Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of April 13, 2018, between EyeGate Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its
successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities
Act of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and
each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described
in this Agreement.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement, (a) capitalized terms that are not otherwise defined herein
have the meanings given to such terms in the Certificate of Designation (as defined herein), and (b), the following terms have
the meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.7.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Certificate
of Designation” means the Certificate of Designation to be filed prior to the Closing by the Company with the Secretary
of State of Delaware, in the form of Exhibit A attached hereto.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

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“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and
(ii) the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event
later than the second (2nd) Trading Day following the date hereof.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company
Counsel” means Burns & Levinson LLP, with offices located at 125 Summer Street, Boston, MA 02110.

 

“Conversion
Price” shall have the meaning ascribed to such term in the Certificate of Designation.

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of the shares of Preferred Stock in
accordance with the terms hereof.

 

“Disclosure
Time” means, (i) if this Agreement is signed on any day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, unless otherwise instructed to an earlier time by the Placement Agent (ii) if this Agreement is signed between
midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time)
on the date hereof, unless otherwise instructed to an earlier time by the Placement Agent.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock, options or other equity awards to employees, officers,
directors or consultants (but as to consultants, not more than 200,000 shares of Common Stock that is issued as "restricted
securities" (as defined in Rule 144) without registration rights) of the Company pursuant to any stock or option plan duly
adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a
committee of non-employee directors established for such purpose for services rendered to the Company, including without limitation
any grants that may be made under the Company’s 2014 Equity Incentive Plan or any inducement grant (so long as such securities
are issued as "restricted securities" (as defined in Rule 144) without registration rights), (b) securities upon
the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable
for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities
have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price,
exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend
the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions, including license
agreements with third parties, approved by a majority of the disinterested directors of the Company, provided that any such issuance
shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company,
a service provider or an owner of an asset in a business synergistic with the business of the Company and shall provide to the
Company additional benefits in addition to the investment of funds (so long as such securities are issued as "restricted securities"
(as defined in Rule 144) without registration rights), but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

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“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“FDA”
shall have the meaning ascribed to such term in Section 3.1(jj).

 

“FDCA”
shall have the meaning ascribed to such term in Section 3.1(jj).

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(bb).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Lock-Up
Agreement” means the written agreement, in the form of Exhibit C attached hereto, between the Company and each
of the Company’s Chief Executive Officer, Chief Financial Officer and Chief Medical Officer.

 

“Lowenstein
Sandler” means Lowenstein Sandler LLP, with offices located at 1251 Avenue of the Americas, New York, New York 10020.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

“Per
Share Purchase Price” equals $0.32, subject to adjustment for reverse and forward stock splits, stock dividends, stock
combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

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

 

“Pharmaceutical
Product” shall have the meaning ascribed to such term in Section 3.1(jj).

 

“Placement
Agent” means H.C. Wainwright & Co., LLC.

 

“Preferred
Stock” means the up to 10,000 shares of the Company’s Series C Convertible Preferred Stock issued hereunder having
the rights, preferences and privileges set forth in the Certificate of Designation, in the form of Exhibit A hereto.

 

“Preliminary
Prospectus” means the preliminary prospectus or prospectus subject to completion included in the Registration Statement
or filed with the Commission pursuant to Rule 424 under the Securities Act.

 

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“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final prospectus filed for the Registration Statement.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.10.

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-223887 which registers the sale
of the Shares, Preferred Stock, the Warrants and the Underlying Shares.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Required
Minimum” means, as of any date, the maximum aggregate number of shares of Common Stock then issued or then potentially
issuable assuming no further adjustments in the future pursuant to the Transaction Documents, including any Underlying Shares issuable
upon exercise in full of all Warrants or conversion in full of all shares of Preferred Stock, ignoring any conversion or exercise
limits set forth therein.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares, the Preferred Stock, the Warrants and the Underlying Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing shares of Common Stock).

 

“Stated
Value” means $1,000 per share of Preferred Stock.

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the Shares or Preferred Stock, as applicable
to such Purchaser, and the Warrants purchased hereunder as specified below such Purchaser’s name on the signature page of
this Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately available
funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Reports, and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

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“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Certificate of Designations, the Warrants, the Lock-Up Agreements, all exhibits
and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated
hereunder.

 

“Transfer
Agent” means VStock Transfer LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place,
Woodmere, NY 11598 and any successor transfer agent of the Company.

 

“Underlying
Shares” means the shares of Common Stock issued and issuable upon conversion or redemption of the Preferred Stock and
upon exercise of the Warrants.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.14(b).

 

“Warrants”
means, collectively, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a)
hereof, which Warrants shall be exercisable immediately and have a term equal to five (5) years, in the form of Exhibit B
attached hereto.

 

“Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1           Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly,
agree to purchase, up to an aggregate of $11,250,000 of Shares and/or shares of Preferred Stock with an aggregate Stated Value
for each Purchaser equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such
Purchaser, and Warrants as determined pursuant to Section 2.2(a). Notwithstanding anything herein to the contrary, in the
event that a Purchaser’s Subscription Amount (together with such Purchaser’s Affiliates, and any Person acting as a
group together with such Purchaser or any of such Purchaser’s Affiliates) would cause such Purchaser’s beneficial ownership
of the Common Stock to exceed 4.99% of the issued and outstanding shares of Common Stock, in lieu of Shares in excess of such amount,
such Purchaser shall, upon request of such Purchaser, be issued shares of Preferred Stock in the amount requested as determined
pursuant to Section 2.2(a)(iv). Each Purchaser shall deliver to the clearing account designated by the Placement Agent, immediately
available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such
Purchaser and the Company shall deliver to each Purchaser its respective Shares via DVP (as defined below) or shares of Preferred
Stock, as applicable, and Warrants as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the
other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in
Sections 2.2 and 2.3, the Closing shall occur at the offices of Lowenstein Sandler or such other location as the parties shall
mutually agree. Unless otherwise agreed upon by the Company and the Placement Agent, settlement of the Shares shall occur via “Delivery
Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company shall issue the Shares registered in the Purchasers’
names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser;
upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser,
and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company). The Company
covenants that, if the Purchaser delivers a Notice of Conversion (as defined in the Certificate of Designation) at least one (1)
Trading Day prior to the Closing to convert any shares of Preferred Stock between the date hereof and the Closing Date, the Company
shall deliver Conversion Shares to the Purchaser on the Closing Date in connection with such Notice of Conversion. The Company
further acknowledges and agrees that it will honor Notices of Conversion delivered prior to the Closing Date in accordance with
the immediately preceding sentence.

 

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2.2           Deliveries.

 

(a)   On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)          this
Agreement duly executed by the Company;

 

(ii)         a
legal opinion of Company Counsel, substantially in the form reasonable acceptable to the Purchasers and the Placement Agent;

 

(iii)        subject
to the last sentence of Section 2.1, as to a Purchaser purchasing Shares hereunder, a copy of the irrevocable instructions
to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit
or Withdrawal at Custodian system (DWAC) Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase
Price, registered in the name of such Purchaser;

 

(iv)        to
each Purchaser that will receive any Preferred Stock in lieu of Shares pursuant to Section 2.1, (I) shares of Preferred Stock registered
in the name of such Purchaser convertible into a number of shares of Common Stock (keeping in mind that one share of Preferred
Stock has a stated value of $1,000) equal to the difference between (A) such Purchaser’s Subscription Amount divided by the
Per Share Purchase Price and (B) the number of Shares otherwise issuable to such Purchaser that would cause such Purchaser’s
beneficial ownership to equal 4.99% (or higher percentage as requested by such Purchaser) of the issued and outstanding shares
of Common Stock, and evidence of the filing and acceptance of the Certificate of Designation from the Secretary of State of Delaware;

 

(v)         a
Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 100% of the aggregate
amount of such Purchaser’s Shares, and if applicable Conversion Shares, on the date hereof, with an exercise price equal
to $0.32, subject to adjustment therein);

 

(vi)        the
Lock-Up Agreements; and

 

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(vii)       the
Preliminary Prospectus and the Prospectus (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)   On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)          this
Agreement duly executed by such Purchaser; and

 

(ii)         Such
Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with
the Company.

 

2.3           Closing
Conditions.

 

(a)   The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)          the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

(ii)         all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii)        the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)   The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

 

(i)          the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)         all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)        the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)        there
shall have been no Material Adverse Effect with respect to the Company since the date hereof;

 

(v)         each
of the Lock-Up Agreements shall remain in full force and effect; and

 

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(vi)        from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the
Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to each Purchaser:

 

(a)   Subsidiaries.
All of the direct and indirect subsidiaries of the Company are set forth on Exhibit 21.1 to the Company’s Annual Report on
Form 10-K filed with the SEC on March 2, 2018. The Company owns, directly or indirectly, all of the capital stock or other equity
interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each
Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or
purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction
Documents shall be disregarded.

 

(b)   Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company
nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business,
prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material
adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction
Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted
in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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(c)   Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith
or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which
it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the
terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar
as indemnification and contribution provisions may be limited by applicable law.

 

(d)   No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company or Subsidiary debt or otherwise) to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and
(iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)   Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the
filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus, (iii) the
filing of the Certificate of Designations with the Secretary of State of Delaware, (iv) application(s) to each applicable
Trading Market for the listing of the Shares and Underlying Shares for trading thereon in the time and manner required thereby,
and (iv) such filings as are required to be made under applicable state securities laws (collectively, the “Required
Approvals”).

 

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(f)    Issuance
of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company. The Underlying Shares, when issued in accordance with the terms of the Transaction Documents, will be validly issued,
fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized
capital stock the maximum number of shares of Common Stock for issuance of the Underlying Shares at least equal to the Required
Minimum as of the date hereof. The Company has prepared and filed the Registration Statement in conformity with the requirements
of the Securities Act, which became effective on April 12, 2018 (the “Effective Date”), including the Prospectus,
and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement
is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement
or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have
been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and
regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

(g)   Capitalization.
The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g). The Company has not issued any
capital stock since its most recently filed periodic report under the Exchange Act, other than issuances of the Company’s
equity securities to the Company’s officers, directors, employees or consultants in the ordinary course of business, pursuant
to the grant of equity awards or the exercise of employee stock options or options held by members of the Board of Directors under
the Company’s stock option or equity incentive plans, the issuance of shares of Common Stock to employees pursuant to the
Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding
as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive
right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.
Except as a result of the purchase and sale of the Securities and as set forth on Schedule 3.1(g), there are no outstanding
options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights
or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire,
any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by
which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents
or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to
issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any
holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. There are
no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and
there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound
to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities
laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or
purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for
the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with
respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among
any of the Company’s stockholders.

 

    	 	10	 

     

    

 

(h)   SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with
the Preliminary Prospectus and the Prospectus, being collectively referred to herein as the “SEC Reports”) on
a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject
to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect
at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)    Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development
that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred
any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course
of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial
statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method
of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders
or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has
not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option, equity
incentive or stock purchase plans. The Company does not have pending before the Commission any request for confidential treatment
of information. Except for the issuance of the Securities contemplated by this Agreement, no event, liability, fact, circumstance,
occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its
Subsidiaries or their respective businesses, properties, operations, assets or financial condition that would be required to be
disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been
publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

    	 	11	 

     

    

 

(j)    Litigation.
Except as set forth on Schedule 3.1(j), there is no action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective
properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county,
local or foreign) (collectively, an “Action”). None of the Actions set forth on Schedule 3.1(j) (i) adversely
affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could,
if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company
nor any Subsidiary, nor, to the knowledge of the Company, any director or officer thereof, is or has been the subject of any Action
involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There
has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving
the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act
or the Securities Act.

 

(k)   Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance
with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and
conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

    	 	12	 

     

    

 

(l)    Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not
been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor
has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of
any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to
taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except
in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(m)  Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating
to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface
or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment,
or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses,
notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental
Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit,
license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

(n)   Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(o)   Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and
do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and
(ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under
lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company
and the Subsidiaries are in compliance.

 

    	 	13	 

     

    

 

(p)   Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks,
trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property
rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC
Reports and which the failure to so have would reasonably be expected to have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that
any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be
abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any Subsidiary has received, since
the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has
any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have
or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property
Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The
Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of
their Intellectual Property Rights, except where failure to do so could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(q)   Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the
Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without
a significant increase in cost.

 

(r)    Transactions
With Affiliates and Employees. Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company
or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case
in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement
for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under
any stock option plan of the Company.

 

    	 	14	 

     

    

 

(s)   Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of
the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated
by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed
in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is
permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers
have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of
the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”).
The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers
about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the
Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange
Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal
control over financial reporting of the Company and its Subsidiaries.

 

(t)    Certain
Fees. Except as set forth in the Preliminary Prospectus and the Prospectus, no brokerage or finder’s fees or commissions
are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers
shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees
of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(u)   Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject
to registration under the Investment Company Act of 1940, as amended.

 

(v)   Registration
Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act
of any securities of the Company or any Subsidiary.

 

    	 	15	 

     

    

 

(w)  Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof,
received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company
is not in compliance with the listing or maintenance requirements of such Trading Market. Except as set forth on Schedule 3.1(w),
the Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all
such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository
Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust
Company (or such other established clearing corporation) in connection with such electronic transfer.

 

(x)   Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents)
or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(y)   Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Preliminary Prospectus and the Prospectus. The Company understands and confirms that the Purchasers will rely on the foregoing
representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company
to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby,
is true and correct in all material respects and does not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made,
not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken
as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made and when made,
not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with
respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(z)    No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would
require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

    	 	16	 

     

    

 

(aa)         Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets
exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company's assets do not constitute unreasonably small capital
to carry on its business as now conducted and as proposed to be conducted, including its capital needs taking into account the
particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital
availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were
it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts
on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond
its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect
of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization
or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule
3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary,
or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness”
means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred
in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness
of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto),
except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course
of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized
in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(bb)         Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it
is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations and (iii) has set aside on its books provisions reasonably adequate for
the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the
Company or of any Subsidiary know of no basis for any such claim.

 

(cc)         Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent
or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made
any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or
campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or
made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any
material respect any provision of FCPA.

 

    	 	17	 

     

    

 

(dd)         Accountants.
The Company’s accounting firm is EisnerAmper LLP. To the Company’s knowledge, such accounting firm (i) is a registered
public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements
to be included in the Company’s Annual Report for the fiscal year ending December 31, 2018.

 

(ee)         Acknowledgement
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that, to the knowledge of the Company,
each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents
and the transactions contemplated thereby. The Company further acknowledges that, to the knowledge of the Company, no Purchaser
is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents
and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents
in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’
purchase of the Securities. The Company further represents to each Purchaser that the Company’s decision to enter into this
Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated
hereby by the Company and its representatives.

 

(ff)         Acknowledgement
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding
(except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers
has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short,
securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities
for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without
limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement
transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser,
and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently
may have a “short” position in the Common Stock, and (iv) each Purchaser shall not be deemed to have any affiliation
with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands
and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that
the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant Shares deliverable
with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing
stockholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. The
Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

(gg)         Regulation
M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases
of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase
any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s
placement agent in connection with the placement of the Securities.

 

    	 	18	 

     

    

 

(hh)         FDA.
As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal
Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged,
labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical
Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed
by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration,
investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices,
good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the
failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the Company’s
knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge,
complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries
has received any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests
the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging
of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval
of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials
relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any
of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or
proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise
alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either individually
or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company have been and
are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA. The
Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of
any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving
or clearing for marketing any product being developed or proposed to be developed by the Company.

 

(ii)           Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(jj)           U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

    	 	19	 

     

    

 

(kk)         Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act
of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(ll)           Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

(mm)       Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in
accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair
market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock
option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there
is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate
the grant of stock options with, the release or other public announcement of material information regarding the Company or its
Subsidiaries or their financial results or prospects.

 

(nn)        No
Disagreements with Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably anticipated
by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and
the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability
to perform any of its obligations under any of the Transaction Documents.

 

(oo)        Lock-Up
Agreements. The Company has signed a Lock-Up Agreement with each of the Company’s Chief Executive Officer and Chief Financial
Officer in the form attached hereto as Exhibit C.

 

3.2           Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

    	 	20	 

     

    

 

(a)   Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar
as indemnification and contribution provisions may be limited by applicable law.

 

(b)   Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise
in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary
course of its business.

 

(c)   Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on
which it exercises any Warrants, it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1),
(a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined
in Rule 144A(a) under the Securities Act.

 

(d)   Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

    	 	21	 

     

    

 

(e)   Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as
it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of
the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the
Company and its financial condition, results of operations, business, prospects, properties, management and prospects sufficient
to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company
possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with
respect to the investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the
Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information
or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the
Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with
respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities
to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such
Purchaser.

 

(f)    Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth
above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s
representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents
and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to the locating or borrowing shares
in order to effect Short Sales or similar transactions in the future.

 

The Company acknowledges and agrees that
the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on
the Company’s representations and warranties contained in this Agreement or any representations and warranties contained
in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transactions contemplated hereby.

 

    	 	22	 

     

    

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1           Underlying
Shares. The Shares and shares of Common Stock underlying the shares of Preferred Stock shall be issued free of legends. If
all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance
or resale of the Warrant Shares or if the Warrant is exercised via cashless exercise, the Warrant Shares issued pursuant to any
such exercise shall be issued free of all legends. If at any time following the date hereof the Registration Statement (or any
subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise available
for the sale or resale of the Warrant Shares, the Company shall immediately notify the holders of the Warrants in writing that
such registration statement is not then effective and thereafter shall promptly notify such holders when the registration statement
is effective again and available for the sale or resale of the Warrant Shares (it being understood and agreed that the foregoing
shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance with applicable
federal and state securities laws). The Company shall use best efforts to keep a registration statement (including the Registration
Statement) registering the issuance (but for avoidance of any doubt, not the resale) of the Warrant Shares effective during the
term of the Warrants.

 

4.2           Acknowledgment
of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares
of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations
under the Transaction Documents, including, without limitation, its obligation to issue the Underlying Shares pursuant to the Transaction
Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless
of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect
that such issuance may have on the ownership of the other stockholders of the Company.

 

4.3           Furnishing
of Information; Public Information. Until the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants
have expired, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange
Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

 

4.4           Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the
rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.5           Conversion
and Exercise Procedures. The terms and provisions expressly described in each Warrant and the Certificate of Designation, including
the form of Notice of Exercise included in the Warrants and the form of Notice of Conversion included in the Certificate of Designation,
set forth the totality of the procedures required of the Purchasers in order to exercise the Warrants or convert the Preferred
Stock. Without limiting the preceding sentences, no ink-original Notice of Exercise or Notice of Conversion shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise or Notice of Conversion
form be required in order to exercise the Warrants or convert the Preferred Stock. No additional legal opinion, other information
or instructions shall be required of the Purchasers to exercise their Warrants or convert their Preferred Stock. The Company shall
honor exercises of the Warrants and conversions of the Preferred Stock, properly submitted in accordance with the respective terms
thereof, and in each such case shall deliver Underlying Shares in accordance with the terms, conditions and time periods set forth
in the Transaction Documents.

 

    	 	23	 

     

    

 

4.6           Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms
of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits
thereto, with the Commission within the time required by the Exchange Act. The Company shall file the Prospectus by 5:30 p.m. (New
York City time) on the second Trading Day immediately following the date hereof. From and after the issuance of such press release,
the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to
any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents
in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such
press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees
or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company
and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated
hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement
without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each
Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except
if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice
of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any
Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without
the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing
of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market
regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause
(b).

 

4.7           Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted
by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving
Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

    	 	24	 

     

    

 

4.8           Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.6, the Company covenants and agrees that neither it, nor any other Person acting
on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably
believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt
of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that
each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent
that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company
hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries,
or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries
or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public
information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.9           Use
of Proceeds. Except as set forth in the Preliminary Prospectus and the Prospectus, the Company shall use the net proceeds from
the sale of the Securities hereunder for working capital purposes as set forth in the Preliminary Prospectus and the Prospectus
and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than payment of
trade payables in the ordinary course of the Company’s business and prior practices), (b) for the redemption of any
Common Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of
FCPA or OFAC regulations.

 

4.10         Indemnification
of Purchasers. Subject to the provisions of this Section 4.10, the Company will indemnify and hold each Purchaser and
its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against
the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is
not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the
Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations
by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially
determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any Purchaser Party
in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company
in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the
extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has
failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in
the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position
of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one
such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by
a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed;
or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s
breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in
the other Transaction Documents. The indemnification required by this Section 4.10 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity
agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company
or others and any liabilities the Company may be subject to pursuant to law.

 

    	 	25	 

     

    

 

4.11         Reservation
of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available
at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company
to issue shares of Common Stock upon conversion of the Preferred Stock and Warrant Shares pursuant to any exercise of the Warrants.
If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than 120% of the
number of Underlying Shares on such date, then the Board of Directors shall use commercially reasonable efforts to amend the Company’s
certificate of incorporation to increase the number of authorized but unissued shares of Common Stock to at least 120% of the number
of Underlying Shares at such time, as soon as possible and in any event not later than the 75th day after such date.

 

4.12         Lock-Up.
The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term
of the lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any officer or
director that is a party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its
best efforts to seek specific performance of the terms of such Lock-Up Agreement.

 

4.13         Listing
of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock on
the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote
all of the Shares and Underlying Shares on such Trading Market and promptly secure the listing of all of the Shares and Underlying
Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other
Trading Market, it will then include in such application all of the Shares and Underlying Shares, and will take such other action
as is necessary to cause all of the Shares and Underlying Shares to be listed or quoted on such other Trading Market as promptly
as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its Common Stock
on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations under the
bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer
through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment
of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

    	 	26	 

     

    

 

4.14         Subsequent
Equity Sales.

 

(a)   From
the date hereof until 120 days from the Closing Date, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents or (ii) file any
registration statements or amendments or supplements thereto, for itself or on behalf of other Persons, other than on Form S-8
or S-4; provided, however, that the prohibitions set forth under clauses (i) and (ii) shall terminate if the closing sale price
(as quoted on Bloomberg) of the Company’s shares of Common Stock is above $2.50 (as adjusted for any stock splits, stock
dividends, reverse stock splits, combinations or reclassifications of the Company’s Common Stock, or similar events) for
five (5) consecutive Trading Days commencing 60 days from the Closing Date.

 

(b)   From
the date hereof until the twenty-four (24) month anniversary of the Closing Date, the Company shall be prohibited from effecting
or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock
Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable
or exercisable for, or include the right to receive additional shares of Common Stock either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares
of Common Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise
or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security
or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market
for the Common Stock or (ii) enters into, or effects a transaction under, any
agreement, including, but not limited to, an equity line of credit or "at-the-market" offering, whereby the Company may
issue securities at a future determined price; provided, however, that the prohibitions set forth under clause (ii) with respect
to the Company’s existing “at-the-market” offering shall be suspended for any sale of shares of Common Stock
thereunder which is above $3.00 per share (as adjusted for any stock splits, stock dividends, reverse stock splits, combinations
or reclassifications of the Company’s Common Stock, or similar events). Any Purchaser shall be entitled to obtain injunctive
relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

(c)   Notwithstanding
the foregoing, this Section 4.14(a) shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction
shall be an Exempt Issuance.

 

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4.15         Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.

 

4.16         Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.6. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until
such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press
release as described in Section 4.6, such Purchaser will maintain the confidentiality of the existence and terms of this transaction
and the information included in the Transaction Documents. Notwithstanding the foregoing and notwithstanding anything contained
in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation,
warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that
the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described
in Section 4.6, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities
of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this
Agreement are first publicly announced pursuant to the initial press release as described in Section 4.6 and (iii) no
Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries
after the issuance of the initial press release as described in Section 4.6. Notwithstanding the foregoing, in the case
of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such
Purchaser’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers
managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

 

ARTICLE V.

MISCELLANEOUS

 

5.1           Termination. This
Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever
on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not
been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however,
that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

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5.2           Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company
and any conversion or exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with
the delivery of any Securities to the Purchasers.

 

5.3           Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Preliminary Prospectus and the
Prospectus, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede
all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been
merged into such documents, exhibits and schedules.

 

5.4           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile or email attachment at the facsimile number or email address as set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if
such notice or communication is delivered via facsimile or email attachment at the facsimile number or email address as set forth
on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd ) Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address
for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice
provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company
or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K.

 

5.5           Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and holders of at least a majority of the aggregate amount of Shares issued hereunder
and shares issuable under the Warrants (without regard to any restriction or limitation on the exercise of the Warrants contained
therein) or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought; provided,
that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the
consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future
or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay
or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment
or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the
comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser.
Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and
the Company.

 

    	 	29	 

     

    

 

5.6           Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.7           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger, in which case no consent shall be required). Any Purchaser may assign any or all of its rights
under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees
in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to
the “Purchasers.”

 

5.8           No
Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of
the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is
intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.10 and this
Section 5.8.

 

5.9           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action
or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under
Section 4.10, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding.

 

5.10         Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

    	 	30	 

     

    

 

5.11         Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

5.12         Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13         Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights; provided, however, that in the
case of a rescission of conversion of the Preferred Stock or an exercise of a Warrant, such right may only be exercised in lieu
of, and not in addition to, any exercise of Buy-In rights under the Certificate of Designation or the Warrant, and the applicable
Purchaser shall be required to return any shares of Common Stock subject to any such rescinded conversion or exercise notice concurrently
with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such
Purchaser’s right to acquire such shares pursuant to such Purchaser’s Preferred Stock or Warrant, as applicable (including,
issuance of a replacement warrant certificate evidencing such restored right).

 

5.14         Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

5.15         Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

    	 	31	 

     

    

 

5.16         Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17         Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each
Purchaser and its respective counsel have chosen to communicate with the Company through Lowenstein Sandler. Lowenstein Sandler
does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers
with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to
do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each
other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively
and not between and among the Purchasers.

 

5.18         Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

 

    	 	32	 

     

    

 

5.19         Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

5.20         Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

 

5.21         WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

    	 	33	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	EYEGATE PHARMACEUTICALS, INC.	 	Address for Notice:
	 	 	 
	By:	 	 	271 Waverley Oaks Road
	 	Name: Stephen From	 	Suite 108
	 	Title: President and Chief Executive Officer	 	Waltham, MA 02452

	 	Email: sfrom@eyegatepharma.com
	 	Attention: Stephen From, President and Chief Executive Officer
	With a copy to (which shall not constitute notice):	 
	 	 
	Burns & Levinson LLP	 
	125 Summer Street	 
	Boston, MA 02110	 
	Email: rpetitt@burnslev.com	 
	Attention: Robert A. Petitt, Esq.	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    	 	34	 

     

    

 

[PURCHASER
SIGNATURE PAGES TO EYEG SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: __________________________________________________________________

 

Signature of Authorized Signatory of
Purchaser: ____________________________________________

 

Name of Authorized Signatory: _______________________________________________________________

 

Title of Authorized Signatory: ________________________________________________________________

 

Email Address of Authorized Signatory:
________________________________________________________

 

Facsimile Number of Authorized Signatory: ______________________________________________________

 

Address for Notice to Purchaser:

 

Address for Delivery of Securities for Purchaser (if not same
as address for notice):

 

Subscription Amount: _____________

 

Shares: _____________

 

Shares of Preferred Stock: _____________

 

Warrant Shares: _________________

 

EIN Number:

 

 ̈
Notwithstanding anything contained in this Agreement to the contrary,
by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased
from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be
unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the second (2nd) Trading Day
following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded
by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the
like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company
or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable)
to such other party on the Closing Date.

  

    	 	35	 

     

    

 

Disclosure Schedules

 

Schedule 3.1(g)

 

Authorized Capital Stock

 

100,000,000 shares of common stock, par value $0.01 and 10,000,000
shares of preferred stock, par value $0.01, of which 3,750 have been designated as Series A Convertible Preferred Stock and 10,000
have been designated as Series B Convertible Preferred Stock.

 

Capitalization

 

As of April 12, 2018, there were 17,657,255 shares of common
stock outstanding and no shares of preferred stock outstanding. As of such date, there were (i) 2,167,003 shares of common stock
issuable upon exercise of options outstanding under the Company’s 2005 Equity Incentive Plan and 2014 Equity Incentive Plan
with a weighted-average exercise price of $2.24 per share, (ii) 9,455,961 shares of common stock issuable upon the exercise of
outstanding warrants with a weighted-average exercise price of $3.26 per share; (iii) 192,411 shares of common stock reserved for
future issuance under the Company’s 2014 Equity Incentive Plan; and (iv) 117,090 shares of common stock reserved for future
issuance under the Company’s 2014 Employee Stock Purchase Plan.

 

Schedule 3.1(i)

 

None.

 

Schedule 3.1(j)

 

None.

 

Schedule 3.1(r)

 

None.

 

Schedule 3.1(w)

 

On April 12, 2017, the
Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, LLC (“Nasdaq”), notifying
the Company that as of April 5, 2017, the Company was not in compliance with NASDAQ Listing Rule 5550(b)(1), as the Company did
not maintain a minimum required stockholders’ equity of $2.5 million, or NASDAQ Listing Rule 5550(b)(2), as the market value
of the Company’s listed securities (“MVLS”) was below the minimum $35 million for the previous 30 consecutive
business days, or NASDAQ Listing Rule 5550(b)(3), as the Company had not had net income from continuing operations in the latest
fiscal year or in two of the last three fiscal years. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company had a period
of 180 calendar days, or until October 2, 2017, to regain compliance with the Rule. The Company subsequently gained recompliance
(until the notice described in the paragraph below) as a result of its public offering in June 2017.

 

     

     

    

 

On November 20,
2017, the Company received a notice from Nasdaq, notifying the Company that as of November 20, 2017, it was not in compliance
with Nasdaq Listing Rule 5550(b)(1), as the Company did not maintain a minimum required stockholders’ equity of 
$2.5 million, or Nasdaq Listing Rule 5550(b)(2), as the market value of the Company’s listed securities (“MVLS”)
was below the minimum $35 million for the previous 30 consecutive business days, or Nasdaq Listing Rule 5550(b)(3), as
the Company had not had net income from continuing operations in the latest fiscal year or in two of the last three fiscal years.
In accordance with Nasdaq Listing Rule 5810(c)(2)(A)(i), the Company submitted a plan to regain compliance to Nasdaq on January 4,
2018. Nasdaq accepted that plan, and the Company has a period of 180 calendar days from receipt of the original notice, or until
May 21, 2018, to regain compliance. To regain compliance, at any time during the 180 calendar day-compliance period the Company’s
MVLS must close at $35 million or more for a minimum of 10 consecutive business days or the Company must report stockholders’
equity of at least $2.5 million.

 

Additionally, on
March 20, 2018, the Company received a written notification Nasdaq indicating that the Company is not in compliance with Nasdaq
Listing Rule 5550(a)(2), as the closing bid price for the Company’s common stock was below the $1.00 per share requirement
for the last 30 consecutive business days. The notice letter states that the Company will have 180 calendar days, until September 17,
2018 (the “Initial Compliance Period”), to regain compliance with the minimum bid price requirement. In accordance
with Nasdaq Listing Rule 5810(c)(3)(A), the Company can regain compliance if the closing bid price of its common stock is
at least $1.00 for a minimum of 10 consecutive business days. If the Company does not achieve compliance with the minimum bid price
requirement by the end of the Initial Compliance Period, it may be granted a second 180 day compliance period, as long as (a) on
the last day of the Initial Compliance Period the Company is in compliance with the market value requirement for continued listing
as well as all other listing standards, except for the minimum bid price requirement, and (b) the Company provides written
notice of its intention to cure the deficiency during the second compliance period.

 

Schedule 3.1(aa)

 

None.

 

    	 	2EX-4.1

 Exhibit 4.1 

INDENTURE 
 Dated as of
April 13, 2018 
 Among 

HILTON DOMESTIC OPERATING COMPANY INC., as the Issuer, 

the Guarantors from time to time party hereto 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 as Trustee 

5.125% SENIOR NOTES DUE 2026 

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	7.10
	 (b)
	  	7.03; 7.10
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 312(a)
	  	2.05
	 (b)
	  	12.03
	 (c)
	  	12.03
	 313(a)
	  	7.06
	 (b)(1)
	  	N.A.
	 (b)(2)
	  	7.06; 7.07
	 (c)
	  	7.06; 12.02
	 (d)
	  	7.06
	 314(a)
	  	4.03; 12.05
	 (b)
	  	N.A.
	 (c)(1)
	  	12.04
	 (c)(2)
	  	12.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	12.05
	 (f)
	  	N.A.
	 315(a)
	  	7.01
	 (b)
	  	7.05; 12.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.14
	 316(a)(last sentence)
	  	2.09
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	2.12; 9.04
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.12
	 (b)
	  	2.04
	 318(a)
	  	12.01
	 (b)
	  	N.A.
	 (c)
	  	12.01

 N.A. means not applicable. 

	*	This Cross-Reference Table is not part of this Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	 
	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	Section 1.01.	 	Definitions	  	 	1	 
	Section 1.02.	 	Other Definitions	  	 	38	 
	Section 1.03.	 	Incorporation by Reference of Trust Indenture Act	  	 	39	 
	Section 1.04.	 	Rules of Construction	  	 	39	 
	Section 1.05.	 	Acts of Holders	  	 	40	 
	Section 1.06.	 	Timing of Payment	  	 	41	 
	Section 1.07.	 	Financial Calculations for Limited Condition Acquisitions	  	 	41	 
	
	ARTICLE 2	 
	 THE NOTES
	  	 	42	 
			
	Section 2.01.	 	Form and Dating; Terms	  	 	42	 
	Section 2.02.	 	Execution and Authentication	  	 	43	 
	Section 2.03.	 	Registrar, Transfer Agent and Paying Agent	  	 	43	 
	Section 2.04.	 	Paying Agent to Hold Money in Trust	  	 	44	 
	Section 2.05.	 	Holder Lists	  	 	44	 
	Section 2.06.	 	Transfer and Exchange	  	 	44	 
	Section 2.07.	 	Replacement Notes	  	 	55	 
	Section 2.08.	 	Outstanding Notes	  	 	55	 
	Section 2.09.	 	Treasury Notes	  	 	55	 
	Section 2.10.	 	Temporary Notes	  	 	56	 
	Section 2.11.	 	Cancellation	  	 	56	 
	Section 2.12.	 	Defaulted Interest	  	 	56	 
	Section 2.13.	 	CUSIP Numbers; ISINs	  	 	56	 
	
	ARTICLE 3	 
		
	 REDEMPTION
	  	 	56	 
			
	Section 3.01.	 	Notices to Trustee	  	 	56	 
	Section 3.02.	 	Selection of Notes to Be Redeemed	  	 	57	 
	Section 3.03.	 	Notice of Redemption	  	 	57	 
	Section 3.04.	 	Effect of Notice of Redemption	  	 	58	 
	Section 3.05.	 	Deposit of Redemption Price	  	 	58	 
	Section 3.06.	 	Notes Redeemed in Part	  	 	58	 
	Section 3.07.	 	Optional Redemption	  	 	59	 
	Section 3.08.	 	Offers to Repurchase by Application of Excess Proceeds	  	 	60	 
	
	ARTICLE 4	 
		
	 COVENANTS
	  	 	61	 
			
	Section 4.01.	 	Payment of Notes	  	 	61	 
	Section 4.02.	 	Maintenance of Office or Agency	  	 	62	 
	Section 4.03.	 	Reports and Other Information	  	 	62	 
	Section 4.04.	 	Compliance Certificate	  	 	63	 
	Section 4.05.	 	Taxes	  	 	63	 
	Section 4.06.	 	Stay, Extension and Usury Laws	  	 	64	 
	Section 4.07.	 	Limitation on Restricted Payments	  	 	64	 
	Section 4.08.	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	72	 

  
 -ii- 

							
	Section 4.09.	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	74	 
	Section 4.10.	 	Asset Sales	  	 	79	 
	Section 4.11.	 	Transactions with Affiliates	  	 	82	 
	Section 4.12.	 	Liens	  	 	84	 
	Section 4.13.	 	Company Existence	  	 	84	 
	Section 4.14.	 	Offer to Repurchase Upon Change of Control Triggering Event	  	 	85	 
	Section 4.15.	 	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	  	 	87	 
	Section 4.16.	 	Termination of Covenants.	  	 	87	 
	
	ARTICLE 5	 
		
	 SUCCESSORS
	  	 	87	 
			
	Section 5.01.	 	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	87	 
	Section 5.02.	 	Successor Person Substituted	  	 	89	 
	
	ARTICLE 6	 
		
	 DEFAULTS AND REMEDIES
	  	 	89	 
			
	Section 6.01.	 	Events of Default	  	 	89	 
	Section 6.02.	 	Acceleration	  	 	91	 
	Section 6.03.	 	Other Remedies	  	 	92	 
	Section 6.04.	 	Waiver of Past Defaults	  	 	92	 
	Section 6.05.	 	Control by Majority	  	 	92	 
	Section 6.06.	 	Limitation on Suits	  	 	92	 
	Section 6.07.	 	Rights of Holders to Receive Payment	  	 	93	 
	Section 6.08.	 	Collection Suit by Trustee	  	 	93	 
	Section 6.09.	 	Restoration of Rights and Remedies	  	 	93	 
	Section 6.10.	 	Rights and Remedies Cumulative	  	 	93	 
	Section 6.11.	 	Delay or Omission Not Waiver	  	 	93	 
	Section 6.12.	 	Trustee May File Proofs of Claim	  	 	93	 
	Section 6.13.	 	Priorities	  	 	94	 
	Section 6.14.	 	Undertaking for Costs	  	 	94	 
	
	ARTICLE 7	 
		
	 TRUSTEE
	  	 	94	 
			
	Section 7.01.	 	Duties of Trustee	  	 	94	 
	Section 7.02.	 	Rights of Trustee	  	 	95	 
	Section 7.03.	 	Individual Rights of Trustee	  	 	96	 
	Section 7.04.	 	Trustee’s Disclaimer	  	 	96	 
	Section 7.05.	 	Notice of Defaults	  	 	97	 
	Section 7.06.	 	Reports by Trustee to Holders	  	 	97	 
	Section 7.07.	 	Compensation and Indemnity	  	 	97	 
	Section 7.08.	 	Replacement of Trustee	  	 	98	 
	Section 7.09.	 	Successor Trustee by Merger, etc	  	 	98	 
	Section 7.10.	 	Eligibility; Disqualification	  	 	98	 
	Section 7.11.	 	Preferential Collection of Claims Against Issuer	  	 	98	 
	
	ARTICLE 8	 
	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	99	 
			
	Section 8.01.	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	99	 
	Section 8.02.	 	Legal Defeasance and Discharge	  	 	99	 
	Section 8.03.	 	Covenant Defeasance	  	 	99	 
	Section 8.04.	 	Conditions to Legal or Covenant Defeasance	  	 	100	 

  
 -iii- 

							
	Section 8.05.	 	Deposited Money and U.S. Government Securities to be Held in Trust; Other	  			
		 	Miscellaneous Provisions	  	 	101	 
	Section 8.06.	 	Repayment to Issuer	  	 	101	 
	Section 8.07.	 	Reinstatement	  	 	101	 
	
	ARTICLE 9	 
		
	 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	102	 
			
	Section 9.01.	 	Without Consent of Holders	  	 	102	 
	Section 9.02.	 	With Consent of Holders	  	 	103	 
	Section 9.03.	 	Compliance with Trust Indenture Act	  	 	104	 
	Section 9.04.	 	Revocation and Effect of Consents	  	 	104	 
	Section 9.05.	 	Notation on or Exchange of Notes	  	 	104	 
	Section 9.06.	 	Trustee to Sign Amendments, etc.	  	 	104	 
	
	ARTICLE 10	 
		
	 GUARANTEES
	  	 	105	 
			
	Section 10.01.	 	Guarantee	  	 	105	 
	Section 10.02.	 	Limitation on Guarantor Liability	  	 	106	 
	Section 10.03.	 	Execution and Delivery	  	 	106	 
	Section 10.04.	 	Subrogation	  	 	107	 
	Section 10.05.	 	Benefits Acknowledged	  	 	107	 
	Section 10.06.	 	Release of Guarantees	  	 	107	 
	
	ARTICLE 11	 
		
	 SATISFACTION AND DISCHARGE
	  	 	108	 
			
	Section 11.01.	 	Satisfaction and Discharge	  	 	108	 
	Section 11.02.	 	Application of Trust Money	  	 	109	 
	
	ARTICLE 12	 
		
	 MISCELLANEOUS
	  	 	109	 
			
	Section 12.01.	 	Trust Indenture Act Controls	  	 	109	 
	Section 12.02.	 	Notices	  	 	109	 
	Section 12.03.	 	Communication by Holders with Other Holders	  	 	110	 
	Section 12.04.	 	Certificate and Opinion as to Conditions Precedent	  	 	111	 
	Section 12.05.	 	Statements Required in Certificate or Opinion	  	 	111	 
	Section 12.06.	 	Rules by Trustee and Agents	  	 	111	 
	Section 12.07.	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	111	 
	Section 12.08.	 	Governing Law	  	 	111	 
	Section 12.09.	 	Waiver of Jury Trial	  	 	111	 
	Section 12.10.	 	Force Majeure	  	 	112	 
	Section 12.11.	 	No Adverse Interpretation of Other Agreements	  	 	112	 
	Section 12.12.	 	Successors	  	 	112	 
	Section 12.13.	 	Severability	  	 	112	 
	Section 12.14.	 	Counterpart Originals	  	 	112	 
	Section 12.15.	 	Table of Contents, Headings, etc.	  	 	112	 
	Section 12.16.	 	Qualification of Indenture	  	 	112	 
	Section 12.17.	 	USA Patriot Act	  	 	112	 

  
 -iv- 

			
	EXHIBITS	  	
		
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	  	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

  
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 INDENTURE, dated as of April 13, 2018, among Hilton Domestic Operating Company Inc., a
Delaware corporation (the “Issuer”), the Guarantors (as defined herein) from time to time party hereto and Wilmington Trust, National Association, a national banking association, as Trustee. 

W I T N E S S E T H 
 WHEREAS,
the Issuer has duly authorized the creation of an issue of $1,500,000,000 aggregate principal amount of the Issuer’s 5.125% Senior Notes due 2026 (the “Initial Notes”); 

WHEREAS, the Issuer will be liable for all obligations under the Notes (as defined herein) and this Indenture (as defined herein); and 

WHEREAS, the Issuer and each of the Guarantors has duly authorized the execution and delivery of this Indenture. 

NOW, THEREFORE, the Issuer, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders (as defined herein). 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01.    Definitions. 

“144A Global Note” means one or more Global Notes, substantially in the form of Exhibit A hereto, bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in denominations that, in the aggregate, equal the outstanding principal amount of Notes sold in
reliance on Rule 144A. 
 “2021 Notes Issue Date” means October 4, 2013. 

“2024 Senior Notes” means the aggregate principal amount of the Issuer’s 4.250% Senior Notes due 2024 outstanding on the
Issue Date. 
 “2024 Senior Notes Indenture” means the Indenture for the 2024 Senior Notes, dated as of August 18,
2016, as supplemented, among the Issuer, as issuer, Parent, as parent guarantor, HLT Parent, the other guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee. 

“2025 Senior Notes” means the aggregate principal amount of Hilton Worldwide Finance Corp. and Parent’s 4.625% Senior
Notes due 2025 outstanding on the Issue Date. 
 “2025 and 2027 Senior Notes Indenture” means the Indenture for the 2025
Senior Notes and 2027 Senior Notes, dated March 16, 2017, as supplemented, among Parent, Hilton Worldwide Finance Corp., the guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee. 

“2027 Senior Notes” means the aggregate principal amount of the Hilton Worldwide Finance Corp. and Parent’s 4.875%
Senior Notes due 2027 outstanding on the Issue Date. 
 “Acquired Indebtedness” means, with respect to any specified
Person, 
 (a)    Indebtedness of any other Person existing at the time such other Person is merged or
consolidated with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging or consolidating with or into or becoming a Restricted
Subsidiary of such specified Person, and 

 (b)    Indebtedness secured by a Lien encumbering any asset
acquired by such specified Person. 
 “Additional Interest” means all additional interest then owing pursuant to the
Registration Rights Agreement. 
 “Additional Notes” means any additional Notes (other than the Initial Notes or any
Exchange Notes issued in exchange for such Initial Notes) issued from time to time under this Indenture in accordance with Sections 2.01, 2.02 and 4.09 hereof. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. 
 “Agent” means any Registrar, Transfer Agent or Paying Agent.

 “Agent’s Message” means a message transmitted by DTC to, and received by, the tender agent and forming a part of
the book-entry confirmation, which states that DTC has received an express acknowledgment from each participant in DTC tendering the Notes and that such participants have received the Letter of Transmittal and agree to be bound by the terms of the
Letter of Transmittal and the Issuer may enforce such agreement against such participants. 
 “Applicable Premium” means,
with respect to any Note on any Redemption Date as calculated by the Issuer, the greater of: 

(a)    1.0% of the principal amount of such Note; and 

(b)    the excess, if any, of (i) the present value at such Redemption Date of (A) the redemption
price of such Note at May 1, 2021 (such redemption price being set forth in the table set forth in Section 3.07(c) hereof), plus (B) all required remaining scheduled interest payments due on such Note through May 1, 2021
(excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Applicable Treasury Rate as of such Redemption Date plus 50 basis points over (ii) the then outstanding principal amount of such Note.

 Calculation of any Applicable Premium is a responsibility of the Issuer, and the Trustee shall not be responsible to calculate or verify
any calculation related to the Applicable Premium. 
 “Applicable Procedures” means, with respect to any transfer or
exchange of or for, redemption of, or notice with respect to beneficial interests in any Global Note or the redemption or repurchase of any Global Note, the rules and procedures of DTC, the Depositary, Euroclear and/or Clearstream that apply to such
transfer, exchange, redemption or repurchase. 
 “Applicable Treasury Rate” means, with respect to any Note on any
Redemption Date, the yield to maturity, as determined by the Issuer, as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15
(519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the
Redemption Date to May 1, 2021; provided, that if the period from the Redemption Date to such date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of
one year will be used. 

  
 -2- 

 “Asset Sale” means: 

(a)    the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of
related transactions (including by way of a Sale and Lease-Back Transaction), of property or assets of Parent or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”); or 

(b)    the issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock of
Restricted Subsidiaries issued in compliance with Section 4.09 hereof), whether in a single transaction or a series of related transactions; 

in each case, other than: 

(i)    any disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged,
unnecessary, unsuitable or worn out equipment, inventory or other property in the ordinary course of business or any disposition of inventory or goods (or other assets, including timeshare and residential assets) held for sale or no longer used or
useful in the ordinary course of business; 
 (ii)    the disposition of all or substantially all of the
assets of Parent in a manner permitted pursuant to Section 5.01 hereof or any disposition that constitutes a Change of Control Triggering Event pursuant to this Indenture; 

(iii)    the making of any Restricted Payment that is permitted to be made, and is made, under
Section 4.07 hereof or any Permitted Investment; 
 (iv)    any disposition of assets or issuance or
sale of Equity Interests of any Restricted Subsidiary in any transaction or series of related transactions with an aggregate fair market value of less than $150.0 million; 

(v)    any disposition of property or assets or issuance of securities by a Restricted Subsidiary to Parent
or by Parent or a Restricted Subsidiary to a Restricted Subsidiary; 
 (vi)    to the extent allowable
under Section 1031 of the Internal Revenue Code of 1986, as amended, or comparable law or regulation, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

(vii)    the lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business; 

(viii)    any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary; 
 (ix)    foreclosures, condemnation, expropriation, forced dispositions or any
similar action with respect to assets or the granting of Liens not prohibited by this Indenture; 

(x)    sales of accounts receivable, or participations therein, or Securitization Assets or related assets,
or any disposition of the Equity Interests in a Subsidiary, all or substantially all of the assets of which are Securitization Assets, in each case in connection with any Qualified Securitization Facility or the disposition of an account receivable
in connection with the collection or compromise thereof in the ordinary course of business; 

(xi)    any financing transaction with respect to property built or acquired by Parent or any Restricted
Subsidiary after the Issue Date, including Sale and Lease-Back Transactions and asset securitizations permitted by this Indenture; 

  
 -3- 

 (xii)    the sale, discount or other disposition of
inventory, accounts receivable or notes receivable in the ordinary course of business or the conversion of accounts receivable to notes receivable; 

(xiii)    the licensing or sub-licensing of intellectual property
or other general intangibles in the ordinary course of business; 
 (xiv)    any surrender or waiver of
contract rights or the settlement, release or surrender of contract rights or other litigation claims in the ordinary course of business; 

(xv)    the unwinding of any Hedging Obligations; 

(xvi)    sales, transfers and other dispositions of Investments in joint ventures to the extent required
by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(xvii)    the lapse or abandonment of intellectual property rights in the ordinary course of business,
which in the reasonable good faith determination of Parent are not material to the conduct of the business of Parent and its Restricted Subsidiaries taken as a whole; 

(xviii)    the issuance by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is
permitted under Section 4.09 hereof; 
 (xix)    the granting of a Lien that is permitted under
Section 4.12 hereof; 
 (xx)    the issuance of directors’ qualifying shares and shares issued
to foreign nationals as required by applicable law; 
 (xxi)    any conversions of hotel properties into
timeshare or residential properties and the sale or other disposition of assets created in such conversions; 

(xxii)    Permitted Intercompany Activities and related transactions; and 

(xxiii)     transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such
Casualty Event; provided that any Cash Equivalents received by Parent or any of its Restricted Subsidiaries in respect of such Casualty Event shall be deemed to be Net Proceeds of an Asset Sale, and such Net Proceeds shall be applied in
accordance with Section 4.10(b) hereof. 
 In the event that a transaction (or a portion thereof) meets the criteria of a permitted
Asset Sale and would also be a permitted Restricted Payment or Permitted Investment, Parent, in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset Sale and/or one or more the types of
permitted Restricted Payments or Permitted Investments. 
 “Bank Products” means any facilities or services related to cash
management, including treasury, depository, overdraft, credit or debit card, purchase card, automatic clearinghouse transfer transactions, controlled disbursements, foreign exchange facilities, stored value cards, merchant services, electronic funds
transfer and other cash management arrangements. 
 “Bankruptcy Law” means Title 11, U.S. Code, as amended, or any similar
federal or state law for the relief of debtors. 
 “Blackstone Funds” means, as of the date hereof, individually or
collectively, Blackstone Capital Partners V, L.P., BCP V-S L.P., Blackstone Capital Partners V-AC L.P., BCP V Co-Investors L.P.,
Blackstone Family Investment Partnership V L.P., Blackstone Family Investment Partnership V-SMD L.P. and Blackstone Participation Partnership V L.P., each a Delaware limited partnership and Blackstone Real
Estate Partners International II (AIV) L.P., each an English partnership, Blackstone Real Estate Holdings International II-Q L.P. and Blackstone Family 

  
 -4- 

 
Real Estate Partnership International II-SMD L.P., each an Alberta, Canada limited partnership, Blackstone Real Estate Partners VI L.P., Blackstone Real
Estate Holdings VI L.P., Blackstone Real Estate Partners VI.TE.1 L.P., Blackstone Real Estate Partners VI.TE.2 L.P., Blackstone Real Estate Partners (AIV) VI L.P., Blackstone Real Estate Partners VI.F L.P., Blackstone Family Real Estate Partnership VI-SMD L.P. and Blackstone HLT Principal Transaction Partners L.P., each a Delaware limited partnership, and any other investment fund managed by an Affiliate of The Blackstone Group L.P., in each case, or any of
their respective successors. 
 “Blackstone Registration Rights Agreement” means the Amended and Restated Registration
Rights Agreement, dated as of October 24, 2016, by and among HLT Parent and certain of its stockholders, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the holders of the Notes
when taken as a whole, as compared to the Blackstone Registration Rights Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

“Blackstone Stockholders Agreement” means the Stockholders Agreement, dated as of December 17, 2013, by and among HLT
Parent and the Investor Parties (as defined therein), as amended by the First Amendment thereto dated as of October 24, 2016 by and among HLT Parent and the Investor Parties, and as it may be further amended, supplemented, waived or otherwise
modified from time to time in a manner not materially adverse to the holders of the Notes when taken as a whole, as compared to the Blackstone Stockholders Agreement as in effect immediately prior to such amendment, supplement, waiver or
modification. 
 “Board of Directors” means, with respect to any Person, (i) in the case of any corporation, the board
of directors of such Person, (ii) in the case of any limited liability company, the sole or managing member or board of managers of such Person, (iii) in the case of any partnership, the sole or managing member or board of directors of the
general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing or, in each case, any duly authorized committee of such body. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Stock” means: 

(a)    in the case of a corporation, corporate stock or shares in the capital of such corporation; 

(b)    in the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; 
 (c)    in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(d)    any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease Obligation” means, at the
time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared
in accordance with GAAP; provided that any obligations of Parent or its Restricted Subsidiaries either existing on the Issue Date or created prior to any recharacterization described below (i) that were not included on the consolidated
balance sheet of Parent as financing or capital lease obligations and (ii) that are subsequently recharacterized as financing or capital lease obligations or indebtedness due to a change in accounting treatment or otherwise, shall for all
purposes under this Indenture (including, without limitation, the calculation of Consolidated Net Income, the Consolidated Total Debt Ratio, the Consolidated Secured Debt Ratio, EBITDA and Fixed Charges) not be treated as financing or capital lease
obligations, Capitalized Lease Obligations or Indebtedness. 
 “Capitalized Software Expenditures” means, for any period,
the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed software and software enhancements
that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of a Person and its Restricted Subsidiaries. 

  
 -5- 

 “Captive Insurance Subsidiary” means (i) any Subsidiary established by
Parent for the primary purpose of insuring the businesses or properties owned or operated by Parent or any of its Subsidiaries or (ii) any Subsidiary of any such insurance subsidiary established for the same primary purpose described in clause
(i) above. 
 “Cash Equivalents” means: 

(a)    United States dollars; 

(b)    (i) Canadian dollars, pounds sterling, yen, euros or any national currency of any participating
member state of the EMU; or 
 (ii)    such local currencies held by Parent or any Restricted Subsidiary
from time to time in the ordinary course of business; 
 (c)    securities issued or directly and fully
and unconditionally guaranteed or insured by the U.S. government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or
less from the date of acquisition; 
 (d)    certificates of deposit, time deposits and eurodollar time
deposits with maturities of 24 months or less from the date of acquisition, demand deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank
having capital and surplus of not less than $250.0 million in the case of U.S. banks and $100.0 million (or the U.S. Dollar Equivalent as of the date of determination) in the case of non-U.S.
banks; 
 (e)    repurchase obligations for underlying securities of the types described in
clauses (c), (d), (g) and (h) of this definition entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (d) above; 

(f)    commercial paper and variable or fixed rate notes rated at least
P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another
Rating Agency) and in each case maturing within 24 months after the date of creation thereof; 

(g)    marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another Rating Agency); 
 (h)    readily marketable direct obligations issued by any state, commonwealth
or territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations,
an equivalent rating from another Rating Agency) with maturities of 24 months or less from the date of acquisition; 

(i)    readily marketable direct obligations issued by any foreign government or any political subdivision
or public instrumentality thereof, in each case having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating
Agency) with maturities of 24 months or less from the date of acquisition; 
 (j)    Investments with
average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by
Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency); 

  
 -6- 

 (k)    securities with maturities of 12 months or less from
the date of acquisition backed by standby letters of credit issued by any financial institution or recognized securities dealer meeting the qualifications specified in clause (d) above; 

(l)    Indebtedness or Preferred Stock issued by Persons with a rating of “A” or higher from
S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date of acquisition; and 

(m)    investment funds investing at least 90% of their assets in securities of the types described in
clauses (a) through (l) above. 
 In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments
made in a country outside the United States of America, Cash Equivalents shall also include (i) investments of the type and maturity described in clauses (a) through (h) and clauses (j), (k), (l) and (m) above of foreign obligors,
which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii) other short-term investments utilized by Foreign Subsidiaries that are
Restricted Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (a) through (m) and in this paragraph. 

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

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all
purposed under this Indenture regardless of the treatment of such items under GAAP. 
 “Casualty Event” means any event
that gives rise to the receipt by Parent or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such
equipment, fixed assets or real property. 
 “Change of Control” means the occurrence of any of the following after the
Issue Date: 
 (a)    the sale, lease, transfer, conveyance or other disposition in one or a series of
related transactions (other than by merger, consolidation or amalgamation), of all or substantially all of the assets of Parent and its Subsidiaries, taken as a whole, to any Person other than any Permitted Holder, a Parent Company, the Issuer or
any Subsidiary Guarantor; or 
 (b)     Parent becomes aware of (by way of a report or any other filing
pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by (A) any Person (other than any Permitted Holder) or (B) Persons (other than any Permitted Holders) that are together a group
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any such group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50.0% of the total voting power of the Voting Stock of Parent directly or indirectly through any of its direct or indirect
parent holding companies, in each case, other than in connection with any transaction or series of transactions in which Parent shall become the Wholly Owned Subsidiary of a Parent Company. 

“Change of Control Triggering Event” means the occurrence of a Change of Control, unless (a) a Ratings Improvement has
occurred prior to the date of the completion of the transaction constituting the Change of Control or (b) pro forma for the Change of Control, the Consolidated Total Debt Ratio is less than 5.0 to 1.0. 

  
 -7- 

 “Clearstream” means Clearstream Banking, Société Anonyme or any
successor securities clearing agency. 
 “consolidated” when used with respect to any Person refers to such Person
consolidated with its Restricted Subsidiaries. 
 “Consolidated Depreciation and Amortization Expense” means with respect
to any Person for any period, the total amount of depreciation and amortization expense and capitalized fees related to any Qualified Securitization Facility of such Person, including the amortization of intangible assets, deferred financing costs,
debt issuance costs, commissions, fees and expenses and Capitalized Software Expenditures of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated Interest Expense” means, with respect to any Person for any period, without duplication, the sum of: 

(a)    consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the
extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (i) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (ii) all commissions, discounts
and other fees and charges owed with respect to letters of credit or bankers acceptances, (iii) non-cash interest payments (but excluding any non-cash interest
expense attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (iv) the interest component of Capitalized Lease Obligations, and (v) net payments, if any made
(less net payments, if any, received), pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (q) annual agency fees paid to the administrative agents and collateral agents under any Credit Facilities,
(r) costs associated with obtaining Hedging Obligations, (s) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting or purchase accounting, (t) penalties and
interest relating to taxes, (u) any Additional Interest and any “additional interest” or “liquidated damages” with respect to other securities for failure to timely comply with registration rights obligations,
(v) amortization or expensing of deferred financing fees, amendment and consent fees, debt issuance costs, commissions, fees and expenses and discounted liabilities, (w) any expensing of bridge, commitment and other financing fees and any
other fees related to the Spin-Off Transaction or any acquisitions after the Issue Date, (x) commissions, discounts, yield and other fees and charges (including any interest expense) related to any
Qualified Securitization Facility, (y) any accretion of accrued interest on discounted liabilities and any prepayment premium or penalty) and (z) interest expense attributable to a parent entity resulting from push-down accounting; plus

 (b)    consolidated capitalized interest of such Person and its Restricted Subsidiaries for such
period, whether paid or accrued; less 
 (c)    interest income of such Person and its Restricted
Subsidiaries for such period. 
 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an
interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided that, without duplication: 

(a)    any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto), charges or expenses (including relating to the Spin-Off Transaction or any multi-year
strategic initiatives), restructuring and duplicative running costs, relocation costs, integration costs, facility consolidation and closing costs, severance costs and expenses, one-time compensation charges,
costs relating to pre-opening, opening and conversion costs for facilities, losses, costs or cost inefficiencies related to facility or property disruptions or shutdowns, signing, retention and completion
bonuses, costs incurred in connection with any strategic initiatives, transition costs, costs incurred in connection 

  
 -8- 

 
with acquisitions and non-recurring product and intellectual property development, other business optimization expenses (including costs and expenses
relating to business optimization programs and new systems design, retention charges, system establishment costs and implementation costs) and operating expenses attributable to the implementation of cost-savings initiatives, and curtailments or
modifications to pension and post-retirement employee benefit plans shall be excluded; 
 (b)    the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period shall be excluded; 

(c)    any net after-tax effect of gains or losses on disposal,
abandonment or discontinuance of disposed, abandoned or discontinued operations, as applicable, shall be excluded; 

(d)    any net after-tax effect of gains or losses (less all fees,
expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Capital Stock of any Person other than in the ordinary course of business shall be excluded; 

(e)    the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted
Subsidiary, or that is accounted for by the equity method of accounting shall be excluded; provided that Consolidated Net Income of such Person shall be increased by the amount of dividends or distributions or other payments (other than
Excluded Contributions) that are actually paid in cash (or to the extent converted into cash) to such Person or a Restricted Subsidiary thereof in respect of such period; 

(f)    solely for the purpose of determining the amount available for Restricted Payments under clause
(C)(1) of Section 4.07(a) hereof, the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted
Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument,
judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders (other than restrictions in the Notes or this Indenture), unless such restriction with respect to the payment of
dividends or similar distributions has been legally waived, provided that Consolidated Net Income of such Person will be increased by the amount of dividends or other distributions or other payments actually paid in Cash Equivalents (or to
the extent converted into Cash Equivalents) to such Person or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein; 

(g)    effects of adjustments (including the effects of such adjustments pushed down to such Person and its
Restricted Subsidiaries) in such Person’s consolidated financial statements pursuant to GAAP (including in the inventory (including any impact of changes to inventory valuation policy methods, including changes in capitalization of variances),
property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting
or purchase accounting, as the case may be, in relation to any consummated acquisition or joint venture investment or the amortization or write-off or write-down of any amounts thereof, net of taxes, shall be
excluded; 
 (h)    any after-tax effect of income (loss) from
the early extinguishment or conversion of (i) Indebtedness, (ii) Hedging Obligations or (iii) other derivative instruments shall be excluded; 

(i)    any impairment charge or asset write-off or write-down,
including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities and investments recorded using the equity method or as a result of a change in law or
regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded; 

(j)    any equity-based or non-cash compensation charge or expense
including any such charge or expense arising from grants of stock appreciation or similar rights, stock options, restricted stock, profits 

  
 -9- 

 
interests or other rights or equity- or equity-based incentive programs (“equity incentives”), any one-time cash charges associated with
the equity incentives or other long-term incentive compensation plans (including under deferred compensation arrangements of Parent, the Issuer or any of their respective direct or indirect parent entities or subsidiaries), rollover, acceleration,
or payout of Equity Interests by management, other employees or business partners of the Issuer, Parent or any of Parent’s direct or indirect parent companies, shall be excluded; 

(k)    any fees, expenses or charges incurred during such period, or any amortization thereof for such
period, in connection with any acquisition, recapitalization, Investment, Asset Sale, disposition, incurrence or repayment of Indebtedness (including such fees, expenses or charges related to the offering and issuance of the Notes and other
securities and the syndication and incurrence of any Credit Facilities), issuance of Equity Interests of Parent or its direct or indirect parent entities, refinancing transaction or amendment or modification of any debt instrument (including any
amendment or other modification of the Notes and other securities and any Credit Facilities) and including, in each case, any such transaction consummated on or prior to the Issue Date and any such transaction undertaken but not completed, and any
charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful or consummated (including, for the avoidance of doubt the effects
of expensing all transaction related expenses in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic No. 805, Business Combinations), shall be excluded; 

(l)    accruals and reserves that were established or adjusted within twelve months after the Spin-Off Date that are so required to be established or adjusted as a result of the Spin-Off Transaction (or within 24 months after the closing of any acquisition that are so
required to be established as a result of such acquisition) in accordance with GAAP or changes as a result of modifications of accounting policies shall be excluded; 

(m)    any expenses, charges or losses to the extent covered by insurance or indemnity and actually
reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed
within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), shall be
excluded; 
 (n)    any noncash compensation expense resulting from the application of Accounting
Standards Codification Topic No. 718, Compensation — Stock Compensation, shall be excluded; 

(o)    the following items shall be excluded: 

(i)    any net unrealized gain or loss (after any offset) resulting in such period from Hedging Obligations
and the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging, 

(ii)    any net unrealized gain or loss (after any offset) resulting in such period from currency
translation gains or losses including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Hedging Obligations for currency exchange risk) and any other foreign currency translation gains and
losses, to the extent such gain or losses are non-cash items, 

(iii)    any adjustments resulting for the application of Accounting Standards Codification Topic
No. 460, Guarantees, or any comparable regulation, 
 (iv)    effects of adjustments to
accruals and reserves during a prior period relating to any change in the methodology of calculating reserves for returns, rebates and other chargebacks, and 

  
 -10- 

 (v)    earn-out, non-compete and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price adjustments; 

(p)     reserves established for the benefit of landlords of leased hotel properties for the acquisition of
capitalized assets and equipment at such properties shall be excluded; and 
 (q)    if such Person is
treated as a disregarded entity or partnership for U.S. federal, state and/or local income tax purposes for such period or any portion thereof, the amount of distributions actually made to any direct or indirect parent company of such Person in
respect of such period in accordance with clause (xv)(B) under Section 4.07(b) shall be included in calculating Consolidated Net Income as though such amounts had been paid as taxes directly by such Person for such period. 

In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other
reimbursement provisions in connection with any acquisition, Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture. 

Notwithstanding the foregoing, for the purpose of Section 4.07 hereof only (other than clause (C)(4) of Section 4.07(a) hereof),
there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by Parent and its Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from
Parent and its Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by Parent or any of its Restricted Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend
from an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under such covenant pursuant to clause (C)(4) of Section 4.07(a) hereof. 

“Consolidated Secured Debt Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total
Indebtedness of Parent and its Restricted Subsidiaries that is secured by Liens on the property of Parent and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available
immediately preceding the date on which such event for which such calculation is being made shall occur minus Cash Equivalents included on the consolidated balance sheet of Parent as of the end of such most recent fiscal quarter to
(b) EBITDA of Parent and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is
being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed
Charge Coverage Ratio. 
 “Consolidated Total Debt Ratio” means, as of any date of determination, the ratio of
(a) Consolidated Total Indebtedness of Parent and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for which
such calculation is being made shall occur minus Cash Equivalents included on the consolidated balance sheet of Parent as of the end of such most recent fiscal quarter to (b) EBITDA of Parent and its Restricted Subsidiaries for the most
recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to
Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 

“Consolidated Total Indebtedness” means, as at any date of determination, an amount equal to the sum of (a) the
aggregate amount of all outstanding Indebtedness of Parent and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of Capitalized Lease Obligations and debt obligations evidenced
by promissory notes and similar instruments, as determined in accordance with GAAP (excluding for the avoidance of doubt all undrawn amounts under revolving credit facilities and letters of credit, and all obligations relating to Qualified
Securitization Facilities) and (b) the aggregate amount of all outstanding Disqualified Stock of Parent and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the 

  
 -11- 

 
amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case
determined on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of repurchase or purchase accounting in connection with any acquisition); provided that
Consolidated Total Indebtedness shall not include Indebtedness in respect of (A) any letter of credit, except to the extent of unreimbursed amounts under standby letters of credit; provided that any unreimbursed amounts under commercial
letters of credit shall not be counted as Consolidated Total Indebtedness until three Business Days after such amount is drawn and (B) Hedging Obligations existing on the Issue Date or otherwise permitted by Section 4.09(b)(x) hereof. For
purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred
Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair
market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by Parent. The U.S. Dollar Equivalent principal amount of any Indebtedness denominated in a foreign currency
will reflect the currency translation effects, determined in accordance with GAAP, of Hedging Obligations for currency exchange risks with respect to the applicable currency in effect on the date of determination of the U.S. Dollar Equivalent
principal amount of such Indebtedness. 
 “Contingent Obligations” means, with respect to any Person, any obligation of
such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 

(a)    to purchase any such primary obligation or any property constituting direct or indirect security
therefor; 
 (b)    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; or 
 (c)    to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Controlled Investment Affiliate” means, as to any Person, any other Person, other than any Investor, which directly or
indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in Parent and/or
other companies. 
 “Corporate Trust Office” means the office of the Trustee at which any time its corporate trust business
related to this Indenture shall be administered, which office at the date hereof is Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Hilton Domestic Operating Company Administrator, or such other address as the
Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Issuer). 
 “Credit Agreement” means that certain Credit Agreement dated as of October 25, 2013, by
and among Parent, HLT Parent, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties thereto, as amended, modified or supplemented from time to time, including by Amendment No. 1 thereto dated as of
August 18, 2016, by and among Parent, HLT Parent, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties thereto, Amendment No. 2 thereto dated as of November 21, 2016, by and among Parent, HLT
Parent, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties thereto, and Amendment No. 3 thereto dated as of March 16, 2017, by and among Parent, HLT Parent, HWP, Deutsche Bank AG, New York Branch,
as administrative agent, and the lenders and other parties thereto. 

  
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 “Credit Facilities” means, with respect to Parent or any of its Restricted
Subsidiaries, one or more debt facilities, including the Senior Secured Credit Facilities, or other financing arrangements (including, without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans,
letters of credit or other long-term indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals,
restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper facilities that replace, refund, supplement or refinance any part of the loans, notes, other credit facilities or commitments
thereunder, including any such replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder or alters the maturity thereof (provided that such
increase in borrowings or issuances is permitted under Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or
other holders. 
 “Custodian” means the Trustee, as custodian with respect to the Global Notes, or any successor entity
thereto. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an
Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06(c) hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, any Person
specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Designated Non-cash Consideration” means the fair market value of non-cash consideration received by Parent or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an
Officer’s Certificate, setting forth the basis of such valuation, executed by the principal financial officer of Parent, less the amount of Cash Equivalents received in connection with a subsequent sale, redemption or repurchase of or
collection or payment on such Designated Non-cash Consideration. 
 “Designated Preferred
Stock” means Preferred Stock of Parent or any direct or indirect parent company thereof (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust
established by Parent or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate executed by the principal financial officer of Parent or the applicable parent company thereof, as the
case may be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (C) of Section 4.07(a) hereof. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms
of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant to a
sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date 91 days after the earlier of the
maturity date of the Notes or the date the Notes are no longer outstanding; provided that if such Capital Stock is issued to any plan for the benefit of employees of Parent or its Subsidiaries or by any such plan to such employees, such
Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by Parent or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations; provided, further, that any
Capital Stock held by any future, current or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any of its Subsidiaries, any of its direct or
indirect parent companies or any other entity in which Parent or a 

  
 -13- 

 
Restricted Subsidiary has an Investment and is designated in good faith as an “affiliate” by the Board of Directors of Parent (or the compensation committee thereof), in each
case pursuant to any stock subscription or shareholders’ agreement, management equity plan or stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be
required to be repurchased by Parent or its Subsidiaries or in order to satisfy applicable statutory or regulatory obligations. 

“Distribution Agreement” means the Distribution Agreement, dated January 2, 2017, by and among HLT Parent, the Issuer,
PHRI and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to the Distribution Agreement as in effect immediately prior to
such amendment, supplement, waiver or modification. 
 “EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person for such period: 
 (a)    increased (without duplication) by the
following, in each case (other than with respect to clauses (viii) and (xi)) to the extent deducted (and not added back) in determining Consolidated Net Income for such period: 

(i)    (A) provision for taxes based on income or profits or capital, including, without limitation,
federal, state, franchise, and similar taxes (such as the Delaware franchise tax, the Pennsylvania capital tax, Texas margin tax and provincial capital taxes paid in Canada) and foreign withholding taxes (including any future taxes or other levies
which replace or are intended to be in lieu of such taxes and any penalties and interest related to such taxes or arising from tax examinations), (B) if such Person is treated as a disregarded entity or partnership for U.S. federal, state and/or
local income tax purposes for such period or any portion thereof, the amount of distributions actually made to any direct or indirect parent company of such Person in respect of such period in accordance with clause (xv)(B) under
Section 4.07(b) and (C) the net tax expense associated with any adjustments made pursuant to clauses (a) through (q) of the definition of “Consolidated Net Income”; plus 

(ii)    Fixed Charges of such Person for such period (including (x) net losses on Hedging Obligations
or other derivative instruments entered into for the purpose of hedging interest rate risk, (y) bank fees and other financing fees and (z) costs of surety bonds in connection with financing activities, plus amounts excluded from
Consolidated Interest Expense as set forth in clauses (a)(q) through (z) in the definition thereof); plus 

(iii)    Consolidated Depreciation and Amortization Expense of such Person for such period; plus

 (iv)    the amount of any restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such charges or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights, retention charges
(including charges or expenses in respect of incentive plans), start-up or initial costs for any project or new production line, division or new line of business, integration costs or other business
optimization expenses or reserves including, without limitation, costs or reserves associated with improvements to IT and accounting functions, integration and facilities opening costs or any one-time costs
incurred in connection with acquisitions and Investments and costs related to the closure and/or consolidation of facilities; plus 

(v)    any other non-cash charges, including any write-offs or
write-downs reducing Consolidated Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) Parent
may elect not to add back such non-cash charge in the current period and (B) to the extent Parent elects to add back such non-cash charge, the cash payment in
respect thereof in such future period shall be subtracted from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus 

  
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 (vi)    the amount of any
non-controlling interest or minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-Wholly Owned Subsidiary; plus 

(vii)    the amount of management, monitoring, consulting, advisory fees and other fees (including
termination fees) and indemnities and expenses paid or accrued in such period under the Support and Services Agreement (and related agreements or arrangements) or otherwise to the Investors to the extent otherwise permitted under Section 4.11
hereof; plus 
 (viii)    the amount of
“run-rate” cost savings, operating expense reductions and synergies projected by Parent in good faith to result from actions taken, committed to be taken or expected in good faith to be taken
no later than 24 months after the end of such period (calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies had been realized on the first day of such period for which EBITDA is being determined and
as if such cost savings, operating expense reductions and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that such cost savings and
synergies are reasonably identifiable and factually supportable (it is understood and agreed that “run-rate” means the full recurring benefit for a period that is associated with any action
taken, committed to be taken or expected to be taken, net of the amount of actual benefits realized during such period from such actions); plus 

(ix)    the amount of loss or discount on sale of receivables, Securitization Assets and related assets to
any Securitization Subsidiary in connection with a Qualified Securitization Facility; plus 

(x)    any costs or expense incurred by Parent or a parent entity of Parent or a Restricted Subsidiary
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds
contributed to the capital of Parent or net cash proceeds of an issuance of Equity Interest of Parent (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation set forth in clause (C) of
Section 4.07(a) hereof; plus 
 (xi)    cash receipts (or any netting arrangements resulting
in reduced cash expenditures) not representing EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to clause
(b) below for any previous period and not added back; plus 
 (xii)    any net loss from
disposed, abandoned or discontinued operations; and 
 (b)    decreased (without duplication) by the
following, in each case to the extent included in determining Consolidated Net Income for such period: 
 (i)    non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the
reversal of an accrual or reserve for a potential cash item that reduced EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not
increase EBITDA in such prior period; plus 
 (ii)    any net income from disposed, abandoned or
discontinued operations. 
 “Employee Matters Agreement” means the Employee Matters Agreement, dated January 2, 2017,
by and among HLT Parent, the Issuer, PHRI and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to the Employee Matters
Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

  
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 “EMU” means economic and monetary union as contemplated in the Treaty on
European Union. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital
Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 
 “Equity Offering”
means any public or private sale or issuance of common stock or Preferred Stock (excluding Disqualified Stock) of Parent or any of its direct or indirect parent companies, other than: 

(a)    public offerings with respect to Parent’s or any direct or indirect parent company’s
common stock registered on Form S-4 or Form S-8; 

(b)    issuances to any Subsidiary of Parent; and 

(c)    any such public or private sale or issuance that constitutes an Excluded Contribution. 

“euro” means the single currency of participating member states of the EMU. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, or any successor securities clearing agency.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Exchange Notes” means any Notes issued in an Exchange Offer pursuant to Section 2.06(f)
hereof. 
 “Exchange Offer” has the meaning assigned to such term in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning assigned to such term in the Registration Rights Agreement. 

“Excluded Contribution” means net cash proceeds, marketable securities or Qualified Proceeds received by Parent since the
2021 Notes Issue Date from: 
 (a)    contributions to its common equity capital; 

(b)     dividends, distributions, fees and other payments from Unrestricted Subsidiaries and any joint
ventures that are not Restricted Subsidiaries; and 
 (c)    the sale (other than to a Subsidiary of
Parent or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of Parent) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of Parent, 

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate executed by the principal financial officer of Parent, which are
(or were) excluded from the calculation set forth in clause (C) of Section 4.07(a) hereof. Notwithstanding the foregoing, an amount equal to the aggregate amount that has been designated prior to the Issue Date as an “Excluded
Contribution” for purposes of the Existing Senior Notes pursuant to the Existing Senior Notes Indentures, shall automatically be deemed to be an Excluded Contribution under this Indenture, and such amount shall be excluded from the from the
calculation set forth in clause (C) of Section 4.07(a) hereof. 
 “Existing Senior Notes” means (i) the 2024
Senior Notes, (ii) the 2025 Senior Notes and (iii) the 2027 Senior Notes. 

  
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 “Existing Senior Notes Indentures” means (i) the 2024 Senior Notes
Indenture and (ii) the 2025 and 2027 Senior Notes Indenture. 
 “fair market value” means, with respect to any asset
or liability, the fair market value of such asset or liability as determined by Parent in good faith. 
 “Fixed Charge Coverage
Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such Person for such period. In the event that Parent or any Restricted Subsidiary incurs, assumes,
guarantees, redeems, repays, retires or extinguishes any Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues or
redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge
Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment,
retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period; provided, however, that the pro forma
calculation of Fixed Charges for purposes of Section 4.09(a) (and for the purposes of other provisions of this Indenture that refer to Section 4.09(a)) shall not give effect to any Indebtedness being incurred on such date (or on such other
subsequent date which would otherwise require pro forma effect to be given to such incurrence) pursuant to Section 4.09(b). 
 For
purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP) that have been made by Parent or any of its
Restricted Subsidiaries during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (and the change in any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred
on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into Parent or any of its Restricted Subsidiaries since the beginning of
such period shall have made any Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be
calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation had occurred at the beginning of the applicable four-quarter period.

 For purposes of this definition, whenever pro forma effect is to be given to an Investment, acquisition, disposition, merger,
amalgamation, consolidation or discontinued operation, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of Parent (and may include, for the avoidance of doubt, cost savings, synergies and
operating expense reductions resulting from such Investment, acquisition, merger, amalgamation or consolidation which is being given pro forma effect that have been or are expected to be realized based on actions taken, committed to be taken
or expected in good faith to be taken within 18 months). 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 Fixed
Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an
interest rate reasonably determined by a responsible financial or accounting officer of Parent to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to
above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first
paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based
upon the rate actually chosen, or, if none, then based upon such optional rate chosen as Parent may designate. 
 “Fixed
Charges” means, with respect to any Person for any period, the sum of, without duplication: 

(a)    Consolidated Interest Expense of such Person for such period; 

  
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 (b)    all cash dividends or other distributions paid
(excluding items eliminated in consolidation) on any series of Preferred Stock during such period; and 

(c)    all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any
series of Disqualified Stock during such period. 
 “Foreign Subsidiary” means, with respect to any Person, (1) (A) any
Restricted Subsidiary of such Person that is not organized or existing under the laws of the United States, any state thereof or the District of Columbia and (B) any Restricted Subsidiary of such Foreign Subsidiary, and (2) any FSHCO
Subsidiary of such Person. 
 “FSHCO Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such
Person substantially all of whose assets consist, directly or indirectly, of Equity Interests and/or Indebtedness of one or more Foreign Subsidiaries, and any other assets incidental thereto. 

“GAAP” means (1) generally accepted accounting principles in the United States of America, as in effect from time to
time, it being understood that, for purposes of this Indenture, all references to codified accounting standards specifically named in this Indenture shall be deemed to include any successor, replacement, amendment or updated accounting standard
under GAAP or (2) if elected by Parent by written notice to the Trustee in connection with the delivery of financial statements and information, the accounting standards and interpretations (“IFRS”) adopted by the International
Accounting Standard Board, as in effect on the first date of the period for which Parent is making such election; provided that (a) any such election once made shall be irrevocable, (b) all financial statements and reports required
to be provided after such election pursuant to this Indenture shall be prepared on the basis of IFRS, (c) from and after such election, all ratios, computations and other determinations based on GAAP contained in this Indenture shall be
computed in conformity with IFRS, (d) in connection with the delivery of financial statements (x) for any of its first three financial quarters of any financial year, it shall restate its consolidated interim financial statements for such
interim financial period and the comparable period in the prior year to the extent previously prepared in accordance with GAAP and (y) for delivery of audited annual financial information, it shall provide consolidated historical financial
statements prepared in accordance with IFRS for the prior most recent fiscal year to the extent previously prepared in accordance with GAAP as in effect on the first date of the period in which Parent is making such election. For the avoidance of
doubt, solely making an election (without any other action) referred to in this definition will not be treated as an incurrence of Indebtedness. 

If there occurs a change in generally accepted accounting principles and such change would cause a change in the method of calculation of any
term or measure used in a covenant under Article 4 hereof (an “Accounting Change”), then Parent may elect, as evidenced by a written notice of Parent to the Trustee, that such term or measure shall be calculated as if such
Accounting Change had not occurred. 
 “Global Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof,
which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and
collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A-1 or Exhibit A-2 hereto, as applicable,
issued in accordance with Section 2.01, 2.06(b), 2.06(d) or 2.06(f) hereof. 
 “guarantee” means a guarantee (other
than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness
or other obligations. 
 “Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under this
Indenture and the Notes. 
 “Guarantor” means, with respect to the Notes, (i) HLT Parent, (ii) HWP, (iii) Parent
and (iv) each Subsidiary of Parent (other than the Issuer), if any, that Guarantees the Notes in accordance with the terms of this Indenture. 

  
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 “Hedging Obligations” means, with respect to any Person, the obligations of such
Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar
agreement providing for the transfer, modification or mitigation of interest rate, currency or commodity risks either generally or under specific contingencies. 

“HLT Parent” means Hilton Worldwide Holdings Inc., a Delaware corporation and direct or indirect parent of HWP, Parent and
the Issuer. 
 “HGVI” means Hilton Grand Vacations Inc., a Delaware corporation. 

“HNA” means HNA Tourism Group Co., Ltd, a PRC company. 

“HNA Registration Rights Agreement” means the Registration Rights Agreement, dated as of October 24, 2016, by and
between HLT Parent and HNA, as amended by the Master Amendment and Option Agreement and as further amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the holders of the Notes when taken as a
whole, as compared to the HNA Registration Rights Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

“HNA Stockholders Agreement” means the Stockholders Agreement, dated as of October 24, 2016, by and among HLT Parent,
HNA and, solely for purposes of Section 4.3 thereof, HNA Group Co., Ltd., as amended by the Master Amendment and Option Agreement and as further amended, supplemented, waived or otherwise modified from time to time in a manner not materially
adverse to the holders of the Notes when taken as a whole, as compared to the HNA Stockholders Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

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

“HWP” means Hilton Worldwide Parent LLC, a Delaware limited liability company and direct parent of the Issuer. 

“Immediate Family Members” means with respect to any individual, such individual’s child, stepchild, grandchild or more
remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law
(including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the
foregoing individuals or any donor-advised fund of which any such individual is the donor. 

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

(a)    any indebtedness (including principal and premium) of such Person, whether or not contingent: 

(i)    in respect of borrowed money; 

(ii)    evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’
acceptances (or, without duplication, reimbursement agreements in respect thereof); 

(iii)    representing the balance deferred and unpaid of the purchase price of any property (including
Capitalized Lease Obligations), except (A) any such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation to a trade or similar business creditor, in each case accrued in the
ordinary course of business and (B) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and is not paid after becoming due and
payable; or 

  
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 (iv)    representing the net obligations under any Hedging
Obligations, 
 if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would
appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided that Indebtedness of any direct or indirect parent of Parent appearing upon the balance sheet of Parent
solely by reason of push-down accounting under GAAP shall be excluded; 
 (b)    to the extent not
otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the obligations of the type referred to in clause (a) of a third Person (whether or not such items would appear upon the balance
sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business; and 

(c)    to the extent not otherwise included, the obligations of the type referred to in clause (a) of
a third Person secured by a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person; provided, that the amount of any such Indebtedness will be the lesser of (i) the fair market
value of such asset at such date of determination and (ii) the amount of such Indebtedness of such third Person; 
 provided that
notwithstanding the foregoing, Indebtedness shall be deemed not to include (a) Contingent Obligations incurred in the ordinary course of business, or (b) obligations under or in respect of Qualified Securitization Facilities, operating
leases or Sale and Lease-Back Transactions (except any resulting Capitalized Lease Obligations); provided, further, that Indebtedness shall be calculated without giving effect to the effects of Financial Accounting Standards Board Accounting
Standards Codification Topic No. 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded
derivatives created by the terms of such Indebtedness. 
 “Indenture” means this Indenture, as amended, supplemented or
otherwise modified from time to time. 
 “Independent Financial Advisor” means an accounting, appraisal, investment banking
firm or consultant to Persons engaged in Similar Businesses of nationally recognized standing that is, in the good faith judgment of Parent, qualified to perform the task for which it has been engaged. 

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

“Initial Notes” has the meaning set forth in the recitals hereto. 

“Initial Purchasers” means the initial purchasers of the Notes on the Issue Date pursuant to the Purchase Agreement. 

“Interest Payment Date” means May 1 and November 1 of each year to stated maturity. 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or if the applicable securities are not then rated by Moody’s or S&P, an equivalent rating by any other Rating Agency. 

“Investment Grade Securities” means: 

(a)    securities issued or directly and fully guaranteed or insured by the United States government or any
agency or instrumentality thereof (other than Cash Equivalents); 

  
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 (b)    debt securities or debt instruments with an Investment
Grade Rating, but excluding any debt securities or instruments constituting loans or advances among Parent and its Subsidiaries; 

(c)    investments in any fund that invests exclusively in investments of the type described in clauses
(a) and (b) which fund may also hold immaterial amounts of cash pending investment or distribution; and 

(d)    corresponding instruments in countries other than the United States customarily utilized for high
quality investments. 
 “Investments” means, with respect to any Person, all investments by such Person in other Persons
(including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel and similar advances to employees, directors, officers,
managers and consultants, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by
GAAP to be classified on the balance sheet (excluding the footnotes) of Parent in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of
the definition of “Unrestricted Subsidiary” and Section 4.07 hereof: 

(a)    “Investments” shall include the portion (proportionate to Parent’s equity
interest in such Subsidiary) of the fair market value of the net assets of a Subsidiary of Parent at the time that such Subsidiary is designated an Unrestricted Subsidiary; and 

(b)    any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market
value at the time of such transfer. 
 The amount of any Investment outstanding at any time shall be the original cost of such Investment,
reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in Cash Equivalents by Parent or a Restricted Subsidiary in respect of such Investment. 

“Investors” means any of the Blackstone Funds and any of their Affiliates but not including, however, any of its or such
Affiliates’ portfolio companies. 
 “Issue Date” means April 13, 2018. 

“Issuer” has the meaning set forth in the preamble hereto, until a successor Person or Persons shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person or Persons. 

“Issuer’s Order” means a written request or order signed on behalf of the Issuer by an Officer of the Issuer, who must
be the principal executive officer, the principal financial officer, the treasurer, the secretary, the principal accounting officer or any senior or executive vice president of the Issuer, and delivered to the Trustee. 

“Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in
the State of New York or at the place of payment in respect of the Notes. If a payment date is on a Legal Holiday, payment will be made on the next succeeding day that is not a Legal Holiday and no interest shall accrue for the intervening period.

 “Letter of Transmittal” means the letter of transmittal to be prepared by the Issuer and sent to all Holders for use by
such Holders in connection with an Exchange Offer. 
 “License Agreement” means the License Agreement, dated
January 2, 2017, by and between HLT Parent and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to the License
Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

  
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 “Lien” means, with respect to any asset, any mortgage, lien (statutory or
otherwise), pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or
other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to constitute a Lien. 
 “Limited
Condition Acquisition” means any acquisition, including by way of merger, amalgamation or consolidation, by Parent or one or more of its Restricted Subsidiaries whose consummation is not conditioned upon the availability of, or on
obtaining, third party financing; provided that Consolidated Net Income (and any other financial term derived therefrom), other than for purposes of calculating any ratios in connection with the Limited Condition Acquisition, shall not
include any Consolidated Net Income of or attributable to the target company or assets associated with any such Limited Condition Acquisition unless and until the closing of such Limited Condition Acquisition shall have actually occurred. 

“Management and Franchise Agreements” means, collectively, each hotel management agreement and/or franchise agreement entered
into on or prior to the Issue Date by and between HLT Parent and PHRI and/or one or more Subsidiaries of HLT Parent or PHRI, pursuant to which HLT Parent and/or its Subsidiaries provides management and/or franchise services or licenses in respect of
hotels owned or leased by PHRI and/or its Subsidiaries as set forth therein, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared
to such hotel management agreement and/or franchise agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

“Management Stockholders” means the current and former employees and members of management (and their Controlled Investment
Affiliates and Immediate Family Members) of Parent (or its direct or indirect parent entities) who are holders of Equity Interests of any direct or indirect parent companies of Parent on the Issue Date. 

“Market Capitalization” means an amount equal to (a) the total number of issued and outstanding shares of common Equity
Interests of Parent (or, as the case may be, of a direct or indirect parent entity whose Equity Interests are traded on a securities exchange) on the date of the declaration of a Restricted Payment permitted pursuant to clause (ix) of
Section 4.07(b) hereof, multiplied by (b) the arithmetic mean of the closing prices per share of such common Equity Interests on the principal securities exchange on which such common Equity Interests are traded for the 30 consecutive
trading days immediately preceding the date of declaration of such Restricted Payment. 
 “Master Amendment and Option
Agreement” means the Master Amendment and Option Agreement, dated April 9, 2018, among HLT Parent, HNA, and HNA HLT Holdco I LLC, a wholly-owned subsidiary of HNA. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and
before any reduction in respect of Preferred Stock dividends. 
 “Net Proceeds” means the aggregate Cash Equivalents
proceeds received by Parent or any of its Restricted Subsidiaries in respect of any Asset Sale, including any Cash Equivalents received upon the sale or other disposition of any Designated Non-cash
Consideration received in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment
banking fees, payments made in order to obtain a necessary consent or required by applicable law, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, other fees and expenses, including title and recordation
expenses, taxes paid or payable as a result thereof or any transactions occurring or deemed to occur to effectuate a payment under this Indenture (after taking into account any available tax credits or deductions and any tax sharing arrangements),
amounts required to be applied to the repayment of principal, premium, if any, and interest on Senior Indebtedness or amounts required to be applied to the repayment of Indebtedness secured by a Lien on such assets and required (other than required
by clause (i) of Section 4.10(b) hereof) to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by Parent or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such 

  
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transaction and retained by Parent or any of its Restricted Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and
liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Notes” means the
Initial Notes and more particularly means any Note authenticated and delivered under this Indenture. Unless the context requires otherwise, all references to “Notes” for all purposes of this Indenture shall include any Additional
Notes that are actually issued. The Notes offered by the Issuer and any Additional Notes subsequently issued under this Indenture will be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and
offers to purchase, except for certain waivers and amendments as set forth herein. 
 “Obligations” means any principal,
interest (including any interest accruing on or subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed
claim under applicable state, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities,
and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness; provided that any of the foregoing (other
than principal and interest) shall no longer constitute “Obligations” after payment in full of such principal and interest except to the extent such obligations are fully liquidated and
non-contingent on or prior to such payment in full. 
 “Offering Memorandum” means
the offering memorandum, dated April 10, 2018, relating to the sale of the Initial Notes. 
 “Officer” means the
Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of any
Person, or any other officer of such Person designated by any such individuals. Unless otherwise indicated, Officer shall refer to an Officer of Parent. 

“Officer’s Certificate” means a certificate signed on behalf of a Person by an Officer of such Person that meets the
requirements set forth in this Indenture. Unless otherwise indicated, Officer’s Certificate shall refer to an Officer’s Certificate of an Officer of Parent or the Issuer. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may
be an employee of or counsel to Parent or the Trustee. 
 “Ownership Business” has the meaning assigned to such term in the
Distribution Agreement. 
 “Parent” refers to Hilton Worldwide Finance LLC, a Delaware limited liability company and the
direct parent of the Issuer. 
 “Parent Company” means any Person so long as such Person directly or indirectly holds
100.0% of the total voting power of the Capital Stock of Parent, and at the time such Person acquired such voting power, no Person and no group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any
successor provision), including any such group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) (other than a Parent
Company or any Permitted Holder), shall have beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or indirectly, of 50.0% or more of the total
voting power of the Voting Stock of such Person. 
 “Participant” means, with respect to the Depositary, a Person who has
an account with the Depositary (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Participating
Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

  
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 “Permitted Asset Swap” means the substantially concurrent purchase and sale or
exchange of Related Business Assets or a combination of Related Business Assets and Cash Equivalents between Parent or any of its Restricted Subsidiaries and another Person; provided that any Cash Equivalents received must be applied in
accordance with Section 4.10 hereof. 
 “Permitted Holders” means any of the Investors and Management Stockholders and
any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that in the case of such group and without giving effect to
the existence of such group or any other group, such Investors and Management Stockholders, collectively, have beneficial ownership of more than 50.0% of the total voting power of the Voting Stock of Parent or any of its direct or indirect parent
companies. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its
Affiliates, constitute an additional Permitted Holder. 
 “Permitted Intercompany Activities” means any transactions
between or among Parent and its Subsidiaries (for the avoidance of doubt, including Unrestricted Subsidiaries) that are entered into in the ordinary course of business of Parent and its Subsidiaries and, in the good faith judgment of Parent are
necessary or advisable in connection with the ownership or operation of the business of Parent and its Subsidiaries, including, but not limited to, (a) payroll, cash management, purchasing, insurance and hedging arrangements;
(b) management, technology and licensing arrangements; and (c) Hilton Honors and similar customer loyalty and rewards programs. 

“Permitted Investments” means: 

(a)    any Investment in Parent or any of its Restricted Subsidiaries; 

(b)    any Investment in Cash Equivalents or Investment Grade Securities; 

(c)    any Investment by Parent or any of its Restricted Subsidiaries in a Person (including, to the extent
constituting an Investment, in assets of a Person that represent substantially all of its assets or a division, business unit or product line, including research and development and related assets in respect of any product) that is engaged directly
or through entities that will be Restricted Subsidiaries in a Similar Business if as a result of such Investment: 

(i)    such Person becomes a Restricted Subsidiary; or 

(ii)    such Person, in one transaction or a series of related transactions, is amalgamated, merged or
consolidated with or into, or transfers or conveys substantially all of its assets (or such division, business unit or product line) to, or is liquidated into, Parent or a Restricted Subsidiary, 

and, in each case, any Investment held by such Person; provided that such Investment was not acquired by such Person in contemplation of
such acquisition, merger, amalgamation, consolidation or transfer; 
 (d)    any Investment in securities
or other assets, including earn-outs, not constituting Cash Equivalents or Investment Grade Securities and received in connection with an Asset Sale made pursuant to Section 4.10(a) hereof or any other disposition of assets not constituting an
Asset Sale; 
 (e)    any Investment existing on the 2021 Notes Issue Date or made pursuant to binding
commitments in effect on the 2021 Notes Issue Date or an Investment consisting of any extension, modification or renewal of any such Investment or binding commitment existing on the 2021 Notes Issue Date; provided that the amount of any such
Investment may be increased in such extension, modification or renewal only (i) as required by the terms of such Investment or binding commitment as in existence on the 2021 Notes Issue Date (including as a result of the accrual or accretion of
interest or original issue discount or the issuance of pay-in-kind securities) or (ii) as otherwise permitted under this Indenture; 

  
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 (f)    any Investment acquired by Parent or any of its
Restricted Subsidiaries: 
 (i)    consisting of extensions of credit in the nature of accounts
receivable or notes receivable arising from the grant of trade credit in the ordinary course of business; 

(ii)    in exchange for any other Investment or accounts receivable, endorsements for collection or deposit
held by Parent or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable (including any trade creditor or customer);
or 
 (iii)    in satisfaction of judgments against other Persons; or 

(iv)    as a result of a foreclosure by Parent or any of its Restricted Subsidiaries with respect to any
secured Investment or other transfer of title with respect to any secured Investment in default; 

(g)    Hedging Obligations permitted under Section 4.09(b)(x) hereof; 

(h)    any Investment in a Similar Business taken together with all other Investments made pursuant to this
clause (h) that are at that time outstanding not to exceed the greater of (1) $570.0 million and (2) 4.0% of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being
measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (h) is made in any Person that is not a Restricted Subsidiary of Parent at the date of
the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (a) above and shall cease to have been made pursuant to this clause
(h); 
 (i)    Investments the payment for which consists of Equity Interests (other than Disqualified
Stock) of Parent, or any of its direct or indirect parent companies; provided that such Equity Interests will not increase the amount available for Restricted Payments under clause (C) of Section 4.07(a) hereof; 

(j)    guarantees of Indebtedness permitted under Section 4.09 hereof, performance guarantees and
Contingent Obligations incurred in the ordinary course of business or consistent with past practice and the creation of Liens on the assets of Parent or any Restricted Subsidiary in compliance with Section 4.12 hereof; 

(k)    any transaction to the extent it constitutes an Investment that is permitted by and made in
accordance with the provisions of Section 4.11(b) hereof (except transactions described in clauses (ii), (v), (ix) and (xxiii) of Section 4.11(b) hereof); 

(l)    Investments consisting of purchases or other acquisitions of inventory, supplies, material or
equipment or the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 

(m)    Investments having an aggregate fair market value, taken together with all other Investments made
pursuant to this clause (m) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed the greater
of (1) $570.0 million and (2) 4.0% of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in
value); provided, however, that if any Investment pursuant to this clause (m) is made in any Person that is not a Restricted Subsidiary of Parent at the date of the making of such Investment and such Person becomes a Restricted
Subsidiary after such date, such investment shall thereafter be deemed to have been made pursuant to clause (a) above and shall cease to have been made pursuant to this clause (m); 

  
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 (n)    Investments in or relating to a Securitization
Subsidiary that, in the good faith determination of Parent are necessary or advisable to effect any Qualified Securitization Facility (including any contribution of replacement or substitute assets to such subsidiary) or any repurchase obligation in
connection therewith; 
 (o)    advances to, or guarantees of Indebtedness of, employees not in excess of
$25.0 million outstanding in the aggregate; 
 (p)    loans and advances to employees, directors,
officers, managers and consultants (i) for business-related travel expenses, moving expenses and other similar expenses or payroll advances, in each case incurred in the ordinary course of business or consistent with past practices or
(ii) to fund such Person’s purchase of Equity Interests of Parent or any direct or indirect parent company thereof; 

(q)    advances, loans or extensions of trade credit in the ordinary course of business or consistent with
past practice by Parent or any of its Restricted Subsidiaries; 
 (r)    any Investment in any Subsidiary
or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business or consistent with past practice; 

(s)    Investments consisting of purchases and acquisitions of assets or services in the ordinary course of
business or consistent with past practice; 
 (t)    Investments made in the ordinary course of business
or consistent with past practice in connection with obtaining, maintaining or renewing client contracts; 

(u)    Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and
workers compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business or consistent with past practice; 

(v)    repurchases of Notes or Existing Senior Notes; 

(w)    Investments in the ordinary course of business or consistent with past practice consisting of
Uniform Commercial Code Article 3 endorsements for collection of deposit and Article 4 customary trade arrangements with customers consistent with past practices; 

(x)    Investments consisting of promissory notes issued by Parent, the Issuer or any Guarantor to future,
present or former officers, directors and employees, members of management, or consultants of Parent or any of its Subsidiaries or their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of
Parent or any direct or indirect parent thereof, to the extent the applicable Restricted Payment is a permitted by Section 4.07 hereof; 

(y)    Investments (including debt obligations and Equity Interests) received in connection with the
bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or consistent with past practice or upon the
foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(z)    Investments (i) by the Captive Insurance Subsidiary made in the ordinary course of its business
or consistent with past practice, and (ii) in the Captive Insurance Subsidiary in the ordinary course of business or required under statutory or regulatory authority applicable to such Captive Insurance Subsidiary; 

(aa)     Investments made in connection with Permitted Intercompany Activities and related transactions;

  
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 (bb)     Investments in joint ventures of Parent or any of
its Restricted Subsidiaries existing on the 2021 Notes Issue Date; 
 (cc)     Investments in joint
ventures of Parent or any of its Restricted Subsidiaries, taken together with all other Investments made pursuant to this clause (cc) that are at that time outstanding, not to exceed the greater of (a) $285.0 million and (b) 2.0% of Total
Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); and 

(dd)    Investments in an Unrestricted Subsidiary consisting of Equity Interests issued by, or property or
assets of, another Unrestricted Subsidiary. 
 “Permitted Liens” means, with respect to any Person: 

(a)    pledges, deposits or security by such Person under workmen’s compensation laws, unemployment
insurance, employers’ health tax, and other social security laws or similar legislation or other insurance-related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and
adjustments thereto) or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance, or good faith deposits in
connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to
secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business; 

(b)    Liens imposed by law, such as landlords’, carriers’, warehousemen’s,
materialmen’s, repairmen’s and mechanics’ Liens, in each case for sums not yet overdue for a period of more than 45 days or, if more than 45 days overdue, that are unfiled and no other action has been taken to enforce such Lien or
that are being contested in good faith by appropriate actions or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review if adequate
reserves with respect thereto are maintained on the books of such Person in accordance with GAAP; 

(c)    Liens for taxes, assessments or other governmental charges not yet overdue for a period of more than
30 days or not yet payable or subject to penalties for nonpayment or which are being contested in good faith by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in
accordance with GAAP; 
 (d)    Liens in favor of issuers of performance, surety, bid, indemnity,
warranty, release, appeal or similar bonds or with respect to other regulatory requirements or letters of credit or bankers acceptances issued, and completion guarantees provided for, in each case, issued pursuant to the request of and for the
account of such Person in the ordinary course of its business or consistent with past practice prior to the Issue Date; 

(e)    minor survey exceptions, minor encumbrances, ground leases, easements or reservations of, or rights
of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph, telephone and cable television lines and other similar purposes, or
zoning, building codes or other restrictions (including minor defects and irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of
its properties which were not incurred in connection with Indebtedness and which do not in the aggregate materially interfere with the ordinary conduct of the business of Parent or any of its Restricted Subsidiaries, taken as a whole, and exceptions
on title policies insuring liens granted on Mortgaged Properties (as defined in the Senior Secured Credit Facilities); 

  
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 (f)    Liens securing Obligations relating to any
Indebtedness permitted to be incurred pursuant to clause (iv), (xii), (xiii), (xiv), (xxiii) or (xxv) of Section 4.09(b) hereof; provided that (a) Liens securing Obligations relating to any Indebtedness, Disqualified Stock or
Preferred Stock to be incurred pursuant to clause (iv) of Section 4.09(b) hereof extend only to the assets so purchased, leased or improved; (b) Liens securing Obligations relating to any Indebtedness permitted to be incurred pursuant
to clause (xiii) of Section 4.09(b) hereof relate only to Obligations relating to Refinancing Indebtedness that (x) is secured by Liens on the same assets as the assets securing the Refinancing Indebtedness or (y) extends,
replaces, refunds, refinances, renews or defeases Indebtedness incurred or Disqualified Stock or Preferred Stock issued under clauses (iii), (iv) or (xii) of Section 4.09(b) hereof; (c) Liens securing Indebtedness permitted to be
incurred pursuant to clause (xiv) of Section 4.09(b) hereof shall only be permitted if such Liens are limited to all or part of the same property or assets, including Capital Stock (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof, or replacements of any thereof) acquired, or of any Person acquired or merged or consolidated with or into Parent or any Restricted Subsidiary, in any transaction to which such Indebtedness relates; and
(d) Liens securing Indebtedness permitted to be incurred pursuant to clauses (xxiii) and (xxv) of Section 4.09(b) hereof shall only be permitted if such Liens extend only to the assets of Restricted Subsidiaries of Parent that are not
the Issuer or Guarantors; 
 (g)    Liens existing on the Issue Date (excluding Liens securing the Credit
Agreement), including Liens securing any Refinancing Indebtedness of any Indebtedness secured by such Liens; 

(h)    Liens on property or shares of stock or other assets of a Person at the time such Person becomes a
Subsidiary; provided that such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, that such Liens may not extend to any other property
or other assets owned by Parent or any of its Restricted Subsidiaries; 
 (i)    Liens on property or
other assets at the time Parent or a Restricted Subsidiary acquired the property or such other assets, including any acquisition by means of a merger, amalgamation or consolidation with or into Parent or any of its Restricted Subsidiaries;
provided that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, amalgamation, merger or consolidation; provided, further, that the Liens may not extend to any other property
owned by Parent or any of its Restricted Subsidiaries; 
 (j)    Liens securing Obligations relating to
any Indebtedness or other obligations of a Restricted Subsidiary owing to Parent or another Restricted Subsidiary permitted to be incurred in accordance with Section 4.09 hereof; 

(k)    Liens securing (x) Hedging Obligations and (y) obligations in respect of Bank Products;

 (l)    Liens on specific items of inventory or other goods and proceeds of any Person securing such
Person’s accounts payable or similar trade obligations in respect of bankers’ acceptances or documentary letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods; 
 (m)    leases, sub-leases, licenses or sub-licenses granted to others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of Parent or any of its Restricted Subsidiaries, taken as a whole, and do
not secure any Indebtedness; 
 (n)    Liens arising from Uniform Commercial Code (or equivalent statute)
financing statement filings regarding operating leases or consignments entered into by Parent and its Restricted Subsidiaries in the ordinary course of business or purported Liens evidenced by the filing of precautionary Uniform Commercial Code
financing statements or similar public filings; 
 (o)    Liens in favor of Parent, the Issuer or any
Subsidiary Guarantor; 

  
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 (p)    Liens on equipment of Parent or any of its Restricted
Subsidiaries granted in the ordinary course of business to Parent’s or a Restricted Subsidiary’s customers or clients; 

(q)    Liens on accounts receivable, Securitization Assets and related assets incurred in connection with a
Qualified Securitization Facility; 
 (r)    Liens to secure any modification, refinancing, refunding,
extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (f), (g), (h), (i), this clause
(r) and clause (nn) below; provided that (i) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property) and proceeds and products thereof, and (ii) the
Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (f), (g), (h), (i), this
clause (r) and clause (nn) below at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses (including original issue discount, upfront fees or similar fees) and
premiums (including tender premiums and accrued and unpaid interest), related to such modification, refinancing, refunding, extension, renewal or replacement; 

(s)    deposits made or other security provided in the ordinary course of business to secure liability to
insurance carriers; 
 (t)    Liens securing obligations in an aggregate principal amount outstanding
which does not exceed the greater of (a) $285.0 million and (b) 2.0% of Total Assets (in each case, determined as of the date of such incurrence); 

(u)    security given to a public utility or any municipality or governmental authority when required by
such utility or authority in connection with the operations of that Person in the ordinary course of business; 

(v)    Liens securing judgments for the payment of money not constituting an Event of Default under clause
(v) of Section 6.01(a) hereof; 
 (w)    Liens in favor of customs and revenue authorities
arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 

(x)    Liens (i) of a collection bank arising under
Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage
accounts incurred in the ordinary course of business, and (iii) in favor of banking institutions arising as a matter of law or under general terms and conditions encumbering deposits (including the right of
set-off) and which are within the general parameters customary in the banking industry; 

(y)    Liens deemed to exist in connection with Investments in repurchase agreements permitted under
Section 4.09 hereof; 
 (z)    Liens encumbering reasonable customary deposits and margin deposits
and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(aa)    Liens that are contractual rights of set-off or rights of
pledge (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of Parent or any of its Restricted Subsidiaries to
permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Parent and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of Parent or any
of its Restricted Subsidiaries in the ordinary course of business; 

  
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 (bb)    Liens securing obligations owed by Parent or any
Restricted Subsidiary to any lender under the Senior Secured Credit Facilities or any Affiliate of such a lender in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated
clearing house transfers of funds; 
 (cc)    any encumbrance or restriction (including put and call
arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(dd)    Liens arising out of conditional sale, title retention, consignment or similar arrangements for the
sale or purchase of goods entered into by Parent or any Restricted Subsidiary in the ordinary course of business; 

(ee)    Liens solely on any cash earnest money deposits made by Parent or any of its Restricted
Subsidiaries in connection with any letter of intent or purchase agreement permitted by this Indenture; 

(ff)    ground leases in respect of real property on which facilities owned or leased by Parent or any of
its Subsidiaries are located; 
 (gg)    Liens on insurance policies and the proceeds thereof securing
the financing of the premiums with respect thereto; 
 (hh)    Liens on Capital Stock of an Unrestricted
Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary; 

(ii)    Liens on the assets of non-guarantor Restricted
Subsidiaries securing Indebtedness of such Subsidiaries that were permitted by the terms of this Indenture to be incurred; 

(jj)    Liens on cash advances in favor of the seller of any property to be acquired in an Investment
permitted under this Indenture to be applied against the purchase price for such Investment; 

(kk)    any interest or title of a lessor, sub-lessor, licensor or sub-licensor or secured by a lessor’s, sub-lessor’s, licensor’s or sub-licensor’s interest under leases or licenses
entered into by Parent or any of the Restricted Subsidiaries in the ordinary course of business; 

(ll)    (i) deposits of cash with the owner or lessor of premises leased and operated by Parent or any of
its Subsidiaries in the ordinary course of business of Parent and such Subsidiary to secure the performance of Parent’s or such Subsidiary’s obligations under the terms of the lease for such premises and (ii) Liens with respect to
property or assets of Parent and its Restricted Subsidiaries (including accounts receivable or other revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in
respect of hotel collection accounts, operating accounts and reserve accounts; 
 (mm)     [Reserved];

 (nn)    Liens securing Indebtedness (including Liens securing any Obligations in respect thereof)
permitted to be incurred pursuant to Section 4.09 (including, without limitation, Indebtedness incurred under one or more Credit Facilities) so long as after giving pro forma effect to such incurrence and such Liens the Consolidated Secured
Debt Ratio of Parent and its Restricted Subsidiaries shall be equal to or less than 5.20 to 1.00 for Parent’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on
which such Lien is incurred; 
 (oo)    Liens securing obligations in respect of (i) Indebtedness
and other Obligations permitted to be incurred under Credit Facilities, including any letter of credit facility relating thereto, that was permitted to be incurred pursuant to clause (i) of Section 4.09(b) and (ii) obligations of
Parent or any Subsidiary in respect of any Bank Products or Hedging Obligation provided by any lender party to any Credit Facility or any Affiliate of such lender (or any Person that was a lender or an Affiliate of a lender at the time the
applicable agreements pursuant to which such Bank Products are provided were entered into); and 

  
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 (pp)    Liens on any funds or securities held in escrow
accounts established for the purpose of holding proceeds from issuances of debt securities by Parent or any of its Restricted Subsidiaries issued after the Issue Date, together with any additional funds required in order to fund any mandatory
redemption or sinking fund payment on such debt securities within 180 days of their issuance; provided that such Liens do not extend to any assets other than such proceeds and such additional funds. 

For purposes of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness. 

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

“PHRI” means Park Hotels & Resorts Inc., a Delaware corporation. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Private Placement Legend” means the legend set forth in Section 2.06(g)(i) hereof to
be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Purchase Agreement” means the purchase agreement, dated as of April 10, 2018, among the Issuer, Parent, HLT Parent, the
other Guarantors party thereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of such initial purchasers, relating to the issue and sale of the Initial Notes. 

“Purchase Money Obligations” means any Indebtedness incurred to finance or refinance the purchase, acquisition, leasing,
expansion, construction, installation, replacement, repair or improvement of property (real or personal) or assets, and whether acquired through the direct acquisition of such property or assets, or otherwise (including through the purchase of
Capital Stock of any Person owning such property or assets). 
 “QIB” means a “qualified institutional buyer” as
defined in Rule 144A. 
 “Qualified Proceeds” means the fair market value of assets that are used or useful in, or Capital
Stock of any Person engaged in, a Similar Business. 
 “Qualified Securitization Facility” means any Securitization
Facility (i) constituting a securitization financing facility that meets the following conditions: (A) the Board of Directors or management of Parent shall have determined in good faith that such Securitization Facility is in the aggregate
economically fair and reasonable to Parent and (B) all sales and/or contributions of Securitization Assets and related assets to the applicable Securitization Subsidiary are made at fair market value (as determined in good faith by Parent) or
(ii) constituting a receivables or payables financing or factoring facility. 
 “Rating Agencies” means Moody’s
and S&P or if Moody’s or S&P or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by Parent which shall be substituted for
Moody’s or S&P or both, as the case may be. 
 “Rating Categories” means: 

(a)    with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D
(or equivalent successor categories); and 

  
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 (b)     with respect to Moody’s, any of the following
categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories). 
 “Ratings Improvement” means,
with respect to a Change of Control, the obtaining of a rating of the Notes, taking into account the applicable transaction, representing an increase in the rating of the Notes by either Moody’s or S&P by one or more gradations (including
gradations within Rating Categories as well as between Rating Categories, but not including ratings outlook changes) over such rating as of the Issue Date. In determining whether the rating of the Notes has increased by one or more gradations,
gradations within Ratings Categories, namely + or - for S&P, and 1, 2, and 3 for Moody’s, will be taken into account; for example, in the case of S&P, a rating change either from BB to BB+ or from B+ to
BB- will constitute an increase of one gradation. 
 “Record Date” means, for the
interest payable on any applicable Interest Payment Date, the April 15 and October 15 (whether or not a Business Day) immediately preceding such Interest Payment Date. 

“Registration Rights Agreement” means a registration rights agreement with respect to the Initial Notes dated as of the Issue
Date, among the Issuer, the Guarantors and the representative of the Initial Purchasers, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration rights
agreements among the Issuer and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Issuer to the purchasers of Additional Notes to register such Additional
Notes under the Securities Act. 
 “Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

 “Regulation S Permanent Global Note” means a permanent Global Note, substantially in the form of Exhibit A hereto,
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Regulation S
Temporary Global Note upon expiration of the applicable Restricted Period. 
 “Regulation S Temporary Global Note” means a
temporary Global Note, substantially in the form of Exhibit A hereto, bearing the Global Note Legend and the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of, and registered in the name
of, the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903. 

“Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(iii) hereof. 

“Related Business Assets” means assets (other than Cash Equivalents) used or useful in a Similar Business or any securities
of a Person received by Parent or a Restricted Subsidiary in exchange for assets transferred by Parent or a Restricted Subsidiary; provided that any such securities shall not be deemed to be Related Business Assets, unless (a) upon
receipt of the securities of such Person, such Person would become a Restricted Subsidiary or (b) such securities are received in respect of a transfer of the Specified Real Property Assets. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and, in each case, who shall have direct responsibility for the
administration of this Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing, or that is required to
bear, the Private Placement Legend. 

  
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 “Restricted Global Note” means a Global Note bearing, or that is required to
bear, the Private Placement Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means, in respect of any Note issued under Regulation S, the
40-day distribution compliance period as defined in Regulation S applicable to such Note. 

“Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of Parent (including the Issuer and any Foreign
Subsidiary) that is not then an Unrestricted Subsidiary; provided that upon an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.”

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

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

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

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

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business.

 “Sale and Lease-Back Transaction” means any arrangement providing for the leasing by Parent or any of its Restricted
Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by Parent or such Restricted Subsidiary to a third Person in contemplation of such leasing. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness of Parent or any of its Restricted Subsidiaries secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Assets” means the loans, accounts receivable, financing receivables, other receivables,
royalty or other revenue streams and other rights to payment and any assets related thereto subject to a Qualified Securitization Facility and the proceeds thereof. 

“Securitization Facility” means any of one or more receivables or securitization financing facilities as amended,
supplemented, modified, extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in
connection with such facilities) to Parent or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) pursuant to which Parent or any of its Restricted Subsidiaries sells or grants a security interest in Securitization Assets to,
or for the benefit of, either (a) a Person that is not a Restricted Subsidiary or (b) a Securitization Subsidiary that in turn sells or grants a security interest in Securitization Assets to, or for the benefit of, a Person that is not a
Restricted Subsidiary. 
 “Securitization Fees” means distributions or payments made directly or by means of discounts with
respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization Facility. 

“Securitization Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in one or more
Qualified Securitization Facilities and other activities reasonably related thereto. 

  
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 “Senior Indebtedness” means: 

(a)     all Indebtedness of Parent, the Issuer or any Guarantor outstanding under the Senior Secured Credit
Facilities, the Existing Senior Notes and the related guarantees and the Notes and related Guarantees (including interest accruing on or after the filing of any petition in bankruptcy or similar proceeding or for reorganization of Parent, the Issuer
or any Guarantor (at the rate provided for in the documentation with respect thereto, regardless of whether or not a claim for post-filing interest is allowed in such proceedings)), and any and all other fees, expense reimbursement obligations,
indemnification amounts, penalties, and other amounts (whether existing on the Issue Date or thereafter created or incurred) and all obligations of Parent, the Issuer or any Guarantor to reimburse any bank or other Person in respect of amounts paid
under letters of credit, acceptances or other similar instruments; 
 (b)     all (x) Hedging
Obligations (and guarantees thereof) and (y) obligations in respect of Bank Products (and guarantees thereof) owing to a lender under the Senior Secured Credit Facilities or any Affiliate of such lender (or any Person that was a lender or an
Affiliate of such lender at the time the applicable agreement giving rise to such Hedging Obligation was entered into); provided that such Hedging Obligations and obligations in respect of Bank Products, as the case may be, are permitted to
be incurred under the terms of this Indenture; 
 (c)     any other Indebtedness of Parent, the Issuer or
any Guarantor permitted to be incurred under the terms of this Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any related Guarantee; and 

(d)     all Obligations with respect to the items listed in the preceding clauses (a), (b) and (c);
provided that Senior Indebtedness shall not include: 
 (i)    any obligation of such Person to
Parent, the Issuer or any of Parent’s Subsidiaries; 
 (ii)    any liability for federal, state,
local or other taxes owed or owing by such Person; 
 (iii)     any accounts payable or other liability
to trade creditors arising in the ordinary course of business; 
 (iv)     any Indebtedness or other
Obligation of such Person which is subordinate or junior in any respect to any other Indebtedness or other Obligation of such Person; or 

(v)    that portion of any Indebtedness which at the time of incurrence is incurred in violation of this
Indenture. 
 “Senior Secured Credit Facilities” means the revolving credit facility and other credit facilities under the
Credit Agreement, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings, refinancings or
replacements thereof and any one or more indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund, supplement or refinance any part of the loans, notes, other credit
facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings is
permitted under Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders. 

“Shelf Registration Statement” means a Shelf Registration Statement as defined in the Registration Rights Agreement. 

  
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 “Significant Subsidiary” means any Restricted Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act, as such regulation is in effect on
the Issue Date. 
 “Similar Business” means (a) any business conducted or proposed to be conducted by Parent or any of
its Restricted Subsidiaries on the Issue Date, and any reasonable extension thereof, or (b) any business or other activities that are reasonably similar, ancillary, incidental, complementary or related to, or a reasonable extension, development
or expansion of, the businesses in which Parent and its Restricted Subsidiaries are engaged or propose to be engaged on the Issue Date. 

“Specified Real Property Assets” means any real property or assets of Parent or its Restricted Subsidiaries with an aggregate
book value not to exceed 7.5% of Total Assets of Parent and its Restricted Subsidiaries. 

“Spin-Off Date” means January 3, 2017. 

“Spin-Off Transaction” means, collectively, the transactions which resulted in
(a) PHRI holding directly or indirectly all or substantially of the Ownership Business and (b) HGVI holding directly or indirectly all or substantially all of the Timeshare Business, and which was completed on January 3, 2017 by the
distribution by HLT Parent to its stockholders of shares of each of PHRI and HGVI on a pro rata basis, and all related transactions. 

“Subordinated Indebtedness” means, with respect to the Notes, 

(1)     any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes,
and 
 (2)     any Indebtedness of any Guarantor which is by its terms subordinated in right of payment
to the Guarantee of such entity of the Notes. 
 “Subsidiary” means, with respect to any Person: 

(a)    any corporation, association, or other business entity (other than a partnership, joint venture,
limited liability company or similar entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and 

(b)    any partnership, joint venture, limited liability company or similar entity of which: 

(i)    more than 50.0% of the capital accounts, distribution rights, total equity and voting interests or
general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general,
special or limited partnership or otherwise; and 
 (ii)    such Person or any Restricted Subsidiary of
such Person is a controlling general partner or otherwise controls such entity. 
 For the avoidance of doubt, any entity that is owned at a
50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under this Indenture, regardless of whether such entity is consolidated on Parent’s or any Restricted Subsidiary’s financial statements.

 “Subsidiary Guarantor” means each Guarantor other than HLT Parent, HWP and Parent. 

  
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 “Support and Services Agreement” means the management services or similar
agreements between certain of the management companies associated with one or more of the Investors or their advisors, if applicable, and Parent (and/or its direct or indirect parent companies), as in effect from time to time; provided that any
management, monitoring, consulting and advisory fees payable in advance by Parent (and/or its direct or indirect parent companies) and its Restricted Subsidiaries shall not exceed an amount equal to 2.0% of EBITDA for such fiscal year. 

“Tax Matters Agreement” means the Tax Matters Agreement, dated January 2, 2017, by and among HLT Parent, Parent, PHRI
and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes when taken as a whole, as compared to the Tax Matters Agreement as in effect immediately prior to such
amendment, supplement, waiver or modification. 
 “Tax Stockholders Agreement” means the Tax Stockholders Agreement, dated
January 2, 2017, by and among HLT Parent, HGVI, the Blackstone Holders (as defined therein) and the other parties thereto, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the
holders of the Notes when taken as a whole, as compared to the Tax Stockholders Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

“Timeshare Business” has the meaning assigned to such term in the Distribution Agreement. 

“Total Assets” means the total assets of Parent and its Restricted Subsidiaries, determined on a consolidated basis in
accordance with GAAP, as shown on the most recent balance sheet of Parent or such other Person. 
 “Transaction Agreements”
means, collectively, the Distribution Agreement, the Employee Matters Agreement, the License Agreement, the Management and Franchise Agreements, the Tax Stockholders Agreement, the Tax Matters Agreement, the Transition Services Agreement, the HNA
Stockholders Agreement, the Blackstone Stockholders Agreement, the HNA Registration Rights Agreement, the Blackstone Registration Rights Agreement, the Master Amendment and Option Agreement and each other instrument or agreement entered into in
connection with the Spin-Off Transaction. 
 “Transition Services Agreement” means
the Master Transition Services Agreement, dated January 2, 2017, by and among HLT Parent, PHRI and HGVI, as amended, supplemented, waived or otherwise modified from time to time in a manner not materially adverse to the Holders of the Notes
when taken as a whole, as compared to the Transition Services Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 

“Trustee” means Wilmington Trust, National Association, as trustee, until a successor replaces it in accordance with the
applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Uniform Commercial Code”
means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of New York. 

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

  
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 “Unrestricted Subsidiary” means: 

(a)    any Subsidiary of Parent (other than the Issuer) which at the time of determination is an
Unrestricted Subsidiary (as designated by Parent, as provided below); and 
 (b)    any Subsidiary of an
Unrestricted Subsidiary. 
 Parent may designate any Subsidiary of Parent (other than the Issuer, but including any other existing
Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, Parent or
any Subsidiary of Parent (other than solely any Subsidiary of the Subsidiary to be so designated); provided that: 

(i)    any Unrestricted Subsidiary must be an entity of which the Equity Interests entitled to cast at
least a majority of the votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing a similar function are owned, directly or indirectly, by Parent; 

(ii)    such designation complies with Section 4.07 hereof; and 

(iii)    each of (A) the Subsidiary to be so designated and (B) its Subsidiaries has not at the
time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of Parent or any
Restricted Subsidiary, in each case, except any Permitted Intercompany Activities. 
 Parent may designate any Unrestricted Subsidiary to be
a Restricted Subsidiary; provided that, immediately after giving effect to such designation, no Default shall have occurred and be continuing and either: 

(a)    Parent could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Test; or 
 (b)    the Fixed Charge Coverage Ratio for Parent and its Restricted Subsidiaries would be
equal to or greater than such ratio for Parent and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 

Any such designation by Parent shall be notified by Parent to the Trustee by promptly filing with the Trustee a copy of the resolution of the
Board of Directors of Parent or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“U.S. Dollar Equivalent” means with respect to any monetary amount in a currency other than U.S. dollars,
at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as
published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two business days prior to such determination. 

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

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

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

“U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 

(a)    the sum of the products of the number of years from the date of determination to the date of each
successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment; by 

(b)    the sum of all such payments; 

provided that for purposes of determining the Weighted Average Life to Maturity of any Indebtedness that is being extended, replaced, refunded,
refinanced, renewed or defeased (the “Applicable Indebtedness”), the effects of any amortization or prepayments made on such Applicable Indebtedness prior to the date of the applicable extension, replacement, refunding, refinancing,
renewal or defeasance shall be disregarded. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person,
100.0% of the outstanding Equity Interests of which (other than directors’ qualifying shares and shares issued to foreign nationals as required by applicable law) shall at the time be owned by such Person and/or by one or more Wholly Owned
Subsidiaries of such Person. 
 Section 1.02.    Other Definitions. 

 

			
	 Term
	  	Defined
in Section
	 “Accounting Change”
	  	1.01
	 “Acceptable Commitment”
	  	4.10
	 “Affiliate Transaction”
	  	4.11
	 “Applicable Indebtedness”
	  	1.01
	 “Applicable Premium Deficit”
	  	8.04
	 “Asset Sale Offer”
	  	4.10
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Code”
	  	2.06
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “ERISA”
	  	2.06
	 “equity incentives”
	  	1.01
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “Fixed Charge Coverage Test”
	  	4.07
	 “incur” and “incurrence”
	  	4.09

  
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	 Term
	  	Defined
in Section	 
	 “Legal Defeasance”
	  	 	8.02	 
	 “Note Register”
	  	 	2.03	 
	 “Offer Amount”
	  	 	3.08	 
	 “Offer Period”
	  	 	3.08	 
	 “Pari Passu Indebtedness”
	  	 	4.10	 
	 “Paying Agent”
	  	 	2.03	 
	 “Purchase Date”
	  	 	3.08	 
	 “Redemption Date”
	  	 	3.01	 
	 “Refinancing Indebtedness”
	  	 	4.09	 
	 “Refunding Capital Stock”
	  	 	4.07	 
	 “Registrar”
	  	 	2.03	 
	 “Restricted Payments”
	  	 	4.07	 
	 “Second Commitment”
	  	 	4.10	 
	 “Successor Company”
	  	 	5.01	 
	 “Successor Person”
	  	 	5.01	 
	 “Transfer Agent”
	  	 	2.03	 
	 “Treasury Capital Stock”
	  	 	4.07	 

 Section 1.03.    Incorporation by Reference of Trust
Indenture Act. At all times after the effectiveness of a registration statement under the Registration Rights Agreement, this Indenture will be subject to the mandatory provisions of the Trust Indenture Act, which unless otherwise indicated are
incorporated by reference in and made a part of this Indenture upon the effectiveness of any such registration statement. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and
made a part of this Indenture. 
 The following Trust Indenture Act terms if used in this Indenture have the following meanings: 

“indenture securities” means the Notes and the Guarantees; 

“indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and “obligor” on the Notes and
the Guarantees means the Issuer and the Guarantors, respectively, and any successor obligor upon the Notes and the Guarantees, respectively. 

All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them. 

Section 1.04.    Rules of Construction. Unless the context otherwise requires: 

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

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

 (c)    “or” is not exclusive; 

(d)    the words “including,” “includes” and similar words shall be deemed to be
followed by “without limitation”; 

  
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 (e)    words in the singular include the plural, and in the
plural include the singular; 
 (f)    “shall” and “will” shall be interpreted to
express a command; 
 (g)    provisions apply to successive events and transactions; 

(h)    references to sections of, or rules under, the Securities Act or the Exchange Act shall be deemed to
include substitute, replacement or successor sections or rules adopted by the SEC from time to time; 

(i)    unless the context otherwise requires, any reference to an “Article,” “Section”
or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; 

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

(k)    the principal amount of any non-interest bearing or other
discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with GAAP; 

(l)    words used herein implying any gender shall apply to both genders; 

(m)    in the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including”; the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including”; 

(n)    the principal amount of any Preferred Stock at any time shall be (i) the maximum liquidation
value of such Preferred Stock at such time or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock at such time, whichever is greater; and 

(o)    all references to any interest or other amount payable on or with respect to the Notes shall be
deemed to include any Additional Interest. 
 Section 1.05.    Acts of Holders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Proof of execution of any such instrument or of a writing appointing any such agent, or the
holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01 hereof) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 1.05. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit
of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c)    The ownership of Notes shall be proved by the Note Register. 

  
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 (d)    Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken,
suffered or omitted by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

(e)    The Issuer may, in the circumstances permitted by the Trust Indenture Act, set a record date for purposes of
determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or permitted to be given or taken by
Holders. Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later
of 10 days prior to the first solicitation of such consent or, if the Trustee is not then also the Registrar, the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. 

(f)    Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note
may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or
action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this Section 1.05(f) shall have the same effect as if given or taken by separate Holders of each such different part. 

(g)    Without limiting the generality of the foregoing, a Holder, including DTC, that is a Holder of a Global Note, may
make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and any Person, that is a
Holder of a Global Note, including DTC, may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s standing instructions and customary practices. 

(h)    The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests
in any Global Note held by DTC entitled under the procedures of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided
in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand,
authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or
effective if made, given or taken more than 120 days after such record date. 

Section 1.06.    Timing of Payment. Notwithstanding anything herein to the contrary, if
the date on which any payment is to be made pursuant to this Indenture or the Notes is not a Business Day, the payment otherwise payable on such date shall be payable on the next succeeding Business Day with the same force and effect as if made on
such scheduled date and (provided such payment is made on such succeeding Business Day) no interest shall accrue on the amount of such payment from and after such scheduled date to the time of such payment on such next succeeding Business Day and
the amount of any such payment that is an interest payment will reflect accrual only through the original payment date and not through the next succeeding Business Day. 

Section 1.07.    Financial Calculations for Limited Condition Acquisitions. For purposes
of calculating the availability under any basket or ratio under this Indenture, in each case in connection with a Limited Condition Acquisition, the date of determination of any such basket or ratio under this Indenture and of any Default or Event
of Default related thereto may, at the option of Parent, be the date the definitive agreements for such Limited Condition Acquisition are entered into, in which case such baskets or ratios shall be calculated with such pro forma adjustments as are
appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio” in Section 1.01 hereof after giving effect to such Limited Condition Acquisition and the other
transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the applicable period for purposes of determining the ability to consummate
any such Limited Condition Acquisition (and not for purposes of any subsequent availability of any basket or ratio). For the avoidance of doubt, (a) if any of such baskets or ratios are exceeded as a

  
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result of fluctuations in such basket or ratio (including due to fluctuations in EBITDA of Parent or the target company) subsequent to such date of determination and at or prior to the
consummation of the relevant Limited Condition Acquisition, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations for purposes of determining whether the Limited Condition Acquisition and related
transactions are permitted under this Indenture and (b) such baskets or ratios shall not be tested at the time of consummation of such Limited Condition Acquisition or related transactions solely for purposes of determining whether such Limited
Condition Acquisition is permitted under this Indenture; provided, however, that if Parent elects to have such determinations occur at the time of entry into such definitive agreement, any such transactions (including any incurrence of
Indebtedness and the use of proceeds thereof) shall be deemed to have occurred on the date such definitive agreement is entered and shall be deemed to be outstanding thereafter for purposes of calculating any usage of baskets or ratios under this
Indenture from and including the date of such definitive agreement and before the consummation of such Limited Condition Acquisition, unless and until such Limited Condition Acquisition has been abandoned or such definitive agreement has expired or
been terminated prior to consummation thereof. 
 ARTICLE 2 

THE NOTES 

Section 2.01.    Form and Dating; Terms. 

(a)    General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be issued in minimum denominations of $2,000 and any
integral multiple of $1,000 in excess of $2,000. 
 (b)    Global Notes. Notes issued in global form shall be
substantially in the form of Exhibit A hereto, including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto. Notes issued in definitive form shall be substantially in the form of
Exhibit A hereto, but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto. Each Global Note shall represent such of the outstanding Notes as shall be specified in
the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c)    Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the
form of a Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Custodian and registered in the name of the Depositary or the nominee of the Depositary for the accounts of
designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. 

Following (i) the termination of the applicable Restricted Period and (ii) the receipt by the Trustee of (A) a certification or
other evidence in a form reasonably acceptable to the Issuer together with copies of certificates from Euroclear and Clearstream certifying that they have received certifications of non-United States
beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note, to the extent the Depositary, Euroclear and Clearstream provide such certificates in the ordinary course of their business (except to the
extent of any beneficial owners thereof who acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who shall take delivery of a beneficial ownership interest in a 144A
Global Note bearing the Private Placement Legend, all as contemplated by Section 2.06(b) hereof) and (B) an Officer’s Certificate from the Issuer, the Trustee shall remove the Regulation S Temporary Global Note Legend from the
Regulation S Temporary Global Note, following which temporary beneficial interests in the Regulation S Temporary Global Note shall automatically become beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable
Procedures. 

  
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 The aggregate principal amount of a Regulation S Temporary Global Note and a Regulation S
Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

(d)    Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture
is unlimited. 
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture
and the Issuer, the Guarantors from time to time party hereto and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes
shall be subject to repurchase by the Issuer pursuant to an Asset Sale Offer as provided in Section 4.10 hereof or a Change of Control Offer as provided in Section 4.14 hereof. The Notes shall not be redeemable, other than as provided in
Article 3 hereof. 
 Subject to compliance with Section 4.09 hereof, the Issuer may issue Additional Notes from time to time ranking
pari passu with the Initial Notes without notice to or consent of the Holders, and such Additional Notes shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or
otherwise as the Initial Notes, except that interest may accrue on the Additional Notes from their date of issuance (or such other date specified by the Issuer); provided that if any Additional Notes are not fungible with the Initial Notes
for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number. Any Additional Notes may be issued with the benefit of an indenture supplemental to this Indenture. 

(e)    Euroclear and Clearstream Applicable Procedures. The provisions of the “Operating Procedures of the
Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of
beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream. 

Section 2.02.    Execution and Authentication. At least one Officer of the Issuer shall
execute the Notes on behalf of the Issuer, by manual, facsimile or electronic (including “.pdf”) signature. 
 If an Officer of
the Issuer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall nevertheless be valid. 

A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially
in the form of Exhibit A hereto, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture. 

On the Issue Date, the Trustee shall, upon receipt of an Issuer’s Order (an “Authentication Order”), authenticate and
deliver the Initial Notes in the aggregate principal amount specified in such Authentication Order. In addition, at any time, from time to time, the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any Additional
Notes or Exchange Notes for an aggregate principal amount specified in such Authentication Order for such Additional Notes or Exchange Notes issued or increased hereunder. 

The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 

Section 2.03.    Registrar, Transfer Agent and Paying Agent. The Issuer shall maintain
(i) an office or agency where Notes may be presented for registration (the “Registrar”), which shall be Wilmington Trust, National Association as of the date of this Indenture, (ii) an office or agency where the Notes may
be presented for 

  
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transfer or for exchange (the “Transfer Agent”), which shall be Wilmington Trust, National Association as of the date of this Indenture and (iii) an office or agency where
Notes may be presented for payment (the “Paying Agent”), which shall be Wilmington Trust, National Association as of the date of this Indenture. The Registrar shall keep a register of the Notes (“Note Register”) and
of their transfer and exchange. The registered Holder of a Note will be treated as the owner of such Note for all purposes and only registered Holders shall have rights under this Indenture and the Notes. The Issuer may appoint one or more co-registrars, one or more co-transfer agents and one or more additional paying agents. The term “Registrar” includes any
co-registrar, the term “Transfer Agent” includes any co-transfer agent and the term “Paying Agent” includes any additional paying
agents. The Issuer may change any Paying Agent, Transfer Agent or Registrar without prior notice to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to
appoint or maintain another entity as Registrar, Transfer Agent or Paying Agent, the Trustee shall act as such. Parent, the Issuer or any of Parent’s Subsidiaries may act as Paying Agent, Transfer Agent or Registrar upon written notice to the
Trustee. 
 The Issuer initially appoints The Depository Trust Company, its nominees and successors (“DTC”) to act as
Depositary with respect to the Global Notes. 
 The Issuer initially appoints the Trustee to act as the Paying Agent, Transfer Agent and
Registrar for the Notes and to act as Custodian with respect to the Global Notes. 
 If any Notes are listed on an exchange and the rules of
such exchange so require, the Issuer will satisfy any requirement of such exchange as to paying agents, registrars and transfer agents and will comply with any notice requirements required under such exchange in connection with any change of paying
agent, registrar or transfer agent. 
 Section 2.04.    Paying Agent to Hold Money in
Trust. The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal,
premium, if any, interest or Additional Interest, if any, on the Notes, and will notify the Trustee in writing of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent (other
than the Trustee) to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than
the Issuer or a Subsidiary or the Trustee) shall have no further liability for the money. If Parent, the Issuer or a Subsidiary of Parent acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all
money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.05.    Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Section 312(a) of the Trust Indenture Act. If the Trustee is not the Registrar, the Issuer shall furnish to
the Trustee at least two Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the
Holders and the Issuer shall otherwise comply with Section 312(a) of the Trust Indenture Act. 

Section 2.06.    Transfer and Exchange. 

(a)    Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note
may be transferred, in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor thereto. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless, and,
if applicable, subject to the limitation on issuance of Definitive Notes set forth in Section 2.06(c)(ii), (i) the Depositary (x) notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or
(y) has ceased to be a clearing agency registered under the Exchange Act, and, in either case, a successor Depositary is not appointed by the Issuer within 120 days, (ii) the Issuer, at its option, notifies the Trustee in writing that they
elect to cause the issuance of Definitive Notes (although Regulation S Temporary Global Notes may not be exchanged for Definitive Notes prior to (A) the expiration of the applicable Restricted Period and (B) the receipt by the Registrar of
any certification of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B)), (iii) 

  
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upon the request of a Holder if there shall have occurred and be continuing an Event of Default with respect to the Notes, or (iv) the Trustee has received a written request by or on behalf
of the Depositary to issue Definitive Notes. Upon the occurrence of any of the events described in clause (i), (ii), (iii) or (iv) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein will be
registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be authenticated and delivered in
the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the events described in clause (i), (ii), (iii) or (iv) above and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for
another Note other than as provided in this Section 2.06(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof. 

(b)    Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depositary in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well
as one or more of the other following subparagraphs, as applicable: 
 (i)    Transfer of Beneficial
Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Temporary Global Note may not be made to a U.S. Person or for the
account or benefit of a U.S. Person other than pursuant to Rule 144A. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

(ii)    All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection
with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an
Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an
Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and
(2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that
in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in a Regulation S Temporary Global Note prior to (x) the expiration of the applicable Restricted Period therefor and (y) the receipt by the
Registrar of any certification of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B). Upon consummation of an Exchange Offer by the Issuer in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(ii)
shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the applicable Letter of Transmittal or through an Agent’s Message delivered by the Holder of such beneficial interests in the Restricted
Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the
principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 

(iii)    Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest
in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a 

  
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beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the following: 

(A)    if the transferee will take delivery in the form of a beneficial interest in a 144A Global Note,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 

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

(iv)    Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) hereof and: 

(A)    such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the
Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a
Participating Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 

(B)    such Notes are sold or exchanged pursuant to an effective registration statement under the
Securities Act; 
 (C)    such transfer is effected by a Participating Broker-Dealer pursuant to an
Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D)    the Registrar receives the following: 

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

(2)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Issuer so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected
pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 

  
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 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 

(c)    Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(i)    Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a
beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive
Note, then, upon the occurrence of any of the events described in clause (i), (ii), (iii) or (iv) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation: 

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

(B)    if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(C)    if such beneficial interest is being transferred to a
Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(D)    if such beneficial interest is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E)    if such beneficial interest is being transferred to Parent, the Issuer or any of Parent’s
Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F)    if such beneficial interest is being transferred pursuant to an effective registration statement
under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee
shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and, upon receipt of an Authentication Order, the Trustee shall authenticate and
mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) (except
transfers pursuant to clause (F) above) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(ii)    Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections
2.06(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to
(A) the expiration of the applicable Restricted Period therefor and (B) the receipt by the Registrar of any certifications of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of a
transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

(iii)    Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial
interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive 

  
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Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events described in
clause (i), (ii), (iii) or (iv) of Section 2.06(a) hereof and if: 
 (A)    such exchange or
transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable
Letter of Transmittal that it is not (1) a Participating Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 

(B)    such transfer is effected pursuant to a Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
 (C)    such transfer is effected by a Participating Broker-Dealer
pursuant to an Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D)    the Registrar receives the following: 

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

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

and, in each such case set forth in this subparagraph (D), if the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act. 
 (iv)    Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, then, upon the occurrence of any of the events described in clause (i), (ii), (iii) or (iv) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(ii)
hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and, upon receipt of an Authentication Order, the Trustee
shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect
Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the
Private Placement Legend. 

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

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

(B)    if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(C)    if such Restricted Definitive Note is being transferred to a
Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(D)    if such Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E)    if such Restricted Definitive Note is being transferred to Parent, the Issuer or any of
Parent’s Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F)    if such Restricted Definitive Note is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the
Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global Note, in the case of clause (B) above, the
applicable 144A Global Note, and in the case of clause (C) above, the applicable Regulation S Global Note. 

(ii)    Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
only if: 
 (A)    such exchange or transfer is effected pursuant to an Exchange Offer in accordance with
the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Participating Broker-Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 

(B)    such transfer is effected pursuant to a Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
 (C)    such transfer is effected by a Participating Broker-Dealer
pursuant to an Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D)    the Registrar receives the following: 

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

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

  
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 and, in each such case set forth in this subparagraph (D), if the Issuer so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the applicable
conditions of this Section 2.06(d)(ii), the Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii)    Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an
Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global
Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)(B),
(ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e)    Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes
and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or
surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer or exchange in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In
addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e): 

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

(A)    if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must
deliver a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

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

(C)    if the transfer will be made pursuant to any other exemption from the registration requirements of
the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable. 

(ii)    Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note
may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A)    such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the
Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Participating Broker-Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer; 

  
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 (B)    any such transfer is effected pursuant to a Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
 (C)    any such transfer
is effected by a Participating Broker-Dealer pursuant to an Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D)    the Registrar receives the following: 

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

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

and, in each such case set forth in this subparagraph (D), if the Issuer so requests, an Opinion of Counsel in form reasonably acceptable to
the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 (iii)    Unrestricted Definitive Notes to Unrestricted Definitive Notes. A
Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f)    Exchange Offer.
Upon the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate
(i) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable Letters of
Transmittal or through an Agent’s Message through the DTC Automated Tender Offer Program that (x) they are not participating in a distribution of the Exchange Notes and (y) they are not affiliates (as defined in Rule 144) of the
Issuer, and accepted for exchange in an Exchange Offer and (ii) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes tendered for acceptance by Persons that certify in
the applicable Letters of Transmittal that (x) they are not participating in a distribution of the Exchange Notes and (y) they are not affiliates (as defined in Rule 144) of the Issuer, and accepted for exchange in an Exchange Offer.
Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Issuer shall execute and the Trustee shall authenticate and mail to the
Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the applicable principal amount. Any Notes that remain outstanding after the consummation of an Exchange Offer, and Exchange Notes issued in
connection with such Exchange Offer, shall be treated as a single class of securities under this Indenture. 

  
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 (g)    Legends. The following legends shall appear on the face of all
Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(i)    Private Placement Legend. 

(A)    Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and
all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THE NOTES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)), OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, (2) AGREES TO OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER SUCH NOTE PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD THEN IMPOSED BY RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION) ONLY (A) TO THE ISSUER OR ANY CO-ISSUER,
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) OUTSIDE THE UNITED STATES PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION S UNDER THE SECURITIES ACT IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.” 
 Except as permitted by subparagraph (B) below, each
Global Note and Definitive Note issued in a transaction exempt from registration pursuant to Regulation S shall also bear the legend in substantially the following form: 

“THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.” 

(B)    Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph
(b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii)    Global Note Legend. Each Global Note shall bear a legend in substantially the following form
(with appropriate changes in the last sentence if DTC is not the Depositary): 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED
IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) 

  
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THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 BY
ACCEPTING THIS NOTE, EACH HOLDER AND EACH TRANSFEREE IS DEEMED TO REPRESENT AND WARRANT THAT AT THE TIME OF ITS ACQUISITION AND THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE (I) IT IS NOT, AND IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF ANY
(A) EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), THAT IS SUBJECT TO ERISA, (B) PLAN, INDIVIDUAL RETIREMENT ACCOUNT, PROGRAM OR ARRANGEMENT THAT
IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR
TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAW”) OR WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENTS AND (II) ITS ACQUISITION AND HOLDING OF THIS
NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAW.” 

(iii)    Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note shall
bear a legend in substantially the following form: 
 “THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 

(h)    Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular
Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance
with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest 

  
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in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal
amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such
Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i)    General Provisions Relating to Transfers and Exchanges. 

(i)    To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate
Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(ii)    No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a
Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 3.08, 4.10, 4.14 and 9.05 hereof). 

(iii)    Neither the Registrar nor the Issuer shall be required (A) to issue, to register the transfer of or to
exchange any Notes during a period beginning at the opening of business 15 days before the mailing or transmission of a notice of redemption of the Notes to be redeemed under Section 3.03 or Section 3.08 hereof and ending at the close of
business on the day of such mailing or transmission, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register
the transfer or exchange of a Note between a Record Date and the next succeeding Interest Payment Date or (D) to register the transfer or exchange of any Notes tendered (and not withdrawn) for repurchase in connection with a Change of Control
Offer or an Asset Sale Offer. 
 (iv)    Neither the Registrar nor the Issuer shall be required to register the transfer
or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; provided that new Notes will only be issued in minimum denominations of $2,000 and integral multiples of
$1,000 in excess of $2,000. 
 (v)    All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration
of transfer or exchange. 
 (vi)    Prior to due presentment for the registration of a transfer of any Note, the
Trustee, any Agent and the Issuer shall deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for
all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

(vii)    Upon surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant
to Section 4.02 hereof, the Issuer shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like
aggregate principal amount. 
 (viii)    At the option of the Holder, subject to Section 2.06(a) hereof, Notes may
be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered
for exchange, the Issuer shall execute, and the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.02 hereof.

  
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 (ix)    All certifications, certificates and Opinions of Counsel required to
be submitted pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by mail or by facsimile or electronic transmission. 

(x)    Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Registrar shall be
responsible for ascertaining whether any transfer complies with the registration provisions of or exemptions from the Securities Act, applicable state securities laws, ERISA (or, in the case of a governmental plan or a church plan (as described in
ERISA Sections 3(32) and 3(33), respectively) any substantially similar federal, state or local law), the Code or the Investment Company Act; provided that if a certificate is specifically required by the express terms of this
Section 2.06 to be delivered to the Trustee by a purchaser or transferee of a Note, the Trustee shall be under a duty to receive and examine the same to determine whether on its face it conforms to the express terms of this Indenture and shall
promptly notify the party delivering the same if such certificate does not comply with such terms. 

Section 2.07.    Replacement Notes. If either (x) any mutilated Note is surrendered
to the Trustee, the Registrar or the Issuer, or (y) the Issuer and the Trustee receive evidence to their satisfaction of the ownership and destruction, loss or theft of any Note, then the Issuer shall issue and the Trustee, upon receipt of an
Authentication Order and satisfaction of any other requirements of the Trustee, shall authenticate a replacement Note. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of
both (i) the Trustee to protect the Trustee and (ii) the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may
charge the Holder for their expenses in replacing a Note. 
 Every replacement Note is a contractual obligation of the Issuer and shall be
entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

Section 2.08.    Outstanding Notes. The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof and those described in this
Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Issuer or a Guarantor or an Affiliate of the Issuer or a Guarantor holds the Note. 

If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced Note is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture shall not be deemed to
be outstanding for purposes hereof. 
 If the principal amount of any Note is considered paid under Section 4.01 hereof, such Note
shall cease to be outstanding and interest thereon shall cease to accrue. 
 If the Paying Agent (other than the Issuer or a Guarantor or an
Affiliate of the Issuer or a Guarantor) holds, on a Redemption Date or maturity date, money sufficient to pay Notes (or portions thereof) payable on that date, then on and after that date such Notes (or portions thereof) shall be deemed to be no
longer outstanding (including for accounting purposes) and shall cease to accrue interest on and after such date. 

Section 2.09.    Treasury Notes. In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be
disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to such pledged Notes and that the pledgee is not the Issuer or a Guarantor or any
Affiliate of the Issuer or a Guarantor.

  
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 Section 2.10.    Temporary Notes. Until
certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but
may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 

Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or
beneficial holders, respectively, of Notes under this Indenture. 

Section 2.11.    Cancellation. The Issuer at any time may deliver Notes to the Trustee
for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no
one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes in its customary manner (subject to the record retention requirements of the Exchange
Act). Certification of the cancellation of all cancelled Notes shall be delivered to the Issuer upon its written request therefor. The Issuer may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for
cancellation. 
 Section 2.12.    Defaulted Interest. If the Issuer defaults in a
payment of interest on the Notes, they shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at
the rate provided in the Notes and in Section 4.01 hereof. The Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Issuer shall fix or cause to be fixed any such special record date and payment date;
provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. The Issuer shall promptly notify the Trustee of any such special record date. At least 15 days before any such
special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, or otherwise deliver in accordance with the
Applicable Procedures, to each Holder, with a copy to the Trustee, a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid. 

Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Indenture upon
registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

Section 2.13.    CUSIP Numbers; ISINs. The Issuer in issuing the Notes may use CUSIP
numbers and ISINs (in each case, if then generally in use) and, if so, the Trustee shall use CUSIP numbers and ISINs in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange and that reliance may be placed only on the other identification numbers printed on the Notes, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will as promptly as practicable notify the Trustee in writing of any change in the CUSIP numbers and ISINs. 

ARTICLE 3 
 REDEMPTION 

Section 3.01.    Notices to Trustee. If the Issuer elects to redeem Notes pursuant to
Section 3.07 hereof, it shall furnish to the Trustee, at least two Business Days (unless a shorter notice shall be agreed to by the Trustee) before notice of redemption is required to be delivered or mailed to Holders pursuant to
Section 3.03 hereof, an Officer’s Certificate setting forth (a) the paragraph or subparagraph of such Note and/or Section of this 

  
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Indenture pursuant to which the redemption shall occur, (b) the date of redemption (as such date may be delayed pursuant to Section 3.07(f), the “Redemption Date”), (c)
the principal amount of the Notes to be redeemed and (d) the redemption price. 

Section 3.02.    Selection of Notes to Be Redeemed. If less than all of the Notes are to
be redeemed at any time, the Trustee shall select the Notes to be redeemed (a) if the Notes are listed on a securities exchange (and such listing is known to the Trustee), in compliance with the requirements of such exchange on which such Notes
are listed or (b) on a pro rata basis to the extent practicable, or, if the pro rata basis is not practicable for any reason, by lot or by such other method as the Trustee shall deem fair and appropriate and otherwise in accordance with the
Applicable Procedures in minimum denominations of $2,000 and increments of $1,000 in excess thereof. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 15
nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called for redemption. 
 The
Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in
integral multiples of $1,000 (but in a minimum amount of $2,000) and no Notes of $2,000 or less can be redeemed in part, except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder shall
be redeemed, even if not in a principal amount of at least $2,000. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

Section 3.03.    Notice of Redemption. Subject to Section 3.08 hereof, the Issuer
shall send electronically, mail or cause to be mailed by first-class mail, postage prepaid, notices of redemption at least 15 days but (except as set forth in Section 3.07(f)) not more than 60 days before the Redemption Date to each Holder of
Notes to be redeemed at such Holder’s registered address stated in the Note Register or otherwise in accordance with the Applicable Procedures, except that redemption notices may be delivered or mailed more than 60 days prior to a Redemption
Date if the notice is issued in connection with Article 8 or Article 11 hereof. Notices of redemption may, at the Issuer’s discretion, be conditional. 

The notice shall identify the Notes to be redeemed and shall state: 

(a)    the Redemption Date; 

(b)    the redemption price; 

(c)    if any Definitive Note is to be redeemed in part only, the portion of the principal amount of that
Note that is to be redeemed and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed
will be issued in the name of the Holder upon cancellation of the original Note; provided that new Notes will only be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000; 

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

(e)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price; 
 (f)    that, unless the Issuer defaults in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the Redemption Date; 
 (g)    the paragraph or
subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; 

  
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 (h)    the CUSIP number and ISIN, if any, printed on the
Notes being redeemed and that no representation is made as to the correctness or accuracy of any such CUSIP number and ISIN that is listed in such notice or printed on the Notes; and 

(i)    any conditions to such redemption. 

In addition, any notice of redemption may include additional information, including any information pursuant to Section 3.07(f) hereof.

 At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at its expense; provided
that the Issuer shall have delivered to the Trustee, at least two Business Days before notice of redemption is required to be delivered electronically, mailed or caused to be mailed to Holders pursuant to this Section 3.03 (unless a shorter
notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

If the Notes are listed on an exchange, for so long as the Notes are so listed and the rules of such exchange so require, the Issuer shall
notify the exchange of any such redemption and, if applicable, of the principal amount of any Notes outstanding following any partial redemption of the Notes. 

Section 3.04.    Effect of Notice of Redemption. A notice of redemption, if delivered
electronically, mailed or caused to be mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to deliver such notice or any defect in the notice to
the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Notes or portions of Notes called for redemption shall become due and payable on the
Redemption Date, subject to satisfaction of any conditions specified in the notice. Subject to Section 3.05 hereof, on and after the Redemption Date, interest shall cease to accrue on Notes or portions of Notes called for redemption. 

Section 3.05.    Deposit of Redemption Price. 

(a)    Prior to 11:00 a.m. (New York City time) on the Redemption Date, the Issuer shall deposit with the Trustee or with
the Paying Agent money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes to be redeemed on that Redemption Date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the
Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed. 

(b)    If the Issuer complies with the provisions of the preceding paragraph (a), on and after the Redemption Date,
interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an applicable Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the
Redemption Date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the
Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the Redemption Date until such principal is paid, and to the extent lawful on any interest accrued to the Redemption Date not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06.    Notes Redeemed in Part. Upon surrender of a Definitive Note that is
redeemed in part, the Issuer shall issue and the Trustee shall authenticate for the Holder, at the expense of the Issuer, a new Note equal in principal amount to the unredeemed portion of the Note surrendered representing the same indebtedness to
the extent not redeemed; provided that each new Note will be in a minimum principal amount of $2,000 and any integral multiple of $1,000 in excess of $2,000. It is understood that, notwithstanding anything to the contrary in this Indenture,
only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note. 

  
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 Section 3.07.    Optional Redemption. 

(a)    Except as set forth in clauses (b), (d) and (e) of this Section 3.07, the Notes will not be redeemable at
the Issuer’s option prior to May 1, 2021. 
 (b)    At any time prior to May 1, 2021, the Issuer may, at
its option, and on one or more occasions, redeem all or a part of the Notes, upon notice in accordance with Section 3.03 hereof, at a redemption price equal to the sum of (A) 100.0% of the principal amount of the Notes redeemed, plus
(B) the Applicable Premium as of the Redemption Date, plus (C) accrued and unpaid interest and Additional Interest, if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to
receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date. 

(c)    On and after May 1, 2021, the Issuer may, at its option and on one or more occasions, redeem the Notes, in
whole or in part, upon notice in accordance with Section 3.03 hereof, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest and Additional Interest,
if any, thereon to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the Redemption Date, if
redeemed during the twelve-month period beginning on May 1 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2021
	  	 	102.563	% 
	 2022
	  	 	101.281	% 
	 2023 and thereafter
	  	 	100.000	% 

 (d)    Prior to May 1, 2021, the Issuer may, at its option and on one or more
occasions, redeem up to 40.0% of the aggregate principal amount of Notes issued under this Indenture at a redemption price equal to 105.125% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional
Interest, if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date,
with the net cash proceeds received by the Issuer from one or more Equity Offerings or a contribution to the Issuer’s common equity capital made with the net cash proceeds of an Equity Offering; provided that (A) at least 50.0% of
(x) the aggregate principal amount of Notes originally issued under this Indenture on the Issue Date and (y) the aggregate principal amount of any Additional Notes issued under this Indenture after the Issue Date remains outstanding
immediately after the occurrence of each such redemption; and (B) each such redemption occurs within 180 days of the date of closing of each such Equity Offering. 

(e)    In connection with any tender offer for the Notes, including without limitation any Change of Control Offer, if
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all
of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem
all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to,
but excluding, the Redemption Date. 
 (f)    Any redemption pursuant to this Section 3.07 shall be made pursuant
to the provisions of Sections 3.01 through 3.06 hereof. Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such redemption or notice may, at
the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering or other transaction. In addition, if such redemption is subject to satisfaction of one or more
conditions precedent, such notice shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date so delayed.    For the avoidance of doubt, if any Redemption Date shall be delayed pursuant to
this 

  
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Section 3.07(f) and the terms of the applicable notice of redemption, such Redemption Date as so delayed may occur at any time after the original Redemption Date set forth in the applicable
notice of redemption and after the satisfaction of any applicable conditions precedent, including, without limitation, on a date that is more than 60 days after the date of the applicable notice of redemption. In addition, the Issuer may provide in
such notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. The Issuer, the Investors and their respective Affiliates may acquire the Notes by
means other than a redemption pursuant to this Section 3.07, whether by tender offer, open market purchases, negotiated transactions or otherwise. 

(g)    The Trustee shall have no duty to calculate or verify the calculation of the Applicable Premium. 

Section 3.08.    Offers to Repurchase by Application of Excess Proceeds. 

(a)    In the event that, pursuant to Section 4.10 hereof, the Issuer shall be required to commence an Asset Sale
Offer, the Issuer shall follow the procedures specified below. 
 (b)    The Asset Sale Offer shall remain open for a
period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the
termination of the Offer Period (the “Purchase Date”), the Issuer shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and, if required, Pari Passu Indebtedness (on a pro rata basis,
if applicable, with adjustments as necessary so that no Notes or Pari Passu Indebtedness will be repurchased in part in an unauthorized denomination), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness
tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 

(c)    If the Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued
and unpaid interest and Additional Interest, if any, up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to
Holders who tender Notes pursuant to the Asset Sale Offer. 
 (d)    Upon the commencement of an Asset Sale Offer, the
Issuer shall send electronically or by first-class mail, a notice to each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale
Offer. The Asset Sale Offer shall be made to all Holders and holders of such Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 

(i)    that the Asset Sale Offer is being made pursuant to this Section 3.08 and Section 4.10
hereof and the length of time the Asset Sale Offer shall remain open; 
 (ii)    the Offer Amount, the
purchase price and the Purchase Date; 
 (iii)    that any Note not tendered or accepted for payment
shall continue to accrue interest; 
 (iv)    that, unless the Issuer defaults in making such payment,
any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest on and after the Purchase Date; 

(v)    that any Holder electing to have less than all of the aggregate principal amount of its Notes
purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in an amount not less than $2,000 and in integral multiples of $1,000 in excess thereof; 

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

  
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 (vii)    that Holders shall be entitled to withdraw their
election if the Issuer, the Depositary or the Paying Agent, as the case may be, receives, not later than the close of business on the second Business Day prior to the expiration date of the Offer Period, a facsimile transmission or letter setting
forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(viii)    that, if the aggregate principal amount of Notes or the Pari Passu Indebtedness, as the case may
be, surrendered by the holders thereof exceeds the Offer Amount, the Issuer shall purchase such Notes and such Pari Passu Indebtedness, as the case may be, on a pro rata basis based on the accreted value or principal amount of the Notes or such Pari
Passu Indebtedness, as the case may be, tendered (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in an amount not less than $2,000 or integral multiples of $1,000 in excess thereof are purchased); and 

(ix)    that Holders whose certificated Notes were purchased only in part shall be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased; provided that new Notes will only be issued in denominations of
$2,000 and integral multiples of $1,000 in excess of $2,000. 
 (e)    On or before the Purchase Date, the Issuer shall,
to the extent lawful, (1) accept for payment, on a pro rata basis as described in clause (d)(viii) of this Section 3.08, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer, or if less than the
Offer Amount has been tendered, all Notes tendered and (2) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions
thereof so tendered. 
 (f)    The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly mail
or deliver to each tendering Holder an amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuer for purchase, and the Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an
Authentication Order, shall authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or
Officer’s Certificate is required for the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered representing the same indebtedness to the extent not
repurchased; provided, that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof.
The Issuer shall publicly announce the results of the Asset Sale Offer on or as soon as practicable after the Purchase Date. 

(g)    Prior to noon (New York City time) on the purchase date, the Issuer shall deposit with the Trustee or with the
Paying Agent money sufficient to pay the purchase price of and accrued and unpaid interest on all Notes to be purchased on that purchase date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee
or the Paying Agent by the Issuer in excess of the amounts necessary to pay the purchase price of, and accrued and unpaid interest on, all Notes to be redeemed. 

Other than as specifically provided in this Section 3.08 or Section 4.10 hereof, any purchase pursuant to this Section 3.08
shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 hereof, and references therein to “redeem,” “redemption,” “Redemption Date” and similar words shall be deemed to refer to
“purchase,” “repurchase,” “Purchase Date” and similar words, as applicable. 
 ARTICLE 4 

COVENANTS 

Section 4.01.    Payment of Notes. The Issuer shall pay or cause to be paid the principal
of, premium, if any, Additional Interest, if any, and interest on the Notes on the dates and in the manner provided in the Notes and this Indenture. Principal, premium, if any, Additional Interest, if any, and interest shall be considered paid on
the date due if the Paying Agent, if other than the Issuer or a Guarantor or an Affiliate of the Issuer or a Guarantor, holds as of noon (New York City time) on the due date money deposited by the Issuer in immediately available funds and designated
for and sufficient to pay all principal, premium, if any, and interest then due. 

  
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 The Issuer shall pay all Additional Interest, if any, in the same manner on the dates and in the
amounts set forth in the Registration Rights Agreement. 
 The Issuer shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; the Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

Section 4.02.    Maintenance of Office or Agency. The Issuer shall maintain the offices
or agencies (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or Transfer Agent) required under Section 2.03 hereof where Notes may be surrendered for registration of transfer or for exchange or presented for
payment and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office; provided, however, that no service of legal process may be made on the Issuer at any office of the Trustee. 
 The
Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such
designation or rescission shall in any manner relieve the Issuer of its obligation to maintain such offices or agencies as required by Section 2.03 hereof for such purposes. The Issuer shall give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. 
 The Issuer hereby designates the
Corporate Trust Office as one such office or agency of the Issuer in accordance with Section 2.03 hereof. 

Section 4.03.    Reports and Other Information. 

(a)    Notwithstanding that Parent may not be subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, Parent shall file with the SEC (with a copy to the Trustee unless
filed and available on the SEC’s EDGAR website) from and after the Issue Date: 
 (i)    within 90
days after the end of each fiscal year, annual reports on Form 10-K, or any successor or comparable form (if Parent had been a reporting company under Section 15(d) of the Exchange Act), containing
substantially all the information that would be required to be contained therein, or required in such successor or comparable form; 

(ii)    within 45 days after the end of each of the first three fiscal quarters of each fiscal year,
reports on Form 10-Q, or any successor or comparable form (if Parent had been a reporting company under Section 15(d) of the Exchange Act), containing substantially all the quarterly information that
would be required to be contained in Form 10-Q, or any successor or comparable form; 

(iii)    promptly after the occurrence of a material event which would have been required to be reported on
a Form 8-K or any successor or comparable form (if Parent had been a reporting company under Section 15(d) of the Exchange Act), a current report relating to such event on Form 8-K or any successor or comparable form; 
 in each case, in a manner that complies in all material respects with the
requirements specified in such form (except as described above or below and subject to exceptions consistent with the presentation of information included or incorporated by reference in the Offering Memorandum); provided, however,
that if at any time Parent shall not be so obligated to file such reports referred to in clauses (i), (ii) and (iii) above with the SEC or if the SEC does not 

  
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permit such filing, then Parent shall make available such information to the Trustee, the Holders and prospective purchasers of Notes, in each case within 15 days after the time Parent would be
required to file such information with the SEC if it were subject to Section 15(d) of the Exchange Act.    In addition, to the extent not satisfied by the foregoing, for so long as any Notes are outstanding, the Issuer shall
furnish to Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(b)    Parent may satisfy its obligations under this Section 4.03 with respect to financial information relating to
Parent by furnishing financial information relating to HLT Parent or HWP (or any parent entity of HLT Parent or HWP) as long as HLT Parent or HWP (or any such parent entity of HLT Parent or HWP) provides a Guarantee of the Notes. 

(c)    If with respect to any reporting period(s) covered in the applicable report, Parent’s Unrestricted
Subsidiaries would, individually or in the aggregate, constitute a “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X promulgated
pursuant to the Securities Act (as such regulation is in effect on the Issue Date)), then the applicable annual and quarterly financial information required by clauses (a)(i) and (a)(ii) above shall include a supplemental section in
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” presenting (in a manner consistent with the presentation of information included or incorporated by reference in the Offering Memorandum) selected
financial measures of such Unrestricted Subsidiaries in the aggregate (separate from the financial information of the Issuer and its Restricted Subsidiaries). 

(d)    Notwithstanding anything herein to the contrary, Parent will not be deemed to have failed to comply with any of its
obligations hereunder for purposes of clause (iii) of Section 6.01(a) hereof until 120 days after the receipt of the written notice delivered thereunder. 

To the extent any information is not provided within the time periods specified in this Section 4.03 and such information is subsequently
provided, Parent will be deemed to have satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have been cured. 

Section 4.04.    Compliance Certificate. 

(a)    Parent shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date
(or 120 days for the first fiscal year ending after the Issue Date), a certificate from its principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities of Parent and its Restricted
Subsidiaries (including the Issuer) during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether Parent and its Restricted Subsidiaries have kept, observed, performed and fulfilled
their respective obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, on behalf of Parent, Parent and its Restricted Subsidiaries have kept, observed, performed
and fulfilled in all material respects each and every condition and covenant contained in this Indenture during such fiscal year and no Default has occurred and is continuing with respect to any of the terms, provisions, covenants and conditions of
this Indenture (or, if a Default shall have occurred and is continuing, describing all such Defaults of which he or she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto). 

(b)    When any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other
evidence of Indebtedness of Parent or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, Parent shall promptly (which shall be no more than 20 Business Days after becoming aware of such Default) deliver to
the Trustee by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such event and what action Parent proposes to take with respect thereto. 

Section 4.05.    Taxes. Parent shall pay or discharge, and shall cause each of its
Restricted Subsidiaries to pay or discharge, prior to delinquency, all material taxes, lawful assessments, and governmental levies except such as are contested in good faith and by appropriate actions or where the failure to effect such payment or
discharge is not adverse in any material respect to the Holders. 

  
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 Section 4.06.    Stay, Extension and Usury
Laws. The Issuer and each of the Guarantors covenant (to the extent that they may lawfully do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or
usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture and the Notes; and the Issuer and each of the Guarantors (to the extent that they may lawfully do so) hereby
expressly waive all benefit or advantage of any such law, and (to the extent that they may lawfully do so) covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but
shall suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.07.    Limitation on Restricted Payments. 

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

(i)    declare or pay any dividend or make any payment or distribution on account of Parent’s or any
of its Restricted Subsidiaries’ Equity Interests (in each case, solely to a holder of Equity Interests in such Person’s capacity as a holder of such Equity Interests), including any dividend, payment or distribution payable in connection
with any merger, amalgamation or consolidation, other than: 
 (A)    dividends and distributions by
Parent payable solely in Equity Interests (other than Disqualified Stock) of Parent or in options, warrants or other rights to purchase such Equity Interests; or 

(B)    dividends and distributions by a Restricted Subsidiary so long as, in the case of any dividend,
payment or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary, Parent or a Restricted Subsidiary receives at least its pro rata share of such dividend,
payment or distribution in accordance with its Equity Interests in such class or series of securities; 

(ii)    purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of Parent
or any direct or indirect parent company of Parent, including any purchase, redemption, defeasance, acquisition or retirement in connection with any merger, amalgamation or consolidation; 

(iii)    make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for
value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other than: 

(A)    Indebtedness permitted under clauses (vii), (viii) and (ix) of Section 4.09(b) hereof; or

 (B)    the purchase, repurchase or other acquisition of Subordinated Indebtedness purchased in
anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or 

(iv)    make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above (other than any exceptions thereto) being collectively referred to as
“Restricted Payments”), unless, at the time of such Restricted Payment: 

(A)    no Default shall have occurred and be continuing or would occur as a consequence thereof; 

(B)    immediately after giving effect to such transaction on a pro forma basis, Parent could incur
$1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof (the “Fixed Charge Coverage Test”); and 

  
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 (C)    such Restricted Payment, together with the aggregate
amount of all other Restricted Payments made by Parent and its Restricted Subsidiaries after the 2021 Notes Issue Date (including Restricted Payments permitted by clauses (i), (vi)(C) and (ix) of Section 4.07(b) hereof (to the extent not
deducted in calculating Consolidated Net Income), but excluding all other Restricted Payments permitted by Section 4.07(b) hereof), is less than the sum of (without duplication): 

(1)    50.0% of the Consolidated Net Income of Parent for the period (taken as one accounting period and
including the predecessor of Parent) beginning on July 1, 2013 to the end of Parent’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case such
Consolidated Net Income for such period is a deficit, minus 100.0% of such deficit; plus 
 (2)    100.0%
of the aggregate net cash proceeds and the fair market value of marketable securities or other property received by Parent or its Restricted Subsidiaries since the 2021 Notes Issue Date (other than net cash proceeds to the extent such net cash
proceeds have been used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (xii)(A) of Section 4.09(b) hereof) from the issue or sale of: 

(i)    (A) Equity Interests of Parent, including Treasury Capital Stock, but excluding cash proceeds and
the fair market value of marketable securities or other property received from the sale of: 
 (x)
    Equity Interests to any future, present or former employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any direct or indirect
parent company of Parent or any of Parent’s Subsidiaries after the 2021 Notes Issue Date to the extent such amounts have been applied to Restricted Payments made in accordance with clause (iv) of Section 4.07(b) hereof; and 

(y)     Designated Preferred Stock; and 

(B)     to the extent such net cash proceeds are (or have been) actually contributed to Parent or any of
its Restricted Subsidiaries, Equity Interests of Parent or any of Parent’s direct or indirect parent companies (excluding contributions of the proceeds from the sale of Designated Preferred Stock of any such companies or contributions to the
extent such amounts have been applied to Restricted Payments made in accordance with clause (iv) of Section 4.07(b) hereof); or 

(ii)    Indebtedness of Parent or a Restricted Subsidiary that has been converted into or exchanged for
such Equity Interests of Parent or a direct or indirect parent company of Parent; 
 provided that this clause (2) shall not
include the proceeds from (w) Refunding Capital Stock (as defined below) applied in accordance with clause (ii) of Section 4.07(b) hereof, (x) Equity Interests or convertible debt securities of Parent sold to a Restricted
Subsidiary, (y) Disqualified Stock or debt securities that have been converted into Disqualified Stock or (z) Excluded Contributions; plus 

(3)    100.0% of the aggregate amount of cash and the fair market value of marketable securities or other
property contributed to the capital of Parent or a Restricted Subsidiary or that becomes part of the capital of Parent or a Restricted Subsidiary through consolidation or merger, in each case since the 2021 Notes Issue Date (other than (i) net
cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (xii)(A) of Section 4.09(b) hereof, (ii) contributions by Parent or a Restricted
Subsidiary and (iii) any Excluded Contributions); plus 

  
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 (4)    100.0% of the aggregate amount received in cash and
the fair market value of marketable securities or other property received by Parent or any Restricted Subsidiary by means of: 

(i)    the sale or other disposition (other than to Parent or a Restricted Subsidiary) of, or other
returns on Investments from, Restricted Investments made by Parent or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from Parent or its Restricted Subsidiaries and repayments of loans or advances, and
releases of guarantees, which constitute Restricted Investments made by Parent or its Restricted Subsidiaries, in each case after the 2021 Notes Issue Date; or 

(ii)    the sale (other than to Parent or a Restricted Subsidiary) of the stock of an Unrestricted
Subsidiary or a dividend or distribution (other than an Excluded Contribution) from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary was made by Parent or a Restricted Subsidiary
pursuant to clause (vii) of Section 4.07(b) hereof or to the extent such Investment constituted a Permitted Investment), in each case, after the 2021 Notes Issue Date; plus 

(5)    in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the
merger, amalgamation or consolidation of an Unrestricted Subsidiary into Parent or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to Parent or a Restricted Subsidiary after the 2021
Notes Issue Date, the fair market value (as determined by Parent in good faith) of the Investment in such Unrestricted Subsidiary (or the assets transferred) at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary
or at the time of such merger, amalgamation, consolidation or transfer of assets, other than to the extent the Investment in such Unrestricted Subsidiary was made by Parent or a Restricted Subsidiary pursuant to clause (vii) of
Section 4.07(b) hereof or to the extent such Investment constituted a Permitted Investment. 
 (b)    The foregoing
provisions of Section 4.07(a) hereof shall not prohibit: 
 (i)    the payment of any dividend or
other distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice,
the dividend or other distribution or redemption payment would have complied with the provisions of this Indenture; 

(ii)    (A) the redemption, repurchase, defeasance, retirement or other acquisition of any Equity
Interests, including any accrued and unpaid dividends thereon (“Treasury Capital Stock”) or Subordinated Indebtedness of Parent or any Restricted Subsidiary or any Equity Interests of any direct or indirect parent company of Parent,
in exchange for, or out of the proceeds of the substantially concurrent sale or issuance (other than to a Restricted Subsidiary) of, Equity Interests of Parent or any direct or indirect parent company of Parent to the extent contributed to Parent
(in each case, other than any Disqualified Stock) (“Refunding Capital Stock”), (B) the declaration and payment of dividends on Treasury Capital Stock out of the proceeds of the substantially concurrent sale or issuance (other than
to a Subsidiary of Parent or to an employee stock ownership plan or any trust established by Parent or any of its Subsidiaries) of Refunding Capital Stock, and (C) if, immediately prior to the retirement of Treasury Capital Stock, the
declaration and payment of dividends thereon was permitted under clauses (vi)(A) or (B) of this Section 4.07(b), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of
which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent company of Parent) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were
declarable and payable on such Treasury Capital Stock immediately prior to such retirement; 

(iii)    the prepayment, defeasance, redemption, repurchase, exchange or other acquisition or retirement
(1) of Subordinated Indebtedness of Parent, the Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of Parent, the Issuer or a

  
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Guarantor or Disqualified Stock of Parent, the Issuer or a Guarantor or (2) Disqualified Stock of Parent, the Issuer or a Guarantor made by exchange for, or out of the proceeds of the
substantially concurrent sale of, Disqualified Stock of Parent, the Issuer or a Guarantor, that, in each case, is incurred or issued, as applicable, in compliance with Section 4.09 hereof so long as: 

(A)    the principal amount (or accreted value, if applicable) of such new Indebtedness or the liquidation
preference of such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Subordinated Indebtedness or the liquidation preference of, plus any accrued and
unpaid dividends on, the Disqualified Stock being so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including tender premium) required to be paid under the terms of the instrument
governing the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired, defeasance costs and any fees and expenses incurred in connection with the issuance of such new Indebtedness or
Disqualified Stock; 
 (B)    such new Indebtedness is subordinated to the Notes or the applicable
Guarantee at least to the same extent as such Subordinated Indebtedness so defeased, redeemed, repurchased, exchanged, acquired or retired; 

(C)    such new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later
than the final scheduled maturity date of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired (or, if earlier, a date that is at least 91 days after the maturity date of the
Notes); and 
 (D)    such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity
equal to or greater than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired (or requires no or nominal payments in cash
prior to the date that is 91 days after the maturity date of the Notes); 
 (iv)    a Restricted Payment
to pay for the repurchase, redemption or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of Parent or any direct or indirect parent company of Parent held by any future, present or former employee,
director, officer, member of management or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any Indebtedness
incurred or issued by Parent or any direct or indirect parent company of Parent in connection with such repurchase, retirement or other acquisition); provided that the aggregate amount of Restricted Payments made under this clause
(iv) do not exceed in any calendar year an amount equal to $150.0 million (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of
$400.0 million in any calendar year); provided, further, that such amount in any calendar year under this clause (iv) may be increased by an amount not to exceed: 

(A)    the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of Parent and,
to the extent contributed to Parent, the cash proceeds from the sale of Equity Interests of any of Parent’s direct or indirect parent companies, in each case to any future, present or former employees, directors, officers, members of management
or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the 2021 Notes Issue Date, to the extent the
cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of clause (C) of Section 4.07(a) hereof; plus 

  
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 (B)    the cash proceeds of key man life insurance policies
received by Parent or its Restricted Subsidiaries (or any direct or indirect parent company to the extent contributed to Parent) after the 2021 Notes Issue Date; less 

(C)    the amount of any Restricted Payments previously made with the cash proceeds described in clauses
(A) and (B) of this clause (iv); 
 and provided, further, that (i) cancellation of Indebtedness owing to Parent or
any Restricted Subsidiary from any future, present or former employees, directors, officers, members of management or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any of Parent’s
direct or indirect parent companies or any of Parent’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of Parent or any of its direct or indirect parent companies and (ii) the repurchase of Equity Interests
deemed to occur upon the exercise of options, warrants or similar instruments if such Equity Interests represent all or a portion of the exercise price thereof or payments, in lieu of the issuance of fractional Equity Interests or withholding to pay
other taxes payable in connection therewith, in the case of each of clauses (i) and (ii), will not be deemed to constitute a Restricted Payment for purposes of this Section 4.07 or any other provision of this Indenture; 

(v)    the declaration and payment of dividends to holders of any class or series of Disqualified Stock of
Parent or any of its Restricted Subsidiaries or any class or series of Preferred Stock of any Restricted Subsidiary issued in accordance with Section 4.09 hereof to the extent such dividends are included in the definition of “Fixed
Charges”; 
 (vi)    (A) the declaration and payment of dividends to holders of any class or
series of Designated Preferred Stock (other than Disqualified Stock) issued by Parent or any of its Restricted Subsidiaries after the 2021 Notes Issue Date; 

(B)    the declaration and payment of dividends to any direct or indirect parent company of Parent, the
proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by such parent company after the 2021 Notes Issue Date; provided that the
amount of dividends paid pursuant to this clause (B) shall not exceed the aggregate amount of cash actually contributed to Parent from the sale of such Designated Preferred Stock; or 

(C)    the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in
excess of the dividends declarable and payable thereon pursuant to clause (ii) of this Section 4.07(b); 
 provided, in the
case of each of (A) and (C) of this clause (vi), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or
the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to such issuance or declaration on a pro forma basis, Parent and its Restricted Subsidiaries on a consolidated basis would have had a
Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 
 (vii)    Investments in Unrestricted
Subsidiaries having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (vii) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent the
proceeds of such sale do not consist of cash or marketable securities (until such proceeds are converted to Cash Equivalents), not to exceed the greater of (i) $1,000.0 million and (ii) 8.0% of Total Assets at the time of such Investment (with
the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 

(viii)    payments made or expected to be made by Parent or any Restricted Subsidiary in respect of
withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former 

  
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employee, director, officer, member of management or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent or any Restricted Subsidiary or any
direct or indirect parent company of Parent and any repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or other equity-based awards if such Equity Interests represent a portion of the exercise price of such
options, warrants or awards; 
 (ix)    the declaration and payment of dividends on, or the purchase,
redemption, defeasance or other acquisition or retirement for value of, Parent’s common shares (or the payment of dividends to any direct or indirect parent company of Parent to fund a payment of dividends on such company’s common stock or
to fund such company’s purchase, redemption, defeasance or other acquisition or retirement for value of such company’s common stock), in an amount not to exceed the sum of (A) up to 6.0% per annum of the amount of net cash proceeds
received by or contributed to Parent since the 2021 Notes Issue Date from any public offering of Parent’s common shares or the common stock of any direct or indirect parent company of Parent, other than public offerings with respect to
Parent’s common shares or the common stock of any direct or indirect parent company of Parent registered on Form S-4 or Form S-8 and other than any public sale
constituting an Excluded Contribution, and (B) an aggregate amount per annum not to exceed 6.0% of Market Capitalization; 

(x)    Restricted Payments, in an aggregate amount taken together with all other Restricted Payments made
pursuant to this clause (x), that are made (a) in an amount equal to the amount of Excluded Contributions received since the 2021 Notes Issue Date or (b) without duplication with clause (a), in an amount equal to the Net Proceeds from an
Asset Sale in respect of property or assets acquired after the 2021 Notes Issue Date, if the acquisition of such property or assets was financed with Excluded Contributions; 

(xi)    (A) Restricted Payments in an aggregate amount taken together with all other Restricted Payments
made pursuant to this clause (xi)(A) (in the case of Restricted Investments, at the time outstanding (without giving effect to the sale of an Investment to the extent the proceeds of such sale do not consist of, or have not been subsequently sold or
transferred for, Cash Equivalents)) not to exceed the greater of (i) $430.0 million and (ii) 3.0% of Total Assets at such time; and (B) any Restricted Payments, so long as, after giving pro forma effect to the payment of any such
Restricted Payment, the Consolidated Total Debt Ratio shall be no greater than 4.00 to 1.00; 

(xii)    distributions or payments of Securitization Fees; 

(xiii)    any Restricted Payment used to fund amounts owed to Affiliates (including dividends to any direct
or indirect parent company of Parent to permit payment by such parent company of such amounts), in each case to the extent permitted by Section 4.11 hereof; 

(xiv)    the repurchase, redemption or other acquisition or retirement for value of any Subordinated
Indebtedness pursuant to the provisions similar to those described under Sections 4.10 and 4.14 hereof; provided that if the Issuer shall have been required to make a Change of Control Offer or Asset Sale Offer, as applicable, to purchase the
Notes on the terms provided in this Indenture applicable to Change of Control Offers or Asset Sale Offers, respectively, all Notes validly tendered by Holders of such Notes in connection with a Change of Control Offer or Asset Sale Offer, as
applicable, have been repurchased, redeemed, acquired or retired for value; 
 (xv)    the declaration
and payment of dividends or distributions by Parent to, or the making of loans to, any direct or indirect parent company of Parent in amounts required for any direct or indirect parent company of Parent to pay, in each case without duplication: 

(A)    franchise, excise and similar taxes, and other fees and expenses, required to maintain their
corporate existence; 

  
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 (B)    consolidated, combined or similar foreign, federal,
state or local income or similar taxes of a tax group that includes Parent and/or its Subsidiaries and whose common parent is a direct or indirect parent of Parent, to the extent such income or similar taxes are attributable to the income of Parent
and its Restricted Subsidiaries or, to the extent of any cash amounts actually received from its Unrestricted Subsidiaries for such purpose, to the income of such Unrestricted Subsidiaries; provided that in each case the amount of such
payments in respect of any fiscal year does not exceed the amount that Parent and/or its Restricted Subsidiaries (and, to the extent permitted above, its Unrestricted Subsidiaries), as applicable, would have been required to pay in respect of the
relevant foreign, federal, state or local income or similar taxes for such fiscal year had Parent, its Restricted Subsidiaries and/or its Unrestricted Subsidiaries (to the extent described above), as applicable, (1) paid such taxes separately
from any such parent company or (2) if Parent is treated as a disregarded entity or partnership for U.S. federal, state and/or local income tax purposes for such period, were Parent a taxpayer and parent of a consolidated group and had paid
such taxes for Parent, its Restricted Subsidiaries and/or its Unrestricted Subsidiaries (to the extent described above); 

(C)    customary salary, bonus and other benefits payable to employees, directors, officers and managers of
any direct or indirect parent company of Parent to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of Parent and its Restricted Subsidiaries; 

(D)    general corporate operating and overhead costs and expenses and listing fees and other costs and
expenses attributable to being a publicly traded company of Parent or any direct or indirect parent company of Parent; 

(E)    fees and expenses other than to Affiliates of Parent related to any unsuccessful equity or debt
offering of such parent entity; 
 (F)    amounts payable pursuant to (x) the Support and Services
Agreement or (y) any of the Transaction Agreements (including, in each case, any amendment thereto or replacement thereof so long as any such amendment or replacement is not materially disadvantageous in the good faith judgment of the Board of
Directors of Parent to the Holders when taken as a whole, as compared to the applicable agreement as in effect immediately prior to such amendment or replacement), solely to the extent such amounts are not paid directly by Parent or its
Subsidiaries; 
 (G)    cash payments in lieu of issuing fractional shares in connection with the
exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of Parent or any direct or indirect parent company of Parent; 

(H)    to finance Investments that would otherwise be permitted to be made pursuant to this
Section 4.07 if made by Parent; provided that (1) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (2) such direct or indirect parent company shall, immediately following the
closing thereof, cause (x) all property acquired (whether assets or Equity Interests) to be contributed to the capital of Parent or one of its Restricted Subsidiaries or (y) the merger or amalgamation of the Person formed or acquired into
Parent or one of its Restricted Subsidiaries (to the extent not prohibited by Section 5.01 hereof) in order to consummate such Investment, (3) such direct or indirect parent company and its Affiliates (other than Parent or a Restricted
Subsidiary) receives no consideration or other payment in connection with such transaction except to the extent Parent or a Restricted Subsidiary could have given such consideration or made such payment in compliance with this Indenture,
(4) any property received by Parent shall not increase amounts available for Restricted Payments pursuant to clause (C) of Section 4.07(a) hereof and (5) such Investment shall be deemed to be made by Parent or such Restricted
Subsidiary pursuant to another provision of this Section 4.07 (other than pursuant to clause (x) of this Section 4.07(b)) or pursuant to the definition of “Permitted Investments” (other than clause (i) thereof); and

  
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 (I)    amounts that would be permitted to be paid by Parent
under clauses (iii), (iv), (vii), (viii), (xii), (xiii) and (xvi) of Section 4.11(b) hereof; provided that the amount of any dividend or distribution under this clause (xv)(I) to permit such payment shall reduce, without
duplication, Consolidated Net Income of Parent to the extent, if any, that such payment would have reduced Consolidated Net Income of Parent if such payment had been made directly by Parent and increase (or, without duplication of any reduction of
Consolidated Net Income, decrease) EBITDA to the extent, if any, that Consolidated Net Income is reduced under this clause (xv)(I) and such payment would have been added back to (or, to the extent excluded from Consolidated Net Income, would have
been deducted from) EBITDA if such payment had been made directly by Parent, in each case, in the period such payment is made; and 

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

provided that at the time of, and after giving effect to, any Restricted Payment permitted under clause (xi)(B) of this Section 4.07(b), no Event
of Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c)    For purposes of
determining compliance with this Section 4.07, 
 (i)    in the event that a proposed Restricted
Payment (or a portion thereof) meets the criteria of clauses (i) through (xvi) of Section 4.07(b) hereof and/or one or more of the clauses contained in the definition of “Permitted Investments,” or is entitled to be made
pursuant to Section 4.07(a), Parent will be entitled to divide or classify or later divide or reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or a portion thereof) between such clauses
(i) through (xvi) and such Section 4.07(a) and/or one or more of the clauses contained in the definition of “Permitted Investments”, in any manner that otherwise complies with this Section 4.07; and 

(ii)    any payment made on or after the 2021 Notes Issue Date, but prior to the Issue Date, shall be
deemed to be a “Restricted Payment” to the extent that such payment would have been a Restricted Payment had this Indenture been in effect at the time of such payment (and, to the extent that such Restricted Payment was permitted by
Section 4.07(a), clauses (i) through (xvi) of Section 4.07(b) hereof and/or one or more of the clauses contained in the definition of “Permitted Investment,” such Restricted Payment may be deemed by Parent to have
been made pursuant to such clause. 
 (d)    Parent shall not permit any Unrestricted Subsidiary to become a Restricted
Subsidiary except pursuant to the penultimate sentence of the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by Parent and
its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments in an amount determined as set forth in the penultimate sentence of the definition of “Investments.”
Such designation shall be permitted only if a Restricted Payment in such amount would be permitted at such time, pursuant to this Section 4.07, or pursuant to the definition of “Permitted Investments,” and if such Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in this Indenture. For the avoidance of doubt, this Section 4.07 shall not restrict the
making of any “AHYDO catch up payment” with respect to, and required by the terms of, any Indebtedness of Parent or any of its Restricted Subsidiaries permitted to be incurred under the terms of this Indenture. 

  
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 Section 4.08.    Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries. 
 (a)    Parent shall not, and shall not permit any of its
Restricted Subsidiaries that is not the Issuer or a Guarantor to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted
Subsidiary to: 
 (i)    (A) pay dividends or make any other distributions to Parent or any of its
Restricted Subsidiaries that is a Guarantor on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits; or 

(B)    pay any Indebtedness owed to Parent or any of its Restricted Subsidiaries that is the Issuer or a
Guarantor; 
 (ii)    make loans or advances to Parent or any of its Restricted Subsidiaries that is the
Issuer or a Guarantor; or 
 (iii)    sell, lease or transfer any of its properties or assets to Parent
or any of its Restricted Subsidiaries that is the Issuer or a Guarantor. 
 (b)    The restrictions in
Section 4.08(a) hereof shall not apply to encumbrances or restrictions existing under or by reason of: 

(i)    contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to Hedging
Obligations and the related documentation, and contractual encumbrances or restrictions in effect on the Issue Date pursuant to the Senior Secured Credit Facilities, the Existing Senior Notes, the Existing Senior Notes Indentures and the guarantees
thereof; 
 (ii)    this Indenture, the Notes and the Guarantees thereof and the Exchange Notes and
related exchange Guarantees to be issued in exchange for the Initial Notes and the Guarantees thereof pursuant to the Registration Rights Agreement; 

(iii)    purchase money obligations for property acquired in the ordinary course of business and capital
lease obligations that impose restrictions of the nature discussed in clause (iii) of Section 4.08(a) hereof on the property so acquired; 

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

(v)    (A) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the
merger, amalgamation or consolidation of an Unrestricted Subsidiary into Parent or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to Parent or a Restricted Subsidiary, any agreement or
other instrument of such Unrestricted Subsidiary in existence at the time of such redesignation (but, in any such case, not created in contemplation thereof) and (B) any agreement or other instrument of a Person acquired by or merged or
consolidated with or into Parent or any of its Restricted Subsidiaries in existence at the time of such acquisition or at the time it merges with or into Parent or any of its Restricted Subsidiaries or assumed in connection with the acquisition of
assets from such Person (but, in any such case, not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person so acquired and its
Subsidiaries, or the property or assets of the Person so acquired and its Subsidiaries or the property or assets so acquired; 

(vi)    contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of
Parent pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary; 

(vii)    Secured Indebtedness otherwise permitted to be incurred pursuant to Sections 4.09 and 4.12 hereof
that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(viii)    restrictions on cash or other deposits or net worth imposed by suppliers, customers or landlords
under contracts entered into in the ordinary course of business or arising in connection with any Permitted Liens; 

  
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 (ix)    other Indebtedness, Disqualified Stock or Preferred
Stock of Restricted Subsidiaries that are not the Issuer or Guarantors permitted to be incurred subsequent to the Issue Date pursuant to the provisions of Section 4.09 hereof; 

(x)    customary provisions in joint venture agreements and other similar agreements or arrangements
relating to such joint venture; 
 (xi)    customary provisions contained in leases, sub-leases, licenses, sub-licenses or similar agreements, including with respect to intellectual property and other agreements, in each case, entered into in the ordinary
course of business; 
 (xii)    restrictions or conditions contained in any trading, netting, operating,
construction, service, supply, purchase, sale or other agreement to which Parent or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance of
solely the property or assets of Parent or such Restricted Subsidiary that are the subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of Parent or such
Restricted Subsidiary or the assets or property of another Restricted Subsidiary; 
 (xiii)    customary
provisions restricting subletting or assignment of any lease governing a leasehold interest of any Restricted Subsidiary; 

(xiv)    customary provisions restricting assignment of any agreement entered into in the ordinary course
of business; 
 (xv)    restrictions arising in connection with cash or other deposits permitted under
Section 4.12 hereof; 
 (xvi)    any agreement or instrument (A) relating to any Indebtedness,
Disqualified Stock or Preferred Stock permitted to be incurred or issued subsequent to the Issue Date pursuant to Section 4.09 hereof if the encumbrances and restrictions are not materially more disadvantageous, taken as a whole, to the Holders
than is customary in comparable financings for similarly situated issuers (as determined in good faith by Parent) or as otherwise in effect on the Issue Date and (B) either (x) Parent determines that such encumbrance or restriction will not
adversely affect Parent’s ability to make principal and interest payments on the Notes as and when they come due or (y) such encumbrances and restrictions apply only during the continuance of a default in respect of a payment or financial
maintenance covenant relating to such Indebtedness; 
 (xvii)    restrictions created in connection with
any Qualified Securitization Facility that in the good faith determination of Parent are necessary or advisable to effect such Qualified Securitization Facility; and 

(xviii)    any encumbrances or restrictions of the type referred to in clauses (i), (ii) and (iii) of
Section 4.08(a) hereof imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through
(xvii) of this Section 4.08(b); provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of Parent, not materially more
restrictive with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

  
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 Section 4.09.    Limitation on Incurrence of
Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 
 (a)    Parent shall not, and shall not
permit any of its Restricted Subsidiaries (including the Issuer) to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur”
and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and Parent shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of
Disqualified Stock or any Restricted Subsidiary that is not the Issuer or a Guarantor to issue Preferred Stock; provided that Parent may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any
Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock and any Restricted Subsidiary that is not the Issuer or a Guarantor may issue shares of Preferred Stock, if the Fixed Charge Coverage
Ratio on a consolidated basis of Parent and its Restricted Subsidiaries for the most recently ended four fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is
incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period; provided that the then
outstanding aggregate principal amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to this Section 4.09(a) (plus any Refinancing Indebtedness
in respect thereof) by Restricted Subsidiaries that are not the Issuer or Guarantors shall not exceed the greater of (i) $605.0 million and (ii) 4.25% of Total Assets (determined on the date of such incurrence). 

(b)    The provisions of Section 4.09(a) hereof shall not apply to: 

(i)    Indebtedness incurred pursuant to any Credit Facilities by Parent or any Restricted Subsidiary and
the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof); provided that immediately
after giving effect to any such incurrence or issuance, the then outstanding aggregate principal amount of all Indebtedness incurred or issued under this clause (i) does not exceed $6,725.0 million; 

(ii)    the incurrence by the Issuer and any Guarantor of Indebtedness represented by the Notes (including
any guarantee thereof) and the Exchange Notes and related Guarantees thereof to be issued in exchange for the Notes and the Guarantees thereof pursuant to the Registration Rights Agreement (but excluding any Additional Notes); 

(iii)    Indebtedness of Parent and its Restricted Subsidiaries in existence on the Issue Date (other than
Indebtedness described in clauses (i) and (ii) of this Section 4.09(b)); 

(iv)    Indebtedness consisting of Capitalized Lease Obligations and Purchase Money Obligations in an
aggregate principal amount (together with any Refinancing Indebtedness in respect thereof) not to exceed the greater of (i) $710.0 million and (ii) 5.0% of Total Assets (in each case, determined at the date of incurrence or issuance); so long
as such Indebtedness exists at the date of such purchase, lease or improvement, or is created within 365 days thereafter (for the avoidance of doubt, the purchase date for any asset shall be the later of the date of completion of construction or
installation and the beginning of the full productive use of such asset); 
 (v)    Indebtedness incurred
by Parent or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to letters of credit, bank guarantees, banker’s acceptances, warehouse receipts, or similar instruments issued or created in the ordinary course
of business, including letters of credit in favor of suppliers or trade creditors or in respect of workers’ compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability
insurance or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or
liability insurance or self-insurance; provided that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 45 Business Days following such drawing or incurrence; 

  
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 (vi)    Indebtedness arising from (A) Permitted
Intercompany Activities and (B) agreements of Parent or its Restricted Subsidiaries providing for indemnification, adjustment of purchase price, earnouts or similar obligations, in each case, incurred or assumed in connection with the
disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided
that such Indebtedness is not reflected on the balance sheet of Parent, or any of its Restricted Subsidiaries (Contingent Obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet shall not be
deemed to be reflected on such balance sheet for purposes of this clause (vi)); 
 (vii)    Indebtedness
of Parent to a Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor is subordinated in right of payment to Parent’s Guarantee of the Notes (for the
avoidance of doubt, any such Indebtedness owing to a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor shall be deemed to be expressly subordinated in right of payment to Parent’s Guarantee of the Notes unless the terms of
such Indebtedness expressly provide otherwise); provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary
or any other subsequent transfer of any such Indebtedness (except to Parent or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness
(to the extent such Indebtedness is then outstanding) not permitted by this clause (vii); 

(viii)    Indebtedness of a Restricted Subsidiary to Parent or another Restricted Subsidiary;
provided that if the Issuer or a Subsidiary Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor, such Indebtedness is subordinated in right of payment to the Notes or
such Subsidiary Guarantor’s Guarantee of the Notes (for the avoidance of doubt, any such Indebtedness owing to a Restricted Subsidiary that is not the Issuer or a Guarantor shall be deemed to be expressly subordinated in right of payment to the
Notes or such Subsidiary Guarantor’s Guarantee of the Notes unless the terms of such Indebtedness expressly provide otherwise); provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event
which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness (except to Parent or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted
Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness is then outstanding) not permitted by this clause (viii); 

(ix)    shares of Preferred Stock of a Restricted Subsidiary issued to Parent or another Restricted
Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of
Preferred Stock (except to Parent or another of its Restricted Subsidiaries or any pledge of such Capital Stock constituting a Permitted Lien) shall be deemed in each case to be an issuance of such shares of Preferred Stock (to the extent such
Preferred Stock is then outstanding) not permitted by this clause (ix); 
 (x)    Hedging Obligations
(excluding Hedging Obligations entered into for speculative purposes) for the purpose of limiting interest rate risk with respect to any Indebtedness permitted to be incurred under this Indenture, exchange rate risk or commodity pricing risk; 

(xi)    obligations in respect of self-insurance and obligations in respect of performance, bid, appeal and
surety bonds and performance and completion guarantees and similar obligations provided by Parent or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each
case in the ordinary course of business or consistent with past practice; 

  
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 (xii)    (A) Indebtedness or Disqualified Stock of Parent and
Indebtedness, Disqualified Stock or Preferred Stock of Parent or any Restricted Subsidiary in an aggregate principal amount or liquidation preference up to 200% of the net cash proceeds received by Parent since the 2021 Notes Issue Date from the
issue or sale of Equity Interests of Parent or any direct or indirect parent company of Parent or cash contributed to the capital of Parent (in each case, other than Excluded Contributions, proceeds of Disqualified Stock or sales of Equity Interests
to Parent or any of its Subsidiaries) as determined in accordance with clauses (C)(2) and (C)(3) of Section 4.07(a) hereof to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments
pursuant to Section 4.07(b) hereof or to make Permitted Investments specified in clauses (h), (k), (m), (bb) or (cc) of the definition thereof, and (B) Indebtedness or Disqualified Stock of Parent and Indebtedness, Disqualified Stock
or Preferred Stock of Parent or any Restricted Subsidiary in an aggregate principal amount or liquidation preference, which, when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and
Preferred Stock then outstanding and incurred pursuant to this clause (xii)(B), does not at any time outstanding exceed the greater of (x) $800.0 million and (y) 4.0% of Total Assets (in each case, determined on the date of such incurrence); it
being understood that any Indebtedness, Disqualified Stock or Preferred Stock incurred pursuant to this clause (xii)(B) shall cease to be deemed incurred or outstanding for purposes of this clause (xii)(B) but shall be deemed incurred for the
purposes of Section 4.09(a) hereof from and after the first date on which Parent or such Restricted Subsidiary could have incurred such Indebtedness, Disqualified Stock or Preferred Stock under Section 4.09(a) hereof without reliance on
this clause (xii)(B); 
 (xiii)    the incurrence or issuance by Parent or any Restricted Subsidiary of
Indebtedness, Disqualified Stock or Preferred Stock which serves to extend, replace, refund, refinance, renew or defease any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued as permitted under Section 4.09(a) hereof and
clauses (ii), (iii), (iv) and (xii)(A) of this Section 4.09(b), this clause (xiii) and clause (xiv) of this Section 4.09(b) or any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to so extend, replace,
refund, refinance, renew or defease such Indebtedness, Disqualified Stock or Preferred Stock, including, in each case, additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), defeasance
costs, and accrued interest, fees and expenses in connection therewith (the “Refinancing Indebtedness”) prior to its respective maturity; provided that such Refinancing Indebtedness: 

(A)    has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which
is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being extended, replaced, refunded, refinanced, renewed or defeased (or requires no or nominal payments in cash prior to the
date that is 91 days after the maturity date of the Notes); 
 (B)    to the extent such Refinancing
Indebtedness extends, replaces, refunds, refinances, renews or defeases (i) Indebtedness subordinated in right of payment to the Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated in right of payment to the Notes or
the Guarantee thereof at least to the same extent as the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or
Preferred Stock, respectively; and 
 (C)    shall not include: 

(1)    Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of Parent that is not the
Issuer or a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of Parent; 

(2)    Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of Parent that is not the
Issuer or a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Subsidiary Guarantor; or 

  
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 (3)    Indebtedness or Disqualified Stock of Parent or
Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; 

and, provided, further, that subclause (A) of this clause (xiii) will not apply to (x) any extension, replacement,
refunding, refinancing, renewal or defeasance of any Credit Facilities, Secured Indebtedness or Indebtedness incurred pursuant to clause (iv) above or (y) an aggregate amount of Indebtedness not to exceed $1,000.0 million at any time
outstanding that otherwise qualifies as “Refinancing Indebtedness” as defined herein; 

(xiv)    (A) Indebtedness, Disqualified Stock or Preferred Stock of Parent or a Restricted Subsidiary
incurred or issued to finance an acquisition (or other purchase of assets) or (B) Indebtedness, Disqualified Stock or Preferred Stock of Persons that are acquired by Parent or any Restricted Subsidiary or merged into or consolidated with Parent
or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that in the case of clauses (A) and (B), after giving effect to such acquisition, merger, amalgamation or consolidation (1) the aggregate amount of
such Indebtedness does not exceed $100.0 million at any time outstanding or (2) either (x) Parent would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test set forth in
Section 4.09(a) hereof, or (y) the Fixed Charge Coverage Ratio for Parent and its Restricted Subsidiaries is equal to or greater than immediately prior to such acquisition, merger, amalgamation or consolidation; 

(xv)    Indebtedness arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument drawn against insufficient funds in the ordinary course of business; 

(xvi)    Indebtedness of Parent or any of its Restricted Subsidiaries supported by a letter of credit
issued pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit; 

(xvii)    (A) any guarantee by Parent or a Restricted Subsidiary of Indebtedness or other obligations of
any Restricted Subsidiary so long as the incurrence of such Indebtedness by such Restricted Subsidiary is permitted under the terms of this Indenture; or 

(B)    any guarantee by a Restricted Subsidiary of Indebtedness or other obligations of Parent so long as
the incurrence of such Indebtedness by such Restricted Subsidiary is permitted under the terms of this Indenture; 

(xviii)    (A) Indebtedness consisting of Indebtedness issued by Parent or any of its Restricted
Subsidiaries to future, present or former employees, directors, officers, managers and consultants thereof, their respective Controlled Investment Affiliates or Immediate Family Members, in each case to finance the purchase or redemption of Equity
Interests of Parent or any direct or indirect parent company of Parent to the extent described in clause (iv) of Section 4.07(b) hereof, and (B) Indebtedness representing deferred compensation to employees of Parent (or any direct or
indirect parent thereof) or any of its Restricted Subsidiaries incurred in the ordinary course of business; 

(xix)    to the extent constituting Indebtedness, customer deposits and advance payments (including
progress premiums) received in the ordinary course of business from customers for goods and services purchased in the ordinary course of business; 

(xx)    (A) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other
financial institutions incurred in the ordinary course of business of Parent and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of Parent and
its Restricted Subsidiaries and (B) Indebtedness in respect of Bank Products; 

  
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 (xxi)    Indebtedness incurred by a Restricted Subsidiary in
connection with bankers’ acceptances, discounted bills of exchange or the discounting or factoring of receivables or payables for credit management purposes, in each case incurred or undertaken consistent with past practice or in the ordinary
course of business on arm’s length commercial terms; 
 (xxii)    Indebtedness of Parent or any of
its Restricted Subsidiaries consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in supply arrangements, in each case
incurred in the ordinary course of business; 
 (xxiii)    the incurrence of Indebtedness of Restricted
Subsidiaries of Parent that are not the Issuer or Subsidiary Guarantors in an amount at any one time outstanding under this clause (xxiii) not to exceed together with any other Indebtedness incurred under this clause (xxiii) the greater of
(A) $285.0 million and (B) 2.0% of Total Assets (in each case, determined on the date of such incurrence); it being understood that any Indebtedness deemed incurred pursuant to this clause (xxiii) shall cease to be deemed incurred or
outstanding for purposes of this clause (xxiii) but shall be deemed incurred for the purposes of Section 4.09(a) hereof from and after the first date on which Parent or such Restricted Subsidiaries could have incurred such Indebtedness
under Section 4.09(a) hereof without reliance on this clause (xxiii); 
 (xxiv)    Indebtedness of
Parent or any of its Restricted Subsidiaries undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business; 

(xxv)    Indebtedness of Foreign Subsidiaries of Parent in an amount not to exceed, at any one time
outstanding and together with any other Indebtedness incurred under this clause (xxv), 10.0% of the total assets of the Foreign Subsidiaries on a consolidated basis as shown on Parent’s most recent balance sheet (it being understood that any
Indebtedness incurred pursuant to this clause (xxv) shall cease to be deemed incurred or outstanding for purposes of this clause (xxv) but shall be deemed incurred for the purposes of Section 4.09(a) hereof from and after the first
date on which Parent or its Restricted Subsidiaries could have incurred such Indebtedness under Section 4.09(a) hereof without reliance on this clause (xxv)); and 

(xxvi)    Indebtedness incurred by Parent or any of the Restricted Subsidiaries to the extent that the net
proceeds thereof are deposited with the Trustee at or promptly after the funding of such Indebtedness to satisfy and discharge the Notes or exercise the Issuer’s legal defeasance or covenant defeasance option as described under Article 8
hereof, in each case, in accordance with this Indenture. 
 (c)    For purposes of determining compliance with this
Section 4.09: 
 (i)    in the event that an item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (i) through (xxvi) of Section 4.09(b) hereof or is entitled to be
incurred pursuant to Section 4.09(a) hereof, Parent, in its sole discretion, may classify or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and shall only be required to include the amount
and type of such Indebtedness, Disqualified Stock or Preferred Stock in one of the clauses under Section 4.09(b) or under Section 4.09(a) hereof; provided that all Indebtedness outstanding under the Senior Secured Credit Facilities
on the Issue Date shall be treated as incurred on the Issue Date under clause (i) of Section 4.09(b) hereof; and 

(ii)    Parent shall be entitled to divide and classify an item of Indebtedness in more than one of the
types of Indebtedness described in Section 4.09(a) and Section 4.09(b) hereof. 
 Accrual of interest or dividends, the accretion
of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, of the same class shall not be
deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.09. Any Refinancing Indebtedness and any 

  
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Indebtedness permitted to be incurred under this Indenture to refinance Indebtedness incurred pursuant to clauses (i) and (xii)(B) of Section 4.09(b) hereof shall be deemed to include
additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), defeasance costs, fees and expenses in connection with such refinancing. 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. Dollar
Equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the
case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be
exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing
Indebtedness does not exceed (A) the principal amount of such Indebtedness being refinanced plus (B) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including
original issue discount, upfront fees or similar fees) incurred in connection with such refinancing. 
 The principal amount of any
Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing. 
 Notwithstanding anything to the contrary, Parent shall
not, and shall not permit the Issuer or any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is contractually subordinated or junior in right of payment to any Indebtedness of Parent, the
Issuer or such Guarantor, as the case may be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is subordinated to other
Indebtedness of Parent, the Issuer or such Guarantor, as the case may be. 
 This Indenture shall not treat (1) unsecured Indebtedness
as subordinated or junior to Secured Indebtedness merely because it is unsecured or (2) Indebtedness as subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral or because it
is guaranteed by other obligors. 
 Section 4.10.    Asset Sales. 

(a)    Parent shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless:

 (i)    Parent or such Restricted Subsidiary, as the case may be, receives consideration at the time of
such Asset Sale at least equal to the fair market value (as determined in good faith by Parent at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and 

(ii)    except in the case of a Permitted Asset Swap, at least 75.0% of the consideration for such Asset
Sale, together with all other Asset Sales since the Issue Date (on a cumulative basis), received by Parent or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 

(A)    any liabilities (as shown on Parent’s or such Restricted Subsidiary’s most recent balance
sheet or in the footnotes thereto or, if incurred or increased subsequent to the date of such balance sheet, such liabilities that would have been shown on Parent’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto
if such incurrence or increase had taken place on or prior to the date of such balance sheet, as determined by Parent) of Parent or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the Notes, that are
assumed by the transferee of any such assets pursuant to a written agreement which releases or indemnifies Parent or such Restricted Subsidiary from such liabilities; 

  
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 (B)    any securities, notes or other obligations or assets
received by Parent or such Restricted Subsidiary from such transferee that are converted by Parent or such Restricted Subsidiary into Cash Equivalents (to the extent of the Cash Equivalents received) within 180 days (450 days in the case of any
securities, notes or other obligations or assets received in respect of any Asset Sale of the Specified Real Property Assets) following the closing of such Asset Sale; and 

(C)    any Designated Non-cash Consideration received by Parent or
such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C) that is at that
time outstanding, not to exceed the greater of (i) $710.0 million and (ii) 5.0% of Total Assets at the time of the receipt of such Designated Non-cash Consideration, with the fair market value of each
item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value, 

shall be deemed to be Cash Equivalents for purposes of this provision and for no other purpose. 

(b)    Within 450 days after the receipt of any Net Proceeds of any Asset Sale, Parent or such Restricted Subsidiary, at
its option, may apply the Net Proceeds from such Asset Sale: 
 (i)    to permanently reduce Indebtedness
as follows: 
 (A)    Obligations under the Senior Secured Credit Facilities, and to correspondingly
reduce commitments with respect thereto; 
 (B)    Obligations under Secured Indebtedness which is
secured by a Lien that is permitted by this Indenture, and to correspondingly reduce commitments with respect thereto; 

(C)    Obligations under the Notes or any other Senior Indebtedness of Parent or any Restricted Subsidiary
(and, in the case of other Senior Indebtedness, to correspondingly reduce any outstanding commitments with respect thereto, if applicable); provided that if Parent or any Restricted Subsidiary shall so repay any Senior Indebtedness other than
the Notes, the Issuer will either (A) reduce Obligations under the Notes on a pro rata basis by, at its option, (x) redeeming Notes as provided under Section 3.07 hereof or (y) purchasing Notes through open-market purchases, or
(B) make an offer (in accordance with the procedures set forth in Sections 3.08 and 4.10(c) hereof) to all Holders to purchase their Notes on a ratable basis with such other Senior Indebtedness for no less than 100.0% of the principal amount of
such Notes, plus the amount of accrued but unpaid interest, if any, on the principal amount of the Notes to be repurchased, to, but excluding, the date of repurchase; or 

(D)    if the assets that are the subject of such Asset Sale are the property or assets of a Restricted
Subsidiary that is not the Issuer or a Guarantor, to permanently reduce Indebtedness of (i) a Restricted Subsidiary that is not the Issuer or a Guarantor, other than Indebtedness owed to Parent or any Restricted Subsidiary, or (ii) Parent,
the Issuer or a Subsidiary Guarantor; or 
 (ii)    to make (A) an Investment in any one or more
businesses, provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in Parent or any of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital Stock of such
business such that it constitutes a Restricted Subsidiary, (B) capital expenditures or (C) acquisitions of other assets, in each of (A), (B) and (C), used or useful in a Similar Business; or 

(iii)    to make an Investment in (A) any one or more businesses, provided that such Investment
in any business is in the form of the acquisition of Capital Stock and results in Parent or any of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted
Subsidiary, (B) capital expenditures, (C) properties or (D) acquisitions of other assets that, in each of (A), (B), (C) and (D), replace the businesses, properties and/or assets that are the subject of such Asset Sale; 

  
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 provided that a binding commitment entered into not later than such 450th day shall be treated as a
permitted application of the Net Proceeds from the date of such commitment so long as Parent, or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment
within the later of such 450th day and 180 days of such commitment (an “Acceptable Commitment”) and, in the event any Acceptable Commitment is later cancelled or terminated for any reason before the Net Proceeds are applied in
connection therewith, Parent or such Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination; provided further that if any Second Commitment
is later cancelled or terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds. 

(c)    Any Net Proceeds from the Asset Sale that are not invested or applied as provided and within the time period set
forth in Section 4.10(b) hereof will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $200.0 million, the Issuer shall make an offer (an “Asset Sale Offer”)
to all Holders of the Notes and, if required by the terms of any Indebtedness that ranks pari passu with the Notes (“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness, to purchase the maximum aggregate
principal amount of the Notes and such Pari Passu Indebtedness that is in an amount equal to at least $2,000, or an integral multiple of $1,000 in excess thereof, that may be purchased out of the Excess Proceeds at an offer price, in the case of the
Notes, in cash in an amount equal to 100.0% of the principal amount thereof (or accreted value thereof, if less), plus accrued and unpaid interest, if any, to the date fixed for the closing of such offer, and in the case of any Pari Passu
Indebtedness at the offer price required by the terms thereof but not to exceed 100% of the principal amount thereof, plus accrued and unpaid interest, if any, in accordance with the procedures set forth in this Indenture and the agreement(s)
governing such Pari Passu Indebtedness. The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $200.0 million by delivering the notice required pursuant
to the terms of this Indenture, with a copy to the Trustee. The Issuer may satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Proceeds prior to the expiration
of the relevant 450 days (or such longer period provided above) or with respect to Excess Proceeds of $200.0 million or less. 
 To the
extent that the aggregate amount of Notes and such Pari Passu Indebtedness, as the case may be, tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purposes not
otherwise prohibited under this Indenture. If the aggregate principal amount of Notes or the Pari Passu Indebtedness, as the case may be, surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Issuer shall purchase the Notes
and such Pari Passu Indebtedness, as the case may be, on a pro rata basis based on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness, as the case may be, tendered with adjustments as necessary so that no Notes or
Pari Passu Indebtedness, as the case may be, will be repurchased in part in an unauthorized denomination. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the requirement to make an Asset Sale Offer shall
be reset to zero (regardless of whether there are any remaining Excess Proceeds upon such completion). Additionally, the Issuer may, at its option, make an Asset Sale Offer using the proceeds from any Asset Sale at any time after the consummation of
such Asset Sale. Upon consummation or expiration of any Asset Sale Offer, any remaining Net Proceeds shall not be deemed Excess Proceeds and the Issuer may use such Net Proceeds for any purpose not otherwise prohibited under this Indenture. 

(d)    Pending the final application of any Net Proceeds pursuant to this Section 4.10, the holder of such Net
Proceeds may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility, including under the Senior Secured Credit Facilities, or otherwise invest such Net Proceeds in any manner not prohibited by this
Indenture. 
 (e)    The notice, if delivered electronically or mailed in a manner herein provided, shall be
conclusively presumed to have been given, whether or not the Holder receives such notice. If (i) the notice is delivered electronically or mailed in a manner herein provided and (ii) any Holder fails to receive such notice or a Holder
receives such notice but it is defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice
without 

  
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defect. The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws or regulations are applicable in connection with the repurchase by the Issuer of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

The provisions of this Section 4.10 may be waived or modified with the written consent of the Holders of a majority in principal amount
of all the Notes then outstanding. 
 Section 4.11.    Transactions with
Affiliates. 
 (a)    Parent shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment
to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or
for the benefit of, any Affiliate of Parent (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $50.0 million, unless: 

(i)    such Affiliate Transaction is on terms that are not materially less favorable to Parent or its
relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by Parent or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; and 

(ii)    Parent delivers to the Trustee with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate payments or consideration in excess of $75.0 million, a resolution adopted by the majority of the Board of Directors of Parent approving such Affiliate Transaction and set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with clause (i) of this Section 4.11(a). 

(b)    The provisions of Section 4.11(a) hereof shall not apply to the following: 

(i)    transactions between or among Parent or any of its Restricted Subsidiaries; 

(ii)    Restricted Payments permitted by Section 4.07 hereof and the definition of “Permitted
Investments”; 
 (iii)    (A) the payment of management, consulting, monitoring, transaction,
advisory and other fees, indemnities and expenses pursuant to the Support and Services Agreement (plus any unpaid management, consulting, monitoring, transaction, advisory and other fees, indemnities and expenses accrued in any prior year) and any
termination fees pursuant to the Support and Services Agreement and (B) transactions pursuant to the Transaction Agreements, or, in the case of each of (A) and (B), any amendment thereto or replacement thereof so long as any such amendment
or replacement is not materially disadvantageous in the good faith judgment of the Board of Directors of Parent to the Holders when taken as a whole, as compared to the applicable agreement as in effect immediately prior to such amendment or
replacement; 
 (iv)    (A) employment agreements, employee benefit and incentive compensation plans and
arrangements and (B) the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements and employment and severance arrangements provided on behalf of or for the benefit of, current or former employees,
directors, officers, managers or consultants of Parent, any of its direct or indirect parent companies or any of its Restricted Subsidiaries; 

(v)    transactions in which Parent or any of its Restricted Subsidiaries, as the case may be, delivers to
the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to Parent or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when taken as a
whole, to Parent or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by Parent or such Restricted Subsidiary with an unrelated Person on an
arm’s-length basis; 

  
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 (vi)    any agreement or arrangement as in effect as of the
Issue Date, or any amendment thereto (so long as any such amendment is not disadvantageous in any material respect in the good faith judgment of Parent to the Holders when taken as a whole as compared to the applicable agreement as in effect on the
Issue Date); 
 (vii)    the existence of, or the performance by Parent or any of its Restricted
Subsidiaries of its obligations under the terms of, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it (or any parent company of Parent) is a party as of the Issue Date and any
similar agreements which it (or any parent company of Parent) may enter into thereafter; provided that the existence of, or the performance by Parent or any of its Restricted Subsidiaries (or such parent company) of obligations under any
future amendment to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such amendment or new agreement are not otherwise
disadvantageous in any material respect in the good faith judgment of Parent to the Holders when taken as a whole; 

(viii)    the Spin-Off Transaction and the payment of all fees and
expenses related thereto; 
 (ix)    transactions with customers, clients, suppliers, contractors, joint
venture partners or purchasers or sellers of goods or services that are Affiliates (including hotel management or franchise agreements entered into with any of the foregoing), in each case in the ordinary course of business or that are consistent
with past practice and, in each case, otherwise in compliance with the terms of this Indenture which are fair to Parent and its Restricted Subsidiaries, in the reasonable determination of Parent, or are on terms at least as favorable as might
reasonably have been obtained at such time from an unaffiliated party; 
 (x)    the issuance or transfer
of Equity Interests (other than Disqualified Stock) of Parent to any direct or indirect parent company of Parent or to any Permitted Holder or to any employee, director, officer, manager or consultant (or their respective Affiliates or Immediate
Family Members) of Parent, any of its direct or indirect parent companies or any of its Restricted Subsidiaries; 

(xi)    sales of accounts receivable, or participations therein, or Securitization Assets or related assets
in connection with any Qualified Securitization Facility; 
 (xii)    payments by Parent or any of its
Restricted Subsidiaries to any of the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or
divestitures which payments are approved by Parent in good faith; 
 (xiii)    payments and Indebtedness
and Disqualified Stock (and cancellation of any thereof) of Parent and its Restricted Subsidiaries and Preferred Stock (and cancellation of any thereof) of any Restricted Subsidiary to any future, current or former employee, director, officer,
manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of Parent, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any management equity plan or stock option plan
or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement that are, in each case, approved by Parent in good faith; and any employment agreements, stock option plans and other compensatory
arrangements (and any successor plans thereto) and any supplemental executive retirement benefit plans or arrangements with any such employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or
Immediate Family Members) that are, in each case, approved by Parent in good faith; 
 (xiv)    (i)
investments by Permitted Holders in securities or loans of Parent or any of its Restricted Subsidiaries (and payment of reasonable out-of-pocket expenses incurred by
such Permitted Holders in connection therewith) so long as the investment is being offered by Parent or such Restricted 

  
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Subsidiary generally to other investors on the same or more favorable terms, and (ii) payments to Permitted Holders in respect of securities or loans of Parent or any of its Restricted
Subsidiaries contemplated in the foregoing subclause (i) or that were acquired from Persons other than Parent and its Restricted Subsidiaries, in each case, in accordance with the terms of such securities or loans; 

(xv)    payments to or from, and transactions with, any joint venture in the ordinary course of business or
consistent with past practice (including, without limitation, any cash management activities related thereto); 

(xvi)    payments by Parent (and any direct or indirect parent company thereof) and its Subsidiaries
pursuant to tax sharing agreements among Parent (and any such parent company) and its Subsidiaries, to the extent such payments are permitted under clause (xv)(B) of Section 4.07(b) hereof; 

(xvii)    any lease entered into between Parent or any Restricted Subsidiary, as lessee, and any Affiliate
of Parent, as lessor, which is approved by Parent in good faith; 
 (xviii)    intellectual property
licenses in the ordinary course of business; 
 (xix)    all payments to HLT Parent otherwise permitted
under this Indenture; 
 (xx)    the payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities provided to stockholders of Parent or any direct or indirect parent thereof pursuant to the stockholders, registration rights
or similar agreements; 
 (xxi)    the pledge of Equity Interests of any Unrestricted Subsidiary to
lenders to support the Indebtedness of such Unrestricted Subsidiary owed to such lenders; 

(xxii)    Permitted Intercompany Activities and related transactions; and 

(xxiii)    any transactions with any Subsidiary or a joint venture or similar entity which would constitute
an Affiliate Transaction solely because Parent or its Restricted Subsidiary owns an equity interest in or otherwise controls such Subsidiary, joint venture or similar entity. 

Section 4.12.    Liens. Parent will not, and will not permit the Issuer or any Subsidiary
Guarantor to, directly or indirectly, create, incur, assume or suffer to exist any Lien (except Permitted Liens) that secures Obligations under any Indebtedness or any related guarantee of Indebtedness, on any asset or property of Parent, the Issuer
or any Subsidiary Guarantor, or any income or profits therefrom, or assign or convey any right to receive income therefrom, unless: 

(a)    in the case of Liens securing Subordinated Indebtedness, the Notes and related Guarantees are
secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; and 

(b)    in all other cases, the Notes or the Guarantees are equally and ratably secured, 

except that the foregoing shall not apply to or restrict Liens securing obligations in respect of the Notes (and Exchange Notes with respect thereto) and the
related Guarantees. 
 Any Lien created for the benefit of the Holders of the Notes pursuant to this Section 4.12 shall be deemed
automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (a) and (b) above. 

Section 4.13.    Company Existence. Subject to Article 5 hereof, Parent shall do or cause
to be done all things necessary to preserve and keep in full force and effect its limited liability company existence, and the corporate, partnership, limited liability company or other existence of each of its Restricted Subsidiaries (including the
Issuer), in accordance with the respective organizational documents (as the same may be amended from time to 

  
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time) of Parent or any such Restricted Subsidiary; provided that Parent shall not be required to preserve the corporate, partnership or other existence of its Restricted Subsidiaries
(other than the Issuer), if Parent in good faith shall determine that the preservation thereof is no longer desirable in the conduct of the business of Parent and its Restricted Subsidiaries, taken as a whole. For the avoidance of doubt, Parent and
its Restricted Subsidiaries will be permitted to change their organizational form; provided that for so long as an Issuer is organized as a partnership or a limited liability company, it will maintain a corporate co-issuer of the Notes. 
 Section 4.14.    Offer to
Repurchase Upon Change of Control Triggering Event. If a Change of Control Triggering Event occurs, unless the Issuer has previously or concurrently sent a redemption notice with respect to all the outstanding Notes as described under
Sections 3.03 and 3.07 hereof, the Issuer shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”)
equal to 101.0% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to, but excluding, the date of purchase, subject to the right of Holders of record on the relevant Record Date to receive
interest due on the relevant Interest Payment Date falling prior to or on the purchase date. Within 30 days following any Change of Control Triggering Event, the Issuer will send notice of such Change of Control Offer electronically or by
first-class mail, with a copy to the Trustee, to each Holder to the address of such Holder appearing in the Note Register or otherwise delivered in accordance with the Applicable Procedures with the following information: 

(a)    that a Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes
properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Issuer; 

(b)    the purchase price and the purchase date, which will be no earlier than 15 days nor later than 60
days from the date such notice is sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control Offer made in advance of a Change of Control Triggering Event in accordance with clause (l) of
this Section 4.14; 
 (c)    that any Note not properly tendered will remain outstanding and
continue to accrue interest; 
 (d)    that unless the Issuer defaults in the payment of the Change of
Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date; 

(e)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed or otherwise in accordance with the Applicable Procedures, to the Paying Agent specified in the notice at
the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(f)    that Holders shall be entitled to withdraw their tendered Notes and their election to require the
Issuer to purchase such Notes; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to the expiration date of the Change of Control Offer, a facsimile transmission, letter or other
communication in accordance with the Applicable Procedures setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes, or specified
portion thereof, and its election to have such Notes purchased; 
 (g)    that Holders whose Notes are
being purchased only in part shall be issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $2,000 or any integral
multiple of $1,000 in excess of $2,000; 

  
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 (h)    if such notice is delivered prior to the occurrence of
a Change of Control Triggering Event, stating that the Change of Control Offer is conditional on the occurrence of such Change of Control Triggering Event and shall describe each such condition, and, if applicable, shall state that, in the
Issuer’s discretion, the Change of Control Payment Date may be delayed until such time (including more than 60 days after the notice is mailed or delivered, including by electronic transmission) as any such condition shall be satisfied, or that
such repurchase may not occur and such notice may be rescinded in the event that any such condition shall not have been satisfied by the Change of Control Payment Date, or by the Change of Control Payment Date as so delayed; and 

(i)    any other instructions, as determined by the Issuer, consistent with this Section 4.14 that a
Holder must follow in order to have the Notes repurchased. 
 The notice, if delivered electronically or mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (a) the notice is delivered or mailed in a manner herein provided and (b) any Holder fails to receive such notice or a Holder receives
such notice but it is defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without
defect. The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in
connection with the repurchase by the Issuer of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer shall comply with the
applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

(j)    On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law: 

(i)    accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the
Change of Control Offer; 
 (ii)    deposit with the Paying Agent an amount equal to the aggregate Change
of Control Payment in respect of all Notes or portions thereof so tendered; and 
 (iii)    deliver, or
cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuer. 

(k)    The Issuer shall not be required to make a Change of Control Offer following a Change of Control
Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer. 

(l)    Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of
a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making of the Change of Control Offer. 

(m)    Other than as specifically provided in this Section 4.14, any purchase pursuant to this
Section 4.14 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06 hereof, and references therein to “redeem,” “redemption,” “Redemption Date” and similar words shall be deemed to refer to
“purchase,” “repurchase” and “Change of Control Payment Date” and similar words, as applicable. 
 The
provisions of this Section 4.14 may be waived or modified with the written consent of the Holders of a majority in principal amount of all the Notes then outstanding. 

  
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 Section 4.15.    Limitation on Guarantees of
Indebtedness by Restricted Subsidiaries. Parent shall not permit any of its Wholly Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly Owned Subsidiaries if such non-Wholly Owned Subsidiaries guarantee other capital
markets debt securities of Parent, the Issuer or any Subsidiary Guarantor), other than a Subsidiary Guarantor, the Issuer, a Foreign Subsidiary or a Securitization Subsidiary, to guarantee the payment of (i) any Credit Facility permitted under
clause (i) of Section 4.09(b) hereof or (ii) capital markets debt securities of Parent, the Issuer or any Subsidiary Guarantor unless: 

(a)    such Restricted Subsidiary within 60 days after the guarantee of such Indebtedness executes and
delivers a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of Parent, the Issuer or any
Subsidiary Guarantor, if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be
subordinated in right of payment to such Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes; and 

(b)    such Restricted Subsidiary waives and shall not in any manner whatsoever claim or take the benefit
or advantage of, any rights of reimbursement, indemnity or subrogation or any other applicable rights against Parent or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee; 

provided that this Section 4.15 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became
a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. Parent may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor
to become a Guarantor, in which case such Subsidiary shall not be required to comply with the 60 day period described in clause (a) of this Section 4.15. 

Section 4.16.    Termination of Covenants. 

(a)    If on any date (i) the Notes have an Investment Grade Rating from either of the Rating Agencies and
(ii) no Default has occurred and is continuing under this Indenture, then, beginning on that day and continuing at all times thereafter regardless of any subsequent changes in the rating of the Notes, each of Section 4.07,
Section 4.08, Section 4.09, Section 4.10, Section 4.11, Section 4.15 and clause (iv) of Section 5.01(a) hereof shall no longer be applicable to the Notes. 

(b)    The Trustee shall have no obligation to determine if the Notes have an Investment Grade Rating at any time or to
provide Holders with notice of whether the Notes have an Investment Grade Rating or no longer have an Investment Grade Rating. 
 ARTICLE 5

 SUCCESSORS 

Section 5.01.    Merger, Consolidation or Sale of All or Substantially All Assets. 

(a)    Neither Parent nor the Issuer may consolidate or merge with or into or wind up into (whether or not Parent or the
Issuer, as applicable, is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless: 

(i)    Parent or the Issuer, as the case may be, is the surviving Person or the Person formed by or
surviving any such consolidation or merger (if other than Parent or the Issuer, as applicable) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made, is a Person organized or existing under the laws
of the jurisdiction of organization of the Issuer or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Person, as the case may be, being herein called the “Successor
Company”); provided that in the case where the surviving Person is not a corporation, a co-obligor of the Notes is a corporation; 

  
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 (ii)    the Successor Company, if other than Parent or the
Issuer, as the case may be, expressly assumes all the obligations of Parent or the Issuer, as the case may be, under this Indenture, the Notes and the Registration Rights Agreement (if the Exchange Offer contemplated therein has not been
consummated) pursuant to supplemental indentures or other documents or instruments; 

(iii)    immediately after such transaction, no Default exists; 

(iv)    immediately after giving pro forma effect to such transaction and any related financing
transactions, as if such transactions had occurred at the beginning of the applicable four-quarter period: 

(A)    the Successor Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant
to the Fixed Charge Coverage Test; or 
 (B)    the Fixed Charge Coverage Ratio for the Successor Company
and its Restricted Subsidiaries would be equal to or greater than the Fixed Charge Coverage Ratio for Parent and its Restricted Subsidiaries immediately prior to such transaction; 

(v)    each Guarantor, unless it is the other party to the transactions described above, in which case
clause (i)(B) of Section 5.01(e) hereof shall apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture, the Notes and the Registration Rights Agreement; and 

(vi)    Parent or the Issuer, as the case may be, or, if applicable, the Successor Company shall have
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture. 

(b)    The Successor Company shall succeed to, and be substituted for, Parent or the Issuer, as the case may be, under
this Indenture, the Guarantees and the Notes, as applicable, and Parent or the Issuer, as the case may be, will automatically be released and discharged from its obligations under this Indenture, the Guarantees and the Notes. 

(c)    Notwithstanding clauses (iii) and (iv) of Section 5.01(a) hereof: 

(i)    any Restricted Subsidiary may consolidate or amalgamate with or merge with or into or transfer all
or part of its properties and assets to Parent, the Issuer or a Subsidiary Guarantor; and 

(ii)    Parent or the Issuer, as the case may be, may merge with an Affiliate of Parent or the Issuer, as
the case may be, solely for the purpose of reorganizing or reincorporating Parent or the Issuer, as the case may be, in the United States, any state thereof, the District of Columbia or any territory thereof so long as the amount of Indebtedness of
Parent and its Restricted Subsidiaries is not increased thereby. 
 (d)    [Reserved.] 

(e)    Subject to Section 10.06 hereof, no Subsidiary Guarantor shall, and the Issuer shall not permit any Subsidiary
Guarantor to, consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or
assets, in one or more related transactions, to any Person unless: 
 (i)    (A) such Guarantor is the surviving Person
or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or
existing under the laws of the jurisdiction of organization of such Guarantor, as applicable, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such surviving Guarantor or such Person, as the
case may be, being herein called the “Successor Person”); 

  
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 (B)    the Successor Person, if other than such Guarantor,
expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or instruments; 

(C)    immediately after such transaction, no Default exists; and 

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

(ii)    the transaction is made in compliance with Section 4.10(a) hereof; or 

(iii)    in the case of assets consisting of Equity Interests of Subsidiaries that are not Guarantors, such
Equity Interests are sold, assigned, transferred, leased, conveyed or otherwise disposed of to one or more Restricted Subsidiaries. 

(f)    Subject to Section 10.06 hereof, the Successor Person shall succeed to, and be substituted for, such Guarantor
under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantor may (1) merge or consolidate with or into, wind up into or transfer all or part of its properties and assets to another Subsidiary
Guarantor, Parent or the Issuer, (2) merge with an Affiliate of Parent solely for the purpose of reorganizing the Subsidiary Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof, (3) convert
into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor or (4) liquidate or dissolve or change its legal form
if Parent determines in good faith that such action is in the best interests of Parent, in each case, without regard to the requirements set forth in Section 5.01(e). Each of HWP and HLT Parent may merge with an Affiliate of the Issuer solely
for the purpose of reincorporating or reorganizing HWP or HLT Parent, as the case may be, in the United States, any state thereof, the District of Columbia or any territory thereof. Notwithstanding anything to the contrary in this Section 5.01,
the Issuer may contribute or transfer the Capital Stock of any or all of its Subsidiaries to any Subsidiary Guarantor. 

Section 5.02.    Successor Person Substituted. Upon any consolidation or merger, or any
sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of Parent, the Issuer or a Subsidiary Guarantor in accordance with Section 5.01 hereof, the successor Person formed by such
consolidation or into or with which Parent, the Issuer or such Subsidiary Guarantor, as applicable, is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so
that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to Parent, the Issuer or such Subsidiary Guarantor, as applicable, shall refer instead to the
successor Person, as applicable, and not to Parent, the Issuer or such Subsidiary Guarantor, as applicable), and may exercise every right and power of Parent, the Issuer or such Subsidiary Guarantor, as applicable, under this Indenture with the same
effect as if such successor Person, as applicable, had been named as Parent, the Issuer or a Subsidiary Guarantor, as applicable, herein; provided that the predecessor Parent or Issuer, as applicable, shall not be relieved from the obligation
to pay, or to Guarantee the payment of, as applicable, the principal of and interest on the Notes, except in the case of a sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of Parent’s or the
Issuer’s assets, as applicable, that meets the requirements of Section 5.01 hereof. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01.    Events of Default. 

(a)    An “Event of Default,” wherever used herein, means any one of the following events: 

(i)    default in payment when due and payable, upon redemption, acceleration or otherwise, of principal
of, or premium, if any, on the Notes; 

  
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 (ii)    default for 30 consecutive days or more in the
payment when due of interest on or with respect to the Notes; 
 (iii)    subject to Section 4.03(d)
hereof, failure by the Issuer or any Guarantor for 60 days after receipt of written notice given by the Trustee or the Holders of not less than 25.0% in aggregate principal amount of the then outstanding Notes to comply with any of its obligations,
covenants or agreements (other than a default referred to in clause (i) or (ii) above) contained in this Indenture or the Notes; 

(iv)    default under any mortgage, indenture or instrument under which there is issued or by which there
is secured or evidenced any Indebtedness for money borrowed by Parent or any of its Restricted Subsidiaries or the payment of which is guaranteed by Parent or any of its Restricted Subsidiaries, other than Indebtedness owed to Parent or a Restricted
Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both: 

(A)    such default either results from the failure to pay any principal of such Indebtedness at its stated
final maturity (after giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such
Indebtedness causing such Indebtedness to become due prior to its stated maturity; and 
 (B)    the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which
has been so accelerated, aggregate $225.0 million or more outstanding; 
 (v)    failure by Parent,
the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would
constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $225.0 million (net of amounts covered by insurance policies issued by reputable insurance companies), which final judgments remain unpaid, undischarged and
unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly
stayed; 
 (vi)    Parent or any Significant Subsidiary (or any group of Restricted Subsidiaries that
together (as of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary), pursuant to or within the meaning of any
Bankruptcy Law: 
 (A)    commences proceedings to be adjudicated bankrupt or insolvent; 

(B)    consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under applicable Bankruptcy Law; 

(C)    consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of it or for all or substantially all of its property; 
 (D)    makes a general
assignment for the benefit of its creditors; or 
 (E)    generally is not paying its debts as they
become due; 
 (vii)    a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that: 

  
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 (A)    is for relief against Parent or any Significant
Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant
Subsidiary), in a proceeding in which Parent or any such Subsidiary or such group of Restricted Subsidiaries is to be adjudicated bankrupt or insolvent; 

(B)    appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of Parent
or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute
a Significant Subsidiary), or for all or substantially all of the property of Parent or any such Significant Subsidiary or such group of Restricted Subsidiaries; or 

(C)    orders the liquidation of Parent or any Significant Subsidiary (or any group of Restricted
Subsidiaries that together (as of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary); 

and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(viii)    the Guarantee of HLT Parent, HWP or any Significant Subsidiary (or any group of Restricted
Subsidiaries that together (as of the latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary) shall for any reason cease to
be in full force and effect or be declared null and void or any responsible officer of HLT Parent, HWP or any Guarantor that is a Significant Subsidiary (or the responsible officers of any group of Restricted Subsidiaries that together (as of the
latest audited consolidated financial statements of Parent for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary), as the case may be, denies in writing that it has any further
liability under its Guarantee or gives written notice to such effect, other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture. 

(b)    In the event of any Event of Default specified in clause (iv) of Section 6.01(a) hereof, such Event of
Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if
within 30 days after such Event of Default arose: 
 (i)    the Indebtedness or guarantee that is the
basis for such Event of Default has been discharged; 
 (ii)    the requisite number of holders thereof
have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default; or 

(iii)    the default that is the basis for such Event of Default has been cured. 

Section 6.02.    Acceleration. If any Event of Default (other than an Event of Default of
the type specified in clause (vi) or (vii) of Section 6.01(a) hereof) occurs and is continuing under this Indenture, the Trustee or the Holders of not less than 25.0% in aggregate principal amount of all the then outstanding Notes may, by
notice to the Issuer and the Trustee, in either case specifying in such notice the respective Event of Default and that such notice is a “notice of acceleration”, declare the principal, premium, if any, interest and any other monetary
obligations on all the then outstanding Notes to be due and payable immediately. 
 Upon the effectiveness of such declaration, such
principal of and premium, if any, and interest will be due and payable immediately. 

  
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 Notwithstanding the foregoing, in the case of an Event of Default arising under clause
(vi) or (vii) of Section 6.01(a) hereof, all outstanding Notes will become due and payable without further action or notice. The Trustee may withhold from the Holders notice of any continuing Default, except a Default relating to the
payment of principal, premium, if any, or interest, if it determines that withholding notice is in their interest. In addition, subject to Section 6.05, the Trustee will have no obligation to accelerate the Notes if in the judgment of the
Trustee acceleration is not in the interests of the Holders of all of the Notes. 

Section 6.03.    Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04.    Waiver of Past Defaults.
Holders of a majority in aggregate principal amount of all the Notes then outstanding, by written notice to the Trustee (with a copy to the Issuer, provided that any waiver or rescission under this Section 6.04 shall be valid and binding
notwithstanding the failure to provide a copy of such notice to the Issuer) may on behalf of the Holders of all of the Notes waive any existing Default and its consequences under this Indenture (except a continuing Default in the payment of interest
on, premium, if any, or the principal of any Note held by a non-consenting Holder) (including in connection with an Asset Sale Offer or a Change of Control Offer) and rescind any acceleration with respect to
the Notes and its consequences under this Indenture (except if such rescission would conflict with any judgment of a court of competent jurisdiction). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

Section 6.05.    Control by Majority. Subject to Section 7.01(e) hereof, the Holders
of a majority in aggregate principal amount of all the then outstanding Notes, may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or of exercising any trust or power conferred on the
Trustee and the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee
determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. 

Section 6.06.    Limitation on Suits. Subject to Section 6.07 hereof, no Holder of a
Note may pursue any remedy with respect to this Indenture or the Notes unless: 
 (a)    such Holder has
previously given the Trustee written notice that an Event of Default is continuing; 
 (b)    the Holders
of at least 25.0% in the aggregate principal amount of the then outstanding Notes have requested in writing the Trustee to pursue the remedy; 

(c)    the Holders of the Notes have offered the Trustee security or indemnity satisfactory to the Trustee
against any loss, liability or expense; 
 (d)    the Trustee has not complied with such request within
60 days after the receipt thereof and the offer of security or indemnity; and 
 (e)    the Holders of a
majority in aggregate principal amount of all the then outstanding Notes have not given the Trustee a direction in writing inconsistent with such written request within such 60-day period. 

  
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 Section 6.07.    Rights of Holders to Receive
Payment. Notwithstanding any other provision of this Indenture, the contractual right expressly set forth in this Indenture or the Notes of any Holder of a Note to receive payment of principal, premium, if any, and Additional Interest, if any,
and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an Asset Sale Offer or a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be amended without the consent of such Holder. 

Section 6.08.    Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(a)(i) or (ii) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium, if any,
Additional Interest, if any, and interest remaining unpaid on, the Notes and interest on overdue principal, if applicable, and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09.    Restoration of Rights and Remedies. If the Trustee or any Holder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case,
subject to any determination in such proceedings, the Issuer, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding has been instituted. 
 Section 6.10.    Rights and
Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, 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 or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.11.    Delay or Omission Not Waiver. No delay or omission of the Trustee or of
any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 6.12.    Trustee May File Proofs of Claim. The Trustee is authorized to file such
proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including the Guarantors), their creditors or their property and shall be entitled and empowered to participate as a member in
any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. 

  
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 Section 6.13.    Priorities. If the Trustee
or any Agent collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 

(a)    FIRST, to the Trustee, such Agent, their agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee or such Agent and the costs and expenses of collection; 

(b)    SECOND, to Holders for amounts due and unpaid on the Notes for principal, premium, if any,
Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

(c)    THIRD, to the Issuer or to such party as a court of competent jurisdiction shall direct including a
Guarantor, if applicable. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.13. 

Section 6.14.    Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10.0% in principal amount of the then outstanding Notes. 

ARTICLE 7 
 TRUSTEE 

Section 7.01.    Duties of Trustee. 

(a)    If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b)    Except during the continuance of an Event of Default: 

(i)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture and
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)    in the absence of willful misconduct or bad faith on its part, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or
opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not
investigate or confirm the accuracy of mathematical calculations or other facts stated therein). 
 (c)    The Trustee
may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i)    this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

  
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 (iii)    the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.02, 6.04 or 6.05 hereof. 

(d)    Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e)    The Trustee shall be under
no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders unless the Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or
expense. 
 (f)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02.    Rights of Trustee. 

(a)    The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, Parent and its Restricted Subsidiaries, personally or by agent or attorney at the sole cost of the
Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence
of any agent or attorney appointed with due care. 
 (d)    The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e)    Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer
or Parent shall be sufficient if signed by an Officer of the Issuer or Parent. 
 (f)    None of the provisions of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if an indemnity
satisfactory to it against such risk or liability is not assured to it. 
 (g)    The Trustee shall not be deemed to
have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the
Corporate Trust Office, and such notice references the Notes and this Indenture. 
 (h)    In no event shall the Trustee
be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 

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

(j)    In the event the Issuer is required to pay Additional Interest, the Issuer will provide written notice to the
Trustee of the Issuer’s obligation to pay Additional Interest no later than 15 days prior to the next Interest Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Issuer. The Trustee shall not at
any time be under any duty or responsibility to any Holders to determine whether the Additional Interest is payable and the amount thereof. 

(k)    Delivery of reports, information and documents (including without limitation reports contemplated under
Section 4.03 hereof) to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

(l)    The permissive rights of the Trustee to take certain actions under this Indenture shall not be construed as a duty
unless so specified herein. 
 (m)    The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the Holders of not less than a
majority in principal amount of the Notes at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or
investigation. 
 (n)    The Trustee may request that the Issuer and Parent deliver an Officer’s Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s
Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

(o)    The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under
this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage;
epidemics; riots; loss or malfunction of utilities, computer (hardware or software) or communication services; strikes or similar labor disputes; and acts of civil or military authorities and governmental action. 

(p)    The Trustee shall have no duty to inquire as to the performance of the Issuer with respect to the covenants
contained in Article 4 or to make any calculation in connection therewith or in connection with any redemption of Notes. In addition, except as otherwise expressly provided herein, the Trustee shall have no obligation to monitor or verify compliance
by the Issuer, Parent or any Guarantor with any other obligation or covenant under this Indenture. 

Section 7.03.    Individual Rights of Trustee. The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any of its Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as
such term is used in the Trust Indenture Act) it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee (if this Indenture has been qualified under the Trust Indenture Act) or resign. Any Agent may do the
same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04.    Trustee’s Disclaimer. The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the 

  
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Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use
or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or
pursuant to this Indenture other than its certificate of authentication. 

Section 7.05.    Notice of Defaults. If a Default occurs and is continuing and if it is
known to a Responsible Officer of the Trustee, the Trustee shall deliver to Holders a notice of the Default within 90 days after it occurs, unless such Default shall have been cured or waived, or if discovered after 90 days, promptly thereafter. The
Trustee may withhold from the Holders notice of any continuing Default, except a Default relating to the payment of principal, premium, if any, or interest, if it determines that withholding notice is in their interest. 

Section 7.06.    Reports by Trustee to Holders. Within 60 days after each May 1,
beginning on May 1, 2019, and for so long as Notes remain outstanding, the Trustee shall send to the Holders a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in
Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Trust Indenture Act Section 313(b)(2), to the extent applicable. The
Trustee shall also send all reports as required by Trust Indenture Act Section 313(c). 
 A copy of each report at the time it is sent
to the Holders shall be sent to the Issuer and filed with the SEC and each stock exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Issuer shall promptly notify the Trustee when the Notes are
listed on any stock exchange or delisted therefrom. 
 Section 7.07.    Compensation and
Indemnity. The Issuer shall pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its
services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee and its officers, directors, employees, agents and any
predecessor trustee and its officers, directors, employees and agents for, and hold the Trustee harmless against, any and all loss, damage, claims, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it in
connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the reasonable costs and expenses of enforcing this Indenture against the Issuer or any of the Guarantors (including this
Section 7.07) or defending itself against any claim whether asserted by any Holder, the Issuer or any Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder) (but excluding
taxes imposed on such Persons in connection with compensation for such administration or performance). The Trustee shall notify the Issuer promptly of any claim of which a Responsible Officer has received written notice for which it may seek
indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer or the Guarantors of their obligations hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel and the Issuer shall pay the
reasonable fees and expenses of such counsel. Neither the Issuer nor any Guarantor need reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence
or bad faith. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent. 
 The obligations of the Issuer
and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. 

To secure the payment obligations of the Issuer and the Guarantors in this Section 7.07, the Trustee shall have a Lien prior to the Notes
on all money or property held or collected by the Trustee, except money or property held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(vi) or
Section 6.01(a)(vii) hereof occurs, the expenses and the compensation for the services (including the reasonable fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

  
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 Section 7.08.    Replacement of Trustee. A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time
and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may
remove the Trustee if: 
 (a)    the Trustee fails to comply with Section 7.10 hereof or Trust
Indenture Act Section 310; 
 (b)    the Trustee is adjudged bankrupt or insolvent or an order for
relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (c)    a custodian or public
officer takes charge of the Trustee or its property; or 
 (d)    the Trustee becomes incapable of
acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuer. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee
(at the Issuer’s expense), the Issuer or the Holders of at least 10% in principal amount of the then outstanding Notes, may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.09.    Successor Trustee by Merger, etc. If the Trustee consolidates, merges or
converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. 

Section 7.10.    Eligibility; Disqualification. There shall at all times be a Trustee
hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has, together with its parent, a combined capital and surplus of at least $150.0 million as set forth in its most recent published annual report of condition. 

This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Sections 310(a)(1), (2) and (5). The Trustee
is subject to Trust Indenture Act Section 310(b). 
 Section 7.11.    Preferential
Collection of Claims Against Issuer. The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or been removed
shall be subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 

  
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 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01.    Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer
may, at its option and at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes and all obligations of the Guarantors with respect to the Guarantees upon compliance with the conditions set forth below in
this Article 8. 
 Section 8.02.    Legal Defeasance and Discharge. Upon the
Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have
been discharged from their obligations with respect to all outstanding Notes and the related Guarantees and all Events of Default cured on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose,
Legal Defeasance means that the Issuer and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes
of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below (it being understood that such Notes shall not be deemed outstanding for accounting purposes), and to have satisfied all their other
obligations under the Notes and this Indenture including that of the Guarantors (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same) and to have cured all then existing Events of
Default, except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a)    the rights of Holders to receive payments in respect of the principal of, premium, if any, and
interest on the Notes when such payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof; 

(b)    the Issuer’s obligations with respect to Notes concerning issuing temporary Notes, registration
of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(c)    the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s and the
Guarantors’ obligations in connection therewith; and 
 (d)    this Section 8.02. 

Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03.    Covenant Defeasance.
Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released
from their obligations under Sections 3.08, 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15 and 4.16 hereof, and clauses (iv) and (v) of Section 5.01(a), and Section 5.01(e) hereof with respect to all
outstanding Notes and the related Guarantees, on and after the date the conditions set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for
the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that the Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to all outstanding Notes and the related Guarantees, the Issuer and the Guarantors may omit to
comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in
any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this
Indenture and such Notes and 

  
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the Guarantees shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(a)(iii) (solely with respect to the covenants that are released upon a Covenant Defeasance), 6.01(a)(iv), 6.01(a)(v), 6.01(a)(vi) (solely with respect to
Restricted Subsidiaries (other than the Issuer) subject thereto), 6.01(a)(vii) (solely with respect to Restricted Subsidiaries (other than the Issuer) subject thereto) and 6.01(a)(viii) hereof shall not constitute Events of Default. 

Section 8.04.    Conditions to Legal or Covenant Defeasance. The following shall be the
conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes: 
 In order to exercise either Legal
Defeasance or Covenant Defeasance with respect to the Notes: 
 (a)    the Issuer must irrevocably
deposit with the Trustee, in trust, for the benefit of the Holders of Notes, cash in U.S. dollars, U.S. Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of, premium, if any, and interest due on the Notes on the stated maturity date or on the Redemption Date, as the case may be, of such principal, premium, if any, or interest on the Notes and the
Issuer must specify whether such Notes are being defeased to maturity or to a particular Redemption Date; provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for
purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the Redemption Date (any such amount, the
“Applicable Premium Deficit”) only required to be deposited with the Trustee on or prior to the Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee
simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

(b)    in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of
Counsel confirming that, subject to customary assumptions and exclusions: 
 (i)    the Issuer has
received from, or there has been published by, the United States Internal Revenue Service a ruling, or 

(ii)    since the issuance of the Notes, there has been a change in the applicable U.S. federal income tax
law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and
exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c)    in
the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for
U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not
occurred; 
 (d)    no Event of Default with respect to the Notes (other than that resulting from
borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such
deposit; 
 (e)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation
of, or constitute a default under, the Senior Secured Credit Facilities or any other material agreement or 

  
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instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than that resulting from any borrowing of funds to
be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to other Indebtedness, and, in each case, the granting of Liens in connection therewith); 

(f)    the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the
deposit was not made by the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and 

(g)    the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied
with. 
 Section 8.05.    Deposited Money and U.S. Government Securities to be Held in
Trust; Other Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and U.S. Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Issuer or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of the Notes of all sums due and to become due thereon in respect of principal, premium
and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuer shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes and the related Guarantees. 

Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the request
of the Issuer any money or U.S. Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06.    Repayment to Issuer. Subject to any applicable abandoned property
law, any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and
premium, if any, or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of the Note shall thereafter look only to the Issuer for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease. 

Section 8.07.    Reinstatement. If the Trustee or Paying Agent is unable to apply any
United States dollars or U.S. Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until
such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided that, if the Issuer make any payment of principal of, premium, if any, or interest
on any Notes following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of the Notes to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01.    Without Consent of Holders. Notwithstanding Section 9.02 hereof,
the Issuer, any Guarantor (with respect to a Guarantee or this Indenture) and the Trustee may amend or supplement this Indenture, any Guarantee or Notes without the consent of any Holder: 

(a)    to cure any ambiguity, omission, mistake, defect or inconsistency; 

(b)    to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(c)    to comply with Section 5.01 hereof; 

(d)    to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the
Holders; 
 (e)    to make any change that would provide any additional rights or benefits to the Holders
or that does not materially adversely affect the legal rights under this Indenture of any such Holder; 

(f)    to add covenants for the benefit of the Holders or to surrender any right or power conferred upon
the Issuer or any Guarantor; 
 (g)    to provide for the issuance of Additional Notes in accordance with
the terms of this Indenture; 
 (h)    to comply with the requirements of the SEC in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act; 
 (i)    to evidence and
provide for the acceptance and appointment under this Indenture of a successor Trustee or a successor Paying Agent hereunder pursuant to the requirements hereof; 

(j)    to make any amendment to the provisions of this Indenture relating to the transfer or legending of
the Notes or to provide for the issuance of Exchange Notes or private exchange notes, which are identical to Exchange Notes except that they are not freely transferable; 

(k)    to add an obligor or a Guarantor under this Indenture or to release an obligor or a Guarantor in
accordance with the terms of this Indenture; 
 (l)    to conform the text of this Indenture, Guarantees
or the Notes to any provision of the “Description of the Notes” section of the Offering Memorandum to the extent that such provision in such “Description of the Notes” section was intended to be a verbatim recitation of a
provision of this Indenture, Guarantee or Notes as provided in an Officer’s Certificate; 

(m)    to make any amendment to the provisions of this Indenture relating to the transfer and legending of
Notes as permitted by this Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided, however, that such amendment does not materially and adversely affect the rights of Holders to transfer
Notes; 
 (n)    to secure the Notes and/or the related Guarantees or to add collateral thereto; and 

(o)    to make any other modifications to the Notes or the Indenture of a formal, minor or technical nature
or necessary to correct a manifest error, so long as such modification does not adversely affect the rights of any Holders in any material respect. 

  
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 Upon the request of the Issuer accompanied by a resolution of the Board of Directors of the
Issuer authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof (to the extent requested by the Trustee and subject to the last sentence of
Section 9.06), the Trustee shall join with the Issuer and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall have the right, but not be obligated to, enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.
Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officer’s Certificate, nor a board resolution, shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such
Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto. 

Section 9.02.    With Consent of Holders. Except as provided in Section 9.01 and
this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of at least a majority in principal amount of all the Notes then outstanding,
including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes and, subject to Section 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the
payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Guarantees or the Notes issued
thereunder may be waived with the consent of the Holders of a majority in principal amount of all the Notes then outstanding (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes).
Section 2.08 hereof and Section 2.09 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02. 

Upon the request of the Issuer accompanied by a resolution of the Board of Directors of the Issuer authorizing the execution of any such
amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, the Trustee shall join with the Issuer and the Guarantors in the execution of such amended or
supplemental indenture, unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated
to, enter into such amended or supplemental indenture. 
 It shall not be necessary for the consent of the Holders under this
Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall send to the Holders affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or
waiver. 
 Without the consent of each affected Holder, an amendment or waiver under this Section 9.02 may not, with respect to any
Notes held by a non-consenting Holder: 
 (a)    reduce the
principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver; 

(b)    reduce the principal of or change the fixed final maturity of any such Note or alter or waive the
provisions with respect to the redemption of such Notes (other than provisions relating to (i) notice periods (to the extent consistent with applicable requirements of clearing and settlement systems) for redemption and conditions to redemption
and (ii) Section 3.08, Section 4.10 and Section 4.14 hereof); 
 (c)    reduce the
rate of or change the time for payment of interest on any such Note; 
 (d)    (A) waive a Default in the
payment of principal of or premium, if any, or interest on such Notes, except a rescission of acceleration of such Notes by the Holders of a majority in aggregate principal 

  
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amount of all the Notes then outstanding, and a waiver of the payment default that resulted from such acceleration, or (B) waive a Default in respect of a covenant or provision contained in
this Indenture, the Notes or any Guarantee which cannot be amended or modified without the consent of all affected Holders; 

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

(f)    make any change in the provisions of this Indenture relating to waivers of past Defaults or the
contractual rights of Holders to receive payments of principal of or premium, if any, or interest on such Notes; 

(g)    make any change in these amendment and waiver provisions; 

(h)    amend the contractual right expressly set forth in this Indenture or the Notes of any Holder to
receive payments of principal of or premium, if any, or interest on such Notes or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; 

(i)    make any change to or modify the ranking of such Notes that would adversely affect the Holders; or

 (j)    except as expressly permitted by this Indenture, modify the Guarantees of any Significant
Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for Parent), would constitute a Significant Subsidiary in any manner materially adverse to the Holders of such
Notes. 
 Section 9.03.    Compliance with Trust Indenture Act. Every amendment or
supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies in all material respects with the Trust Indenture Act as then in effect. 

Section 9.04.    Revocation and Effect of Consents. Until an amendment, supplement or
waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 The Issuer may, but shall not be
obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such
record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such
record date. No such consent shall be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders has been obtained. 

Section 9.05.    Notation on or Exchange of Notes. The Trustee may, at the direction of
the Issuer, place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new
Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect the
validity and effect of such amendment, supplement or waiver. 
 Section 9.06.    Trustee to
Sign Amendments, etc. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Issuer may not sign an amendment, supplement 

  
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or waiver until the Board of Directors of the Issuer approves it. In executing any amendment, supplement or waiver, the Trustee shall be provided with, upon request, and (subject to
Section 7.01 hereof) shall be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officer’s Certificate and an Opinion of Counsel each stating that the execution of such amended or
supplemental indenture is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against them in accordance with
its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03 hereof). Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officer’s Certificate, nor a resolution, shall be
required for the Trustee to execute any supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto adding a new Guarantor under this Indenture. 

ARTICLE 10 
 GUARANTEES 

Section 10.01.    Guarantee. Subject to this Article 10, from and after the Issue Date,
each of the Guarantors hereby, jointly and severally, irrevocably and unconditionally, guarantees, on an unsecured senior basis, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or the Obligations of the Issuer hereunder or thereunder, that: (a) the principal of and interest and premium, if any, on the Notes shall be promptly paid in full when
due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other Obligations of the Issuer to the Holders or the Trustee hereunder or under the
Notes shall be promptly paid in full, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full
when due in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed for whatever reason, the Guarantors shall be jointly and severally
obligated to pay the same promptly. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 The
Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any
Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
guarantor (other than payment in full of all of the Obligations of the Issuer hereunder or under the Notes). Each Guarantor hereby waives, to the fullest extent permitted by law, diligence, presentment, demand of payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by full payment of
the obligations contained in the Notes and this Indenture or by release in accordance with the provisions of this Indenture. 
 Each
Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, then any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and
effect. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of
this Guarantee. The Guarantors shall have the right to seek contribution from any nonpaying Guarantor so long as the exercise of such right does not impair the rights of 

  
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the Holders under the Guarantees. Each Guarantor that makes a payment under its Guarantee shall, to the fullest extent permitted by applicable law, be entitled upon payment in full of all
guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such
payment determined in accordance with GAAP. 
 Until terminated in accordance with Section 10.06, each Guarantee shall remain in full
force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or
trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment of the Notes are, pursuant to
applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such
payment had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so
rescinded, reduced, restored or returned. 
 In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 The Guarantee
issued by any Guarantor shall be a general unsecured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing and future Senior Indebtedness of such Guarantor, if any. 

Each payment to be made by a Guarantor in respect of its Guarantee shall be made without set-off,
counterclaim, reduction or diminution of any kind or nature. 

Section 10.02.    Limitation on Guarantor Liability. Each Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations
of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law or being void or voidable under any law relating to insolvency of debtors. 

Section 10.03.    Execution and Delivery. To evidence its Guarantee set forth in
Section 10.01 hereof, each Guarantor hereby agrees that this Indenture (or a supplemental indenture in the form of Exhibit D hereto) shall be executed on behalf of such Guarantor by one of its authorized officers. 

Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Guarantee on the Notes. 
 If an officer whose signature is on this Indenture (or a
supplemental indenture in the form of Exhibit D hereto) no longer holds that office at the time the Trustee authenticates a Note, the Guarantee of such Guarantor shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth
in this Indenture on behalf of the Guarantors. 
 If required by Section 4.15 hereof, the Issuer shall cause any newly created or
acquired Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 10, to the extent applicable. 

  
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 Section 10.04.    Subrogation. Each
Guarantor shall be subrogated to all rights of Holders against the Issuer in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof; provided that, if an Event of Default has occurred and is
continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuer under this Indenture or the Notes shall have been paid in
full. 
 Section 10.05.    Benefits Acknowledged. Each Guarantor acknowledges that it
will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits. 

Section 10.06.    Release of Guarantees. 

(a)    Each Guarantee by a Subsidiary Guarantor shall be automatically and unconditionally released and
discharged, and shall thereupon terminate and be of no further force and effect, and no further action by such Subsidiary Guarantor, the Issuer or the Trustee is required for the release of such Subsidiary Guarantor’s Guarantee, upon: 

(i)    (A) any sale, exchange, disposition or transfer (by merger, amalgamation, consolidation, dividend,
distribution or otherwise) of (x) the Capital Stock of such Subsidiary Guarantor, after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary or (y) all or substantially all the assets of such Subsidiary Guarantor,
in each case if such sale, exchange, disposition or transfer is made in compliance with the applicable provisions of this Indenture; 

(B)    the release or discharge of the guarantee by such Subsidiary Guarantor of Indebtedness under the
Senior Secured Credit Facilities, or the release or discharge of such other guarantee that resulted in the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee (it being understood that a
release subject to a contingent reinstatement will constitute a release for the purposes of this provision, and that if any such Guarantee is so reinstated, such Guarantee shall also be reinstated to the extent that such Subsidiary Guarantor would
then be required to provide a Guarantee pursuant to Section 4.15 hereof); 
 (C)    the designation
of any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in compliance with the applicable provisions of this Indenture; 

(D)    the merger or consolidation of any Subsidiary Guarantor with and into the Issuer or another
Guarantor or upon the liquidation of such Guarantor following the transfer of all of its assets to the Issuer or another Guarantor; or 

(E)    the exercise by the Issuer of its Legal Defeasance option or Covenant Defeasance option in
accordance with Article 8 hereof or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of this Indenture; and 

(ii)    such Subsidiary Guarantor delivering to the Trustee an Officer’s Certificate of such
Subsidiary Guarantor or the Issuer and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction or release and discharge have been complied with. Notwithstanding the foregoing, no
Opinion of Counsel shall be required in the case of a merger or consolidation in accordance with clause (i)(D) of this Section 10.06(a). 

  
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 (b)    The respective Guarantee by each of Parent, HWP and
HLT Parent, as the case may be, shall be automatically and unconditionally released and discharged, and shall thereupon terminate and be of no further force and effect, and no further action by Parent, HWP, HLT Parent, the Issuer or the Trustee is
required for the release of such Guarantee, upon: 
 (i)    (A) in the case of HWP or HLT Parent, the
release or discharge of any guarantee by HWP or HLT Parent, as applicable, of Indebtedness under the Senior Secured Credit Facilities (it being understood that a release subject to a contingent reinstatement will constitute a release for the
purposes of this provision); or 
 (B)    the exercise by the Issuer of its Legal Defeasance option or
Covenant Defeasance option in accordance with Article 8 hereof or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of this Indenture; and 

(ii)    Parent, HWP or HLT Parent, as applicable, delivering to the Trustee an Officer’s Certificate
of Parent, HWP or HLT Parent, as applicable, and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such release and discharge have been complied with. 

ARTICLE 11 
 SATISFACTION AND
DISCHARGE 
 Section 11.01.    Satisfaction and Discharge. This Indenture shall be
discharged and shall cease to be of further effect as to all outstanding Notes when either: 
 (a)    all
Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or

 (b)    (i) all Notes not theretofore delivered to the Trustee for cancellation have become due and
payable by reason of the making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the
Notes cash in U.S. dollars, U.S. dollar-denominated U.S. Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the
Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; provided that upon any redemption that requires the payment of the Applicable Premium,
the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any Applicable Premium
Deficit only required to be deposited with the Trustee on or prior to the Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable
Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption of the Notes; 

(ii)    no Event of Default (other than that resulting from borrowing funds to be applied to make such
deposit or any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect to this Indenture or the Notes shall have occurred and be continuing on the date of such
deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under the Senior Secured Credit Facilities or any other material agreement or instrument (other than this
Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than resulting from any borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to
other Indebtedness and, in each case, the granting of Liens in connection therewith); 
 (iii)    the
Issuer has paid or caused to be paid all sums payable by it under this Indenture; and 

  
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 (iv)    the Issuer has delivered irrevocable instructions to
the Trustee to apply the deposited money toward the payment of the Notes at maturity or the Redemption Date, as the case may be. 
 In
addition, the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. Such Opinion of Counsel may rely on such Officer’s
Certificate as to matters of fact, including clauses (b)(i), (ii), (iii) and (iv) of this Section 11.01. 
 Notwithstanding the
satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to clause (b)(i) of this Section 11.01, the provisions of Section 11.02 and Section 8.06 hereof shall survive such satisfaction
and discharge. 
 Section 11.02.    Application of Trust Money. Subject to the
provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer or a Guarantor acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money
has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
 If the
Trustee or Paying Agent is unable to apply any money or U.S. Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof;
provided that if the Issuer has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders to receive such payment
from the money or U.S. Government Securities held by the Trustee or Paying Agent. 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01.    Trust Indenture Act Controls. If any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by Trust Indenture Act Section 318(c), the imposed duties shall control. 

Section 12.02.    Notices. Any notice or communication by the Issuer, any Guarantor or
the Trustee to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile, electronic mail or other electronic transmission or overnight air courier
guaranteeing next day delivery, to the others’ address: 
 If to the Issuer and/or any Guarantor: 

Hilton Domestic Operating Company Inc. 

c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, VA 22102 

Facsimile:    (703) 883-6188 

Attention:    Kristin A. Campbell, Executive Vice President and General Counsel 

With a copy to (which shall not constitute notice for any purpose under this Indenture): 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017-3954 
 Facsimile: (212) 455-2502 

Attention: Edgar J. Lewandowski 

  
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 and 

Simpson Thacher & Bartlett LLP 

900 G St. NW 
 Washington, D.C.
20001 
 Facsimile:     (202) 636-5502 

Attention:     William R. Golden III 

If to the Trustee: 
 Wilmington
Trust, National Association 
 Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890 

Facsimile:     (302) 636-4145 

Attention:     Hilton Domestic Operating Company Administrator 

The Issuer, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt is acknowledged, if faxed or sent electronically; and the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof and, subject to compliance with
the Trust Indenture Act, on the first date on which publication is made, if given by publication. 
 Any notice or communication to a Holder
shall be electronically delivered, mailed by first-class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register kept by the Registrar. Any notice
or communication shall also be so delivered or mailed to any Person described in Trust Indenture Act Section 313(c), to the extent required by the Trust Indenture Act. Failure to deliver a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed or otherwise delivered in the
manner provided above within the time prescribed, such notice or communication shall be deemed duly given, whether or not the addressee receives it. 

If the Issuer sends a notice or communication to Holders, they shall send a copy to the Trustee and each Agent at the same time. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any
other communication (including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary. 

Section 12.03.    Communication by Holders with Other Holders. Holders may communicate
pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act
Section 312(c). 

  
 -110- 

 Section 12.04.    Certificate and Opinion as to
Conditions Precedent. Upon any request or application by the Issuer or any of the Guarantors to the Trustee to take any action under this Indenture, the Issuer, or such Guarantor, as the case may be, shall furnish to the Trustee: 

(a)    an Officer’s Certificate in form reasonably satisfactory to the Trustee (which shall include
the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(b)    an Opinion of Counsel in form reasonably satisfactory to the Trustee (which shall include the
statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.05.    Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof or Trust Indenture Act Section 314(a)(4)) shall comply with the provisions of
Trust Indenture Act Section 314(e) and shall include: 
 (a)    a statement that the Person making
such certificate or opinion has read such covenant or condition; 
 (b)    a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c)    a statement that, in the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate
as to matters of fact); and 
 (d)    a statement as to whether or not, in the opinion of such Person,
such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 12.06.    Rules by Trustee and Agents. The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 12.07.    No Personal Liability of Directors, Officers, Employees and
Stockholders. No past, present or future director, officer, employee, incorporator, or direct or indirect member, partner or stockholder of Parent, the Issuer or any Guarantor (other than in their respective capacity as an Issuer
or Guarantor) or of any of their direct or indirect parent companies shall have any liability, for any obligations of Parent, the Issuer or the Guarantors under the Notes, the Guarantees or this Indenture or any supplemental indenture or for any
claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 12.08.    Governing Law. THIS INDENTURE, THE NOTES AND ANY GUARANTEE, AND ANY
CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE, THE NOTES OR ANY GUARANTEE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 12.09.    Waiver of Jury Trial. EACH OF THE ISSUER, THE GUARANTORS AND THE
TRUSTEE (1) AGREE TO SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES AND (2) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 -111- 

 Section 12.10.    Force Majeure. In no event
shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware)
services. 
 Section 12.11.    No Adverse Interpretation of Other Agreements. This
Indenture may not be used to interpret any other indenture, loan or debt agreement of Parent, the Issuer or Parent’s Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this
Indenture. 
 Section 12.12.    Successors. All agreements of the Issuer in this
Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in
Section 10.06 hereof. 
 Section 12.13.    Severability. In case any provision in
this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 12.14.    Counterpart Originals. The parties may sign any number of copies of
this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. This Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The exchange of copies
of this Indenture and of signature pages by facsimile or PDF transmissions shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 12.15.    Table of Contents, Headings, etc. The Table of Contents,
Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or
provisions hereof. 
 Section 12.16.    Qualification of Indenture. The Issuer and the
Guarantors shall qualify this Indenture under the Trust Indenture Act in accordance with the terms and conditions of the Registration Rights Agreement and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for
the Issuer, the Guarantors and the Trustee) incurred in connection therewith, including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be provided
with such Officer’s Certificates, Opinions of Counsel or other documentation as it may reasonably request and as is necessary in connection with any such qualification of this Indenture under the Trust Indenture Act. The Trust Indenture Act
shall not apply to this Indenture prior to such qualification, and all references herein to compliance with the Trust Indenture Act refer to such compliance following any such qualification. 

Section 12.17.    USA Patriot Act. The parties hereto acknowledge that in accordance with
Section 326 of the USA Patriot Act the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account. The parties to this agreement agree that they shall provide the Trustee with such information as they may request in order to satisfy the requirements of the USA Patriot Act. 

[Signatures on following page] 

  
 -112- 

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

			
	HILTON WORLDWIDE HOLDINGS INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  

			
	HILTON DOMESTIC OPERATING COMPANY INC.
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  

			
	HILTON WORLDWIDE FINANCE LLC
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  

			
	HILTON WORLDWIDE PARENT LLC
		
	By:	 	 /s/ W. Steven Standefer

	Name:	 	W. Steven Standefer
	Title:	 	Senior Vice President

  
 [Signature Page]

 
			
	90210 BILTMORE MANAGEMENT, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	90210 DESERT RESORTS MANAGEMENT CO., LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	90210 GRAND WAILEA MANAGEMENT CO., LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	90210 LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	90210 MANAGEMENT COMPANY, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	ANDIAMO’S O’HARE, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	BALLY’S GRAND PROPERTY SUB I, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	BLUE BONNET SECURITY, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CANOPY BRAND MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CHESTERFIELD VILLAGE HOTEL, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CONRAD INTERNATIONAL (BELGIUM) LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CONRAD INTERNATIONAL (INDONESIA) CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CONRAD INTERNATIONAL INVESTMENT (JAKARTA) CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CONRAD INTERNATIONAL MANAGE (CIS) LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CONRAD MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CURIO BRAND MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	CURIO MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DESTINATION RESORTS LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DOUBLETREE HOTEL SYSTEMS LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DOUBLETREE HOTELS LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DOUBLETREE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DOUBLETREE MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DT MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DT REAL ESTATE, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DTM ATLANTA/LEGACY, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	DTR FCH HOLDINGS, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	EMBASSY DEVELOPMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	EMBASSY SUITES CLUB NO. 1, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	EMBASSY SUITES CLUB NO. THREE, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	EMBASSY SUITES CLUB NO. TWO, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	EMBASSY SUITES MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	FLORIDA CONRAD INTERNATIONAL CORP.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HAMPTON INNS MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HIC FIRST LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HIC GAMING CALIFORNIA, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HIC HOLDINGS LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HIC HOTELS U.S.A. LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HIC RACING CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HIC SAN PABLO LIMITED, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HIC SAN PABLO, L.P.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HIC SECOND LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON BEVERAGE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON CHICAGO BEVERAGE I LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON CHICAGO BEVERAGE II LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON CHICAGO BEVERAGE III LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON CHICAGO BEVERAGE IV LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON CORPORATE DIRECTOR LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON DOMESTIC FRANCHISE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON DOMESTIC MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON EL CON MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON EL CON OPERATOR LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON FRANCHISE HOLDING LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON GARDEN INNS MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON HAWAII CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON HONORS WORLDWIDE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON HOLDINGS, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON HOSPITALITY, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON ILLINOIS, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON ILLINOIS HOLDINGS LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON INTERNATIONAL HOLDING LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON NUS HSS, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON SAN DIEGO LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON SUPPLY MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON SYSTEMS SOLUTIONS, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HILTON WORLDWIDE FINANCE CORP.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT AUDUBON LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT CONRAD DOMESTIC LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT ESP INTERNATIONAL FRANCHISE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT ESP INTERNATIONAL FRANCHISOR CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT ESP INTERNATIONAL MANAGE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT ESP INTERNATIONAL MANAGEMENT CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT ESP MANAGE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT EXISTING FRANCHISE HOLDING LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT HSM HOLDING LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT HSS HOLDING LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT JV ACQUISITION LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT LIFESTYLE INTERNATIONAL FRANCHISE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT LIFESTYLE INTERNATIONAL FRANCHISOR CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT LIFESTYLE INTERNATIONAL MANAGE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT LIFESTYLE INTERNATIONAL MANAGEMENT CORPORATION
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT LIFESTYLE MANAGE LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HLT PALMER LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HOME2 BRAND MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HOMEWOOD SUITES MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HOTEL CLUBS OF CORPORATE WOODS, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HOTELS STATLER COMPANY, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HPP HOTELS USA LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	HPP INTERNATIONAL LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	INNVISION, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	INTERNATIONAL RIVERCENTER LESSEE, L.L.C.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	LXR MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	PEACOCK ALLEY SERVICE COMPANY, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	POTTER’S BAR PALMER HOUSE, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	PROMUS HOTEL SERVICES, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	PROMUS HOTELS FLORIDA LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	PROMUS HOTELS LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	PROMUS HOTELS PARENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	SALC, INC.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	TAPESTRY MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	TRU BRAND MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	WALDORF=ASTORIA MANAGEMENT LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	WA COLLECTION INTERNATIONAL, LLC
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	WASHINGTON HILTON, L.L.C.
		
	 By:
	 	 /s/ W. Steven Standefer

	 Name:
	 	 W. Steven Standefer

	 Title:
	 	 Senior Vice President

  
 [Signature Page]

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Hallie E. Field

	Name:	 	Hallie E. Field
	Title:	 	Assistant Vice President

  
 [Signature Page]

 EXHIBIT A 

[FORM OF NOTE] 
 [FACE OF NOTE]

 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

[Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A-1 

	CUSIP	[432833 AC5][ U4328R AB0] 

	ISIN	[US432833AC53][USU4328RAB07] 

 [RULE 144A][REGULATION S] [GLOBAL] NOTE 

initially representing [up to] 

$[__________] 
 HILTON DOMESTIC
OPERATING COMPANY INC. 
 5.125% Senior Notes due 2026 
  

	 No. ___     
	 [$__________] 

 Hilton
Domestic Operating Company Inc., a Delaware corporation, promises to pay to [Cede & Co.]* or registered assigns the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of _______________
United States Dollars] on May 1, 2026. 
  

	Interest Payment Dates:	May 1 and November 1, commencing on November 1, 2018 

  

	Record Dates:	April 15 and October 15 

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

	*	Include only if the Note is issued in global form. 

  
 A-2 

 IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed. 

Dated: 
  

			
	HILTON DOMESTIC OPERATING COMPANY INC., as Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 
			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	                     

  
 A-4 

 [REVERSE OF NOTE] 

5.125% Senior Notes due 2026 

Except for the references to “Notes” and “Additional Notes” herein, which refer solely to the 5.125% Senior Notes due
2026, capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1.    Interest. Hilton Domestic Operating Company Inc., a Delaware corporation (such Person, and its respective
successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at a rate per annum of 5.125% from April 13, 20181 until maturity and to pay the Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Issuer will pay interest on this Note semi-annually in arrears
on May 1 and November 1 of each year, beginning November 1, 2018, or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The Issuer will make each interest
payment to the Holder of record of this Note on the immediately preceding April 15 and October 15 (each, a “Record Date”). Interest on this Note will accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from and including April 13, 2018. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at
the rate borne by this Note; the Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand
at the rate borne by this Note. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2.    Method of Payment. The Issuer will pay interest on this Note to the Person who is the registered Holder of
this Note at the close of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Note is cancelled after such Record Date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. Cash payments of principal of, premium, if any, and interest on this Note will be payable at the office or agency of the Issuer maintained for such purpose pursuant to
Section 4.02 of the Indenture or, at the option of the Issuer, cash payment of interest may be made through the Paying Agent by check mailed to the Holders at their respective addresses set forth in the Note Register of Holders, provided
that (a) all cash payments of principal, premium, if any, and interest with respect to Notes represented by Global Notes registered in the name of or held by DTC or its nominee will be made through the Paying Agent by wire transfer of
immediately available funds to the accounts specified by the registered Holder or Holders thereof and (b) all cash payments of principal, premium, if any, and interest with respect to certificated Notes may, at the option of the Issuer, be made
by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States of America if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such
account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). Such payment shall be in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. 
 3.    Paying Agent, Transfer Agent and
Registrar. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will act as Paying Agent, Transfer Agent and Registrar. The Issuer may change any Paying Agent, Transfer Agent or Registrar without prior notice to
the Holders. The Issuer or any of its Subsidiaries may act in any such capacity upon written notice to the Trustee. 

4.    Indenture. The Issuer issued the Notes under an Indenture, dated as of April 13, 2018 (as amended,
supplemented or otherwise modified from time to time, the “Indenture”), among the Issuer, the Guarantors from time to time party thereto and the Trustee. This Note is one of a duly authorized issue of notes of the Issuer designated
as its 5.125% Senior Notes due 2026. The Issuer shall be entitled to issue Additional Notes pursuant to Sections 2.01 and 

  

	1 	In the case of Notes issued on the Issue Date. 

  
 A-5 

 
4.09 of the Indenture. The terms of the Notes include those stated in the Indenture and those expressly made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject
to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling. 
 5.    Optional Redemption. 

(a)    Except as set forth in clauses (b), (d) and (e) of this Section 5 and in clauses (b), (d) and (e) of
Section 3.07 of the Indenture, the Notes will not be redeemable at the Issuer’s option prior to May 1, 2021. 

(b)    At any time prior to May 1, 2021, the Issuer may, at its option and on one or more occasions, redeem all or a
part of the Notes, upon notice in accordance with Section 3.03 of the Indenture, at a redemption price equal to the sum of (A) 100.0% of the principal amount of the Notes redeemed, plus (B) the Applicable Premium as of the Redemption Date,
plus (C) accrued and unpaid interest and Additional Interest, if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the Notes on the relevant Interest
Payment Date falling prior to or on the Redemption Date. 
 (c)    On and after May 1, 2021, the Issuer may, at its
option and on one or more occasions, redeem the Notes, in whole or in part, upon notice in accordance with Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set
forth below, plus accrued and unpaid interest and Additional Interest, if any, thereon to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date falling prior to or on the Redemption Date, if redeemed during the twelve-month period beginning on May 1 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2021
	  	 	102.563	% 
	 2022
	  	 	101.281	% 
	 2023 and thereafter
	  	 	100.000	% 

 (d)    Prior to May 1, 2021, the Issuer may, at its option and on one or more
occasions, redeem up to 40.0% of the aggregate principal amount of Notes issued under the Indenture at a redemption price equal to 105.125% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional
Interest, if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date,
with the net cash proceeds received by the Issuer from one or more Equity Offerings or a contribution to the Issuer’s common equity capital made with the net cash proceeds of an Equity Offering; provided that (A) at least 50.0% of
(x) the aggregate principal amount of Notes originally issued under the Indenture on the Issue Date and (y) the aggregate principal amount of any Additional Notes issued under the Indenture after the Issue Date remains outstanding
immediately after the occurrence of each such redemption; and (B) each such redemption occurs within 180 days of the date of closing of each such Equity Offering. 

(e)    In connection with any tender offer for the Notes, including without limitation any Change of Control Offer, if
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all
of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem
all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to,
but excluding, the Redemption Date. 
 (f)    Any redemption pursuant to this paragraph 5 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 of the Indenture. Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such redemption or notice may,
at 

  
 A-6 

 
the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering or other transaction. In addition, if such
redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied, or such
redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date so delayed. In addition, the Issuer may provide in such notice
that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. The Issuer, the Investors and their respective Affiliates may acquire the Notes by means other
than a redemption pursuant to this paragraph 5, whether by tender offer, open market purchases, negotiated transactions or otherwise. 

6.    Notice of Redemption. Subject to Sections 3.03 and 3.08 of the Indenture, any notice of redemption shall be
delivered electronically or mailed by first-class mail, postage prepaid, at least 15 but (except as set forth in paragraph 5(f) above and Section 3.07(f) of the Indenture) not more than 60 days before the Redemption Date to each Holder whose
Notes are to be redeemed at such Holder’s registered address or otherwise in accordance with the Applicable Procedures, except that redemption notices may be delivered electronically or mailed more than 60 days prior to a Redemption Date if the
notice is issued in connection with Article 8 or Article 11 of the Indenture. Notes and portions of Notes selected for redemption shall be in integral multiples of $1,000 (but in a minimum amount of $2,000) and no Notes of $2,000 or less can be
redeemed in part, except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder shall be redeemed, even if not in a principal amount of at least $2,000. On and after the Redemption Date,
subject to satisfaction of any conditions precedent specified in the applicable notice of redemption, interest ceases to accrue on this Note or portions thereof called for redemption. 

7.    Offers to Repurchase. Upon the occurrence of a Change of Control Triggering Event, the Issuer shall make a
Change of Control Offer for the Notes in accordance with Section 4.14 of the Indenture. In connection with certain Asset Sales, the Issuer shall make an Asset Sale Offer as and when provided in accordance with Sections 3.08 and 4.10 of the
Indenture. 
 Other than as specifically provided in Section 3.08 or Section 4.10 of the Indenture, any purchase pursuant to
Section 3.08 of the Indenture shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 of the Indenture, and references therein or herein to “redeem,” “redemption,” “Redemption Date” and
similar words shall be deemed to refer to “purchase,” “repurchase,” “Purchase Date” and similar words, as applicable. 

8.    Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations
of $2,000 and any integral multiple of $1,000 in excess of $2,000. The transfer of Notes shall be registered and Notes may only be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a
Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part; provided that new Notes will only be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. Also, the
Issuer need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed. 

9.    Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes. Only
registered Holders shall have rights hereunder. 
 10.    Amendment, Supplement and Waiver. The Indenture, the
Guarantees or the Notes may be amended or supplemented as provided in the Indenture. 
 11.    Defaults and
Remedies. 
 (a)    The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If
any Event of Default (other than an Event of Default of the type specified in clause (vi) or (vii) of Section 6.01(a) of the Indenture) occurs and is continuing under the Indenture, the Trustee or the Holders of not less than 25.0% in
aggregate 

  
 A-7 

 
principal amount of all of the then outstanding Notes may, by notice to the Issuer and the Trustee, in either case specifying in such notice the respective Event of Default and that such notice
is a “notice of acceleration”, declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately. Upon the effectiveness of such declaration, such
principal of and premium, if any, and interest will be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising under clause (vi) or (vii) of Section 6.01(a) of the Indenture, all outstanding
Notes will become due and payable without further action or notice. Holders may not enforce the Indenture, the Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal
amount of all the Notes then outstanding may direct the Trustee in its exercise of any trust or power. 
 (b)    The
Trustee may withhold from the Holders notice of any continuing Default, except a Default relating to the payment of principal, premium, if any, or interest, if it determines that withholding notice is in their interest. In addition, subject to
Section 6.05 of the Indenture, the Trustee will have no obligation to accelerate the Notes if in the judgment of the Trustee acceleration is not in the interests of the Holders of all of the Notes. 

(c)    Holders of a majority in aggregate principal amount of all the Notes then outstanding, by notice to the Trustee
(with a copy to the Issuer, provided that any waiver or rescission under Section 6.04 of the Indenture shall be valid and binding notwithstanding the failure to provide a copy of such notice to the Issuer) may on behalf of the Holders of
all of the Notes waive any existing Default and its consequences under the Indenture (except a continuing Default in the payment of interest on, premium, if any, or the principal of any Note held by a
non-consenting Holder) (including in connection with an Asset Sale Offer or a Change of Control Offer) and rescind any acceleration with respect to the Notes and its consequences under the Indenture (except if
such rescission would conflict with any judgment of a court of competent jurisdiction). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

(d)    Parent is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and
Parent shall promptly (which shall be no more than 20 Business Days after becoming aware of such Default) deliver to the Trustee by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such event and
what action the Issuer proposes to take with respect thereto. 
 12.    Guarantees. The Issuer’s obligations
under the Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors from time to time party to the Indenture. 

13.    Authentication. This Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose until authenticated by the manual signature of the Trustee. 
 14.    Additional Rights of
Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to Holders under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the
Registration Rights Agreement, including the right to receive Additional Interest (as defined in the Registration Rights Agreement). 

15.    Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 16.    CUSIP Numbers and
ISINs. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and the Trustee may use CUSIP numbers and ISINs in notices
of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon. 

  
 A-8 

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to the Issuer at the following address: 
 Hilton
Domestic Operating Company Inc. 
 c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 

McLean, VA 22102 

	 	Facsimile:	(703) 883-6188 

	 	Attention:	Kristin A. Campbell, Executive Vice President and General Counsel 

 With a copy
to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, NY 10017 

	 	Facsimile:	(212) 455-2502 

	 	Attention:	Edgar J. Lewandowski 

 and 

Simpson Thacher & Bartlett LLP 

900 G St. NW 

Washington, D.C. 20001 

Facsimile: (202) 636-5502 

Attention: William R. Golden III 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:    
                                         
                                    

                          
                                         
                     (Insert assignee’s legal name) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. no.) 
  
  

 
  
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably
appoint                                        
                                         
                                         
                                         
  
 to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Date: ____________________ 
  

			
	 Your Signature:
	 	  

		 	(Sign exactly as your name appears on the face of this Note)

  

	
	 Signature
Guarantee*:                                       
     

  

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

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate
box below: 
 [  ]
Section 4.10                        [  ] Section 4.14 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.14 of the
Indenture, state the amount you elect to have purchased: 
 $            

 Date:                      

 

					
		  	Your Signature:	  	  

		  		  	(Sign exactly as your name appears on the face of this Note)
		  	Tax Identification No.:	  	

  

	
	 Signature Guarantee*:
                                         
                   

  

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

  
 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE* 
 The initial outstanding principal amount of this Global Note is $___________.
The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	 	 Amount of

decrease in
 Principal Amount

of this Global Note
	 	 Amount of increase

in Principal Amount
 of this Global
Note
	 	 Principal Amount of

this Global Note
 following such

decrease or increase
	 	 Signature of

authorized
 signatory of

Trustee or
 Custodian

		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-12 

 EXHIBIT B 

[FORM OF CERTIFICATE OF TRANSFER] 
 Hilton
Domestic Operating Company Inc. 
 c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 
 McLean, VA 22102 

Facsimile:    (703) 883-6188 

Attention:    Kristin A. Campbell, Executive Vice President and General Counsel 

With a copy to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, NY 10017-3954 

Facsimile:    (212) 455-2502 

Attention:    Edgar J. Lewandowski 

Wilmington Trust, National Association 
 Rodney Square North 

1100 North Market Street 
 Wilmington, DE 19890 

Facsimile:    (302) 636-4145 

Attention:     Hilton Domestic Operating Company Administrator 

Re: Hilton Domestic Operating Company Inc. 5.125% Senior Notes due 2026 

Reference is hereby made to the Indenture, dated as of April 13, 2018 (as amended, supplemented or otherwise modified from time to time,
the “Indenture”), among Hilton Domestic Operating Company Inc., a Delaware corporation (the “Issuer”), the Guarantors (as defined therein) from time to time party thereto and Wilmington Trust, National Association,
a national banking association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

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

[CHECK ALL THAT APPLY] 

1.    [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A
GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own
account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. 

  
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 2.    [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the
Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation
S, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the applicable Restricted Period, the transfer
is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act. 

3.    [    ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE
RELEVANT DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes
and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)    [    ] such Transfer is being effected pursuant to and in accordance with Rule
144 under the Securities Act; or 
 (b)    [    ] such Transfer is being effected to
the Issuer or a subsidiary thereof; or 
 (c)    [    ] such Transfer is being
effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act. 

4.    [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL
NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 
 (a)    [    ] CHECK IF TRANSFER IS
PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture. 
 (b)    [    ] CHECK IF
TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(c)    [    ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer
is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer

  
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restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will
not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

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

			
	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                     

  
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 ANNEX A TO CERTIFICATE OF TRANSFER 

1.    The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 

(a)    [    ] a beneficial interest in the: 

 

	 	(i)	[    ] 144A Global Note (CUSIP: 432833 AC5),or 

  

	 	(ii)	[    ] Regulation S Global Note (CUSIP: U4328R AB0),or 

(b)    [    ] a Restricted Definitive Note. 

2.    After the Transfer the Transferee will hold: 

[CHECK ONE] 

(a)    [    ] a beneficial interest in the: 

 

	 	(i)	[    ] 144A Global Note (CUSIP: 432833 AC5),or 

  

	 	(ii)	[    ] Regulation S Global Note (CUSIP: U4328R AB0),or 

  

	 	(iii)	[    ] Unrestricted Global Note (CUSIP: 432833 AD3),or 

(b)    [    ] a Restricted Definitive Note; or 

(c)    [    ] an Unrestricted Definitive Note, in accordance with the terms of the
Indenture. 

  
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 EXHIBIT C 

[FORM OF CERTIFICATE OF EXCHANGE] 
 Hilton
Domestic Operating Company Inc. 
 c/o Hilton Worldwide Holdings Inc. 

7930 Jones Branch Drive, Suite 1100 
 McLean, VA 22102 

Facsimile:    (703) 883-6188 

Attention:    Kristin A. Campbell, Executive Vice President and General Counsel 

With a copy to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, NY 10017-3954 

Facsimile:    (212) 455-2502 

Attention:    Edgar J. Lewandowski 

Wilmington Trust, National Association 
 Rodney Square North 

1100 North Market Street 
 Wilmington, DE 19890 

Facsimile:    (302) 636-4145 

Attention: Hilton Domestic Operating Company Administrator 

Re:    Hilton Domestic Operating Company Inc. 5.125% Senior Notes due 2026 

Reference is hereby made to the Indenture, dated as of April 13, 2018 (as amended, supplemented or otherwise modified from time to time,
the “Indenture”), among Hilton Domestic Operating Company Inc., a Delaware corporation, (the “Issuer”), the Guarantors (as defined therein) from time to time party thereto and Wilmington Trust, National Association,
a national banking association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Owner”) owns and proposes to exchange Note[s] or an interest in such Note[s], in the principal amount of $         in such Note[s] or interests (the “Exchange”). In
connection with the Exchange, the Owner hereby certifies that: 
 1.    EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

(a)    [    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE
TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

  
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 (b)    [    ] CHECK IF EXCHANGE IS FROM
BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies
(i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(c)    [    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States. 

(d)    [    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
 2.    EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 

(a)    [    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE
TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b)    [    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [    ] 144A Global Note [    ] Regulation S
Global Note in each case, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation
of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in
the Indenture and the Securities Act. 

  
 C-2 

 This certificate and the statements contained herein are made for your benefit and the benefit of
the Issuer and are dated 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                     

  
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 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of Hilton Domestic Operating Company Inc., a Delaware
corporation (the “Issuer”), and Wilmington Trust, National Association, a national banking association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuer has heretofore executed and delivered to the Trustee an Indenture, dated as of April 13, 2018 (as amended, supplemented or otherwise modified, the “Indenture”) providing for the issuance of an unlimited aggregate
principal amount of 5.125% Senior Notes due 2026 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and 
 WHEREAS, pursuant
to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture without the consent of the Holders. 

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

(1)    Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 (2)    Agreement to Guarantee. The Guaranteeing Subsidiary acknowledges that it has received
and reviewed a copy of the Indenture and all other documents it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become a party to the Indenture as indicated by its
signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by, and with respect to, each signatory hereto; and (iii) perform all obligations and duties required of a Guarantor pursuant to the Indenture. The
Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Indenture, including, but not limited to, Article 10 thereof. 

(3)    Notices. All notices or other communications to the Guaranteeing Subsidiary shall be given as provided
in Section 12.02 of the Indenture. 
 (4)    Execution and Delivery. The Guaranteeing Subsidiary agrees that
the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

(5)    Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended
hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 (6)    No Recourse
Against Others. No past, present or future director, officer, employee, incorporator, or direct or indirect member, partner or stockholder of Parent, the Issuer or any Guaranteeing Subsidiary shall have any liability for any obligations of
Parent, the Issuer or the Guarantors, including the Guaranteeing Subsidiary (other than in their capacity as Issuer or Guarantor), under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

  
 D-1 

 (7)    Governing Law. THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

(8)    Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The exchange of copies of this
Supplemental Indenture and of signature pages by facsimile or PDF transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

(9)    Effect of Headings. The Section headings herein are for convenience only and shall not affect the
construction hereof. 
 (10)    The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 

(11)    Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions
set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers
made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits. 

(12)    Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its
Successors, except as otherwise provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

[Signatures on following page] 

  
 D-2 

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

			
	[GUARANTEEING SUBSIDIARY]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-3

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