said Section. Each party hereto agrees that such service upon
receipt (1) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (2) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon
and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d) Nothing in this Section 23.7 shall affect the right of any party hereto to serve process in any manner permitted by
law, or limit any right that any party hereto may have to bring proceedings against any other party hereto in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. 
 (e) The parties hereto hereby waive trial by jury in any action brought on or with respect to this
Agreement, the Notes or any other document executed in connection herewith or therewith. 

*      *      *      *     
 * 

  
 -52- 

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Constituent Companies, whereupon this Agreement shall become a binding agreement between you and the Constituent Companies. 

 

			
	Very truly yours,
	
	AMERICOLD REALTY OPERATING PARTNERSHIP, L.P.
		
	By	 	/s/ Marc J. Smernoff
		 	Name:  Marc J. Smernoff
		 	Title:    Chief Financial Officer
	
	AMERICOLD REALTY TRUST
		
	By	 	/s/ Marc J. Smernoff
		 	Name:  Marc J. Smernoff
		 	Title:    Chief Financial Officer

  
 -53- 

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	 TEACHERS INSURANCE AND
ANNUITY ASSOCIATION OF AMERICA, a New York domiciled life insurance company

		
	By:	 	Nuveen Alternatives Advisors LLC, a Delaware limited liability company, its investment manager
		
	By:	 	/s/ Jeffrey Hughes
	Name:	 	Jeffrey Hughes
	Title:	 	Senior Director

  
 -54- 

 
			
	ATHENE ANNUITY AND LIFE COMPANY
		
	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	/s/ Roger D. Fors
	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income
	
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	/s/ Roger D. Fors
	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income
	
	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY OF NEW YORK

		
	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	/s/ Roger D. Fors
	Name:	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income
	
	ATHENE ANNUITY & LIFE ASSURANCE COMPANY
		
	By:	 	Athene Asset Management LLC, its investment adviser
		
	By:	 	/s/ Roger D. Fors
	Name	 	Roger D. Fors
	Title:	 	Senior Vice President, Fixed Income

  
 -55- 

 
			
	 ALLIANZ LIFE INSURANCE
COMPANY OF NORTH AMERICA

		
	By:	 	Allianz Global Investors U.S. LLC
		 	As the authorized signatory and investment manager
		
	By:	 	/s/ Lawrence Halliday
	Name:	 	Lawrence Halliday
	Title:	 	Managing Director

  
 -56- 

 
			
	HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
	HARTFORD FIRE INSURANCE COMPANY
		
	By:	 	Hartford Investment Management Company, their investment manager
		
	By:	 	/s/ Dawn Bruneau
		 	Name:  Dawn Bruneau
		 	Title:    Vice President
	
	TALCOTT RESOLUTION LIFE INSURANCE COMPANY
		
	By:	 	Hartford Investment Management Company, its investment manager
		
	By:	 	/s/ Dawn Bruneau
		 	Name:  Dawn Bruneau
		 	Title:    Vice President

  
 -57- 

 
			
	PRU US PP CREDIT BM FUND
		
	By:	 	Prudential Private Placement Investors,
		 	L.P. (as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc.
		 	(as its General Partner)
		
	By:	 	/s/ Kyle Ulep
		 	Vice President
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	/s/ Kyle Ulep
		 	Vice President

  
 -58- 

 
			
	NATIONWIDE LIFE INSURANCE COMPANY
	 NATIONWIDE LIFE AND
ANNUITY INSURANCE COMPANY 

		
	By:	 	/s/ Thomas A. Gleason
	Name:	 	Thomas A. Gleason
	Title:	 	Authorized Signatory

  
 -59- 

 
			
	 TRANSAMERICA PREMIER LIFE
INSURANCE COMPANY

		
	By:	 	 AEGON USA Investment Management,
 LLC, its
investment manager

	
	 /s/ Josh Prieskorn

	By:	 	Josh Prieskorn
	 Title:
	 	Vice President
	
	 TRANSAMERICA LIFE INSURANCE
COMPANY

		
	By:	 	AEGON USA Investment Management,LLC, its investment manager
	
	 /s/ Josh Prieskorn

	By:	 	Josh Prieskorn
	 Title:
	 	Vice President

  
 -60- 

 
			
	 MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY 

		
	 By:
	 	 Barings LLC as Investment Adviser

	
	 /s/ George M. Stone

	By:	 	George M. Stone
	Title:	 	Managing Director
	
	 YF LIFE INSURANCE INTERNATIONAL
LIMITED

		
	 By:
	 	 Barings LLC as Investment Adviser

	
	 /s/ George M. Stone

	By:	 	George M. Stone
	Title:	 	Managing Director
	
	 BANNER LIFE INSURANCE
COMPANY

		
	 By:
	 	 Barings LLC as Investment Adviser

	
	 /s/ George M. Stone

	By:	 	George M. Stone
	Title:	 	Managing Director

  
 -61- 

 
			
	 THE LINCOLN NATIONAL
LIFE INSURANCE COMPANY 

		
	By:	 	Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact
		
	By:	 	/s/ Philip Lee
	Name:	 	Philip Lee
	Title:	 	Vice President
	
	 USAA Master Trust (Pension and RSP)

		
	By: 	 	Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, as investment adviser
		
	By:	 	/s/ Frank LaTorraca
	Name:	 	 Frank LaTorraca

	Title:	 	Senior Vice President

  
 -62- 

 
			
	ENSIGN PEAK ADVISORS, INC.
		
	By	 	 /s/ Matthew D. Dall

		 	Name:  Matthew D. Dall
		 	Title:    Head of Credit Research

  
 -63- 

 
			
	INTEGRITY LIFE INSURANCE COMPANY
		
	By:	 	  /s/ Kevin L. Howard

	Name:  Kevin L. Howard
	Title:    Sr. Vice President & General Counsel

  

			
		
	By:	 	  /s/ Brendan M. White

	Name:  Brendan M. White
	Title:    Sr. Vice President & Co-Chief Investment Officer

  
 -64- 

 
			
	RGA REINSURANCE COMPANY
	RGA REINSURANCE COMPANY BARBADOS LTD
		
	By	 	  /s/ Timothy Matson

	Name:	 	Timothy Matson
	Title:	 	EVP & Chief Investment Officer

  
 -65- 

 
			
	SECURIAN LIFE INSURANCE COMPANY
	ALLIANCE UNITED INSURANCE COMPANY
	MINNESOTA LIFE INSURANCE COMPANY
	
	By: Securian Asset Management, Inc
		
	By	 	  /s/ Craig M. Stapleton

	Name:	 	Craig M. Stapleton
	Title:	 	Senior Vice President

  
 -66- 

 
			
	CMFG LIFE INSURANCE COMPANY 
	By:	 	MEMBERS Capital Advisors, Inc.
		 	acting as Investment Advisor
		
	By:	 	  /s/ Allen R. Cantrell

	Name:  Allen R. Cantrell
	Title: Managing Director, Investments

  
 -67- 

 
			
	 AMERICO FINANCIAL LIFE &
ANNUITY INSURANCE COMPANY 

		
	By:	 	  /s/ Phillip K. Polkinghorn

	Name:	 	Phillip K. Polkinghorn
	Title:	 	President

  
 -68- 

 
			
	MODERN WOODMEN OF AMERICA 
		
	By:	 	  /s/ Aaron R. Birkland

	Name:	 	Aaron R. Birkland
	Title:	 	Portfolio Manager, Private Placements
	
	MODERN WOODMEN OF AMERICA 
		
	By:	 	  /s/ Christopher M. Cramer

	Name:	 	Christopher M. Cramer
	Title:	 	Manager, Fixed income

  
 -69- 

 
			
	THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.
	BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA
	 THE GUARDIAN LIFE
INSURANCE COMPANY OF AMERICA

		
	By:	 	  /s/ Barry Scheinholtz

	Name:	 	Barry Scheinholtz
	Title:	 	Managing Director

  
 -70- 

 
			
	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
	By:	 	  /s/ Lee Martin

	Name:	 	Lee Martin
	Title:	 	Vice President

  
 -71- 

 
			
	 VOYA RETIREMENT INSURANCE
AND ANNUITY COMPANY

	 UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN

	MASTER TRUST
		
	By:	 	Voya Investment Management Co. LLC, as Agent
		
	By:	 	  /s/ Joshua A. Winchester

	Name:	 	Joshua A. Winchester
	Title:	 	Vice President

  
 -72- 

 
			
	AMERITAS LIFE INSURANCE CORP.
	AMERITAS LIFE INSURANCE CORP. OF NEW YORK
		
	By:	 	Ameritas Investment Partners Inc., as Agent
		
	By:	 	  /s/ Tina Udell

	Name:  Tina Udell
	Title:    Vice President & Managing Director

  
 -73- 

 
			
	GENWORTH LIFE AND ANNUITY INSURANCE COMPANY
		
	By:	 	  /s/ Stuart Shepetin

	Name:	 	Stuart Shepetin
	Title:	 	Investment Officer

  
 -74- 

 
			
	 AMERICAN EQUITY INVESTMENT
LIFE INSURANCE COMPANY

		
	By:	 	  /s/ Jeffrey A. Fossell

	Name:	 	Jeffrey A. Fossell
	Title:	 	 Authorized Signatory

  

			
	GREAT-WEST LIFE &ANNUITY INSURANCE COMPANY
		
	By:	 	  /s/ Tad Anderson

	Name:	 	Tad Anderson
	Title:	 	Assistant Vice President, Investments

  
 -75- 

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or
indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate
of the Parent Guarantor. 
 “Agreement” means this Note and Guaranty Agreement, including all Schedules attached to this
Agreement. 
 “Aggregate Qualified Asset Amount” means, at any time, the sum of (a) the Eligible Value of
Eligible Owned Assets at such time, plus (b) the Eligible Value of Eligible Ground Leased Assets at such time; provided that (1) the aggregate amount contributed to the Aggregate Qualified Asset Amount by Qualified Assets
that are located in any Specified Jurisdiction other than the United States shall not exceed 30% of the Aggregate Qualified Asset Amount at any time, (2) the aggregate amount contributed to the Aggregate Qualified Asset Amount by Eligible
Ground Leased Assets shall not exceed 20% of the Aggregate Qualified Asset Amount at any time and (3) no single Qualified Asset shall constitute more than 10% of the Aggregate Qualified Asset Amount at any time; provided that, to the
extent any such limitation is exceeded, only such portion of the Eligible Value of such Qualified Asset or Qualified Assets shall be excluded from the calculation of the Aggregate Qualified Asset Amount to the extent necessary to comply with the
foregoing limitations. 
 “Anti-Corruption Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. 

“Anti-Money Laundering Laws” means any law or regulation in a U.S. or any non-U.S.
jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and
the USA PATRIOT Act. 
 “Applicable EBITDA” means with respect to any Real Property that is owned or ground leased by the
Issuer or any Subsidiary and used in a business permitted under Section 10.3, as of any date of determination, an amount equal to the portion of EBITDA attributable to such asset for the most recently ended Reference Period. 

“Bank Credit Agreement” means the Credit Agreement dated as of December 4, 2018 among the Constituent Companies, the
financial institutions from time to time parties thereto and Bank of America, N.A., as administrative agent, and any renewals, refinancings or replacements thereof. 

  
 SCHEDULE A

 (to Note and Guaranty Agreement) 

 “Blocked Person” means (a) a Person whose name appears on the list of
Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person
that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). 

“Business Day” means (a) for the purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a day on
which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York
or Atlanta, Georgia are required or authorized to be closed. 
 “Capital Assets” means, with respect to any Person, all
equipment, fixed assets and Real Property or improvements of such Person, or replacements or substitutions therefor or additions thereto, that in accordance with GAAP have been or should be reflected as additions to property, plant or equipment on
the balance sheet of such Person. 
 “Capital Lease” is defined in the definition of Capital Lease Obligations. 

“Capital Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP (such
lease, a “Capital Lease”) and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Capitalization Rate” means 8.25%; provided that, if any Principal Credit Facility uses a “capitalization
rate” for determining asset values thereunder that is higher or lower than 8.25%, then the capitalization rate herein shall be the highest capitalization rate then applicable under any Principal Credit Facility; provided, further,
that in no event may the capitalization rate herein be less than 6.75%. 
 “Change of Control” is defined in
Section 8.7(h). 
 “Change of Control Proposed Prepayment Date” is defined in Section 8.7(c). 

“Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 “Confidential Information” is defined in Section 21. 

  
 A-2 

 “Consolidated Secured Indebtedness” means, at any time, Secured
Indebtedness of the Parent Guarantor and its Subsidiaries on a consolidated basis. 
 “Consolidated Secured Recourse
Indebtedness” means, at any time, Secured Recourse Indebtedness of the Parent Guarantor and its Subsidiaries on a consolidated basis. 

“Constituent Company” and “Constituent Companies” are defined in the first paragraph of this Agreement. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling” shall have meanings correlative to the foregoing. 

“Control Event” is defined in Section 8.7(i). 

“Controlled Entity” means (a) any of the Subsidiaries of the Parent Guarantor and any of their or the Parent
Guarantor’s respective Controlled Affiliates and (b) if the Parent Guarantor has a parent company, such parent company and its Controlled Affiliates. 

“Customary Non-Recourse Carve-Outs” means, with respect to any Non-Recourse Indebtedness, exclusions from the exculpation provisions with respect to such Non-Recourse Indebtedness for fraud, misrepresentation, misapplication of funds,
waste, environmental claims and liabilities, voluntary bankruptcy, collusive involuntary bankruptcy, prohibited transfers, violations of single purpose entity covenants and other circumstances customarily excluded by institutional lenders from
exculpation provisions and/or included in separate indemnification agreements or guaranties in non-recourse or tax-exempt financings of commercial real estate. 

“Debt Rating” means the debt rating of the Notes as determined from time to time by any NRSRO. 

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of
notice or both, become an Event of Default. 
 “Default Rate” means, with respect to any Note, that rate of interest per
annum that is the greater of (a) 2.00% above the rate of interest stated in clause (a) of the first paragraph of such Note or (b) 2.00% over the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its
“base” or “prime” rate. 
 “Development Property” means, as of any date of determination, Real Property
under development on which the improvements related to the development have not been completed on such date; provided that such Real Property shall cease to be a Development Property upon the first to occur of (a) the date that is six
full fiscal quarters following substantial completion (including issuance of a temporary or permanent certificate of occupancy for the improvements under construction permitting the use and occupancy for their regular intended uses) of such Real
Property, and (b) the first day of the first fiscal quarter following the date on which such Development Property has achieved a Leased Rate of at least 85%, and shall thereafter be considered a “Stabilized Property” for the
purposes of the calculation of Total Asset Value. 

  
 A-3 

 “Disposition” means, with respect to any business, assets or property of
any kind of the Parent Guarantor or any of its Subsidiaries, any sale, lease, sub-lease, sale and leaseback, assignment, conveyance, transfer, exclusive license or other disposition or exchange thereof, with
or without recourse. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disclosure Documents” is defined in Section 5.3. 

“Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary. 

“EBITDA” means, with respect to the Parent Guarantor and its consolidated Subsidiaries, for any Reference Period, earnings
before interest, tax, depreciation, depletion and amortization calculated in accordance with GAAP, as may be adjusted in accordance with the definition of “Pro Forma Basis” and at all times excluding, without duplication,
(a) impairment and other non-cash charges or gains including, for the avoidance of doubt, equity in earnings (but excluding any non-cash charge in respect of an
item that was included in EBITDA in a prior period and any charges that result in a write-down or write-off of inventory and excluding amortization expense attributable to a prepaid cash item that was paid in
a prior period), (b) stock-based compensation expense, (c) gains or losses from sales of previously depreciated assets, (d) extraordinary gains or losses from foreign exchange, (e) extraordinary gains or losses from derivative
instruments and (f) other extraordinary or non-recurring gains, losses or charges; provided, however, that notwithstanding anything to the contrary in this Agreement, for the purposes of
determining the contribution to EBITDA of, or portion of EBITDA attributable to, any Real Property, any operating asset or any business managed or operated by the Issuer or any Subsidiary, EBITDA shall equal revenues in respect of such asset,
less, without duplication, (1) operating expenses in respect of such asset (exclusive of corporate-level general and administrative expenses, impairment on intangibles and long-lived assets and depreciation, depletion and amortization
expenses), (2) rent expenses in respect of such asset and (3) the interest component of any capital lease expenses or similar fixed charges and debt service charges in respect of such asset, and shall at all times exclude extraordinary or non-recurring gains, losses or charges. 
 “EDGAR” means the SEC’s Electronic Data
Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such purposes. 
 “Eligible Ground Leased
Asset” means any Real Property that satisfies the following criteria: 
 (a) such Real Property is leased pursuant
to a ground lease by (1) a Qualified Asset Guarantor that has no Indebtedness outstanding (other than Pari Passu Obligations and Indebtedness arising under the Subsidiary Guaranty Agreement) or (2) in the case where such Real Property is
located in a Specified Jurisdiction other than the United States, a Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor, which Foreign Subsidiary has no Indebtedness outstanding, or (3) a Qualified Asset Holder that has no
Indebtedness outstanding, as lessee; 

  
 A-4 

 (b) such Real Property is a Stabilized Property located in the United States
or another Specified Jurisdiction; 
 (c) such Real Property is improved with one or more completed warehouse/distribution
buildings that are used as dry and/or cold storage facilities and such improvements are owned by (1) such Qualified Asset Guarantor or (2) such Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor or (3) such
Qualified Asset Holder; 
 (d) none of such leasehold interest or such improvements is directly or indirectly subject to any
Lien or any Negative Pledge (other than (1) Liens and Negative Pledges created hereunder, (2) Permitted Pari Passu Provisions and (3) Permitted Encumbrances) and none of the Capital Stock of (i) such Qualified Asset Guarantor or
(ii) such Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor or (iii) such Qualified Asset Holder (or, in any case, any income therefrom or proceeds thereof), is directly or indirectly subject to any Lien or any
Negative Pledge (other than (A) Permitted Pari Passu Provisions and (B) Permitted Equity Encumbrances); 
 (e) no
default or event of default has occurred or with the passage of time or the giving of notice would occur under the ground lease regarding such Real Property; 

(f) the lessor under the ground lease regarding such Real Property shall not have the unilateral right to terminate such ground
lease prior to the expiration of the stated term of such ground lease absent the occurrence of any casualty, condemnation or default by (1) such Qualified Asset Guarantor or (2) such Wholly-Owned, direct Foreign Subsidiary of a Qualified
Asset Guarantor or (3) such Qualified Asset Holder, thereunder; 
 (g) the lessee under the ground lease has the right
to sublease, mortgage and encumber (subject to customary terms and limitations) its interest in such Real Property without the consent of the lessor; 

(h) the ground lease regarding such Real Property has a remaining term (inclusive of any unexercised extension options as to
which there is no condition precedent to the exercise thereof other than compliance of lessee with the terms of the applicable ground lease and the giving of a notice of exercise by the lessee) of 25 years or more at any time; 

(i) such Real Property is free of any material defects and any material Environmental Liabilities and is in material compliance
with all Environmental Laws; 
 (j) such Real Property is used in a business permitted under Section 10.3; and 

(k) such Real Property constitutes an “Eligible Ground Leased Asset” or similar term under each Principal Credit
Facility that applies eligibility requirements to ground leased properties in determining a borrowing base or what constitutes an unencumbered asset. 

  
 A-5 

 “Eligible Owned Asset” means any Real Property that satisfies the following
criteria: 
 (a) such Real Property is wholly owned in fee simple by (1) a Qualified Asset Guarantor that has no
Indebtedness outstanding (other than Pari Passu Obligations and Indebtedness arising under the Subsidiary Guaranty Agreement) or (2) in the case where such Real Property is located in a Specified Jurisdiction other than the United States, a
Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor, which Foreign Subsidiary has no Indebtedness outstanding, or (3) a Qualified Asset Holder that has no Indebtedness outstanding; 

(b) such Real Property is a Stabilized Property located in the United States or another Specified Jurisdiction; 

(c) such Real Property is free of any material defects and any material Environmental Liabilities and is in material compliance
with all Environmental Laws; 
 (d) such Real Property is improved with one or more completed warehouse/distribution
buildings that are used as dry and/or cold storage facilities; 
 (e) such Real Property (and any income therefrom or
proceeds thereof) is not directly or indirectly subject to any Lien or any Negative Pledge (other than (1) Liens and Negative Pledges created hereunder, (2) Permitted Pari Passu Provisions and (3) Permitted Encumbrances) and none of
the Capital Stock of (i) such Qualified Asset Guarantor or (ii) such Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor or (iii) such Qualified Asset Holder (and, in any case, any income therefrom or proceeds
thereof), is directly or indirectly subject to any Lien or any Negative Pledge (other than (A) Permitted Pari Passu Provisions and (B) Permitted Equity Encumbrances); 

(f) such Real Property is used in a business permitted under Section 10.3; and 

(g) such Real Property constitutes an “Eligible Owned Asset” or similar term under each Principal Credit Facility
that applies eligibility requirements to owned real properties in determining a borrowing base or what constitutes an unencumbered asset. 

“Eligible Value” means, as of any date of determination, with respect to each Real Property that is owned or ground leased by
the Issuer or any Subsidiary and used in a business permitted under Section 10.3, (a) the Applicable EBITDA with respect to such Real Property divided by (b) the Capitalization Rate. 

“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those
related to Hazardous Materials. 

  
 A-6 

 “Environmental Liability” means all liabilities, obligations, damages,
losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages, monitoring and remediation costs and reasonable fees and expenses of attorneys and
consultants), whether contingent or otherwise, including those arising out of or relating to: (a) compliance or non-compliance with any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment, recycling, disposal (or arrangement for such activities) of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the presence or release of any Hazardous Materials or (e) any
contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from
time to time in effect. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a
single employer together with the Parent Guarantor under section 414 of the Code. 
 “Event of Default” is defined in
Section 11. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“FATCA” means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or
relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to section
1471(b)(1) of the Code. 
 “Financial Covenant” means any covenant (whether set forth as a covenant, undertaking, event of
default, restriction, prepayment event or other such provision) that requires the Parent Guarantor and/or any Subsidiary to: 

(a) maintain a specified measure of net worth, shareholders’ equity, total assets, unencumbered assets, unencumbered
properties, cash flow, net income, occupancy rate or lease term; 
 (b) maintain any relationship of any component of its
capital structure to any other component thereof (including the relationship of indebtedness, subsidiary indebtedness, senior indebtedness, secured indebtedness, unsecured indebtedness, subordinated indebtedness or recourse indebtedness to total
capitalization, total assets, unencumbered assets or net worth); 
 (c) maintain any measure of its ability to service its
indebtedness (including exceeding any specified ratio of revenues, cash flow, operating income or net income to indebtedness, interest expense, rental expense, capital expenditures and/or scheduled payments of indebtedness); 

(d) restrict the amount of distributions; or 

(e) restrict the amount or type of its investments. 

  
 A-7 

 “Fitch” means Fitch Ratings, Inc. 

“Fixed Charge Coverage Ratio” means, as of the last day of any Reference Period, the ratio of (a) the difference between
(1) EBITDA for such Reference Period minus (2) the aggregate amount of Maintenance Capital Expenditures for such Reference Period to (b) Fixed Charges for such Reference Period. 

“Fixed Charges” means, for any Reference Period, an amount equal to the sum of (a) Interest Expense, plus
(b) regularly scheduled installments (whether or not paid) of principal payable with respect to Total Indebtedness (including any scheduled payments that were no longer required to be repaid in such period as a result of a payment made within
one year of the date on which such payment was due), plus (c) the amount of dividends or distributions actually paid or required to be paid by the Parent Guarantor or any Subsidiary (other than to the Parent Guarantor or any Subsidiary)
in cash during such period in respect of its preferred Capital Stock (excluding dividends and distributions payable solely at such Person’s election and not actually paid and any balloon payments payable on maturity or redemption in whole of
such Capital Stock) plus (d) all income tax payments with respect to the taxable REIT Subsidiaries of the Parent Guarantor and the Issuer (including Foreign Subsidiaries). 

“Foreign Subsidiary” means any Subsidiary that is incorporated or organized under the laws of any jurisdiction other than any
state of the United States or the District of Columbia. 
 “Form 10-K” is
defined in Section 7.1(b). 
 “Form 10-Q” is defined in
Section 7.1(a). 
 “GAAP” means (a) generally accepted accounting principles as in effect from time to time in
the United States of America and (b) for purposes of Section 9.6, with respect to any Subsidiary, generally accepted accounting principles (including International Financial Reporting Standards, as applicable) as in effect from time to
time in the jurisdiction of organization of such Subsidiary. 
 “Governmental Authority” means 

(a) the government of 

(1) the United States or any state or other political subdivision thereof, or 

(2) any other jurisdiction in which the Parent Guarantor or any Subsidiary conducts all or any part of its business, or which
asserts jurisdiction over any properties of the Parent Guarantor or any Subsidiary, or 
 (b) any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 
 “Governmental
Official” means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public
international organization or anyone else acting in an official capacity. 

  
 A-8 

 “Guarantee Obligation” means, as to any Person (the “guaranteeing
person”), (a) any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by
another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the
“primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (1) to purchase any such primary obligation or any property constituting direct
or indirect security therefor, (2) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency of the primary obligor, (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (4) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term Guarantee Obligation shall not include
endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be
the lower of (i) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (ii) the maximum amount for which such guaranteeing person may be liable pursuant to
the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee
Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Parent Guarantor in good faith. 

“Hazardous Materials” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to
health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of
which is or shall be restricted, prohibited or penalized by any applicable law, including asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted,
prohibited or penalized substances. 
 “holder” means, with respect to any Note, the Person in whose name such Note is
registered in the register maintained by the Issuer pursuant to Section 14.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 8.7, 12, 18.2 and 19 and any related definitions in this Schedule A,
“holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 
 “Incorporated
Covenant” is defined in Section 9.10(a). 

  
 A-9 

 “Indebtedness” of any Person at any date means, without duplication,
(a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention
agreements relating to property acquired by such Person, excluding those incurred in the ordinary course of its business that would constitute ordinarily a trade payable to trade creditors, (d) all obligations of such Person in respect of the
deferred purchase price of property or services (excluding those incurred in the ordinary course of its business that would constitute ordinarily a trade payable to trade creditors), (e) all Indebtedness of others secured by (or for which the holder
of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, provided that, as to such Person,
recourse is limited to such property, (f) all Guarantee Obligations by such Person of Indebtedness of others, but only to the extent of the amount of Indebtedness guaranteed, (g) all Capital Lease Obligations of such Person, (h) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty (other than such obligations with respect to letters of credit and letters of guaranty to support workers’
compensation insurance programs, which shall only constitute Indebtedness when such letter of credit or letter of guaranty is drawn), (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (j) all Off-Balance Sheet Obligations of such Person, (k) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Capital Stock issued by such Person or any
other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends (other than any obligation of such Person if such Person, in its sole discretion, may satisfy such obligation by
delivering (or causing to be delivered) common Capital Stock in the Parent Guarantor or any Subsidiary that is not a Subsidiary Guarantor or a Qualified Asset Holder, as applicable), (l) all obligations of such Person in respect of any purchase
obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (other than any obligation of such Person if such Person, in its sole discretion, may satisfy such obligation by
delivering (or causing to be delivered) common Capital Stock in the Parent Guarantor or any Subsidiary that is not a Subsidiary Guarantor or a Qualified Asset Holder, as applicable), and (m) net obligations under any Swap Agreements in an
amount equal to the Swap Termination Value thereof (other than any obligation of such Person if such Person, in its sole discretion, may satisfy such obligation by delivering (or causing to be delivered) common Capital Stock in the Parent Guarantor
or any Subsidiary that is not a Subsidiary Guarantor or a Qualified Asset Holder, as applicable). The Indebtedness of any Person shall include the Indebtedness (other than (1) Qualified JV Debt and (2) any Indebtedness of China Merchants
Americold Logistics Company, Limited and China Merchants Americold Holdings Company, Limited outstanding as of the date of the Closing) of any other entity (including any partnership in which such Person is a general partner) to the extent such
Person, by operation of the documentation evidencing such Indebtedness or by law, is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor. For the avoidance of doubt, Indebtedness shall not include (i) prepaid or deferred revenue arising in the ordinary course of business and (ii) purchase price holdbacks arising in the
ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset. 

“INHAM Exemption” is defined in Section 6.2(e). 

  
 A-10 

 “Institutional Investor” means (a) any Purchaser of a Note,
(b) any holder of a Note holding (together with one or more of its affiliates) more than $2,000,000 of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other
financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.

 “Interest Expense” means, for any Reference Period, an amount equal to the sum of the following with respect to Total
Indebtedness: (a) total interest expense, accrued in accordance with GAAP plus (b) all capitalized interest determined in accordance with GAAP (including in the case of (a) and (b), the Parent Guarantor’s pro rata share
thereof for Unconsolidated Affiliates, other than with respect to Qualified JV Debt), and excluding non-cash amortization or write-off of deferred financing costs or
debt discount (including the Parent Guarantor’s pro rata share thereof for Unconsolidated Affiliates). 
 “Issuer” is
defined in the first paragraph of this Agreement. 
 “Leased Rate” means, at any time, with respect to any Real Property,
the ratio, expressed as a percentage, of (a) the rentable operating square footage of such Real Property actually leased by tenants that are not the Parent Guarantor or any of its Subsidiaries or Affiliates of the Parent Guarantor or any of its
Subsidiaries and paying rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no default or event of default has occurred and is continuing to
(b) the aggregate rentable operating square footage of such Real Property. 
 “Lien” means, with respect to any
Person, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind
or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing); provided that in no event shall an operating lease be deemed
to be a Lien. 
 “Maintenance Capital Expenditures” means, for any Reference Period, all capital expenditures actually made
by the Parent Guarantor and its consolidated Subsidiaries (and the pro rata share of capital expenditures made by Unconsolidated Affiliates) during such period for the maintenance of Capital Assets of such Person, excluding capital expenditures for
modernization.  
 “Make-Whole Amount” is defined in Section 8.6. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets, properties, or
prospects of the Parent Guarantor and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material
adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Issuer and its Subsidiaries taken as a whole, (b) the ability of the Issuer to perform its obligations under this Agreement and the
Notes, (c) the ability of the Parent Guarantor to perform its obligations under this Agreement, (d) the ability of any Subsidiary Guarantor to perform its obligations under the Subsidiary Guaranty Agreement or (e) the validity or
enforceability of this Agreement, the Notes or the Subsidiary Guaranty Agreement. 

  
 A-11 

 “Maturity Date” is defined in the first paragraph of each Note. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Morningstar” means Morningstar Credit Ratings, LLC. 

“Most Favored Lender Notice” means, in respect of any Incorporated Covenant, a written notice from the Constituent Companies
giving notice of such Incorporated Covenant, including therein a verbatim statement of such Incorporated Covenant, together with any definitions incorporated therein. 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3)
of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners. 

“Negative Pledge” means a provision of any document, instrument or agreement (including any governing or organizational
document), other than this Agreement, that prohibits, restricts or limits, or purports to prohibit, restrict or limit, the creation or assumption of any Lien on any assets of a Person as security for the Indebtedness of such Person or any other
Person; provided that (a) an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not
generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge and (b) customary contractual restrictions in a lease relating to the granting of a Lien on the applicable leasehold
interest or leased property shall not constitute a Negative Pledge. 
 “New Subsidiary Guaranty” is defined in
Section 9.9(a)(1). 
 “New Subsidiary Guaranty Supplement” is defined in Section 9.9(a)(1). 

“Non-Recourse Indebtedness” means, with respect to any Person, (a) Indebtedness,
or a Guarantee Obligation of Indebtedness, in respect of which recourse for payment (except to the extent of any Customary Non-Recourse Carve-Outs) is contractually limited to specific assets of such Person
encumbered by a Lien securing such Indebtedness or Guarantee Obligation, (b) if such Person is a Single Asset Entity, any Indebtedness of such Person (other than Indebtedness described in the immediately following clause (c)), or (c) if
such Person is a Single Asset Holding Company, any Indebtedness (“Holdco Indebtedness”) of such Single Asset Holding Company resulting from a Guarantee Obligation of, or Lien securing, Indebtedness of a Single Asset Entity that is a
subsidiary of such Single Asset Holding Company, so long as, in each case, either (1) recourse for payment of such Holdco Indebtedness (except for Customary Non-Recourse Carve-Outs) is contractually
limited to the Capital Stock held by such Single Asset Holding Company in such Single Asset Entity or (2) such Single Asset Holding Company has no assets other than Capital Stock in such Single Asset Entity and cash and other assets of nominal
value incidental to the ownership of the such Single Asset Entity. 

  
 A-12 

 “Non-U.S. Plan” means any plan,
fund or other similar program that (a) is established or maintained outside the United States by the Parent Guarantor or any Subsidiary primarily for the benefit of employees of the Parent Guarantor or one or more Subsidiaries residing outside
the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA
or the Code. 
 “Notes” is defined in Section 1. 

“NRSRO” means (a) Fitch, Moody’s, Morningstar or S&P, or (b) or any other credit rating agency that is
recognized as a nationally recognized statistical rating organization by the SEC and approved by the Required Holders, so long as, in each case, any such credit rating agency described in clause (a) or (b) above continues to be a nationally
recognized statistical rating organization recognized by the SEC and is approved as a “Credit Rating Provider” (or other similar designation) by the NAIC. 

“Obligations” is defined in Section 13.1. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 
 “Off-Balance Sheet Obligations” means liabilities and obligations of the Parent Guarantor, any Subsidiary or any other Person in respect of “off-balance
sheet arrangements” (as defined in the SEC Off-Balance Sheet Rules) which the Parent Guarantor would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” section of a report on Form 10-Q or Form 10-K (or their equivalents) (but, for the avoidance of doubt, excluding operating leases and
ordinary course contracts for the purchase of power). As used in this definition, the term “SEC Off-Balance Sheet Rules” means the Disclosure in Management’s Discussion and Analysis About
Off Balance Sheet Arrangements, Securities Act Release No. 33-8182, 68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR Parts 228, 229 and 249). 

“Officer’s Certificate” means, with respect to any Person, a certificate of a Senior Financial Officer of such Person or
of any other officer of such Person whose responsibilities extend to the subject matter of such certificate. 
 “Parent
Guarantor” is defined in the first paragraph of this Agreement. 
 “Parent Guaranty” means the Guarantee
Obligation of the Parent Guarantor set forth in Section 13. 

  
 A-13 

 “Pari Passu Obligations” means Unsecured Indebtedness (exclusive of the
Notes and the Subsidiary Guaranty Agreement) of either Constituent Company or any Subsidiary Guarantor owing to a Person that is not the Parent Guarantor or an Affiliate. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 

“Permitted Acquisition” means any acquisition, whether by purchase, merger, amalgamation, consolidation or otherwise, of
(a) all or substantially all of the assets of any Person, or a business line or unit or a division of any Person, or any parcel of Real Property and improvements thereto or (b) the Capital Stock of any Person such that such Person becomes
a Subsidiary; provided that: 
 (1) no Event of Default shall have occurred and be continuing or would result
therefrom; 
 (2) before and after giving effect thereto, the Company and its Subsidiaries are in compliance on a Pro Forma
Basis with Section 10.6 and any Incorporated Covenant; and 
 (3) after giving effect thereto, the Company and its
Subsidiaries are in compliance on a Pro Forma Basis with Section 10.3 and shall have complied with the requirements of Section 9.9(a), if applicable. 

“Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes or other related governmental charges or claims that are not yet due or that are being
contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Parent Guarantor or the applicable Subsidiary in conformity with GAAP; 

(b) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s, construction contractors’ and other like Liens arising in the ordinary course of business and securing obligations that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate
proceedings; 
 (c) Liens arising from judgments or decrees for the payment of money in circumstances that do not constitute
an Event of Default under 11(j); 
 (d) easements, restrictions, rights-of-way, use restrictions, rights of first refusal and similar encumbrances on Real Property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and
do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Parent Guarantor or the applicable Subsidiary; 

  
 A-14 

 (e) any zoning or similar law or right reserved to, or vested in, any
Governmental Authority to control or regulate the use of any real property that do not materially detract from the value of the affected property or interfere with the ordinary course of conduct of the business of the Parent Guarantor or the
applicable Subsidiary; 
 (f) Liens affecting title on Real Property that have been fully paid off and satisfied and which
remain of record through no fault of the Person that owns such Real Property and that, in any event do not have a material and adverse effect with respect to the use, operations or marketability of the affected Real Property or with respect to the
ownership of the affected Real Property, and do not interfere with the ordinary conduct of business of the Parent Guarantor or the applicable Subsidiary; and 

(g) rights of lessors under Eligible Ground Leased Assets. 

“Permitted Equity Encumbrances” means: 

(a) Liens and Negative Pledges created pursuant to this Agreement; 

(b) Liens imposed by law for Taxes or other related governmental charges or claims that are not yet due or that are being
contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Parent Guarantor or the applicable Subsidiary in conformity with GAAP; and 

(c) Liens arising from judgments or decrees for the payment of money in circumstances that do not constitute an Event of
Default under Section 11(j). 
 “Permitted Pari Passu Provisions” means provisions that are contained in documentation
evidencing or governing Pari Passu Obligations which provisions are the result of (a) limitations on the ability of the Issuer or a Subsidiary to make Restricted Payments or transfer property to the Parent, any Subsidiary Guarantor or any
Qualified Asset Holder which limitations are not, taken as a whole, materially more restrictive than those contained in this Agreement, including any Incorporated Covenant, (b) limitations on the creation of any Lien on any assets of a Person
that are not, taken as a whole, materially more restrictive than those contained in this Agreement or (c) any requirement that Pari Passu Obligations be secured on an “equal and ratable basis” to the extent that the Notes are secured.

 “Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit plan” (as defined
in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the
Parent Guarantor or any ERISA Affiliate or with respect to which the Parent Guarantor or any ERISA Affiliate may have any liability. 

“Principal Credit Facility” means, as to the Parent Guarantor and its Subsidiaries, 

  
 A-15 

 (a) the Bank Credit Agreement, including any renewals, refinancings and
replacements thereof; 
 (b) if (1) the Bank Credit Agreement is no longer in effect or (2) if the sum of
(i) the aggregate outstanding principal amount of loans under the Bank Credit Agreement and (ii) the unfunded commitments under the Bank Credit Agreement is less than $500,000,000 (or the equivalent of such amount in the relevant currency
of payment, determined as of the date of the closing of the then current Bank Credit Agreement based on the exchange rate of such other currency), then (A) in the case of clause (1), the “Principal Credit Facility” shall mean the
largest credit facility, based upon commitments, in respect of Recourse Indebtedness for borrowed money of the Parent Guarantor or any Subsidiary, or in respect of which the Parent Guarantor or any Subsidiary is an obligor or otherwise provides a
guarantee or other credit support and (B) in the case of clause (2), “Principal Credit Facility” shall mean the Bank Credit Agreement and the largest credit facility (not including the Bank Credit Agreement), based upon commitments,
in respect of Recourse Indebtedness for borrowed money of the Parent Guarantor or any Subsidiary, or in respect of which the Parent Guarantor or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support; 

(c) the Note and Guaranty Agreement dated as of December 4, 2018 among the Constituent Companies and the purchasers named
therein, including any renewals, refinancings and replacements thereof; and 
 (d) any other note purchase agreement or
similar document, instrument or agreement executed in connection with a private placement debt financing, regardless of the principal amount outstanding thereunder from time to time, in each case including any renewals, refinancings and replacements
thereof. 
 “Pro Forma Basis” means with respect to the calculation of the covenants set forth in Section 10.6 or
otherwise for purposes of determining the Total Leverage Ratio, EBITDA or Interest Expense as of any date, that such calculation shall give pro forma effect to all Permitted Acquisitions, all issuances, incurrences or assumptions of Indebtedness
(with any such Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) and all sales, transfers or other Dispositions of any material assets outside the ordinary course of business (and any related
prepayments or repayments of Indebtedness) that have occurred during (or, if such calculation is being made for the purpose of determining whether any proposed acquisition will constitute a Permitted Acquisition, since the beginning of) the
then-applicable Reference Period as if they occurred on the first day of such Reference Period (excluding cost savings, synergies, operating expense reductions and other operating improvements). If any Indebtedness bears a floating rate of interest
and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Agreement applicable to
such Indebtedness if such Swap Agreement has a remaining term in excess of 12 months). 
 “property” or
“properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 

  
 A-16 

 “PTE” is defined in Section 6.2(a). 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Constituent Companies and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 14.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a
beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 14.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such
transfer. 
 “Purchaser Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and
including their notice and payment information. 
 “Qualified Asset” means, at any time, any Eligible Owned Asset or
Eligible Ground Leased Asset. Each Qualified Asset as of the date of the Closing is set forth on Schedule QA. 
 “Qualified Asset
Guarantor” means, at any time, each Wholly-Owned Domestic Subsidiary of the Issuer, whether existing on the date of the Closing or formed or acquired thereafter, that is a party to the Subsidiary Guaranty Agreement and that either
owns or leases a Qualified Asset located in the United States or has a Wholly-Owned, direct Foreign Subsidiary that owns or leases a Qualified Asset located in a Specified Jurisdiction other than the United States. 

“Qualified Asset Holder” means each Wholly-Owned Subsidiary of the Issuer that owns or leases a Qualified Asset located in a
Specified Jurisdiction, but is not (a) a party to the Subsidiary Guaranty Agreement, (b) required to guarantee the Notes under Section 9.9(a), or (c) in the case of a Wholly-Owned Foreign Subsidiary, a Subsidiary of a Person
described in clause (a) or (b). 
 “Qualified Institutional Buyer” means any Person who is a “qualified
institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Qualified JV
Debt” means Indebtedness of an Unconsolidated Affiliate that is secured by cash collateral provided by the holders of Capital Stock in such Unconsolidated Affiliate.  

“Real Property” means, collectively, all right, title and interest (including any leasehold estate) in and to any and all
parcels of or interests in real property owned in fee or leased by the Parent Guarantor or any Subsidiary, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures
incidental to the ownership or lease thereof. 
 “REIT” is defined in Section 5.9. 

“Recourse Indebtedness” means, with respect to any Person, Indebtedness of such Person other than Non-Recourse Indebtedness of such Person. 
 “Reference Period” means, at any time, the
most recent period of four consecutive fiscal quarters of the Parent Guarantor ended on or prior to such time (taken as one accounting period) in respect of which financial statements for each quarter or fiscal year in such period have been or are
required to be delivered pursuant to Section 7.1(a) or Section 7.1(b), as applicable. 

  
 A-17 

 “Related Fund” means, with respect to any holder of any Note, any fund or
entity that (a) invests in Securities or bank loans, and (b) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 

“Required Holders” means at any time on or after the Closing, the holders of more than 50% in principal amount of the Notes
at the time outstanding (exclusive of Notes then owned by either Constituent Company or any of its Affiliates). 
 “Responsible
Officer” of any Person means any Senior Financial Officer and any other officer of such Person with responsibility for the administration of the relevant portion of this Agreement. 

“Restricted Payment” means any dividend on, or payment made on account of, or assets set apart for a sinking or other
analogous fund for, the purchase, redemption, defeasance, retirement, cancellation, termination or other acquisition of, any Capital Stock of the Parent Guarantor or any Subsidiary, whether now or hereafter outstanding, or any other distribution
made in respect thereof, whether in cash or property or in obligations of the Parent Guarantor or any Subsidiary. 
 “S&P”
means S&P Global Ratings. 
 “SEC” means the Securities and Exchange Commission of the United States. 

“Secured Indebtedness” means, with respect to any Person, all Indebtedness of such Person that is secured by a Lien and,
solely for purposes of Section 10.6(c), all unsecured Indebtedness of any Subsidiary that is not a Subsidiary Guarantor. 

“Secured Recourse Indebtedness” means, with respect to any Person, all Recourse Indebtedness of such Person that constitutes
Secured Indebtedness. 
 “Secured Recourse Leverage Ratio” means, at any time, the ratio of (a) Consolidated Secured
Recourse Indebtedness at such time to (b) Total Asset Value at such time. 
 “Securities” or
“Security” shall have the meaning specified in section 2(1) of the Securities Act. 
 “Securities
Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect. 

“Senior Financial Officer” of any Person means the chief financial officer, principal accounting officer, treasurer or
comptroller of such Person. 
 “Single Asset Entity” means a Person (other than an individual) that (a) only owns a
single real property and/or cash and other assets of nominal value incidental to such Person’s ownership of such real property; (b) is engaged only in the business of owning, developing and/or leasing such real property and activities
incidental thereto; and (c) receives substantially 

  
 A-18 

 
all of its gross revenues from such real property. In addition, if the assets of a Person consist solely of (1) Capital Stock in one or more other Single Asset Entities and (2) cash and
other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity for purposes of this Agreement (such an entity, a “Single Asset Holding
Company”). 
 “Single Asset Holding Company” is defined in the definition of Single Asset Entity. 

“Solvent” means, with respect to any Person, as of any date of determination, (a) the amount of the “present fair
saleable value” (determined on a going concern basis) of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are
determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value (determined on a going concern basis) of the assets of such Person will, as of such date,
be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured in the ordinary course, (c) such Person will not have, as of such date, an unreasonably small amount of
capital with which to conduct its business as contemplated on the date hereof and (d) such Person will be able to pay its debts as they mature in the ordinary course. 

“Source” is defined in Section 6.3. 

“Specified Jurisdiction” means each of Australia, Canada, New Zealand and the United States together with such other
jurisdiction as may be agreed to by the Required Holders. 
 “Stabilized Property” is defined in the definition of
“Development Property.” 
 “State Sanctions List” means a list that is adopted by any state Governmental
Authority within the United States pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such
first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions)
of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries
(unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a
“Subsidiary” is a reference to a Subsidiary of the Parent Guarantor. 
 “Subsidiary Guarantor” means each
Subsidiary that has executed and delivered the Subsidiary Guaranty Agreement or a Subsidiary Guaranty Supplement or a New Subsidiary Guaranty Supplement. 

  
 A-19 

 “Subsidiary Guaranty Agreement” means that certain Subsidiary Guaranty
Agreement dated as of the date of the Closing substantially in the form of Exhibit SGA and each New Subsidiary Guaranty Agreement, as the context requires. 

“Subsidiary Guaranty Supplement” is defined in Section 9.9(a). 

“Substitute Purchaser” is defined in Section 22. 

“SVO” means the Securities Valuation Office of the NAIC. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the
Parent Guarantor or any Subsidiary shall be a “Swap Agreement” 
 “Swap Termination Value” means in respect of
any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination
value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a) above, the amount(s) determined as the
mark-to-market value(s) for such Swap Agreements, as determined in accordance with the terms thereof and in accordance with customary methods for calculating mark-to-market values under similar agreements between the parties to such Swap Agreements. 

“Total Asset Value” means, at any time, without duplication, the sum of (a) with respect to Real Property that is owned
or ground leased by the Issuer or any Subsidiary and used in a business permitted under Section 10.3, the sum of the Eligible Values at such time of each such Real Property, (b) with respect to each operating asset owned or leased by the
Issuer or any Subsidiary and used in a business permitted under Section 10.3, the sum of the portion of EBITDA attributable to each such asset for the most recently ended Reference Period multiplied by (1) with respect to any limestone
quarry operating asset, 6.0, or (2) with respect to any other operating asset, 8.0; provided that for the purposes of calculating Total Asset Value, with respect to (i) any operating asset or Real Property acquired after the date of
the Closing, such asset or Real Property shall be valued at the purchase price paid for such asset or Real Property for the first 12 months following the date of acquisition thereof (and thereafter, valued in accordance with clause (a) or (b)
above, as applicable) and (ii) any Development Property until such Development Property becomes a Stabilized Property, such Development Property shall be valued at the lesser of (A) cost or (B) market value in accordance with GAAP
(and once such Development Property becomes a Stabilized Property, valued in accordance with clause (a) above) and (c) with respect to any business managed by the Issuer or any Subsidiary and any business operated by the Issuer or any
Subsidiary as part of such Person’s transportation business segment, in each case, to the extent such business is permitted under Section 10.3, the sum of the portion of EBITDA attributable to each such business for the most recently ended
Reference Period multiplied by 8.0. 

  
 A-20 

 “Total Indebtedness” means, without duplication, all Indebtedness of the
Parent Guarantor and its consolidated Subsidiaries. 
 “Total Leverage Ratio” means, at any time, the ratio of
(a) Total Indebtedness at such time to (b) Total Asset Value at such time. 
 “Total Secured Indebtedness Ratio”
means, at any time, the ratio of (a) Consolidated Secured Indebtedness at such time to (b) Total Asset Value at such time. 

“Total Unsecured Indebtedness” means, at any time, the portion of Total Indebtedness that is not Secured Indebtedness. 

“Unconsolidated Affiliate” means, in respect of any Person, any other Person in whom such Person holds an investment in
Capital Stock, which investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such first Person on the
consolidated financial statements of such first Person. 
 “United States” means the United States of America. 

“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code. 

“Unsecured Debt Service Coverage Ratio” means, as of the last day of any Reference Period, the ratio of (a) an amount
equal to the portion of EBITDA attributable to all Qualified Assets for such Reference Period to (b) the Interest Expense attributable to Total Unsecured Indebtedness for such Reference Period. 

“Unsecured Indebtedness to Qualified Assets Ratio” means, at any time, the ratio of (a) Total Unsecured Indebtedness at
such time to (b) the Aggregate Qualified Asset Amount at such time. 
 “USA PATRIOT Act” means United States Public
Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from
time to time in effect. 
 “U.S. Economic Sanctions Laws” means those laws, executive orders, enabling legislation or
regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic
Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 

“Wholly-Owned” means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Capital
Stock of which (other than director’s qualifying shares and nominal holdings) are owned by such Person and/or by one or more Wholly-Owned Subsidiaries of such Person. 

  
 A-21 

 FORM OF SERIES C NOTE 

AMERICOLD REALTY OPERATING PARTNERSHIP, L.P. 

4.10% SERIES C GUARANTEED SENIOR NOTE DUE
JANUARY 8, 2030 
  

			
	No. CR-___	  	                    , 20    
	$_______	  	PPN 03063# AC8

 FOR VALUE RECEIVED, the undersigned, AMERICOLD
REALTY OPERATING PARTNERSHIP, L.P. (herein called the “Issuer”), a limited partnership organized and existing under the laws of the State of Delaware, hereby promises to pay to
____________, or registered assigns, the principal sum of _____________________ DOLLARS (or so much thereof as shall not have been prepaid) on January 8, 2030 (the “Maturity Date”), with interest (computed on the
basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.10% per annum from the date hereof, payable semiannually, on the
8th day of January and July in each year, commencing with the January 8th [or July
8th]1 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to
the extent permitted by law, (1) on any overdue payment of interest and (2) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time
equal to the greater of (i) 6.10% or (ii) 2.00% over the rate of interest publicly announced by Bank of America, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid
(or, at the option of the registered holder hereof, on demand). 
 Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Issuer shall have designated by written notice to the holder of this Note
as provided in the Note Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the
“Notes”) issued pursuant to the Note and Guaranty Agreement, dated as of May 7, 2019 (as from time to time amended, the “Note Agreement”), among the Issuer, Americold Realty Trust and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (a) agreed to the confidentiality provisions set forth in Section 21 of the Note Agreement and (b) made
the representation set forth in Section 6.3 of the Note Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Agreement. 

 

	1 	 Bracketed language to be included for Notes issued after January 8, 2030 

  
 SCHEDULE
1(c) 
 (to Note and Guaranty Agreement) 

 This Note is a registered Note and, as provided in the Note Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Issuer may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Issuer will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment, in whole
or from time to time in part, at the times and on the terms specified in the Note Agreement, but not otherwise. 
 If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Issuer and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than
such State. 
  

			
	 AMERICOLD REALTY OPERATING 

PARTNERSHIP, L.P.

		
	By	 	 
		 	Name
		 	Title

  
 SCH 1(c) -
2 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE CONSTITUENT
COMPANIES AND THE SUBSIDIARY GUARANTORS 
 The closing
opinions of King & Spalding LLP, counsel to the Constituent Companies and the Subsidiary Guarantors, Venable LLP, Maryland counsel to the Constituent Companies and the Subsidiary Guarantors, Greenberg Traurig LLP, Massachusetts counsel to
the Constituent Companies and the Subsidiary Guarantors, Smith, Slusky, Pohren & Rogers, LLP, Nebraska counsel to the Constituent Companies and the Subsidiary Guarantors, and Stoel Rives LLP, Minnesota counsel to the Constituent Companies
and the Subsidiary Guarantors, which are called for by Section 4.4(a) of the Agreement, shall be dated the date of the Closing and addressed to each Purchaser, shall be satisfactory in scope and form to each Purchaser and shall be collectively
to the effect that: 
 1. The Issuer is a limited partnership duly organized and validly existing and in good standing under the laws of
Delaware and has the corporate power and authority to conduct its business as currently conducted and currently proposed to be conducted, to execute and deliver the Agreement and the Notes and to perform the provisions thereof. The Parent Guarantor
is a real estate investment trust duly organized and validly existing and in good standing under the laws of Maryland and has the trust power and authority to conduct its business as currently conducted and currently proposed to be conducted, to
execute and deliver the Agreement and to perform the provisions thereof. Each Subsidiary Guarantor is a corporation or other entity duly organized and validly existing and in good standing under the laws of the State of its organization and has the
corporate or other power and authority to conduct its business as currently conducted and currently proposed to be conducted, to execute and deliver the Subsidiary Guaranty Agreement and the Notes and to perform the provisions thereof. 

2. The Agreement has been duly authorized, executed and delivered by the Issuer and the Parent Guarantor and constitutes a legal, valid and
binding agreement of the Issuer and the Parent Guarantor, enforceable against the Issuer and the Parent Guarantor in accordance with its terms. The Subsidiary Guaranty Agreement has been duly authorized, executed and delivered by each Subsidiary
Guarantor and constitutes a legal, valid and binding agreement of each Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms. 

3. The Notes being issued at the Closing have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and
binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms. 
 4. No consent, approval or
authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by (a) the Issuer of the Agreement or the Notes, (b) the Parent Guarantor of
the Agreement or (c) any Subsidiary Guarantor of the Subsidiary Guaranty Agreement. 
 5. It was not necessary in connection with the
offering, sale and delivery of the Notes being issued at the Closing or the delivery of the Parent Guaranty, under the circumstances contemplated by the Agreement, to register said Notes or the Parent Guaranty under the Securities Act of 1933 or to
qualify an indenture in respect of the Notes or the Parent Guaranty under the Trust Indenture Act of 1939. 

  
 SCHEDULE
4.4 (a) 
 (to Note and Guaranty Agreement) 

 6. The execution, delivery and performance by (a) the Issuer of the Agreement and the
Notes, (b) the Parent Guarantor of the Agreement and (c) each Subsidiary Guarantor of the Subsidiary Guaranty Agreement do not and will not (1) contravene, result in any breach of, or constitute a default under, or result in the
creation of any Lien in respect of any property of the Parent Guarantor or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, regulations,
by-laws or other constituent document or any other agreement or instrument to which the Parent Guarantor or any Subsidiary is bound or by which the Parent Guarantor or any Subsidiary or any of their respective
properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Parent
Guarantor or any Subsidiary or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Parent Guarantor or any Subsidiary. 

7. None of the Parent Guarantor, the Issuer or any Subsidiary Guarantor is required to register as an “investment company” under the
Investment Company Act of 1940. 
 8. None of the transactions contemplated by the Agreement (including, the use of the proceeds from the
sale of the Notes) will violate or result in a violation of Regulation T, U or X of the Board of Governors of the United States Federal Reserve System, 12 CFR, Part 220, Part 221 and Part 224, respectively. 

The opinions of King & Spalding LLP, Venable LLP, Greenberg Traurig LLP, Smith, Slusky, Pohren & Rogers, LLP and Stoel Rives
LLP shall collectively cover such other matters relating to the sale of the Notes as any Purchaser may reasonably request and shall each provide that (i) subsequent holders of the Notes may rely upon such opinion and (ii) such opinion may
be provided to Governmental Authorities including the National Association of Insurance Commissioners. With respect to matters of fact on which such opinions are based, such counsel shall be entitled to rely on appropriate certificates of public
officials and officers of the Constituent Companies and the Subsidiary Guarantors. 

  
 SCH 4.4
(a) - 2 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 FOR THE PURCHASERS 

The closing opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.4(b) of the Agreement, shall be
dated the date of the Closing and addressed to the Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that: 

1. The Issuer is a limited partnership in good standing under the laws of the State of Delaware. 

2. The Parent Guarantor is a real estate investment trust in good standing under the laws of the State of Maryland. 

3. The Agreement and the Notes being delivered on the date hereof constitute the legal, valid and binding contracts of the
Issuer enforceable against the Issuer in accordance with their respective terms. 
 4. The Agreement constitutes the legal,
valid and binding contract of the Parent Guarantor enforceable against the Parent Guarantor in accordance with its terms. 

5. The issuance, sale and delivery of the Notes being delivered on the date hereof under the circumstances contemplated by the
Agreement, and on the basis of the representations made by the Constituent Companies in Section 5.13 of the Agreement and by the Purchasers in Section 6.1 of the Agreement, do not, under existing law, require the registration of such Notes
under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939. 
 The opinion of Schiff Hardin LLP
shall also state that the opinions of King & Spalding LLP, Venable LLP, Greenberg Traurig LLP, Smith, Slusky, Pohren & Rogers, LLP, and Stoel Rives LLP are satisfactory in scope and form to Schiff Hardin LLP and that, in its
opinion, the Purchasers are justified in relying thereon. 
 The opinion of Schiff Hardin LLP is limited to the laws of the State of New
York and the federal laws of the United States. 
 With respect to matters of fact upon which such opinion is based, Schiff Hardin LLP may
rely on appropriate certificates of public officials and officers of the Issuer and the Parent Guarantor and upon representations of the Issuer, the Parent Guarantor and the Purchasers delivered in connection with the issuance and sale of the Notes.

  
 SCHEDULE
4.4(b) 
 (to Note and Guaranty Agreement) 

 DISCLOSURE MATERIALS 

Private Placement Memorandum dated October 2018 
 Annual Report
on Form 10-K for the fiscal year ended December 31, 2017 
 Annual Report on Form 10-K for the fiscal year ended December 31, 2018 
 Current Report on Form
8-K filed with the SEC on April 16, 2019 

  
 SCHEDULE
5.3 
 (to Note and Guaranty Agreement) 

 SUBSIDIARIES OF THE PARENT
GUARANTOR AND 
 OWNERSHIP OF SUBSIDIARY
STOCK; AFFILIATES; DIRECTORS AND SENIOR OFFICERS 
 (i)
Subsidiaries: 
  

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	Americold 2010 LLC	  	Delaware	  	Americold MFL 2010 LLC	  	100%	  	No
					
	Americold Acquisition Partnership GP LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No
					
	Americold Acquisition, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Australia PTY Ltd.	  	Australia	  	Icicle Australia Property PTY Limited	  	100%	  	No
					
	Americold Australia Realty Trust	  	Australia	  	Icecap Australia MIT Holding, LLC	  	99%	  	No
					
	Americold Australia Realty Trust	  	Australia	  	ART Icecap Holdings LLC	  	1%	  	No
					
	Americold Australian Holdings PTY Ltd.	  	Australia	  	Icecap Properties AU LLC	  	100%	  	No
					
	Americold Australian Logistics PTY Ltd.	  	Australia	  	Americold Logistics Limited	  	100%	  	No
					
	Americold Brisbane Realty Trust	  	Australia	  	Americold Australia Realty Trust	  	100%	  	No
					
	Americold Clearfield Opco, LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	Americold Clearfield Propco, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Food Logistics PTY Ltd.	  	Australia	  	Americold Logistics Limited	  	100%	  	No
					
	Americold Hawkeye Parent, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No

  
 SCHEDULE
5.4 
 (to Note and Guaranty Agreement) 

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	Americold Investments PTY Ltd.	  	Australia	  	Americold Australia PTY LTD	  	100%	  	No
					
	Americold Logistics Hong Kong Limited	  	China	  	ART AL Holding LLC	  	100%	  	No
					
	Americold Logistics Limited	  	Australia	  	Americold Australia PTY LTD	  	100%	  	No
					
	Americold Logistics Services NZ Ltd.	  	New Zealand	  	Americold NZ Limited	  	100%	  	No
					
	AmeriCold Logistics, LLC	  	Delaware	  	ART AL Holding LLC	  	100%	  	Yes
					
	Americold Melbourne Realty Trust	  	Australia	  	Americold Australia Realty Trust	  	100%	  	No
					
	Americold MFL 2010 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No
					
	Americold Middleboro Opco, LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	Americold Middleboro Propco, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Nebraska Leasing LLC	  	Nebraska	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	Americold NZ Limited	  	New Zealand	  	Icicle NZ Property Limited	  	100%	  	No
					
	Americold Propco Phoenix Van Buren LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Property PTY Ltd.	  	Australia	  	Americold Australian Holdings PTY Ltd.	  	100%	  	No
					
	AmeriCold Real Estate, L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99% LP	  	Yes
	AmeriCold Real Estate, L.P.	  	Delaware	  	Americold Realty LLC	  	1% GP	  	Yes
					
	Americold Realty Australia Management Pty Ltd	  	Australia	  	Americold Australian Holdings Pty. Ltd.	  	100%	  	No
					
	Americold Realty Hong Kong Limited	  	Hong Kong	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No

  
 SCH 5.4-2

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	Americold Realty LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Realty Operating Partnership, L.P.	  	Delaware	  	Americold Realty Trust	  	99% GP	  	Yes
					
	Americold Realty Operating Partnership, L.P.	  	Delaware	  	Americold Realty Operations, Inc.	  	1% LP	  	Yes
					
	Americold Realty Operations, Inc.	  	Delaware	  	Americold Realty Trust	  	100%	  	No
					
	Americold Realty State Management Pty Ltd.	  	Australia	  	Americold Realty Australia Management Pty Ltd	  	100%	  	No
					
	Americold San Antonio Propco, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	Americold Storage NB PTY Ltd.	  	Australia	  	AmeriCold Logistics Limited	  	100%	  	No
					
	Americold Sydney Realty Trust	  	Australia	  	Americold Australia Realty Trust	  	100%	  	No
					
	Americold Transportation Services, LLC	  	Delaware	  	ART AL Holding LLC	  	100%	  	Yes
					
	Americold Transportation, LLC	  	Delaware	  	ART Mortgage Borrower Opco 2010 – 5 LLC	  	100%	  	No
					
	AMLOG Canada Inc.	  	Canada	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	ART AL Holding LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART First Mezzanine Borrower GP LLC	  	Delaware	  	ART Second Mezzanine Borrower, L.P.	  	100%	  	Yes
					
	ART First Mezzanine Borrower Opco 2006-2 L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	Yes
					
	ART First Mezzanine Borrower Opco 2006-2 L.P.	  	Delaware	  	ART FIRST MEZZANINE BORROWER OPCO GP 2006- 2 LLC	  	0.1% GP	  	Yes    

  
 SCH 5.4-3

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	ART First Mezzanine Borrower Opco 2006-3 L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	No
					
	ART First Mezzanine Borrower Opco 2006-3 L.P.	  	Delaware	  	ART First Mezzanine Borrower Opco GP 2006-3 LLC	  	0.1% GP	  	No
					
	ART FIRST MEZZANINE BORROWER OPCO GP 2006-2 LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART First Mezzanine Borrower Opco GP 2006-3 LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	ART First Mezzanine Borrower Propco 2006-2 L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes
					
	ART First Mezzanine Borrower Propco 2006-2 L.P.	  	Delaware	  	ART FIRST MEZZANINE BORROWER PROPCO GP 2006-2 LLC	  	0.1% GP	  	Yes
					
	ART First Mezzanine Borrower Propco 2006-3 L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	No
					
	ART First Mezzanine Borrower Propco 2006-3 L.P.	  	Delaware	  	ART First Mezzanine Borrower Propco GP 2006-3 LLC	  	0.1% GP	  	No
					
	ART FIRST MEZZANINE BORROWER PROPCO GP 2006-2 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART First Mezzanine Borrower Propco GP 2006-3 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P	  	100%	  	No
					
	ART First Mezzanine Borrower, L.P.	  	Delaware	  	ART Second Mezzanine Borrower, L.P.	  	99.9% LP	  	Yes
					
	ART First Mezzanine Borrower, L.P.	  	Delaware	  	ART First Mezzanine Borrower GP LLC	  	0.1% GP	  	Yes

  
 SCH 5.4-4

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	ART Icecap Holdings LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Leasing LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	ART Manager L.L.C.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Mezzanine Borrower Opco 2013 LLC	  	Delaware	  	ART Second Mezzanine Borrower Opco 2013 LLC	  	100%	  	No
					
	ART Mezzanine Borrower Propco 2013 LLC	  	Delaware	  	ART Second Mezzanine Borrower Propco 2013 LLC	  	100%	  	No
					
	ART Mortgage Borrower GP LLC	  	Delaware	  	ART First Mezzanine Borrower, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Opco 2006-1A L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1A L.P.	  	Delaware	  	ART Mortgage Borrower Opco GP 2006-1A LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1B L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1B L.P.	  	Delaware	  	ART Mortgage Borrower Opco GP 2006-1B LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1C L.P.	  	Delaware	  	AmeriCold Logistics, LLC	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Opco 2006-1C L.P.	  	Delaware	  	ART Mortgage Borrower Opco GP 2006-1C LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Opco 2006-2 L.P.	  	Delaware	  	ART First Mezzanine Borrower Opco 2006-2 L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Opco 2006-2 L.P.	  	Delaware	  	ART MORTGAGE BORROWER OPCO GP 2006-2 LLC	  	0.1% GP	  	Yes

  
 SCH 5.4-5

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	ART Mortgage Borrower Opco 2006-3 L.P.	  	Delaware	  	ART First Mezzanine Borrower Opco 2006-3 L.P.	  	99.9% LP	  	No
					
	ART Mortgage Borrower Opco 2006-3 L.P.	  	Delaware	  	ART Mortgage Borrower Opco GP 2006-3 LLC	  	0.1% GP	  	No
					
	ART Mortgage Borrower Opco 2010 -4 LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Opco 2010 -5 LLC	  	Delaware	  	Versacold Atlas Logistics Services USA LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Opco 2010 -6 LLC	  	Delaware	  	Versacold Texas, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Opco 2013 LLC	  	Delaware	  	ART Mezzanine Borrower Opco 2013 LLC	  	100%	  	No
					
	ART Mortgage Borrower Opco GP 2006-1A LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Opco GP 2006-1B LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Opco GP 2006-1C LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes
					
	ART MORTGAGE BORROWER OPCO GP 2006-2 LLC	  	Delaware	  	ART First Mezzanine Borrower Opco 2006-2 L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Opco GP 2006-3 LLC	  	Delaware	  	ART First Mezzanine Borrower Opco 2006-3 L.P.	  	100%	  	No
					
	ART Mortgage Borrower Propco 2006-1A L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1A L.P.	  	Delaware	  	ART Mortgage Borrower Propco GP 2006-1A LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1B L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes

  
 SCH 5.4-6

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	ART Mortgage Borrower Propco 2006-1B L.P.	  	Delaware	  	ART Mortgage Borrower Propco GP 2006-1B LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1C L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Propco 2006-1C L.P.	  	Delaware	  	ART Mortgage Borrower Propco GP 2006-1C LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Propco 2006-2 L.P.	  	Delaware	  	ART First Mezzanine Borrower Propco 2006-2 L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower Propco 2006-2 L.P.	  	Delaware	  	ART MORTGAGE BORROWER PROPCO GP 2006-2 LLC	  	0.1% GP	  	Yes
					
	ART Mortgage Borrower Propco 2006-3 L.P.	  	Delaware	  	ART First Mezzanine Borrower Propco 2006-3 L.P.	  	99.9% LP	  	No
					
	ART Mortgage Borrower Propco 2006-3 L.P.	  	Delaware	  	ART Mortgage Borrower Propco GP 2006-3 LLC	  	0.1% GP	  	No
					
	ART Mortgage Borrower Propco 2010 -4 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco 2010 -5 LLC	  	Delaware	  	Versacold Logistics, LLC	  	100%	  	Yes
					
	ART Mortgage Borrower Propco 2010 -6 LLC	  	Delaware	  	Versacold Texas, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco 2013 LLC	  	Delaware	  	ART Mezzanine Borrower Propco 2013 LLC	  	100%	  	No

  
 SCH 5.4-7

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	ART Mortgage Borrower Propco GP 2006-1A LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco GP 2006-1B LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco GP 2006-1C LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P	  	100%	  	Yes
					
	ART MORTGAGE BORROWER PROPCO GP 2006-2 LLC	  	Delaware	  	ART First Mezzanine Borrower Propco 2006-2 L.P.	  	100%	  	Yes
					
	ART Mortgage Borrower Propco GP 2006-3 LLC	  	Delaware	  	ART First Mezzanine Borrower Propco 2006-3 L.P.	  	100%	  	No
					
	ART Mortgage Borrower, L.P.	  	Delaware	  	ART First Mezzanine Borrower, L.P.	  	99.9% LP	  	Yes
					
	ART Mortgage Borrower, L.P.	  	Delaware	  	ART Mortgage Borrower GP LLC	  	0.1% GP	  	Yes
					
	ART QUARRY TRS LLC	  	Delaware	  	ART AL Holding LLC	  	100%	  	Yes
					
	ART Second Mezzanine Borrower GP LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	Yes
					
	ART Second Mezzanine Borrower Opco 2013 LLC	  	Delaware	  	ART Third Mezzanine Borrower Opco 2013 LLC	  	100%	  	No
					
	ART Second Mezzanine Borrower Propco 2013 LLC	  	Delaware	  	ART Third Mezzanine Borrower Propco 2013 LLC	  	100%	  	No
					
	ART Second Mezzanine Borrower, L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99.9% LP	  	Yes
					
	ART Second Mezzanine Borrower, L.P.	  	Delaware	  	ART Second Mezzanine Borrower GP LLC	  	0.1% GP	  	Yes

  
 SCH 5.4-8

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	ART Third Mezzanine Borrower Opco 2013 LLC	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	No
					
	ART Third Mezzanine Borrower Propco 2013 LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No
					
	Atlas Cold Storage Logistics LLC	  	Minnesota	  	Versacold Atlas Logistics Services USA LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Atlanta) LLC	  	Delaware	  	Atlas Cold Storage Logistics LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Denver) LLC	  	Minnesota	  	Atlas Cold Storage Logistics LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Phoenix) LLC	  	Delaware	  	Atlas Cold Storage Logistics LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Roanoke) LLC	  	Delaware	  	Atlas Cold Storage Logistics LLC	  	100%	  	Yes
					
	Atlas Logistics Group Retail Services (Shelbyville) LLC	  	Delaware	  	Atlas Cold Storage Logistics LLC	  	100%	  	No
					
	BestDamnMeat LLC	  	Arkansas	  	Zero Mountain LLC	  	100%	  	No
					
	Blockchain Transport, LLC	  	Arkansas	  	Zero Mountain Logistics, LLC	  	100%	  	No
					
	CCS Realty Holdco LLC	  	Delaware	  	CCS Realty, LLC	  	100%	  	No
					
	CCS Realty Mezz A LLC	  	Delaware	  	CCS Realty Mezz B LLC	  	100%	  	No
					
	CCS Realty Mezz B LLC	  	Delaware	  	CCS Realty Holdco LLC	  	100%	  	No
					
	CCS Realty Property Owner LLC	  	Delaware	  	CCS Realty Mezz A LLC	  	100%	  	No
					
	CCS Realty, LLC	  	Iowa	  	Cloverleaf Cold Storage, LLC	  	100%	  	No

  
 SCH 5.4-9

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	Chiller Holdco, LLC	  	Delaware	  	Americold Realty Trust	  	100%	  	No
					
	Chiller Midco, LLC	  	Delaware	  	Chiller Holdco, LLC	  	100%	  	No
					
	 Cloverleaf Cold
 Storage Co., LLC
	  	Ohio	  	Cloverleaf Cold Storage Iowa Co.	  	7.1%	  	No
					
	 Cloverleaf Cold
 Storage Co., LLC
	  	Ohio	  	Cloverleaf Cold Storage, LLC	  	92.9%	  	No
					
	Cloverleaf Cold Storage Iowa Co.	  	Iowa	  	Cloverleaf Cold Storage, LLC	  	100%	  	No
					
	Cloverleaf Cold Storage, LLC	  	Delaware	  	Chiller Midco, LLC	  	100%	  	No
					
	Cold Logic ULC	  	British Columbia, Canada	  	AMLOG Canada Inc.	  	100%	  	No
					
	Cold Pasteurization, Inc.	  	Delaware	  	Zero Mountain LLC	  	100%	  	No
					
	Cold Pasteurization, LLC	  	Arkansas	  	Zero Mountain LLC	  	100%	  	No
					
	 Fairmont Refrigerated
 Service, LLC
	  	Minnesota	  	Cloverleaf Cold Storage, LLC	  	100%	  	No
					
	Icecap Australia MIT Holding LLC	  	Delaware	  	Americold Realty Trust	  	100%	  	No
					
	Icecap Australia Realty Trust	  	Australia	  	Icecap Australia MIT Holding LLC	  	99%	  	No
					
	Icecap Australia Realty Trust	  	Australia	  	ART Icecap Holdings LLC	  	1%	  	No
					
	Icecap Properties AU LLC	  	Delaware	  	ART Icecap Holdings LLC	  	100%	  	No
					
	Icecap Properties NZ Holdings LLC	  	Delaware	  	ART Icecap Holdings LLC	  	100%	  	No
					
	Icecap Properties NZ Limited LLC	  	New Zealand	  	Icecap Properties NZ Holdings LLC	  	100%	  	No
					
	Inland Quarries, L.L.C.	  	Delaware	  	ART QUARRY TRS LLC	  	100%	  	No
					
	KC Underground, L.L.C.	  	Delaware	  	AmeriCold Logistics, LLC	  	100%	  	Yes

  
 SCH 5.4-10

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	KCL Equipment Owner LLC	  	Delaware	  	KCL Mezz A LLC	  	100%	  	No
					
	KCL Holdco LLC	  	Delaware	  	Keycity Leasing Company	  	100%	  	No
					
	KCL Mezz A LLC	  	Delaware	  	KCL Mezz B LLC	  	100%	  	No
					
	KCL Mezz B LLC	  	Delaware	  	KCL Holdco LLC	  	100%	  	No
					
	KCL Other Equipment Owner LLC	  	Delaware	  	KCL Holdco LLC	  	100%	  	No
					
	Keycity Leasing Company	  	Minnesota	  	Cloverleaf Cold Storage, LLC	  	100%	  	No
					
	K-F Real Estate, LLC	  	Iowa	  	Cloverleaf Cold Storage, LLC	  	100%	  	No
					
	Portfresh Development, LLC	  	Delaware	  	Portfresh Holdings, LLC	  	100%	  	No
					
	Portfresh Holdings, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	100%	  	No
					
	Savannah Cold Storage, LLC (d/b/a Portfresh Logistics)	  	Delaware	  	Portfresh Holdings, LLC	  	100%	  	No
					
	Second Street, LLC	  	Iowa	  	Cloverleaf Cold Storage, LLC	  	100%	  	No
					
	URS Real Estate, L.P.	  	Delaware	  	Americold Realty Operating Partnership, L.P.	  	99% LP	  	No
					
	URS Real Estate, L.P.	  	Delaware	  	URS Realty, LLC	  	1% GP	  	No
					
	URS Realty, LLC	  	Delaware	  	Americold Realty Operating Partnership, L.P	  	100%	  	No
					
	VCD Pledge Holdings, LLC	  	Delaware	  	Versacold USA, LLC	  	100%	  	Yes
					
	Versacold Atlas Logistics Services USA LLC	  	Delaware	  	ART AL Holding LLC	  	100%	  	Yes
					
	Versacold Logistics Argentina SA	  	Argentina	  	Americold Logistics Limited	  	90%	  	No
					
	Versacold Logistics Argentina SA	  	Argentina	  	Americold Storage NB PTY Ltd.	  	10%	  	No
					
	Versacold Logistics, LLC	  	Delaware	  	Versacold USA, LLC	  	100%	  	Yes
					
	Versacold Midwest LLC	  	Delaware	  	Versacold Atlas Logistics Services USA LLC	  	100%	  	Yes

  
 SCH 5.4-11

									
	 Subsidiary
	  	 Jurisdiction of
Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary
Guarantor
(Yes or No)
	Versacold Northeast Logistics, LLC	  	Massachusetts	  	ART AL Holding LLC	  	100%	  	Yes
					
	Versacold Northeast, Inc.	  	Massachusetts	  	ART AL Holding LLC	  	100%	  	Yes
					
	Versacold Texas, L.P.	  	Texas	  	Versacold USA, LLC	  	99% LP	  	Yes
					
	Versacold Texas, L.P.	  	Texas	  	Americold Realty Operating Partnership, L.P.	  	1% GP	  	Yes
					
	Versacold USA, LLC	  	Delaware	  	ART Icecap Holdings LLC	  	100%	  	Yes
					
	Zero Mountain Aviation, LLC	  	Arkansas	  	Zero Mountain LLC	  	100%	  	No
					
	Zero Mountain Logistics, LLC	  	Oklahoma	  	Zero Mountain LLC	  	100%	  	No
					
	Zero Mountain LLC	  	Arkansas	  	Cloverleaf Cold Storage, LLC	  	100%	  	No
					
	Z-Foods, Inc.	  	Arkansas	  	Zero Mountain LLC	  	100%	  	No
					
	ZM Holdco LLC	  	Delaware	  	Zero Mountain LLC	  	100%	  	No
					
	ZM Mezz A LLC	  	Delaware	  	ZM Mezz B LLC	  	100%	  	No
					
	ZM Mezz B LLC	  	Delaware	  	ZM Holdco LLC	  	100%	  	No
					
	ZM NLR Holdco LLC	  	Delaware	  	Zero Mountain LLC	  	100%	  	No
					
	ZM NLR Mezz A LLC	  	Delaware	  	ZM NLR Mezz B LLC	  	100%	  	No
					
	ZM NLR Mezz B LLC	  	Delaware	  	ZM Holdco LLC	  	100%	  	No
					
	ZM NLR Property Owner LLC	  	Delaware	  	ZM NLR Mezz A LLC	  	100%	  	No
					
	ZM Property Owner LLC	  	Delaware	  	ZM Mezz A LLC	  	100%	  	No
					
	ZM Waco Holdco LLC	  	Delaware	  	Zero Mountain LLC	  	100%	  	No
					
	ZM Waco Property Owner LLC	  	Delaware	  	ZM Waco Holdco LLC	  	100%	  	No
					
	ZMI Leasing,LLC	  	Oklahoma	  	Zero Mountain LLC	  	100%	  	No
					
	ZMI Transportation Co., LLC	  	Arkansas	  	Zero Mountain LLC	  	100%	  	No

  

	(ii)	 Unconsolidated Affiliates: 

China Joint Venture: 
  

  
 SCH 5.4-12

									
	 Affiliate
	  	 Jurisdiction of

Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary Guarantor
(Yes or No)
	China Merchants Americold Logistics Company, Limited	  	British Virgin Islands	  	Americold Logistics Hong Kong Limited	  	49%	  	No
					
	China Merchants Americold Logistics (Hong Kong) Limited	  	Hong Kong	  	China Merchants Americold Logistics Company, Limited	  	100%	  	No
					
	Kang Xin Logistics (Tianjin) Ltd.	  	China	  	China Merchants Americold Logistics (Hong Kong) Limited	  	100%	  	No
					
	China Merchants Americold Holdings Company, Limited	  	British Virgin Islands	  	Americold Realty Hong Kong Limited, Inc.	  	49%	  	No
					
	China Merchants Americold Logistics (Hong Kong) Holdings Company, Limited	  	Hong Kong	  	China Merchants Americold Holdings Company, Limited	  	100%	  	No
					
	Kang Xin Logistics (Harbin) Co., Ltd.	  	China	  	China Merchants Americold Logistics (Hong Kong) Holdings Company, Limited	  	100%	  	No
					
	Rich Products (Tianjin) Co., Ltd.	  	China	  	China Merchants Americold Logistics (Hong Kong) Holdings Company, Limited	  	100%	  	No
					
	Asia Zone Investment Limited	  	China	  	China Merchants Americold Holdings Company, Limited	  	100%	  	No
					
	China Merchants Cold Chain Logistics Limited	  	British Virgin Islands	  	Asia Zone Investment Limited	  	70%	  	No

  
 SCH 5.4-13

									
	 Affiliate
	  	 Jurisdiction of

Incorporation
	  	 Owner
	  	Percentage of
Ownership	  	Subsidiary Guarantor
(Yes or No)
	China Merchants Cold Chain Logistics (Hong Kong) Limited	  	Hong Kong	  	China Merchants Cold Chain Logistics Limited	  	100%	  	No
					
	China Merchants International Cold Chain (Shenzhen) Company Limited	  	China	  	China Merchants Cold Chain Logistics (Hong Kong) Limited	  	100%	  	No

  

	(iii)	 Trustees and Senior Officers of the Parent Guarantor: 

Senior Officers 
  

			
	 Name
	  	 Position

	Fred W. Boehler	  	Chief Executive Officer, President and Trustee
	Marc J. Smernoff	  	Chief Financial Officer and Executive Vice President
	Carlos V. Rodriguez	  	Chief Operating Officer and Executive Vice President
	David K. Stuver	  	Executive Vice President, Business Development and Supply Chain Solutions
	James C. Snyder, Jr.	  	Chief Legal Officer and Executive Vice President
	Thomas C. Novosel	  	Chief Accounting Officer and Senior Vice President
	James Harron	  	Executive Vice President and Chief Investment Officer
	Sanjay Lall	  	Executive Vice President and Chief Information Officer

  
 SCH 5.4-14

 Trustees 
  

			
	 Name
	  	 Position

	George J. Alburger, Jr.	  	Trustee*
	Ronald W. Burkle	  	Trustee
	Jeffrey M. Gault	  	Chairman of the Board of Trustees
	Bradley J. Gross	  	Trustee*
	James R. Heistand	  	Trustee*
	Michelle M. MacKay	  	Trustee*
	Mark R. Patterson	  	Trustee*
	Andrew P. Power	  	Trustee*

  

	 	•	 	 Independent 

  

	(iv)	 Directors and Senior Officers of the Issuer: 

Directors 
 N/A 

Senior Officers 
  

			
	 Officer
	  	 Position

	Fred W. Boehler	  	Chief Executive Officer and President
	Marc J. Smernoff	  	Executive Vice President and Chief Financial Office
	James C. Snyder, Jr.	  	Executive Vice President, General Counsel and Secretary
	Russell Scott Henderson	  	Senior Vice President and Treasurer
	Dwight W. Smith	  	Vice President, Tax
	Daniel C. Deckbar	  	Vice President and Assistant Secretary

  
 SCH 5.4-15

 FINANCIAL STATEMENTS 

Annual Report on Form 10-K filed with the SEC for the annual period ended December 31, 2017. 

Annual Report on Form 10-K filed with the SEC for the annual period ended December 31, 2018. 

  
 SCHEDULE
5.5 
 (to Note and Guaranty Agreement) 

 EXISTING INDEBTEDNESS OF THE
PARENT GUARANTOR AND ITS SUBSIDIARIES 
 (As of
December 31, 2018) 
  

																	
	Obligor(s)	  	Creditor	  	Class	  	CUSIP or ISIN
(if Applicable)	  	 Description

of

Indebtedness
	  	 Interest

Rates
	  	Collateral	  	 Final

Maturity
	  	 Outstanding

Principal
 Amount

(12/31/2018)

	 ART Mortgage Borrower Propco 2013 LLC,

ART Mortgage Borrower Opco 2013 LLC
	  	CMBS	  	A1	  	46639NAL5	  	CMBS	  	 3.811% (Mortgage),

7.375%
 (Mezz A),

11.50%
 (Mezz B)
	  	15 Facilities	  	6/1/2023	  	 $ 187,957,000

(Mortgage),
 $70,000,000

(Mezz A),
 $32,000,000

(Mezz B)

		  	CMBS	  	A2	  	46639NAM3	  	CMBS	  		  		  		  	
		  	CMBS	  	A3	  	46639NAN1	  	CMBS	  		  		  		  	
		  	CMBS	  	A4	  	46639NAP6	  	CMBS	  		  		  		  	
		  	CMBS	  	A5	  	46639NAQ4	  	CMBS	  		  		  		  	
		  	CMBS	  	ASB	  	46639NAR2	  	CMBS	  		  		  		  	
		  	CMBS	  	XA	  	46639NAS0	  	CMBS	  		  		  		  	
		  	CMBS	  	ASB	  	46639NAU5	  	CMBS	  		  		  		  	
		  	CMBS	  	B	  	46639NAV3	  	CMBS	  		  		  		  	
		  	CMBS	  	C	  	46639NAW1	  	CMBS	  		  		  		  	
		  	CMBS	  	D	  	46639NAX9	  	CMBS	  		  		  		  	
		  	CMBS	  	XC	  	46639NAA9	  	CMBS	  		  		  		  	
		  	CMBS	  	E	  	46639NAC5	  	CMBS	  		  		  		  	
		  	CMBS	  	F	  	46639NAE1	  	CMBS	  		  		  		  	
		  	CMBS	  	NR	  	46639NAG6	  	CMBS	  		  		  		  	
		  	CMBS	  	R	  	46639NAJ0	  	CMBS	  		  		  		  	

  
 SCHEDULE
5.15 
 (to Note and Guaranty Agreement) 

																	
	Obligor(s)	  	Creditor	  	Class	  	CUSIP or ISIN
(if Applicable)	  	 Description

of

Indebtedness
	  	 Interest

Rates
	  	Collateral	  	 Final

Maturity
	  	 Outstanding

Principal
 Amount

(12/31/2018)

	 Americold Realty Operating Partnership,
L.P.1
	  	 Bank of America, N.A.

JPMorgan Chase Banks, N.A.

Cooperatieve Rabobank U.A.,

New York Branch
 Royal Bank of
Canada
 Compass Bank, an Alabama

Banking Corporation
 Citizens Banks,
N.A.
 Regions Bank
 SunTrust
Bank
 U.S. Bank, N.A.
 Branch Bank
and Trust
 Company
 Goldman Sachs
Lending
 Partners LLC
 National
Bank of Arizona
	  	N/A	  	03063RAK4	  	Term Loan A / Revolver	  	L+1.45%	  	 Capital Stock

of the
 Qualified

Asset
 Guarantor(s)
	  	 1/23/2023

(Term Loan A),
 1/23/2021

(Revolver)
	  	 $475,000,000

(Term Loan A),

$800,000,000
 (Revolver Commitments,
undrawn as of
 12/312018)

									
	 Americold Realty Operating Partnership,
L.P.2
	  	Various	  	 Series A

Series B
	  	03063AA2
 03063AB0
	  	 Private Placement Notes

Private Placement Notes
	  	 4.68%

4.86%
	  	 Capital Stock

of the Qualified Asset Guarantor(s), (Series A & B)
	  	 1/8/2026

1/8/2029
	  	 200,000,000

400,000,000

  

	1 	 Guaranteed as of December 31, 2018 by the Subsidiary Guarantors. 

	2 	 Guaranteed as of December 31, 2018 by the Subsidiary Guarantors. 

  
 SCH 5.15-2

																	
	Obligor(s)	  	Creditor	  	Class	  	CUSIP or ISIN
(if Applicable)	  	 Description

of

Indebtedness
	  	 Interest

Rates
	  	Collateral	  	 Final

Maturity
	  	 Outstanding

Principal
 Amount

(12/31/2018)

	 Various Americold Entities
	  	Various	  	N/A	  	N/A	  	Sale-leaseback Obligations	  	7.0% - 19.6%	  	12 Facilities	  	Various	  	$118,920,000
									
	 Various Americold Entities
	  	Various	  	N/A	  	N/A	  	Capitalized Lease Obligations	  	5.0% - 9.0%	  	2 Facilities, Various MHE Equipment	  	Various	  	$40,787,000

  
 SCH 5.15-3

 LIST OF QUALIFIED ASSETS

  

							
	 Eligible Owned Asset
	  	 Owner
	  	 	  	 Address

	Ontario (OR)	  	Americold Realty, Inc.	  		  	 589 N.E. First Street
 Ontario, OR
97914

				
	Amarillo	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 10300 SE 3rd Avenue
 Amarillo, TX
79120

				
	Atlanta (Gateway)	  	AmeriCold Real Estate, L.P.	  		  	 6150 Xavier Drive SW
 Atlanta, GA
30336

				
	Atlanta (Westgate)	  	ART Mortgage Borrower Propco 2006-2 L.P.	  	                    	  	 1740 Westgate Pkwy
 GA 30336

				
	Babcock	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 1524 Necedah Road
 Babcock WI
54413

				
	Boston	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 100 Widett Circle
 Boston MA 02118

				
	Clearfield	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 755 East 1700 South Street
 Clearfield, UT
84106

				
	Clearfield 2	  	Americold Clearfield Propco, LLC	  		  	 755 East 1700 South Street
 Clearfield, UT
84106

				
	Connell	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 720 West Juniper Street
 Connell, WA
99326

				
	Fort Smith	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 1634 Midland Boulevard
 Fort Smith, AR
72902

				
	Leesport	  	AmeriCold Real Estate, L.P.	  		  	 41 Orchard Lane
 Leesport, PA
19533

				
	Middleboro	  	Americold Middleboro Propco, LL	  		  	 152 Bridge Street
 Middleboro, MA
02346

				
	Murfreesboro	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 2641 Stephenson Drive
 Murfreesboro, TN
37127

				
	Nampa	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 231 Second Road North
 Nampa, ID
83687

				
	Portland	  	AmeriCold Real Estate, L.P.	  		  	 165 Read Street
 Portland, ME
04103

				
	Russellville (Valley)    	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 203 Industrial Boulevard
 Russellville, AR
72801

  
 SCHEDULE
QA 
 (to Note and Guaranty Agreement) 

							
	 Eligible Owned Asset
	  	 Owner
	  	 	  	 Address

	Sebree	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 1541 U.S. Highway 41 North
 Sebree, KY
42455

				
	Strasburg	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 545 Radio Station Road
 Strasburg, VA
22657

				
	Syracuse (bldg 1, 2, 3)	  	ART Mortgage Borrower Propco 2006-2-L.P.	  		  	 264 Farrell Road
 Syracuse, NY
13209

				
	Turlock (1, 5th Street)	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 660 Fifth Street
 Turlock, CA
95380

				
	Walla Walla	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 1115 West Rose Street
 Walla Walla, WA
99362

				
	West Memphis	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 1651 South Airport Road
 West Memphis, AR
72301

				
	Wichita	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 2707 North Mead
 Wichita, KS 67219

				
	Woodburn	  	ART Mortgage Borrower Propco 2006-2 L.P.	  		  	 1440 Silverton Road
 Woodburn, OR
97071

				
	Phoenix 2	  	Americold Propco Phoenix Van Buren LLC	  		  	 7600 W Van Buren Street
 Phoenix, AZ
85043

				
	Atlanta (Tradewater)	  	Americold Acquisition, LLC	  		  	 6500 Tradewater Pkwy
 Atlanta, GA
30336

				
	Atlanta East Point	  	AmeriCold Real Estate, L.P.	  		  	 1239 Oakleigh Drive
 East Point, Georgia
30344

				
	Atlanta Skygate	  	ART Mortgage Borrower Propco 2006-1B L.P.	  		  	 500 John F Varly Ct
 Atlanta, Georgia
30336

				
	Atlanta Southgate	  	ART Mortgage Borrower Propco 2006-1B L.P.	  		  	 1845 Westgate Pkwy
 Atlanta, Georgia
30336

				
	Augusta	  	ART Mortgage Borrower Propco 2006-1B L.P.	  		  	 533 Laney-Walker Blvd Extension
 Augusta,
Georgia 30901

				
	Carthage	  	ART Mortgage Borrower Propco 2006-1A L.P.	  		  	 1331 Civil War Road
 Carthage, Missouri
64836

				
	East Dubuque	  	ART Mortgage Borrower Propco 2006-1C L.P.	  		  	 18531 U.S. Route 20 West
 East Dubugue, Illinois
61025

				
	Fort Dodge	  	ART Mortgage Borrower Propco 2006-1B L.P.	  		  	 3543 Maple Drive
 Fort Dodge, Iowa
50501

  
 SCH QA - 2 

							
	 Eligible Owned Asset
	  	 Owner
	  	 	  	 Address

	Fort Worth Railhead	  	ART Mortgage Borrower Propco 2006-1A L.P.	  		  	 200 Railhead Dr
 Fort Worth, Texas
76106

				
	Garden City	  	ART Mortgage Borrower Propco 2006-1A L.P.	  		  	 2007 West Mary Street
 Garden City, Kansas
67846

				
	Hatfield	  	AmeriCold Real Estate, L.P.	  		  	 2525 Bergery Road
 Hatfield, Pennsylvania
19440

				
	Indianapolis	  	ART Mortgage Borrower Propco 2006-1B L.P.	  		  	 3320 S. Arlington Avenue
 Indianapolis, Indiana
46203

				
	Milwaukie	  	ART Mortgage Borrower Propco 2006-1C L.P.	  		  	 9501 S.E. McLoughlin Boulevard
 Milwaukie,
Oregon 97269

				
	Pasco	  	ART Mortgage Borrower Propco 2006-1C L.P.	  		  	 5805 Industrial Way
 Pasco, Washington
99301

				
	Rochelle Americold Drive	  	AmeriCold Real Estate, L.P.	  		  	 1010 Americold Drive
 Rochelle, Illinois
61068

				
	San Antonio FM 78	  	Americold San Antonio Propco, LLC	  		  	 5711 FM 78
 San Antonio, Texas
78218

				
	Wallula	  	ART Mortgage Borrower Propco 2006-1C L.P.	  		  	 14060 Dodd Road
 Wallula, Washington
99363

				
	Albertville	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 1355 Railroad Avenue,
 Albertville AL
35951

				
	Allentown	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 7150 Ambassador Drive
 Fogelsville, PA 18106

651 Mill Road
 Fogelsville, PA 18106

				
	Atlanta Lakewood	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 3300 Lakewood Avenue
 Atlanta, GA
30310

				
	Columbia	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 2339 Shop Road
 Columbia, SC 29202

				
	Ft Worth - Meacham	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 350 Meacham Blvd,
 Fort Worth, TX
76106

				
	Gloucester - Rogers	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 69 Rogers Street
 Gloucester, MA
1931

				
	Gloucester - Rowe Sq	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 1 Rowe Square
 Gloucester, MA 1931

				
	Oklahoma City	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 2524 Exchange Avenue
 Oklahoma City, OK
73108    

  
 SCH QA - 3 

							
	 Eligible Owned Asset
	  	 Owner
	  	 	  	 Address

	Ontario CA B2	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 5401 Santa Ana Street
 Ontario, CA
91761

				
	Ontario CA B3	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 5361 Santa Ana Street
 Ontario, CA
91761

				
	Rochelle Caron	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 915 South Caron Road
 Rochelle, IL
61068

				
	Russellville ElMira	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 300 South EL Mira
 Russellville, AR
72802

				
	Sioux Falls Public	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 2300 East Rice Street
 Sioux Falls, SD
57103

				
	Turlock 2	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 525 South Kilroy Road
 Turlock, CA
95380

				
	Victorville	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 12979 Enterprise Way
 San Bernardino, CA
92392

				
	Manchester (York – Steamboat)	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 60 Steamboat Boulevard
 York, PA
17345

				
	Dallas Catron—59%	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 5140 Catron Drive
 Dallas, TX
75227

				
	Anaheim	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 1415 North Raymond Avenue
 Anaheim, CA
92801

				
	Brea	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 2750 Orbitor Street
 Brea, CA
92821

				
	Carson	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 1610 East Sepulveda Boulevard
 Carson, CA
90745

				
	Dominguez Hills (Compton)	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 19840 South Rancho Way
 Compton, CA
90220

				
	Ft Worth - Blue Mound	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 4900 Blue Mound Road
 Fort Worth, TX
76106

				
	Ft Worth - Samuels	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 1313 Samuels Avenue
 Fort Worth, TX
76102

				
	Geneva Lakes (Darien)	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 W8876 County Trunk Highway X
 Darien, WI
53114

				
	Gouldsboro	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 SR 435 Lackawanna Trail
 Covington Township, PA
18424    

				
	Greenville	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 214 Industrial Drive
 Greenville, SC
29606

  
 SCH QA - 4 

							
	 Eligible Owned Asset
	  	 Owner
	  	 	  	 Address

	Henderson	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 830 East Horizon Drive
 Henderson, NV
89015

				
	Jefferson	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 230 Collins Road
 Jefferson, WI
53549

				
	Lancaster	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 3800 Hempland Road
 Mountville, PA
17554

				
	LaPorte	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 502 North Broadway Street
 LaPorte, TX
77571

				
	Lynden	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 406 2nd Street
 Lynden, WA 98264

				
	Modesto PRW	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 2050 Lapham Drive
 Modesto, CA
95354

				
	Salinas	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 950 South Sanborn Road
 Salinas, CA
93902

				
	Sikeston	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 2500 Rose Parkway
 Sikeston, MO
63801

				
	St. Louis	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 8501 Page Avenue
 Vinita Park, MO
63114

				
	Tampa PC - Frontage	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 302 North Frontage Road
 Plant City, FL
33563

				
	Taunton	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 455 John Hancock Road
 Taunton, MA
2780

				
	Vernon 2	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 3420 East Vernon Avenue
 Vernon, CA
90058

				
	York - Willow Springs	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 380 Willow Springs Lane
 Manchester, PA
17406

				
	Appleton	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 2000 W. Pershing Street
 Appleton, WI
54914

				
	Houston	  	ART Mortgage Borrower Propco 2010-6, LLC	  		  	 16110 East Hardy Road
 Houston, TX
77032

				
	San Antonio	  	ART Mortgage Borrower Propco 2010-6, LLC	  		  	 11850 Center Road
 San Antonio, TX
78223

  
 SCH QA - 5 

							
	 Eligible Ground Leased Asset
	  	 Lessor
	  	 	  	 Address

	Burley	  	AmeriCold Real Estate, L.P.	  		  	 280 West Highway 30
 Burley, ID
83318

				
	Tacoma	  	VCD Pledge Holdings, LLC	  		  	 1301 26th Avenue East
 Tacoma, WA
98424

				
	Tampa (Bartow)	  	ART Mortgage Borrower, L.P.	  		  	 Highway 17
 Bartow, FL 33831

				
	Grand Island	  	AmeriCold Real Estate, L.P.	  		  	 204 East Roberts Street
 Grand Island, NE
68802

				
	Massillon	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 2140 17th Street SW
 Massillon, OH
44647

				
	Watsonville	  	ART Mortgage Borrower Propco 2010-4, LLC	  		  	 750 West Riverside Drive
 Santa Cruz, CA
95077

				
	Mobile	  	ART Mortgage Borrower Propco 2010-5, LLC	  		  	 2201 Perimeter Road
 Mobile, AL
36615

  
 SCH QA - 6 

 INFORMATION RELATING TO
PURCHASERS 
  

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF

NOTES TO BE

PURCHASED
	 
	 TEACHERS INSURANCE AND ANNUITY
ASSOCIATION OF AMERICA
	  	 	Series C	 	  	$	30,000,000	 
	 730 Third Avenue
	  				  			
	 New York, New York 10017
	  				  			

  

	(1)	 All payments on or in respect of the Guaranteed Senior Notes shall be made in immediately available funds on
the due date by electronic funds transfer, through the Automated Clearing House System, to: 

 Wire instructions
redacted and provided to Issuer under separate cover. 
  

	(2)	 Address for all notices with respect to payments and prepayments of the Guaranteed Senior Notes:

 Teachers Insurance and Annuity Association of America 

730 Third Avenue 
 New York, New
York 10017 
 Attention: Securities Accounting Division 

Phone: (212) 916-5504 

Facsimile: (212) 916-4699 

With a copy to: 
 JPMorgan Chase
Bank, N.A. 
 P.O. Box 35308 

Newark, New Jersey 07101 

Contemporaneous written confirmation of any electronic funds transfer shall be sent to the above addresses setting forth (1) the full
name, private placement number, interest rate and maturity date of the Notes (2) allocation of payment between principal, interest, Make-Whole Amount, other premium or any special payment and (3) the name and address of the bank from which
such electronic funds transfer was sent. 
  

	(3)	 Address for all notices and communications, including notices with respect to payments and prepayments:

  
 PURCHASER
SCHEDULE 
 (to Note and Guaranty Agreement) 

 Teachers Insurance and Annuity Association of America 

c/o Nuveen Alternatives Advisors LLC 

8500 Andrew Carnegie Blvd. 

Charlotte, NC 28262 
 Attention:
Global Private Markets 
 Telephone: (704) 988-4349 (Name: Ho Young Lee) 

(212) 916-4000 (General Number) 

Facsimile:   (704) 988-4916 

Email:         hoyoung.lee@tiaainvestments.com 

 

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 2

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 ATHENE ANNUITY AND LIFE
COMPANY
	  	 	Series C	 	  	$	10,000,000	 
	 7700 Mills Civic Parkway
	  				  			
	 West Des Moines, IA 50266
	  				  			

  

	(1)	 Payments on account of the Note shall be made by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred Remittance: privateplacements@athenelp.com 

Athene Annuity and Life Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: Gerlach & Co. F/B/O Athene Annuity and Life Company 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 3

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY
	  	 	Series C	 	  	$	5,000,000	 
	 7700 Mills Civic Parkway
	  				  			
	 West Des Moines, IA 50266
	  				  			

  

	(1)	 Payments on account of the Note shall be made by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred Remittance: privateplacements@athenelp.com 

Athene Annuity & Life Assurance Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 

7700 Mills Civic Parkway 

West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 4

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY OF NEW YORK
	  	 	Series C	 	  	$	5,000,000	 
	 7700 Mills Civic Parkway
	  				  			
	 West Des Moines, IA 50266
	  				  			

  

	(1)	 Payments on account of the Note shall be made by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred Remittance: privateplacements@athenelp.com 

Athene Annuity & Life Assurance Company of New York 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: Gerlach & Co. F/B/O Athene Annuity & Life Assurance Company of New York

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 5

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
	  	 	Series C	 	  	$	5,000,000	 
	 7700 Mills Civic Parkway
	  				  			
	 West Des Moines, IA 50266
	  				  			

  

	(1)	 Payments on account of the Note shall be made by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred Remittance: privateplacements@athenelp.com 

The Lincoln National Life Insurance Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 6

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 ATHENE ANNUITY AND LIFE
COMPANY
	  	 	Series C	 	  	$	2,000,000	 
	 7700 Mills Civic Parkway
	  				  			
	 West Des Moines, IA 50266
	  				  			

  

	(1)	 Payments on account of the Note shall be made by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices, including financials, compliance and requests: 

Preferred Remittance: privateplacements@athenelp.com 

Athene Annuity and Life Company 

c/o Athene Asset Management LLC 

Attn: Private Fixed Income 
 7700
Mills Civic Parkway 
 West Des Moines, IA 50266 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: Gerlach & Co. F/B/O Athene Annuity and Life Company 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 7

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES
TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 ALLIANZ LIFE INSURANCE COMPANY
OF NORTH AMERICA
	  	 	Series C	 	  	$	27,000,000	 
	 55 Greens Farms Road
	  				  			
	 Westport, CT 06880
	  				  			

  

	(1)	 Payments on account of the Note shall be made by federal funds wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover 

 

	(2)	 Address for all notices: 

Allianz Life Insurance Company of North America 

c/o Allianz Global Investors U.S. LLC 

Attn: Private Placements 
 55
Greens Farms Road 
 Westport, CT 06880 

Phone: 203-293-1900 

Email: ppt@allianzgi.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: MAC & CO., LLC 

 

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 8

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 HARTFORD LIFE AND ACCIDENT
INSURANCE COMPANY
	  	 	Series C	 	  	$	5,000,000	 
	 One Hartford Plaza - NP5-B
	  				  			
	 Hartford, Connecticut 06155
	  				  			

  

	(1)	 All payments shall be made by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover 

 

	(2)	 Address for all notices of payments and written confirmations of such wire transfers: 

Hartford Investment Management Company 

c/o Investment Operations 
 One
Hartford Plaza - NP5 
 Hartford, Connecticut 06155 

Facsimile: (860) 297-8875/8876 

 

	(3)	 Address for all other communications: 

Hartford Investment Management Company 

c/o Investment Department-Private Placements 

E-mail Address:        dawn.crunden@himco.com and 

                      
PrivatePlacements.Himco@Himco.com 
 subject to confirming copy of notice being sent same day by recognized international commercial delivery
service (charges prepaid) to the following addresses mailing address: 
 One Hartford Plaza, NP5-B

 Hartford, Connecticut 06155 

Facsimile: (860) 297-8884 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 9

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 HARTFORD FIRE INSURANCE
COMPANY
	  	 	Series C	 	  	$	5,000,000	 
	 One Hartford Plaza - NP5-B
	  				  	$	5,000,000	 
	 Hartford, Connecticut 06155
	  				  	$	4,000,000	 

  

	(1)	 All payments shall be made by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover 

 

	()	 Address for all notices of payments and written confirmations of such wire transfers: 

Hartford Investment Management Company 

c/o Investment Operations 
 One
Hartford Plaza - NP5 
 Hartford, Connecticut 06155 

Facsimile: (860) 297-8875/8876 

 

	(3)	 Address for all other communications: 

Hartford Investment Management Company 

c/o Investment Department-Private Placements 

E-mail Address:        dawn.crunden@himco.com and 

                      
PrivatePlacements.Himco@Himco.com 
 subject to confirming copy of notice being sent same day by recognized international commercial delivery
service (charges prepaid) to the following addresses mailing address: 
 One Hartford Plaza, NP5-B

 Hartford, Connecticut 06155 

Facsimile: (860) 297-8884 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 10

									
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 TALCOTT RESOLUTION LIFE INSURANCE
COMPANY
	  	 	Series C	 	  	$	5,000,000	 
	 One Hartford Plaza - NP5-B
	  				  	$	3,000,000	 
	 Hartford, Connecticut 06155
	  

  

	(1)	 All payments shall be made by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover 

 

	(2)	 Address for all notices of payments and written confirmations of such wire transfers: 

Hartford Investment Management Company 

c/o Investment Operations 
 One
Hartford Plaza - NP5 
 Hartford, Connecticut 06155 

Facsimile: (860) 297-8875/8876 

 

	(3)	 Address for all other communications: 

Hartford Investment Management Company 

c/o Investment Department-Private Placements 

E-mail Address:        dawn.crunden@himco.com and 

                      
PrivatePlacements.Himco@Himco.com 
 subject to confirming copy of notice being sent same day by recognized international commercial delivery
service (charges prepaid) to the following addresses mailing address: 
 One Hartford Plaza, NP5-B

 Hartford, Connecticut 06155 

Facsimile: (860) 297-8884 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 11

							
	NAME AND ADDRESS OF PURCHASER	  	 SERIES OF NOTES TO

BE PURCHASED
	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 NATIONWIDE LIFE AND ANNUITY
INSURANCE COMPANY
	  	Series C	  	$	17,000,000	 
	 One Nationwide Plaza
(1-05-801)
	  

	 Columbus, OH 43215-2220
	  

 (1) All payments shall be made by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payment on or in respect to the Note: 

Nationwide Life and Annuity Insurance Company 

c/o The Bank of New York 
 Attn:
P & I Department 
 P.O. Box 392003 

Pittsburgh, PA 1525 
 With a copy
to: 
 Nationwide Life and Annuity Insurance Company 

Attn: Nationwide Investments - Investment Operations 

One Nationwide Plaza (1-05-401) 

Columbus, OH 43215-2220 
  

	(3)	 Address for all other communications: 

Nationwide Life and Annuity Insurance Company 

Attn: Nationwide Investments – Private Placements 

E-mail: ooinwpp@nationwide.com 

One Nationwide Plaza (1-05-801) 

Columbus, OH 43215-2220 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 12

									
	NAME AND ADDRESS OF PURCHASER	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT
OF

NOTES TO BE
PURCHASED
	 
	 NATIONWIDE LIFE INSURANCE COMPANY

	  	 	Series C	 	  	$	10,000,000	 
	 One Nationwide Plaza
(1-05-801)
	  				  			
	 Columbus, OH 43215-2220
	  				  			

  

	(1)	 All payments shall be made by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payment on or in respect to the Note: 

Nationwide Life Insurance Company 

c/o The Bank of New York 
 Attn:
P & I Department 
 P.O. Box 392003 

Pittsburgh, PA 1525 
 With a copy
to: 
 Nationwide Life Insurance Company 

Attn: Nationwide Investments - Investment Operations 

One Nationwide Plaza (1-05-401) 

Columbus, OH 43215-2220 
  

	(3)	 Address for all other communications: 

Nationwide Insurance Company 

Attn: Nationwide Investments – Private Placements 

E-mail: ooinwpp@nationwide.com 

One Nationwide Plaza (1-05-801) 

Columbus, OH 43215-2220 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 13

									
	 NAME AND ADDRESS OF

PURCHASER
	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT

OF NOTES TO BE

PURCHASED
	 
	 PRU US PP CREDIT BM FUND
	  	 	Series C	 	  	$	4,500,000	 
	 1075 Peachtree Street, Suite 3600
	  				  			
	 Atlanta, GA 30309
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

Prudential Private Placement Investors, L.P. 

c/o Prudential Capital Group 

1075 Peachtree Street 
 Suite 3600

 Atlanta, GA 30309 

Attention: Managing Director 
 cc:
Vice President and Corporate Counsel 
 And for all notices relating solely to scheduled principal and interest payments: 

Mitsubishi UFJ Trust and Banking Corporation 

New York Branch 
 1221 Avenue of
the Americas, 10th Floor 
 New York, NY 10020 

Attn: Custody Group/Income Collection 

Income team: income-dl@ny.tr.mufg.jp 

Client Service team: clientservices-dl@ny.tr.mufg.jp 

 

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 US Tax Identification Number: N/A 

  
 Purchaser Schedule - 14

									
	 NAME AND ADDRESS OF

PURCHASER
	  	
SERIES OF NOTES TO BE

PURCHASED
	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA	  	 	Series C	 	  	$	5,050,000	 
	 1075 Peachtree Street, Suite 3600
	  				  	$	17,450,000	 
	 Atlanta, GA 30309
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

The Prudential Insurance Company of America 

c/o Prudential Capital Group 

1075 Peachtree Street 
 Suite 3600

 Atlanta, GA 30309 

Attention: Managing Director 
 cc:
Vice President and Corporate Counsel 
 and for all notices relating solely to scheduled principal and interest payments: 

The Prudential Insurance Company of America 

c/o PGIM, Inc. 
 Prudential Tower

 655 Broad Street 
 14th Floor
- South Tower 
 Newark, NJ 07102 

Attention: PIM Private Accounting Processing Team 

Email: Pim.Private.Accounting.Processing.Team@prudential.com 
  

	(3)	 Address for physical delivery of the Note: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 15

									
	 NAME AND ADDRESS OF

PURCHASER
	  	 SERIES OF NOTES TO

BE PURCHASED
	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	TRANSAMERICA PREMIER LIFE INSURANCE COMPANY	  	 	Series C	 	  	$	10,000,000	 
	 6300 C Street SW
	  				  			
	 Cedar Rapids, IA 52499
	  				  			

  

	(1)	 All payments on account of the Transamerica Premier Life Insurance Company shall be made by wire transfer to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices/confirmation of payment information should include CUSIP/PPN: 03063# AC8 in the subject line and be
sent to: 

 AEGON USA Investment Management, LLC 

Attn: AAM GA Portfolio Accounting MS 3G-CR 

6300 C Street SW 
 Cedar Rapids,
IA 52499 
 Email: shaamgaportfolioacc@aegonusa.com 

And 
 AEGON USA Investment
Management, LLC 
 Attn: Private Placements MS 3C-CR 

6300 C Street SW 
 Cedar Rapids,
IA 52499 
 Email: privateplacements@aegonusa.com 
  

	(3)	 Routine correspondence, legal closing documents and reporting should be sent to: 

AEGON USA Investment Management, LLC 

Attn: Director of Private Placements MS 3C-CR 

6300 C Street SW 
 Cedar Rapids,
IA 52499 
 Telephone: (319) 355-2429 

Email: privateplacements@aegonusa.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover

  
 Purchaser Schedule - 16

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 TRANSAMERICA LIFE INSURANCE
COMPANY
	  	 	Series C	 	  	$	10,000,000	 
	 6300 C Street SW
	  				  			
	 Cedar Rapids, IA 52499
	  				  			

  

	(1)	 All payments on account of the Transamerica Life Insurance Company shall be made by wire transfer to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices/confirmation of payment information should include CUSIP/PPN: 03063# AC8 in the subject line and be
sent to: 

 AEGON USA Investment Management, LLC 

Attn: AAM GA Portfolio Accounting MS 3G-CR 

6300 C Street SW 
 Cedar Rapids,
IA 52499 
 Email: shaamgaportfolioacc@aegonusa.com 

and 
 AEGON USA Investment
Management, LLC 
 Attn: Private Placements MS 3C-CR 

6300 C Street SW 
 Cedar Rapids,
IA 52499 
 Email: privateplacements@aegonusa.com 
  

	(3)	 Routine correspondence, legal closing documents and reporting should be sent to: 

AEGON USA Investment Management, LLC     

Attn: Director of Private Placements MS 3C-CR 

6300 C Street SW 
 Cedar Rapids,
IA 52499 
 Telephone: (319) 355-2429 

Email: privateplacements@aegonusa.com     
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 17

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 AMERICAN EQUITY INVESTMENT LIFE
INSURANCE COMPANY
	  	 	Series C	 	  	$	20,000,000	 
	 6000 Westown Parkway
	  				  			
	 West Des Moines, IA 50266
	  				  			

  

	(1)	 All scheduled payments of principal and interest shall be made by wire transfer of immediately available funds:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and communications regarding payment transactions (Payment): 

Email: AssetAdmin.PrivatePlacements@American-Equity.com 

Attention: Mark Kooienga    Phone (515) 273-3576 

 

	(3)	 Address for all notices and communications (Legal): 

American Equity Investment Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 
 West Des
Moines, IA 50266 
 Attention: Legal Monitoring 

Email: Legal.PrivatePlacements@American-Equity.com 
  

	(4)	 Address for all notices and communications (other than Payment and Legal): 

American Equity Investment Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 
 West Des
Moines, IA 50266 
 Attention: Compliance Monitoring 

Email: Compliance.PrivatePlacements@American-Equity.com 
  

	(5)	 Address for Audit Requests: 

Soft copy: 

AuditConfirms.PrivatePlacements@American-Equity.com 

Hard copy: 

  
 Purchaser Schedule - 18

 American Equity Investment Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 
 West Des
Moines, IA 50266 
 Attention: AuditConfirms 
  

	(6)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(7)	 Nomine: Chimefish & Co 

 

	(8)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 19

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 MASSACHUSETTS MUTUAL LIFE INSURANCE
COMPANY
	  	 	Series C	 	  	$	17,800,000	 
	 c/o Barings LLC
	  				  			
	 300 South Tryon Street – Suite 2500
	  				  			
	 Charlotte, NC 28202
	  				  			

  

	(1)	 All payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or
other immediately available funds (identifying each payment as Americold Realty Operating Partnership, L.P., 4.10% Series C Guaranteed Senior Notes due January 8, 2030, interest, principal or premium), to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices on payments: 

Massachusetts Mutual Life Insurance Company 

Treasury Operations Securities Management 

1295 State Street 
 Springfield,
MA 01111 
 Attn: Janelle Tarantino 

With a copy to: 
 Massachusetts
Mutual Life Insurance Company 
 c/o Barings LLC 

300 South Tryon Street – Suite 2500 

Charlotte, NC 28202 
  

	(3)	 Address for all communications and notices (including electronic delivery of financials):

 Massachusetts Mutual Life Insurance Company 

c/o Barings LLC 
 300 South Tryon
Street – Suite 2500 
 Charlotte, NC 28202 

With notification to: 

privateplacements@barings.com 

pdgportfolioadmin@barings.com 

John.Wheeler@barings.com 

  
 Purchaser Schedule - 20

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 21

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 YF LIFE INSURANCE INTERNATIONAL
LIMITED
	  	 	Series C	 	  	$	1,200,000	 
	 c/o Barings LLC
	  				  			
	 300 South Tryon Street – Suite 2500
	  				  			
	 Charlotte, NC 28202
	  				  			

  

	(1)	 All payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or
other immediately available funds (identifying each payment as Americold Realty Operating Partnership, L.P., 4.10% Series C Guaranteed Senior Notes due January 8, 2030, interest, principal or premium), to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices on payments: 

YF Life Insurance International Limited 

Treasury Operations Securities Management 

1295 State Street 
 Springfield,
MA 01111 
 Attn: Janelle Tarantino 

With a copy to: 
 YF Life
Insurance International Limited 
 c/o Barings LLC 

300 South Tryon Street – Suite 2500 

Charlotte, NC 28202 
  

	(3)	 Address for notices of corporate action: 

Citigroup Global Securities Services 

Attn: Corporate Action Dept. 

3800 Citibank Center Tampa 

Building B Floor 3 
 Tampa, FL
33610-9122 
  

	(4)	 Address for all communications and notices (including electronic delivery of financials):

 MassMutual Asia Limited 

c/o Barings LLC 
 300 South Tryon
Street – Suite 2500 
 Charlotte, NC 28202 

  
 Purchaser Schedule - 22

 With notification to: 

privateplacements@barings.com 

pdgportfolioadmin@barings.com 

John.Wheeler@barings.com 
  

	(5)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(6)	 Nominee: Gerlach & Co. 

 

	(7)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 23

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 BANNER LIFE INSURANCE
COMPANY
	  	 	Series C	 	  	$	1,000,000	 
	 c/o Barings LLC
	  				  			
	 300 South Tryon Street – Suite 2500
	  				  			
	 Charlotte, NC 28202
	  				  			

  

	(1)	 All payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or
other immediately available funds (identifying each payment as Americold Realty Operating Partnership, L.P., 4.10% Series C Guaranteed Senior Notes due January 8, 2030, interest and principal), to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for communications and notices, including notices on payments: 

Banner Life Insurance Company 

c/o Barings LLC 
 300 South Tryon
Street – Suite 2500 
 Charlotte, NC 28202 

With notification to: 

privateplacements@barings.com 

pdgportfolioadmin@barings.com 

John.Wheeler@barings.com 
  

	(3)	 Address for electronic delivery of financials and other information: 

Banner Life Insurance Company 

c/o Barings LLC 
 300 South Tryon
Street – Suite 2500 
 Charlotte, NC 28202 

privateplacements@barings.com 

pdgportfolioadmin@barings.com 

John.Wheeler@barings.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Hare & Co., LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 24

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 USAA MASTER TRUST (PENSION AND
RSP)
	  	 	Series C	 	  	$	3,000,000	 
	 9800 Fredericksburg Road
	  				  			
	 San Antonio, TX 78288
	  				  			

  

	(1)	 All payments on account of the Note shall be made by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices regarding payments to Purchaser and written confirmations of such wire transfers:

 Northern Trust 

801 South Canal Street 
 Chicago,
Illinois 60607 USA 
 Attn: INC/DIV 

with a copy to: 
 Andrew McEvoy

 Macquarie Investment Management 

2005 Market Street 
 Philadelphia,
PA 19103 
 E-mail:    Andrew.mcevoy@macquarie.com 

 

	(3)	 E-mail addresses for electronic deliveries of financials, financial
covenant compliance and other reports required under the Note Purchase and Guaranty Agreement to Purchaser: 

 Alex
Alston:                        Alex.Alston@macquarie.com 

Frank
LaTorraca:                 Frank.LaTorraca@macquarie.com 

Analyst on Transaction:       Philip.Lee@macquarie.com 

 

	(4)	 Address for all other communications: 

Macquarie Investment Management 

2005 Market Street 
 Philadelphia,
PA 19103 
 Attn: Debt Private Placements Group 

  
 Purchaser Schedule - 25

E-mail:                
Alex.Alston@macquarie.com; 
 Frank.LaTorraca@macquarie.com; 

Nicole.Tullo@macquarie.com; 

Philip.Lee@macquarie.com; 

Jamie.Chiarieri@macquarie.com; 

Brendan.Dillon@macquarie.com; 

Karl.Spaeth@macquarie.com; 

Lindwood.Wilmer@macquarie.com; 

Michael.Dresnin@macquarie.com 
  

	(5)	 Address for physical delivery of the Notes: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(6)	 Nominee: Ell & Co. 

 

	(7)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 26

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
	  	 	Series C	 	  	$	11,000,000	 
	 2005 Market Street
	  				  			
	 Mail Stop 41-104
	  				  			
	 Philadelphia, PA 19103
	  				  			

  

	(1)	 All payments on account of the Note shall be made by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notice of payments only (Bank Address): 

Notice instructions redacted and provided to Issuer under separate cover 

 

	(3)	 Address for notice of payment (Treasury Operations): 

Lincoln Financial Group 
 1300
South Clinton St. 
 Fort Wayne, IN 46802 

Attn: Inv Acctg–Treasury Operations 

Email: securities_data_rese@lfg.com 
  

	(4)	 Address for all communications (Investment Advisor): 

Macquarie Investment Management Advisers 

2005 Market Street, Mail Stop 41-104 

Philadelphia, PA 19103 
 Attn:
Fixed Income Private Placements 
 Email: privateplacements@macquarie.com 

 

	(5)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(6)	 Nominee: None 

  

	(7)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 27

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
	  	 	Series C	 	  	$	4,000,000	 
	 2005 Market Street, Mail Stop 41-104
	  				  			
	 Philadelphia, PA 19103
	  				  			

  

	(1)	 All payments on account of the Note shall be made by wire transfer of immediately available funds to:

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notice of payments only (Bank Address): 

Notice instructions redacted and provided to Issuer under separate cover 

 

	(3)	 Address for notice of payment (Treasury Operations): 

Lincoln Financial Group 
 1300
South Clinton St. 
 Fort Wayne, IN 46802 

Attn: Inv Acctg–Treasury Operations 

Email: securities_data_rese@lfg.com 
  

	(4)	 Address for all communications (Investment Advisor): 

Macquarie Investment Management Advisers 

2005 Market Street, Mail Stop 41-104 

Philadelphia, PA 19103 
 Attn:
Fixed Income Private Placements 
 Email: privateplacements@macquarie.com 

 

	(5)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(6)	 Nominee: None 

  

	(7)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 28

							
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 ENSIGN PEAK ADVISORS, INC.

	  	Series C	  	$	5,000,000	 
	 50 East North Temple Street
	  	Series C	  	$	5,000,000	 
	 Salt Lake City, Utah 84150
	  	Series C	  	$	5,000,000	 

  

	(1)	 All payments on account of the Notes held by such purchaser shall be made by wire transfer of immediately
available funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices with respect to payments and written confirmation of each such payment to be addressed:

 Ensign Peak Advisors, Inc. 

50 East North Temple Street, Room 1514 

Salt Lake City, Utah 84150 

Attention: Custody 

Email: custody@ensignpeak.org 

            privateplacements@ensignpeak.org 

Phone: 801-240-1066 

 

	(3)	 All other notices and communications addressed to: 

Ensign Peak Advisors, Inc. 
 50
East North Temple Street 
 Salt Lake City, Utah 84150 

Attention: Matthew D. Dall 

privateplacements@ensignpeak.org 

mark.r.peterson@ensignpeak.org 
  

	(4)	 Address for physical delivery of Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  

  
 Purchaser Schedule - 29

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 INTEGRITY LIFE INSURANCE COMPANY

	  	 	Series C	 	  	$	10,000,000	 
	 400 Broadway, MS 80
	  				  			
	 Cincinnati, OH 45202-3341
	  				  			

  

	(1)	 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices of payments, wire transfers and audit confirmations: 

Integrity Life Insurance Company 

400 Broadway, MS 80 
 Cincinnati,
OH 45202-3341 
 invacctg@wslife.com 
  

	(3)	 Address for all other communications: 

Fort Washington Investment Advisors 

Suite 1200 - Private Placements 

303 Broadway 
 Cincinnati, OH
45202 Email address: privateplacements@fortwashington.com 
  

	(4)	 Address for physical delivery of Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Hare & Co LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 30

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 RGA REINSURANCE COMPANY 
	  	 	Series C	 	  	$	2,500,000	 
	 16600 Swingley Ridge Rd.
	  				  			
	 Chesterfield, MO 63017-1706
	  				  			

  

	(1)	 All payments on or in respect of the Certificates to be by bank wire transfer of Federal or other immediately
available funds identifying each payment as “Americold Corp 4.1 1/8/2030, PPN#: 03063# AC8, principal, premium or interest” to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices and communications to be addressed as first provided above, except notices with respect to payments
and written confirmation of each such payment, should be addressed to: 

 Hare & Co 

The Bank of New York Mellon Corp. 

Attn: P&I Department 
 PO Box
19266 
 Newark, NJ 07195 

Email: privateplacements@rgare.com 
  

	(4)	 Address for physical delivery of Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Hare & Co 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 31

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 RGA REINSURANCE COMPANY 
	  	 	Series C	 	  	$	5,000,000	 
	 16600 Swingley Ridge Rd.
	  				  			
	 Chesterfield, MO 63017-1706
	  				  			

  

	(1)	 All payments on or in respect of the Certificates to be by bank wire transfer of Federal or other immediately
available funds identifying each payment as “Americold Corp 4.1 1/8/2030, PPN#: 03063# AC8, principal, premium or interest” to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices and communications to be addressed as first provided above, except notices with respect to payments
and written confirmation of each such payment, should be addressed to: 

 Hare & Co 

The Bank of New York Mellon Corp. 

Attn: P&I Department 
 PO Box
19266 
 Newark, NJ 07195 

Email: privateplacements@rgare.com 
  

	(4)	 Address for physical delivery of Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Hare & Co 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 32

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 RGA REINSURANCE COMPANY BARBADOS LTD 
	  	 	Series C	 	  	$	2,500,000	 
	 16600 Swingley Ridge Rd.
	  				  			
	 Chesterfield, MO 63017-1706
	  				  			

  

	(1)	 All payments on or in respect of the Certificates to be by bank wire transfer of Federal or other immediately
available funds identifying each payment as “Americold Corp 4.1 1/8/2030, PPN#: 03063# AC8, principal, premium or interest” to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices and communications to be addressed as first provided above, except notices with respect to payments
and written confirmation of each such payment, should be addressed to: 

 Hare & Co 

The Bank of New York Mellon Corp. 

Attn: P&I Department 
 PO Box
19266 
 Newark, NJ 07195 

Email: privateplacements@rgare.com 
  

	(4)	 Address for physical delivery of Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: Hare & Co 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 33

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 SECURIAN LIFE INSURANCE COMPANY

	  	 	Series C	 	  	$	2,000,000	 
	 c/o Securian Asset Management, Inc.
	  				  			
	 400 Robert Street North
	  				  			
	 St. Paul, MN 55101
	  				  			

  

	(1)	 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If
Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Securian Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
  

	(4)	 The Notes should be delivered in accordance with instructions furnished to Purchaser’s counsel, Schiff
Hardin LLP. 

  

	(5)	 Nominee: Hare & Co., LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 34

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 ALLIANCE UNITED INSURANCE COMPANY

	  	 	Series C	 	  	$	1,000,000	 
	 c/o Securian Asset Management, Inc.
	  				  			
	 400 Robert Street North
	  				  			
	 St. Paul, MN 55101
	  				  			

  

	(1)	 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If
Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Alliance United Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 

St. Paul, Minnesota 55101 

Attn: Client Administrator 
  

	(4)	 The Notes should be delivered in accordance with instructions furnished to Purchaser’s counsel, Schiff
Hardin LLP. 

  

	(5)	 Nominee: Hare & Co., LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 35

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 MINNESOTA LIFE INSURANCE COMPANY

	  	 	Series C	 	  	$	5,000,000	 
	 c/o Securian Asset Management, Inc.
	  				  			
	 400 Robert Street North
	  				  			
	 St. Paul, MN 55101
	  				  			

  

	(1)	 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If
Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Minnesota Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
  

	(4)	 The Notes should be delivered in accordance with instructions furnished to Purchaser’s counsel, Schiff
Hardin LLP. 

  

	(5)	 Nominee: Hare & Co., LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 36

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 MINNESOTA LIFE INSURANCE COMPANY

	  	 	Series C		  	$	2,000,000	 
	 c/o Securian Asset Management, Inc.
	  				  			
	 400 Robert Street North
	  				  			
	 St. Paul, MN 55101
	  				  			

  

	(1)	 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices and statements should be sent electronically via Email to: privateplacements@securianam.com. If
Email is unavailable or if the Email is returned for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Minnesota Life Insurance Company 

c/o Securian Asset Management, Inc. 

400 Robert Street North 
 St.
Paul, Minnesota 55101 
  

	(4)	 The Notes should be delivered in accordance with instructions furnished to Purchaser’s counsel, Schiff
Hardin LLP. 

  

	(5)	 Nominee: Hare & Co., LLC 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 37

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 MODERN WOODMEN OF
AMERICA
	  	 	Series C	 	  	$	9,000,000	 
	 1701 First Avenue
	  				  			
	 Rock Island, IL 61201
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices relating to payments: 

Modern Woodmen of America 
 Attn:
Investment Accounting Department 
 1701 First Avenue 

Rock Island, IL 61201 
 Fax: (309)
793-5688 
  

	(3)	 Address for all other communications and notices: 

Modern Woodmen of America 
 Attn:
Investment Department 
 1701 First Avenue 

Rock Island, IL 61201 

PrivatePlacementGroup@modern-woodmen.org 

Fax: (309) 793-5574 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 38

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 THE GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA
	  	 	Series C	 	  	$	6,000,000	 
	 7 Hanover Square
	  				  			
	 New York, NY 10004-2616
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

The Guardian Life Insurance Company of America 

7 Hanover Square 
 New York, NY
10004-2616 
 Attn: Barry Scheinholtz 

Investment Department 9-A 

FAX # (212) 919-2658 

Email address: bscheinholtz@glic.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 39

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 BERKSHIRE LIFE INSURANCE COMPANY
OF AMERICA
	  	 	Series C	 	  	$	1,000,000	 
	 7 Hanover Square
	  				  			
	 New York, NY 10004-2616
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

Berkshire Life Insurance Company of America 

c/o The Guardian Life Insurance Company of America 

7 Hanover Square 
 New York, NY
10004-2616 
 Attn: Barry Scheinholtz 

Investment Department 9-A 

FAX # (212) 919-2658 

Email address: bscheinholtz@glic.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 40

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 THE GUARDIAN INSURANCE &
ANNUITY COMPANY, INC.
	  	 	Series C	 	  	$	1,000,000	 
	 7 Hanover Square
	  				  			
	 New York, NY 10004-2616
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all communications and notices: 

The Guardian Insurance & Annuity Company, Inc. 

c/o The Guardian Life Insurance Company of America 

7 Hanover Square 
 New York, NY
10004-2616 
 Attn: Barry Scheinholtz 

Investment Department 9-A 

FAX # (212) 919-2658 

Email address: bscheinholtz@glic.com 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 41

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 UNITED OF OMAHA LIFE
INSURANCE COMPANY
	  	 	Series C	 	  	$	8,000,000	 
	 3300 Mutual of Omaha Plaza
	  				  			
	 Omaha, NE 68175-1011
	  				  			

  

	(1)	 All principal and interest payments on the Notes shall be made by wire transfer of immediately available funds
to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices in respect of payment of principal and interest, corporate actions, and reorganization
notifications: 

 Notice instructions redacted and provided to Issuer under separate cover. 

(3) Address for all other communications (i.e.: quarterly/annual reports, tax filings, modifications, waivers regarding the
Notes): 
 4 - Investment Management 

United of Omaha Life Insurance Company 

3300 Mutual of Omaha Plaza 

Omaha, NE 68175-1011 
 Email
Address for Electronic Document Transmission: 
 privateplacements@mutualofomaha.com 

 

	(4)	 Address for physical delivery of the Notes: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 42

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 CMFG LIFE INSURANCE COMPANY 
	  	 	Series C	 	  	$	4,000,000	 
	 DS-PrivatePlacements@cunamutual.com
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices of payments, wires, audit confirmations, compliance and financials shall be emailed to:

 DS-PrivatePlacements@cunamutual.com 

 

	(3)	 All legal communication shall be emailed to: 

DS-PrivatePlacements@cunamutual.com 

mcalegal@cunamutual.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: TURNKEYS & CO 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 43

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 CMFG LIFE INSURANCE COMPANY 
	  	 	Series C	 	  	$	3,000,000	 
	 DS-PrivatePlacements@cunamutual.com
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available
funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 All notices of payments, wires, audit confirmations, compliance and financials shall be emailed to:

 DS-PrivatePlacements@cunamutual.com 

 

	(3)	 All legal communication shall be emailed to: 

DS-PrivatePlacements@cunamutual.com 

mcalegal@cunamutual.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: TURNKEYS & CO 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 44

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 GREAT-WEST LIFE & ANNUITY
INSURANCE COMPANY
	  	 	Series C	 	  	$	7,000,000	 
	 8515 East Orchard Road, 3T2
	  				  			
	 Greenwood Village, CO 80111
	  				  			

  

	(1)	 All payments shall be made by wire transfer as follows: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices and communications: 

Great-West Life & Annuity Insurance Company 

8515 East Orchard Road, 3T2 

Greenwood Village, CO 80111 

Attn: Investments Division 

Email: bond_compliance@greatwest.com 

(Email is preferred method) 
  

	(3)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(4)	 Nominee: None 

  

	(5)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 45

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 VOYA RETIREMENT INSURANCE AND
ANNUITY COMPANY
	  	 	Series C	 	  	$	3,000,000	 
	 5780 Powers Ferry Road NW,
	  				  			
	 Suite 300
	  				  			
	 Atlanta, GA 30327-4347
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser should be made by wire transfer of immediately
available funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices relating to payments: 

BNYM Mellon Asset Servicing 

11486 Corporate Blvd., Suite 200 

Orlando, FL 32817-8371 
 Attn:
Operations/Settlements 
 Email: VoyaIMPCOperations@voya.com 
  

	(3)	 Address for all other communications and notices: 

Voya Investment Management Co. LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 
 Attn:
Private Placements 
 Fax: (770) 690-5342 

Email: Private.Placements@voya.com and Justin.Stach@voya.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 46

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN MASTER TRUST
	  	 	Series C	 	  	$	4,000,000	 
	 c/o Voya Investment Management
	  				  			
	 Co. LLC
	  				  			
	 5780 Powers Ferry Road NW,
	  				  			
	 Suite 300
	  				  			
	 Atlanta, GA 30327-4347
	  				  			

  

	(1)	 All payments on account of Notes held by such purchaser should be made by wire transfer of immediately
available funds for credit to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices relating to payments: 

BNYM Mellon Asset Servicing 

11486 Corporate Blvd., Suite 200 

Orlando, FL 32817-8371 
 Attn:
Operations/Settlements 
 Email: VoyaIMPCOperations@voya.com 

With a copy to: 
 State Street
Bank and Trust Company 
 1200 Crown Colony Drive—Mailstop CC1 5N 

Quincy, MA 02169 
 Attention:
Glenn Charbonneau 
 Email: gccharbonneau@statestreet.com 

Phone: (617) 537-0180 
  

	(3)	 Address for all other communications and notices: 

Voya Investment Management Co. LLC 

5780 Powers Ferry Road NW, Suite 300 

Atlanta, GA 30327-4347 

Attn: Private Placements 

Fax: (770) 690-5342 

Email: Private.Placements@voya.com and Justin.Stach@voya.com 

  
 Purchaser Schedule - 47

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: State Street Bank and Trust Company, as Trustee of the United Technologies Corporation Employee
Savings Plan Master Trust 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 48

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO
BE PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 AMERITAS LIFE INSURANCE
CORP.
	  	 	Series C	 	  	$	5,500,000	 
	 Ameritas Investment Partners, Inc.
	  				  			
	 5945 R Street
	  				  			
	 Lincoln, NE 68505
	  				  			

  

	(1)	 All payments shall be made by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payments and written confirmations of such wire transfers: 

Ameritas Life Insurance Corp. 

5945 R Street 
 Lincoln, NE 68505

 ATTN: Investment Accounting 

Fax#: (402) 467-6970 

IASecurities@ameritas.com 
  

	(3)	 Address for all other communications and notices: 

Ameritas Life Insurance Corp. 

Ameritas Investment Partners, Inc. 

ATTN: Private Placements 
 5945 R
Street 
 Lincoln, NE 68505 

Contacts: Joe Mick 
 Tel:            402-467-7471 

Fax:           
402-467-6970 
 Email:       Joe.Mick@Ameritas.com 

privateplacements@ameritas.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: CUDD & CO. LLC for the benefit of Ameritas Life Insurance Corp. 

 

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 49

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 AMERITAS LIFE INSURANCE CORP.
OF NEW YORK
	  	 	Series C	 	  	$	500,000	 
	 Ameritas Investment Partners, Inc.
	  				  			
	 5945 R Street
	  				  			
	 Lincoln, NE 68505
	  				  			

  

	(1)	 All payments shall be made by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payments and written confirmations of such wire transfers: 

Ameritas Life Insurance Corp. 

5945 R Street 
 Lincoln, NE 68505

 ATTN: Investment Accounting 

Fax#: (402) 467-6970 

IASecurities@ameritas.com 
  

	(3)	 Address for all other communications and notices: 

Ameritas Life Insurance Corp. of New York 

Ameritas Investment Partners, Inc. 

ATTN: Private Placements 
 5945 R
Street 
 Lincoln, NE 68505 

Contacts: Joe Mick 
 Tel:            402-467-7471 

Fax:           
402-467-6970 
 Email:       Joe.Mick@Ameritas.com 

privateplacements@ameritas.com 
  

	(4)	 Address for physical delivery of the Note: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: CUDD & CO. LLC for the benefit of Ameritas Life Insurance Corp. of New York

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 50

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF NOTES TO BE
PURCHASED	 	  	 PRINCIPAL AMOUNT OF

NOTES TO BE
PURCHASED
	 
	 AMERICO FINANCIAL LIFE &
ANNUITY INSURANCE COMPANY
	  	 	Series C	 	  	$	5,000,000	 
	 300 West 11th Street
	  				  			
	 Kansas City, MO 64105
	  				  			

  

	(1)	 All payments shall be made by wire transfer of immediately available funds to: 

Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for all notices of payments and written confirmations of payments: 

Attn: Investment Accounting – Denise Kisner 

Americo Life, Inc. 
 PO Box 410288

 Kansas City, MO 64141-0288 

Tel: (816) 391-2118 

Email: denise.kisner@americo.com 
  

	(3)	 Address for all other communications: 

Attn: Renee Platz 
 Americo Life,
Inc. 
 300 West 11th Street 

Kansas City, MO 64105 
 Tel: (816)
391-2779 
 Email: private.placements@americo.com 

 

	(4)	 Address for physical delivery of the Notes: 

Delivery instructions redacted and provided to Issuer under separate cover. 

 

	(5)	 Nominee: None 

  

	(6)	 U.S. Tax Identification Number: Redacted and provided to Issuer under separate cover.

  
 Purchaser Schedule - 51

									
	 NAME AND ADDRESS OF

PURCHASER
	  	SERIES OF
NOTES	 	  	 PRINCIPAL 

AMOUNT OF NOTES
TO BE PURCHASED
	 
	 GENWORTH LIFE AND ANNUITY
INSURANCE COMPANY
	  	 	Series C	 	  	$	5,000,000	 
	 3001 Summer Street
	  				  			
	 Stamford, CT 06905
	  				  			

  

	(1)	 All payments on or in respect of the Notes to be by wire transfer of Federal or otherwise immediately available
funds to: 

 Wire instructions redacted and provided to Issuer under separate cover. 

 

	(2)	 Address for notices with respect to corporate actions, including payments and prepayments and written
confirmation of each such payment or prepayment, including interest payment and prepayment, redemptions, premiums, make wholes, and fees: 

Notice instructions redacted and provided to Issuer under separate cover. 

 

	(3)	 Addresses for all other notices and communications: 

Genworth Financial, Inc. 

Account: Genworth Life and Annuity Insurance Company 

3001 Summer Street, 4th Floor 

Stamford, CT 06905 
 Attn: Private
Placements 
 Tel: (203) 708-3300 

Fax: (203) 708-3308 

with a copy by email to: GNWInvestmentsOperations@genworth.com; 

ppservicing@BNYmellon.com 
  

	(4)	 Address for delivery of Note: 

Delivery instructions redacted and provided to Issuer under separate cover 

 

	(5)	 Nominee: HARE & CO., LLC 

 

	(6)	 Tax Identification Number: Redacted and provided to Issuer under separate cover. 

  
 Purchaser Schedule - 52Execution Version

	 
	

   

AGREEMENT AND PLAN OF MERGER

   dated as of

   MAY 3, 2019

   by and among 

   MERITOR, INC., 

   JANUS MERGER SUB, LLC, 

   CAX PARENT, LLC 

   and

   THE HOLDER REPRESENTATIVE
(AS DEFINED HEREIN)

	 

TABLE OF CONTENTS

			Page
	Article I. CERTAIN DEFINITIONS	1
	 
	1.1	Definitions	1
	1.2	Construction	14
	1.3	Knowledge	15
	 
	Article II. THE MERGER; CLOSING	15
	 
	2.1	The Merger	15
	2.2	Effects of the Merger	15
	2.3	Closing; Effective Time	15
	2.4	Certificate of Formation; Limited Liability Company Agreement	15
	2.5	Managers and Officers of the Surviving Company	16
	 
	Article III. MERGER CONSIDERATION; EFFECTS OF THE MERGER ON THE COMPANY UNITS AND OPTIONS	16
	  
	3.1	Conversion of Company Units and Options	16
	3.2	Payment	17
	3.3	Estimated Net Working Capital Adjustment Amount; Estimated Closing Date Funded Debt; Estimated Closing Date Cash; Estimated Closing Date Unpaid Company Transaction Expenses	18
	3.4	Adjustment Amount	19
	3.5	Holder Representative Expenses	21
	3.6	Exchange Agent	21
	3.7	Withholding	22
	 
	Article IV. REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY	22
	 
	4.1	Corporate Organization of the Company	22
	4.2	Subsidiaries	22
	4.3	Due Authorization	23
	4.4	No Conflict	23
	4.5	Governmental Authorities; Consents	23
	4.6	Capitalization of the Company	24
	4.7	Capitalization of Subsidiaries	24
	4.8	Financial Statements	24
	4.9	Undisclosed Liabilities	25
	4.10	Litigation and Proceedings	25
	4.11	Legal Compliance	25
	4.12	Contracts; No Defaults	26
	4.13	Company Benefit Plans	27
	4.14	Labor Relations	29
	4.15	Taxes	31
	4.16	Brokers’ Fees	33
	4.17	Insurance	33
	4.18	Customers and Suppliers	33

i

	4.19	Machinery, Equipment and Other Tangible Personal Property; Sufficiency of Assets	34
	4.20	Real Property	35
	4.21	Intellectual Property	36
	4.22	Environmental Matters	38
	4.23	Government Contracts	39
	4.24	Absence of Changes	40
	4.25	Affiliate Matters	42
	4.26	Data Security	42
	4.27	Product Liability; Product Warranty	43
	4.28	Accounts Receivable; Accounts Payable	43
	4.29	Pre-Closing EV Transfer	44
	4.30	No Additional Representation or Warranties	44
	 
	Article V. REPRESENTATIONS AND WARRANTIES OF BUYER AND MERGER SUB	44
	 
	5.1	Corporate Organization	44
	5.2	Due Authorization	44
	5.3	No Conflict	45
	5.4	Litigation and Proceedings	45
	5.5	Governmental Consent	45
	5.6	No Prior Activities	45
	5.7	Brokers’ Fees	46
	5.8	Closing Payment	46
	5.9	No Fraudulent Intent	46
	5.10	No Outside Reliance	46
	5.11	No Additional Representations or Warranties	46
	 
	Article VI. COVENANTS OF THE COMPANY	47
	 
	6.1	Conduct of Business	47
	6.2	Inspection	47
	6.3	HSR Act and Foreign Antitrust Approvals	48
	6.4	Termination of Certain Agreements; Certain Actions in Respect of Options; Consents	48
	6.5	Section 280(G) of the Code	48
	6.6	No Solicitation of Transactions	49
	6.7	Confidentiality	49
	6.8	Preservation of Records	50
	6.9	Delivery of Financial Statements	50
	 
	Article VII. COVENANTS OF BUYER	50
	 
	7.1	HSR Act and Other Government Approvals	50
	7.2	Indemnification and Insurance	53
	7.3	Employment Matters	54
	7.4	Retention of Books and Records	55
	7.5	Contact with Customers and Suppliers	55
	 
	Article VIII. JOINT COVENANTS	56

ii

	8.1	Support of Transaction	56
	8.2	Escrow Agreement	56
	8.3	Further Assurances	56
	8.4	Notice of Events	56
	8.5	Tax Matters	57
	 
	Article IX. CONDITIONS TO OBLIGATIONS	61
	 
	9.1	Conditions to Obligations of Buyer, Merger Sub and the Company	61
	9.2	Conditions to Obligations of Buyer and Merger Sub	62
	9.3	Conditions to the Obligations of the Company	62
	9.4	Waiver of Conditions; Frustration of Conditions	63
	 
	Article X. TERMINATION/EFFECTIVENESS	63
	 
	10.1	Termination	63
	10.2	Effect of Termination	64
	10.3	Entitlement to Damages	64
	 
	Article XI. HOLDER REPRESENTATIVE	65
	 
	11.1	Designation and Replacement of Holder Representative	65
	11.2	Authority and Rights of the Holder Representative; Limitations on Liability	66
	 
	Article XII. Indemnification	67
	 
	12.1	Survival	67
	12.2	Indemnification by Buyer	67
	12.3	Indemnification from Indemnity Escrow Account	67
	12.4	Certain Limitations	67
	12.5	Indemnification Procedures	68
	12.6	Manner of Payment	70
	12.7	Tax Treatment for Indemnification Payments	70
	12.8	Materiality	70
	12.9	Computation of Indemnifiable Losses	71
	12.10	R&W Policy	71
	12.11	Indemnification Sole and Exclusive Remedy	71
	 
	Article XIII. MISCELLANEOUS	72
	 
	13.1	Waiver	72
	13.2	Notices	73
	13.3	Assignment	74
	13.4	Rights of Third Parties	74
	13.5	Expenses	74
	13.6	Governing Law	75
	13.7	Captions; Counterparts	75
	13.8	Schedules and Annexes	75
	13.9	Entire Agreement	75
	13.10	Amendments	75
	13.11	Publicity	75

iii

	13.12	Severability	76
	13.13	Jurisdiction; Waiver of Jury Trial	76
	13.14	Enforcement	77
	13.15	Non-Recourse	77
	13.16	Waiver of Conflicts Regarding Representations; Non-Assertion of Attorney-Client Privilege	78
	13.17	Release	79

ANNEXES

Annex A – Form of Certificate of Merger
Annex B – Form of Letter of Transmittal
Annex C – Form of Escrow Agreement

iv

AGREEMENT AND PLAN OF MERGER

This Agreement and Plan of Merger (this “Agreement”), dated as of May 3, 2019, is entered into by and among Meritor, Inc., an Indiana corporation (“Buyer”), Janus Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Buyer (“Merger Sub”), CAX Parent, LLC, a Delaware limited liability company (the “Company”), and Carlyle Equity Opportunity GP, L.P., a Delaware limited partnership, solely in its capacity as the Holder Representative (as defined herein).

RECITALS

WHEREAS, the Board of Directors of Buyer, the sole member of Merger Sub and the Board of Managers of the Company have approved and declared advisable the Merger (defined below) upon the terms and subject to the conditions of this Agreement and in accordance with the Limited Liability Company Act of the State of Delaware (the “Act”);

WHEREAS, the Board of Directors of Buyer and the Board of Managers of the Company have determined that the Merger (defined below) is in the best interest of their stockholders or members, as applicable; and

WHEREAS, for certain limited purposes, and subject to the terms set forth herein, the Holder Representative shall serve as a representative of the Pre-Closing Holders (defined below).

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement and intending to be legally bound hereby, Buyer, Merger Sub and the Company agree as follows:

ARTICLE I.
CERTAIN DEFINITIONS

1.1 Definitions. As used herein, the following terms shall have the following meanings:

“AAA” has the meaning specified in Section 3.4(b).

“Accounting Principles” has the meaning specified in Section 3.4(a).

“Acquisition Proposal” means any proposed or actual (a) purchase, sale or other disposition of all or a material portion of the business or assets of the Company and its Subsidiaries taken as a whole (including through an asset sale, lease, merger or otherwise), other than (i) the sale of inventory or products to customers in the ordinary course of business and (ii) the Pre-Closing EV Transfer, or (b) any issuance, sale or other disposition of all or a material portion of the equity interests (including securities or instruments directly or indirectly convertible or exchangeable into equity) in the Company or any of its Subsidiaries.

“Act” has the meaning specified in the Recitals above.

“Action” means any claim, action, cause of action, demand, suit, audit, assessment or arbitration, or any proceeding, litigation, citation, summons or subpoena of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity, in each case, by or before any Governmental Authority.

“Adjustment Amount” has the meaning specified in Section 3.4(c).

“Adjustment Escrow Account” has the meaning specified in Section 3.2(d).

“Adjustment Escrow Amount” means an amount equal to $3,500,000.

“Affiliate” means, with respect to any specified Person, any Person that, directly or indirectly, controls, is controlled by, or is under common control with such specified Person through one or more intermediaries or otherwise. For the avoidance of doubt, following the Closing, Affiliates of Buyer shall include the Company and its Subsidiaries.

“Aggregate Fully-Diluted Units” means the sum of (i) the aggregate number of Units held by all Pre-Closing Holders immediately prior to the Effective Time plus (ii) the aggregate number of Units issuable upon the exercise in full of all In the Money Options held by all Pre-Closing Holders immediately prior to the Effective Time.

“Aggregate Option Exercise Price” means the sum of the cash exercise prices that would be payable upon exercise in full of all In the Money Options held by all holders immediately prior to the Effective Time.

“Agreement” has the meaning specified in the preamble hereto.

“Ancillary Agreement” has the meaning specified in Section 4.3.

“Antitrust Authorities” means the Antitrust Division of the United States Department of Justice, the United States Federal Trade Commission, state attorneys general or the antitrust or competition Law Governmental Authorities of any other jurisdiction (whether United States, foreign or multinational).

“Antitrust Information or Document Request” means any request or demand for the production, delivery or disclosure of documents, information or other evidence, or any request or demand for the production of witnesses for interviews or depositions or other oral or written testimony, by any Antitrust Authorities relating to the transactions contemplated hereby or by any third party challenging the transactions contemplated hereby, including, but not limited to, any so-called “second request” for additional information or documentary material or any civil investigative demand made or issued by the Antitrust Division of the United States Department of Justice or the United States Federal Trade Commission or any subpoena, interrogatory or deposition by any Antitrust Authorities.

“Audited Financial Statements” has the meaning specified in Section 4.8.

“Auditor” has the meaning specified in Section 3.4(b).

“Balance Sheet Date” means December 31, 2018.

“Business” means the businesses, activities and operations of the Company and its Subsidiaries, including the businesses, activities, and operations as to the research, development, manufacture, assembly, marketing, sale, distribution and export of, and the provision of after-sales service and support for, all products, components, assemblies, sub-assemblies, and technologies owned or licensed by the Company and its Subsidiaries, other than the EV Business.

“Business Day” means any day that is not a Saturday, a Sunday or other day on which the Federal Reserve Bank of New York is closed.

2

“Buyer” has the meaning specified in the preamble hereto.

“Buyer Indemnitees” has the meaning specified in Section 12.3. 

“Buyer Releasee” has the meaning specified in Section 13.17(b).

“Buyer Releasor” has the meaning specified in Section 13.17(a).

“Buyer Tax Return” has the meaning specified in Section 8.5(b).

“Cash” means, as of any date, the aggregate amount of all cash and cash equivalents of the Company and its Subsidiaries required to be reflected as cash and cash equivalents on a consolidated balance sheet of the Company and its Subsidiaries as of such date prepared in accordance with Section 3.4(a). Cash shall include all checks issued to the Company or any of its Subsidiaries, but not yet cashed as of such time, net of all “cut” but uncashed checks issued by the Company or any such Subsidiary that are outstanding as of such time.

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.

“Certificate of Merger” has the meaning specified in Section 2.1(a).

“Closing” has the meaning specified in Section 2.3.

“Closing Date” has the meaning specified in Section 2.3.

“Closing Date Cash” has the meaning specified in Section 3.4(a).

“Closing Date Funded Debt” has the meaning specified in Section 3.4(a).

“Closing Date Net Working Capital” has the meaning specified in Section 3.4(a).

“Closing Date Unpaid Company Transaction Expenses” has the meaning specified in Section 3.4(a).

“Closing Statement” has the meaning specified in Section 3.3.

“Code” means the Internal Revenue Code of 1986, as amended.

“Common Merger Consideration Amount” means the aggregate portion of the Merger Consideration allocable to the Common Units pursuant to Section 10(b)(ii) of the Company LLC Agreement.

“Common Units” means the Common Units, as defined in the Company LLC Agreement.

“Company” has the meaning specified in the preamble hereto.

“Company Benefit Plan” has the meaning specified in Section 4.13(a).

“Company Cure Period” has the meaning specified in Section 10.1(b)(i).

3

“Company Intellectual Property” means all Intellectual Property owned by the Company or any of its Subsidiaries.

“Company IP Agreements” means all written licenses, sublicenses, consent to use agreements, settlements, coexistence agreements, covenants not to sue, waivers, releases, and permissions primarily relating to any Intellectual Property, including Licensed Intellectual Property, to which the Company or any of its Subsidiaries is a party, beneficiary, or otherwise bound, other than: (i) confidentiality and non-disclosure agreements; (ii) Contracts of the type described in Section 4.21(d); and (iii) in-bound licenses for Software that is commercially available to the public on standard terms.

“Company IP Registrations” means all Company Intellectual Property that is subject to any issuance, registration, or application by or with any Governmental Authority or authorized private registrar in any jurisdiction, including issued Patents, registered Trademarks, registered Domain Names, and registered Copyrights, and pending applications for any of the foregoing.

“Company LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of February 19, 2019, as amended.

“Company Site Policy” has the meaning specified in Section 4.26(b).

“Company Sites” has the meaning specified in Section 4.26(b).

“Company Transaction Expenses” means the following fees and expenses of the Company or any of its Subsidiaries incurred at or prior to, and that remain unpaid as of, the Effective Time in connection with the negotiation and execution of this Agreement and the transactions contemplated hereby (excluding fees and expenses incurred by the Company or any of its Subsidiaries as a result of Contracts entered into by any Person following the Closing): (a) fees and expenses of investment bankers, attorneys, accountants and other consultants and advisors in connection with the transactions contemplated hereby, (b) any change in control, retention, incentive transaction bonuses or other similar amounts or benefits payable by the Company or any of its Subsidiaries to employees, officers, directors or other service providers as a result of the consummation of the transactions contemplated hereby and pursuant to arrangements established by the Company or any of its Subsidiaries prior to the Closing (including the employer portion of any payroll Tax required to be paid in connection therewith), (c) the fees and expenses contemplated by the last sentence of Section 6.3 and (d) fifty percent (50%) of the cost of the Run-Off Policy pursuant to Section 7.2(b); provided, however, that “Company Transaction Expenses” shall not include (i) any expense resulting from termination of employment or service after the Effective Time, (ii) any fees or expenses related to (A) any financing transaction effected by or on behalf of Buyer, (B) any Funded Debt or (C) fifty percent (50%) of all Transfer Taxes, (iii) any fees or expenses for which Buyer is responsible (other than under Section 3.2(d)) under this Agreement, (iv) any payments made in respect of In the Money Options, or (v) Holder Representative Expenses or any fees and expenses to be paid out of the Adjustment Escrow Account or the Indemnity Escrow Account.

“Company Warranty” has the meaning specified in Section 4.27.

“Confidentiality Agreement” has the meaning specified in Section 13.9.

“Confidential Information” has the meaning set forth in the Confidentiality Agreement.

“Constituent Companies” has the meaning specified in Section 2.1(a).

“Continuing Employee” has the meaning specified in Section 7.3(a).

4

“Contract” means any legally binding contract, agreement, lease, sublease, license, sublicense, sales order or purchase order.

“Copyrights” means all copyrights and works of authorship, whether published or unpublished, and whether or not copyrightable, including all compilations and collective works, all mask works of any of the foregoing, all moral rights in any of the foregoing, and all registrations, applications for registration, renewals and extensions of any of the foregoing.

“Credit Agreement” means that certain Credit Agreement, dated as of April 10, 2017 and amended as of April 16, 2019, by and among CAX Parent LLC, CAX Intermediate, LLC, CAX Holdings, LLC, AxleTech International, LLC, AxleTech, LLC, the Lenders party thereto from time to time, MC Admin Co LLC, Wells Fargo Bank, National Association and MC Admin Co LLC.

“Covenant Expiration Date” has the meaning specified in Section 12.1(b).

“Damaged Options” has the meaning specified in Section 10.3(b).

“De Minimus Basket” has the meaning specified in Section 12.4(b).

“Deficit Amount” has the meaning specified in Section 3.4(e).

“Designated Person” has the meaning specified in Section 13.16(a).

“Determination Date” has the meaning specified in Section 3.4(b).

“Dispute Notice” has the meaning specified in Section 12.5(c).

“Domain Names” means all Internet domain names, web addresses, uniform resource locators (URLs), web addresses, websites, web pages, social media sites, social media pages, social media accounts and user names (including “handles”), and all registrations, applications for registration, and renewals of, any of the foregoing.

“Effective Time” has the meaning specified in Section 2.3.

“Environment” means the air (including ambient air, air within buildings, and air within other natural or man-made structures above or below ground), water (including water under or within land or in drains, culverts, ditches or sewers and coastal and inland waters), land (including land surface, subsurface strata and land under water) and any living organisms, plant life or eco-systems supported by such media.

“Environmental Laws” means any and all applicable foreign, U.S. federal, state or local laws, judicial and administrative determinations and orders, common law, permits, rules, statutes, ordinances, common law, rules, codes, orders, guidance, judgment, decree or regulations relating (a) to the protection of the Environment (including ambient air, soil, surface water or groundwater, or subsurface strata), Release of a Hazardous Material (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, safety of employees or the public or (b) the presence of, exposure to, or the management, manufacture, use, treatment, storage, recycling, processing, production, generation, reclamation, reuse, discharge, disposal, release, remediation or transportation of Hazardous Materials.

“Environmental Permits” means any and all licenses, permits, authorizations, certificates of authority and consents, required under applicable Environmental Laws.

5

“ERISA” has the meaning specified in Section 4.13(a).

“Escrow Agent” means Wilmington Trust, National Association.

“Escrow Agreement” has the meaning specified in Section 8.2.

“Estimated Closing Date Cash” has the meaning specified in Section 3.3.

“Estimated Closing Date Funded Debt” has the meaning specified in Section 3.3.

“Estimated Closing Date Net Working Capital” has the meaning specified in Section 3.3.

“Estimated Closing Date Unpaid Company Transaction Expenses” has the meaning specified in Section 3.3.

“Exchange Agent” has the meaning specified in Section 3.2(a).

“Excluded Damaged Option” has the meaning specified in Section 10.3(c).

“Existing Representation” has the meaning specified in Section 13.16(a).

“EV Business” means the EV Business, excluding the Excluded EV Product Lines, each as defined in the EV Closing Documents. For the avoidance of doubt, the definition of “EV Business” shall not be deemed to constitute part of the Business.

“EV Current Assets” means any current assets of the Company and its Subsidiaries that relate to goods and services being procured or rendered by the Company and its Subsidiaries in connection with performing their respective obligations under the Seller Party Manufacturing and Supply Agreements (as defined in the EV Closing Documents) for the benefit of the EV Buyer.

“EV Current Liabilities” means any current liabilities of the Company and its Subsidiaries that relate to obligations incurred under the Seller Party Manufacturing and Supply Agreements (as defined in the EV Closing Documents) for the benefit of the EV Buyer.

“EV Closing Documents” has the meaning specified in Section 4.29.

“EV Transferred Assets” means those assets transferred or licensed to the EV Buyer pursuant to the EV Closing Documents.

“Family Member” means as to any individual, any parent, spouse, child, spouse of a child, brother or sister of such individual, and each trust created for the benefit of one or more of such Persons if such individual is the trustee of such trust.

“FCPA” means the U.S. Foreign Corrupt Practices Act of 1977, as amended.

“Financial Statements” has the meaning specified in Section 4.8.

“Fraud” means with respect to the Company or Buyer or Merger Sub, an actual and intentional fraud (as defined under Delaware Law as applied to Contracts) by such Party with respect to the making of representations and warranties contained in this Agreement by such Party.

6

“French Foreign Investment Filing” means the filing to be made with the French Ministry of Economy pursuant to articles L. 151-3 and R. 153-1 et seq. of the French Code monétaire et financier (“French Foreign Investment Laws”) for the authorization of the transactions contemplated by this Agreement.

“Fully-Diluted Percentage” means, with respect to any Pre-Closing Holder, a ratio (expressed as a percentage) equal to (x) the sum of (A) the number of Units held by such holder immediately prior to the Effective Time and (B) the number of Units issuable upon the exercise of any In the Money Options held by such holder immediately prior to the Effective Time, divided by (y) the Aggregate Fully-Diluted Units.

“Fundamental Representations” means the representations and warranties contained in Section 4.1 (Corporate Organization of the Company), Section 4.2 (Subsidiaries), Section 4.3 (Due Authorization), Section 4.6 (Capitalization of the Company) and Section 4.16 (Brokers’ Fees).

“Funded Debt” of the Company or any of its Subsidiaries as of any date means, without duplication, (i) all indebtedness of the Company or any of its Subsidiaries for borrowed money, together with accrued and unpaid interest thereon, required to be reflected as indebtedness on a consolidated balance sheet, of the Company and its Subsidiaries as of such date, (ii) all obligations of the Company or any of its Subsidiaries evidenced by notes, bonds, debentures, hedging and swap arrangements or contracts or other similar instruments, together with accrued and unpaid interest thereon, other than (x) trade payables and (y) accrued expenses and liabilities to current and/or former employees incurred in the ordinary course of business, in the case of subsection (x) and (y), to the extent reflected as a current liability for purposes of calculating Net Working Capital, (iii) accrued and unpaid dividends on any shares of stock of the Company, (iv) any unpaid prepayment penalties, premiums, consent or other fees or the net settlement amount on interest rate swaps and any other hedging obligations (including, but not limited to, foreign exchange contracts), which amount will reduce Funded Debt if in an asset position, in each case, incurred in connection with the repayment or assumption of such Funded Debt, (v) all capitalized lease obligations of the Company or any of its Subsidiaries as of such date required to be reflected on a consolidated balance sheet of the Company and its Subsidiaries as of such date, and (vi) all Funded Debt of other Persons (other than the Company or any of its Subsidiaries) referred to in clauses (i) through (v) above guaranteed directly or indirectly in any manner by the Company or any of its Subsidiaries; provided, however, that Funded Debt shall not include (x) undrawn letters of credit and reimbursement obligations in respect of undrawn letters of credit, (y) any liabilities related to inter-company debt between the Company and one or more of its Subsidiaries (or between any such Subsidiaries) and (z) any redemption premium, prepayment penalty or similar payment with respect to leases included in the Funded Debt to the extent such leases are not required by their terms to be repaid in full at the Effective Time (clauses (x) through (z) collectively, the “Funded Debt Exclusions”).

“Funded Debt Exclusions” has the meaning specified in the definition of “Funded Debt”.

“Funding Amount” has the meaning specified in Section 3.2(a).

“GAAP” means United States generally accepted accounting principles, consistently applied.

“Government Bid” means any bid, offer or proposal made by the Company or any of its Subsidiary, which, if accepted or successful, would result in a Government Contract.

“Government Contract” means any (i) prime contract, grant agreement, cooperative agreement, basic ordering agreement, pricing agreement, letter contract or other type of Contract with a Governmental Authority to which the Company or any of its Subsidiaries is a party or (ii) any subcontract under any such Contract to which the Company or any of its Subsidiaries is a party.

7

“Governmental Authority” means any federal, state, provincial, municipal, local or foreign government or political subdivision thereof, governmental authority, regulatory or administrative agency (including the IRS), governmental commission, department, board, bureau, agency or instrumentality, court or tribunal or other regulatory authority.

“Governmental Order” means any order, judgment, injunction, verdict, decree, writ, stipulation, determination or award, in each case, entered, issued, made or rendered by or with any Governmental Authority.

“Hazardous Material” means any (a) toxic, hazardous, extremely hazardous, infectious, explosive, corrosive, flammable, carcinogenic, mutagenic, teratogenic, sanitary, solid or radioactive waste, or otherwise hazardous substance, waste or material, (b) petroleum and petroleum products, volatile and semi-volatile substances, perfluoroalkyl acids, radioactive materials, asbestos-containing materials, mold, urea formaldehyde foam insulation, lead, polychlorinated biphenyls or radon gas, (c) any other chemicals, materials or substances defined as or included in the definition of “hazardous substances”, “extraordinarily hazardous substances”, “solid wastes”, “hazardous wastes”, “hazardous materials”, “extremely hazardous wastes”, “restricted hazardous wastes”, “toxic substances”, “toxic pollutants”, “contaminants” or “pollutants”, or words of similar import, under any Environmental Law and (d) any other chemical, pollutant, waste, material or substance that is regulated by or to which liability or standards of conduct may be imposed under any Environmental Law.

“Historical Quarterly Statements of Operations” has the meaning set forth in Section 6.9(b).

“Holder Damages” has the meaning specified in Section 10.3(a).

“Holder Representative” has the meaning specified in Section 11.1.

“Holder Representative Expenses” has the meaning specified in Section 3.5.

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

“Income Tax Accrual Amount” has the meaning specified in Section 8.5(k).

“In the Money Option” means, with respect to an Option, the portion of the Option that, as of immediately prior to the Effective Time, is vested, outstanding and exercisable (including any such Option that vests in connection with the consummation of the transactions contemplated by this Agreement) and pursuant to which the holder thereof could acquire Units for an exercise price per Unit that is less than the Per Fully-Diluted Unit Merger Consideration.

“Indemnified Party” means a party making a claim under Section 8.5(a) or Article XII.

“Indemnifying Party” means a party against whom a claim is asserted under Section 8.5(a) or Article XII.

“Indemnity Escrow Account” has the meaning specified in Section 3.2(d).

“Indemnity Escrow Amount” means an amount equal to $1,000,000.

“Intellectual Property” means all intellectual property rights and assets, and all rights, interests and protections that are associated with any of the foregoing, however arising, pursuant to the Laws of any applicable jurisdiction throughout the world, whether registered or unregistered, including any and all: Copyrights; Domain Names; Patents; Software; Trademarks; Know-how; and Trade Secrets.

8

“Interim Financial Statements” has the meaning specified in Section 4.8.

“IRCA” means the Immigration Reform and Control Act of 1986, as amended.

“Know-how” means information, in tangible or intangible form, which is of importance for the whole or a significant part of (i) a manufacturing process, (ii) a product or a service or (iii) the development thereof, which is useful, capable of improving the competitive position of the holder, and derives its value, in whole or in part, from not being readily available to a third party in its particular form.

“Law” means any statute, law, ordinance, rule, code, constitution, treaty, common law, judgment, decree, regulation, Governmental Order or rule of law, in each case, of any Governmental Authority.

“Leased Real Property” means all real property leased by the Company or any of its Subsidiaries.

“Letter of Transmittal” has the meaning specified in Section 3.2(b).

“Licensed Intellectual Property” means all Intellectual Property in which the Company or any of its Subsidiaries holds any rights or interests granted by other Persons.

“Lien” means any mortgage, deed of trust, pledge, hypothecation, encumbrance, security interest or other lien of any kind.

“Losses” means any loss, damage, liability, deficiency, judgment, interest, award, penalty, fine, settlement, disbursement, cost or expense of whatever kind, including reasonable outside attorneys’ fees; provided, that Losses shall not include (i) punitive damages (unless such punitive damages are payable in connection with a Third Party Claim or otherwise to a Person other than the Parties or their controlled Affiliates) or (ii) any incidental, indirect or consequential damages to the extent not reasonably foreseeable.

“Majority Holders” has the meaning specified in Section 11.1.

“Material Adverse Effect” means, (i) with respect to the Company, any event, occurrence, fact, condition or change that has, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the consolidated business, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole; provided, however, that in no event would any of the following (or the effect of any of the following), alone or in combination, be deemed to constitute, or be taken into account in determining whether there has been or will be, a “Material Adverse Effect” on or in respect of the Company: (a) any change in applicable Law, GAAP or any applicable accounting standards or interpretation thereof; (b) any change in or condition affecting general economic, political, regulatory or business conditions or changes therein (including commencement, continuation or escalation of war, armed hostilities or national or international calamity); (c) any change in or condition affecting financial and capital markets, including interest rates, commodity prices and currency exchange rates; (d) any change in or condition affecting any of the industries in which the Company or any of its Subsidiaries operates; (e) the entry into or announcement of this Agreement, the pendency or consummation of the transactions contemplated hereby or the performance of this Agreement and any changes or conditions resulting therefrom; (f) compliance with the terms of this Agreement or the taking of any action (or the omission of any action) required or contemplated by this Agreement; (g) any act of God or natural disaster; (h) national or international political or social events or occurrences, acts of war, armed hostilities, sabotage, acts of terrorism, or change in geopolitical conditions; (i) any failure of the Company or its Subsidiaries to meet any projections or forecasts (provided, that clause (i) shall not prevent a determination that any change or effect underlying such failure to meet projections or forecasts has resulted in a Material Adverse Effect (to the extent such change or effect is not otherwise excluded from this definition of Material Adverse Effect)) or (j) any matter to which Buyer hereafter consents in writing; provided, further, that in the case of the foregoing clauses (a), (b), (c), (d), (g) and (h) above, except to the extent that any such matters materially disproportionately impact the Company and its Subsidiaries (taken as a whole) relative to other businesses in the industries in which the Company and its Subsidiaries operate and (ii) with respect to Buyer or Merger Sub, a material adverse effect on the ability of Buyer or Merger Sub, in a timely manner, to enter into, to perform its obligations under, or to consummate the transactions contemplated by, this Agreement.

9

“Material Customers” has the meaning specified in Section 4.18(a).

“Material Suppliers” has the meaning specified in Section 4.18(b).

“Member Releasor” has the meaning specified in Section 13.17(b).

“Members” means each Person owning Units who has been admitted as a Member in accordance with the terms of the Company LLC Agreement.

“Merger” has the meaning specified in Section 2.1(a).

“Merger Consent” has the meaning specified in Section 4.3.

“Merger Consideration” means an amount equal to (i) $175,000,000 in cash, plus (A) the Estimated Closing Date Net Working Capital, less (B) the Target Net Working Capital, less (C) the Estimated Closing Date Funded Debt, plus (D) the Estimated Closing Date Cash, less (E) the Estimated Closing Date Unpaid Company Transaction Expenses, less (F) the amount of Holder Representative Expenses paid by Buyer to the Holder Representative at Closing in accordance with Section 3.5.

“Merger Sub” has the meaning specified in the preamble hereto.

“Multiemployer Plan” has the meaning specified in Section 4.13(d).

“Net Merger Consideration Amount” means the amount determined by subtracting the Preferred Merger Consideration Amount and the Common Merger Consideration Amount from the Merger Consideration.

“Net Working Capital” as of any date means (i) the consolidated current assets of the Company and its Subsidiaries as of such date (excluding (x) the EV Current Assets, (y) Cash and (z) deferred tax assets) minus (ii) the consolidated current liabilities of the Company and its Subsidiaries as of such date (excluding (v) the EV Current Liabilities, (w) Funded Debt, (x) Funded Debt Exclusions, (y) liabilities with respect to Company Transaction Expenses or Holder Representative Expenses and (z) deferred tax liabilities), in each case, as calculated in accordance with Section 3.4(a).

“Option” has the meaning specified in Section 3.1(a).

“Other Indemnitors” has the meaning specified in Section 7.2(c).

10

“Owned Real Property” means all real property owned by the Company or any of its Subsidiaries.

“Party” or “Parties” means the Company, Merger Sub, Buyer and the Holder Representative.

“Patents” means all patents, utility patents, design patents, industrial designs, utility models, and patent applications (whether provisional or non-provisional), including divisionals, continuations, continuations-in-part, substitutions, reissues, reexaminations, renewals, registrations, extensions and restorations of any of the foregoing, and other Governmental Authority-issued indicia of invention ownership (including certificates of invention, petty patents, and patent utility models).

“Per Fully-Diluted Unit Merger Consideration” means (i) the sum of (A) the Net Merger Consideration Amount, plus (B) the Aggregate Option Exercise Price, divided by (ii) the Aggregate Fully-Diluted Units.

“Permitted Liens” means (i) statutory Liens for Taxes, assessments or other governmental charges, in each case, not yet delinquent or the amount or validity of which is being contested in good faith, and for which adequate reserves have been established in accordance with GAAP or the books and records of the Company and its Subsidiaries, (ii) mechanics’, carriers’, workers’, repairers’ and similar Liens arising or incurred in the ordinary course of business, (iii) zoning, entitlement and other land use and environmental regulations promulgated by any Governmental Authority, (iv) covenants, conditions, restrictions, easements, rights of way, encumbrances, defects, imperfections, irregularities of title or other Liens, if any, that would not reasonably be expected to be material to the operation of the Business and do not (A) materially detract from the value or marketability of the property or asset to which it relates or (B) materially impair the ability of the Company or any Subsidiary to use or operate the property or asset to which it relates; (v) with respect to any Leased Real Property, (a) the interests and rights of the respective lessors with respect thereto and (b) any Lien permitted under the applicable lease agreement and any ancillary documents thereto, (vi) Liens (other than monetary liens) incurred in the ordinary course of business since the Balance Sheet Date and not incurred in connection with the borrowing of money or other Funded Debt, (vii) Liens securing Funded Debt (to the extent such Liens are released as of the Closing or are required to be released upon consummation of the transactions contemplated hereby under the terms thereof), (viii) Liens created by Buyer or its successors and assigns, (ix) licenses to Intellectual Property granted in the ordinary course of business, (x) statutory or contractual Liens of lessors or Liens on the lessor’s or prior lessor’s interest and (xi) Liens disclosed in Schedule 1.1(a).

“Person” means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint venture, joint stock company, trust, Governmental Authority or other entity of any kind.

“Post-Closing Matter” has the meaning specified in Section 13.16(a).

“Post-Closing Representation” has the meaning specified in Section 13.16(a).

“Post-Closing Tax Period” means any taxable period beginning after the Closing Date, and with respect to a Straddle Period, the portion of such Straddle Period beginning on the day after the Closing Date.

“Pre-Closing Designated Persons” has the meaning specified in Section 13.16(b).

“Pre-Closing EV Transfer” means the sale by the Company and certain of its Subsidiaries of the EV Transferred Assets to Allison Transmission, Inc. (the “EV Buyer”), which closed on April 16, 2019.

11

“Pre-Closing Holders” means all Persons who hold one or more Units or In the Money Options immediately prior to the Effective Time.

“Pre-Closing Privileges” has the meaning specified in Section 13.16(b).

“Pre-Closing Tax Period” means any taxable period ending on or before the Closing Date, and with respect to a Straddle Period, the portion of such Straddle Period ending on and including the Closing Date.

“Pre-Closing Tax Returns” has the meaning specified in Section 8.5(b).

“Preferred Merger Consideration Amount” means the aggregate portion of the Merger Consideration allocable to the Preferred Units pursuant to Section 10(b)(i) of the Company LLC Agreement.

“Preferred Units” means the Preferred Units, as defined in the Company LLC Agreement.

“Price Components” has the meaning specified in Section 3.4(a).

“Prior Company Counsel” has the meaning specified in Section 13.16(a).

“Privileged Materials” has the meaning specified in Section 13.16(c).

“Pro Forma Financial Statements” has the meaning set forth in Section 4.8.

“Quarterly Proforma Statements of Operations” has the meaning set forth in Section 6.9(b).

“Real Property” means, collectively, the Owned Real Property and the Leased Real Property.

“Real Property Leases” has the meaning specified in Section 4.20(b).

“Records” has the meaning specified in Section 6.8.

“Release” means any releasing, spilling, leaking, pumping, pouring, leaching, seeping, emitting, emptying, discharging, injecting, escaping, disposing or dumping of a Hazardous Material into the Environment.

“Related Persons” means, with regard to a Person, such Person’s Affiliates and such Person’s and such Affiliates’ respective Family Members, members, stockholders, managers, officers, directors, employees, agents, consultants, advisors, or representatives, whether direct or indirect, as applicable.

“Remedies Exception” has the meaning specified in Section 4.3.

“Representation Expiration Date” has the meaning set forth in Section 12.1(a).

“Run-Off Policy” has the meaning specified in Section 7.2(b).

“R&W Policy” means the representation and warranty insurance policy to be issued by the R&W Policy Provider to Buyer in connection with the transactions contemplated hereby.

“R&W Policy Provider” means the applicable insurance provider identified in the R&W Policy when issued and bound.

12

“Seller Indemnitees” has the meaning specified in Section 12.2.

“Seller Releasee” has the meaning specified in Section 13.17(a).

“Software” means all software, computer programs, operating systems, applications, firmware, code, source code, object code, application programming interfaces, software development kits, and to the extent associated with any of the foregoing: data files, databases, database management systems, computerized databases, architecture, protocols, files, records, schematics, and other related specifications and documentation.

“Straddle Period” means any taxable period beginning on or before the Closing Date and ending after the Closing Date.

“Subsidiary” means, with respect to a Person, a corporation or other entity of which more than 50% of the voting power of the equity securities or equity interests is owned, directly or indirectly, by such Person.

“Surviving Company” has the meaning specified in Section 2.1(b).

“Target Net Working Capital” means $52,231,000.

“Tax Contest” has the meaning specified in Section 8.5(g).

“Tax Returns” means any return, declaration, report, statement, information statement or other document filed or required to be filed with any Governmental Authority with respect to Taxes, including any claims for refunds of Taxes and any amendments or supplements of any of the foregoing.

“Taxes” means all federal, state, local, foreign or other tax, including without limitation, all income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, customs, capital stock, ad valorem, value added, inventory, franchise, profits, withholding, social security, unemployment, disability, escheat, unclaimed property, real property, personal property, sales, use, transfer, registration, alternative or add-on minimum, or estimated tax, and including any interest, penalty, or addition imposed by any Governmental Authority with respect thereto.

“Taxing Authority” means any Governmental Authority responsible for the collection of any Tax or the administration of Tax Laws.

“Terminating Buyer Breach” has the meaning specified in Section 10.1(c)(i).

“Terminating Company Breach” has the meaning specified in Section 10.1(b)(i).

“Termination Date” has the meaning specified in Section 10.1(b)(ii).

“Termination Date Holder” has the meaning specified in Section 10.3(b).

“Termination Percentage” has the meaning specified in Section 10.3(c).

“Third Party Claim” has the meaning specified in Section 12.5(a).

“Trade Secrets” means all trade secrets, know-how, formulae, algorithms, code, programs, inventions (whether or not patentable), designs, discoveries, improvements, enhancements, technology, business and technical information (including customer lists, vendor lists and supplier lists), data, databases, data compilations and collections, patterns, drawings, blueprints, methods, processes, techniques, confidential information, proprietary information, and all other information and things, in each case that would constitute a “trade secret” under applicable Law.

13

“Trademarks” means all trademarks, service marks, brands, certification marks, collective marks, designs, logos, devices, taglines, slogans, trade dress, trade names, business names, fictitious business names, and other similar indicia of source or origin, together with the goodwill associated with the use of and symbolized by any of the foregoing, and all registrations, applications for registration, and renewals of, any of the foregoing.

“Transfer Taxes” means any and all transfer, documentary, sales, use, court, gross receipts, stamp, registration, value added, recording, escrow and other similar Taxes and fees imposed in connection with the Merger and the other transactions contemplated by this Agreement.

“Treasury Regulations” means final and temporary regulations promulgated under the Code.

“Units” means the Units of the Company as defined in the Company LLC Agreement.

“Waived 280G Benefits” has the meaning specified in Section 6.5.

1.2 Construction.

(a) Unless the context of this Agreement otherwise requires, (i) words of any gender include each other gender; (ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms “hereof,” “herein,” “hereby,” “hereto” and derivative or similar words refer to this entire Agreement; (iv) the terms “Article” or “Section” refer to the specified Article or Section of this Agreement; (v) the word “including” shall mean “including, without limitation,” and (vi) the word “or” shall be disjunctive but not exclusive.

(b) Unless the context of this Agreement otherwise requires, references to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto.

(c) Unless the context of this Agreement otherwise requires, references to statutes shall include all regulations promulgated thereunder.

(d) The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent and no rule of strict construction shall be applied against any party.

(e) Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified.

(f) The phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”.

(g) All accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP.

(h) All amounts payable pursuant to this Agreement shall be paid in U.S. dollars, and all references to “$” or “dollars” shall mean the lawful currency of the United States of America.

14

1.3 Knowledge. As used herein, the phrase “to the knowledge” of any Person shall mean the actual knowledge (without any implied duty to investigate) of (a) in the case of the Company, the Persons set forth in Schedule 1.3(a), (b) in the case of Buyer, the Persons set forth on Schedule 1.3(b), and (c) in the case of all other Persons, such Person’s executive officers.

ARTICLE II.
THE MERGER; CLOSING

2.1 The Merger.

(a) Upon the terms and subject to the conditions set forth in this Agreement, and in accordance with the applicable provisions of the Act, Buyer, Merger Sub and the Company (Merger Sub and the Company sometimes being referred to herein as the “Constituent Companies”) shall cause Merger Sub to be merged with and into the Company, effective as of the Effective Time, with the Company being the surviving limited liability company (the “Merger”). The Merger shall be consummated at the Effective Time in accordance with this Agreement and evidenced by a certificate of merger relating to the Merger in substantially the form of Annex A (the “Certificate of Merger”).

(b) Upon consummation of the Merger, the separate corporate existence of Merger Sub shall cease and the Company, as the surviving company of the Merger (hereinafter referred to for the periods at and after the Effective Time as the “Surviving Company”), shall continue its organizational existence under the Act as a wholly owned subsidiary of Buyer.

2.2 Effects of the Merger. At and after the Effective Time, the effect of the Merger shall be as provided in this Agreement and Section 18-209 of the Act. Without limiting the generality of the foregoing, and subject thereto, the Surviving Company shall thereupon and thereafter possess all of the rights, property, assets, privileges, powers and franchises, of a public as well as a private nature, of the Constituent Companies, and shall become subject to all the debts, liabilities, restrictions, disabilities and duties of each of the Constituent Companies (subject to the provisions of this Agreement).

2.3 Closing; Effective Time. Unless this Agreement is earlier terminated pursuant to Section 10.1, the closing of the Merger (the “Closing”) shall take place at the offices of Latham & Watkins LLP, 555 Eleventh Street, NW, Washington, DC 20004, at 10:00 a.m. (Eastern time) (a) on the date which is two (2) Business Days after the date on which all conditions set forth in Section 9.1 shall have been satisfied or, if permissible, waived (other than those conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions at the Closing) or (b) such other time and place as Buyer and the Company may mutually agree in writing. The date on which the Closing actually occurs is referred to in this Agreement as the “Closing Date.” Subject to the satisfaction or waiver of all of the conditions set forth in Article IX, and provided this Agreement has not theretofore been terminated pursuant to its terms, Buyer, Merger Sub and the Company shall cause the Certificate of Merger to be executed, acknowledged and filed with the Secretary of State of the State of Delaware in accordance with the relevant sections of the Act. The Merger shall become effective at the time when the Certificate of Merger has been duly filed with the Secretary of State of the State of Delaware or at such later time as may be agreed by Buyer and the Company in writing and specified in the Certificate of Merger (the “Effective Time”).

2.4 Certificate of Formation; Limited Liability Company Agreement. At the Effective Time, the certificate of formation of the Company shall remain the certificate of formation of the Surviving Company, until amended in accordance with Law (but subject to Section 7.2). At the Effective Time, the Company LLC Agreement shall be amended and restated to be the limited liability company agreement of Merger Sub, until amended in accordance with Law (but subject to Section 7.2).

15

2.5 Managers and Officers of the Surviving Company.

(a) The managers of Merger Sub immediately prior to the Effective Time shall be the managers of the Surviving Company immediately after the Effective Time, each to hold office in accordance with the certificate of formation and limited liability company agreement of the Surviving Company until their respective successors are duly elected or appointed and qualified or until their earlier death, resignation or removal in accordance with the certificate of formation and limited liability company agreement of the Surviving Company.

(b) The officers of Merger Sub immediately prior to the Effective Time shall be the officers of the Surviving Company immediately after the Effective Time, each to hold office in accordance with the certificate of formation and limited liability company agreement of the Surviving Company until their respective successors are duly appointed or until their earlier death, resignation or removal in accordance with the certificate of formation and limited liability company agreement of the Surviving Company.

ARTICLE III.
MERGER CONSIDERATION; EFFECTS OF THE MERGER ON THE COMPANY UNITS AND OPTIONS

3.1 Conversion of Company Units and Options.

(a) At the Effective Time, by virtue of the Merger and without any action on the part of any Party or member of the Company, (i) each Unit issued and outstanding immediately prior to the Effective Time shall thereupon be canceled and converted into and become the right to receive the applicable portion of the Merger Consideration, as determined pursuant to Section 3.1(c), (ii) each option to purchase Units (“Option”) (or the applicable portion thereof) shall thereupon be, if such Option (or applicable portion thereof) is an In the Money Option, canceled and converted into and become the right to receive the applicable portion of the Merger Consideration, as determined pursuant to Section 3.1(c), and (iii) each Option (or applicable portion thereof) that is not an In the Money Option shall terminate and be forfeited for no consideration.

(b) At the Effective Time, by virtue of the Merger and without any action on the part of any Party or member of the Company, each membership interest of Merger Sub that is issued and outstanding immediately prior to the Effective Time shall be converted automatically into and exchanged for one membership interest of the Surviving Company.

(c) The Merger Consideration shall be allocated among the Pre-Closing Holders as set forth below in this Section 3.1(c), and shall be payable in accordance with this Agreement, including Sections 3.2 and 3.4. Subject to Sections 3.2 and 3.4:

(i) Each Pre-Closing Holder of Preferred Units shall be entitled to receive, in respect of the Preferred Units held by such holder immediately prior to the Effective Time, its pro rata portion of the Preferred Merger Consideration Amount allocated in respect thereof in accordance with the Company LLC Agreement;

(ii) Each Pre-Closing Holder of Common Units shall be entitled to receive, in respect of the Common Units held by such holder immediately prior to the Effective Time, its pro rata portion of the Common Merger Consideration Amount allocated in respect thereof in accordance with the Company LLC Agreement;

16

(iii) Each Pre-Closing Holder of Units shall be entitled to receive, in respect of the Units held by such holder immediately prior to the Effective Time, a portion of the Net Merger Consideration Amount equal to the product of (x) the Per Fully-Diluted Unit Merger Consideration, multiplied by (y) the number of Units held by such holder immediately prior to the Effective Time (excluding, for the avoidance of doubt, any Units issuable upon exercise of any In the Money Options held by such Pre-Closing Holder immediately prior to the Effective Time); and

(iv) Each Pre-Closing Holder of In the Money Options shall be entitled to receive in respect of the In the Money Options held by such holder immediately prior to the Effective Time a portion of the Net Merger Consideration Amount equal to (A) the product of (x) the Per Fully-Diluted Unit Merger Consideration, multiplied by (y) the aggregate number of Units issuable upon exercise in full of all In the Money Options held by such holder immediately prior to the Effective Time, minus (B) the aggregate cash exercise price payable upon exercise of all In the Money Options held by such holder immediately prior to the Effective Time

(d) From and after the Effective Time, (i) holders of Units shall cease to have any rights as members of the Company and (ii) the consideration paid pursuant to this Article III upon the delivery of a Letter of Transmittal in accordance with the terms hereof shall be deemed to have been paid in full satisfaction of all rights pertaining to the Units, subject to the continuing rights of the Pre-Closing Holders under this Agreement and the Escrow Agreement.

3.2 Payment.

(a) Subject to Section 3.2(b), immediately prior to the Effective Time, Buyer shall deposit with an exchange agent (the “Exchange Agent”) selected by the Company and reasonably acceptable to Buyer, by wire transfer of immediately available funds, an amount (the “Funding Amount”) equal to (A) the Merger Consideration (determined before giving effect to the adjustments provided for in Section 3.4) minus (B) the sum of the Adjustment Escrow Amount and the Indemnity Escrow Amount; provided, that the Funding Amount shall be reduced by the portion of the Merger Consideration into which the In the Money Options were converted pursuant to Section 3.1 (determined before giving effect to the adjustments provided for in Section 3.4), which portion of the Merger Consideration shall be paid by Buyer to the Surviving Company on the Closing Date and the Surviving Company shall pay such amount to the Pre-Closing Holder thereof as provided in Section 3.2(c).

(b) Prior to the Effective Time (and in any event no later than ten days after the date hereof), the Company shall mail or hand deliver to each holder of record of Units or In the Money Options as of the business day immediately prior to the date of such mailing or delivery a letter of transmittal in the form attached hereto as Annex B (“Letter of Transmittal”). As soon as reasonably practicable after the Effective Time, the Exchange Agent shall mail to each Pre-Closing Holder who did not receive such materials prior to the Effective Time a Letter of Transmittal.

(c) After the Effective Time, (i) each Pre-Closing Holder of Units, upon delivery of a Letter of Transmittal to the Exchange Agent, shall be entitled to receive from the Exchange Agent in exchange therefor (subject to the provisions of Section 3.4) such portion of the Merger Consideration into which such Pre-Closing Holder’s Units (excluding, for the avoidance of doubt, any Units issuable upon exercise of any In the Money Options held by such Pre-Closing Holder
immediately prior to the Effective Time) shall have been converted as a result of the Merger, and (ii) on the Closing Date, the Company will pay to each Pre-Closing Holder of In the Money Options the portion of the Merger Consideration into which the In the Money Options held by such were converted pursuant to Section 3.1 through the Surviving Company’s payroll system; provided, however, that a portion of the Merger Consideration otherwise payable to each Pre-Closing Holder pursuant to Section 3.1(c)(iii) and Section 3.1(c)(iv) equal to the product of (x) the sum of the Adjustment Escrow Amount and the Indemnity Escrow Amount multiplied by (y) such Pre-Closing Holder’s Fully-Diluted Percentage shall be held in escrow in accordance with Section 3.4(e) and the Escrow Agreement. Notwithstanding the foregoing, in the event that any Pre-Closing Holder delivers a complete Letter of Transmittal to Buyer at the Closing, Buyer shall pay the cash amount which such Pre-Closing Holder is entitled in consideration for the Units held by such Pre-Closing Holder (excluding, for the avoidance of doubt, any Units issuable upon exercise of any In the Money Options held by such Pre-Closing Holder immediately prior to the Effective Time) directly to such Pre-Closing Holder at the Closing by wire transfer of immediately available funds and the Funding Amount payable to the Exchange Agent shall be reduced by such amount. Pending such surrender and exchange of a Pre-Closing Holder’s Letter of Transmittal, a holder’s Letter of Transmittal shall be deemed for all purposes to evidence such holder’s right to receive the portion of the Merger Consideration into which such Units shall have been converted as a result of the Merger.

17

(d) At the Closing, (i) Buyer shall pay a portion of the Merger Consideration equal to the sum of (A) the Adjustment Escrow Amount, to be held by the Escrow Agent for deposit in a separate escrow account (the “Adjustment Escrow Account”), in accordance with the terms of the Escrow Agreement and (B) the Indemnity Escrow Amount, to be held by the Escrow Agent for deposit in a separate escrow account (the “Indemnity Escrow Account”), in accordance with the terms of the Escrow Agreement and (ii) Buyer shall, or shall cause Merger Sub to, pay to the Persons identified in writing by the Company to Buyer prior to the Closing (in the case of fees and expenses, by invoices) (X) the Funded Debt other than of the type described in clauses (iii) or (v) of the definition of “Funded Debt” in accordance with the instructions set forth in payoff letter(s) in respect of such Funded Debt delivered to Buyer by the Company pursuant to Section 3.2(e) and (Y) the Company Transaction Expenses to the intended beneficiaries thereof as identified by the Company to Buyer prior to the Closing.

(e) At least two (2) Business Days prior to the Closing Date, the Company shall provide Buyer with payoff letters and forms of Lien releases to satisfy the Funded Debt paid pursuant to Section 3.2(d) above, and release all Liens related thereto, in each case, in form and substance reasonably acceptable to Buyer.

3.3 Estimated Net Working Capital Adjustment Amount; Estimated Closing Date Funded Debt; Estimated Closing Date Cash; Estimated Closing Date Unpaid Company Transaction Expenses. Except as provided in Section 8.5(k), not less than two (2) Business Days prior to the Closing Date and in no event more than ten (10) Business Days prior to the Closing Date, the Company shall deliver to Buyer a written statement (the “Closing Statement”) setting forth its good faith estimate of (a) Closing Date Net Working Capital (“Estimated Closing Date Net Working Capital”), (b) Closing Date Funded Debt (“Estimated Closing Date Funded Debt”), (c) Closing Date Cash (“Estimated Closing Date Cash”) and (d) Closing Date Unpaid Company Transaction Expenses (“Estimated Closing Date Unpaid Company Transaction Expenses”), in each case consistent with the terms of this Agreement (including definitions of defined terms used therein) and in accordance with the Accounting Principles, together with such schedules and data with respect to the foregoing as Buyer deems reasonably appropriate to support such calculations and estimates; provided, that, in no event shall such request for schedules or data delay the Closing.

18

3.4 Adjustment Amount.

(a) As soon as reasonably practicable following the Closing Date, and in any event within ninety (90) calendar days thereof, Buyer shall prepare and deliver to the Holder Representative, together with such schedules and data with respect to the determination of each of the following as the Holder Representative deems reasonably appropriate to support such calculations and estimates, (i) a calculation of Net Working Capital (“Closing Date Net Working Capital”), (ii) a calculation of the aggregate amount of all Funded Debt of the Company (“Closing Date Funded Debt”), (iii) a calculation of Cash of the Company (“Closing Date Cash”) and (iv) a calculation of the consolidated liabilities of the Company and its Subsidiaries for Company Transaction Expenses (the “Closing Date Unpaid Company Transaction Expenses”), in each case, calculated as of 11:59 p.m. (Eastern time) on the Closing Date (x) consistent (except as provided in this Section 3.4(a)) with the definitions of Closing Date Net Working Capital, Closing Date Funded Debt, Closing Date Cash, and Closing Date Unpaid Company Transaction Expenses (and in each case any definitions of defined terms used therein) (such amounts defined by such definitions, the “Price Components”) and (y) in accordance with GAAP applied in a manner consistent with the same accounting principles, practices, policies, methodologies and judgments applied in the preparation of the most recent audited balance sheet included in the Financial Statements (the “Reference Balance Sheet”); provided, however, that (I) the Price Components shall reflect no changes in reserves from amounts contained in the Reference Balance Sheet, other than changes therein attributable to changes in facts and circumstances occurring after the date of the Reference Balance Sheet, (II) except as set forth in the following clause (V), the calculation of the Price Components shall not give effect to the consummation of the Merger, including any payments of cash in respect of the Merger Consideration or any financing transactions in connection therewith or, after the Effective Time, any other action or omission by Buyer, the Surviving Company or any of its Subsidiaries that is not in the ordinary course of business consistent with past practice, (III) the treatment of leases as capital leases or operating leases shall be identical to their treatment in the Reference Balance Sheet, (IV) the Price Components shall not reflect any expense or liability for which Buyer is responsible under this Agreement and (V) the determination of Closing Date Net Working Capital shall include the effects of any deductions or other Tax benefits arising in connection with the consummation of the transactions contemplated hereby (the accounting principles, practices, policies, methodologies and judgments in subsection (y) being referred to collectively as the “Accounting Principles”).

(b) Following the Closing, Buyer shall provide the Holder Representative and its representatives reasonable access, during normal business hours, in such manner as to not interfere with the normal operation of the Company and its Subsidiaries, to the records, properties, appropriate personnel and (subject to the execution of customary work paper access letters if requested) auditors of the Company and its Subsidiaries relating to the calculation of the Price Components and shall cause the appropriate personnel of the Company and its Subsidiaries to cooperate with the Holder Representative’s reasonable requests in connection with its review of the calculation of the Price Components.

19

(c) If the Holder Representative shall disagree with such calculations of Closing Date Net Working Capital, Closing Date Funded Debt, Closing Date Cash or Closing Date Unpaid Company Transaction Expenses, it shall notify Buyer of such disagreement in writing, setting forth in reasonable detail the particulars of such disagreement, within forty-five (45) days after its receipt of the calculation of the Price Components pursuant to Section 3.4(a). In the event that the Holder Representative does not provide a notice of disagreement within such forty-five (45)-day period, the Holder Representative and Buyer shall be deemed to have agreed to the calculations of Closing Date Net Working Capital, Closing Date Funded Debt, Closing Date Cash and Closing Date Unpaid Company Transaction Expenses delivered by Buyer, which shall be final, binding and conclusive for all purposes hereunder. In the event any notice of disagreement is timely provided, Buyer and the Holder Representative shall use reasonable best efforts for a period of fifteen (15) days (or such longer period as they may mutually agree) to resolve any disagreements with respect to the calculations of Closing Date Net Working Capital, Closing Date Funded Debt, Closing Date Cash or Closing Date Unpaid Company Transaction Expenses. If, at the end of such period, they are unable to resolve such disagreements, then any such remaining disagreements shall be resolved by Protiviti Inc. or, if such firm is unable or unwilling to serve in such capacity, such other nationally recognized independent accounting or financial consulting firm as may be mutually selected by Buyer and the Holder Representative (such firm, subject to the following proviso, the “Auditor”); provided, that if the Holder Representative and Buyer cannot agree on such alternative Auditor, either party may request that the American Arbitration Association (the “AAA”) choose the Auditor, in which case the AAA’s choice of the Auditor will be binding and the expenses of the AAA  will be shared 50% by Buyer and 50% by the Holder Representative. Each of Buyer and the Holder Representative shall promptly provide their respective assertions regarding Closing Date Net Working Capital, Closing Date Funded Debt, Closing Date Cash and Closing Date Unpaid Company Transaction Expenses in writing to the Auditor and to each other. The Auditor shall be instructed to render its determination with respect to such disagreements as soon as reasonably possible (which the parties hereto agree should not be later than sixty (60) days following the day on which the disagreement is referred to the Auditor). The Auditor shall, acting as an expert and not an arbiter, base its determination solely on (i) the written submissions of the parties and shall not conduct an independent investigation and (ii) the extent (if any) to which Closing Date Net Working Capital, Closing Date Funded Debt, Closing Date Cash or Closing Date Unpaid Company Transaction Expenses require adjustment (only with respect to the remaining disagreements submitted to the Auditor) in order to be determined in accordance with Section 3.4(a) (including the definitions of the defined terms used in Section 3.4(a)). The determination of the Auditor shall be final, conclusive and binding on the parties. The date on which Closing Date Net Working Capital, Closing Date Funded Debt, Closing Date Cash and Closing Date Unpaid Company Transaction Expenses are finally determined in accordance with this Section 3.4(c) is hereinafter referred to as the “Determination Date.” All fees and expenses of the Auditor relating to the work, if any, to be performed by the Auditor hereunder shall be borne pro rata as between Buyer, on the one hand, and the Holder Representative as a Holder Representative Expense, on the other hand, in proportion to the allocation of the dollar value of the amounts in dispute as between Buyer and the Holder Representative (set forth in the written submissions to the Auditor) made by the Auditor such that the party prevailing on the greater dollar value of such disputes pays the lesser proportion of the fees and expenses. For example, if the Holder Representative challenges items underlying the calculations of Closing Date Net Working Capital, Closing Date Funded Debt and Closing Date Cash in the net amount of $1,000,000, and the Auditor determines that Buyer has a valid claim for $400,000 of the $1,000,000, Buyer shall bear 60% of the fees and expenses of the Auditor and the Holder Representative shall bear the remaining 40% of the fees and expenses of the Auditor as a Holder Representative Expense.

(d) The “Adjustment Amount,” which may be positive or negative, shall mean (i) Closing Date Net Working Capital (as finally determined in accordance with Section 3.4(c)), minus Estimated Closing Date Net Working Capital, plus (ii) Estimated Closing Date Funded Debt, minus Closing Date Funded Debt (as finally determined in accordance with Section 3.4(c)), plus (iii) Closing Date Cash, minus Estimated Closing Date Cash (as finally determined in accordance with Section 3.4(c), plus (iv) Estimated Closing Date Unpaid Company Transaction Expenses, minus Closing Date Unpaid Company Transaction Expenses (as finally determined in accordance with Section 3.4(c)). If the Adjustment Amount is a positive number, then the Merger Consideration shall be increased by the Adjustment Amount, but in no event shall the amount of such increase exceed $3,500,000, and if the Adjustment Amount is a negative number, then the Merger Consideration shall be decreased by the absolute value of the Adjustment Amount, but in no event shall the amount of such decrease exceed $3,500,000. The Adjustment Amount shall be paid in accordance with Section 3.4(e).

20

(e) If the Adjustment Amount is a positive number, then, promptly following the Determination Date, and in any event within three (3) Business Days of the Determination Date, (x) Buyer shall pay to each Pre-Closing Holder an amount in cash equal to (i) such holder’s Fully-Diluted Percentage, multiplied by (ii) the Adjustment Amount, and (y) the Escrow Agent shall pay to each Pre-Closing Holder an amount in cash equal to (i) the Adjustment Escrow Amount, multiplied by (ii) such holder’s Fully-Diluted Percentage. If the Adjustment Amount is a negative number (the absolute value of such amount, the “Deficit Amount”), then, promptly following the Determination Date, and in any event within three (3) Business Days of the Determination Date, (x) the Escrow Agent shall pay, from the Adjustment Escrow Account, to Buyer an amount equal to the Deficit Amount, and (y) if any of the Adjustment Escrow Amount remains after such payment to Buyer, the Escrow Agent shall pay, from the Adjustment Escrow Account, to each Pre-Closing Holder an amount in cash equal to (i) the balance of the Adjustment Escrow Amount, multiplied by (ii) such holder’s Fully-Diluted Percentage. If the Adjustment Amount is zero, then, promptly following the Determination Date, and in any event within three (3) Business Days of the Determination Date, the Escrow Agent shall pay to each Pre-Closing Holder an amount in cash equal to (i) the Adjustment Escrow Amount, multiplied by (ii) such holder’s Fully-Diluted Percentage. Notwithstanding the foregoing, any amounts payable pursuant to this Section 3.4(e) with respect to In the Money Options shall be paid to the Surviving Company and the Surviving Company shall pay such amounts through its payroll system to the applicable Pre-Closing Holders. Upon determination of the Adjustment Amount pursuant to Section 3.4(c) and Section 3.4(d), each of Buyer and the Holder Representative shall execute joint written instructions to the Escrow Agent instructing the Escrow Agent to disburse the Adjustment Escrow Amount in accordance with this Section 3.4(e). In no event shall (i) the Holder Representative have any liability under this Section 3.4(e) or (ii) any Pre-Closing Holder have any liability under this Section 3.4(e) in excess of such holder’s allocable share of the Adjustment Escrow Amount. In no event shall Buyer be entitled to payment pursuant to this Section 3.4(e) of any amount in excess of the Adjustment Escrow Amount remaining in the Adjustment Escrow Account.

3.5 Holder Representative Expenses. On or prior to the Closing Date, the Holder Representative may provide to Buyer a written estimate (which estimate shall include such reserves as the Holder Representative determines in good faith to be appropriate for any Holder Representative Expenses that are not then known or determinable) of the aggregate amount of the fees and expenses incurred, or that may in the future be incurred, by the Holder Representative on behalf of the Company and the Pre-Closing Holders in connection with the preparation, negotiation and execution of this Agreement or the consummation of the transactions contemplated hereby or otherwise in its capacity as the Holder Representative (the “Holder Representative Expenses”), which amount will not be included in the calculation of Net Working Capital. On the Closing Date, Buyer shall pay to the Holder Representative, or to such other Persons (and in such amounts) as may be designated by the Holder Representative, by wire transfer to an account or accounts designated by the Holder Representative in writing at least one (1) Business Day prior to the Closing Date, immediately available funds in the amount of such estimated Holder Representative Expenses.

3.6 Exchange
Agent. Promptly following the date which is two years after the Effective
Time, Buyer shall instruct the Exchange Agent to deliver to Buyer all cash and other documents in its possession relating to
the transactions contemplated hereby, and the Exchange Agent’s duties shall terminate.
Thereafter, each Pre-Closing Holder may deliver a Letter of Transmittal to Buyer and (subject to applicable abandoned
property, escheat and similar Laws) receive in consideration therefor, and Buyer shall promptly pay, the portion of the
Merger Consideration deliverable in respect thereof as determined in accordance with this Article
III without any interest thereon.

21

3.7 Withholding. Buyer, the Company, the Holder Representative, the Exchange Agent and the Escrow Agent shall be entitled to deduct and withhold from the consideration otherwise payable or deliverable in connection with the transactions contemplated by this Agreement, to any Person such amounts that Buyer, the Company, the Holder Representative, the Exchange Agent and the Escrow Agent are required to deduct and withhold with respect to any such deliveries and payments under applicable Tax Law. If Buyer proposes to deduct and withhold (or have any person making payments on Buyer’s behalf deduct and withhold) any amounts pursuant to this Section 3.7 (other than amounts subject to withholding because of the compensatory nature of the applicable payment), Buyer shall provide notice of the applicable deduction and withholding to the Holder Representative at least ten (10) days prior to the Closing Date and shall cooperate with the Holder Representative to minimize or eliminate such deduction or withholding. To the extent that amounts are so withheld in accordance with this Section 3.7, and duly and timely deposited with the appropriate Governmental Authority, by Buyer, the Company, the Holder Representative, the Exchange Agent or the Escrow Agent, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction and withholding was made.

ARTICLE IV.
REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY

Except as set forth in the Schedules to this Agreement, the Company represents and warrants to Buyer and Merger Sub as follows:

4.1 Corporate Organization of the Company. The Company has been duly organized and is validly existing as a limited liability company in good standing under the Laws of the State of Delaware and has the requisite organizational power and authority to own or lease its properties and to conduct its business as it is now being conducted. The copies of the certificate of formation and Company LLC Agreement previously made available by the Company to Buyer are true and complete. The Company is duly licensed or qualified and (where applicable) in good standing as a legal entity in each jurisdiction in which the ownership of its property or the character of its activities is such as to require it to be so licensed or qualified, except where the failure to be so licensed or qualified or in good standing would not reasonably be expected to have a Material Adverse Effect on the Company.

4.2 Subsidiaries. The Subsidiaries of the Company and their jurisdiction of incorporation or organization are set forth on Schedule 4.2. The Subsidiaries have been duly formed or organized and are validly existing under the laws of their jurisdiction of incorporation or organization and have the power and authority to own or lease their properties and to conduct their business as it is now being conducted, except where the failure to be so formed, organized or existing, or to have such power and authority, would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole. The Company has previously provided to Buyer or its representatives true and complete copies of the organizational documents of its Subsidiaries. Each Subsidiary of the Company is duly licensed or qualified to do business and (where applicable) in good standing as a legal entity in each jurisdiction in which its ownership of property or the character of its activities is such as to require it to be so licensed or qualified or in good standing, as applicable, except where the failure to be so licensed or qualified or in good standing would not reasonably be expected to have a Material Adverse Effect on the Company.

22

4.3 Due Authorization. The Company has all requisite organizational power and authority to execute and deliver this Agreement and any other agreements required to be executed hereby (each, an “Ancillary Agreement”) to which the Company is a party and (subject to the approvals described in Section 4.5) to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and each Ancillary Agreement to which the Company is a party and the consummation by the Company of the transactions contemplated hereby have been duly and validly authorized and approved by the Board of Managers of the Company, and no other organizational proceeding on the part of the Company is necessary to authorize this Agreement, or any Ancillary Agreement to which the Company is a party, other than approval of this Agreement, the Merger and the transactions contemplated hereby by the Pre-Closing Holders (the “Merger Consent”). This Agreement and each Ancillary Agreement to which the Company is a party has been or will be duly and validly executed and delivered by the Company and (assuming, in the case of this Agreement constitutes a legal, valid and binding obligation of Buyer and Merger Sub and, in the case of each Ancillary Agreement to which the Company is a party, each such Ancillary Agreement constitutes or will constitute a legal, valid and binding obligation of the other parties thereto) constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (collectively, the “Remedies Exception”).

4.4 No Conflict. Except as set forth on Schedule 4.4, subject to the receipt of the consents, approvals, authorizations and other requirements set forth in Section 4.5 or on Schedule 4.5, and except as may result from any facts or circumstances caused solely by (or as a result of) Buyer, the execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not, as of the Closing, (a) violate any provision of, or result in the breach of, any applicable Law to which the Company or any of its Subsidiaries is subject or by which any property or asset of the Company or any of its Subsidiaries is bound, (b) conflict with the certificate of formation, limited liability company agreement or other organizational documents of the Company or any of its Subsidiaries, (c) violate any provision of or result in a breach of, or require a consent, notice or other action under, any Contract listed on Schedule 4.12, or terminate or result in the termination of any such Contract, or result in the creation of any Lien under any such Contract upon any of the properties or assets of the Company or any of its Subsidiaries, or constitute an event which, after notice or lapse of time or both, would result in any such violation, breach, termination or creation of a Lien (other than a Permitted Lien) or (d) result in a violation or revocation of any required license, permit or approval from any Governmental Authority, except to the extent that the occurrence of any of the foregoing items set forth in clauses (a), (c) or (d) would not reasonably be expected to (x) be material to the Company and its Subsidiaries, taken as a whole, or (y) materially and adversely affect the ability of the Company to enter into and perform its obligations under this Agreement.

4.5 Governmental Authorities; Consents. Assuming the truth and completeness of the representations and warranties of Buyer contained in this Agreement and except as may result from any facts or circumstances relating solely to Buyer or any of its Affiliates, no consent or approval of or any material filing with, or any material authorization of or material designation or material declaration with, any Governmental Authority is required on the part of the Company with respect to the Company’s execution or delivery of this Agreement or the consummation by the Company of the transactions contemplated hereby, except for (a) applicable requirements of the HSR Act or any foreign competition Law and the French Foreign Investment Laws; (b) compliance with any applicable requirements of applicable securities Laws; (c) as otherwise disclosed on Schedule 4.5; and (d) the filing of the Certificate of Merger in accordance with the Act.

23

4.6 Capitalization of the Company. The authorized unit capital of the Company consists of 91,934,973 Units, of which 74,909,969 Common Units and 3,732,394 Preferred Units are issued and outstanding as of the date of this Agreement. All of the issued and outstanding Units were duly authorized and validly issued and have not been issued in violation of any preemptive or similar rights. Schedule 4.6 sets forth, as of the date hereof, a complete list of the Options, including the name of each holder thereof, the number of Units issuable upon exercise of each such Option, and the date of grant and exercise price of each such Option. Except as set forth on Schedule 4.6, the Company has not granted any outstanding options, warrants, rights or other securities convertible into or exchangeable or exercisable for Units, or any other commitments or agreements providing for the issuance of additional units, the sale of treasury units, or for the repurchase or redemption of Units, and there are no agreements of any kind which may obligate the Company to issue, purchase, register for sale, redeem or otherwise acquire any of its Units. Neither the Company nor any of its Subsidiaries is under any obligation to register the offer and sale or resale of its securities under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

4.7 Capitalization of Subsidiaries. The outstanding membership interests of (or other equity interests in) each of the Company’s Subsidiaries have been duly authorized and validly issued and have not been issued in violation of any preemptive or similar rights. Except as set forth on Schedule 4.7, the Company or one or more of its wholly owned Subsidiaries own of record and beneficially all of the issued and outstanding membership interests (or other equity interests) of such Subsidiaries free and clear of any Liens, other than (a) for any restrictions on sales of securities under applicable securities Laws or (b) Permitted Liens. Except as set forth on Schedule 4.7, there are no outstanding options, warrants, rights or other securities exercisable or exchangeable for any membership interests of (or other equity interests in) such Subsidiaries, any other commitments or agreements providing for the issuance of additional membership interests of (or other equity interests in) such Subsidiaries, the sale of membership interests of (or other equity interests in) such Subsidiaries, or for the repurchase or redemption of membership interests of (or other equity interests in) such Subsidiaries, or any agreements of any kind which may obligate any Subsidiary of the Company to issue, purchase, register for sale, redeem or otherwise acquire any of its membership interests (or other equity interests). Except for the membership interests of (or other equity interests in) the Subsidiaries set forth on Schedule 4.2, none of the Company nor any of its Subsidiaries own any equity, partnership, membership or similar interest in any other Person.

4.8 Financial Statements. Attached as Schedule 4.8 are (a) the audited consolidated balance sheets and statements of operations and comprehensive income, members’ equity and cash flows of the Company and its Subsidiaries as of and for the twelve-month periods ended December 31, 2018, December 31, 2017 and December 31, 2016, together with the auditor’s reports thereon (the “Audited Financial Statements”), (b) an unaudited consolidated balance sheet and statements of operations, members’ equity and cash flow of the Company and its Subsidiaries as of and for the three-month period ended March 31, 2019 (the “Interim Financial Statements”) and (c) an unaudited balance sheet and statements of operations of the Business, on a standalone basis, that includes pro forma adjustments to reflect the transactions contemplated by the Pre-Closing EV Transfer as of and for the twelve-month period ended December 31, 2018 (the “Pro Forma Financial Statements,” together with the Interim Financial Statements and the Audited Financial Statements, the “Financial Statements”). Except as set forth on Schedule 4.8, the Financial Statements present fairly, in all material respects, the consolidated financial position and results of operations, income, members’ equity and cash flows of the Company and its Subsidiaries as of the dates and for the periods indicated in such Financial Statements in conformity with GAAP (except in the cases of the Interim Financial Statements and the Pro Forma Financial Statements for the absence of normal year-end adjustments and reclassifications, none of which would be material in amount, individually or in the aggregate, and for the absence of footnotes and other presentation items).

24

4.9 Undisclosed Liabilities. Except as set forth on Schedule 4.9, there is no material liability, debt or obligation of the Company or any of its Subsidiaries of a type required to be reflected or reserved for on a balance sheet prepared in accordance with GAAP, except for such liabilities, debts and obligations (a) reflected or reserved for on the Financial Statements or specifically disclosed in the notes thereto, (b) that have arisen since the Balance Sheet Date in the ordinary course of the operation of the business of the Company and its Subsidiaries or (c) incurred in connection with the transactions contemplated by this Agreement.

4.10 Litigation and Proceedings. Except (a) as set forth on Schedule 4.10 and (b) Actions under Environmental Law (as to which certain representations and warranties are made pursuant to Section 4.22), there have not been in the past three (3) years, and there are no pending or, to the knowledge of the Company, threatened, material Actions against, or material Orders involving, the Company or any of its Subsidiaries or, to the knowledge of the Company, investigations of the Company or any of its Subsidiaries by or before any Governmental Authority. There is no material unsatisfied judgment or any open injunction binding upon the Company or any of its Subsidiaries. To the knowledge of the Company, no event has occurred or circumstance exists that could reasonably be expected to serve as a basis for any material Action or material Order.

4.11 Legal Compliance.

(a) Except with respect to (a) matters set forth on Schedule 4.11, (b) compliance with Environmental Laws (as to which certain representations and warranties are made pursuant to Section 4.22) and (c) compliance with Laws related to employment of labor (as to which certain representations and warranties are made pursuant to Section 4.14), the Company and its Subsidiaries are, and at all times in the past three (3) years have been, in compliance with, in all material respects, all applicable Laws and Orders. Neither the Company nor any of its Subsidiaries has received any written, or to the knowledge of the Company, oral notice from any Governmental Authority of a material actual, potential or alleged violation of any applicable Law or Order at any time during the past three (3) years.

(b) Without limiting the foregoing, neither the Company nor any of its Subsidiaries nor any of their respective directors, officers, employees, or, to the knowledge of the Company, agents or representatives (in each case, in their capacities as such), has, since January 1, 2015: (i) made, authorized, offered or promised to make any unlawful payment or transfer of anything of value, directly or indirectly through a third party, to any officer, employee or representative of a foreign government or any department, agency or instrumentality thereof (including any state-owned enterprise), political party, political campaign or public international organization, in violation of the FCPA, or any applicable Law of similar effect; or (ii) otherwise taken any action which would cause the Company or any of its Subsidiaries to be in violation of the FCPA or Laws implementing the OECD Convention on Combating Bribery of Foreign Officials or other applicable Laws of similar effect. The Company has instituted and maintains policies and procedures reasonably designed to ensure compliance with the FCPA.

(c) The Company and its Subsidiaries are in compliance, in all material respects, with, and at all times since January 1, 2015 have complied, in all material respects, with, the Export Administration Regulations as issued by the United States Department of Commerce, Bureau of Industry and Security; Office of Foreign Asset Control regulations issued by the United States Treasury Department; the International Traffic in Arms Regulations; and any other applicable Laws governing the import or export of products or services.

25

4.12 Contracts; No Defaults.

(a) Schedule 4.12(a) contains a listing of all Contracts described in clauses (i) through (xii) below to which, as of the date of this Agreement, the Company or any of its Subsidiaries is a party (other than Company Benefit Plans, Contracts for labor and employment matters set forth (or required to be set forth) on Schedule 4.14(e), Contracts relating to insurance policies set forth (or required to be set forth) on Schedule 4.17, the Company IP Agreements set forth (or required to be set forth) on Schedule 4.21(b) and Contracts relating to Government Contracts and Government Bids set forth (or required to be set forth) on Schedule 4.23), in each case, that relate to the Business. True and complete copies of the Contracts listed on Schedule 4.12 have been delivered to or made available to Buyer or its representatives.

(i) Each Contract with each Material Customer and Material Supplier (other than purchase orders with such Material Customers and Material Suppliers entered into in the ordinary course of business);

(ii) Each Contract (other than (x) purchase orders with suppliers or customers entered into in the ordinary course of business and (y) Contracts of the type (without giving effect to dollar thresholds) described in other clauses of this Section 4.12(a)) that the Company reasonably anticipates will involve annual payments or consideration furnished by or to the Company or any of its Subsidiaries of more than $200,000 which are not cancelable (without penalty, cost or other liability) by giving notice of 90 days or less;

(iii) Each note, debenture, other evidence of Funded Debt or other indebtedness, guarantee, loan, credit or financing agreement or instrument or other contract for money borrowed by the Company or any of its Subsidiaries, in each case, having an outstanding principal amount in excess of $1,000,000;

(iv) Each Contract for the acquisition of any Person or any business division thereof or the disposition of any material assets of the Company or any of its Subsidiaries (other than the sale of inventory or products in the ordinary course of business), in each case involving payments in excess of $1,000,000;

(v) Each joint venture Contract or any other Contract with regard to any strategic investment and each partnership agreement or limited liability company agreement with a third party (in each case, other than with respect to wholly owned Subsidiaries of the Company);

(vi) Each Contract requiring capital expenditures after the date of this Agreement in an annual amount in excess of $100,000;

(vii) Each Contract containing covenants expressly limiting in any material respect the freedom of the Company or any of its Subsidiaries to compete with any Person in a product line or line of business or to operate in any geographic area;

(viii) Each Contract that provides for payments upon a change of control;

(ix) Each Contract with any Governmental Authority (other than those Contracts set forth (or required to be set forth) on Schedule 4.23);

(x) Each Contract providing for “most favored nation” pricing arrangements;

(xi) Each Contract concerning a lease (including any capital lease) of personal property or lease-purchase arrangements pursuant to which the Company or any of its Subsidiaries leases (or has agreed to lease or purchase) personal property from others and specifies which of such leases, if any, are capital leases, in each case, requiring (x) annual payments of $50,000 or more or (y) aggregate payments of $150,000 or more; and

26

(xii) Each Contract pertaining to the settlement or compromise of any Action under which the Company or any of its Subsidiaries has any actual or potential liability.

(b) Except as set forth on Schedule 4.12(b)(i), all of the Contracts set forth (or required to be set forth) on Schedule 4.12(a), together with the Contracts for labor and employment matters set forth (or required to be set forth) on Schedule 4.14(e) and Contracts relating to Government Contracts and Government Bids set forth (or required to be set forth) on Schedule 4.23 are (i) in full force and effect, subject to the Remedies Exception, and (ii) represent the valid and binding obligations of the Company or one of its Subsidiaries party thereto and, to the knowledge of the Company, represent the valid and binding obligations of the other parties thereto. Except as set forth on Schedule 4.12(b)(ii), (x) neither the Company, any of its Subsidiaries nor, to the knowledge of the Company, any other party thereto is in material breach of or material default under any such Contract, (y) as of the date of this Agreement, neither the Company nor any of its Subsidiaries has received any claim or notice of material breach of or material default under any such Contract, and (z) to the knowledge of the Company, no event has occurred which, individually or together with other events, would reasonably be expected to result in a material breach of or a material default under any such Contract (in each case, with or without notice or lapse of time or both).

4.13 Company Benefit Plans.

(a) Schedule 4.13 sets forth a complete list of each material, written “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and any other material written plan, policy or program providing severance pay, salary continuation, bonus, stock option, equity compensation, deferred compensation or other employee benefits to any current or former director, officer or employee, which are maintained, sponsored or contributed to or by the Company or any of its Subsidiaries and under which the Company or any of its Subsidiaries has any material obligation or liability other than any plan, policy or program that is required by applicable Law or regulation (each a “Company Benefit Plan”).

(b) With respect to each Company Benefit Plan identified on Schedule 4.13, the Company has delivered or made available to Buyer or its representatives copies of, to the extent applicable, (i) such Company Benefit Plan and any trust agreement relating to such plan, (ii) the most recent summary plan description for such Company Benefit Plan for which such summary plan description is required, (iii) the most recent actuarial report covering such Company Benefit Plan, (iv) the three most recent annual reports on Form 5500 and all attachments thereto filed with the Internal Revenue Service with respect to such Company Benefit Plan and any comparable reports required under the laws of any jurisdiction outside of the United States and (v) the most recent determination or opinion letter, if any, issued by the Internal Revenue Service or other Governmental Authority with respect to such Company Benefit Plan.

(c) Except as would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole: (i) each Company Benefit Plan has been administered in accordance with its terms and all applicable Laws, including ERISA and the Code; (ii) all contributions required to be made with respect to any Company Benefit Plan on or before the date hereof have been made; (iii) each Company Benefit Plan which is intended to be qualified within the meaning of Section 401(a) of the Code (A) has received a favorable determination or opinion letter as to its qualification, (B) has been established under a standardized master and prototype or volume submitter plan for which a current favorable Internal Revenue Service advisory letter or opinion letter has been obtained by the plan sponsor and is valid as to the adopting employer, or (C) has time remaining under applicable Laws and related guidance to apply for a determination or opinion letter or to make any amendments necessary to obtain a favorable determination or opinion letter within the remedial amendment period; (iv) each Company Benefit Plan maintained outside of the United States that is intended or required to be qualified, approved or registered is so qualified, approved or registered and has been maintained in good standing with applicable Government Authorities; and (v) no transaction prohibited by Section 406 of ERISA and no “prohibited transaction” under Section 4975(c) of the Code has occurred with respect to any Company Benefit Plan.

27

(d) Except as set forth on Schedule 4.13, no Company Benefit Plan is a multiemployer pension plan (as defined in Section 3(37) of ERISA) (a “Multiemployer Plan”) or other pension plan, in each case, that is subject to Title IV of ERISA and neither the Company nor any of its Subsidiaries in the past six years has sponsored or contributed to or been required to contribute to a Multiemployer Plan, another pension plan subject to Title IV of ERISA or subject to the funding requirements of Section 302 of ERISA or Section 412 of the Code, or a “multiple employer plan” as defined in Section 210(a) of ERISA or Section 413(c) of the Code.

(e) Except as set forth on Schedule 4.13, no Company Benefit Plan is, or at any time was, funded through a “welfare benefit fund” as defined in Section 419(e) of the Code, and no benefits under any Company Benefit Plan are or at any time have been provided through a voluntary employees’ beneficiary association (within the meaning of subsection 501(c)(9) of the Code) or a supplemental unemployment benefit plan (within the meaning of Section 501(c)(17) of the Code).

(f) With respect to each group health plan (as defined in Section 733(a) of ERISA benefiting any current or former employee of the Company or any of its Subsidiaries that is subject to Section 4980B of the Code, or was subject to Section 162(k) of the Code, the Company and each Subsidiary has complied in all material respects with (i) the continuation coverage requirements of Section 4980B of the Code and Section 162(k) of the Code, as applicable, and Part 6 of Subtitle B of Title I of ERISA, and (ii) the Health Insurance Portability and Accountability Act of 1996, as amended.

(g) No Company Benefit Plan provides continuation coverage for welfare benefits, including, without limitation, death or medical benefits, beyond termination of service or retirement other than (i) coverage mandated by law or through the end of the month in which such termination of service or retirement occurs, (ii) death or retirement benefits under any Company Benefit Plan, or (iii) deferred compensation benefits reflected on the books of the Company or a Subsidiary.

(h) Each Company Benefit Plan that is a group health plan (as defined in Section 733(a) of ERISA) (i) has at all times complied in all material respects with the applicable health insurance reform requirements added to Section 715 of ERISA by the Patient Protection and Affordable Care Act and the guidance issued thereunder (“PPACA”), and (ii) has since January 1, 2015, accurately and timely complied in all material respects with the mandatory employer reporting requirements of Section 6055 and Section 6056 of PPACA. Neither the Company nor any of its Subsidiaries are reasonably expected to owe any excises taxes set forth in Section 4980H of the Code for any month after December 2014 and ending with the month in which Closing will occur.

28

(i) Each “nonqualified deferred compensation plan” (as defined in Section 409A(d)(1) of the Code) with respect to which the Company or any of its Subsidiaries is a “service recipient” (within the meaning of Section 409A of the Code) has been operated since January 1, 2005, in all material respects in compliance with the applicable provisions of Section 409A of the Code and the Treasury regulations and other official guidance issued thereunder (collectively, “Section 409A”), and has been since January 1, 2009, in all material respects in documentary compliance with the applicable provisions of Section 409A. Neither the Company nor any of its Subsidiaries has any indemnity obligation for any taxes or interest that has been or could in the future be imposed or accelerated under Section 409A.

(j) Except as would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole, with respect to the Company Benefit Plans, (i) as of the date hereof, no actions, suits or claims (other than routine claims for benefits in the ordinary course) are pending or, to the knowledge of the Company, threatened, and (ii) to the knowledge of the Company, no facts or circumstances exist that would reasonably be expected to give rise to any such actions, suits or claims.

4.14 Labor Relations.

(a) Except as set forth on Schedule 4.14(a), (i) the Company and its Subsidiaries are in compliance, in all material respects, with all applicable Laws regarding employment, employment practices, immigration, wages and hours, meal and rest breaks, employee reimbursements, discrimination, fair labor standards, occupational health and safety, wrongful discharge, workers’ compensation, worker classification, collective bargaining and plant closing, and neither the Company nor any of its Subsidiaries has received written notice of any pending or, to the knowledge of the Company, threatened claim of any violation of such Law or investigation or audit relating to these Laws; (ii) there is no unfair labor practice charge or complaint against the Company or any of its Subsidiaries pending or, to the knowledge of the Company, threatened before the National Labor Relations Board; (iii) there is no labor strike, slowdown, work stoppage, effort to organize employees for the purpose of collective bargaining (to the knowledge of the Company), or lockout in effect or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries has experienced any such labor strike, slowdown, work stoppage, effort to organize employees for the purpose of collective bargaining, or lockout since the date that is five (5) years prior to the date hereof; (iv) there is no charge or complaint pending or, to the knowledge of the Company, threatened against the Company or any its Subsidiaries before the Equal Employment Opportunity Commission or any other Governmental Authority responsible for the prevention of unlawful employment practices; (v) neither the Company nor any of its Subsidiaries is a party to, or otherwise bound by, any consent decree with, or citation by, any Governmental Authority with respect to employees or employment practices; (vi) neither the Company nor any its Subsidiaries is a party to any collective bargaining agreement; and (vii) the Company and its Subsidiaries are in compliance in all material respects with their respective obligations pursuant to the Worker Adjustment and Retraining Notification Act of 1988.

(b) The Company has provided to Buyer the following for all employees and individual independent contractors (excluding contractors hired through a third party provider) of the Company and each of its Subsidiaries as of the date hereof: (i) name or identification number, job title or position and base salary, target and maximum bonus, and whether on a commission plan; (ii) if on leave of absence or layoff status, the expected date of return; (iii) if not a U.S. citizen, immigration status (e.g., H-1B, L-1A) and employment authorization date; (iv) principal place of employment; (v) starting date of employment and recognized service (if different); and (vi) whether “exempt” or “non-exempt” for employees in the United States. Neither the Company nor any of its Subsidiaries has made any Contract to materially increase the compensation payable to, or to modify the conditions or terms of employment or service of, any employee, independent contractor, or officer, except increases occurring in the ordinary course of business or changes required by applicable Law. All commissions and bonuses that are payable to Employees, consultants, or contractors of the Company for services performed on or prior to the Closing Date have either been paid in full as of the Closing Date or are accrued as a current liability for purposes of calculating Net Working Capital.

29

(c) To the knowledge of the Company, as of the date hereof, (i) no employee of the Company or any of its Subsidiaries intends to terminate his or her employment with the Company or any of its Subsidiaries, and (ii) neither the Company nor any of its Subsidiaries have the present intention to terminate the employment of any such Person. Subject to general principles related to wrongful termination, subject to the terms of any collective bargaining agreement and except as set forth on Schedule 4.14(c), the employment of each employee of the Company and its Subsidiaries in the United States and the service relationship of each independent contractor of the Company and its Subsidiaries in the United States, is terminable at will. To the knowledge of the Company, no employee or independent contractor of the Company or any of its Subsidiaries is a party to, or is otherwise bound by, any Contract, including any employment, confidentiality, non-competition or proprietary rights agreement, between such employee or independent contractor and any other Person that in any way materially adversely affects or could materially and adversely affect the performance of such Person’s duties as an employee or independent contractor of the Company or any of its Subsidiaries following the Closing. Neither the Company nor any of its Subsidiaries is a party to any employee leasing or professional employer organization (PEO) Contract with any Person.

(d) In the past three (3) years, neither the Company nor any of its Subsidiaries has engaged in any activity, nor to the knowledge of the Company is there any practice with respect to their respective employees, that is in material violation of IRCA, including the anti-discrimination provisions, the verification of employment eligibility procedures and the document fraud provisions. The Company and its Subsidiaries have complied, in all material respects, with the applicable provisions of IRCA with respect to their employees.

(e) Except as would not reasonably be expected to result in material liability to the Company, (i) the Company and its Subsidiaries have properly identified each employee as either a “full-time,” “variable hour” or “seasonal” employee in accordance with Code Section 4890H, and only “full-time” employees have averaged thirty (30) or more hours per week during the applicable measurement periods, (ii) any individual who performs services for the Company or any of its Subsidiaries who is not treated by the Company or any of its Subsidiaries as an employee for federal income Tax purposes is not an employee of such Person under applicable Laws or for any purpose including for Tax withholding purposes or Benefit Plan purposes, and (iii) each employee of the Company or any of its Subsidiaries has been properly classified as “exempt” or “non-exempt” under applicable Law.

(f) Schedule 4.14(f) contains a listing of each individual written employment, retention, change in control bonus or severance agreement to which, as of the date of this Agreement, either the Company or one of its Subsidiaries is a party to with respect to any current employee, if such agreement may not be terminated at will, or by giving notice of 90 days or less (or such longer period required under applicable Law), without cost or penalty in excess of three months of base salary (or such greater amount as required under applicable Law).

30

4.15 Taxes. Except as set forth on Schedule 4.15:

(a) All material Tax Returns required to be filed by or on behalf of the Company or any of its Subsidiaries have been duly and timely filed, and all such Tax Returns are complete and accurate in all material respects.

(b) The Company and its Subsidiaries have fully and timely paid all material Taxes, or where late payments of Tax were made, all interest and penalties attributable to late payments have been paid (whether or not shown on any Tax Return) which are or were required to be paid by them for all Pre-Closing Tax Periods.

(c) The Company and its Subsidiaries have complied in all material respects with all applicable Laws in force at the applicable time with respect to the withholding of Taxes in connection with any payments made to shareholders, employees, independent contractors, creditors or other third parties and all Tax reporting obligations with respect to such withholding have been fully complied with in all material respects.

(d) No deficiency for any material Taxes has been asserted or assessed by any Governmental Authority in writing against the Company or any of its Subsidiaries, except for deficiencies which have been satisfied by payment, settled or withdrawn. As of the date hereof, (i) no audit or other administrative proceeding by any Governmental Authority is pending or threatened in writing against the Company or any of its Subsidiaries and (ii) no litigation is pending or threatened in writing against the Company or any of its Subsidiaries with respect to any Taxes due from the Company or any of its Subsidiaries.

(e) There are no Tax indemnification or Tax sharing agreements under which the Company or any of its Subsidiaries would be liable after the Closing Date for any Tax liability of any Person that is neither the Company nor one of its Subsidiaries, other than customary agreements or arrangements with customers, vendors, lessors, lenders and the like or other agreements that do not relate primarily to Taxes.

(f) Neither the Company nor any of its Subsidiaries is, or has ever been, a member of any affiliated group of corporations within the meaning of Section of 1504 of the Code or of any group that has filed a combined, consolidated or unitary Tax Return (except for such a group of which the Company or its Subsidiaries are a member of as of immediately prior to the Closing). Neither the Company nor any of its Subsidiaries has any liability for the Taxes of any other Person (other than the Company or one of its Subsidiaries) under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local, or non-U.S. law) or as a transferee or successor.

(g) There are no Liens for Taxes (other than Permitted Liens) upon any of the assets of the Company or any of its Subsidiaries.

(h) Neither the Company nor any of its Subsidiaries has waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency, which waiver or extension remains in effect.

31

(i) No claim has been made by any Taxing Authority in a jurisdiction where the Company or one of its Subsidiaries does not file Tax Returns that the Company or such Subsidiary is subject to material taxation by, or required to file a material Tax Return in, that jurisdiction.

(j) Neither the Company nor any of its Subsidiaries shall be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any Post-Closing Tax Period as a result of any (i) change in method of accounting pursuant to a Section 481 of the Code for a Pre-Closing Tax Period entered into prior to the Closing, (ii) “closing agreement” as described in Section 7121 of the Code (or any provision of any non-U.S. state or local Tax Law having similar effect) entered into prior to the Closing, (iii) installment sale or open transaction disposition made on or prior to the Closing, (iv) prepaid amount received on or prior to the Closing, or (v) election under Section 108(i) of the Code.

(k) Neither the Company nor any of its Subsidiaries has received any private letter ruling from the IRS (or any comparable ruling from any other Taxing Authority). The consummation of the Merger as contemplated by this Agreement will not result in the loss of any Tax holiday, Tax abatement or similar Tax benefit.

(l) The Company and its Subsidiaries have reflected all significant uncertain U.S. federal income tax positions on Schedule UTP to IRS Form 1120.

(m) Neither the Company nor any of its Subsidiaries has constituted either a “distributing corporation” or a “controlled corporation” in a distribution of stock qualifying for tax-free treatment under Section 355 of the Code in the three (3) years prior to the date of this Agreement.

(n) The entity classification of the Company and each of its Subsidiaries for U.S. federal income tax purposes is listed on Schedule 4.15(n). The taxable year of each of the Subsidiaries of the Company that is organized outside the United States ends on December 31.

(o) Neither the Company nor any of its Subsidiaries is required to, or will be required to, include in subpart F income for any Tax period ending after the Closing Date any amounts determined under Section 965 of the Code, or to make any deferred payments with respect thereto in future taxable periods, including pursuant to Section 965(h) of the Code. Neither the Company nor any of its subsidiaries has made the election described in Section 965(h) of the Code.

(p) Neither the Company nor any of its Subsidiaries has entered into a “listed transaction” that has given rise to a disclosure obligation under Section 6011 of the Code and the Treasury Regulations promulgated thereunder and that has not been disclosed in the relevant Tax Return of the Company or the relevant Subsidiary.

(q) Neither the Company nor any of its Subsidiaries is or has been classified as a “surrogate foreign corporation” within the meaning of Section 7874 of the Code.

(r) To the extent required by applicable Law, the Company and each of its Subsidiaries has duly and timely filed each Form TD-F 90-22.1, Report of Foreign Bank and Financial Accounts, and each FinCEN Report 114, Report of Foreign Bank and Financial Accounts, required to be filed by the Company and each such Subsidiary and all such forms are true, correct and complete in all respects.

32

(s) Any losses for tax purposes incurred by a foreign branch of the Company or any of its Subsidiaries are not subject to the restrictions on deductibility of dual consolidated losses set forth in Section 1503(d) of the Code and the Treasury Regulations promulgated thereunder.

(t) As of the Closing Date, the unpaid current income Tax liabilities of the Company and its Subsidiaries (including those liabilities related to the Pre-Closing EV Transfer) as reflected in Estimated Closing Date Net Working Capital pursuant to Section 3.3 are sufficient to satisfy such current income tax liabilities.

Notwithstanding anything else in this Agreement, no breach or inaccuracy of any representation or warranty in this Section 4.15 (other than the representations and warranties set forth in Section 4.15(e), Section 4.15(j), Section 4.15(k), Section 4.15(o) and Section 4.15(p)) may be relied upon or otherwise provide any right to a Buyer Indemnitee to seek indemnification or other recovery with respect to Taxes relating to any Post-Closing Tax Period.

4.16 Brokers’ Fees. Except as set forth on Schedule 4.16, no broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other similar commission, for which Buyer, the Company or any of its Subsidiaries would be liable in connection with the transactions contemplated by this Agreement based upon arrangements made by the Company, any of its Subsidiaries or any of their Affiliates.

4.17 Insurance. Schedule 4.17 contains a list of all material policies of property, fire and casualty, product liability, general liability, workers’ compensation, and other forms of insurance held by, or for the benefit of, the Company or any of its Subsidiaries. True and complete copies of such insurance policies have been made available to Buyer or its representatives. Except as set forth in Schedule 4.17, (a) as of the date hereof, none of the Company or any of its Subsidiaries has received any written, or to the knowledge of the Company, oral notice from any insurer under any such insurance policies listed (or required to be listed) on Schedule 4.17, canceling or materially adversely amending any such policy or denying coverage thereunder, and (b) all premiums on such insurance policies due and payable have been paid. With respect to those policies listed (or required to be listed) on Schedule 4.17, (i) they are in full force and effect and, to the knowledge of the Company, are free from any right of termination on the part of the insurance carriers; (ii) all premiums and retained losses within deductibles or self-insured retentions due with respect thereto have been paid or accrued; (iii) as of the date hereof, no written notice has been received by the Company or its Subsidiaries that indicates that material changes in any such policy are required as a condition to the continuation of coverage under, or renewal of, any such policy; (iv) as of the date hereof, neither the Company nor any of its Subsidiaries has been denied insurance coverage under any such policy within the last year and (v) to the knowledge of the Company, each such policy is sufficient for compliance with all applicable Laws and Contracts to which the Company or any of its Subsidiaries is a party or by which it is bound.

4.18 Customers and Suppliers.

(a) Schedule 4.18(a)(i) sets forth the top twenty (20) customers of the Company and its Subsidiaries with respect to the Business (on a consolidated basis, and determined on the basis of the total dollar amount of sales to such customers) for the year ended December 31, 2018 and for the period between January 1, 2019 and March 31, 2019 (“Material Customers”), and, opposite the name of each Material Customer, the dollar amount of revenues from such Material Customer with respect to the Business during such periods. Except as set forth on Schedule 4.18(a)(ii), (i) all Material Customers continue to be customers of the Company and its Subsidiaries and none of such Material Customers has materially reduced, nor has the Company or any of its Subsidiaries received any written, or to the knowledge of the Company, oral notice from any Material Customer indicating that such Material Customer will materially reduce its business with the Company or any of its Subsidiaries with respect to the Business from the levels achieved during the year ended December 31, 2018, (ii) no Material Customer has terminated its relationship with the Company or any of its Subsidiaries, nor has the Company or any of its Subsidiaries received any written, or to the knowledge of the Company, oral notice that any Material Customer intends to do so, (iii) neither the Company nor any of its Subsidiaries is involved in any material claim, dispute or controversy with any Material Customer and (iv) neither the Company nor any of its Subsidiaries is involved in any material claim, dispute or controversy with any of its other customers.

33

(b) Schedule 4.18(b)(i) sets forth the top twenty (20) suppliers of the Company and its Subsidiaries with respect to the Business (on a consolidated basis, and determined on the basis of the total dollar amount of purchases from such suppliers) for the year ended December 31 2018 and for the period between January 1, 2019 and March 31, 2019 (“Material Suppliers”), and, opposite the name of each Material Supplier, the dollar amount of purchases from such Material Supplier with respect to the Business during such periods. Except as set forth on Schedule 4.18(b)(ii), (i) all Material Suppliers continue to be suppliers of the Company and its Subsidiaries and none of such Material Suppliers has materially reduced, nor has the Company or any of its Subsidiaries received written, or to the knowledge of the Company, oral notice from any Material Supplier indicating that such Material Supplier will materially reduce its business with the Company or any of its Subsidiaries from the levels achieved during the year ended December 31, 2018, (ii) no Material Supplier has terminated its relationship with the Company or any of its Subsidiaries, nor has the Company or any of its Subsidiaries received any written, or to the knowledge of the Company, oral notice that any Material Supplier intends to do so, (iii) neither the Company nor any of its Subsidiaries is involved in any material claim, dispute or controversy with any Material Supplier and (iv) neither the Company nor any of its Subsidiaries is involved in any material claim, dispute or controversy with any of its other suppliers.

4.19 Machinery, Equipment and Other Tangible Personal Property; Sufficiency of Assets.

(a) Except as set forth on Schedule 4.19(a), the Company or one of its Subsidiaries owns and has good title to all material machinery, equipment and other tangible personal property reflected on the books of the Company and its Subsidiaries as owned by the Company or one of its Subsidiaries and used in the conduct of the Business, free and clear of all Liens, other than Permitted Liens. All such material machinery, equipment and other tangible personal property, taken as a whole, is (a) in all material respects in good working order and condition, ordinary wear and tear excepted, (b) is, to the knowledge of the Company, free of material defects; and (c) is adequate, in all material respects, for the uses to which it is currently being put, and to the knowledge of the Company, none of such machinery, equipment or other tangible personal property is in need of maintenance or repairs, except for ordinary, routine maintenance and repairs in the ordinary course of business.

(b) On the Closing Date, and following the completion of the Pre-Closing EV Transfer, the Company and its Subsidiaries will own, lease or have the legal right to use all of the rights, properties and assets required for the continued conduct of the Business immediately following the Closing in substantially the same manner as currently conducted.

34

4.20 Real Property.

(a) Schedule 4.20 lists all Owned Real Property, the current use of such property and the addresses thereof. Except as set forth on Schedule 4.20, or except as would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole, the Company or one of its Subsidiaries has good and insurable fee simple title to all Owned Real Property, free and clear of all Liens (other than any Permitted Liens).

(b) Schedule 4.20 sets forth true and complete lists of (i) each lease, undertaking, sublease, license, concession, occupancy agreement or other Contract, with respect to Leased Real Property, to which the Company or one of its Subsidiaries is a party, including all amendments, extensions, renewals, guaranties and other agreements related to, used by, necessary for the conduct of or held for use by the Company or any of its Subsidiaries (the “Real Property Leases”) and (ii) all real property locations not otherwise set forth in subclause (i) where the Company or its Subsidiaries operates without a written agreement. The Company has delivered to Buyer a true and complete copy of each Real Property Lease or, for any oral Real Property Lease, a true and complete description of the material terms (including rent, location and term) thereof.

(c) With respect to each Real Property Lease:

(i) (A) such Real Property Lease is valid, binding, enforceable and in full force and effect, and (B) the Company or such Subsidiary, as applicable, enjoys peaceful and undisturbed possession of the premises demised by such Lease except as would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole;

(ii) the Company or such Subsidiary, as applicable, is not in material breach or material default under such Real Property Lease, and, to the knowledge of the Company, no event has occurred or circumstance exists that, with the delivery of notice, passage of time or both, would constitute such a material breach or material default;

(iii) the Company or such Subsidiary, as applicable, has paid all rents, deposits and additional rents due and payable under such Real Property Lease and no security deposit or portion thereof has been applied in respect of a breach or deposit under such Real Property Lease that has not been redeposited in full, except, in each case, as would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole;

(iv) the Company or such Subsidiary, as applicable, has not received, and has not given, any written notice of any material default or event that with notice or lapse of time, or both, would constitute a material default by the Company or such Subsidiary, as applicable, under any of the Real Property Leases;

(v) to the knowledge of the Company, no other party thereto is in material default thereof or exercised any termination rights with respect thereto;

(vi) the Company or such Subsidiary, as applicable, has not subleased, assigned or otherwise granted to any Person the right to use or occupy such Leased Real Property or any material portion thereof; and

(vii) the Company or such Subsidiary, as applicable, has not pledged, mortgaged or otherwise granted a Lien (other than any Permitted Lien) on its leasehold interest in any Leased Real Property.

35

(d) As of the date hereof, none of the Company or any of its Subsidiaries has received any written notice of: (i) violations of building codes, zoning ordinances or other governmental or regulatory Laws affecting the Real Property, (ii) existing, pending or threatened condemnation proceedings affecting the Leased Real Property, (iii) existing, pending or threatened, zoning, building code or other moratorium proceedings, (iv) existing, pending or tax assessment proceedings or (v) similar matters that, in each case, could reasonably be expected to adversely affect the operation of the Real Property. As of the date hereof, neither the whole nor any material portion of the Real Property has been damaged or destroyed by fire or other casualty.

(e) The Real Property is (i) in good condition and repair (subject to normal wear and tear) and (ii) sufficient for the conduct of the Company’s or its Subsidiaries’ operations as of the date hereof and constitutes all of the real property necessary to conduct the Company or any of its Subsidiaries’ respective businesses as currently conducted. Neither the Company nor any of its Subsidiaries has subleased, licensed or otherwise granted any Person the right to use or occupy any of the Real Property. There are no outstanding options, rights of first offer, rights of first refusal or other rights in favor of any Person to purchase the Owned Real Property or the Company’s or any of its Subsidiaries’ respective leasehold interests in the Leased Real Property.

4.21 Intellectual Property.

(a) Schedule 4.21(a) contains a true and complete list of all Company IP Registrations, specifying as to each, as applicable: the title, mark, or design; the record owner and inventor(s), if any; the jurisdiction by or in which it has been issued, registered, or filed; the patent, registration, publication, or application serial number; the issue, registration, publication, or filing date; and, the current status.

(b) Schedule 4.21(b)(i) contains a true and complete list of all Company IP Agreements that are material to the Company and its Subsidiaries, taken as a whole, specifying for each the date, title, and parties thereto, and separately identifying the Company IP Agreements: (i) under which the Company or any of its Subsidiaries is a licensor or otherwise grants to any Person any right or interest relating to any Company Intellectual Property; (ii) under which the Company or any of its Subsidiaries is a licensee or otherwise granted any right or interest relating to the Intellectual Property of any Person (including any Licensed Intellectual Property); and (iii) which otherwise relate to the Company’s or any of its Subsidiaries’ ownership or use of Intellectual Property. The Company has provided Buyer with true and complete copies of all Company IP Agreements, including all modifications, amendments, and supplements thereto and waivers thereunder. Each Company IP Agreement is valid and binding on the Company or its Subsidiary that is party thereto in accordance with its terms and is in full force and effect. Neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any other party thereto is in material breach of or material default under, or has provided or received any notice of material breach of, or material default under, or an intention to terminate (including by non-renewal), any Company IP Agreement.

(c) The Company or one of its Subsidiaries is the sole and exclusive legal and beneficial (and, with respect to the Company IP Registrations, record) owner of all right, title, and interest in and to the Company Intellectual Property, and is licensed to use all Licensed Intellectual Property used or held for use in the conduct of the businesses of the Company and its Subsidiaries as currently conducted, in each case, free and clear of all Liens, other than Permitted Liens.

(d) The Company or one of its Subsidiaries has entered into binding, valid and enforceable, written Contracts with each current and former employee and independent contractor who has developed any material Company Intellectual Property, whereby each such employee or independent contractor: (i) acknowledges the Company’s or its Subsidiary’s exclusive ownership of all right, title and interest in and to all intellectual property invented, created or developed by such employee or independent contractor (whether alone or jointly with any other such employee(s) or independent contractor(s)) during the course, or otherwise within the scope, of his or her employment or engagement with the Company or its Subsidiary; and (ii) to the extent that title to the same does not vest in the Company or its Subsidiary by operation of law, grants to the Company or its Subsidiary a present, irrevocable assignment of all right, title and interest such employee or independent contractor may have in or to such intellectual property. The Company or one of its Subsidiaries has entered into a binding, valid and enforceable written Contract with each Business Employee (as defined in the EV Closing Documents) restricting the use of any confidential or proprietary information of the Company or its Subsidiaries by any such Business Employee for any purpose other than in connection with his or her employment by or engagement with the Company or its Subsidiaries. There is no material Company Intellectual Property (other than “Common Parts IP” and “Licensed Technical Documentation”) that constitutes “Other Business Licensed IP,” each as defined in Section 1.1(a) of that certain Intellectual Property License Agreement executed in connection with the Pre-Closing EV Transfer and included in the EV Closing Documents.

36

(e) All assignments and other instruments necessary to establish, record and perfect the Company’s or its Subsidiaries’ ownership interest in the Company IP Registrations have been validly executed, delivered and filed with the relevant Governmental Authorities and authorized registrars.

(f) Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will result in the loss or impairment of, or payment of any additional amounts with respect to, or require the consent of any other Person in respect of, the Company’s or any of its Subsidiaries’ right to own or use any Company Intellectual Property in the Company’s or any of its Subsidiaries’ businesses as currently conducted. For the avoidance of doubt, and without limiting the foregoing, to the extent any Software (whether included in the Company Intellectual Property or the Licensed Intellectual Property) is the subject of any “general public”, “open source”, “copyleft” or other similar license(s) or distribution model(s), neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will require Company or any of its Subsidiaries to publicly distribute, disseminate or otherwise publish, in whole or in part, the source code of any such Software.

(g) Except as set forth on Schedule 4.21(g). all of the Company Intellectual Property subject to a Company IP Registration and issued by a Governmental Authority (and not merely applied for) is, to the knowledge of the Company, valid and enforceable, and all Company IP Registrations are subsisting and in full force and effect. The Company and each of its Subsidiaries have taken all necessary steps to preserve the confidentiality of all material Trade Secrets and material Know-how included in the Company Intellectual Property, including by requiring all Persons having access thereto to execute binding, written non-disclosure agreements. All required filings and fees related to the Company IP Registrations have been timely filed with and paid to the relevant Governmental Authorities and authorized registrars, and all Company IP Registrations are otherwise in good standing.

(h) The conduct of the Company’s and its Subsidiaries’ businesses as currently and formerly conducted, including the use of the Company Intellectual Property, and the products, processes, and services of the Company and its Subsidiaries have not infringed, misappropriated or otherwise violated, the valid Intellectual Property rights of any Person in a way that would reasonably be likely to be material to the Company and its Subsidiaries. To the knowledge of the Company, no Person has infringed, misappropriated, or otherwise violated any Company Intellectual Property.

37

(i) Within the past 24 months, neither the Company nor any of its Subsidiaries has sent any written notice, charge, complaint, claim or other written assertion asserting or threatening to assert any Action against any Person involving or relating to any Intellectual Property of the Company.

(j) Except as set forth on Schedule 4.21(j), during the past three (3) years, there have been no Actions (including any opposition, cancellation, revocation, review, or other proceeding), whether settled, pending or threatened in writing (including in the form of offers to obtain a license): (A) alleging any infringement, misappropriation or other violation by the Company or any of its Subsidiaries of the Intellectual Property of any Person; (B) challenging the validity, enforceability, registrability, patentability or ownership of any Company Intellectual Property; (C) challenging the Company’s or any of its Subsidiaries’ right, title or interest in or to any Company Intellectual Property or any Licensed Intellectual Property; or (D) by the Company or any of its Subsidiaries alleging any infringement, misappropriation, or other violation by any Person of any Company Intellectual Property. The Company and its Subsidiaries are not subject to any outstanding or prospective Order (including any motion or petition therefor) that does or could reasonably be expected to restrict or impair the ownership or use of any Company Intellectual Property or Licensed Intellectual Property.

4.22 Environmental Matters. Except as set forth on Schedule 4.22:

(a) The Company and its Subsidiaries are, and have been, during the past three (3) years, in compliance, in all material respects, with all Environmental Laws and no environmental conditions exist that require reporting, investigation, assessment, cleanup, remediation or any other type of response action pursuant to any Environmental Law in each case that could be the basis for any material liability pursuant to any Environmental Law. The Company and its Subsidiaries hold, and are in material compliance with, all material Environmental Permits to permit the Company and its Subsidiaries to operate their respective assets in a manner in which they are now operated and maintained and to conduct the business of the Company and its Subsidiaries as currently conducted and any applications for renewal of such Environmental Permits have been submitted on a timely basis, in each case, in all material respects.

(b) There are no written or, to the knowledge of the Company, oral, claims, requests for information, demands, Actions, Orders or notices of violation pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries alleging material violations of or liability under any Environmental Law or relating to the Release of Hazardous Materials.

(c) There has been no Release of Hazardous Materials in contravention of applicable Environmental Laws, or which requires investigation or remediation under applicable Environmental Laws, in any case that would result in a material liability of the Company or any of its Subsidiaries following the Closing, with respect to any Real Property or any property formerly owned, operated or leased by the Company or any of its Subsidiaries, and the Company and its Subsidiaries have not received a written, or, to the knowledge of the Company, oral notice that the Real Property or any real property currently or formerly owned, operated or leased in connection with the business of the Company or its Subsidiaries, including soils, groundwater, surface water, ambient air, indoor air, buildings and other structure located on any such real property, has been contaminated with any Hazardous Materials in concentrations and/or amounts that reasonably would be expected to result in a material liability of the Company or any of its Subsidiaries.

38

(d) Except as set forth in Schedule 4.22, there are no underground storage tanks, whether active or abandoned, at the Real Property.

(e) Except in compliance in all material respects with applicable Environmental Law, there is no asbestos nor any asbestos-containing materials or polychlorinated biphenyls used in, applied to or in any way incorporated in any building, structure or other form of improvement on the Real Property.

(f) Neither the Company nor any of its Subsidiaries has stored, treated, recycled or disposed of, or arranged for the storage, treatment, recycling or disposal of, any Hazardous Materials and none of the Company, its Subsidiaries, the Real Property or any real property formerly owned, leased or operated by the Company or any of its Subsidiaries are listed on, or has been proposed for listing on, the National Priorities List (Superfund Enterprise Management System or the Comprehensive Environmental Response, Compensation, and Liability Information System) under CERCLA, or any similar state or federal list.

(g) Neither the Company nor any of its Subsidiaries are aware of any current or proposed requirements under Environmental Law which could require capital expenditures in the next 12 months which are not shown on the Interim Financial Statements, other than such capital expenditures as would not be material.

(h) Except as set forth on Schedule 4.22 and except as would not be material, neither the Company nor any of its Subsidiaries has retained or assumed by contract or, to the knowledge of the Company, Law, any outstanding liabilities or obligations of third parties under any Environmental Law.

(i) The Company has delivered, or caused to be delivered, to Buyer copies of all material reports or environmental assessments (including any Phase I, Phase II reports) prepared within the past five (5) years concerning the Real Property or formerly owned or leased properties of the Company or any of its Subsidiaries, in each case in the possession or reasonable control of the Company.

4.23 Government Contracts. Schedule 4.23 contains a listing of each Government Contract and each Government Bid that would involve more than $200,000 in payments to the Company or any of its Subsidiaries. True and complete copies of each such Government Contract or Government Bid have been delivered to or made available to Buyer or its representatives. Since September 1, 2015, neither the Company nor any of its Subsidiaries has (a) breached or violated any Law, clause, provision or requirement pertaining to any Government Contract, (b) been suspended or debarred from bidding on Government Contracts by a Governmental Authority, (c) had any audits or investigations by any Governmental Authority with respect to any Government Contract that remain unresolved, (d) had any Government Contract terminated by any Governmental Authority for default or failure to perform, or (e) made any voluntary or mandatory disclosure to a Governmental Authority, in each case (a) through (e), which would reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole. The Company and the Subsidiaries (as applicable) have complied in all material respects with all material terms and conditions of each Government Contract or Government Bid to which it is a party, including all clauses, provisions and requirements incorporated expressly by reference or by operation of Law therein. In addition, since September 1, 2015, (i) all representations and certifications executed, acknowledged or set forth in or pertaining to such Government Contract or Government Bid were complete and correct in all material respects as of the dates they were made (or deemed made), and the Company or such Subsidiary (as applicable) has complied in all material respects with all such representations and certifications; (ii) all information submitted by the Company or such Subsidiary (as applicable) in support of the negotiation of such Government Contract or Government Bid, or modification thereof, or in support of requests for payments thereunder, was, as of the date of price agreement or payment submission current, accurate and complete in all material respects, (iii) no Governmental Authority or any prime contractor, subcontractor or other Person has notified the Company or its Subsidiaries, either in writing or, to the knowledge of the Company, orally, that the Company or its Subsidiaries has breached or violated any Law, certification, representation, clause, provision or requirement pertaining to such Government Contract or Government Bid; (iv) neither the Company nor any of its Subsidiaries has been notified in writing or, to the knowledge of the Company, orally, by any Governmental Authority, any prime contractor, subcontractor or any other Person that any such Government Contract or Government Bid has been terminated for any reason and no cure notice or show cause notice is currently in effect pertaining to any such Government Contract or Government Bid; and (v) to the knowledge of the Company, no money due to the Company or any of its Subsidiaries pertaining to such Government Contract or Government Bid has been withheld or offset nor has any claim been made in writing to withhold or offset money.

39

4.24 Absence of Changes.

(a) From the Balance Sheet Date through the date of this Agreement, there has not been any Material Adverse Effect on the Company and its Subsidiaries.

(b) Except as expressly contemplated by this Agreement, from the Balance Sheet Date through the date of this Agreement, the Company and its Subsidiaries have, in all material respects, conducted their business and operated their properties in the ordinary course of business consistent with past practice. Without limiting the generality of the foregoing, except as set forth on Schedule 4.24, since the Balance Sheet Date to the date of this Agreement, in each case, with respect to the Business and excluding any actions taken in connection with the Pre-Closing EV Transfer: 

(i) neither the Company nor any of its Subsidiaries has adopted or effected any material change in any method of accounting or material Tax accounting method, made or rescinded a material applicable Tax election inconsistent with past practice, settled or compromised any material Tax Contest, amended any material Tax Return or filed any claim for refund in a manner that could reasonably be expected to have an adverse effect on Buyer or any of its Affiliates (including, after the Closing, the Company and its Subsidiaries), entered into any material agreement with a Taxing Authority with respect to Taxes or a material accounting practice or procedure or any material change in cash management practices and policies, practices and procedures with respect to collection of accounts receivable, establishment of reserves for uncollectible accounts receivable, accrual of accounts receivable, prepayment of expenses, payment of trade accounts payable, accrual of other expenses and deferral of revenue; 

(ii) there has been no declaration or payment of any dividends or distributions to the Members; 

(iii) the Company and each of its Subsidiaries have used commercially reasonable efforts to preserve their respective businesses and maintain goodwill and relationships with its material customers and suppliers;

40

(iv) neither the Company nor any of its Subsidiaries has sold, leased, transferred or assigned any of its assets (other than obsolete, defective or scrap inventory or other product), tangible or intangible, other than in the ordinary course of business; 

(v) neither the Company nor any of its Subsidiaries has entered into any Contract (or series of related Contracts) involving aggregate payments in excess of $2,500,000, other than in the ordinary course of business; 

(vi) neither the Company nor any of its Subsidiaries has agreed to, nor has any Material Supplier requested, a price increase for any one supplier that would reasonably be expected to cause the aggregate spend by the Company and its Subsidiaries with such supplier to increase by more than ten percent (10%) on an annual basis; 

(vii) neither the Company nor any of its Subsidiaries has agreed to, nor has any Material Customer requested, a price decrease for any one customer that would reasonably be expected to cause the aggregate revenue for the Company and its Subsidiaries with such customer to decrease by more than ten percent (10%) on an annual basis; 

(viii) no party (including the Company and its Subsidiaries) has accelerated, terminated (excluding any expiration in accordance with its terms), materially adversely modified or canceled any Contract (or series of related Contracts) involving aggregate payments in excess of $2,500,000 to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound, other than in the ordinary course of business; 

(ix) there has not been any imposition of any Lien upon any asset of the Company or any of its Subsidiaries, other than a Permitted Lien; 

(x) there has been no destruction of any of the material assets of the Company or any of its Subsidiaries, whether or not covered by insurance, or any material deterioration in, or damage to, the condition of such assets, other than in the ordinary course of business; 

(xi) other than in the ordinary course of business, there has not been any purchase, lease or other acquisition of the right to own, use or lease any property or assets by the Company or any of its Subsidiaries for an amount in excess of $500,000, individually (in the case of a lease, per annum) or $1,000,000 in the aggregate (in the case of a lease, for the entire term of the lease, not including any option term); 

(xii) neither the Company nor any of its Subsidiaries has (i) entered into, terminated or materially modified the terms of any written employment arrangement with any employees, outside the ordinary course of business, (ii) granted any material severance or material termination pay or material retention bonus or material change in control bonus or (iii) adopted, materially increased benefits under, materially modified or terminated any Company Benefit Plan except as required by the terms of the Company Benefit Plan, to comply with applicable Law or in the ordinary course of business; 

(xiii) neither the Company nor any of its Subsidiaries has modified the employment terms of any employee for the purpose of excluding such employee from full-time status for purposes of the Affordable Care Act; and 

(xiv) neither the Company nor any of its Subsidiaries has entered into any Contract to take any of the actions listed in clauses (i) through (xiii) above.

41

4.25 Affiliate Matters. Except (a) as set forth on Schedule 4.25, (b) the Company Benefit Plans, (c) Contracts relating to labor and employment matters set forth on Schedule 4.14(e), (d) contracts between or among the Company and any of its Subsidiaries and (e) contracts entered into on an arms’-length basis and in the ordinary course of business between the Company or any of its Subsidiaries, on the one hand, and the direct or indirect portfolio companies of investment funds advised or managed by Carlyle Investment Management L.L.C., on the other hand, there are no material Contracts between the Company or any of its Subsidiaries, on the one hand, and any Related Person of the Company or any of its Subsidiaries, on the other hand, in each case, with respect to the Business.

4.26 Data Security.

(a) The Company and its Subsidiaries maintain policies and procedures regarding security, privacy, and use of personal data that are commercially reasonable, consistent with applicable Law and with industry practices relevant to the their respective businesses. Neither the Company nor any of its Subsidiaries is subject to any pending, or to the knowledge of the Company, threatened Action, nor has the Company or any of its Subsidiaries received, within the past twelve (12) months of the date hereof any notice alleging that it has (i) experienced a security, data or other breach adversely affecting its protection of personal data, Personally Identifiable Information, or (ii) violated any Person’s privacy rights, privacy-related Law or privacy policy.

(b) The Company and its Subsidiaries, for the past three (3) years, have complied, in all material respects, with applicable Laws, contractual and fiduciary obligations, the Company’s and its Subsidiaries’ respective terms of use and service Contracts, and any privacy policies published by the Company or any of its Subsidiaries relating to (i) the privacy of users of the Internet websites and mobile applications owned, maintained or operated by the Company or any of its Subsidiaries (collectively, the “Company Sites”), (ii) any services provided to customers of the Company or any of its Subsidiaries, or (iii) the collection, storage, use, transfer, sharing, disposal or processing of any Personally Identifiable Information collected or used by the Company or any of its Subsidiaries or maintained by third parties having authorized access to such information (collectively, all of the foregoing, the “Company Site Policies”). The execution, delivery and performance of this Agreement complies, in all material respects, with applicable Laws relating to privacy and with the Company Site Policies published by the Company or any of its Subsidiaries, and with all contractual and fiduciary obligations of the Company and its Subsidiaries. True and complete copies of all current Company Site Policies published by the Company or any of its Subsidiaries have been provided to Buyer.

(c) The Company and its Subsidiaries have taken commercially reasonable steps (including implementing and monitoring compliance with adequate measures with respect to technical and physical security) to (i) protect the confidentiality of confidential information and trade secrets of the Company and its Subsidiaries or of any third party that has provided any confidential information or trade secrets to the Company or any of its Subsidiaries, and (ii) ensure that all Personally Identifiable Information is protected against loss and against unauthorized access, use, modification, disclosure or other misuse. To the knowledge of the Company, there has been no loss, unauthorized access or misuse of Personally Identifiable Information, nor has the Company or any of its Subsidiaries experienced an event that requires it under applicable Law to provide notice to any third party or Governmental Authority of any loss or misuse of or unauthorized access to Personally Identifiable Information pursuant to applicable Laws.

(d) Neither the Company nor any of its Subsidiaries is aware of any material errors, bugs or defects with respect to any of the Owned Software or the Company Sites that the Company reasonably believes it cannot fix in the ordinary course of business or which otherwise will adversely affect the use or functionality of such Owned Software or the Company Sites.

42

(e) To the knowledge of the Company, all Company Sites, the Owned Software and information technology systems used by the Company or any of its Subsidiaries are free of any “back door,” “time bomb,” “Trojan horse,” “worm,” “drop dead device,” “virus” or other software routines or hardware components that permit unauthorized access or the unauthorized disablement or erasure of such Company Sites, Owned Software, systems, data or other software (“Contaminants”). The Company and its Subsidiaries have taken commercially reasonable steps to prevent the introduction of Contaminants into such Company Sites, Owned Software and information technology systems used by the Company or any of its Subsidiaries.

(f) The Company and its Subsidiaries have taken commercially reasonable steps to protect the information technology systems used by them, and have required their respective vendors and any necessary third parties to take commercially reasonable steps to protect any information technology systems used in connection with the operations of the business of the Company and its Subsidiaries. To the knowledge of the Company, there have been no unauthorized intrusions or breaches of the security of such information technology systems.

4.27 Product Liability; Product Warranty. Schedule 4.27 contains a true, correct and complete copy of the standard warranty or warranties of the Company and its Subsidiaries (including terms and conditions) for sales of products (the “Company Warranty”) with respect to the Business, except as stated therein, there are no warranties, commitments or obligations with respect to the return, repair or replacement of products. With respect to Contracts with Material Customers entered into in the past three (3) years, neither the Company nor any of its Subsidiaries are bound by any terms, conditions, warranties, commitments or obligations with respect to the sale of any products or services of the Company that are not included in the Contract with such Material Customer or that differ in any material respect from the Company Warranty. In the past three (3) years, no product sold by the Company or any of its Subsidiaries has been the subject of any replacement, field fix, retrofit, modification or recall campaign by the Company or any of its Subsidiary, and no such campaign is being conducted by the Company or any of its Subsidiaries or is required to be conducted by any Governmental Authority, except, in each case, as would not reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole. Neither the Company nor any of its Subsidiaries is a party to any, and, to the knowledge of the Company, there is no threatened, Action or Order relating to alleged defects in the products or services provided by the Company or any of its Subsidiaries that are part of the Business or the failure of any such products or services to meet the warranty specifications applicable thereto.

4.28 Accounts Receivable; Accounts Payable.

(a) Except as set forth on Schedule 4.28, and excluding, for purposes of this Section 4.28, any accounts receivable from Buyer or any of its Affiliates, all accounts receivable of the Company and its Subsidiaries reflected on the Interim Financial Statements or arising after the date thereof (i) are valid and existing; (ii) represent monies due for goods sold or services rendered in bona fide transactions in the ordinary course of business; and (iii) to the knowledge of the Company, are not subject to any defenses, rights of set-off, assignment, restrictions, security interests or other Liens. Except as shown on Schedule 4.28, all such accounts receivable are current, and to the knowledge of the Company, there is no dispute regarding the collectability of any such accounts receivable.

43

(b) All accounts payable of the Company and its Subsidiaries arose in bona fide arms-length transactions in the ordinary course of business and no account payable is delinquent by more than sixty (60) days in its payment.

4.29 Pre-Closing EV Transfer. The closing of the Pre-Closing EV Transfer has occurred and the Company has delivered, or caused to be delivered, to Buyer a duly executed copy of the acquisition agreement governing the terms of the Pre-Closing EV Transfer, including all schedules and exhibits thereto, and duly executed copies of any agreement, document or instrument delivered or required to be delivered pursuant to the Pre-Closing EV Transfer (assuming any such agreement, document or instruction is required to be delivered on or prior to the date hereof) (collectively, the “EV Closing Documents”). The EV Closing Documents are each in full force and effect and represent the valid and binding obligation of the Company or one of its Subsidiaries, on the one hand, and, to the knowledge of the Company, the other parties thereto, on the other hand. The EV Closing Documents are each enforceable by the Company and its Subsidiaries (and by Buyer following the Closing) against the other parties thereto in accordance with their respective terms, subject to the Remedies Exceptions. Except for those liabilities, commitments and obligations arising out of the EV Closing Documents, neither the Company nor any of its Subsidiaries has any liability, commitment or obligation with respect to the Pre-Closing EV Transfer.

4.30 No Additional Representation or Warranties. Except as provided in this Article IV, neither the Company nor any of its Affiliates, nor any of their respective managers, directors, officers, employees, stockholders, partners, members, agents or representatives has made, or is making, any representation or warranty whatsoever to Buyer or Merger Sub or their Affiliates, oral or written, express or implied, and the Company hereby disclaims any such other representations and warranties, and, except as provided in this Article IV, neither the Company nor any of its Affiliates, nor any of their respective managers, directors, officers, employees, stockholders, partners, members, agents or representatives shall be liable in respect of the accuracy or completeness of any information provided to Buyer or Merger Sub or their respective Affiliates, directors, officers, employees, shareholders, partners, members or representatives.

ARTICLE V.
REPRESENTATIONS AND WARRANTIES OF BUYER AND MERGER SUB

Except as set forth in the Schedules, Buyer and Merger Sub represent and warrant to the Company as follows:

5.1 Corporate Organization. Each of Buyer and Merger Sub has been duly organized and is validly existing as a corporation in good standing under the Laws of Indiana, in the case of Buyer, and as a limited liability company in good standing under the Laws of the State of Delaware, in the case of Merger Sub, and has the organizational power and authority to own or lease its properties and to conduct its business as it is now being conducted. The copies of the certificate of incorporation, bylaws, certificate of formation and limited liability company agreement, as applicable, of each of Buyer and Merger Sub previously delivered by Buyer to the Company are true and complete. Each of Buyer and Merger Sub is duly licensed or qualified and (where applicable) in good standing as a foreign legal entity in all jurisdictions in which its ownership of property or the character of its activities is such as to require it to be so licensed or qualified, except where failure to be so licensed or qualified would not reasonably be expected to have a Material Adverse Effect on Buyer or Merger Sub. Buyer owns, beneficially and of record, all of the outstanding membership interests of Merger Sub, free and clear of all Liens.

5.2 Due Authorization. Each of Buyer and Merger Sub has all requisite organizational power and authority to execute and deliver this Agreement and (subject to the consents, approvals, authorizations and other requirements described in Section 5.5) to perform all obligations to be performed by it hereunder. The execution and delivery of this Agreement by Buyer and Merger Sub and the consummation of the transactions contemplated hereby have been duly and validly authorized and approved by the Board of Directors of Buyer and sole member of Merger Sub, and no other organizational proceeding on the part of Buyer or Merger Sub is necessary to authorize this Agreement (other than the adoption of this Agreement by Buyer in its capacity as the sole member of Merger Sub, which adoption will occur immediately following execution of this Agreement by Merger Sub). This Agreement has been duly and validly executed and delivered by each of Buyer and Merger Sub and (assuming this Agreement constitutes a legal, valid and binding obligation of the Company and the Holder Representative) this Agreement constitutes a legal, valid and binding obligation of each of Buyer and Merger Sub, enforceable against Buyer and Merger Sub in accordance with its terms, subject to the Remedies Exception.

44

5.3 No Conflict. Except as set forth on Schedule 5.3, the execution and delivery of this Agreement by Buyer and Merger Sub and the consummation by them of the transactions contemplated hereby do not and will not, as of the Closing, (a) violate any provision of, or result in the breach of any applicable Law to which Buyer or Merger Sub is subject or by which any property or asset of Buyer or Merger Sub is bound, (b) conflict with the certificate of incorporation, bylaws or other organizational documents of Buyer or any Subsidiary of Buyer (including Merger Sub), or (c) violate any provision of or result in a breach of any agreement, indenture or other instrument to which Buyer or any Subsidiary of Buyer (including Merger Sub) is a party or by which Buyer or any Subsidiary of Buyer (including Merger Sub) may be bound, or terminate or result in the termination of any such agreement, indenture or instrument, or result in the creation of any Lien upon any of the properties or assets of Buyer or any Subsidiary of Buyer (including Merger Sub) or constitute an event which, after notice or lapse of time or both, would reasonably be expected to result in any such violation, breach, termination or creation of a Lien, except to the extent that the occurrence of the foregoing items set forth in clauses (a) or (c) would not reasonably be expected to (i) be material to Buyer and its Subsidiaries, taken as a whole, or (ii) materially and adversely affect the ability of Buyer and its Subsidiaries to enter into and perform their respective obligations under this Agreement.

5.4 Litigation and Proceedings. There are no lawsuits, actions, suits, claims or other proceedings at law or in equity, or, to the knowledge of Buyer, investigations, pending before or by any Governmental Authority or, to the knowledge of Buyer, threatened, against Buyer or Merger Sub which, if determined adversely, would reasonably be expected to have a Material Adverse Effect on Buyer or Merger Sub. There is no unsatisfied judgment or any open injunction binding upon Buyer or Merger Sub which would reasonably be expected to have a Material Adverse Effect on Buyer or Merger Sub.

5.5 Governmental Consent. Assuming the truth and completeness of the representations and warranties of the Company contained in this Agreement, no consent, approval or authorization of, or designation, declaration or filing with, any Governmental Authority or other Person is required on the part of Buyer or Merger Sub with respect to Buyer or Merger Sub’s execution or delivery of this Agreement or the consummation of the transactions contemplated hereby, except for (a) applicable requirements of the HSR Act or any foreign competition Law and the French Foreign Investment Laws, (b) compliance with any applicable securities Laws, (c) any consents, approvals, authorizations, designations, declarations or filings, the absence of which would not reasonably be expected (i) be material to Buyer or Merger Sub, or (ii) materially and adversely affect the ability of Buyer or Merger Sub, in a timely manner, to enter into, perform its obligations under, or to consummate the transactions contemplated by, this Agreement, and (d) as otherwise disclosed on Schedule 5.5.

5.6 No Prior Activities. Except for obligations incurred in connection with its organization and the transactions contemplated hereby, Merger Sub has neither incurred any obligation or liability nor engaged in any business or activity of any type or kind whatsoever or entered into any agreement or arrangement with any Person.

45

5.7 Brokers’ Fees. Except fees described on Schedule 5.7 (which fees shall be the sole responsibility of Buyer), no broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated by this Agreement based upon arrangements made by Buyer or any of its Affiliates.

5.8 Closing Payment. Buyer has, and will have as of the Closing, sufficient funds, from cash on hand and/or undrawn amounts immediately available under existing credit facilities necessary to consummate the transactions contemplated by this Agreement, including (a) paying the Merger Consideration at Closing, (b) effecting the repayment or refinancing of all Funded Debt of the Company as of the Closing Date required to be repaid or refinanced in connection with the Closing and (c) paying all related fees and expenses in accordance with the terms of this Agreement. Neither Buyer nor Merger Sub has incurred any obligation, commitment, restriction or liability of any kind, and is not contemplating or aware of any obligation, commitment, restriction or liability of any kind, in either case which would reasonably be expected to impair or adversely affect such resources.

5.9 No Fraudulent Intent. None of Buyer or Merger Sub is entering into this Agreement or the transactions contemplated hereby with the actual intent to hinder, delay or defraud either present or future creditors.

5.10 No Outside Reliance. Notwithstanding anything contained in this Article V or any other provision hereof, each of Buyer and Merger Sub acknowledge and agree that neither the Company nor any of its Affiliates, nor any of its or their respective managers, directors, officers, employees, stockholders, partners, members, agents or representatives, has made, or is making, any representation or warranty whatsoever, oral or written, express or implied (and neither Buyer nor Merger Sub has relied on any representation, warranty or other statement of the Company or any of its Affiliates, or any of its or their respective managers, directors, officers, employees, stockholders, partners, members, agents or representatives), beyond those expressly given in this Agreement and in the Schedules, including any implied warranty or representation as to condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of the Company or any of its Subsidiaries. Without limiting the generality of the foregoing, it is understood that any cost estimates, financial or other projections or other predictions that may be contained or referred to in the Schedules or elsewhere, as well as any information, documents or other materials (including any such materials contained in any “data room” or reviewed by Buyer or any of its Affiliates, agents or representatives pursuant to the Confidentiality Agreement) or management presentations or due diligence discussions that have been or shall hereafter be provided to or engaged in with Buyer or any of its Affiliates, agents or representatives are not and will not be deemed to be representations or warranties of the Company, and no representation or warranty is made as to the accuracy or completeness of any of the foregoing except as may be expressly set forth in this Agreement and in the Schedules; provided, however, that nothing in this Section 5.10 or elsewhere in this Agreement or in the Schedules will limit any remedy Buyer may have for Fraud. Except as otherwise expressly set forth in this Agreement, each of Buyer and Merger Sub understands and agrees that, should the Closing occur, any inventory, equipment, vehicles, assets, properties and business of the Company and its Subsidiaries are furnished “as is,” “where is” and, subject only to the representations and warranties contained in Article IV, with all faults and without any other representation or warranty of any nature whatsoever.

5.11 No Additional Representations or Warranties. Except as provided in this Article V, neither Buyer or Merger Sub or their respective Affiliates, nor any of their respective directors, officers, employees, stockholders, partners, members or representatives has made, or is making, any representation or warranty whatsoever to the Company or its Affiliates, directors, officers, employees, stockholders, partners, members or representatives and no such party shall be liable in respect of the accuracy or completeness of any such information provided to the Company or its Affiliates, directors, officers, employees, stockholders, partners, members or representatives. 

46

ARTICLE VI. 
COVENANTS OF THE COMPANY

6.1 Conduct of Business.

(a) From the date of this Agreement through the Closing, the Company shall, and shall cause its Subsidiaries to, except as would constitute a violation of applicable Law, as set forth on Schedule 6.1, as contemplated by this Agreement or as consented to by Buyer in writing (which consent shall not be unreasonably withheld, conditioned, delayed or denied), use its commercially reasonable efforts to (i) operate the Business in the ordinary course, substantially in accordance with past practice and (ii) maintain and preserve intact the current organization, business and franchise of the Company and its Subsidiaries and to preserve the rights, franchises, goodwill and relationships of its employees, customers, lenders, suppliers, regulators and others having business relationships with the Company or any of its Subsidiaries in all material respects. Without limiting the generality of the foregoing, from the date of this Agreement through the Closing, except as would constitute a violation of applicable Law, as set forth on Schedule 6.1 or as consented to by Buyer in writing (which consent shall not be unreasonably withheld, conditioned, delayed or denied), the Company shall not, and the Company shall cause its Subsidiaries not to, take any action that would cause any of the changes, events or conditions described in Section 4.24 (other than clause (x) thereof) to occur.

(b) Nothing contained in this Agreement shall give Buyer, directly or indirectly, any right to control or direct the operations of the Company and its Subsidiaries prior to the Closing. Prior to the Closing, each of the Company and Buyer shall exercise, consistent with the other terms and conditions of this Agreement, complete control and supervision over their respective businesses.

6.2 Inspection. Subject to confidentiality obligations and similar restrictions that may be applicable to information furnished to the Company or any of its Subsidiaries by third parties that may be in the Company’s or any of its Subsidiaries’ possession from time to time, and except for any information that is subject to attorney-client privilege or other privilege from disclosure, the Company shall, and shall cause its Subsidiaries to, afford to Buyer and its accountants, counsel and other representatives reasonable access, during normal business hours, in such manner as to not interfere with the normal operation of the Company and its Subsidiaries, to their respective properties, books, contracts, commitments, tax returns, records and appropriate officers and employees of the Company and its Subsidiaries, and shall furnish such representatives with financial and operating data and other information concerning the affairs of the Company and its Subsidiaries, in each case, as such representatives may reasonably request for the purpose of satisfying Buyer’s obligations hereunder (including with regard to the satisfaction of closing conditions pursuant to Article IX and for the purpose of preparing for the operation of the Business following the Closing); provided, that (i) such inspection shall be conducted in accordance with all applicable competition Laws, shall only be upon reasonable notice and shall be at Buyer’s sole cost and expense; and (ii) shall be subject to any advance restrictions in leases for Leased Real Property; provided, further, that Buyer and its representatives shall not be permitted to perform any environmental sampling or testing at any real property owned or leased by the Company or any of its Subsidiaries, including sampling or testing of soil, groundwater, surface water, building materials, or air emissions or wastewater discharges. All confidential information obtained by Buyer, Merger Sub and their respective representatives shall be subject to the Confidentiality Agreement. All requests for access to the properties, books and records of the Company and its Subsidiaries shall be made to such representatives of the Company as the Company shall designate.

47

6.3 HSR Act and Foreign Antitrust Approvals. In connection with the transactions contemplated by this Agreement, the Company shall (and, to the extent required, shall cause its Affiliates to), promptly but in no event later than ten (10) Business Days after the date hereof, comply with the notification and reporting requirements of the HSR Act and, as soon as practicable, make such other filings with any similar foreign Governmental Authorities as may be required under any applicable foreign competition Law. The Company shall use its reasonable best efforts to (a) obtain clearance under the HSR Act and (b) substantially comply with any Antitrust Information or Document Requests. The Holder Representative shall use its reasonable best efforts to furnish to Buyer all information required for any application or other filing to be made pursuant to any Law in connection with the transactions contemplated by this Agreement, including any information requests required to comply with the French Foreign Investment Laws. The Holder Representative shall promptly inform Buyer’s outside counsel of any oral communication from, and provide outside counsel to Buyer, copies of written communications from, any Governmental Authority regarding any such filings or otherwise relating to the transactions contemplated by this Agreement. The Holder Representative shall not participate in any meeting, teleconference or other discussion with any Governmental Authority in respect of any filings, investigation, inquiry, or other matter relating to the transactions contemplated by this Agreement without giving Buyer reasonable prior notice and the opportunity to attend and participate. The Holder Representative will consult and cooperate with Buyer in connection with, will give Buyer’s outside counsel a reasonable opportunity to review in advance, and will consider in good faith the comments and views of Buyer in connection with, all filings, submissions, papers, material communications, analyses, presentations, memoranda, briefs, arguments, opinions and proposals to be made or submitted to any Governmental Authority in connection with the transactions contemplated by this Agreement. The Company shall be responsible for (i) fifty percent (50%) of the fees payable to the Antitrust Authorities and (ii) one hundred percent (100%) of (A) counsel fees and expenses of the Company and (B) retained expert, including economist, fees and expenses of the Company, in each case in connection with the transactions contemplated by this Agreement.

6.4 Termination of Certain Agreements; Certain Actions in Respect of Options; Consents. Prior to the Effective Time, the Company shall have taken all actions necessary to terminate, and shall cause to be terminated, each Contract listed on Schedule 6.4(a) to the extent such Contract will not terminate in accordance with its terms in connection with the transactions contemplated by this Agreement. Prior to the Closing, the Board of Managers of the Company will take such action necessary to provide for the treatment of the Options contemplated by Section 3.1(a).

6.5 Section 280(G) of the Code. The Company will (a) no later than five (5) Business Days prior to the Closing Date, use commercially reasonable efforts to obtain, in a manner compliant with the requirements of Section 280G(b)(5)(B) of the Code and Q/A 7 of Treasury Regulation Section 1.280G-1, from each “disqualified individual” (as such term is defined in Treasury Regulation Section 1.280G-1) who is entitled to receive any payment or benefit that would constitute a “parachute payment” (within the meaning of Section 280G(b)(2)(A) of the Code), a waiver of each such disqualified individual’s right to some or all of such payments or benefits (the “Waived 280G Benefits”) so that the deduction of all remaining payments and benefits, if any, shall not be limited by the application of Section 280G of the Code; and (b) no later than two (2) Business Days prior to the Closing Date, with respect to each such disqualified individual who executes such waiver, take all actions necessary to submit for approval by the Company’s stockholders (in accordance with Section 280G(b)(5)(B) of the Code and Treasury Regulation Section 1.280G-1), in form and substance satisfactory to the Company, the right of any such disqualified individuals to receive (or retain) the Waived 280G Benefits (the “Stockholder Vote”). Buyer shall have the right to review and comment on all documents to be delivered to the disqualified individuals and stockholders in connection with such vote and any required disqualified individual waivers, and the Company shall reflect all reasonable and timely comments of Buyer thereon. If any of the Waived 280G Benefits fail to be approved by the Company’s stockholders as contemplated in this Section 6.5, such Waived 280G Benefits shall not be paid or provided, to the extent the applicable disqualified individual executes the waiver described in this Section 6.5.

48

6.6 No Solicitation of Transactions. During the period from the date hereof to the earlier of the date of termination of this Agreement pursuant to Article X or the Closing Date, neither the Holder Representative nor the Company shall (and the Holder Representative and the Company shall not authorize their or any of their respective Subsidiaries’ respective managers, officers, employees, accountants, consultants, legal counsel, advisors, agents and other representatives or, to the extent within the Holder Representative’s, the Company’s or any of its Subsidiary’s control, other Affiliates) to take any action to (a) solicit, initiate or facilitate any Acquisition Proposal, (b) enter into any agreement with respect to any Acquisition Proposal or enter into any agreement requiring it to abandon, terminate or fail to consummate the transactions contemplated by this Agreement or (c) participate in any way in negotiations with, or furnish any information to, any Person in connection with or the making of any proposal that constitutes an Acquisition Proposal. Upon execution of this Agreement, the Company shall cease immediately and cause to be terminated any and all existing discussions or negotiations with any Persons conducted heretofore with respect to an Acquisition Proposal.

6.7 Confidentiality. Buyer and the Company acknowledge that they are parties to the Confidentiality Agreement, the terms of which are incorporated herein by reference. Following the Closing, the Confidentiality Agreement shall be superseded in its entirety by the provisions of this Agreement; provided, however, that if for any reason this Agreement is terminated prior to the Closing, the Confidentiality Agreement shall remain in full force and effect in accordance with its terms. For a period of two (2) years following the Closing Date, the Holder Representative shall keep, and shall cause its controlled Affiliates to keep, and shall direct its other Related Persons to keep, in strict confidence, and will not, directly or indirectly, at any time, disclose to any third party any Confidential Information, without the prior written consent of Buyer, unless and except to the extent that such disclosure is (a) to its Related Persons who have a need to know such information and are informed of their obligation to hold such information confidentially to the same extent as applicable to the Holder Representative, (b) required by Law, (c) necessary to be made in connection with the enforcement of any right or remedy relating to this Agreement or any of the Ancillary Agreements or the transactions contemplated hereby or thereby and (d) to any financing source or underwriter in connection with such Person’s due diligence. Notwithstanding anything herein to the contrary, if the Holder Representative or its Related Persons is required by Law to disclose any Confidential Information, the Holder Representative shall promptly notify Buyer in writing (to the extent practicable and permitted by Law) and shall disclose that portion of such information which the Holder Representative is advised by its counsel (which may be in-house counsel) is required by Law to be disclosed; provided that the Holder Representative shall use its commercially reasonable efforts to obtain an appropriate protective order or other reasonable assurance that confidential treatment will be accorded such information. Upon Buyer’s request, the Holder Representative will deliver, or cause to be delivered, to Buyer (at Buyer’s sole cost and expense) all tangible embodiments relating to the Confidential Information that the Holder Representative or any of its Affiliates possesses or has under such Person’s control. The Parties acknowledge and agree that the Holder Representative may disclose the terms and existence of this Agreement and the transactions contemplated hereby to its Affiliates in order that such Persons may provide information about the subject matter of this Agreement and the transactions contemplated hereby to their respective limited partners and prospective limited partners in connection with their fundraising and reporting activities, so long as any such information that is confidential is used solely for such purpose and is not disclosed or used for any other purposes by the Holder Representative or any such recipient or in a manner that would constitute a breach or violation of the Confidentiality Agreement.

49

6.8 Preservation of Records. During the period from the date hereof to the earlier of the date of termination of this Agreement pursuant to Article X or the Closing Date, the Company and its Subsidiaries agree that they shall, at their own expense, use commercially reasonable efforts to preserve and keep the records owned and held by them, as applicable, including any and all invention disclosures, corporate, purchasing and sales records, data and communications relating to ongoing business development activities, vendor lists, accounting and financial records, product documentation, product specifications, marketing documents and the like, in each case (a) pertaining to the Business and (b) in any format, including written, printed or electronic format (collectively, the “Records”). As of the Closing Date, the Records shall be and shall remain the property of the Company or such Subsidiary.

6.9 Delivery of Financial Statements.

(a) The Company shall deliver, or shall cause to be delivered, to Buyer, within 10 Business Days following the end of each month during the period between the date hereof and the Closing Date, unaudited consolidated financial statements for such month, in the format provided to the lenders under the Credit Agreement.

(b) Prior to the Closing, the Company shall deliver, or shall cause to be delivered, to Buyer, unaudited consolidated quarterly statements of operations of the Company and its Subsidiaries for (i) the fiscal quarters ending June 30 and March 31, 2019, (ii) each quarter of fiscal year ended December 31, 2018, and (iii) the fiscal quarter ended December 31, 2017, in each case, that includes pro forma adjustments to reflect the transactions contemplated by the Pre-Closing EV Transfer, which quarterly statements of operations shall be prepared from the books and records of the Company and its Subsidiaries and present fairly, in all material respects, the results of operations of the Business for the respective quarters then ended (the “Quarterly Proforma Statements of Operations”). The Quarterly Proforma Statements of Operations will be prepared by showing adjustments made in a manner generally consistent with the statement of operations included in the Pro Forma Financial Statements taking into account the Company’s historical quarterly statements of operations since October 1, 2017 (the “Historical Quarterly Statements of Operations”). The Historical Quarterly Statements of Operations have been prepared in accordance with GAAP, except for the absence of normal year-end adjustments and reclassifications, none of which would be material in amount, individually or in the aggregate, and for the absence of footnotes and other disclosure of presentation items, in a manner consistent with Schedule 6.9(b).

6.10 EV Closing Documents. During the period prior to the Effective Time or the earlier termination of this Agreement, the Company shall not, and shall cause the applicable parties to any EV Closing Document to not, amend, waive, modify or cancel, in any material respect, any provision of such EV Closing Document.

ARTICLE VII.
COVENANTS OF BUYER

7.1 HSR Act and Other Government Approvals.

(a) In connection with the transactions contemplated by this Agreement, Buyer shall (and, to the extent required, shall cause its Affiliates to) (i) file promptly, but in no event later than ten (10) Business Days after the date hereof, a Notification and Report Form pursuant to the HSR Act, and use its reasonable best efforts to obtain clearance under the HSR Act, (ii) as soon as practicable, make all filings or submissions with Governmental Authorities as may be required under any applicable antitrust or competition Law and (iii) as soon as practicable, make or cause to be made the French Foreign Investment Filing under the French Foreign Investment Laws. Buyer shall substantially comply with any Antitrust Information or Document Requests or any information requests under the French Foreign Investment Laws and use its reasonable best efforts to make or obtain, as soon as practicable, all filings with, notices to or approvals, consents or waivers of all other Governmental Authorities required in connection with the transactions contemplated hereby.

50

(b) Buyer shall use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under Law to consummate the transactions contemplated by this Agreement as soon as possible (but in any event prior to the Termination Date). In furtherance and not in limitation of the foregoing, Buyer shall, and shall cause its Affiliates to, (i) use reasonable best efforts to comply at the earliest practicable date with any Antitrust Information or Document Requests or any information requests under the French Foreign Investment Laws and (ii) cooperate with the Company in connection with any filing and in connection with resolving any investigation or other inquiry of any Governmental Authority. Buyer shall use its reasonable best efforts to furnish to the Company all information required for any application or other filing to be made pursuant to any Law in connection with the transactions contemplated by this Agreement. Buyer shall promptly inform the Company’s outside counsel of any oral communication from, and provide outside counsel to the Company copies of written communications from, any Governmental Authority regarding any such filings or otherwise relating to the transactions contemplated by this Agreement. Buyer shall not participate in any meeting, teleconference or other discussion with any Governmental Authority in respect of any filings, investigation, inquiry, or other matter relating to the transactions contemplated by this Agreement without giving the Company reasonable prior notice and the opportunity to attend and participate. Buyer will consult and cooperate with the Company in connection with, will give the Company’s outside counsel a reasonable opportunity to review in advance, and will consider in good faith the comments and views of the Company in connection with, all filings, submissions, papers, material communications, analyses, presentations, memoranda, briefs, arguments, opinions and proposals to be made or submitted to any Governmental Authority in connection with the transactions contemplated by this Agreement.

(c) In furtherance and not in limitation of the actions and obligations described in Section 7.1(b), Buyer shall, and shall cause each of its Affiliates to, take any and all actions required or necessary to resolve such objections, if any, as may be asserted by any Governmental Authority with respect to the transactions contemplated by this Agreement, including any objection asserted under the HSR Act and any antitrust or competition Law or under the French Foreign Investment Laws. In connection therewith, if any Action is instituted (or threatened to be instituted) challenging any transaction contemplated by this Agreement as in violation of any Law (including the HSR Act or any antitrust or competition Law or the French Foreign Investment Laws), Buyer shall use its reasonable best efforts to contest and resist any such Action, and to have vacated, lifted, reversed, or overturned as soon as possible (but in any event prior to the Termination Date) any decree, judgment, injunction or other order, whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents, limits or restricts consummation of the transactions contemplated by this Agreement, including by pursuing all available avenues of administrative and judicial appeal, subject to Section 7.1(d).

(d) Buyer and the Company may mutually agree that litigation is not in their respective best interests. Buyer shall not, without the written consent of the Company, “pull and refile” pursuant to 16 C.F.R. 803.12 any filing made under the HSR Act, or take any similar action without prior written approval from the Company with respect to any filing made with any Antitrust Authority.

51

(e) Buyer further agrees that it shall, to the extent necessary to obtain the approval, clearance, waiver or consent from any Governmental Authority, or the expiration of any waiting period, required to satisfy the conditions set forth in Section 9.1(a) or Section 9.1(b), as applicable, as soon as practicable after the date hereof, or to avoid the entry of or have lifted, vacated or terminated any Law enacted, entered, promulgated, enforced or issued by any Governmental Authority restraining, enjoining or prohibiting the consummation of the transactions contemplated by this Agreement, take the following actions: (i) propose, negotiate, offer to commit and effect (and if such offer is accepted, commit to and effect), by consent decree, hold separate order or otherwise, the sale, divestiture, license or other disposition of any assets or businesses of the Company or any of its Subsidiaries and/or any assets or businesses of Buyer or any of its Affiliates (or equity interests held by Buyer or any of its Affiliates in entities with assets or businesses); (ii) propose, negotiate, offer to commit and effect (and if such offer is accepted, commit to and effect), by consent decree, hold separate order or otherwise, the termination, amendment, or modification of, or any other action or remedy with respect to, any of Buyer’s or any of its Affiliates’, or the Company’s or any of its Subsidiaries’ existing relationships and contractual rights and obligations, and the creation of any new relationships, contractual rights and obligations or other agreements; (iii) otherwise offer to take or offer to commit to take any action which it is capable of taking and, if the offer is accepted, take or commit to take such action, that limits its freedom of action with respect to, or its ability to retain or operate, any of the assets or businesses of the Company or any of its Subsidiaries and/or any assets or businesses of Buyer or any of its Affiliates (or equity interests held by Buyer or any of its Affiliates in entities with assets or businesses); and (iv) take promptly, in the event that any permanent or preliminary injunction or other order is entered or becomes reasonably foreseeable to be entered in any proceeding that would make consummation of the transactions contemplated by this Agreement unlawful or that would prevent or delay consummation of the transactions contemplated by this Agreement, any and all steps (including the appeal thereof, the posting of a bond or the taking of the steps contemplated by clauses (i), (ii) and (iii) of this Section 7.1(e)) necessary to vacate, modify or suspend such injunction or order. Notwithstanding anything to the contrary herein, Buyer’s obligations under Section 7.1(b) or this Section 7.1(d) shall be absolute and not qualified by “commercially reasonable efforts” or “reasonable best efforts”. The entry by any Governmental Authority in any Action of a Governmental Order permitting the consummation of the transactions contemplated hereby but requiring any of the assets or businesses of Buyer or any of its Affiliates to be sold, licensed or otherwise disposed or held separate thereafter (including the businesses and assets of the Company and its Subsidiaries) or requiring terminating any existing relationships and contractual rights and obligations of Buyer or any of its Affiliates or the Company or any of its Subsidiaries shall not, individually, or in the aggregate (together with one or more other changes, events, circumstances, developments or facts) be deemed a failure to satisfy any condition specified in Article IX. Between the date hereof and the Closing, Buyer will not, and will cause its Affiliates not to, (i) directly or indirectly, through merger, consolidation or otherwise, acquire any capital stock or other equity interest in, or all or any substantial portion of the assets of, any Person, (ii) merge or consolidate with any Person or (iii) agree to take any action referred to in clauses (i) or (ii) of this sentence.

(f) Buyer shall be responsible for (i) fifty percent (50%) of the fees payable to the Antitrust Authorities and (ii) one hundred percent (100%) of (A) counsel fees and expenses of Buyer and (B) retained expert, including economist, fees and expenses of Buyer, in each case in connection with the transactions contemplated by this Agreement.

52

7.2 Indemnification and Insurance.

(a) From and after the Effective Time, Buyer agrees that it shall indemnify and hold harmless each present and former director, manager, officer, employee and agent of the Company or any of its Subsidiaries against any costs or expenses (including reasonable attorneys’ fees), judgments, fines, losses, claims, damages or liabilities incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters existing or occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, to the fullest extent that the Company or any of its Subsidiaries, as the case may be, would have been permitted under applicable Law and its respective certificate of incorporation, bylaws or other organizational documents in effect on the date of this Agreement to indemnify such person (including promptly advancing expenses as incurred to the fullest extent permitted under applicable Law). Without limiting the foregoing, Buyer shall cause the Company and each of its Subsidiaries (i) to maintain for a period of not less than six (6) years from the Effective Time provisions in its certificate of incorporation, bylaws, limited liability company agreement and other organizational documents concerning the indemnification and exoneration (including provisions relating to expense advancement) of the Company’s and its Subsidiaries’ former and current officers, managers, directors, employees, and agents that are no less favorable to those Persons than the provisions of the certificates of incorporation, bylaws, limited liability company agreement and other organizational documents of the Company or such Subsidiary, as applicable, in each case, as of the date of this Agreement and (ii) not to amend, repeal or otherwise modify such provisions in any respect that would adversely affect the rights of those Persons thereunder, in each case, except as required by Law.

(b) On or prior to the date hereof, the Company shall,
purchase “tail” coverage (the “Run-Off Policy”),
through its current insurance broker for directors’ and officers’ liability insurance covering those Persons who
are currently covered by the Company’s or any of its Subsidiaries’ directors’ and officers’ liability
insurance policies on terms not less favorable than the terms of such current insurance coverage for a period of six (6)
years from the Effective Time; provided, however,
that (i) Buyer or the Surviving Company may cause coverage to be extended under the current directors’ and
officers’ liability insurance policies by obtaining at or prior to the Closing a prepaid, non-cancelable six-year
“tail” policy containing terms not less favorable than the terms of such current insurance coverage) with respect
to matters existing or occurring at or prior to the Effective Time and (ii) if any claim is asserted or made within such
six-year period, any insurance required to be maintained under this Section 7.2 shall
be continued in respect of such claim until the final disposition thereof. The rights of indemnification and to receive
advancement of expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which any Person
entitled to indemnification under this Section 7.2 (an
“Indemnified Person”)
may at any time be entitled. No right or remedy herein conferred by this Agreement is intended to be exclusive of any other
right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at Law or in equity or otherwise. The assertion of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent or subsequent assertion of any other right or remedy. Buyer hereby acknowledges
that the Indemnified Persons have or may, in the future, have certain rights to indemnification, advancement of expenses
and/or insurance provided by other Persons (collectively, “Other
Indemnitors”). Buyer hereby agrees that, with respect to any advancement
or indemnification obligation owed, at any time, to an Indemnified Person by Buyer, the Surviving Company or any of its
Subsidiaries or any Other Indemnitor, whether pursuant to any certificate of incorporation, bylaws, certificate of formation,
limited liability company agreement, partnership agreement, operating agreement, indemnification agreement or
other document or agreement and/or pursuant to this Section 7.2 (any of the foregoing, an “Indemnification Obligation”), Buyer shall, and shall cause the Surviving Company and its Subsidiaries to (i) jointly and severally, and at all times, be the indemnitors of first resort (i.e., Buyer’s, the Surviving Company’s and its Subsidiaries’ obligations to an Indemnified Person shall be primary and any obligation of the Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by an Indemnified Person shall be secondary), (ii) at all times, be required to advance, and shall be liable, jointly and severally, for, the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement or any Indemnification Obligation, without regard to any rights that an Indemnified Person may have against the Other Indemnitors. Furthermore, Buyer irrevocably waives, relinquishes and releases the Other Indemnitors from any and all claims (x) against the Other Indemnitors for contribution, subrogation, indemnification or any other recovery of any kind in respect thereof and (y) that the Indemnified Person must seek expense advancement or reimbursement, or indemnification, from any Other Indemnitor before the Surviving Company or its Subsidiaries or Buyer must perform its expense advancement and reimbursement, and indemnification obligations, under this Agreement. Buyer hereby further agrees that no advancement, indemnification or other payment by the Other Indemnitors on behalf of an Indemnified Person with respect to any claim for which an Indemnified Person has sought indemnification from Buyer or the Surviving Company or its Subsidiaries shall affect the foregoing, and the Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement, indemnification or other payment to all of the rights of recovery of such Indemnified Person against Buyer, the Surviving Company or its Subsidiaries, and Buyer or the Surviving Company or its Subsidiaries shall jointly and severally indemnify and hold harmless against such amounts actually paid by the Other Indemnitors to or on behalf of such Indemnified Person to the extent such amounts would have otherwise been payable by Buyer or the Surviving Company or its Subsidiaries under any Indemnification Obligation. Buyer, on the one hand, and the Holder Representative, on the other hand, shall each bear fifty percent (50%) of the cost of the Run-Off Policy.

53

(c) Notwithstanding anything contained in this Agreement to
the contrary, this Section 7.2 shall
survive the consummation of the Merger indefinitely and shall be binding, jointly and severally, on all successors and
assigns of Buyer and the Surviving Company. In the event that Buyer or the Surviving Company or any of their respective
successors or assigns consolidates with or merges into any other Person and shall not be the continuing or surviving company
or entity of such consolidation or merger or transfers or conveys all or substantially all of its properties and assets to
any Person, then, and in each such case, proper provision shall be made so that the successors and assigns of Buyer or the
Surviving Company, as the case may be, shall succeed to the obligations set forth in this Section
7.2.

(d) Buyer shall assume, and be jointly and severally liable for, and shall cause the Company and its Subsidiaries to honor, each of the covenants in this Section 7.2.

7.3 Employment Matters.

(a) Buyer agrees that for a period of twelve (12) months after the Closing Date or, as to any employee whose employment is terminated prior to the end of such twelve (12)-month period, the period beginning on the Closing Date and ending on the date of termination of such employee’s employment with Buyer or any of its Affiliates (including the Surviving Company and its Subsidiaries)), Buyer shall provide (or cause the Surviving Company to provide) each employee who continues in the employ of Buyer, the Surviving Company or any of their Subsidiaries following the Closing Date (a “Continuing Employee”) at least the same base salary or wage rate, as applicable, and other employee benefit plans, programs and arrangements, in each case, consistent with the base salary or wage rate, as applicable, and employee benefit plans, programs and arrangements for similarly situated employees of Buyer as of the Closing Date. No provision of this Agreement shall be construed to (1) entitle any Continuing Employee to continue his or her employment with Buyer for any period of time, (2) interfere with the rights of Buyer to discharge or discipline any Continuing Employee (provided that any such discharge or discipline is effected in accordance with applicable Law) or (3) change the terms of any Continuing Employee’s employment (including with respect to such Continuing Employee’s base salary, wage rate, employee benefits, programs and arrangements).

54

(b) From and after the Closing, Buyer shall give each
Continuing Employee full credit, solely for purposes of eligibility for severance and accrued and unused vacation, and not
for purposes of eligibility, vesting or benefit accrual under any other employee benefit, program or arrangement of Buyer
that covers such Continuing Employee following the Closing Date, to the same extent recognized by the Company or any of its
Subsidiaries as of immediately prior to the Closing, except to the extent such credit would result in the duplication of
benefits for the same period of service.

(c) Buyer shall (i) waive for each Continuing Employee and
his or her dependents, any waiting period provision, payment requirement to avoid a waiting period, pre-existing condition
limitation, actively at-work requirement and any other restriction that would prevent immediate or full participation under
the welfare plans of Buyer or any of its Subsidiaries applicable to such Continuing Employee to the extent such waiting
period, pre-existing condition limitation, actively at-work requirement or other restriction would not have been applicable
to such Continuing Employee under the terms of the welfare plans of the Company and its Subsidiaries, and (ii) give full
credit under the welfare plans of Buyer and its Subsidiaries applicable to each Continuing Employee and his or her dependents
for all co-payments and deductibles satisfied prior to the Closing in the same plan year as the Closing, as if there had been
a single continuous employer.

(d) Nothing in this Section 7.3 shall (i) be construed as an amendment or other modification of any Company Benefit Plan, (ii) give any third party any right to enforce the provisions of this Agreement or (iii) limit the right of Buyer, the Surviving Company or any of their respective Subsidiaries to amend, terminate or otherwise modify any Company Benefit Plan.

7.4 Retention of Books and Records. Buyer shall cause the Surviving Company and its Subsidiaries to retain all books, ledgers, files, reports, plans, operating records and any other material documents pertaining to the Company and its Subsidiaries in existence at the Closing that are required to be retained under current retention policies for a period of six (6) years from the Closing Date or such longer time as may be required by Law, and to make the same available after the Closing for inspection and copying by the Holder Representative or its representatives at such Person’s expense, during regular business hours and upon reasonable request and upon reasonable advance notice solely for the purpose of obtaining information reasonably necessary for Tax filings, accounting, legal defense, financial reporting and other similar needs.

7.5 Contact with Customers and Suppliers. Until the Closing Date, Buyer shall not, and shall cause its representatives not to, directly or indirectly, contact or communicate with the employees, customers, suppliers, distributors or licensors of the Company or the Company’s Subsidiaries, or any other Persons having a business relationship with the Company or the Company’s Subsidiaries, concerning the Company, any of its Subsidiaries or the transactions contemplated hereby without the prior written consent of the Company (which consent will not be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, in no event will this Section 7.5 limit, or be construed to limit, Buyer’s conduct of its own business (including through its Affiliates) in the ordinary course of business and unrelated to the Company, its Subsidiaries or the transactions contemplated hereby, including, but not limited to, any contact or communication by Buyer with the employees, customers, suppliers, distributors or licensors of Buyer or any other Persons having a business relationship with Buyer in the ordinary course of business and unrelated to the Company, its Subsidiaries, or the transactions contemplated hereby.

55

ARTICLE VIII.
 JOINT COVENANTS

8.1 Support of Transaction. Without limiting any covenant contained in Article VI or Article VII, Buyer and the Company shall each, and shall each cause their respective Subsidiaries to: (a) use reasonable best efforts to assemble, prepare and file any information (and, as needed, to supplement such information) as may be reasonably necessary to obtain as promptly as practicable all governmental and regulatory consents required to be obtained in connection with the transactions contemplated hereby, (b) use reasonable best efforts to obtain all material consents and approvals of third parties that any of Buyer, the Company, or their respective Affiliates are required to obtain in order to consummate the Merger, and (c) take such other action as may reasonably be necessary or as another party may reasonably request to satisfy the conditions of Article IX or otherwise to comply with this Agreement and to consummate the transactions contemplated hereby as soon as possible (but in any event prior to the Termination Date). Notwithstanding the foregoing, in no event shall the Company or any of its Subsidiaries be obligated to bear any expense or pay any fee (other than the payment of nominal administrative, processing or similar fees or charges) or grant any concession in connection with obtaining any consents, authorizations or approvals required in order to consummate the Merger.

8.2 Escrow Agreement. Each of the Company, the Holder Representative and Buyer shall execute and deliver to one another, at the Closing, the Escrow Agreement in the form attached hereto as Annex C (the “Escrow Agreement”).

8.3 Further Assurances. Each party hereto agrees that, from time to time after the Closing Date, it will execute and deliver or cause its respective Affiliates to execute and deliver such further instruments, and take (or cause their respective Affiliates to take) such other action, as may be reasonably necessary to carry out the purposes and intents of this Agreement.

8.4 Notice of Events.

(a) During the period prior to the Effective Time or the earlier termination of this Agreement, Buyer shall promptly notify the Holder Representative in writing if Buyer obtains Knowledge of (i) the occurrence or non-occurrence of any event or the existence of any fact or condition that would reasonably be expected to cause or constitute a material breach of any of its representations or warranties contained herein had any such representation or warranty been made as of the time of Buyer’s discovery of such event, fact or condition and (ii) any material failure on its part to comply with or satisfy any covenant or agreement to be complied with or satisfied by it hereunder, in each case in the foregoing clauses (i) and (ii), to the extent that such material breach or material failure would reasonably be expected to cause any of the conditions set forth in Section 9.3 to not be satisfied.

(b) During the period prior to the Effective Time or the
earlier termination of this Agreement, the Holder Representative or the Company shall promptly notify Buyer in writing if
either obtains Knowledge of (i) the occurrence or non-occurrence of any event or the existence of any fact or condition that would reasonably be expected to cause or constitute a material breach of any of the Company’s representations or warranties contained herein had such representation or warranty been made as of the time of the discovery of such event, fact or condition and (ii) any material failure on the part of the Company to comply with or satisfy any covenant or agreement to be complied with or satisfied by it hereunder, in each case in the foregoing clauses (i) and (ii), to the extent that such material breach or material failure would reasonably be expected to cause any of the conditions set forth in Section 9.2 to not be satisfied.

56

(c) No such notice by the Company, the Holder Representative,
Merger Sub or Buyer, as applicable, pursuant to this Section 8.4(c) shall
be deemed to cure any breach for purposes of Article IV or Article V or have any effect on any of the obligations of the
parties pursuant to this Agreement.

8.5 Tax Matters.

(a) The Buyer Indemnitees shall be entitled to indemnification solely from the Indemnity Escrow Account for the following: (A) all Taxes of the Company and any of its Subsidiaries attributable to Pre-Closing Tax Periods, including all Taxes attributable to the portion of a Straddle Period ending on and including the Closing Date (as described in Section 8.5(c)); (B) all Taxes of any other Person that the Company or any its Subsidiaries is liable for under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local, or non-U.S. Law) as a result of its participation in a combined, consolidated or similar group prior to the Closing, or as a transferee or successor as a result of transaction entered into prior to the Closing; (C) all Taxes attributable to a Pre-Closing Tax Period for which the Company or any of its Subsidiaries is liable by reason of having been a party to a Tax allocation, Tax sharing, or Tax indemnity agreement which agreement was entered into prior to the Closing; (D) any Losses resulting from a breach of any representation and warranty included in Section 4.15 (Taxes); (E) any Tax liabilities imposed on Buyer, the Company or any of its Subsidiaries post-Closing attributable to “global intangible low-taxed income” (within the meaning of Section 951A of the Code) earned by a Subsidiary of the Company that is a controlled foreign corporation (and of which the Company or any of its Subsidiaries are or were a “United States Shareholder” (within the meaning of Section 951(b) of the Code)) during the period January 1, 2019 through and including the Closing Date; (F) any Tax liability imposed pursuant to Section 965 of the Code and any obligation to make deferred payments pursuant to Section 965(h) of the Code with respect to the Subsidiaries of the Company that are organized in jurisdictions outside the United States; (G) Transfer Taxes that should have been but were not included in the final determination of Company Transaction Expenses pursuant to Section 8.5(h); and (H) any Tax liabilities incurred as a result of the Pre-Closing EV Transfer. For the avoidance of doubt, notwithstanding the foregoing, (i) in no event will any Buyer Indemnitee be entitled to recover any amounts pursuant to this Section 8.5(a) to the extent a liability in respect of such amount was included in the final determination of the Price Components (the intention of this provision to be to avoid “double counting”); and (ii) in no event will any Buyer Indemnitee be entitled to indemnification pursuant to this Section 8.5(a) for any Transfer Taxes other than Transfer Taxes that should have been but were not included in Company Transaction Expenses pursuant to Section 8.5(h).

57

(b) (i) Holder Representative shall timely prepare, or shall
cause to be prepared, the initial filing of all income Tax Returns of the Company and its Subsidiaries with respect to
Pre-Closing Tax Periods (other than Straddle Periods) with an initial due date (including applicable extensions) after the
Closing Date (“Pre-Closing Tax Returns”),
at its own expense; provided, however,
that the Holder Representative shall provide a copy of such Pre-Closing Tax Return to Buyer together with supporting working
papers for its review and approval (which approval shall not be unreasonably withheld, conditioned or delayed) at least thirty (30) calendar days prior to the date (taking into consideration extensions to file) on which such Pre-Closing Tax Return is to be filed. Along with each Pre-Closing Tax Return that is provided to Buyer for its approval, Holder Representative shall provide a summary of all amounts, if any, (along with reasonable supporting detail) that Holder Representative believes is recoverable from the Indemnity Escrow Account with respect to such Tax Return. The Pre-Closing Tax Returns shall be prepared in a manner consistent with the most recent past practices of the Company and its Subsidiaries except as otherwise required by applicable Law. If Buyer objects to any item regarding a Pre-Closing Tax Return within fifteen (15) days of receipt of such Tax Return, the parties shall attempt in good faith to resolve any such objection. If any disagreement is not promptly resolved, either party may submit the matter to the Auditor to resolve such disagreement under the parameters described in Section 3.4(b). If the disagreement is not resolved within five (5) days of the filing date of such Tax Return, the Tax Return shall be filed as proposed by Buyer and will be amended, if necessary, based upon the decision of the Auditor (with amounts subject to indemnification from the Indemnity Escrow Account under Section 8.5(a) in respect of such Tax Return (if any) released promptly after the Auditor has made its determination (but not until after the Auditor has made such determination)). Buyer shall cooperate with and file any Tax Return prepared by the Holder Representative consistent with the terms of this Section 8.5(b).

(ii) Buyer shall timely prepare and file, or shall cause to be prepared and filed, all Tax Returns of the Company and its Subsidiaries with respect to Straddle Periods and all Tax Returns of the Company and its Subsidiaries with respect to Pre-Closing Tax Periods other than Tax Returns to be prepared by the Holder Representative pursuant to Section 8.5(b)(i) (“Buyer Tax Returns”), at its own expense; provided, however, that Buyer shall provide a copy of such Buyer Tax Return to the Holder Representative together with supporting working papers for its review and approval (which approval shall not be unreasonably withheld, conditioned or delayed) at least thirty (30) calendar days prior to the date (taking into consideration extensions to file) on which such Buyer Tax Return is to be filed. Along with each Buyer Tax Return that is provided to the Holder Representative for its approval, Buyer shall provide a summary of all amounts, if any, (along with reasonable supporting detail) that Buyer believes is recoverable from the Indemnity Escrow Account with respect to such Tax Return. The Buyer Tax Returns shall be prepared in a manner consistent with the most recent past practices of the Company and its Subsidiaries except as otherwise required by applicable Law. If the Holder Representative objects to any item regarding a Buyer Tax Return within fifteen (15) days of receipt of such Buyer Tax Return, the parties shall attempt in good faith to resolve any such objection. If any disagreement is not promptly resolved, either party may submit the matter to the Auditor to resolve such disagreement under the parameters described in Section 3.4(b). If the disagreement is not resolved within five (5) days of the filing date of such Buyer Tax Return, the Buyer Tax Return shall be filed as proposed by Buyer and will be amended, if necessary, based upon the decision of the Auditor (with amounts subject to indemnification from the Indemnity Escrow Account under Section 8.5(a) in respect of such Tax Return (if any) released promptly after the Auditor has made its determination (but not until after the Auditor has made such determination)). Prior to the Closing, the Company and its Subsidiaries shall reasonably cooperate to take such actions so as to allow Buyer to file Buyer Tax Returns (including any such Buyer Tax Returns that are due promptly after the Closing) consistent with timing requirements under applicable Law.

(c) For purposes of determining the treatment of Taxes
attributable to a Straddle Period in Closing Date Net Working Capital, the Taxes attributable to the portion of a Straddle
Period ending on and including the Closing Date shall (i) in the case of ad valorem or property Taxes, be deemed to be the
amount of such Tax for the entire Straddle Period multiplied by a fraction the numerator of which is the number of days in
the Straddle Period ending on the Closing Date for which such Tax is applicable and the denominator of which is the number of days in the entire Straddle Period for which such Tax is applicable and (ii) in the case of any other Tax, be deemed equal to the amount which would be payable computed on a closing of the books basis as if the relevant Tax period ended as of the close of business on the Closing Date.

58

(d) Buyer shall not take any action on the Closing Date but after the Closing outside the ordinary course of business that could affect the determination of any current Tax assets or current Tax liabilities taken into account in the determination of the Price Components or amounts recoverable from the Indemnity Escrow Account pursuant to Section 8.5(a). No election in connection with Section 336 or 338 of the Code shall be made in connection with the transactions contemplated by this Agreement. Without the prior written consent of the Holder Representative (which consent shall not be unreasonably withheld, conditioned or delayed), unless required by applicable Tax Law, Buyer shall not amend any Tax Return with respect to a Pre-Closing Tax Period, make any election (or fail to take any action that is consistent with the past practices of the Company and its Subsidiaries) that would have retroactive effect to a Pre-Closing Tax Period, or take any other action with respect to Taxes that could adversely affect any Pre-Closing Holder in its capacity as such. Any deductions attributable to any Company Transaction Expenses, Funded Debt, or liabilities included in Closing Date Net Working Capital, or any other expenses paid by the Company or its Subsidiaries prior to 11:59 on the Closing Date or otherwise economically borne by the Pre-Closing Holders shall: (i) be taken into account and treated as attributable to Pre-Closing Tax Periods to the extent permitted by Law for purposes of determining Tax assets and liabilities includible in the determination of the Merger Consideration; and (ii) be reported on applicable Tax Returns with respect to the Company and its Subsidiaries as attributable to Pre-Closing Tax Periods to the extent permitted by Law.

(e) At or prior to the Closing, the Company shall deliver to the Holder Representative and to Buyer a certification dated as of the Closing Date that meets the requirements of Section 1445(b)(3) of the Code to the effect that the Company is not and has not been during the applicable period a United States real property holding corporation within the meaning of Section 897(c)(2) of the Code, together with a duly executed notice (as described in Treasury Regulations Section 1.897.2(h)) of such certification to the Internal Revenue Service (and such certification and notice in a form acceptable to Buyer); provided, however, that Buyer’s only remedy for any failure to deliver such a certification shall be to make any withholding required by applicable Law as a result of such failure pursuant to Section 3.7.

(f) Buyer and the Holder Representative shall cooperate, as and to the extent reasonably requested by the other party, in connection with the preparation and filing of Tax Returns (including with respect to the preparation of Pre-Closing Tax Returns by the Holder Representative pursuant to Section 8.5(b)(i)), the handling of Tax Contests and any other Tax matters relating to the Company and its Subsidiaries. Such cooperation shall include the retention and provision of relevant records and making relevant employees and service providers available to the other party on a reasonable basis.

(g) Whenever any Taxing Authority sends a notice of any audit, initiates an examination of the Company or any of its Subsidiaries, or otherwise asserts a claim, makes an assessment, or disputes the amount of Taxes (each, a “Tax Contest”) with respect to any:

(i) Pre-Closing Tax Period (excluding a Straddle Period) for which Buyer could potentially make a claim for indemnification from the Indemnity Escrow Account, Buyer shall promptly inform the Holder Representative and the Holder Representative shall have the right to control any resulting proceedings (with any costs associated with such proceedings being reimbursable from the Indemnity Escrow Account) and, subject to the immediately following sentence, to determine whether and when to settle any such Tax Contest; provided, however, that the Holder Representative shall keep Buyer apprised of all developments relating to any such Tax Contest and shall conduct the defense of any such Tax Contest diligently and in good faith. The Holder Representative shall not settle, compromise and/or concede any portion of a Tax Contest if such settlement, compromise and/or concession would have an adverse impact on Buyer, affiliates of Buyer, the Company or any its Subsidiaries for any Post-Closing Tax Period, including the portion of a Straddle Period beginning on the day after the Closing Date, without the consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed. If, with respect to any Tax Contest for which it has exercised its right of control under this Section 8.5(g)(i), the Holder Representative fails diligently to defend or prosecute such Tax Contest to a final determination, then Buyer shall at any time thereafter have the right (but not the obligation) to defend or prosecute such Tax proceeding (with any reasonable costs associated with such proceedings that pertain to Taxes for which Buyer is entitled to indemnification hereunder being reimbursable from the Indemnity Escrow Account). With respect to any Tax Contest for which the Holder Representative exercised its right of control under Section 8.5(g)(i) but which the Holder Representative failed to diligently defend or prosecute to a final determination, Buyer shall have full control of such defense or prosecution of such proceedings, including any settlement or compromise thereof.

59

(ii) For a Tax Contest (other than a Tax Contest described in clause (i) that Buyer has elected to control) for which Buyer could potentially make a claim for indemnification from the Indemnity Escrow Account (for example, a Tax Contest regarding a Straddle Period) Buyer shall have the right to control any resulting proceedings and, subject to the immediately following sentence, to determine whether and when to settle any Tax Contest; provided, however, that Buyer shall keep the Holder Representative apprised of all developments relating to any such Tax Contest and the Holder Representative shall have the right to participate in such Tax Contest at its own expense. Buyer shall not settle, compromise and/or concede any Tax Contest (other than a Tax Contest described in the final sentence of Section 8.5(g)(i)) that it controls if such settlement, compromise and/or concession would have any adverse impact on the Pre-Closing Holders for a Pre-Closing Tax Period or give rise to an amount recoverable from the Indemnity Escrow Account without the consent of the Holder Representative, which consent shall not be unreasonably withheld, conditioned or delayed.

(iii) The provisions of this Section 8.5(g) and not the provisions of Section 12.5, shall govern the conduct of Tax Contests.

(h) Fifty percent (50%) of all Transfer Taxes shall be includible as a Company Transaction Expense. Buyer shall pay all Transfer Taxes when due. The party responsible for the payment of any Transfer Tax under applicable Law shall prepare and file such Tax Return at such party’s sole expense.

(i) Notwithstanding anything else in this Agreement (including the limitations included in Section 6.1), prior to the Closing, the Company shall be entitled to consummate a partial redemption of equity securities of the Company with any cash of the Company and its Subsidiaries (including any proceeds received in connection with Pre-Closing EV Transfer). The Parties agree that, if the Company elects to consummate such a partial redemption, such redemption will be treated for Tax purposes as part of an integrated transaction with the sale of the Units pursuant to this Agreement that qualifies for sale and exchange treatment under the principles of Zenz v. Quinlivan, 213 F.2d 914 (6th Cir. 1954), and the Parties will not (and shall cause their Affiliates not to) take any position inconsistent with such treatment for Tax purposes, unless required to do so by a determination (within the meaning of Section 1313(a) of the Code).

60

(j) The indemnification provisions contained in Section 8.5(a) shall terminate on the one-year anniversary of the Closing Date, and in no event will any Buyer Indemnitee have any recourse against any Pre-Closing Holder with respect to any indemnity claim made pursuant to Section 8.5(a) except for claims made against amounts held in the Indemnity Escrow Account. Notwithstanding anything else contained herein, no Buyer Indemnitee shall be entitled to make a claim under Section 8.5(a) with respect to a third party claim regarding Taxes until it has commenced litigation, received a notice of deficiency, or received written notice of an audit or other assessment pertaining to Taxes.

(k) At least thirty (30) days prior to the Closing Date, the Holder Representative shall deliver to Buyer a good faith estimate of the unpaid current income Tax liabilities of the Company and its Subsidiaries (including those liabilities related to the Pre-Closing EV Transfer) as of the Closing Date (the “Income Tax Accrual Amount”), together with reasonable accompanying work papers and any other supporting documentation or information that Buyer may reasonably request, for Buyer’s review. The Company shall cause its employees and its tax advisors who were responsible for the estimate of the Income Tax Accrual Amount to answer reasonable questions that Buyer or its tax advisors may raise regarding such estimate. If Buyer raises an objection to the Income Tax Accrual Amount, Buyer and the Company shall negotiate in good faith to resolve all objections prior to the Closing. Any Income Tax Accrual Amount as agreed to by the parties shall be included in the Estimated Closing Date Net Working Capital; provided, however, that if the Parties are not able to reach agreement regarding the Income Tax Accrual Amount, (i) in no event shall any such failure to reach agreement delay (or give any Party a right to delay) the Closing; and (ii) the amount of unpaid current income Tax liabilities of the Company and its Subsidiaries reflected in the Estimated Closing Date Net Working Capital shall be as proposed by the Company in the Closing Statement. For the avoidance of doubt, (A) the Income Tax Accrual Amount may be further adjusted in the determination of Closing Date Net Working Capital pursuant to Section 3.4 and (B) nothing in this Section 8.5(k) shall affect or limit in any way the rights and obligations of the Parties pursuant to either Section 8.5(a) or Article XII.

ARTICLE IX.
CONDITIONS TO OBLIGATIONS

9.1 Conditions to Obligations of Buyer, Merger Sub and the Company. The obligations of Buyer, Merger Sub and the Company to consummate, or cause to be consummated, the Merger are subject to the satisfaction of the following conditions, any one or more of which may be waived (to the extent permissible by all applicable Law) in writing by all of such parties:

(a) All applicable waiting periods under the HSR Act applicable to the Merger shall have expired or been terminated.

(b) All other necessary permits, approvals, clearances, and consents of or filings with the Governmental Authorities listed on Schedule 9.1(b) shall have been procured or made, as applicable.

(c) There shall not be in force any injunction or order of any court of competent jurisdiction enjoining or prohibiting the consummation of the Merger.

(d) The Merger Consent shall have been validly obtained under the Act and the Company’s certificate of formation and limited liability company agreement.

61

9.2 Conditions to Obligations of Buyer and Merger Sub. The obligations of Buyer and Merger Sub to consummate, or cause to be consummated, the Merger are subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by Buyer and Merger Sub:

(a) (i) Each of the representations and warranties of the Company contained in Article IV other than the Fundamental Representations (disregarding all qualifications and exceptions contained therein regarding “materiality” or a “Material Adverse Effect”) shall be true and correct at and as of the Closing Date, as if made anew at and as of that date, except with respect to representations and warranties which speak as to an earlier date, which representations and warranties shall be true and correct at and as of such date, except, in each case, for any inaccuracy or omission that would not reasonably be expected to have a Material Adverse Effect on the Company, and (ii) the Fundamental Representations shall be true and correct in all material respects (except, with respect to the Fundamental Representations set forth in Section 4.6 (Capitalization of the Company), for de minimis changes or changes arising as a result of actions permitted to be taken in accordance with the terms of this Agreement) at and as of the Closing Date, as if made anew at and as of that date, except with respect to Fundamental Representations which speak as to an earlier date, which representations and warranties shall be true and correct at and as of such date.

(b) Each of the covenants of the Company or the Holder Representative to be performed at or prior to the Closing shall have been performed in all material respects.

(c) The Company shall have delivered to Buyer a certificate signed by an officer of the Company, dated as of the Closing Date, certifying that, to the knowledge and belief of such officer, the conditions specified in Section 9.2(a) and Section 9.2(b) have been fulfilled.

(d) Since the date of this Agreement, there has been no Material Adverse Effect.

9.3 Conditions to the Obligations of the Company. The obligation of the Company to consummate, or cause to be consummated, the Merger is subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by the Company:

(a) Each of the representations and warranties in Article V shall be true and correct in all material respects at and as of the Closing Date, except to the extent that such representations and warranties (i) are qualified by the term “material,” “materially,” “Material Adverse Effect” or other similar qualifications, in which case such representations and warranties (as so written, including the term “material,” “materiality,” “Material Adverse Effect” or other similar qualifications) shall be true and correct in all respects at and as of the Closing Date and (ii) specifically related to an earlier date, in which case such representations and warranties shall only be true and correct as of such earlier date, except for inaccuracies or omissions as to matters that, individually or in the aggregate, would not reasonably be expected to materially impair or delay the ability of Buyer or Merger Sub to consummate the transactions contemplated by, or perform their respective obligations under, this Agreement.

(b) Each of the covenants of Buyer and Merger Sub to be performed at or prior to the Closing shall have been performed in all material respects.

(c) Buyer shall have delivered to the Company a certificate signed by an officer of Buyer, dated as of the Closing Date, certifying that, to the knowledge and belief of such officer, the conditions specified in Section 9.3(a) and Section 9.3(b) have been fulfilled.

62

9.4 Waiver of Conditions; Frustration of Conditions. All conditions to the Closing shall be deemed to have been satisfied or waived from and after the Effective Time. None of the Company, Buyer or Merger Sub may rely on the failure of any condition set forth in this Article IX to be satisfied if such failure was caused by the failure of the Company, on the one hand, or Buyer or Merger Sub, on the other hand, respectively, to (i) use commercially reasonable efforts to consummate the Merger and the transactions contemplated hereby and (ii) otherwise comply with its obligations under this Agreement.

ARTICLE X.
TERMINATION/EFFECTIVENESS

10.1 Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned:

(a) by mutual written consent of the Holder Representative and Buyer;

(b) prior to the Closing, by written notice to the Company from Buyer if:

(i) there is any material breach of any representation, warranty, covenant or agreement on the part of the Company set forth in this Agreement, such that the conditions specified in Section 9.2(a) or Section 9.2(b) would not be satisfied at the Closing (a “Terminating Company Breach”), except that, if such Terminating Company Breach is curable by the Company through the exercise of its reasonable best efforts, then, for a period of ten (10) days after receipt by the Company of notice from Buyer of such breach, but only as long as the Company continues to use its reasonable best efforts to cure such Terminating Company Breach (the “Company Cure Period”), such termination shall not be effective until the end of the Company Cure Period, and such termination shall become effective only if the Terminating Company Breach is not cured within the Company Cure Period;

(ii) the Closing has not occurred on or before August 1, 2019 (subject to (A) Section 13.14 and (B) the proviso to this clause (ii), the “Termination Date”), unless Buyer’s or Merger Sub’s breach is a reason for the Closing not occurring on or before such date, provided, however, that if the conditions set forth in Section 9.1(a) or 9.1(b) (or, with respect to matters addressed in such Sections, Section 9.1(c)) have not been satisfied or waived on or prior to such date, but all other conditions set forth in Article IX have been satisfied or waived (except for those conditions that by their nature are to be satisfied at the Closing), then the Termination Date may be extended by the Company in writing to a date not beyond September 30, 2019;

(iii) the consummation of any of the transactions contemplated hereby is permanently enjoined, prohibited or otherwise restrained by the terms of a final, non-appealable order or judgment of a court of competent jurisdiction; or

(c) prior to the Closing, by written notice to Buyer from the Company if:

(i) (A) there is any material breach of any representation, warranty, covenant or agreement on the part of Buyer or Merger Sub set forth in this Agreement, such that the conditions specified in Section 9.3(a) or Section 9.3(b) would not be satisfied at the Closing (a “Terminating Buyer Breach”), except that, if such Terminating Buyer Breach is curable by Buyer through the exercise of its reasonable best efforts, then, for a period of ten (10) days after receipt by Buyer of notice from the Company of such breach, but, in each case, only as long as Buyer continues to use its reasonable best efforts to cure such Terminating Buyer Breach (the “Buyer Cure Period”), such termination shall not be effective until the end of the Buyer Cure Period, and such termination shall become effective only if the Terminating Buyer Breach is not cured within the Buyer Cure Period, or (B) (1) all of the conditions set forth in Sections 9.1 and 9.2 have been satisfied (other than those conditions which by their terms or nature are to be satisfied at the Closing) as of the date the Closing should have occurred pursuant to Section 2.3, and (2) Buyer or Merger Sub has failed to consummate the transactions contemplated by this Agreement within one (1) Business Day following the date the Closing should have occurred pursuant to Section 2.3;

63

(ii) the Closing has not occurred on or before the Termination Date, unless the Company’s willful breach is a reason for the Closing not occurring on or before such date; or

(iii) the consummation of any of the transactions contemplated hereby is permanently enjoined, prohibited or otherwise restrained by the terms of a final, non-appealable order or judgment of a court of competent jurisdiction.

10.2 Effect of Termination. Except as otherwise set forth in this Section 10.2, in the event of the termination of this Agreement pursuant to Section 10.1, this Agreement shall forthwith become void and have no effect, without any liability on the part of any party hereto or its respective Affiliates, officers, directors, stockholders or members, other than the liability of the Company, Holder Representative, Buyer or Merger Sub, as the case may be, for any Fraud in the making of the respective representations and warranties set forth herein or intentional and willful breach of this Agreement (in each case, as finally determined by a court of competent jurisdiction) occurring prior to such termination, except that the provisions of Section 10.2, Article X, Article XI, Article XIII and the Confidentiality Agreement, shall survive any termination of this Agreement. The Parties hereto acknowledge and agree that such losses and damages shall not be limited to reimbursement of expenses or out-of-pocket costs, and shall include the benefit of the bargain lost by such party or, in the case of the Company, the holders of Units or Options (taking into consideration relevant matters, including other opportunities and the time value of money), which shall be deemed to be damages of such party or, as provided in Section 10.3, the Termination Date Holders in respect of Units and, to the extent applicable, Options, as the case may be.

10.3 Entitlement to Damages.

(a) The parties hereto acknowledge and agree that, in the event of a termination of this Agreement, to the extent Buyer or Merger Sub are required to pay damages in an amount that exceeds the Company’s expenses or out-of-pocket costs incurred in connection with this Agreement and the transactions contemplated hereby, including any disputes related thereto, such excess (the “Holder Damages”) represents an amount of damages payable in respect of losses suffered by the Termination Date Holders in respect of shares of Units and, to the extent applicable, Options. Accordingly, in the event damages are payable pursuant to this Article X, the Holder Representative shall, in its sole and absolute discretion, determine the extent, if any, to which such damages constitute Holder Damages, and, to the extent the Holder Representative notifies Buyer of such determination, Buyer or Merger Sub, as applicable, shall pay such Holder Damages to the Holder Representative, for the account of, and as agent to, the Termination Date Holders, to one or more accounts designated in writing by the Holder Representative and the portion of such damages otherwise payable directly to the Company pursuant to Section 10.3(a) shall be reduced by the amount of such payment to the Holder Representative.

(b) On or prior to the date the Holder Damages are paid to the Holder Representative in accordance with Section 10.3(a), or as promptly as practicable thereafter, the Board of Managers of the Company will determine in good faith which, if any, Options which would have been In the Money Options as of the Effective Time should be deemed to be “Damaged Options” for the purposes of determining the Termination Date Holders and each Termination Date Holder’s Termination Percentage. For the purposes of this Agreement, each Person who holds one or more Units or Damaged Options as of 11:59 p.m. (Eastern time) on the date on which this Agreement is terminated shall be deemed to be a “Termination Date Holder”.

64

(c) Promptly after the later of (i) the determination in accordance with Section 10.3(b) of which, if any, Options are Damaged Options and (ii) the payment of the Holder Damages to the Holder Representative in accordance with Section 10.3(a)), the Holder Representative shall distribute the Holder Damages to the Termination Date Holders, pro rata in accordance with their respective Termination Percentages, subject to any applicable withholding; provided, however, that payment of any Holder Damages in respect of a Damaged Option granted to a Termination Date Holder who was an employee or independent contractor of the Company or any of its Subsidiaries subject to Section 409A of the Code at any time during the taxable year of such employee or independent contractor in which such Damaged Option was granted shall in all events be subject to the Termination Date Holder’s continued employment with the Company or its Subsidiaries through the date on which Holder Damages are distributed and any Holder Damages not distributed with respect to a Damaged Option by reason of this proviso (such a Damaged Option, an “Excluded Damaged Option”) shall be distributed among all other Termination Date Holders pro rata in accordance with their respective Termination Percentages as determined without regard to any Excluded Damaged Options. For the purposes of this Agreement, “Termination Percentage” means, with respect to any Termination Date Holder, a ratio (expressed as a percentage) equal to (x) the sum of (A) the number of Units held by such holder as of 11:59 p.m. (Eastern time) on the date of termination of this Agreement and (B) the number of Units issuable upon the exercise in full of any Damaged Options held by such holder as of 11:59 p.m. (Eastern time) on the date of termination of this Agreement, divided by (y) (i) the sum of the aggregate number of Units held by all holders as of 11:59 p.m. (Eastern time) on the date of termination of this Agreement, plus (ii) the aggregate number of Units issuable upon the exercise in full of all Damaged Options held by all holders as of 11:59 p.m. (Eastern time) on the date of termination of this Agreement.

(d) The Company, Buyer and Merger Sub acknowledge and agree that the agreements contained in Section 10.2 and this Section 10.3 are an integral part of the transactions contemplated by this Agreement, and that, without these agreements, neither Buyer nor Merger Sub nor the Company would enter into this Agreement.

ARTICLE XI.
HOLDER REPRESENTATIVE

11.1 Designation and Replacement of Holder Representative. The parties have agreed that it is desirable to designate a representative to act on behalf of holders of the Units and the Options for certain limited purposes, as specified herein (the “Holder Representative”). The parties have designated Carlyle Equity Opportunity GP, L.P. as the initial Holder Representative, and approval of this Agreement by the holders of Units shall constitute ratification and approval of such designation. The Holder Representative may resign at any time, and the Holder Representative may be removed by the vote of Persons which collectively owned more than fifty percent (50%) of the Aggregate Fully-Diluted Units immediately prior to the Effective Time (or, in the case of a termination of this Agreement, as of such termination) (the “Majority Holders”). In the event that a Holder Representative has resigned or been removed, a new Holder Representative shall be appointed by a vote of the Majority Holders, such appointment to become effective upon the written acceptance thereof by the new Holder Representative. The designation of any Person as the Holder Representative is and shall be coupled with an interest, and, except as set forth in this Article XI, such designation is irrevocable and shall not be affected by the death, incapacity, illness, bankruptcy, dissolution or other inability to act of any of the holders of Units or any of the holders of Options.

65

11.2 Authority and Rights of the Holder Representative; Limitations on Liability. The Holder Representative shall have such powers and authority as are necessary to carry out the functions assigned to it under this Agreement; provided, however, that the Holder Representative shall have no obligation to act, except as expressly provided herein. Without limiting the generality of the foregoing, the Holder Representative shall have full power, authority and discretion to (i) estimate and determine the amounts of Holder Representative Expenses and to pay such Holder Representative Expenses in accordance with Section 3.5, (ii) after the Closing, negotiate and enter into amendments to this Agreement and the Escrow Agreement for and on behalf of the Pre-Closing Holders and (iii) in connection with a termination of this Agreement, determine the Holder Damages, if any, and collect and distribute (and withhold from, if applicable) such Holder Damages in accordance with Section 10.3. All actions taken by the Holder Representative under this Agreement shall be binding upon the Pre-Closing Holders and their successors as if expressly confirmed and ratified in writing by each of them. The Holder Representative shall have no liability to Buyer, the Company or any holder of Units or Options with respect to actions taken or omitted to be taken in its capacity as the Holder Representative. The Holder Representative shall at all times be entitled to rely on any directions received from the Majority Holders; provided, however, that the Holder Representative shall not be required to follow any such direction, and shall be under no obligation to take any action in its capacity as the Holder Representative, unless the Holder Representative is holding funds delivered to it under Section 3.5 or Section 10.3 and has been provided with other funds, security or indemnities which, in the sole determination of the Holder Representative, are sufficient to protect the Holder Representative against the costs, expenses and liabilities which may be incurred by the Holder Representative in responding to such direction or taking such action. The Holder Representative shall be entitled to engage such counsel, experts and other agents and consultants as it shall deem necessary in connection with exercising its powers and performing its function hereunder and (in the absence of bad faith on the part of the Holder Representative) shall be entitled to conclusively rely on the opinions and advice of such Persons. The Holder Representative shall be entitled to reimbursement from funds paid to it under Section 3.5 or Section 10.3, released from the Escrow Account for the benefit of Pre-Closing Holders or otherwise received by it in its capacity as the Holder Representative pursuant to or in connection with this Agreement, for all reasonable expenses, disbursements and advances (including fees and disbursements of its counsel, experts and other agents and consultants) incurred by the Holder Representative in such capacity, and shall be entitled to indemnification against any loss, liability or expenses arising out of actions taken or omitted to be taken in its capacity as the Holder Representative (except for those arising out of the Holder Representative’s gross negligence or willful misconduct), including the costs and expenses of investigation and defense of claims. In the event that the Holder Representative determines, in its sole and absolute discretion, that the funds paid to the Holder Representative pursuant to Section 3.5 or Section 10.3 exceed the Holder Representative Expenses, prior to the release of the Escrow Amount, the Holder Representative shall transfer such excess amount to the Escrow Agent solely for disbursement (or otherwise cause such excess amount to be disbursed) to the Pre-Closing Holders; provided, however, that notwithstanding anything to the contrary in this Agreement or the Escrow Agreement, in no event shall such excess amount otherwise become payable to Buyer.

66

 ARTICLE XII.
INDEMNIFICATION

12.1 Survival. The representations, warranties, covenants and agreements of the Company, on the one hand, and Buyer and Merger Sub, on the other hand, contained in this Agreement will survive the Closing Date but only to the extent specified below:

(a) All representations and warranties in this Agreement will terminate on the date that is 12 months following the Closing Date (the “Representation Expiration Date”).

(b) None of the covenants and agreements contained in this Agreement that are to be performed on or prior to the Closing shall survive the Closing. All of the covenants contained in this Agreement that by their nature are required to be performed after the Closing shall survive in accordance with their respective terms (the “Covenant Expiration Date”).

(c) Notwithstanding the above, all claims on or prior to the Representation Expiration Date and the Covenant Expiration Date set forth above and the indemnity with respect thereto, will survive the time at which such claim would otherwise terminate pursuant to this Section 12.1 if written notice asserting a claim for recovery under Section 12.2 or Section 12.3 as applicable, and specifying the details of the inaccuracy or breach giving rise to such claim, shall have been given to the party against whom such indemnity may be sought prior to such time in accordance with the notice provisions of this Article XII.

12.2 Indemnification by Buyer. Subject to Section 12.4, from and after the Closing, Buyer shall defend, indemnify and hold harmless the Holder Representative and the Pre-Closing Holders and their respective Affiliates and their and their successors and permitted assigns, and all of their respective officers, employees, directors, stockholders, agents, advisors and representatives (collectively, the “Seller Indemnitees”) from and against any and all Losses incurred by any of the Seller Indemnitees following the Closing to the extent arising out of or as a result of (a) any breach of the representations and warranties of Buyer or Merger Sub contained in this Agreement or (b) any breach of the covenants or agreements of Buyer or Merger Sub contained in this Agreement.

12.3 Indemnification from Indemnity Escrow Account. Subject to Section 12.4, from and after the Closing, Buyer, its Affiliates (including the Surviving Company) and its and their successors and permitted assigns, and all of their officers, employees, directors, stockholders, agents, advisors and representatives (collectively, the “Buyer Indemnitees”) shall be entitled to indemnification solely from the Indemnity Escrow Funds for any and all Losses incurred by any of the Buyer Indemnitees following the Closing to the extent arising out of or as a result of (a) any breach of the representations and warranties of the Company contained in this Agreement or (b) any breach of the covenants or agreements of the Company or the Holder Representative contained in this Agreement. The indemnification under this Section 12.3 shall not apply to indemnity claims with respect to Taxes, which shall be governed solely by Section 8.5.

12.4 Certain Limitations.

(a) The Buyer Indemnitees shall not be entitled to indemnification pursuant to Section 12.3 with respect to any claim for indemnification unless and until the aggregate amount of all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees exceeds $1,000,000 (the “Deductible”). The aggregate amount of Losses for which the Buyer Indemnitees shall be entitled to indemnification pursuant to this Article XII will not exceed the Indemnity Escrow Amount (the “Cap”). The Indemnity Escrow Amount then remaining in the Indemnity Escrow Account shall serve as the sole and exclusive source of payment of any claim for indemnification pursuant to Section 12.3. Notwithstanding the foregoing, neither the Deductible nor the Cap shall apply to any Losses resulting from Fraud.

(b) No individual Losses may be claimed by the Buyer
Indemnitees with respect to any claim for indemnification pursuant to Section 12.3, unless the amount of such Losses,
together with all other Losses arising out of the same facts and circumstances, exceeds $50,000 (the “De Minimus
Basket”) (and such Losses that are less than the De Minimus Basket shall apply towards satisfaction of the
Deductible). Notwithstanding the foregoing, the De Minimus Basket shall not apply to any Losses resulting from
Fraud.

67

(c) No Buyer Indemnitee shall be entitled to indemnification for any Losses to the extent that such matter was included or reflected in the determination of the Closing Date Net Working Capital, Closing Date Funded Debt, Closing Date Cash and Closing Date Unpaid Company Transaction Expenses and the resulting Adjustment Amount derived therefrom in accordance with Section 3.4(d), such that a Buyer Indemnitee would have already been compensated for such Losses.

12.5 Indemnification Procedures.

(a) Third Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any action made or brought by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a representative of the foregoing (a “Third Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification under this Agreement, the Indemnified Party will give the Indemnifying Party written notice thereof as soon as is reasonably practicable after the Indemnified Party becomes aware of such Third Party Claim. No delay in, or failure to give such notice will adversely affect any of the other rights or remedies of the Indemnified Party or alter or relieve the Indemnifying Party of its obligation to indemnify the Indemnified Party to the extent that such delay or failure has not materially prejudiced the Indemnifying Party. Such notice by the Indemnified Party will describe the Third Party Claim in reasonable detail, will include copies of all material written evidence thereof and will indicate the estimated amount, if reasonably practicable, of the loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party will, subject to the other provisions of this Section 12.5, have the right to participate in the defense of any Third Party Claim (and, subject to the limitations set forth in this Section 12.5, shall be entitled to elect to control and appoint lead counsel for such defense, in each case at its own expense, and to settle or compromise any such Third Party Claim if it gives written notice of its intention to control such defense to such Indemnified Party within thirty (30) days of the receipt of notice of such Third Party Claim), and the Indemnified Party will cooperate in good faith in such defense, provided, however, that the Indemnifying Party will not have the right to assume or maintain control of the defense of any Third Party Claim and shall pay from the Indemnity Escrow Account the fees and expenses of counsel retained by the Indemnified Party in connection therewith, to the extent: (i) such Third Party Claim is asserted directly by or on behalf of a Person that is a Material Customer or Material Supplier, (ii) the Indemnifying Party does not deliver the notice referred to in this Section 12.5(a) within the time period set forth herein, (iii) such Third Party Claim seeks an injunction or other equitable relief against the Indemnified Party, (iv) the Indemnifying Party, in the reasonable judgment of the Indemnified Party or any of its Affiliates, has failed or is failing to actively and diligently prosecute or defend such claim, (v) it is reasonably likely that the Indemnified Party (as opposed to the Indemnifying Party) will bear an amount of Losses with respect to such Third Party Claim that exceeds the amount remaining in the Indemnity Escrow Account (taking into account any other pending or resolved claims for indemnification (which for these purposes shall only include the amount of Losses with respect to Third Party Claims that are reasonable as to amount and merits, as determined jointly by Buyer and the Company, with each acting reasonably) and the sum of the actual and reasonably projected unpaid costs and expenses of the defense of all then unresolved indemnification claims made by Buyer pursuant to Article XII and the Third Party Claim which the Indemnifying Party then seeks to assume or maintain control of the defense of), (vi) Buyer or the provider of the R&W Policy is required to assume such defense pursuant to the terms of the R&W Policy, (vii) the Indemnifying Party’s assumption of the defense could reasonably be expected to cause the Indemnified Party to lose all or any portion of its coverage under any R&W Policy, or (viii) unless the Indemnifying Party expressly agrees in writing to be fully responsible, subject to the terms of this Article XII (including without limitation Section 12.4), for the Losses relating to such Third Party Claim; provided, however, that, unless otherwise specified in this Article XII, the Indemnified Party will not compromise or settle any Third Party Claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed). The Indemnified Party will have the right to participate in the defense of any Third Party Claim with counsel selected by it, subject to the Indemnifying Party’s right to control the defense thereof as provided in this Section 12.5(a) and the fees and disbursements of such counsel will be at the expense of the Indemnified Party, provided, however, that, if in the reasonable opinion of outside counsel to the Indemnified Party, there exists a conflict of interest between the Indemnifying Party and the Indemnified Party that cannot be waived, then the Indemnifying Party will be liable for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified Party reasonably determines counsel is required. If the Indemnifying Party elects not to, or is not entitled to, compromise or defend such Third Party Claim, the Indemnified Party may, subject to Section 12.5(b) pay, compromise, defend such Third Party Claim and seek indemnification for any and all Losses based upon, arising from or relating to such Third Party Claim. The Indemnifying Party and Indemnified Party will cooperate with each other in all reasonable respects in connection with the defense of any Third Party Claim, including making available (subject to the provisions of Section 6.7) records relating to such Third Party Claim and furnishing, without expense (other than reimbursement of actual out-of-pocket expenses) to the defending party, management employees of the non-defending party as may be reasonably necessary for the preparation of the defense of such Third Party Claim; provided, that, all such access is during normal business hours and under conditions which shall not unreasonably interfere with the business and operations of such non-defending party.

68

(b) Settlement of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party will not enter into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 12.5(b). If the Indemnifying Party assumes control of the defense of any Third Party Claim pursuant to the provisions of Section 12.5(a), it will not agree to any settlement without the written consent of the Indemnified Party (which consent will not be unreasonably withheld or delayed) unless such settlement (i) is solely for money damages in an amount less than the amount available for indemnification payments under the applicable terms of Section 12.4, (ii) does not include a finding or admission of wrongdoing or any violation of Law by the Indemnified Party or any Affiliated thereof and (iii) is accompanied by an unconditional release of all indemnifiable claims against the Indemnified Party.

(c) Direct Claims. Any action by an Indemnified Party on account of a loss that does not result from a Third Party Claim (a “Direct Claim”) will be asserted by the Indemnified Party as soon as is reasonably practicable after such Indemnified Party becomes aware of such Direct Claim. No delay in, or failure to give such notice will adversely affect any of the other rights or remedies of the Indemnified Party or alter or relieve the Indemnifying Party of its obligation to indemnify the Indemnified Party to the extent that such delay or failure has not materially prejudiced the Indemnifying Party. Such notice by the Indemnified Party will describe the Direct Claim in reasonable detail and will indicate the estimated amount, if reasonably practicable, of the loss that has been or may be sustained by the Indemnified Party. Within thirty (30) calendar days after being notified of any such Direct Claim, the Indemnifying Party will notify the Indemnified Party of whether or not such Indemnifying Party disputes its liability for such Direct Claim (any such notice disputing liability, a “Dispute Notice”). If the Indemnifying Party does not so notify the Indemnified Party that it disputes its liability for such Direct Claim within such thirty (30) calendar day period, the Direct Claim specified by such Indemnified Party in its notice to the Indemnifying Party thereof will be conclusively deemed to be a liability of the Indemnifying Party and the Indemnifying Party will be obligated to make payment therefor according to the provisions of Section 12.6, provided, however, that if the amount of such liability is not then determinable, the Indemnifying Party will be obligated to make payment therefor according to the provisions of Section 12.6 when the amount of such liability is agreed to by the Indemnifying Party and the Indemnified Party or is finally adjudicated. In the event that a Dispute Notice is delivered prior to the expiration of such thirty (30) calendar day period, then the Indemnifying Party and the Indemnified Party shall attempt in good faith to resolve any such objections raised by the Indemnifying Party in such Dispute Notice. If the Indemnifying Party and the Indemnified Party agree to a resolution of such objection (or any portion thereof), then a memorandum setting forth the matters conclusively determined by the Indemnifying Party and the Indemnified Party shall be prepared and signed by both parties and such resolution shall be final and binding on the Indemnifying Party and the Indemnified Party for purposes of this Article XII. If no such resolution can be reached by the Indemnifying Party and the Indemnified Party during the thirty (30) calendar day period following the Indemnifying Party’s receipt of the Dispute Notice (or if resolution can only be reached on a portion of the matters set forth in such Dispute Notice), then upon the expiration of such thirty (30) calendar day period, either the Indemnifying Party or the Indemnified Party may bring suit to resolve the objection in accordance with Sections 13.6 and 13.13. Subject to the terms of this Article XII, upon the final resolution of any Direct Claim or any portion thereof in which Buyer is the Indemnified Party (whether as a result of the failure to deliver a Dispute Notice, the mutual agreement of the Indemnifying Party and the Indemnified Party or the determination of a court of competent jurisdiction in accordance with Sections 13.6 and 13.13) if cash remains in the Indemnity Escrow Account, then Buyer and Holder Representative shall promptly direct the Escrow Agent to distribute the amount of the applicable Losses from the Indemnity Escrow Account to Buyer in accordance with the terms of the Escrow Agreement.

69

12.6 Manner of Payment.

(a) Any indemnification pursuant to Section 12.3, shall be made as a payment to the Buyer Indemnitees solely from the Indemnity Escrow Account in accordance with the terms of the Escrow Agreement and as set forth in Section 12.6(c) below.

(b) Any indemnification pursuant to Section 12.2 shall be made as a payment by Buyer to the relevant Seller Indemnitee.

(c) Any payment for indemnification pursuant to this Section 12.6(c) shall be effected by wire transfer of immediately available funds to the account or accounts designated by the Buyer Indemnitees or the Seller Indemnitees, as applicable, within ten (10) days after the final determination thereof.

12.7 Tax Treatment for Indemnification Payments. All indemnification payments made under this Agreement will be treated by the parties hereto as an adjustment to the Merger Consideration for Tax purposes, unless otherwise required by Law.

12.8 Materiality.
For purposes of this Article XII, any inaccuracy in or breach of any representation or warranty, and the amount of Losses
for which the Buyer Indemnitees or the Seller Indemnitees, as applicable, are entitled to indemnification pursuant to this Article
XII, will be determined without regard to any materiality, Material Adverse Effect or other similar qualification contained in or otherwise applicable to such representation or warranty.

70

12.9 Computation of Indemnifiable Losses.

(a) Any amount payable pursuant to Section 8.5(a) or this Article XII (i) shall be decreased to the extent of any insurance proceeds (less any reasonable related costs and expenses, including the aggregate cost of pursuing any related insurance claims) and Tax savings (determined on a “with and without” basis) that is actually received by the recipient of such amount (or its Affiliates) in respect of an indemnifiable Loss and (ii) shall be reduced by any recoveries actually received from third parties pursuant to indemnification or otherwise in respect thereto net of all costs and expenses incurred with respect to the receipt of such recoveries, in each case to avoid any duplicative recovery. For the avoidance of doubt, except with respect to the R&W Policy, no party hereto shall have any obligation to seek to recover or bring any action to obtain recovery from any insurance policy or third party in connection with making a claim under this Article XII.

(b) In any case where any insurance proceeds, Tax savings or indemnity payments or other third-party recoveries are realized by an Indemnified Party subsequent to receipt by such Indemnified Party of any indemnification payment in respect of a matter with respect to which an Indemnifying Party has indemnified it pursuant to Section 8.5(a) or this Article XII, such Indemnified Party shall promptly pay over to the Indemnifying Party the amount so recovered (after deducting therefrom the full amount of the reasonable costs and expenses incurred by it in procuring such recovery), but not in excess of the sum of (i) any amount previously so paid by the Indemnifying Party to or on behalf of the Indemnified Party in respect of such matter and (ii) any amount expended by the Indemnifying Party in pursuing or defending any claim arising out of such matter.

12.10 R&W Policy. The R&W Policy shall include a provision whereby the R&W Policy Provider expressly waives, and agrees not to pursue, directly or indirectly, any subrogation rights against the Company or its Affiliates, or any former or current general or limited partners, shareholders, managers, members, directors, officers, employees, agents and representatives of either of the foregoing with respect to any claim made by any insured thereunder (except for Fraud). No insured party under the R&W Policy shall waive, amend, modify or otherwise revise this subrogation provision, or allow such provision to be waived, amended, modified, or otherwise revised without the prior written consent of the Holder Representative.

12.11 Indemnification Sole and Exclusive Remedy. Except with respect to claims to the extent based on Fraud, following the Closing, indemnification pursuant to this Article XII shall be the sole and exclusive remedy of the Parties and any Parties claiming by or through any Party (including the Indemnified Parties) related to or arising from any breach of any representation, warranty, covenant or agreement contained in, or otherwise pursuant to, this Agreement and none of Buyer, Merger Sub, the Company, the Holder Representative or any Pre-Closing Holder shall have any other rights or remedies in connection with any breach of this Agreement or any other liability arising out of the negotiation, entry into or consummation of the transactions contemplated by this Agreement, whether based on contract, tort, strict liability, other Laws or otherwise. All representations and warranties set forth in this Agreement are contractual in nature only and subject to the sole and exclusive remedies set forth in this Article XII. Furthermore, Buyer, Merger Sub, the Company, the Holder Representative (on behalf of itself and the Pre-Closing Holders) acknowledge and agree that, except in the case of Fraud:

71

(i) the parties have voluntarily agreed to define their rights, liabilities and obligations respecting the Merger and the other transactions contemplated hereby exclusively in contract pursuant to the express terms and provisions of this Agreement and hereby waive any statutory and common law remedies, including remedies that may be available under Environmental Laws, with respect to matters relating to the transactions contemplated by this Agreement (including with respect to any environmental, health or safety matters);

(ii) the sole and exclusive remedies for any breach of the terms and provisions of this Agreement (including any representations and warranties set forth herein, made in connection herewith or as an inducement to enter into this Agreement) or any Action otherwise arising out of or related to the Merger and the other transactions contemplated by this Agreement shall be those remedies available at law or in equity for breach of contract only (as such contractual remedies have been further limited or excluded pursuant to the express terms of this Agreement);

(iii) the provisions of and the limited remedies provided in this Article XII were specifically bargained for among the parties and were taken into account by the parties in arriving at the Merger Consideration (and the Per Fully-Diluted Merger Consideration);

(iv) after the Closing, no party or its Affiliates may seek the rescission of the transactions contemplated by this Agreement; and

(v) the parties each hereby acknowledge that this Agreement embodies the justifiable expectations of sophisticated parties derived from arm's-length negotiations, and the parties specifically acknowledge that no party has any special relationship with another party that would justify any expectation beyond that of an ordinary buyer and an ordinary seller in an arm's-length transaction.

For the avoidance of doubt, any adjustments made to the Merger Consideration pursuant to Section 3.4 shall not be considered “remedies” for purposes of this Section 12.11 and shall not be limited by the terms of this Section 12.11.

ARTICLE XIII.
MISCELLANEOUS

13.1 Waiver. Any party to this Agreement may, at any time prior to the Closing, by action taken by its Board of Directors or Board of Managers, as applicable, or officers thereunto duly authorized, waive any of the terms or conditions of this Agreement or agree to an amendment or modification to this Agreement by an agreement in writing executed in the same manner (but not necessarily by the same Persons) as this Agreement. No waiver by any of the parties hereto of any default, misrepresentation or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. No waiver by any of the parties hereto of any of the provisions hereof shall be effective unless explicitly set forth in writing and executed by the party sought to be charged with such waiver.

72

13.2 Notices. All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when delivered in person, (ii) five Business Days following the date of posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (iii) on the first Business Day following the date of dispatch if delivered by FedEx or other nationally recognized overnight delivery service, or (iv) when delivered by facsimile or email (in each case in this clause (iv), solely if receipt is confirmed), addressed as follows:

	(a) If to Buyer or Merger Sub, to:
	 
	c/o Meritor, Inc.
	2135 W Maple Road
	Troy, Michigan, 48084
	Attention: April Miller Boise and Carl Anderson
	 
	with copies to:
	 
	Thompson Hine LLP
	3900 Key Tower
	127 Public Square
	Cleveland, OH 44114
	Attention: Anthony Kuhel, Jr.
	 
	(b) If to the Company, prior to the Closing, to:
	 
	CAX Parent, LLC
	c/o The Carlyle Group
	520 Madison Avenue
	New York, NY 10022
	Attention: Adam Glucksman and Louise Dumican
	 
	with copies to:
	 
	Latham & Watkins LLP
	555 Eleventh Street, N.W., Suite 1000
	Washington, D.C. 20004-1304
	Attention: Paul F. Sheridan, Jr.
	 
	(c) If to the Holder Representative, to:
	 
	Carlyle Equity Opportunity GP, L.P.
	c/o The Carlyle Group
	520 Madison Avenue
	New York, NY 10022
	Attention: Adam Glucksman and Louise Dumican

73

	with a copy (which shall not constitute notice) to:
	Latham & Watkins LLP
	555 Eleventh Street, N.W., Suite 1000
	Washington, D.C. 20004-1304
	Attention: Paul F. Sheridan, Jr.

or to such other address or addresses as the parties may from time to time designate in writing.

13.3 Assignment. No party hereto shall assign this Agreement or any part hereof without the prior written consent of the other parties. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

13.4 Rights of Third Parties. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person, other than the parties hereto, any right or remedies under or by reason of this Agreement; provided, however, that, (a) the Indemnified Persons and Other Indemnitors (and their successors, heirs and representatives) are intended third-party beneficiaries of, and may enforce, Section 7.2, (b) from and after the Effective Time, the Pre-Closing Holders (and their successors, heirs and representatives) shall be intended third-party beneficiaries of, and may enforce, Article II and III, (c) the Termination Date Holders are intended third party beneficiaries of the obligations of Buyer and Merger Sub hereunder and, in the event of a termination of this Agreement, the Holder Representative shall be entitled to enforce the right of the Termination Date Holders to recover for breach of such obligations under Sections 10.2 and 10.3; provided that only the Company and the Holder Representative (and not any Termination Date Holder) shall be entitled to enforce the right of the Termination Date Holders to recover for breach of such obligations under Sections 10.2 and 10.3, (d) the past, present and future directors, officers, employees, incorporators, members, partners, shareholders, Affiliates, agents, attorneys, advisors and representatives of the parties, and any Affiliate of any of the foregoing (and their successors, heirs and representatives), are intended third-party beneficiaries of, and may enforce, Section 13.15 and, with respect to the foregoing related to the Company only, Section 13.1, (e) Prior Company Counsel and the Designated Persons shall be intended third party beneficiaries of, and may enforce, Section 13.16, and (f) the provisions of Section 13.17 are intended to be for the benefit of, and shall be enforceable by, each Seller Releasee.

13.5 Expenses. Each party hereto, other than the Holder Representative (whose expenses shall be paid out of funds paid to the Holder Representative under Section 3.5) shall bear its own expenses incurred in connection with this Agreement and the transactions herein contemplated whether or not such transactions shall be consummated, including all fees of its legal counsel, financial advisers and accountants; provided, however, that the fees and expenses of the Auditor, if any, shall be paid in accordance with Section 3.4; provided, further, that Buyer shall pay (a) Transfer Taxes as provided for in Section 8.5(h), (b) 50% of the fees payable to the Antitrust Authorities, (c) 50% of the Run-Off Policy and (d) any amounts due with regard to the R&W Policy; provided, further, that, in the event that the transactions contemplated hereby are not consummated, (i) the Company shall reimburse the Holder Representative for all costs and expenses incurred by the Holder Representative in connection with the transactions contemplated hereby, and (ii) Buyer shall pay all fees and expenses in connection with any financing arrangements regardless of whether such financing fees and expenses were to be incurred by the Company or any of its Subsidiaries.

74

13.6 Governing Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction.

13.7 Captions; Counterparts. The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. This Agreement may be executed in two or more counterparts (including electronically-transmitted counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

13.8 Schedules and Annexes. The Schedules and Annexes referenced herein are a part of this Agreement as if fully set forth herein. All references herein to Schedules and Annexes shall be deemed references to such parts of this Agreement, unless the context shall otherwise require. Any disclosure made by a party in the Schedules with reference to any section or schedule of this Agreement shall be deemed to be a disclosure with respect to all other sections or schedules to which the relevance of such disclosure is reasonably apparent. Certain information set forth in the Schedules is included solely for informational purposes and may not be required to be disclosed pursuant to this Agreement. The disclosure of any information shall not be deemed to constitute an acknowledgment that such information is required to be disclosed in connection with the representations and warranties made in this Agreement, nor shall such information be deemed to establish a standard of materiality.

13.9 Entire Agreement. This Agreement (together with the Schedules and Annexes to this Agreement), the Escrow Agreement, the Ancillary Agreements and that certain Confidentiality Agreement dated as of July 13, 2018 between Buyer and the Company (the “Confidentiality Agreement”) constitute the entire agreement among the parties relating to the transactions contemplated hereby and supersede any other agreements, whether written or oral, that may have been made or entered into by or among any of the parties hereto or any of their respective Subsidiaries relating to the transactions contemplated hereby. No representations, warranties, covenants, understandings or agreements, oral or otherwise, relating to the transactions contemplated by this Agreement exist between the parties, except as expressly set forth in this Agreement, the Escrow Agreement and the Confidentiality Agreement.

13.10 Amendments. This Agreement may be amended or modified in whole or in part, only by a duly authorized agreement in writing executed in the same manner as this Agreement and which makes reference to this Agreement. The approval of this Agreement by the member of the Company shall not restrict the ability of the Board of Managers of the Company to terminate this Agreement in accordance with Section 10.1 or to cause the Company to enter into an amendment to this Agreement pursuant to this Section 13.10 to the extent permitted under the Act.

13.11 Publicity. The Company and Buyer agree that, except as otherwise required by Law, including federal and state securities laws and stock exchange requirements, from the date hereof through the Closing Date, no public release or announcement concerning the transactions contemplated hereby shall be issued or made by or on behalf of any party without the prior written consent of the other parties hereto (which consent shall not be unreasonably withheld, conditioned or delayed), and the parties shall cooperate as to the timing and contents of any such announcement; provided, however, that each party hereto and its Affiliates shall be permitted to disclose information concerning this Agreement and the transactions contemplated hereby (a) to its respective customers, suppliers, employees, lenders and advisors who (in the reasonable opinion of such party) have a need to know such information and who agree to keep such information confidential or are otherwise bound to confidentiality; and (b) in connection with customary announcements such as earnings calls which do not contain information that is not otherwise publicly available, in each case without the other parties’ consent (such consent not to be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, Buyer and the Company shall cooperate to prepare a joint press release to be issued on or promptly (and in any event within two (2) Business Days) after the date of this Agreement and a joint press release to be issued on the Closing Date. The Company and Buyer and Merger Sub agree to keep the terms of this Agreement confidential, except to the extent and to the Persons to whom disclosure is required by applicable Law or for purposes of compliance with financial reporting obligations; provided, that the parties may disclose such terms to their respective employees, accountants, advisors and other representatives as necessary in connection with the ordinary conduct of their respective businesses (so long as such Persons agree to, or are bound by contract or professional or fiduciary obligations to, keep the terms of this Agreement confidential and so long as the parties shall be responsible to the other parties hereto for breach of this Section 13.11 or such confidentiality obligations by the recipients of its disclosure). Subject to the terms of the Confidentiality Agreement, the Company and Buyer further acknowledge and agree that (x) the Company may disclose such terms and the existence of this Agreement and the transactions contemplated hereby (and may provide a copy of this Agreement) to its direct and indirect equityholders and (y) Carlyle Investment Management L.L.C. may disclose such terms and the existence of this Agreement and the transactions contemplated hereby to its Affiliates in order that such Persons may provide information about the subject matter of this Agreement and the transactions contemplated hereby to their respective actual and prospective limited partners and investors in connection with their fundraising and reporting activities.

75

13.12 Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect. The parties further agree that if any provision contained herein is, to any extent, held invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions necessary to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent necessary, shall amend or otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable with a valid and enforceable provision giving effect to the intent of the parties.

13.13 Jurisdiction; Waiver of Jury Trial.

(a) ANY PROCEEDING OR ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE BROUGHT IN THE DELAWARE CHANCERY COURT (OR, IF THE DELAWARE CHANCERY COURT SHALL BE UNAVAILABLE, ANY OTHER COURT OF THE STATE OF DELAWARE OR, IN THE CASE OF CLAIMS TO WHICH THE FEDERAL COURTS HAVE EXCLUSIVE SUBJECT MATTER JURISDICTION, ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE STATE OF DELAWARE), AND EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF EACH SUCH COURT IN ANY SUCH PROCEEDING OR ACTION, WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO PERSONAL JURISDICTION, VENUE OR TO CONVENIENCE OF FORUM, AGREES THAT ALL CLAIMS IN RESPECT OF THE PROCEEDING OR ACTION SHALL BE HEARD AND DETERMINED ONLY IN ANY SUCH COURT, AND AGREES NOT TO BRING ANY PROCEEDING OR ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY OTHER COURT. NOTHING HEREIN CONTAINED SHALL BE DEEMED TO AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER PARTY IN ANY OTHER JURISDICTION, IN EACH CASE, TO ENFORCE JUDGMENTS OBTAINED IN ANY ACTION, SUIT OR PROCEEDING BROUGHT PURSUANT TO THIS SECTION 13.13(a).

76

(b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 13.13(b).

13.14 Enforcement. The parties hereto agree that irreparable damage would occur, and that the parties would not have any adequate remedy at law, 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 specifically enforce the terms and provisions of this Agreement, without proof of actual damages or otherwise, in addition to any other remedy to which any party is entitled at law or in equity. Each party agrees to waive any requirement for the securing or posting of any bond in connection with such remedy. The parties further agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy. To the extent the Company brings an Action to enforce specifically the obligations of Buyer and/or Merger Sub to consummate the transactions contemplated hereby or to comply with any covenant of Buyer or Merger Sub contained herein (other than an Action to enforce specifically any provision that by its terms requires performance after the Closing or expressly survives termination of this Agreement), the Termination Date shall automatically be extended to (i) the twentieth (20th) Business Day following the resolution of such Action or (ii) such other time period established by the court presiding over such Action. The Parties further agree that, notwithstanding anything to the contrary in this Agreement, in the event that (A) this Agreement is terminated by the Company pursuant to Section 10.1(c)(i) and (B) the Holder Damages are paid pursuant to Section 10.3, then in no event shall the Company be entitled to seek or receive specific performance or other equitable relief to enforce specifically the terms and provisions of this Agreement against Buyer (including the obligation to consummate the Closing or pay the amounts contemplated by Article III). In such instances, the Holder Damages shall be the Company’s sole and exclusive remedy.

13.15 Non-Recourse. This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby may only be brought against, the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party. Except to the extent a named party to this Agreement (and then only to the extent of the specific obligations undertaken by such named party in this Agreement and not otherwise), no past, present or future director, manager, officer, employee, incorporator, member, partner, stockholder, Affiliate or agent, attorney, advisor or representative of any such Person or any of its Affiliates shall have any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations, warranties, covenants, agreements or other obligations or liabilities of any one or more of the Company or Buyer under this Agreement (whether for indemnification or otherwise) of or for any claim based on, arising out of, or related to this Agreement or the transactions contemplated hereby.

77

13.16 Waiver of Conflicts Regarding Representations; Non-Assertion of Attorney-Client Privilege.

(a) Conflicts of Interest. Buyer acknowledges that Latham & Watkins LLP and other legal counsel (“Prior Company Counsel”) have, on or prior to the Closing Date, represented one or more of the Holder Representative, one or more Pre-Closing Holders, the Company, and its Subsidiaries and other Affiliates, and their respective officers, employees and directors (each such Person, other than the Company and its Subsidiaries, a “Designated Person”) in one or more matters relating to this Agreement or any other agreements or transactions contemplated hereby (including any matter that may be related to a litigation, claim or dispute arising under or related to this Agreement or such other agreements or in connection with such transactions) (each, an “Existing Representation”), and that, in the event of any post-Closing matters (x) relating to this Agreement or any other agreements or transactions contemplated hereby (including any matter that may be related to a litigation, claim or dispute arising under or related to this Agreement or such other agreements or in connection with such transactions) and (y) in which Buyer or any of its Affiliates (including the Company and its Subsidiaries), on the one hand, and one or more Designated Persons, on the other hand, are or may be adverse to each other (each, a “Post-Closing Matter”), the Designated Persons reasonably anticipate that Prior Company Counsel will represent them in connection with such matters. Accordingly, each of Buyer and the Company hereby (i) waives and shall not assert, and agrees after the Closing to cause its Affiliates to waive and to not assert, any conflict of interest arising out of or relating to the representation by one or more Prior Company Counsel of one or more Designated Persons in connection with one or more Post-Closing Matters (the “Post-Closing Representation”) (provided that such waiver and non-assertion will only apply to such representation(s) and will not apply to any subsequent representation unrelated to a Post-Closing Matter), and (ii) agrees that, in the event that a Post-Closing Matter arises, Prior Company Counsel may represent one or more Designated Persons in Post-Closing Matter even though the interests of such Person(s) may be directly adverse to Buyer or any of its Affiliates (including the Company and its Subsidiaries), and even though Prior Company Counsel may (i) have represented the Company or its Subsidiaries in a matter substantially related to such dispute or (ii) be currently representing Buyer, the Company or any of their respective Affiliates.

(b) Attorney-Client Privilege. Each of Buyer and the Company (on behalf of itself and its Affiliates) waives and shall not assert, and agrees after the Closing to cause its Affiliates to waive and to not assert, any attorney-client privilege, attorney work-product protection or expectation of client confidence with respect to any communication between any Prior Company Counsel, on the one hand, and any Designated Person or the Company or any of its Subsidiaries (collectively, the “Pre-Closing Designated Persons”), or any advice given to any Pre-Closing Designated Person by any Prior Company Counsel, occurring during one or more Existing Representations (collectively, “Pre-Closing Privileges”) in connection with any Post-Closing Representation, including in connection with a dispute between any Designated Person and one or more of Buyer, the Company and their respective Affiliates, it being the intention of the parties hereto that all rights to such Pre-Closing Privileges, and all rights to waive or otherwise control such Pre-Closing Privilege, shall be retained by such Designated Persons and asserted by the Holder Representative on their behalf, and shall not pass to or be claimed or used by Buyer or the Company, except as provided in the last sentence of this Section 13.16(b). Furthermore, each of Buyer and the Company (on behalf of itself and its Affiliates) acknowledges and agrees that any advice given to or communication with any of the Designated Persons shall not be subject to any joint privilege (whether or not the Company or one more of its Subsidiaries also received such advice or communication) and shall be owned solely by such Designated Persons. For the avoidance of doubt, in the event that a dispute arises between one or more of Buyer, the Company and their respective Affiliates, on the one hand, and any of the Designated Persons, on the other hand, then the Company shall make available to the Holder Representative, acting on behalf of the applicable Designated Persons, all books and records of the Company and its Subsidiaries relevant to the dispute, and the Company shall (and shall cause its Affiliates to) waive any Pre-Closing Privileges of the Company or its Affiliates applicable to such books and records. Notwithstanding the foregoing, in the event that a dispute arises between Buyer or the Company or any of its Subsidiaries, on the one hand, and a third party other than a Designated Person, on the other hand, the Company shall (and shall cause its Affiliates to) assert the Pre-Closing Privileges on behalf of the Designated Persons to prevent disclosure of Privileged Materials to such third party; provided, however, that such privilege may be waived only with the prior written consent of the Holder Representative, acting on behalf of the applicable Designated Persons (which consent will not be unreasonably withheld, conditioned or delayed).

78

(c) Privileged Materials. All such Pre-Closing Privileges, and all books and records and other documents of the Company and its Subsidiaries containing any advice or communication that is subject to any Pre-Closing Privilege relating to the transactions contemplated hereby (“Privileged Materials”), shall be excluded from the purchase, and shall be distributed to the Holder Representative (on behalf of the applicable Designated Persons) immediately prior to the Closing with (in the case of such books and records) no copies retained by the Company or any of its Subsidiaries. Absent the prior written consent of the applicable Holder Representative, neither Buyer nor (following the Closing) the Company shall have a right of access to Privileged Materials.

(d) Miscellaneous. Buyer hereby acknowledges that it has had the opportunity (including on behalf of its Affiliates and the Company) to discuss and obtain adequate information concerning the significance and material risks of, and reasonable available alternatives to, the waivers, permissions and other provisions of this Agreement, including the opportunity to consult with counsel other than Prior Company Counsel. This Section 13.16 shall be irrevocable, and no term of this Section 13.16 may be amended, waived or modified, without the prior written consent of the Holder Representative, acting on behalf of the applicable Designated Person, and Prior Company Counsel affected thereby.

13.17 Release.

(a) Effective as of the Closing, Buyer, for itself, the Company, each Subsidiary of the Company, each such Person’s respective Affiliates and each such Person’s respective successors, assigns, executors, heirs, officers, directors, managers, partners and employees (each, a “Buyer Releasor”), hereby irrevocably, knowingly and voluntarily releases, discharges and forever waives and relinquishes all Actions, demands, obligations, liabilities, defenses, affirmative defenses, setoffs, counterclaims, and causes of action of whatever kind or nature, whether known or unknown, that any of the Buyer Releasors has, might have or might assert now or in the future, against any member of the Company, any of their Affiliates, its and their respective successors, assigns, officers, directors, managers, partners and employees or any such Person’s respective heirs or executors (in each case in their capacity as such) (each, a “Seller Releasee”), arising out of, based upon or resulting from any Contract, transaction, event, circumstance, action, failure to act or occurrence of any sort or type related to the Company or any of its Subsidiaries, whether known or unknown, and which occurred, existed or was taken or permitted at or prior to the Closing; provided, however, that nothing contained in this Section 13.17(a) shall release, waive, discharge, relinquish or otherwise affect the rights or obligations of any Party to the extent arising out of this Agreement. Buyer shall, and shall cause the Company and its Subsidiaries to, refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced any legal proceeding of any kind against a Seller Releasee based upon any matter released pursuant to this Section 13.17(a).

79

(b) Effective as of the Closing, each Member, for itself, each such Member’s respective Subsidiaries and each such Person’s respective successors, assigns, executors, heirs, officers, directors, managers, partners and employees (each, a “Member Releasor”), hereby irrevocably, knowingly and voluntarily releases, discharges and forever waives and relinquishes all Actions, demands, obligations, liabilities, defenses, affirmative defenses, setoffs, counterclaims, and causes of action of whatever kind or nature, whether known or unknown, that any of the Member Releasors has, might have or might assert now or in the future, against the Company, Merger Sub, Buyer, any of their Affiliates, its and their respective successors, assigns, officers, directors, managers, partners and employees or any such Person’s respective heirs or executors (in each case in their capacity as such) (each, a “Buyer Releasee”), as a right of contribution to the extent arising out of, based upon or resulting from its status as an equityholder in the Company prior to the Closing; provided, however, that nothing contained in this Section 13.17(b) shall release, waive, discharge, relinquish or otherwise affect the rights or obligations of any Party to the extent arising out of this Agreement. Member Releasors shall refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced any legal proceeding of any kind against a Buyer Releasee based upon any matter released pursuant to this Section 13.17(b).

[Remainder of page intentionally left blank]

80

IN WITNESS WHEREOF the parties have hereunto caused this Agreement to be duly executed as of the date first above written.

		MERITOR, INC.
		 
		By: 	/s/ Carl Anderson
		Name: Carl Anderson
		Title: Senior Vice President and Chief Financial Officer
		 
		 
		JANUS MERGER SUB, LLC
		 
		By:	/s/ Paul Bialy
		Name: Paul Bialy
		Title: Vice President and Controller
		 
		 
		CAX PARENT, LLC
		 
		By:	/s/ William A. Gryzenia
		Name: William A. Gryzenia
		Title: Chief Executive Officer and President
		 
		 
		CARLYLE EQUITY OPPORTUNITY GP, L.P., solely
		in its capacity as the Holder Representative
		 
		By: CARLYLE EQUITY OPPORTUNITY GP, L.L.C.,
		its general partner
		 
		By:	/s/ Aditya Narain
		Name: Aditya Narain
		Title: Authorized Signatory

[Signature Page to the Merger Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]