Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 INDENTURE 

Dated as of June 7, 2021 

Among 
 SWITCH, LTD. 

THE SUBSIDIARY GUARANTORS PARTY HERETO 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Trustee 

4.125% SENIOR NOTES DUE 2029 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	
	 SECTION 1.1.
	 	Definitions	  	 	1	
	 SECTION 1.2.
	 	Other Definitions	  	 	29	
	 SECTION 1.3.
	 	Rules of Construction	  	 	29	
	 SECTION 1.4.
	 	Limited Condition Transactions	  	 	30	
		
	 ARTICLE II THE NOTES
	  	 	31	
	 SECTION 2.1.
	 	Form and Dating	  	 	31	
	 SECTION 2.2.
	 	Execution and Authentication	  	 	32	
	 SECTION 2.3.
	 	Registrar; Paying Agent	  	 	33	
	 SECTION 2.4.
	 	Paying Agent to Hold Money in Trust	  	 	33	
	 SECTION 2.5.
	 	Holder Lists	  	 	34	
	 SECTION 2.6.
	 	Book-Entry Provisions for Global Notes	  	 	34	
	 SECTION 2.7.
	 	Replacement Notes	  	 	37	
	 SECTION 2.8.
	 	Outstanding Notes	  	 	37	
	 SECTION 2.9.
	 	Treasury Notes	  	 	37	
	 SECTION 2.10.
	 	Temporary Notes	  	 	37	
	 SECTION 2.11.
	 	Cancellation	  	 	38	
	 SECTION 2.12.
	 	Defaulted Interest	  	 	38	
	 SECTION 2.13.
	 	Computation of Interest	  	 	38	
	 SECTION 2.14.
	 	CUSIP and ISIN Numbers	  	 	38	
	 SECTION 2.15.
	 	Transfer and Exchange	  	 	38	
	 SECTION 2.16.
	 	Issuance of Additional Notes	  	 	41	
		
	 ARTICLE III REDEMPTION AND PREPAYMENT
	  	 	42	
	 SECTION 3.1.
	 	Notices to Trustee	  	 	42	
	 SECTION 3.2.
	 	Selection of Notes to Be Redeemed	  	 	42	
	 SECTION 3.3.
	 	Notice of Redemption	  	 	42	
	 SECTION 3.4.
	 	Effect of Notice of Redemption	  	 	43	
	 SECTION 3.5.
	 	Deposit of Redemption Price	  	 	43	
	 SECTION 3.6.
	 	Notes Redeemed in Part	  	 	44	
	 SECTION 3.7.
	 	Optional Redemption	  	 	44	
	 SECTION 3.8.
	 	Special Mandatory Redemption	  	 	45	
		
	 ARTICLE IV COVENANTS
	  	 	46	
	 SECTION 4.1.
	 	Payment of Notes	  	 	46	
	 SECTION 4.2.
	 	Maintenance of Office or Agency	  	 	46	
	 SECTION 4.3.
	 	Provision of Financial Information	  	 	47	
	 SECTION 4.4.
	 	Compliance Certificate	  	 	48	
	 SECTION 4.5.
	 	Taxes	  	 	48	
	 SECTION 4.6.
	 	Stay, Extension and Usury Laws	  	 	48	
	 SECTION 4.7.
	 	Limitation on Restricted Payments	  	 	48	
	 SECTION 4.8.
	 	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	53	

  
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	 SECTION 4.9.
	 	Limitation on Debt	  	 	55	
	 SECTION 4.10.
	 	Limitation on Asset Dispositions	  	 	59	
	 SECTION 4.11.
	 	Limitation on Transactions with Affiliates	  	 	62	
	 SECTION 4.12.
	 	Limitation on Liens	  	 	64	
	 SECTION 4.13.
	 	Offer to Purchase upon Change of Control	  	 	65	
	 SECTION 4.14.
	 	Corporate Existence	  	 	66	
	 SECTION 4.15.
	 	Future Guarantees	  	 	66	
	 SECTION 4.16.
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	67	
	 SECTION 4.17.
	 	Covenant Suspension	  	 	68	
	 SECTION 4.18.
	 	Use of Proceeds Prior to the Consummation of the Acquisition	  	 	69	
		
	 ARTICLE V SUCCESSORS
	  	 	69	
	 SECTION 5.1.
	 	Consolidation, Merger, Conveyance, Transfer or Lease	  	 	69	
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	71	
	 SECTION 6.1.
	 	Events of Default	  	 	71	
	 SECTION 6.2.
	 	Acceleration	  	 	73	
	 SECTION 6.3.
	 	Other Remedies	  	 	74	
	 SECTION 6.4.
	 	Waiver of Past Defaults	  	 	74	
	 SECTION 6.5.
	 	Control by Majority	  	 	74	
	 SECTION 6.6.
	 	Limitation on Suits	  	 	75	
	 SECTION 6.7.
	 	Rights of Holders of Notes to Receive Payment	  	 	75	
	 SECTION 6.8.
	 	Collection Suit by Trustee	  	 	75	
	 SECTION 6.9.
	 	Trustee May File Proofs of Claim	  	 	75	
	 SECTION 6.10.
	 	Priorities	  	 	76	
	 SECTION 6.11.
	 	Undertaking for Costs	  	 	76	
	 SECTION 6.12.
	 	Restoration of Rights and Remedies	  	 	76	
	 SECTION 6.13.
	 	Rights and Remedies Cumulative	  	 	77	
	 SECTION 6.14.
	 	Delay or Omission Not Waiver	  	 	77	
		
	 ARTICLE VII TRUSTEE
	  	 	77	
	 SECTION 7.1.
	 	Duties of Trustee	  	 	77	
	 SECTION 7.2.
	 	Rights of Trustee	  	 	78	
	 SECTION 7.3.
	 	Individual Rights of the Trustee	  	 	80	
	 SECTION 7.4.
	 	Trustee’s Disclaimer	  	 	80	
	 SECTION 7.5.
	 	Notice of Defaults	  	 	80	
	 SECTION 7.6.
	 	Compensation and Indemnity.	  	 	80	
	 SECTION 7.7.
	 	Replacement of Trustee	  	 	81	
	 SECTION 7.8.
	 	Successor Trustee by Merger, Etc.	  	 	82	
	 SECTION 7.9.
	 	Eligibility; Disqualification	  	 	82	
		
	 ARTICLE VIII DEFEASANCE; DISCHARGE OF THIS INDENTURE
	  	 	82	
	 SECTION 8.1.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	82	
	 SECTION 8.2.
	 	Legal Defeasance	  	 	82	
	 SECTION 8.3.
	 	Covenant Defeasance	  	 	83	
	 SECTION 8.4.
	 	Conditions to Legal or Covenant Defeasance	  	 	83	
	 SECTION 8.5.
	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	  	 	85	
	 SECTION 8.6.
	 	Repayment to Company	  	 	85	

  
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	 SECTION 8.7.
	 	Reinstatement	  	 	85	
	 SECTION 8.8.
	 	Discharge	  	 	86	
		
	 ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	87	
	 SECTION 9.1.
	 	Without Consent of Holders of the Notes	  	 	87	
	 SECTION 9.2.
	 	With Consent of Holders of Notes	  	 	88	
	 SECTION 9.3.
	 	Revocation and Effect of Consents	  	 	89	
	 SECTION 9.4.
	 	Notation on or Exchange of Notes	  	 	89	
	 SECTION 9.5.
	 	Trustee to Sign Amendments, Etc.	  	 	89	
		
	 ARTICLE X SUBSIDIARY GUARANTEES
	  	 	90	
	 SECTION 10.1.
	 	Subsidiary Guarantees	  	 	90	
	 SECTION 10.2.
	 	Execution and Delivery of Guarantee	  	 	91	
	 SECTION 10.3.
	 	Severability	  	 	91	
	 SECTION 10.4.
	 	Limitation of Subsidiary Guarantors’ Liability	  	 	92	
	 SECTION 10.5.
	 	Releases	  	 	92	
	 SECTION 10.6.
	 	Benefits Acknowledged	  	 	93	
		
	 ARTICLE XI MISCELLANEOUS
	  	 	93	
	 SECTION 11.1.
	 	Notices	  	 	93	
	 SECTION 11.2.
	 	Certificate and Opinion as to Conditions Precedent	  	 	94	
	 SECTION 11.3.
	 	Statements Required in Certificate or Opinion	  	 	95	
	 SECTION 11.4.
	 	Rules by Trustee and Agents	  	 	95	
	 SECTION 11.5.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	95	
	 SECTION 11.6.
	 	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	  	 	95	
	 SECTION 11.7.
	 	No Adverse Interpretation of Other Agreements	  	 	96	
	 SECTION 11.8.
	 	Successors	  	 	96	
	 SECTION 11.9.
	 	Severability	  	 	96	
	 SECTION 11.10.
	 	Execution in Counterparts	  	 	96	
	 SECTION 11.11.
	 	Table of Contents, Headings, Etc.	  	 	96	
	 SECTION 11.12.
	 	Acts of Holders	  	 	97	
	 SECTION 11.13.
	 	Force Majeure	  	 	99	
	 SECTION 11.14.
	 	Legal Holidays	  	 	99	
	 SECTION 11.15.
	 	USA PATRIOT Act	  	 	99	

  

			
	 Exhibits
	 	
		
	 Exhibit A
	 	Form of Note
		
	 Exhibit B
	 	Form of Supplemental Indenture to be Delivered by Subsequent Subsidiary Guarantors
		
	 Exhibit C
	 	Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S
		
	 Exhibit D
	 	Form of Certificate to be Delivered in Connection with Transfers to IAIs

  
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 This Indenture, dated as of June 7, 2021, is by and among Switch, Ltd., a Nevada
limited company (collectively with successors and assigns, the “Company”), the Subsidiary Guarantors party hereto and U.S. Bank National Association, as trustee (the “Trustee”), paying agent and registrar. 

The Company, the Subsidiary 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) of (i) the Company’s 4.125% Senior Notes due 2029 to be issued in an initial aggregate principal amount of $500.0 million on the date hereof (the “Initial Notes”) and
(ii) Additional Notes (as defined herein): 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1.    Definitions. 

“Acquisition” means the Company’s acquisition of the equity interests of Data Foundry, Inc. pursuant to the Acquisition
Agreement. 
 “Acquisition Agreement” means that certain interest purchase agreement, dated as of May 3, 2021, among
the Company, Data Foundry, Inc., Waterloo, Inc. and certain persons listed therein, as may be amended or supplemented from time to time. 

“Additional Notes” means Notes (other than the Initial Notes) issued pursuant to Article II and otherwise in compliance with
the provisions of this Indenture, whether or not they have the same CUSIP number. 
 “Affiliate” of any Person means any
other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Agent” means any Registrar, Paying Agent, co-registrar or other
agent appointed pursuant to this Indenture. 
 “amend” means to amend, supplement, restate, amend and restate or otherwise
modify, including successively, and “amendment” shall have a correlative meaning. 
 “Applicable Premium”
means, with respect to any Note on any applicable redemption date, the greater of: 
 (1)    1.00% of the
then-outstanding principal amount of such Note; and 
 (2)    the excess, if any, of: 

 (a)    the present value at such redemption date of the
sum of (i) the redemption price of such Note at June 15, 2024 (such redemption price being set forth in the table appearing in Section 3.7(b)) plus (ii) all required interest payments due on such Note through June 15, 2024
(excluding accrued but unpaid interest), such present value to be computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(b)    the then-outstanding principal amount of such Note. 

“asset” means any asset or property, including, without limitation, Capital Stock. 

“Asset Disposition” by any Person means any transfer, conveyance, sale, lease or other disposition (but excluding the
creation of any Lien permitted under Section 4.12 or any disposition in connection therewith) by such Person or any of its Restricted Subsidiaries (including a consolidation or merger or other sale of any such Restricted Subsidiary with, into
or to another Person in a transaction in which such Restricted Subsidiary ceases to be a Restricted Subsidiary, but excluding a disposition by a Restricted Subsidiary of such Person to such Person or a Restricted Subsidiary of such Person or by such
Person to a Restricted Subsidiary of such Person) of: 
 (1)    shares of Capital Stock (other than
directors’ qualifying shares) or other ownership interests of a Restricted Subsidiary of such Person; 

(2)    substantially all of the assets of such Person or any of its Restricted Subsidiaries representing a
division or line of business; or 
 (3)    other assets or rights of such Person or any of its Restricted
Subsidiaries outside of the ordinary course of business. 
 The term “Asset Disposition” shall not include any transfer,
conveyance, sale, lease or other disposition: 
 (a)    that consists of a Restricted Payment or
Permitted Investment that is made in compliance with Section 4.7; 
 (b)    that constitutes a
“Change of Control”; 
 (c)    that is of cash or Cash Equivalents, or a disposition or
termination or surrender of contract rights, including settlement of any hedging obligations, or licensing or sublicensing (or terminations thereof) of intellectual property or general intangibles; 

(d)    that is of obsolete, damaged, worn-out, surplus or unusable
equipment or assets that are not used or useful in the business; 
 (e)    that consists of defaulted
receivables for collection or any write-off, sale, transfer or other disposition of defaulted receivables for collection; 

(f)    arising from foreclosures, condemnation or any similar action on assets or the granting of Liens not
prohibited by this Indenture; 

  
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 (g)    that is of Capital Stock in, or Debt or other
securities of, an Unrestricted Subsidiary; 
 (h)    in compliance with Section 5.1; 

(i)    arising from any financing transaction with respect to property built or acquired by the Company or
any Restricted Subsidiary after the Issue Date, including without limitation any sale and leaseback transaction or asset securitization; 

(j)    leases, subleases, licenses or sublicenses (and terminations thereof) of real or personal property
granted by the Company or any of its Restricted Subsidiaries to others in the ordinary course of business not interfering in any material respect with the business of the Company or any of its Restricted Subsidiaries; 

(k)    the sale of inventory in the ordinary course of business; 

(l)    any disposition of Investments in joint ventures to the extent required by, or made pursuant to
buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; or 

(m)    any transaction or series of related transactions for which the aggregate consideration is less than
$25.0 million. 
 “Average Life” means, as of any date of determination, with respect to any Debt, the quotient
obtained by dividing (1) the sum of the products of the number of years from such date of determination to the dates of each successive scheduled principal payments of such Debt by the amount of each such principal payment by (2) the sum
of all such principal payments. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal, state or foreign law
for the relief of debtors, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, winding-up,
restructuring, examinership or similar debtor relief laws. 
 “Board of Directors” means, as to any Person, the Board of
Directors, or similar governing body, of such Person or any duly authorized committee thereof. 
 “Business Day” means a
day other than a Saturday, Sunday or other day on which banking institutions in the State of New York or the location of the Corporate Trust Office of the Trustee are authorized or required by law to close. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to
the first date upon which such lease may be prepaid by the lessee without payment of a penalty; provided, however, that lease liabilities and associated expenses recorded by the Company and its Subsidiaries pursuant to ASU 2016-02, Leases, shall not be treated as Debt and shall not be included in consolidated interest expense or Consolidated Fixed Charges, unless the lease 

  
 3 

 
liabilities would have been treated as Capital Lease Obligations under GAAP as in effect prior to the adoption of ASU 2016-02, Leases (in which case such
lease liabilities and associated expenses shall be treated as Capital Lease Obligations, and the interest component of such Capital Lease Obligation shall be included in consolidated interest expense and Consolidated Fixed Charges). 

“Capital Stock” of any Person means any and all shares, interests, participations, warrants, options or other rights to
acquire or other equivalents of or interests in (however designated) corporate stock or other equity participations, including partnership interests, whether general or limited, of such Person, but in each case excluding any debt security that is
convertible or exchangeable for Capital Stock. 
 “Cash Management Agreement” any agreement to provide cash management
services, including treasury, depository, overdraft, credit or debit card (including non-card electronic payables), electronic funds transfer, automated clearing house and other cash management arrangements.

 “Cash Equivalents” means: 

(1)    U.S. dollars and, in the case of Foreign Subsidiaries, the local currency where such Foreign
Subsidiary is operating; 
 (2)    securities issued or directly and fully guaranteed or insured by the
United States government or any agency or instrumentality thereof having maturities of not more than six months from the date of acquisition; 

(3)    certificates of deposit and Eurodollar time deposits with maturities of six months or less from the
date of acquisition, bankers’ acceptances with maturities not exceeding six months and bank deposits, in each case with any lender party to the Senior Credit Facilities or with any domestic commercial bank having capital and surplus in excess
of $250.0 million and a Moody’s, S&P or Fitch rating of “B” or better; 

(4)    repurchase obligations with a term of not more than seven days for underlying securities of the
types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5)    commercial paper having a rating of at least P-1 from
Moody’s and a rating of at least A-1 from S&P; 

(6)    deposits available for withdrawal on demand with any commercial bank not meeting the qualifications
specified in clause (3) above; and 
 (7)    investments in money market or other mutual funds
substantially all of whose assets comprise securities of the types described in clauses (2) through (6) above. 
 “Change of
Control” means the occurrence of any of the following events: 
 (1)    the consummation of any
transaction as a result of which any Person or any Persons acting together that would constitute a “group” for purposes of Section 13(d) of 

  
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the Exchange Act, or any successor provision thereto, other than a Permitted Holder, the Company, any Subsidiary of the Company or any employee benefit plan of the Company or any such Subsidiary,
becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision thereto) of at least 50% of the aggregate voting power of all classes of Voting Stock of the
Company, directly or indirectly, other than in a transaction in which the Company becomes a Wholly Owned Subsidiary of another Person and in such transaction the Voting Stock of the Company outstanding immediately prior to such transaction is
converted into or exchanged for Voting Stock of such Person representing more than 50% of the voting power of all classes of Voting Stock of such Person immediately after giving effect to such transaction; 

(2)    the sale, assignment, conveyance, transfer, lease or other disposition, in one or a series of
related transactions, of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Restricted
Subsidiary; or 
 (3)    the adoption by the stockholders of the Company of a plan or proposal for the
liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a transaction effected to create a holding company of the
Company (a) pursuant to which the Company becomes a Wholly Owned Subsidiary of such holding company and (b) as a result of which the holders of Capital Stock of such holding company are substantially the same as the holders of Capital
Stock of the Company immediately prior to such transaction, shall not be deemed to involve a “Change of Control”; provided further that following such a holding company transaction, references in this definition of “Change of
Control” to the Company shall thereafter be treated as references to such holding company. 
 “Common Stock” of any
Person means Capital Stock of such Person that does not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding-up
of such Person, to shares of Capital Stock of any other class of such Person. 
 “Consolidated Cash Flow” for any
period means the Consolidated Net Income for such period: 
 (1)    increased (to the extent deducted in
computing Consolidated Net Income) by the sum of (without duplication): 
 (a)    Consolidated Fixed
Charges for such period; plus 
 (b)    Consolidated Income Tax Expense for such period;
plus 
 (c)    the consolidated depreciation and amortization expense included in the income
statement of the Company and its Restricted Subsidiaries for such period; plus 
 (d)    other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of, or reserve for, cash expenses in any future

  
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period or amortization of a prepaid cash expense that was paid in a prior period) included in the income statement of the Company and its Restricted Subsidiaries for such period; and 

(2)    decreased (without duplication) by non-cash items increasing
Consolidated Net Income for such period, other than items that were accrued in the ordinary course of business, in each case, on a consolidated basis and determined in accordance with GAAP. 

“Consolidated Coverage Ratio” as of any date of determination means the ratio of: 

(1)    Consolidated Cash Flow for the period of the most recently completed four consecutive fiscal
quarters for which quarterly or annual financial statements are available; to 
 (2)    Consolidated
Fixed Charges for such period; 
 provided, however, that Consolidated Fixed Charges shall be adjusted to give effect on a pro forma basis to
any Debt that has been Incurred, repaid or redeemed by the Company or any Restricted Subsidiary (other than revolving credit borrowings Incurred for working capital purposes unless, in connection with any such repayment, the commitments to lend
associated with such revolving credit borrowings are permanently reduced or canceled) since the beginning of such period and to any Debt that is proposed to be Incurred, repaid or redeemed by the Company or any Restricted Subsidiary as if in each
case such Debt had been Incurred, repaid or redeemed on the first day of such period; provided, however, that in making such computation, the Consolidated Fixed Charges attributable to interest on any proposed Debt bearing a floating
interest rate shall be computed on a pro forma basis as if the rate in effect on the date of computation had been the applicable rate for the entire period; provided further that, in the event the Company or any of its Restricted Subsidiaries
has made Asset Dispositions or acquisitions of assets not in the ordinary course of business (including acquisitions of other Persons by merger, consolidation or purchase of Capital Stock) during or after such period, such computation shall be made
on a pro forma basis as if the Asset Dispositions or acquisitions had taken place on the first day of such period. For purposes of this definition, whenever pro forma effect is to be given to any calculation under this definition, the pro forma
calculations will be determined in good faith by a responsible financial or accounting officer of the Company; provided that such officer may in his or her discretion include any reasonably identifiable and factually supportable pro forma
changes to Consolidated Cash Flow, including any pro forma expenses and cost reductions, that have occurred or in the judgment of such officer are reasonably expected to occur within 24 months of the date of the applicable transaction (regardless of
whether such expense or cost reduction or any other operating improvements could then be reflected properly in pro forma financial statements prepared in accordance with Regulation S-X under the Securities Act
or any other regulation or policy of the SEC). 
 Notwithstanding anything to the contrary herein with respect to any amounts incurred or
transactions entered into (or consummated) in reliance on a provision of this Indenture under a restrictive covenant that does not require compliance with a financial ratio or test (including, without limitation, any Consolidated Coverage Ratio
test, any Secured Net Leverage Ratio test and any Total Net Leverage Ratio test) (any such amounts, the “Fixed Amounts”) substantially 

  
 6 

 
concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Indenture that requires compliance with any such financial ratio or test
(any such amounts, the “Incurrence Based Amounts”), it is understood and agreed that the Fixed Amounts (and any cash proceeds thereof) shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence
Based Amounts in connection with such substantially concurrent incurrence. 
 “Consolidated Fixed Charges” means for any
period the consolidated interest expense, other than non-cash interest expense attributable to convertible debt securities, included in a consolidated income statement (without deduction of interest income) of
the Company and its Restricted Subsidiaries for such period calculated on a consolidated basis in accordance with GAAP, including without limitation or duplication (or, to the extent not so included, with the addition of), subject to the limitations
above: 
 (1)    the amortization of Debt discounts; 

(2)    the consolidated amount of interest capitalized by the Company and its Restricted Subsidiaries
during such period calculated in accordance with GAAP; 
 (3)    any payments or fees with respect to
letters of credit, bankers’ acceptances or similar facilities; 
 (4)    net fees with respect to
interest rate swap or similar agreements or foreign currency hedge, exchange or similar agreements; 

(5)    Preferred Stock dividends of Restricted Subsidiaries of the Company (other than with respect to
Redeemable Stock) declared and paid or payable (other than in exchange for Capital Stock (other than Redeemable Stock)); 

(6)    accrued Redeemable Stock dividends of the Company and its Restricted Subsidiaries, whether or not
declared or paid (other than dividends payable in Capital Stock that is not Redeemable Stock); 

(7)    interest on Debt Guaranteed by the Company and its Restricted Subsidiaries; 

(8)    interest on Debt issued or Guaranteed by the Company and its Restricted Subsidiaries paid by the
issuance of additional Debt; and 
 (9)    the portion of rental expense deemed to be representative of
the interest factor attributable to Capital Lease Obligations. 
 “Consolidated Income Tax Expense” for any period means
the consolidated provision for income taxes of the Company and its Restricted Subsidiaries for such period calculated on a consolidated basis in accordance with GAAP. 

  
 7 

 “Consolidated Net Income” for any period means the consolidated net income
(or loss) of the Company and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded therefrom (without duplication): 

(1)    the net income (or loss) of any Person that is not a Restricted Subsidiary except to the extent of
the amount of dividends or other distributions actually paid to the Company or a Restricted Subsidiary by such Person during such period; 

(2)    gains or losses on Asset Dispositions outside of the ordinary course of business by the Company or
its Subsidiaries; 
 (3)    all extraordinary gains and extraordinary losses (calculated on an after tax
basis); 
 (4)    gains or losses from the early retirement or extinguishment of indebtedness (less all
fees and expenses or charges related thereto); 
 (5)    the cumulative effect of changes in accounting
principles during such period; 
 (6)    non-cash gains or losses
resulting from fluctuations in currency exchange rates; 
 (7)    unrealized hedging gains or losses, or
goodwill or other non-cash asset impairment charges; 
 (8)    non-cash interest expense related to convertible debt securities; 

(9)    any net after-tax effect of gains and losses attributable to
discontinued operations; and 
 (10)  non-cash compensation expense related
to equity awards; 
 provided, further, that for purposes of any determination pursuant to the provisions of Section 4.7, there shall
further be excluded therefrom the net income (but not net loss) of any Restricted Subsidiary that is not a Subsidiary Guarantor that is subject to a restriction which prevents the payment of dividends or the making of distributions to the Company or
another Restricted Subsidiary to the extent of such restriction. 
 “Consolidated Total Assets” means, as of any date of
determination, the total assets reflected on the most recent internally available annual or quarterly consolidated balance sheet of the Company and its Restricted Subsidiaries prepared in accordance with GAAP. 

“Corporate Trust Office” means the offices of the Trustee at which at any time its corporate trust business shall be
principally administered, which office as of the date hereof, for purposes of presentment, surrender, registration, transfer and exchange in respect of the Notes, is located at 111 Fillmore Avenue E, St. Paul, MN 55107, Attention: Global Corporate
Trust, and for notices and all other purposes is located at 225 Asylum Street, 23rd Floor, Hartford, CT 06103, Attention: 

  
 8 

 
Global Corporate Trust, Laurel Casasanta, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the 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 Company). 

“Debt” means (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such
Person and whether or not contingent: 
 (1)    every obligation of such Person for money borrowed; 

(2)    every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments;

 (3)    every reimbursement obligation of such Person with respect to letters of credit, bankers’
acceptances or similar facilities issued for the account of such Person (excluding obligations with respect to letters of credit securing obligations (other than obligations with respect to borrowed money) entered into in the ordinary course of
business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth business day following receipt by such Person of a demand for reimbursement
following payment on the letter of credit); 
 (4)    every obligation of such Person issued or assumed
as the deferred purchase price of property or services (including securities repurchase agreements but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business and with respect to services, excluding
deferred compensation to employees), which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto or engaging such services; 

(5)    every Capital Lease Obligation of such Person; 

(6)    all Receivables Sales of such Person to the extent sold with recourse to such Person; 

(7)    all Redeemable Stock issued by such Person valued at the greater of its voluntary or involuntary
maximum fixed repurchase price plus accrued and unpaid dividends; 
 (8)    if such Person is a
Restricted Subsidiary, all Preferred Stock issued by such Person; 
 (9)    every net obligation under
Interest Rate, Currency or Commodity Price Agreements of such Person; and 
 (10)  every obligation of the type
referred to in clauses (1) through (9) of another Person and all dividends of another Person the payment of which, in either case, (a) such Person has Guaranteed or is responsible or liable, directly or indirectly, as obligor, Guarantor or
otherwise or (b) is secured by (or for which the holder of such obligation has 

  
 9 

 
an existing right, contingent or otherwise, to be secured by) any Lien upon or with respect to property (including, without limitation, accounts and contract rights) owned by such Person, even
though such Person has not assumed or become liable for the payment of such Debt or dividends; 
 if and to the extent that any of the preceding items
(other than in respect of letters of credit as provided in clause (3)) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. 

Notwithstanding the foregoing, Debt shall not include any obligation arising from any agreement entered into in connection with the
acquisition of any business or assets with any seller of such business or assets that provides for the payment of earn-outs to such seller or guarantees to such seller a minimum price to be realized by such seller upon the sale of any Capital Stock
(other than Redeemable Stock) of the Company that was issued by the Company to such seller in connection with such acquisition. 

“Debt Facilities” means one or more credit facilities, debt facilities, indentures or commercial paper facilities (including,
without limitation, the Senior Credit Facilities), in each case with banks or other financial institutions or lenders or investors, providing for revolving credit loans, term loans, private placements, debt securities, receivables financings
(including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or letter of credit guarantees, in each case, as amended, restated, modified,
supplemented, extended, renewed, refunded, replaced or refinanced (including, for the avoidance of doubt, amounts Incurred in reliance on subclause (y) of Section 4.9(b)(1)) in whole or in part from time to time. 

“Default” means any of the events described in Section 6.1 which with the passage of time, the giving of notice or any
other condition, would constitute an Event of Default. 
 “Depositary” means with respect to the Notes issuable or issued
in whole or in part in global form, the Person specified in Section 2.3 hereof as the Depositary with respect to the Global Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture. 
 “Designated Noncash Consideration” means the Fair Market Value of non-cash consideration received by the Company or any of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated in good faith by senior management of the Company. The aggregate
Fair Market Value of the Designated Noncash Consideration, taken together with the Fair Market Value at the time of receipt of all other Designated Noncash Consideration received, shall not exceed in the aggregate outstanding at any one time the
greater of (x) $50.0 million and (y) 2.75% of the Company’s Consolidated Total Assets determined at the time of such Asset Disposition (with the Fair Market Value being measured at the time received and without giving effect to subsequent
changes in value). 
 “Disinterested Director” means, with respect to any transaction or series of related transactions, a
member of the Board of Directors of the Company who does not have any material direct or indirect financial interest in, or with respect to, such transaction or series of transactions. 

  
 10 

 “Domestic Restricted Subsidiary” means any Restricted Subsidiary that is
not a Foreign Subsidiary. 
 “DTC” means The Depository Trust Company and any successor. 

“Equity Offering” means an offering of Capital Stock (other than Redeemable Stock) of the Company or any Parent Company that
results in aggregate net cash proceeds to the Company, other than (1) public offerings registered on Form S-4 or S-8, (2) an issuance to any Subsidiary and
(3) any such public or private sale that constitutes an Excluded Contribution. 
 “Excluded Contributions” means the
net cash proceeds and Cash Equivalents, or the Fair Market Value of other assets, received by the Company after the Issue Date from (1) contributions to its common equity capital and (2) the sale of Capital Stock (other than Excluded
Equity) of the Company, in each case designated as Excluded Contributions pursuant to an Officers’ Certificate. Excluded Contributions will be excluded from the calculation set forth in Section 4.7(a)(iii). 

“Excluded Equity” means (i) Redeemable Stock, (ii) any Capital Stock issued or sold to a Restricted Subsidiary or
any employee stock ownership plan or trust established by the Company or any of its Subsidiaries or a direct or indirect parent of the Company (to the extent such employee stock ownership plan or trust has been funded by the Company or any
Subsidiary or a direct or indirect parent of the Company), and (iii) any Capital Stock that has already been used or designated (x) as (or the proceeds of which have been used or designated as) a Cash Contribution Amount or an Excluded
Contribution or (y) to increase the amount available under clause (9) of the definition of “Permitted Investments.” 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Existing Notes” means the 3.75% Senior Notes due 2028 issued under the Existing Notes Indenture. 

“Existing Notes Indenture” means the Indenture governing the Existing Notes, dated as of the Existing Notes Issue Date, among
the Company, as issuer, each of the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee, as amended and supplemented from time to time. 

“Existing Notes Issue Date” means September 17, 2020. 

“Fair Market Value” means, with respect to any asset or property, the sale value that would be obtained in an arm’s-length free market transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, determined in good faith by senior
management or the Board of Directors of the Company, whose determination will be conclusive for all purposes under this Indenture. 

“Fitch” means Fitch, Inc., and any successor to its rating agency business. 

“Foreign Subsidiary” means any Restricted Subsidiary (x) that is not organized under the laws of the United States of
America or any State thereof or the District of Columbia or (y) for purposes of Section 10.1 and the covenant described under Section 4.15, that is organized under 

  
 11 

 
the laws of the United States of America or any State thereof or the District of Columbia and has no material assets other than Capital Stock of one or more foreign entities of the type described
in clause (x) above. 
 “GAAP” means accounting principles generally accepted in the United States set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements, and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting profession, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Global Note Legend” means the legend identified as such in Exhibit A. 

“Global Notes” means the Notes that are in the form of Exhibit A issued in global form and registered in the name of
the Depositary or its nominee. 
 “Guarantee” by any Person means any obligation, contingent or otherwise, of such Person
guaranteeing, or having the economic effect of guaranteeing, any Debt of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including, without limitation, any obligation of such Person: 

(1)    to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or to
purchase (or to advance or supply funds for the purchase of) any security for the payment of such Debt; 

(2)    to purchase property, securities or services for the purpose of assuring the holder of such Debt of
the payment of such Debt; or 
 (3)    to maintain working capital, equity capital or other financial
statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Debt (and “Guaranteed,” “Guaranteeing” and “Guarantor” shall have meanings correlative to the foregoing); 

provided, however, that the Guarantee by any Person shall not include endorsements by such Person for collection or deposit, in either case, in
the ordinary course of business. 
 “Holder” means a Person in whose name the Note is registered on the Registrar’s
books. 
 “IAI” means an investor constituting an “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act. 
 “Incur” means, with respect to any Debt or other obligation of any
Person, to create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or other obligation including by acquisition of Subsidiaries or the recording, as required pursuant to GAAP
or otherwise, of any such Debt or other obligation on the balance sheet of such Person (and “Incurrence,” “Incurred” and “Incurring” shall have meanings correlative to the foregoing); provided, however,
that a change in GAAP that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such Debt. 

  
 12 

 “Independent Assets or Operations” means, with respect to any Parent
Company, that each of that Parent Company’s total assets, revenues, income from continuing operations before income taxes and cash flows from operating activities (excluding, in each case, amounts related to (i) its investment in the
Company and the Restricted Subsidiaries and (ii) accounting for deferred tax assets), determined in accordance with GAAP and as shown on the most recent financial statements of such Parent Company, is, in each case, more than 2.00% of such
Parent Company’s corresponding consolidated amount. 
 “Indenture” means this Indenture, as amended or supplemented
from time to time. 
 “Initial Notes” has the meaning set forth in the preamble hereto. 

“Interest Rate, Currency or Commodity Price Agreement” of any Person means (i) any forward contract, futures contract,
swap, option, credit derivative transactions, forward rate transactions, foreign exchange transactions or other financial agreement or arrangement (including, without limitation, caps, floors, collars spot contracts and similar agreements) relating
to, or the value of which is dependent upon, interest rates, currency exchange rates or commodity prices or indices (excluding contracts for the purchase or sale of goods in the ordinary course of business) and (ii) any and all transactions of
any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement. 
 “Investment” by any Person means any direct or indirect loan, advance or other
extension of credit or capital contribution (by means of transfers of cash or other property (other than Capital Stock that is neither Redeemable Stock nor Preferred Stock of a Restricted Subsidiary) to others or payments for property or services
for the account or use of others, or otherwise) to, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person, including any Guarantee of any obligation of such other
Person, but shall not include: 
 (1)    trade accounts receivable in the ordinary course of business;

 (2)    any Permitted Interest Rate, Currency or Commodity Price Agreement; and 

(3)    endorsements of negotiable instruments and documents in the ordinary course of business. 

“Investment Grade Rating” means a rating equal to or higher than: 

(1)    Baa3 (or the equivalent) by Moody’s; 

(2)    BBB- (or the equivalent) by S&P; or 

(3)    BBB- (or the equivalent) by Fitch; 

  
 13 

 or, if any such entity ceases to rate the Notes for reasons outside of the Company’s control, the
equivalent investment grade credit rating from any other Rating Agency. 
 “Issue Date” means June 7, 2021. 

“Lien” means, with respect to any property or assets, any mortgage or deed of trust, pledge, hypothecation, assignment,
deposit arrangement, security interest, lien (statutory or otherwise), charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any sale and leaseback arrangement, conditional sale or other title retention agreement having substantially the same economic
effect as any of the foregoing). 
 “Limited Condition Transaction” means (1) any Investment or acquisition (whether
by merger, consolidation or otherwise), whose consummation is not conditioned on the availability of, or on obtaining, third-party financing, (2) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Debt requiring
irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment and (3) any dividends or distributions on, or redemptions of, Capital Stock requiring irrevocable notice in advance thereof. 

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

“Net Available Proceeds” from any Asset Disposition by any Person means cash or Cash Equivalents received (including by way
of sale or discounting of a note, installment receivable or other receivable, but excluding any other consideration received in the form of assumption by the acquirer of Debt or other obligations relating to such properties or assets) therefrom by
such Person, net of: 
 (1)    all legal, title and recording tax expenses, commissions and other fees
and expenses Incurred and all federal, state, foreign and local taxes required to be accrued as a liability as a consequence of such Asset Disposition; 

(2)    all payments made by such Person or its Restricted Subsidiaries on any Debt which is secured by such
assets in accordance with the terms of any Lien upon, or with respect to, such assets or which must by the terms of such Lien, or in order to obtain a necessary consent to such Asset Disposition or by applicable law, be repaid out of the proceeds
from such Asset Disposition; 
 (3)    all distributions and other payments made to minority interest
holders in Restricted Subsidiaries of such Person or joint ventures as a result of such Asset Disposition; and 

(4)    appropriate amounts to be provided by such Person or any Restricted Subsidiary thereof, as the case
may be, as a reserve in accordance with GAAP against any liabilities associated with such assets and retained by such Person or any Restricted Subsidiary thereof, as the case may be, after such Asset Disposition, including, without limitation,
liabilities under any indemnification obligations and severance and other employee termination costs associated with such Asset Disposition, in each case as determined in good faith by senior management of the Company. 

  
 14 

 “Note Custodian” means the Person appointed as custodian for the Depositary
with respect to the Global Notes, or any successor entity thereto. 
 “Notes” means the Initial Notes and any Additional
Notes. The Initial Notes and the Additional Notes, if any, shall be treated as a single class for all purposes under this Indenture. 

“Offer to Purchase” means a written offer (the “Offer”) sent by the Company by first class mail, postage
prepaid, to each Holder at his address appearing in the security register or, with respect to Global Notes, given in accordance with DTC procedures on the date of the Offer offering to purchase up to the principal amount of Notes specified in such
Offer at the purchase price specified in such Offer (as determined pursuant to this Indenture). Unless otherwise required by applicable law, the Offer shall specify an expiration date (the “Offer Expiration Date”) of the Offer to
Purchase which shall be, subject to any contrary requirements of applicable law, not less than ten days or more than 60 days after the date of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes within three
Business Days after the Offer Expiration Date. The Offer shall contain a description of the events requiring the Company to make the Offer to Purchase and all instructions and materials necessary to enable such Holders to tender Notes pursuant to
the Offer to Purchase. The Offer shall also state: 
 (1)    the section of this Indenture pursuant to
which the Offer to Purchase is being made; 
 (2)    the Offer Expiration Date and the Purchase Date and,
if such Offer is made in advance of a Change of Control and conditioned upon the occurrence of a Change of Control, that the Offer is conditioned upon the occurrence of a Change of Control; 

(3)    the aggregate principal amount of the outstanding Notes offered to be purchased by the Company
pursuant to the Offer to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to the section of this Indenture requiring the Offer to Purchase) (the “Purchase Amount”); 

(4)    the purchase price to be paid by the Company for each $1,000 aggregate principal amount of Notes
accepted for payment (as specified pursuant to this Indenture) (the “Purchase Price”); 

(5)    that the Holder may tender all or any portion of the Notes registered in the name of such Holder and
that any portion of a Note tendered must be tendered in an integral multiple of $1,000 principal amount; 

(6)    the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase;

 (7)    that interest on any Note not tendered or tendered but not purchased by the Company pursuant to
the Offer to Purchase will continue to accrue; 

  
 15 

 (8)    that on the Purchase Date the Purchase Price will
become due and payable upon each Note being accepted for payment pursuant to the Offer to Purchase and that interest thereon shall cease to accrue on and after the Purchase Date; 

(9)    that each Holder electing to tender a Note pursuant to the Offer to Purchase will be required to
surrender such Note at the place or places specified in the Offer prior to the close of business on the Expiration Date (such Note being, if the Company or the Trustee so requires, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing); 

(10)  that Holders will be entitled to withdraw all or any portion of Notes tendered if the Company (or its Paying
Agent) receives, not later than the close of business on the Expiration Date, a telegram, telex, facsimile or other electronic transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder tendered, the
certificate number of the Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 

(11)  that (a) if Notes in an aggregate principal amount less than or equal to the Purchase Amount are duly
tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase all such Notes and (b) if Notes in an aggregate principal amount in excess of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to
Purchase, the Company shall purchase Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes in denominations of $1,000 or integral multiples
thereof shall be purchased); and 
 (12)  that in the case of any Holder whose Note is purchased only in part, the
Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and
in exchange for the unpurchased portion of the Note so tendered. 
 If any of the Notes subject to an Offer to Purchase is in global form,
then the Offer shall be modified by the Company to the extent necessary to comply with the procedures of the Depositary applicable to repurchases. Any Offer to Purchase shall be governed by and effected in accordance with the Offer for such Offer to
Purchase. 
 “Parent” means Switch, Inc., a Nevada corporation. 

“Parent Company” means any Person that is or becomes after the Issue Date a direct or indirect parent of the Company. As of
the Issue Date, Parent is the only Parent Company of the Company. 
 “Offering Memorandum” means the Company’s
offering memorandum, dated June 1, 2021, relating to the offer and sale of the Initial Notes. 

  
 16 

 “Officer” means any of the following of the Company or any Subsidiary
Guarantor or any direct or indirect parent thereof: the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer or the Secretary (or, with respect to a Subsidiary
Guarantor, any member or general partner authorized to act on behalf of such Subsidiary Guarantor). 
 “Officers’
Certificate” means a certificate signed by two Officers that meets the requirements of Section 11.3 of this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel reasonably acceptable to the Trustee. The counsel may be an
employee of, or counsel to, the Company or any direct or indirect parent thereof or the Trustee. 
 “Pari Passu Debt”
means Debt of the Company or a Subsidiary Guarantor that is pari passu in right of payment with the Notes, in the case of the Company, or the Subsidiary Guarantees, in the case of any Subsidiary Guarantor. For the purposes of this
definition, no Debt will be considered to be senior or junior by virtue of being secured on a first or junior priority basis. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Paying Agent” means any Person authorized by the Company to pay the principal of, premium, if any, or interest on any Notes
on behalf of the Company. 
 “Permitted Acquisition Debt” means Debt of the Company or any of the Restricted Subsidiaries
to the extent that: 
 (1)    such Debt consists of Debt of an acquired Person that was outstanding prior
to the date on which such Person became a Restricted Subsidiary as a result of having been acquired, or assets were acquired from such Person, by the Company or a Restricted Subsidiary or assets were acquired from such Person and any Debt Incurred,
including by the Company or any Restricted Subsidiary, in contemplation of such acquisition; or 

(2)    such Debt consists of Debt of a Person that was outstanding prior to the date on which such Person
was merged, consolidated or amalgamated with or into the Company or a Restricted Subsidiary and any Debt Incurred, including by the Company or any Restricted Subsidiary, in contemplation of such merger, consolidation or amalgamation; 

provided that on the date such Person became a Restricted Subsidiary or the date such Person was merged, consolidated and amalgamated with or into the
Company or a Restricted Subsidiary, as applicable, after giving pro forma effect thereto: 
 (a)    the
Company would be permitted to Incur at least $1.00 of additional Debt pursuant to Section 4.9(a); 

(b)    the Consolidated Coverage Ratio of the Company would be not less than the Consolidated Coverage
Ratio of the Company immediately prior to giving effect to such transaction; or 

  
 17 

 (c)    the aggregate outstanding principal amount of
such Debt does not exceed $30.0 million at any time outstanding 
 “Permitted Holders” means (a) Rob Roy,
(b) the spouse or widow or widower of Rob Roy, (c) a parent, sibling, or lineal descendant (or spouse of such descendant) of Rob Roy, (d) the estate or personal representative of Rob Roy, (e) any trust created for the benefit of
anyone referenced in clauses (a), (b) or (c), and (f) any entity (including any corporation, venture (general or limited), partnership (general or limited), limited liability company, association, joint stock company, trust or other business
entity or organization) controlled by one or more of the persons or trust(s) referenced in clauses (a), (b), (c) or (e). 

“Permitted Interest Rate, Currency or Commodity Price Agreement” of any Person means any Interest Rate, Currency or Commodity
Price Agreement entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes. 

“Permitted Investments” means: 

(1)    any Investment in the Company or a Restricted Subsidiary or a Person or assets that will become or
be merged into or consolidated with a Restricted Subsidiary as a result of such Investment, and any Investment held by a Person at the time it is acquired by or merged into the Company or a Restricted Subsidiary; 

(2)    any Investment in a Permitted Joint Venture which, together with any other outstanding Investment
made pursuant to this clause (2), does not exceed the greater of (x) $50.0 million and (y) 2.75% of the Company’s Consolidated Total Assets at the time of such Investment; 

(3)    any Investment in cash and Cash Equivalents, or investments in Permitted Interest Rate, Currency or
Commodity Price Agreements; 
 (4)    any non-cash consideration
received in connection with an Asset Disposition (or a disposition excluded from the definition of Asset Disposition) that was made in compliance with Section 4.10; 

(5)    prepaid expenses advanced to employees, officers or managers in the ordinary course of business or
other loans or advances to employees, officers or managers in the ordinary course of business not to exceed $2.5 million in the aggregate at any one time outstanding; 

(6)    guarantees of Debt made in compliance with Section 4.9; 

(7)    any Investment existing on the Issue Date or made pursuant to binding commitments in effect on the
Issue Date or an Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may only be increased pursuant to this clause (7) to the
extent required by the terms of such Investment as in existence on the Issue Date or as otherwise permitted under this Indenture; 

  
 18 

 (8)    Investments acquired with the net cash proceeds
received by the Company after the Issue Date from the issuance and sale of Capital Stock (other than Redeemable Stock) or made in exchange for Capital Stock (other than Redeemable Stock or Preferred Stock); provided that such net cash
proceeds are used to make such Investment within ten days of the receipt thereof and the amount of all such net cash proceeds will be excluded from clause (iii)(2) of Section 4.7(a); 

(9)    any Investment solely in exchange for the issuance of Capital Stock (other than Redeemable Stock) of
the Company or any Parent Company; 
 (10)    deposits made in the ordinary course of business to secure
the performance of leases or other obligations as permitted by Section 4.12; 
 (11)    purchases of
assets in the ordinary course of business; 
 (12)    receivables owing to the Company or any of its
Subsidiaries or any advances to suppliers, in each case if created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 

(13)    Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business; 

(14)    any other Investment; provided that, immediately before and immediately after giving pro forma
effect to the making of any such Investment and any Debt incurred in connection therewith, (x) no Default or Event of Default shall have occurred and be continuing and (y) the Total Net Leverage Ratio of the Company would not exceed 3.75
to 1.00; 
 (15)    any Investment in an Unrestricted Subsidiary which, together with any other
outstanding Investment made pursuant to this clause (15), does not exceed the greater of (x) $25.0 million and (y) 1.50% of the Company’s Consolidated Total Assets at the time of such Investment; 

(16)    any Investment by the Company or any of its Restricted Subsidiaries in a Similar Business (other
than an Investment in an Unrestricted Subsidiary) in an aggregate amount, taken together with all other Investments made pursuant to this clause (16) that are at the time outstanding, not to exceed the greater of (x) $50.0 million and (y)
2.75% of the Company’s Consolidated Total Assets; provided, however, that if any Investment pursuant to this clause (16) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person
becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (16) for so long as such Person continues
to be a Restricted Subsidiary; 

  
 19 

 (17)    any transaction to the extent it constitutes an
Investment that is permitted and made in accordance with the provisions of Section 4.11(b) (other than clauses (4), (8) or (11) thereof); and 

(18)    any other Investment that, when taken together with all other Investments made pursuant to this
clause (18) since the Issue Date and outstanding on the date such Investment is made, does not exceed the greater of (x) $75.0 million and (y) 4.25% of the Company’s Consolidated Total Assets. 

“Permitted Joint Venture” means any joint venture arrangement (which may be structured as a corporation, partnership, trust,
limited liability company or any other Person) or other Person (other than a Restricted Subsidiary) in which the Company or a Restricted Subsidiary owns Capital Stock. 

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

(1)    Liens securing Debt under Debt Facilities outstanding or Incurred under clause (1) of the
definition of Permitted Debt; 
 (2)    [reserved]; 

(3)    Liens securing any Debt which became Debt pursuant to a transaction permitted under Section 5.1
or securing Debt which was created prior to (and not created in connection with, or in contemplation of) the Incurrence of such Debt (including any assumption, guarantee or other liability with respect thereto by any Restricted Subsidiary) and which
Debt is permitted under the provisions of Section 4.9; 
 (4)    Liens imposed by law, including
carriers’, warehousemen’s, landlord’s, materialmen’s, processors’ and mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate
provisions, if any, as shall be required by GAAP shall have been made in respect thereof; 
 (5)    Liens
for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings provided appropriate reserves required
pursuant to GAAP have been made in respect thereof; 
 (6)    Liens under the Company’s joint
collateral accounts, concentration accounts, deposit accounts or other funds maintained with a depositary institution or bank; provided that such deposit account is not a dedicated cash collateral account and is not subject to restrictions
against access by the Company in excess of those set forth by regulations issued by the Federal Reserve Board; 

(7)    Liens on assets, property or shares of stock of a Person existing at the time such Person becomes a
Restricted Subsidiary or is merged with or into or consolidated or amalgamated with the Company or any Restricted Subsidiary of the Company; provided, however, that such Liens shall not extend to any other property owned by the Company
or any Restricted Subsidiary; 

  
 20 

 (8)    encumbrances, ground leases, easements or
reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or
irregularities in title and similar encumbrances) as to the use of real properties or liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely affect the
value of said properties or materially impair their use in the operation of the business of such Person; 

(9)    leases, licenses, subleases and sublicenses of assets (including, without limitation, real property
and intellectual property rights) which do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 

(10)    Liens existing on the Issue Date (other than Liens permitted under clause (1)); 

(11)    pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance
laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) 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 United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the
ordinary course of business; 
 (12)    judgment Liens not giving rise to an Event of Default so long as
such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired;

 (13)    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; 

(14)    Liens for the purpose of securing the payment of all or a part of the purchase price of, purchase
money obligations or other payments Incurred to finance the acquisition, lease, improvement or construction of or repairs or additions to, assets or property acquired or constructed by the Company or a Restricted Subsidiary in the ordinary course of
business; provided that: (a) the aggregate principal amount of Debt secured by such Liens is otherwise permitted to be Incurred under this Indenture and does not exceed the cost of the assets or property so acquired or constructed; and
(b) such Liens are created within 180 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions or commencement of full operation of the assets or property subject to such Lien and do not
encumber any other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto; 

  
 21 

 (15)    any interest or title of a lessor under any
Capital Lease Obligation Incurred under clause (8) of the definition of Permitted Debt; provided that such Liens do not extend to any property or assets which is not leased property subject to such Capital Lease Obligation; 

(16)    Liens upon specific items of inventory or other goods and proceeds of any Person securing such
Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(17)    Liens securing reimbursement obligations with respect to commercial letters of credit which
encumber documents and other property relating to such letters of credit and products and proceeds thereof; 

(18)    Liens encumbering deposits made to secure obligations arising from statutory, regulatory,
contractual, or warranty requirements of the Company or any of its Subsidiaries, including rights of offset and set-off; 

(19)    Liens securing Permitted Interest Rate, Currency or Commodity Price Agreements; 

(20)    Liens on assets of any Foreign Subsidiary of the Company or any Restricted Subsidiary that is not a
Subsidiary Guarantor securing Debt of such Foreign Subsidiary or such Restricted Subsidiary, in each case, that is permitted to be Incurred under clause (11) of the definition of Permitted Debt; 

(21)    Liens on cash, Cash Equivalents or other property arising in connection with the discharge or
redemption of Debt; 
 (22)     Liens on any real property constituting exceptions to title as set forth
in a mortgage title policy delivered to a secured lender with respect thereto; 
 (23)     Liens on
insurance policies and the proceeds thereof securing the financing of premiums with respect thereto; provided that such Liens shall not exceed the amount of such premiums so financed; 

(24)    Liens in favor of the Company or a Restricted Subsidiary; 

(25)    Liens arising from filing Uniform Commercial Code financing statements regarding leases or
precautionary Uniform Commercial Code financings statements or similar filings; 
 (26)    leases,
subleases, licenses or sublicenses to third parties not interfering in any material respect with the business of the Company or any Restricted Subsidiary; 

(27)    Liens to secure Debt permitted under clause (15) of the definition of Permitted Debt; provided
that (i) such Liens are limited to securing only the unpaid premiums under the applicable insurance policy and (ii) such Liens only encumber the proceeds of the applicable insurance policy; 

  
 22 

 (28)     Liens not otherwise covered by clauses
(1) through (27) securing Debt in the aggregate amount outstanding at any time not to exceed the greater of (x) $75.0 million and (y) 4.25% of the Company’s Consolidated Total Assets; and 

(29)     Liens securing Debt Incurred to refinance Debt (other than Liens permitted under clause (1)) that
was previously so secured (or otherwise replacing any such Lien); provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof)
that secured (or, under the written arrangements under which the original Lien arose, could secure) the Debt being refinanced or is in respect of property that is the security for a Permitted Lien hereunder. 

“Permitted Payments to Parent” means: 

(1)    payments, directly or indirectly, to any member or partner of the Company, on or prior to each
estimated tax payment date as well as each other applicable due date, in an amount not to exceed the product of (i) the total aggregate taxable income of the Company and its Subsidiaries (or estimates thereof) which is allocable to any member
or partner of the Company from the Company and its Subsidiaries during the relevant period calculated without regard to, for clarity, any adjustments under Section 743 Internal Revenue Code of 1986, as amended, multiplied by (ii) the
highest combined marginal federal, state and local income tax rates applicable to any member or partner of the Company (or, if any of them are themselves a pass-through entity for U.S. federal income tax purposes, their members or partners)
determined by taking into account the character of the income and loss allocable to the members or partners as it affects the applicable tax rate; provided that, for the avoidance of doubt, taxable income of the Company and its Subsidiaries for any
period shall include any increases thereto as a result of any tax examination, audit or adjustment, whether for taxable periods ending prior to or after the Issue Date; 

(2)    payments, directly or indirectly, to any Parent Company if the proceeds thereof are used to
(i) pay franchise and similar taxes, public company costs, indemnification costs and other fees required to maintain the corporate existence of such Parent Company, general corporate and overhead expenses (including salaries and other
compensation of directors, officers and employees, and administrative, legal, accounting and similar expenses provided by third parties) incurred in the ordinary course of the business of such Parent Company, (ii) reimburse reasonable expenses
paid by the Parent Company on behalf of the Company or (iii) pay fees and expenses (other than to Affiliates) relating to any unsuccessful debt or equity financing or other financing transaction or acquisition, disposition, other investment or
similar transaction; 
 (3)    to the extent necessary to make, or allow a Parent Company to make, cash
settlement payments to members of the Company in connection with the redemption of such members’ Capital Stock in the Company as may be required pursuant to the terms of 

  
 23 

 
the limited liability company agreement of the Company; provided that, immediately before and immediately after giving pro forma effect to the making of any such Restricted Payment and any Debt
incurred in connection therewith, (x) no Default or Event of Default shall have occurred and be continuing and (y) the Total Net Leverage Ratio of the Company would not exceed 4.25 to 1.00; and 

(4)    any payments or disbursements to or on behalf of any Parent Company that satisfy, or are used to
satisfy, the obligations of any Parent Company under the Tax Receivable Agreement. 
 “Permitted Refinancing Debt” means
any Debt of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of the Company or any of its Restricted Subsidiaries;
provided that: 
 (1)    the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Debt does not exceed the principal amount of, plus premium, if any, and accrued and unpaid interest on the Debt so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of reasonable expenses incurred in
connection therewith); 
 (2)    the Permitted Refinancing Debt has a final maturity date no earlier than
the earlier of the final maturity date of the Debt being extended, refinanced, renewed, replaced, deferred or refunded and 91 days after the final maturity date of the Notes; 

(3)    the Permitted Refinancing Debt has an Average Life at the time such Permitted Refinancing Debt is
Incurred that is equal to or greater than the shorter of (A) the Average Life of the Debt being extended, refinanced, renewed, replaced, deferred or refunded and (B) 91 days after the Average Life of the Notes; 

(4)    if the Debt being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in
right of payment to the Notes or a Subsidiary Guarantee, such Permitted Refinancing Debt is subordinated in right of payment to the Notes or such Subsidiary Guarantee on terms at least as favorable, taken as a whole, to the Holders of Notes as those
contained in the documentation governing the Debt being extended, refinanced, renewed, replaced, defeased or refunded; and 

(5)    such Debt shall not include Debt of a Restricted Subsidiary that is not a Subsidiary Guarantor that
refinances Debt of the Company or a Subsidiary Guarantor. 
 “Person” means any individual, corporation, partnership,
limited liability company, joint venture, incorporated or unincorporated association, joint-stock company, trust, mutual fund trust, unincorporated organization or government or other agency or political subdivision thereof or other legal entity of
any kind. 
 “Preferred Stock” of any Person means Capital Stock of such Person of any class or classes (however
designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding-up of such Person, to shares of Capital
Stock of any other class of such Person. 

  
 24 

 “Rating Agency” means each of S&P, Moody’s or Fitch, or if (and
only if) S&P, Moody’s, Fitch or any combination thereof shall not make a rating on the Notes publicly available, a nationally recognized statistical rating organization or organizations, as the case may be, selected by the Company, which
shall be substituted for S&P, Moody’s or Fitch, or any combination thereof, as the case may be. 
 “Receivables”
means receivables, chattel paper, instruments, documents or intangibles evidencing or relating to the right to payment of money. 

“Receivables Sale” of any Person means any sale of Receivables of such Person (pursuant to a purchase facility or otherwise),
other than in connection with a disposition of the business operations of such Person relating thereto or a disposition of defaulted Receivables for purposes of collection and not as a financing arrangement. 

“Redeemable Stock” of any Person means any Capital Stock of such Person that by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable) or otherwise (including upon the occurrence of an event) matures or is required to be redeemed (other than in exchange for Capital Stock of the Company that is not Redeemable Stock) or is
convertible into or exchangeable for Debt or is redeemable at the option of the holder thereof (other than in exchange for Capital Stock of the Company that is not Redeemable Stock), in whole or in part, at any time prior to the final Stated
Maturity of the Notes. Notwithstanding the preceding sentence, any Capital Stock that would constitute Redeemable Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of
a change of control or an asset sale shall not constitute Redeemable Stock if the terms of such Capital Stock provide that the Company shall not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.7. 
 “Regulation S Legend” means the legend identified as such in Exhibit
A. 
 “Replacement Assets” means: 

(1)    properties and assets (other than cash, Cash Equivalents, any Capital Stock or other security) that
will be used in the business of the Company and its Restricted Subsidiaries as conducted on the Issue Date or any business ancillary thereto or supportive thereof; and 

(2)    Capital Stock of any Person that is engaged in the business of the Company and its Restricted
Subsidiaries as conducted on the Issue Date or any business ancillary thereto or supportive thereof and that will be merged or consolidated with or into the Company or a Restricted Subsidiary or that will become a Restricted Subsidiary. 

“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 

  
 25 

 
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 who shall have direct responsibility for the administration of this Indenture. 

“Restricted Notes Legend” means the legend identified as such in Exhibit A. 

“Restricted Subsidiary” means any Subsidiary of the Company, whether existing on or after the Issue Date, unless such
Subsidiary is an Unrestricted Subsidiary. 
 “S&P” means S&P Global Ratings, and any successor to its rating agency
business. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Debt” at any date shall mean the aggregate principal amount of Debt that in each case is then secured by Liens on
any property or assets of the Company or any Restricted Subsidiary. 
 “Secured Net Leverage Ratio” means, as of any date
of determination, the ratio of (1)(a) Secured Debt as of the end of the most recent fiscal quarter for which quarterly or annual financial statements prepared on a consolidated basis in accordance with GAAP are available (the “secured balance
sheet date”) minus (b) the amount of unrestricted cash and Cash Equivalents held by the Company and the Restricted Subsidiaries on the secured balance sheet date to (2) Consolidated Cash Flow of the Company and its Restricted
Subsidiaries for the period of the most recently completed four consecutive fiscal quarters ending on the secured balance sheet date. The Secured Net Leverage Ratio shall be adjusted on a pro forma basis in a manner consistent with the definition of
“Consolidated Coverage Ratio.” 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Senior Credit Facilities” means the Amended and Restated Credit Agreement, dated as of June 27, 2017, as amended to the
Issue Date (including to give effect to the Second Amendment to the Amended and Restated Credit Agreement, dated as of September 17, 2020), among the Company, Wells Fargo Bank, National Association, as administrative agent, the other agents
party thereto and the lenders parties thereto from time to time, as the same may be amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time (including increasing the amount loaned thereunder;
provided that such additional Debt is Incurred pursuant to Section 4.9). 
 “Significant Restricted Subsidiary” means,
at any date of determination, any Restricted Subsidiary that, together with its Restricted Subsidiaries represents 10% or more of the Company’s total consolidated assets at the end of the most recent fiscal quarter for which financial
information is available or 10% or more of the Company’s consolidated net revenues or consolidated operating income for the most recent four quarters for which financial information is available. 

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

  
 26 

 “Stated Maturity” means, when used with respect to any Debt or any
installment of interest on such Debt, the dates specified in such Debt as the fixed date on which the principal of such Debt or such installment of interest, as the case may be, is due and payable. 

“Subordinated Debt” means Debt of the Company or a Subsidiary Guarantor that is expressly subordinated or junior in right of
payment to the Notes or a Subsidiary Guarantee, as applicable, pursuant to a written agreement to that effect. 

“Subsidiary” of any Person means: 

(1)    a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is
owned, directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof; or 

(2)    any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries
of such Person or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof. 

“Subsidiary Guarantee” means the Guarantee by any Subsidiary Guarantor of the Company’s obligations under this
Indenture. 
 “Subsidiary Guarantor” means each Restricted Subsidiary of the Company on the Issue Date that is a
party to this Indenture for purposes of providing a Subsidiary Guarantee with respect to the Notes, and each other Restricted Subsidiary that is required to, or at the election of the Company, does become a Subsidiary Guarantor by the terms of this
Indenture after the Issue Date and their respective successors and assigns, in each case, until such Person is released from its Subsidiary Guarantee in accordance with the terms of this Indenture. 

“Tax Receivable Agreement” means the Tax Receivable Agreement, dated October 5, 2017 (as amended, restated and/or
modified), by and among Parent, the Company and each other person from time to time party thereto. 
 “Total Net Leverage
Ratio” means, as of any date of determination, the ratio of (1)(a) Debt for money borrowed of the Company and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which quarterly or annual financial statements
prepared on a consolidated basis in accordance with GAAP are available (the “balance sheet date”) minus (b) the amount of unrestricted cash and Cash Equivalents held by the Company and the Restricted Subsidiaries on the balance sheet
date to (2) Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the period of the most recently completed four consecutive fiscal quarters ending on the balance sheet date. The Total Net Leverage Ratio shall be adjusted on
a pro forma basis in a manner consistent with the definition of “Consolidated Coverage Ratio.” 

  
 27 

 “Transfer Restricted Notes” means Notes that bear or are required to bear
the Restricted Notes Legend. 
 “Treasury Rate” means, with respect to any redemption date, the yield to maturity at the
time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days prior to such
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 such redemption date to June 15, 2024; provided, however, that if
the period from such redemption date to June 15, 2024 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company will, prior to
such redemption date, provide written notice executed by an officer of the Company of the Treasury Rate, including the calculation thereof in reasonable detail. 

“Trustee” has the meaning set forth in the preamble of this Indenture and any successor thereto. 

“U.S. dollar” or “$” means the lawful money of the United States of America. 

“U.S. Government Obligations” means direct non-callable obligations of, or guaranteed
by, the United States for the payment of which guarantee or obligations the full faith and credit of the United States is pledged. 

“United States” or “U.S.” means the United States of America. 

“Voting Stock” of any Person means Capital Stock of such Person which ordinarily has voting power for the election of
directors (or persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person all of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such
Person. 

  
 28 

 SECTION 1.2.    Other Definitions. 

 

			
	 Term
	  	Defined in Section
	 “acceleration declaration”
	  	6.2
	 “Acquisition Deadline”
	  	3.8(a)
	 “Act”
	  	11.12
	 “Alternate Offer”
	  	4.13
	 “Authentication Order”
	  	2.2
	 “Change of Control Offer”
	  	4.13
	 “Change of Control Purchase Price”
	  	4.13
	 “Covenant Defeasance”
	  	8.3
	 “Deposit Trustee”
	  	8.5
	 “EDGAR”
	  	4.3(a)
	 “End Date”
	  	3.8(a)
	 “Event of Default”
	  	6.1
	 “Excess Proceeds”
	  	4.10(c)
	 “Institutional Accredited Investor Note”
	  	2.1(b)
	 “LCT Election”
	  	1.4
	 “LCT Test Date”
	  	1.4
	 “Legal Defeasance”
	  	8.2
	 “Note Amount”
	  	4.10(c)(1)
	 “Offer Date”
	  	4.10(c)
	 “Offer Expiration Date”
	  	1.1
	 “Offered Price”
	  	4.10(c)
	 “Pari Passu Debt Amount”
	  	4.10(c)(2)
	 “Pari Passu Offer”
	  	4.10(c)(2)
	 “Permitted Debt”
	  	4.9(b)
	 “Purchase Date”
	  	1.1
	 “QIBs”
	  	2.1(b)
	 “Registrar”
	  	2.3
	 “Regulation S”
	  	2.1(b)
	 “Regulation S Global Note”
	  	2.1(b)
	 “Required Filing Dates”
	  	4.3(a)
	 “Resale Restriction Termination Date”
	  	2.15(a)
	 “Restricted Payment”
	  	4.7(a)(4)
	 “Restricted Period”
	  	2.15(b)
	 “Rule 144A”
	  	2.1(b)
	 “Rule 144A Global Note”
	  	2.1(b)
	 “Special Mandatory Redemption”
	  	3.8(a)
	 “Special Mandatory Redemption Date”
	  	3.8(a)
	 “Special Mandatory Redemption Price”
	  	3.8(a)
	 “Successor Company”
	  	5.1(a)(1)
	 “Successor Subsidiary Guarantor”
	  	5.1(b)(1)(A)
	 “Unrestricted Subsidiary”
	  	4.16(a)

  
 29 

 SECTION 1.3.    Rules of Construction. Unless the
context otherwise requires: 
 (1)    a term has the meaning assigned to it herein; 

(2)    an accounting term not otherwise defined herein has the meaning assigned to it in accordance with
GAAP; 
 (3)    “or” is not exclusive; 

(4)    words in the singular include the plural, and in the plural include the singular; 

(5)    unless otherwise specified, any reference to Section, Article or Exhibit refers to such Section,
Article or Exhibit, as the case may be, of this Indenture; 
 (6)    provisions apply to successive
events and transactions; 
 (7)    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; and 

(8)    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. 

SECTION 1.4.    Limited Condition Transactions. When calculating the availability under any basket or
ratio under this Indenture or compliance with any provision of this Indenture in connection with any Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of
Debt and the use of the proceeds thereof, the Incurrence of Liens, repayments, Restricted Payments and Asset Dispositions), in each case, at the option of the Company (the Company’s election to exercise such option, an “LCT
Election”), the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or any requirement or condition therefor is complied with or satisfied (including as to the
absence of any Default or Event of Default)) under this Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of
delivery of an irrevocable notice, declaration of a dividend or similar event) and if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the
Incurrence or issuance of Debt and the use of proceeds thereof, the Incurrence of Liens, repayments, Restricted Payments and Asset Dispositions) and any related pro forma adjustments, the Company or any of its Restricted Subsidiaries would have been
permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and
conditions) shall be deemed to have been complied with (or satisfied) for all purposes; provided that (a) compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at
any time after the applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Debt and the use of proceeds thereof, the
Incurrence of Liens, repayments, Restricted Payments and Asset Dispositions) and (b) Consolidated Cash Flow 

  
 30 

 
for purposes of the Consolidated Coverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with
respect to such Debt or, if no such indicative interest margin exists, as reasonably determined by the Company in good faith. 
 For the
avoidance of doubt, if the Company has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or
otherwise failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in Consolidated Cash Flow of the Company, such baskets, tests or ratios will not be deemed to have been exceeded
or failed to have been complied with as a result of such fluctuations (and no Default or Event of Default shall be deemed to have occurred due to such failure to comply), and (2) in calculating the availability under any ratio, test or basket
in connection with any action or transaction unrelated to such Limited Conditional Transaction following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated and the date that the
definitive agreement or date for redemption, purchase or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction,
any such ratio, test or basket shall be determined or tested giving pro forma effect to such Limited Condition Transaction. 
 ARTICLE II

 THE NOTES 

SECTION 2.1.    Form and Dating. The Notes shall be substantially in the form of
Exhibit A attached hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes will be issued in registered
form, without coupons, and in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The registered Holder will be treated as the owner of such Note for all purposes. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company 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. 
 (a)    The Notes shall be issued
initially in the form of one or more Global Notes, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly
executed by the Company and authenticated by the Trustee as hereinafter provided. 
 Each Global Note shall represent such of
the outstanding Notes as shall be specified therein, and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby
may from time to time be reduced or increased, as appropriate, 

  
 31 

 
to reflect exchanges, redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.6. 

(b)    The Initial Notes are being issued by the Company only (i) to “qualified institutional
buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) and (ii) in reliance on Regulation S under the Securities Act (“Regulation S”). After such initial
issuance, Initial Notes that are Transfer Restricted Notes may be transferred to QIBs in reliance on Rule 144A, outside the United States pursuant to Regulation S, to IAIs or to the Company, in accordance with certain transfer restrictions. Initial
Notes that are offered in reliance on Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Restricted Notes Legend (collectively, the “Rule 144A
Global Note”), deposited with the Note Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation S shall be issued in
the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Regulation S Legend (collectively, the “Regulation S Global Note”), deposited with the Note Custodian, duly executed
by the Company and authenticated by the Trustee as hereinafter provided. Initial Notes resold to IAIs in the United States shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and
bear the Restricted Notes Legend (collectively, the “Institutional Accredited Investor Note”), deposited with the Note Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate
principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of the Note Custodian, at the direction of the Trustee. Transfers of Notes among QIBs, to or by purchasers pursuant to Regulation
S and to or by IAIs shall be represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided in Section 2.15. 

(c)    Section 2.1(b) shall apply only to Global Notes deposited with or on behalf of the Depositary. 

The Company shall execute and the Trustee shall, in accordance with this Section 2.1 and Section 2.2, authenticate
and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held
by the Note Custodian for the Depositary. 
 SECTION 2.2.    Execution and Authentication. An Officer
shall sign the Notes for the Company by manual, facsimile or PDF transmission signature. 
 If an Officer whose signature is on a Note no
longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 

  
 32 

 A Note shall not be valid until authenticated by the manual signature of a Responsible
Officer of the Trustee. The signature of a Responsible Officer of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The Trustee shall, upon receipt of a written order of the Company signed by an Officer of the Company (an “Authentication
Order”) directing the Trustee to authenticate the Notes and, with respect to any Additional Notes, an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent to the issuance of the Notes contained herein have
been complied with, authenticate Notes for original issue in the aggregate principal amount stated in such written order. 
 The Trustee may
appoint an authenticating agent reasonably acceptable to the Company to authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent or agents. An authenticating agent has the same rights as an Agent to deal with Holders or the Company. 

SECTION 2.3.    Registrar; Paying Agent. The Company shall maintain (i) an office or agency where
Notes may be presented for registration of transfer or for exchange (“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes and of
their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional Paying Agents. The term “Registrar” includes any
co-registrar, and the term “Paying Agent” includes any additional Paying Agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company and/or any Restricted
Subsidiary may act as Paying Agent or Registrar. 
 The Company shall notify the Trustee in writing, and the Trustee shall notify the
Holders, of the name and address of any Agent not a party to this Indenture. The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. If the Company fails to appoint or maintain a Registrar or Paying
Agent, or fails to give the foregoing notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.6. 

The Company initially appoints the Trustee to act as the Registrar and Paying Agent at the Corporate Trust Office of the Trustee. 

The Company initially appoints DTC to act as the Depositary with respect to the Global Notes. 

SECTION 2.4.    Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the Notes, and shall notify the
Trustee of any Default by the Company in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay to the Trustee all money held by it in trust for the benefit of the Holders or the Trustee. The Company
at any time may require a Paying Agent to pay all money held by it in trust for the benefit of the Holders or the Trustee to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or any of its Subsidiaries) shall
have 

  
 33 

 
no further liability for such money. If the Company or any of its Subsidiaries 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 the occurrence of any of the events specified in Section 6.1, the Trustee shall serve as Paying Agent for the Notes. 

SECTION 2.5.    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. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days before each interest payment date and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, including the aggregate principal amount of the Notes held by each Holder
thereof. 
 SECTION 2.6.    Book-Entry Provisions for Global Notes. 

(a) Each Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such
Depositary, (ii) be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Note Custodian for the Depositary and (iii) bear the Global Note legends as required by Section 2.6(e).

 Members of, or Participants in, the Depositary shall have no rights under this Indenture with respect to any Global Note
held on their behalf by the Depositary, or the Note Custodian, or under such Global Note, and the Depositary may be treated by the Company, and the Trustee or any Agent and any of their respective agents, as the absolute owner of such Global Note
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any Agent or their respective agents from giving effect to any written certification, proxy or other authorization furnished by the
Depositary or impair, as between the Depositary and its Participants, the operation of customary practices governing the exercise of the rights of an owner of a beneficial interest in any Global Note. 

Neither the Trustee nor any Agent shall have any responsibility or obligation to any Holder that is a member of (or a
Participant in) the Depositary or any other Person with respect to the accuracy of the records of the Depositary (or its nominee) or of any member or Participant thereof, with respect to any ownership interest in the Notes or with respect to the
delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The Trustee and any Agent may rely (and shall be fully protected in
relying) upon information furnished by the Depositary with respect to its members, Participants and any beneficial owners in the Notes. 

Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 

(b)    Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in
part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Note may be transferred in accordance with 

  
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Section 2.15 and the rules and procedures of the Depositary. In addition, certificated Notes shall be transferred to beneficial owners in exchange for their beneficial interests only if
(i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes and a successor depositary is not appointed by the Company within 90 days of such notice, (ii) the Depositary ceases to
be a “clearing agency” registered under the Exchange Act and a successor depositary is not appointed by the Company within 90 days of such notice, (iii) an Event of Default of which a Responsible Officer of the Trustee has written
notice has occurred and is continuing and the Registrar has received a request from any Holder of a Global Note to issue such certificated Notes or (iv) the Company, in its sole discretion, notifies the Trustee in writing that it elects to
cause the issuance of certificated Notes. 
 (c)    In connection with the transfer of an entire Global
Note to beneficial owners pursuant to Section 2.6(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver to each beneficial owner
identified by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount of certificated Notes of authorized denominations. 

(d)    The registered Holder of a Global Note may grant proxies and otherwise authorize any Person,
including Participants and Persons that may hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(e)    Each Global Note shall bear the Global Note Legend on the face thereof. 

(f)    At such time as all beneficial interests in Global Notes have been exchanged for certificated Notes,
redeemed, repurchased or cancelled, all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged
for certificated Notes, redeemed, repurchased or cancelled, 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 the Note Custodian, at the
direction of the Trustee, to reflect such reduction. 
 (g)    General Provisions Relating to
Transfers and Exchanges. 
 (1)    To permit registrations of transfers and exchanges, the Company
shall execute and the Trustee shall authenticate Global Notes and certificated Notes upon receipt of an Authentication Order in accordance with Section 2.2 or at the Registrar’s request. 

(2)    No service charge shall be made to a Holder for any registration of transfer or exchange, but
Holders will be required to pay all taxes due on such transfer or exchange (other than any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 2.7, Section 2.10,
Section 3.6, Section 4.10, Section 4.13 or Section 9.4). 

  
 35 

 (3)    All Global Notes and certificated Notes issued
upon any registration of transfer or exchange of Global Notes or certificated Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes (or interests
therein) or certificated Notes surrendered upon such registration of transfer or exchange. 
 (4)    The
Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes under Section 3.2 hereof and ending at the close
of business on the day of such selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the
transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 

(5)    Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and
the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee,
any Agent, or the Company shall be affected by notice to the contrary. 
 (6)    The Trustee shall
authenticate Global Notes and certificated Notes in accordance with the provisions of Section 2.2. Except as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any certificated Note in exchange
for a Global Note. 
 (7)    Each Holder agrees to indemnify the Company and the Trustee against any
liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 

(8)    Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire
as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests
in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof. 
 (9)    The
transferor of any Note held in certificated form shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis
reporting obligations under Section 6045 of the Internal Revenue Code of 1986, as amended. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

  
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 SECTION 2.7.    Replacement Notes. If any mutilated
Note is surrendered to the Trustee, the Registrar or the Company and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an
Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and
the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company, the Trustee and the Agents may charge for their expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 SECTION 2.8.    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 2.8 as not outstanding. Except as set forth in Section 2.9, a Note does not cease to be outstanding because the Company, the Subsidiary Guarantors or any of their respective Affiliates
holds the Note. 
 If a Note is replaced pursuant to Section 2.7, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under
Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a
Subsidiary or an Affiliate of any thereof) holds, on the maturity date or date of redemption, money sufficient to pay all amounts under the Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest and will not be deemed to be outstanding. 

SECTION 2.9.    Treasury Notes. In determining whether the Holders of the required aggregate principal
amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, the Subsidiary Guarantors or by any of their respective Affiliates 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 of which a Responsible Officer of the Trustee has written notice as being so owned shall be so disregarded. Notwithstanding the
foregoing, Notes that are to be acquired by the Company or an Affiliate of the Company pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to such Notes passes to such
entity. 
 SECTION 2.10.    Temporary Notes. Until certificated Notes are ready for delivery, the
Company 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 

  
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may have variations that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall upon receipt of a written order of the
Company signed by one Officer, authenticate certificated Notes in certificate form in exchange for temporary Notes. 
 Holders of temporary
Notes shall be entitled to all of the benefits of this Indenture. 
 SECTION 2.11.    Cancellation.
The Company at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or which the Company may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by
the Trustee. All Notes surrendered for registration of transfer, exchange or payment, if surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation. Subject to Sections 2.7 and 2.16, the Company may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for
cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary practice. 

SECTION 2.12.    Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it
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, which date shall be the earliest practicable date but
in all events at least five Business Days prior to the payment date, in each case at the rate provided in the Notes and in Section 4.1; provided that no special record date shall be required with respect to any defaulted interest that is
paid within the applicable grace period. The Company shall fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the Trustee of any such date. At least 15 days before the special record date,
the Company (or the Trustee, in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. The Trustee
will have no duty whatsoever to determine whether any defaulted interest is payable or the amount thereof. 

SECTION 2.13.    Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

SECTION 2.14.    CUSIP and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and
“ISIN” numbers, and, if it does so, the Trustee shall use the CUSIP and/or ISIN number 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 or accuracy of such numbers printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange shall not be affected by any defect
in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP number and ISIN number. 

SECTION 2.15.    Transfer and Exchange. 

(a) The following provisions shall apply with respect to any proposed transfer of a Rule 144A Note or an Institutional
Accredited Investor Note prior to the date which is 

  
 38 

 
six months after the later of the date of its original issue, the original issue date of any Additional Notes and the last date on which the Company or any Affiliate of the Company was the owner
of such securities (or any predecessor thereto) (the “Resale Restriction Termination Date”): 

(1)    a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest
therein to a QIB shall be made upon the representation of the transferee, in the form of assignment as set forth on the reverse of the Note, that it is purchasing the Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested
pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; 

(2)    a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest
therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit D from the proposed transferee and, if requested by the Company or the Trustee, the receipt by the
Trustee or its agent of an Opinion of Counsel, certification and/or other information satisfactory to each of them; and 

(3)    a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest
therein to a non-U.S. person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C from the proposed transferor and, if requested by
the Company or the Trustee, the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them. 

After the Resale Restriction Termination Date, interests in a Rule 144A Note or an Institutional Accredited Investor Note may be transferred
in accordance with applicable law without requiring the certifications set forth under Exhibit C or Exhibit D or any additional certification. 

(b)    The following provisions shall apply with respect to any proposed transfer of a Regulation S Note
prior to the date which is 40 days after the later of the Issue Date, the closing date of the issuance of any Additional Notes and when the Notes or any predecessor of the Notes are first offered to Persons other than distributors (as defined in
Rule 902 of Regulation S) in reliance on Regulation S (the “Restricted Period”): 

(1)    a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the
representation of the transferee, in the form of assignment as set forth on the reverse of the Note, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any
such account is a QIB, and is aware that the sale to it 

  
 39 

 
is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; 

(2)    a transfer of a Regulation S Note or a beneficial interest therein to an IAI shall be made upon
receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit D from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an Opinion of Counsel, certification and/or
other information satisfactory to each of them; and 
 (3)    a transfer of a Regulation S Note or a
beneficial interest therein to a non-U.S. person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C hereof from the proposed
transferor and, if requested by the Company or the Trustee, receipt by the Trustee or its agent of an Opinion of Counsel, certification and/or other information satisfactory to each of them. 

After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without
requiring the certifications set forth under Exhibit C or Exhibit D or any additional certification 

(c)    In the event that a Global Note is exchanged for Notes in certificated, registered form pursuant to
Section 2.6, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses (a) and (b) of this Section 2.15 above (including the certification requirements intended
to ensure that such transfers comply with Rule 144A or Regulation S, as the case may be) and such other procedures as may from time to time be adopted by the Company and notified to the Trustee in writing. 

(d)    Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing the
Restricted Notes Legend, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the Registrar shall deliver only Notes that bear the
Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act. 
 (e)    Regulation S Legend. Upon the
transfer, exchange or replacement of Notes not bearing the Regulation S Legend, the Registrar shall deliver Notes that do not bear the Regulation S Legend. Upon the transfer, exchange or replacement of Notes bearing the Regulation S Legend, the
Registrar shall deliver only Notes that bear the Regulation S Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related restrictions on
transfer are required in order to maintain compliance with the provisions of the Securities Act. 

  
 40 

 (f)    General. By its acceptance of any Note
bearing the Restricted Notes Legend or the Regulation S Legend, as applicable, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend or the Regulation S
Legend, as applicable, and agrees that it shall transfer such Note only as provided in this Indenture. A transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a certificated Note or a beneficial
interest in another Global Note shall be subject to compliance with applicable law and the applicable procedures of the Depositary but is not subject to any procedure required by this Indenture. 

In connection with any proposed transfer pursuant to Regulation S or pursuant to any other available exemption from the registration
requirements of the Securities Act (other than pursuant to Rule 144A), the Company may require the delivery of an Opinion of Counsel, other certifications or other information satisfactory to the Company. 

The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.15. 

SECTION 2.16.    Issuance of Additional Notes. The Company shall be entitled to issue Additional Notes
in an unlimited aggregate principal amount under this Indenture that shall have identical terms as the Initial Notes, other than with respect to the date of issuance, issue price, first interest payment date applicable thereto, first date from which
interest will accrue, transfer restrictions, any registration rights agreement and additional interest with respect thereto; provided that such issuance is not prohibited by the terms of this Indenture, including Section 4.9 and
provided, further, that if any Additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, as determined by the Company, such Additional Notes will have a separate CUSIP and ISIN numbers. The Initial
Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture. 
 With respect to any Additional
Notes, the Company shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee, the following information: 

(1)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this
Indenture; 
 (2)    the issue price, the issue date, the CUSIP and/or ISIN number of such Additional Notes, the first
interest payment date and the amount of interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue; 

(3)    whether such Additional Notes shall be Transfer Restricted Notes; and 

(4)    that such issuance is not prohibited by this Indenture. 

The Trustee shall, upon receipt of the Officers’ Certificate, authenticate the Additional Notes in accordance with the provisions of
Section 2.2 of this Indenture. 

  
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 ARTICLE III 

REDEMPTION AND PREPAYMENT 

SECTION 3.1.    Notices to Trustee. If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.7, it shall furnish to the Trustee, at least five Business Days (or such shorter period as is acceptable to the Trustee) before sending a notice of such redemption, an Officers’ Certificate setting forth
the (i) the paragraph of the Notes and/or section of this Indenture pursuant to which the redemption shall occur, (ii) redemption date (which, in the case of a redemption subject to conditions, may be subject to extension until such
conditions are satisfied), (iii) principal amount of Notes to be redeemed and (iv) the redemption price or the method for determining the redemption price. 

SECTION 3.2.    Selection of Notes to Be Redeemed. In the event that less than all of the Notes are to
be redeemed at any time, the Trustee shall select the Notes (or portions of Notes) to be redeemed among the Holders in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the
Notes are not then listed on a national security exchange, on a pro rata basis (except that any Notes represented by a Global Note will be redeemed by such method the Depositary may require); provided, however, that no Notes of $2,000
in original principal amount or less shall be redeemed in part. Notwithstanding anything to the contrary stated herein, to the extent any such Notes are held in the form of Global Notes, the Notes to be redeemed shall be selected in accordance with
the applicable procedures and requirements of DTC. 
 SECTION 3.3.    Notice of Redemption. The
Company shall mail or cause to be mailed (in each case sent by first class mail) in accordance with Section 11.1 and, in the case of Global Notes given in accordance with DTC procedures, a notice of redemption (other than a Special Mandatory
Redemption) pursuant to Section 3.7 to each Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), at least ten days but not more than 60 days before the expected redemption date (except that notices may
be delivered more than 60 days before a redemption date if the notice is issued in accordance with Article VIII) (which, in the case of a redemption subject to conditions, may be subject to extension of not more than three months until such
conditions are satisfied). 
 The notice shall identify the Notes to be redeemed (including the name of the Notes, the series,
“CUSIP” numbers and corresponding “ISINs,” if applicable, interest rate, maturity date and, if known, certificate numbers) and shall state: 

(1)    the redemption date (which, in the case of a redemption subject to conditions, may be subject to
extension until such conditions are satisfied); 
 (2)    the redemption price (or the method by which it
is to be determined); 
 (3)    if any Note is being redeemed in part, the portion of the principal
amount of such Note 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 shall be issued upon cancellation of the original Note (or appropriate
adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate); 

  
 42 

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

(5)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price; 
 (6)    that, unless the Company defaults in making such redemption payment, interest, if any,
on Notes called for redemption ceases to accrue on and after the redemption date; 
 (7)    the paragraph
of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; 

(8)    that no representation is made as to the correctness or accuracy of the CUSIP number and ISIN
number, if any, listed in such notice or printed on the Notes; and 
 (9)    any conditions precedent to
such redemption. 
 At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name and at
the Company’s expense; provided, however, that the Company shall have delivered to the Trustee, at least five Business Days prior to the date of the giving of the notice of redemption (or such shorter period as is acceptable to
the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in the notice as provided in the preceding paragraph. The notice sent in the manner herein provided shall be
deemed to have been duly given whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note shall not affect the validity of the proceeding for the redemption of any
other Note. 
 SECTION 3.4.    Effect of Notice of Redemption. Subject to the next paragraph, once
notice of redemption is delivered in accordance with Section 3.3, Notes called for redemption become due and payable on the redemption date at the applicable redemption price. 

Any redemption notice may, at the Company’s discretion, be subject to the satisfaction or waiver of one or more conditions precedent,
including completion of an Equity Offering or other corporate transaction. In addition, if such redemption is subject to satisfaction or waiver of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the
redemption date may be delayed until such time as any or all such conditions shall be satisfied or waived, 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
or waived by the redemption date, or by the redemption date so delayed. The Company shall provide written notice of the satisfaction or waiver of such conditions, the delay of such redemption date or the rescission of such notice of redemption to
the Trustee no later than the redemption date, and upon receipt the Trustee shall provide such notice to each holder of the Notes in the same manner in which the notice of redemption was given. 

SECTION 3.5.    Deposit of Redemption Price. On or before 11:00 a.m. (New York City time) on the
redemption date, the Company shall deposit with the Trustee or with the Paying Agent (other than the Company or an Affiliate of the Company) money sufficient to pay the redemption price, together with accrued and unpaid interest, if any, to the
applicable redemption date on all 

  
 43 

 
Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption price and accrued and unpaid interest, if any, to the applicable redemption date on all Notes to be redeemed. 

If the Company has deposited with the Trustee or Paying Agent money sufficient to pay the redemption price of, and unpaid and accrued
interest, if any, on, all Notes to be redeemed, on and after the redemption, interest shall cease to accrue on the Notes or the portions of Notes called for redemption (regardless of whether certificates for such securities are actually
surrendered). If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest 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 Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the
redemption until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case, at the rate provided in the Notes and in Section 4.1. 

SECTION 3.6.    Notes Redeemed in Part. Upon surrender and cancellation of a Note that is redeemed in
part, the Company shall issue and, upon the written request of an Officer of the Company, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note
surrendered and canceled; provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 

SECTION 3.7.    Optional Redemption. 

(a)    The Notes may be redeemed, in whole or in part, at any time or from time to time prior to
June 15, 2024 at the option of the Company, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, 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). 

(b)    At any time or from time to time on or after June 15, 2024, the Company, at its option, may
redeem the Notes in whole or in part, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, together with accrued and unpaid interest thereon, if any, 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), if redeemed during the 12-month period beginning on
June 15 of the years indicated below: 
  

					
	 Year
	  	Redemption Price	 
	 2024
	  	 	102.063	% 
	 2025
	  	 	101.031	% 
	 2026 and thereafter
	  	 	100.000	% 

  
 44 

 (c)    In the event that before June 15, 2024, the
Company receives net cash proceeds from one or more Equity Offerings, the Company may use an amount not greater than the amount of such net cash proceeds to redeem up to 40.0% of the original aggregate principal amount of all Notes issued
(calculated after giving effect to any issuance of Additional Notes) at a redemption price of 104.125% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the
rights of Holders of Notes on the relevant regular record date to receive interest due on the relevant interest payment date that is on or prior to the applicable redemption date); provided that: 

(1)    at least 50.0% of the aggregate principal amount of all Notes issued on the Issue Date remains
outstanding immediately after giving effect to each such redemption; and 
 (2)    the redemption occurs
not more than 120 days after the date of the closing of any such Equity Offering. 
 (d)    If Holders of
not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in connection with any tender offer or other offer to purchase the Notes (including pursuant to a Change of Control Offer,
Alternate Offer or an offer to purchase with the proceeds from any Asset Disposition) and the Company, or any other Person making such offer in lieu of the Company, purchases all of the Notes validly tendered and not validly withdrawn by such
Holders, the Company will have the right, upon not less than ten nor more than 60 days’ prior notice, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash equal to the applicable price paid to
holders in such purchase, plus accrued and unpaid 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 an interest payment date that is on or prior
to the date of redemption). 
 (e)    Nothing in this Indenture shall limit the ability of the Company or
its Affiliates to purchase or acquire Notes in open-market purchases, tender or exchange offers or other negotiated transactions or otherwise. 

SECTION 3.8.    Special Mandatory Redemption. 

(a)    If (i) the consummation of the Acquisition does not occur on or before July 31, 2021 (or
such later date if the end date is extended under the Acquisition Agreement) (the “End Date”) or (ii) the Company delivers a notice to the Trustee stating it has determined that the consummation of the Acquisition will not
occur on or before the End Date (the earlier of the date of delivery of such notice and the End Date, the “Acquisition Deadline”), the Company will be required to redeem all of the Notes issued on the Issue Date (the
“Special Mandatory Redemption”). The Special Mandatory Redemption will be required to occur by a date no later than ten days after the Acquisition Deadline, upon three days’ notice (the “Special Mandatory Redemption
Date”) and at a redemption price equal to 100% of aggregate principal amount of the Notes, plus accrued and unpaid interest on the Notes being redeemed, if any, to, but excluding, the Special Mandatory Redemption

  
 45 

 
Date (the “Special Mandatory Redemption Price”). The Company will promptly, and in any event not more than three business days after the Acquisition Deadline, deliver notice of
the Special Mandatory Redemption to the Trustee, who will then promptly deliver such notice to each Holder of Notes at its registered address or, with respect to Global Notes, in accordance with DTC procedures. If funds sufficient to pay the Special
Mandatory Redemption Price of the Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or the Paying Agent on or before such Special Mandatory Redemption Date, then on and after such Special Mandatory
Redemption Date, the aggregate principal amount of Notes being redeemed will cease to bear interest. 
 (b)
    Subject to Section 3.8(a) hereof, upon the occurrence of the closing of the Acquisition, the foregoing provisions regarding the Special Mandatory Redemption will cease to apply. 

ARTICLE IV 
 COVENANTS 

SECTION 4.1.    Payment of Notes. 

(a)    The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the
Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date the Trustee or the Paying Agent (if other than the Company or a Subsidiary thereof)
holds, as of 11:00 a.m. (New York City time) on the relevant payment date, U.S. dollars deposited by the Company in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and interest then due. 

(b)    The Company 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; it 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 period), at the same rate to the extent lawful. 

SECTION 4.2.    Maintenance of Office or Agency. The Company shall maintain an office or agency in the
United States where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company and the Subsidiary Guarantors in respect of the Notes and this Indenture may be served. The Company 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 Company 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 of the Trustee. 

The Company 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 Company of its obligation to maintain an office or agency in the United States for such
purposes. The Company 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. 

  
 46 

 The Company hereby designates the Corporate Trust Office of the Trustee as one such office
or agency of the Company in accordance with Section 2.3. 
 SECTION 4.3.    Provision of Financial
Information.  
 (a)    Whether or not the Company is subject to Section 13(a) or
15(d) of the Exchange Act, or any successor provision thereto, the Company shall provide to the Trustee and Holders the annual reports, quarterly reports and other reports which the Company would have been required to file with the SEC pursuant to
such Section 13(a) or 15(d), or any successor provision thereto if the Company were so required, such documents to be provided to the Trustee and Holders on or prior to the respective dates (the “Required Filing Dates”) by
which the Company would have been required to file such documents with the SEC if the Company were so required; provided that any such reports and documents filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval
system (“EDGAR”) (or any successor system) or made publicly available on the Company’s website shall be deemed to have been delivered to the Trustee and the Holders of Notes for purposes of the foregoing requirements. 

(b)    So long as any of the Notes remain outstanding, if at any time the Company is not subject to
Section 13(a) or 15(d) under the Exchange Act, the Company will make available to any prospective purchaser of Notes or beneficial owner of Notes, upon their request, the information required by Rule 144A(d)(4) under the Securities Act, until
such time as the Holders of the Notes, other than Holders that are Affiliates of the Company, are able to sell all such Notes immediately without restriction pursuant to the provisions of Rule 144 under the Securities Act, or any successor provision
thereto. 
 (c)    The Company may satisfy its obligations under this Section 4.3 with respect to
financial information relating to the Company by furnishing financial information relating to any Parent Company; provided that if and so long as such Parent Company has Independent Assets or Operations, the same is accompanied by
consolidating information (which need not be audited) that explains in reasonable detail the differences between the information relating to such Parent Company, on the one hand, and the information relating to the Company and its Restricted
Subsidiaries on a stand-alone basis, on the other hand. The Company will be deemed to have furnished the reports referred to in this Section 4.3 if the Company or any Parent Company has filed the corresponding reports containing such
information relating to the Company or such Parent Company with the SEC via the EDGAR filing system (or any successor system). 

(d)    Any and all Defaults or Events of Default arising from a failure to furnish in a timely manner any
information required by this covenant shall be deemed cured (and the Company shall be deemed to be in compliance with this covenant) upon furnishing such information as contemplated by this covenant (but without regard to the date on which such
financial statement or report is so furnished). 

  
 47 

 (e)    Delivery of reports and documents to the Trustee
is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive knowledge or notice of any information contained therein or determinable from information contained therein, including the
Company’s or any Subsidiary Guarantor’s, as the case may be, compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates of the Company). The Trustee
shall have no obligation or responsibility to determine whether the Company is required to file any reports or other information with the SEC, whether the Company’s information is available on EDGAR (or any successor system) or the
Company’s website or whether the Company has otherwise delivered any notice or report in accordance with the requirements specified in this Section 4.3. 

SECTION 4.4.    Compliance Certificate. The Company shall deliver to the Trustee, within 120 days after
the end of each fiscal year beginning with the fiscal year ending December 31, 2021, an Officers’ Certificate stating that, as to each such Officer signing such certificate, to his or her knowledge, the Company is not in default in the
performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what
action the Company is taking or proposes to take with respect thereto). 
 The Company shall, so long as any of the Notes are outstanding,
deliver to the Trustee, within 30 days after any Officer becomes aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with
respect thereto. 
 SECTION 4.5.    Taxes. The Company shall pay, and shall cause each of its
Subsidiaries to pay, prior to delinquency all material taxes, assessments and governmental levies, except such as are contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been taken in accordance
with GAAP or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

SECTION 4.6.    Stay, Extension and Usury Laws. The Company and each of the Subsidiary Guarantors
covenants (to the extent that it may lawfully do so) that it 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 Company and each of the Subsidiary Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it 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 4.7.    Limitation on Restricted Payments. 

(a)    The Company shall not, and shall not permit any Restricted Subsidiary to: 

(1)    directly or indirectly, declare or pay any dividend on, or make any distribution (including any
payment in connection with any merger or consolidation 

  
 48 

 
derived from assets of the Company or any Restricted Subsidiary) in respect of its Capital Stock or to the holders thereof in their capacity as holders of Capital Stock, other than: 

(i)    any dividends or distributions by the Company payable solely in shares of its Capital Stock (other
than Redeemable Stock) or in options, warrants or other rights to acquire its Capital Stock (other than Redeemable Stock); and 

(ii)    in the case of a Restricted Subsidiary, dividends or distributions payable to the Company or a
Restricted Subsidiary or, in the case of dividends or distributions made by a Restricted Subsidiary that is not wholly owned, dividends or distributions are made on a pro rata basis (or on a basis more favorable to the Company); 

(2)    purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company or any
parent thereof, other than in exchange for Capital Stock (other than Redeemable Stock) of the Company or any parent thereof; 

(3)    make any Investment in any Person, other than a Permitted Investment; and 

(4)    redeem, repurchase, defease, prepay or otherwise acquire or retire for value, prior to any scheduled
maturity, repayment or sinking fund payment, any Subordinated Debt (other than Debt owed by the Company or any Restricted Subsidiary of the Company to another Restricted Subsidiary of the Company or the Company, or any such payment on Debt due
within one year of the date of redemption, repurchase, defeasance, prepayment, decrease or other acquisition or retirement) 
 (each of
clauses (1) through (4) above being a “Restricted Payment”) unless: 
 (i)    no
Event of Default, or an event that with the passing of time or the giving of notice, or both, would constitute an Event of Default, has occurred and is continuing or would result from such Restricted Payment; 

(ii)    after giving pro forma effect to such Restricted Payment as if such Restricted Payment had been
made at the beginning of the applicable four-fiscal-quarter period, the Company could Incur at least $1.00 of additional Debt pursuant to Section 4.9(a); and 

(iii)    upon giving effect to such Restricted Payment, the aggregate of all Restricted Payments declared
or made subsequent to the Existing Notes Issue Date (other than pursuant to clauses (2) and (4) through (12) of Section 4.7(b)) does not exceed the sum of: 

(1)    an amount (which may not be less than zero) equal to 50% of cumulative Consolidated Net Income (or,
in the case Consolidated Net 

  
 49 

 
Income shall be negative, less 100% of such deficit) of the Company since July 1, 2020 through the last day of the last full fiscal quarter ending immediately preceding the date of such
Restricted Payment for which quarterly or annual financial statements are publicly available (taken as a single accounting period); plus 

(2)    (i) 100% of the aggregate net cash proceeds, and the Fair Market Value of property other than cash,
in each case received by the Company or a Restricted Subsidiary after the Existing Notes Issue Date from contributions of capital or the issuance and sale (other than to a Subsidiary of the Company and Excluded Contributions) of Capital Stock (other
than Redeemable Stock) of the Company or any options, warrants or other rights to acquire Capital Stock (other than Redeemable Stock) of the Company, or any net payment received by the Company in connection with the termination or settlement of
options relating to its Capital Stock; provided that any such net proceeds received by the Company from an employee stock ownership plan financed by loans from the Company or a Subsidiary of the Company shall be included only to the extent
such loans have been repaid with cash on or prior to the date of determination, (ii) 100% of the aggregate net cash proceeds received by the Company after the Existing Notes Issue Date from the issuance and sale of convertible or exchangeable Debt
of the Company that has been converted into or exchanged for Capital Stock (other than Redeemable Stock and other than by or from a Subsidiary of the Company and Excluded Contributions) of the Company; provided that any such net proceeds
received by the Company from an employee stock ownership plan financed by loans from the Company or a Subsidiary of the Company shall be included only to the extent such loans have been repaid with cash on or prior to the date of determination, and
(iii) without duplication, any reduction of Debt on the balance sheet of the Company to the extent such Debt is converted into or exchanged for Capital Stock of the Company (other than Redeemable Stock) after the Existing Notes Issue Date; plus

 (3)    in the case of a disposition, liquidation or repayment (including by way of dividends) of
Investments by the Company and its Restricted Subsidiaries, subsequent to the Existing Notes Issue Date, in any Person subject to clause (3) above, an amount (to the extent not included in Consolidated Net Income) equal to the lesser of the
return on capital with respect to such Investment and the initial amount of such Investment, in either case, less the cost of the disposition of such Investment and net of taxes; plus 

(4)    in the case of a designation of an Unrestricted Subsidiary as a Restricted Subsidiary, the Fair
Market Value of the Company’s interest in such Subsidiary; plus 
 (5)    $50.0 million. 

  
 50 

 (b)    Notwithstanding the foregoing,
Section 4.7(a) will not prohibit: 
 (1)    payment of any dividend on Capital Stock of any class
within 60 days after the declaration thereof, or redemption of any Subordinated Debt within 30 days after giving notice of redemption thereof, if, on the date when the dividend was declared or such notice of redemption given, the Company or such
Restricted Subsidiary could have paid such dividend or redeemed such Subordinated Debt in accordance with this Section 4.7; 

(2)    repayment or refinancing of any Subordinated Debt with Permitted Refinancing Debt, or any Restricted
Payment made in exchange for, by conversion into or out of the net proceeds of the substantially concurrent sale (other than from or to a Subsidiary of the Company or from or to an employee stock ownership plan financed by loans from the Company or
a Subsidiary of the Company) of shares of Capital Stock (other than Redeemable Stock) of the Company; 

(3)    [reserved]; 

(4)    the acquisition of shares of Capital Stock in connection with (x) the exercise of employee or
director stock options or stock appreciation rights by way of cashless exercise and the withholding of a portion of such Capital Stock to pay taxes associated therewith, and (y) the purchase of fractional shares of Capital Stock of the Company
or any Restricted Subsidiary arising out of stock dividends, splits or combinations or business combinations, or in connection with the exercise of warrants, options or other securities convertible or exchangeable for Capital Stock of the Company or
any Restricted Subsidiary; 
 (5)    the acquisition of shares of the Company’s or any Parent
Company’s Capital Stock pursuant to equity repurchases from future, present or former directors, officers or employees in an amount of up to $5.0 million per any calendar year (and any portion of such $5.0 million not used in any
calendar year may be carried forward to the next succeeding calendar year); 
 (6)    dividends on
Redeemable Stock of the Company or a Restricted Subsidiary, or dividends on Preferred Stock of a Restricted Subsidiary, in each case incurred in compliance with Section 4.9; 

(7)    the payment of cash in lieu of the issuance of Capital Stock in connection with the conversion,
retirement, repurchase or redemption of any series of convertible debt securities of the Company or its Restricted Subsidiaries; 

(8)    upon the occurrence of a Change of Control, an Alternate Offer or an Asset Disposition and after the
completion of the Offer to Purchase under Section 4.10 or 4.13 (including the purchase of all Notes tendered and required to be purchased), any purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of
Subordinated Debt, Redeemable Stock or Preferred Stock required under the terms thereof as a result of such Change of Control, Alternate Offer or Asset Disposition at a purchase or redemption price not to exceed

  
 51 

 
101% (in the case of a Change of Control) or 100% (in the case of an Asset Disposition) of the outstanding principal amount thereof, plus accrued and unpaid interest thereon, if any;
provided that, in the case of an Asset Disposition, such purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of Subordinated Debt, Redeemable Stock or Preferred Stock does not exceed the Net Available
Proceeds from such Asset Disposition; 
 (9)    the payment of the deferred purchase price or earn-outs,
including holdbacks (and the receipt of any corresponding consideration therefor), or payments with respect to fractional shares, in each case in connection with an acquisition to the extent such payment would have been permitted by this Indenture
at the time of such acquisition; 
 (10)    Permitted Payments to Parent; 

(11)    any payment that is intended to prevent any Debt from being treated as an “applicable high
yield discount obligation” within the meaning of Section 163(i)(1) of the Internal Revenue Code of 1986, as amended; 

(12)    the declaration and payment of dividends on the Company’s Capital Stock (or the payment of
dividends to any direct or indirect parent of the Company to fund the payment by any direct or indirect parent of the Company of dividends on such entity’s Capital Stock) of up to 6.00% per annum of the gross cash proceeds, net of any
underwriting spread paid in cash, received by the Company from any public offering of Capital Stock or contributed to the Company by any direct or indirect parent of the Company from any public offering of Capital Stock, other than public offerings
with respect to the Company’s Capital Stock registered on Form S-4 or S-8 or successor form thereto and other than any public sale constituting an Excluded
Contribution; 
 (13)    Restricted Payments that are made with Excluded Contributions; 

(14)    Restricted Payments in an aggregate amount such that, after giving pro forma effect thereto, the
Total Net Leverage Ratio of the Company would not exceed 3.50 to 1.00; and 
 (15)    other Restricted
Payments in an aggregate amount not to exceed the greater of (x) $50.0 million and (y) 2.75% of Consolidated Total Assets in any fiscal year; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (5), (6), (8),
(12), (14) and (15), no Default shall have occurred and be continuing or would otherwise occur as a consequence thereof. 

(c)    For purposes of determining compliance with this Section 4.7, if a Restricted Payment meets the
criteria of more than one of the types of Restricted Payments described in clauses (1) through (15) of Section 4.7(b) or pursuant to Section 4.7(a), the Company, in its sole discretion, may order and classify, and subsequently reorder
and reclassify, such Restricted Payment in any manner in compliance with this Section 4.7. 

  
 52 

 SECTION 4.8.    Limitation on Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries. 
 (a) The Company shall not, and shall not
permit any Restricted Subsidiary to, directly or indirectly, create or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary: 

(1)    to pay dividends (in cash or otherwise) or make any other distributions in respect of its Capital
Stock owned by the Company or any other Restricted Subsidiary or pay any Debt or other obligation owed to the Company or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends,
distributions or liquidating distributions prior to dividends, distributions or liquidating distributions being paid on Capital Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock); 

(2)    to make loans or advances to the Company or any other Restricted Subsidiary; or 

(3)    otherwise to transfer any of its property or assets to the Company or any other Restricted
Subsidiary. 
 (b)    Notwithstanding the restrictions in Section 4.8(a), the Company may, and may
permit any Restricted Subsidiary to, suffer to exist any such encumbrance or restriction: 

(1)    pursuant to any agreement in effect on the Issue Date (including the Senior Credit Facilities); 

(2)    pursuant to (i) this Indenture, the Notes and the Subsidiary Guarantees and (ii) the
Existing Notes Indenture, the Existing Notes and the related subsidiary guarantees; 
 (3)    pursuant to
an agreement relating to any Debt Incurred by or Capital Stock of a Person (other than a Restricted Subsidiary existing on the Issue Date or any Restricted Subsidiary carrying on any of the businesses of any such Restricted Subsidiary) prior to the
date on which such Person became a Restricted Subsidiary and outstanding on such date and not Incurred in connection with, or anticipation of, becoming a Restricted Subsidiary; provided that the Incurrence of such Debt was permitted under
Section 4.9; 
 (4)    pursuant to an agreement effecting a renewal, refunding, replacement,
refinancing or extension of Debt Incurred pursuant to an agreement referred to in clause (1) or (3) of this Section 4.8(b); provided, however, that the provisions contained in such renewal, refunding, replacement, refinancing
or 

  
 53 

 
extension agreement relating to such encumbrance or restriction are not materially more restrictive, taken as a whole, than the provisions contained in the agreement being renewed, refunded,
replaced, refinanced or extended; 
 (5)    in the case of a restriction described in clause (3) of
Section 4.8(a), contained in any security agreement securing Debt of a Restricted Subsidiary otherwise permitted under this Indenture, but only to the extent such restrictions restrict the transfer of the assets or property subject to such
security agreement; provided that any such encumbrance or restriction is released to the extent the underlying Lien is released or the related Debt repaid; 

(6)    customary restrictions in leases (including capital leases), subleases, licenses, sublicenses,
security agreements or mortgages or other purchase money obligations for property acquired in the ordinary course of business that impose restrictions on the property purchased or leased of the nature described in clause (3) of
Section 4.8(a); 
 (7)    Liens permitted to be incurred pursuant to Section 4.12 that limit
the right of the debtor to dispose of the assets subject to such Liens; 
 (8)    with respect to a
Restricted Subsidiary, imposed pursuant to an agreement which has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary, provided that such restriction
terminates if such transaction is closed or abandoned; 
 (9)    in bona fide contracts for the sale of
any property or assets; 
 (10)    any encumbrance or restriction contained in the terms of any Debt or
Capital Stock otherwise permitted to be Incurred under this Indenture if the Company determines that any such encumbrance or restriction either (i) will not materially affect the Company’s ability to make principal or interest payments on
the Notes and such restrictions are not materially less favorable to Holders of Notes than is customary in comparable financings or (ii) are not materially more restrictive, taken as a whole, with respect to any Restricted Subsidiary than those
in effect on the Issue Date with respect to that Restricted Subsidiary pursuant to agreements in effect on the Issue Date or those contained in this Indenture or the Senior Credit Facilities, in each case as determined in good faith by the Board of
Directors or an Officer of the Company; 
 (11)    restrictions applicable to Foreign Subsidiaries in
agreements or instruments governing Debt of Foreign Subsidiaries; 
 (12)    if such encumbrance or
restriction is the result of applicable laws or regulations; 
 (13)    customary provisions in joint
venture agreements and other similar agreements entered into in the ordinary course of business; 

  
 54 

 (14)    restrictions on cash or other deposits imposed
by customers under contracts entered into in the ordinary course of business; or 
 (15)    customary
provisions restricting assignment of any agreement entered into in the ordinary course of business. 

SECTION 4.9.    Limitation on Debt. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, Incur any Debt except that the Company and any
Restricted Subsidiary may Incur Debt if after giving pro forma effect to the Incurrence of such Debt and the receipt and application of the proceeds thereof the Consolidated Coverage Ratio of the Company would be not less than 2.00 to 1.00
(“Ratio Debt”); provided that the aggregate principal amount of Debt incurred by Restricted Subsidiaries that are not Subsidiary Guarantors pursuant to this Section 4.9(a) shall not exceed $75.0 million. 

(b)    Notwithstanding the above, the following Debt may be Incurred (collectively, the “Permitted
Debt”): 
 (1)    Debt of the Company or any Restricted Subsidiary under one or more Debt
Facilities in an aggregate principal amount Incurred under this clause (1) at any one time outstanding not to exceed the greater of (x) $1,000.0 million and (y) an amount such that, after giving pro forma effect thereto, the Secured
Net Leverage Ratio (treating all Debt Incurred under this clause (1) as secured by Liens on the assets of the Company) of the Company and its Restricted Subsidiaries would not exceed 4.00 to 1.00, plus, in the case of any refinancing of any
Debt permitted under this clause (1) or any portion thereof, any increase in the amount of such Debt in connection with any refinancing expenses, accrued and unpaid interest, premiums and other costs and expenses incurred in connection
therewith; 
 (2)    [reserved]; 

(3)    [reserved]; 

(4)    Debt of the Company or any Restricted Subsidiary outstanding on the Issue Date and not otherwise
referred to in clause (1) of this Section 4.9(b), including the Existing Notes; 
 (5)    Debt
owed by the Company to any Restricted Subsidiary or Debt owed by a Restricted Subsidiary to the Company or a Restricted Subsidiary; provided, however, that: 

(A)    any such Debt owing by the Company or a Subsidiary Guarantor to a Restricted Subsidiary that is not
a Subsidiary Guarantor shall be expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes, and 

  
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 (B)    upon either the transfer or other disposition by
such Restricted Subsidiary or the Company of any Debt so permitted to a Person other than the Company or another Restricted Subsidiary or the issuance (other than directors’ qualifying shares), sale, lease, transfer or other disposition of
shares of Capital Stock (including by consolidation or merger) of such Restricted Subsidiary to a Person other than the Company or another Restricted Subsidiary such that it ceases to be a Restricted Subsidiary, the provisions of this clause
(5) shall no longer be applicable to such Debt and such Debt shall be deemed to have been Incurred at the time of such transfer or other disposition; 

(6)    Debt consisting of the Notes (other than any Additional Notes); 

(7)    the Subsidiary Guarantees and Guarantees by the Company or any Restricted Subsidiary of any Debt of
the Company or a Restricted Subsidiary permitted to be Incurred under this Indenture; 
 (8)    Debt of
the Company or any of its Restricted Subsidiaries represented by Capital Lease Obligations or purchase money obligations Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property,
plant or equipment used in the business of the Company or such Restricted Subsidiary, in an aggregate principal amount, including all Debt Incurred to refund or refinance any Debt Incurred pursuant to this clause (8), not to exceed, at any one time
outstanding, the greater of (x) $75.0 million and (y) 4.25% of Consolidated Total Assets determined at the time of Incurrence (it being understood that any Debt Incurred pursuant to this clause (8) shall cease to be deemed Incurred or
outstanding for purposes of this clause (8) but shall be deemed Incurred as Ratio Debt from and after the first date on which the Company or such Restricted Subsidiary could have Incurred such Debt as Ratio Debt without reliance on this clause
(8)); 
 (9)    Debt of the Company or any Restricted Subsidiary consisting of (i) Permitted
Interest Rate, Currency or Commodity Price Agreements and (ii) Cash Management Agreements entered into in the ordinary course of business; 

(10)    Permitted Acquisition Debt; 

(11)    Debt of Foreign Subsidiaries in an aggregate amount Incurred pursuant to this clause (11) at
any one time outstanding not to exceed the greater of (x) $50.0 million and (y) 2.75% of Consolidated Total Assets (it being understood that any Debt Incurred pursuant to this clause (11) shall cease to be deemed Incurred or outstanding
for purposes of this clause (11) but shall be deemed Incurred as Ratio Debt from and after the first date on which such Foreign Subsidiary could have Incurred such Debt as Ratio Debt without reliance on this clause (11)); 

  
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 (12)    Permitted Refinancing Debt which is exchanged
for or the proceeds of which are used to refinance or refund, or any extension or renewal of Debt Incurred pursuant to Section 4.9(a) or pursuant to clause (4), (6), (7), (8), (10), (18) or (19) of this definition of Permitted Debt,
subclause (y) of any of clause (11), (19) or (22) of this definition of Permitted Debt and this clause (12); 

(13)    Obligations arising from agreements by the Company or a Restricted Subsidiary to provide for
indemnification, purchase price closing adjustments, deferred compensation, earn-outs or other similar obligations, in each case, Incurred in connection with any Investment or the acquisition or disposition of any business, assets or Subsidiaries;

 (14)    Debt Incurred by the Company or its Restricted Subsidiaries under performance, bid, surety,
release, appeal and similar bonds and statutory obligations, Indebtedness in respect of workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance, self-insurance obligations, and
completion Guarantees (not for borrowed money) provided in the ordinary course of business, pursuant to reimbursement or indemnification obligations, in each case incurred in the ordinary course of business, and reimbursement obligations in respect
of any of the foregoing; 
 (15)    Debt Incurred in the ordinary course of business in connection with
the financing of insurance premiums; 
 (16)    Debt of the Company or any of its Restricted Subsidiaries
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business; 

(17)    Debt incurred and applied to repay the Notes; 

(18)    Debt in respect of promissory notes issued to current or former officers, directors and employees
(or their respective family members, estates or trusts or other entities for the benefit of any of the foregoing) of the Parent, the Company or their Subsidiaries to purchase or redeem Capital Stock or options of the Parent or the Company in an
aggregate principal amount not to exceed $5.0 million at any time outstanding (it being understood that any Debt Incurred pursuant to this clause (18) shall cease to be deemed Incurred or outstanding for purposes of this clause
(18) but shall be deemed Incurred as Ratio Debt from and after the first date on which the Company or such Restricted Subsidiary could have Incurred such Debt as Ratio Debt without reliance on this clause (18)); 

(19)    Debt Incurred on behalf of, or representing guarantees of Debt Incurred by, joint ventures;
provided that the aggregate principal amount of Debt Incurred or guaranteed pursuant to this clause (19) does not exceed the greater of (x) $50.0 million and (y) 2.75% of Consolidated Total Assets at any one time outstanding (it being
understood that any Debt Incurred pursuant to this clause (19) 

  
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shall cease to be deemed Incurred or outstanding for purposes of this clause (19) but shall be deemed Incurred as Ratio Debt from and after the first date on which the Company or such
Restricted Subsidiary could have Incurred such Debt as Ratio Debt without reliance on this clause (19)); 

(20)    Debt of a joint venture to the Company or a Restricted Subsidiary and to the other holders of
Capital Stock of, or participants in, such joint venture, so long as the percentage of the aggregate amount of such Debt of such joint venture owed to such holders of its Capital Stock or participants of such joint venture does not exceed the
percentage of the aggregate outstanding amount of the Capital Stock of such joint venture held by such holders or such participant’s participation in such joint venture; 

(21)    Debt in respect of letters of credit, bank Guarantees or similar instruments issued to support
performance obligations and trade letters of credit (other than obligations in respect of other Indebtedness) in the ordinary course of business and consistent with past practice or industry practices; and 

(22)    in addition to the items referred to in clauses (1) through (21) above, Debt of the Company or
any Restricted Subsidiary which, together with any other outstanding Debt Incurred pursuant to this clause (22), and including any renewals, extensions, substitutions, refinancings or replacements of such Debt, has an aggregate principal amount at
any one time outstanding not to exceed the greater of (x) $100.0 million and (y) 5.25% of Consolidated Total Assets determined at the time of Incurrence (it being understood that any Debt Incurred pursuant to this clause (22) shall cease
to be deemed Incurred or outstanding for purposes of this clause (22) but shall be deemed Incurred as Ratio Debt from and after the first date on which the Company or such Restricted Subsidiary could have Incurred such Debt as Ratio Debt
without reliance on this clause (22)). 
 (c)    For purposes of determining compliance with, and the
outstanding principal amount of any particular Debt Incurred pursuant to, and in compliance with, this Section 4.9: 

(1)    in the event that Debt meets the criteria of more than one of the types of Debt described in
Section 4.9(a) and Section 4.9(b) of this covenant, the Company, in its sole discretion, may classify such item of Debt on the date of Incurrence (or later classify or reclassify such Debt, in its sole discretion) in any manner permitted
by this covenant and shall only be required to include the amount and type of such Debt in one of such clauses; provided that all Debt outstanding on the Issue Date under the Senior Credit Facilities shall be deemed Incurred under subclause
(x) of Section 4.9(b)(1) and may not later be reclassified; 
 (2)    Guarantees of, or
obligations in respect of letters of credit relating to, Debt which is otherwise included in the determination of a particular amount of Debt shall not be included; 

  
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 (3)    the principal amount of any Redeemable Stock or
Preferred Stock of the Company or a Restricted Subsidiary will be equal to the greater of the maximum redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof; 

(4)    Debt permitted by this covenant need not be permitted solely by reference to one provision
permitting such Debt but may be permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Debt; 

(5)    any Receivables Sale shall be the amount for which there is recourse to the seller; and 

(6)    the amount of Debt issued at a price that is less than the principal amount thereof will be equal to
the amount of the liability in respect thereof determined in accordance with GAAP. 
 (d)    Accrual of
interest, accrual of dividends, the accretion of accreted value, the payment of interest in the form of additional Debt and the payment of dividends in the form of additional shares of Preferred Stock or Redeemable Stock will not be deemed to be an
Incurrence of Debt for purposes of this Section 4.9. 
 (e)    For purposes of determining
compliance with any U.S. dollar-denominated restriction on the Incurrence of Debt, the U.S. dollar-equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Debt was Incurred, in the case of term Debt, or first committed, in the case of revolving credit Debt; provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would
cause the applicable U.S. dollar-dominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so
long as the principal amount of such refinancing Debt does not exceed the principal amount of such Debt being refinanced. Notwithstanding any other provision of this Section 4.9, the maximum amount of Debt that the Company may Incur pursuant to
this Section 4.9 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. 

SECTION 4.10.    Limitation on Asset Dispositions. 

(a)    The Company shall not, and shall not permit any Restricted Subsidiary to, make any Asset Disposition
unless: 
 (1)    the Company or the Restricted Subsidiary, as the case may be, receives consideration
for such Asset Disposition at least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Disposition) for the assets or Capital Stock sold or disposed of; and 

(2)    at least 75% of the consideration for such Asset Disposition and all other Asset Dispositions since
the Issue Date on a cumulative basis consists of: 

  
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 (i)    cash or Cash Equivalents; 

(ii)    the assumption of Debt of the Company or such Restricted Subsidiary (other than Debt that is
subordinated to the Notes or such Restricted Subsidiary’s Subsidiary Guarantee) relating to such assets and release from all liability on the Debt assumed; 

(iii)    Replacement Assets; 

(iv)    Designated Noncash Consideration; or 

(v)    any combination of the foregoing; 

provided that the amount of any consideration received by the Company or such Restricted Subsidiary that is converted
into cash within 180 days of the closing of such Asset Disposition shall be deemed to be cash for purposes of this Section 4.10(a) (to the extent of the cash received). The foregoing clauses (1) or (2) of this Section 4.10(a) shall
not apply with respect to any condemnation, event of loss or other involuntary Asset Disposition. 

(b)    Within 365 days after the receipt of any Net Available Proceeds from an Asset Disposition, the
Company (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Available Proceeds at its option, in any combination of the following: 

(1)    to repay, repurchase or otherwise retire (i) any Debt of the Company or any Subsidiary
Guarantor that is not Subordinated Debt or (ii) any Debt of any Restricted Subsidiary of the Company that is not a Subsidiary Guarantor; in each case, other than Debt owed to the Company or a Restricted Subsidiary of the Company; 

(2)    to acquire Replacement Assets or make capital expenditures; provided that the Company or such
Restricted Subsidiary will be deemed to have complied with its obligations under this Section 4.10(b) if it enters into a binding commitment to acquire Replacement Assets prior to 365 days after the receipt of the applicable Net Available
Proceeds and such acquisition of Replacement Assets is consummated prior to 545 days after the date of receipt of the applicable Net Available Proceeds; provided, further, that upon any abandonment or termination of such commitment,
the Net Available Proceeds not so applied shall constitute Excess Proceeds and be applied as set in clause (c) below; or 

(3)    any combination of the foregoing. 

(c)    Any Net Available Proceeds that are not applied or invested as provided in Section 4.10(b) will
constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, or earlier, at the Company’s election, the Company will apply the Excess Proceeds to the repayment of the Notes and any
other Pari Passu Debt outstanding with similar provisions requiring the Company to make an Offer to Purchase such Debt with the proceeds from any Asset Disposition as follows: 

  
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 (1)    the Company will make an Offer to Purchase from
all Holders of the Notes in accordance with the procedures set forth in this Indenture in the maximum principal amount (expressed in amounts of $2,000 or integral multiples of $1,000 in excess thereof) of Notes that may be purchased out of an amount
(the “Note Amount”) equal to the product of such Excess Proceeds multiplied by a fraction, the numerator of which is the outstanding principal amount of the Notes, and the denominator of which is the sum of the outstanding principal
amount of the Notes and such Pari Passu Debt (subject to proration in the event such amount is less than the aggregate Offered Price for all Notes tendered); and 

(2)    to the extent required by such Pari Passu Debt, the Company will make an offer to purchase or
otherwise repurchase or redeem Pari Passu Debt (a “Pari Passu Offer”) in an amount (the “Pari Passu Debt Amount”) equal to the excess of the Excess Proceeds over the Note Amount. However, in no event will the
Company be required to make a Pari Passu Offer in a Pari Passu Debt Amount exceeding the principal amount of such Pari Passu Debt plus the amount of any premium required to be paid to repurchase such Pari Passu Debt. 

The offer price for the Notes will be payable in cash in an amount equal to 100% of the principal amount of the Notes plus
accrued and unpaid interest, if any, to, but excluding, the date (the “Offer Date”) such Offer to Purchase is consummated (the “Offered Price”), in accordance with the procedures set forth in this Indenture. To the
extent that the aggregate Offered Price of the Notes tendered pursuant to the Offer to Purchase is less than the Note Amount relating to the tendered Notes or the aggregate amount of Pari Passu Debt that is purchased in a Pari Passu Offer is less
than the Pari Passu Debt Amount, the Company may use any remaining Excess Proceeds for any purpose. If the aggregate principal amount of Notes and Pari Passu Debt surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee
shall select the Notes and Pari Passu Debt to be purchased on a pro rata basis; provided, that, in the case of Global Notes, beneficial interests in such Notes shall be repurchased on a pro rata basis based on amounts tendered only if such
proration is consistent with the procedures of the applicable Depositary; otherwise, such beneficial interests shall be selected for repurchase in accordance with such procedures. Upon the completion of the purchase of all the Notes tendered
pursuant to an Offer to Purchase and the completion of a Pari Passu Offer, the amount of Excess Proceeds, if any, shall be reset at zero. 

(d)    If the Purchase Date is on or after an interest record date and on or before the related interest
payment date, any accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on such record date and will not be paid as part of the Offered
Price. If the Company becomes obligated to make an Offer to Purchase pursuant to this Section 4.10, the Notes (in amounts of $2,000 and integral multiples of $1,000 in excess thereof), and the Pari Passu Debt shall be purchased by the Company,
at the option of the Holders thereof, in whole or in part, on a date that is not earlier than 30 days and not later than 60 

  
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days from the date the notice of the Offer to Purchase is given to Holders, or such later date as may be necessary for the Company to comply with the requirements under the Exchange Act. 

(e)    Notwithstanding anything to the contrary set forth herein, to the extent that repatriation to the
United States of any or all of the Net Available Proceeds of any Asset Disposition by a Foreign Subsidiary (x) is prohibited or delayed by applicable local law or (y) would result in material adverse tax consequences (taking into account
any foreign tax credit or other net benefit actually realized in connection with such repatriation that would not otherwise be realized), as determined by the Company in its sole discretion, the portion of such Net Available Proceeds so affected
will not be required to be applied in compliance with this covenant, and such amounts may be retained by the applicable Foreign Subsidiary; provided that clause (x) of this Section 4.10(e) shall apply to such amounts for so long,
but only for so long, as the applicable local law will not permit repatriation to the United States (the Company hereby agreeing to use commercially reasonable efforts to cause the applicable Foreign Subsidiary to take all actions reasonably
required by the applicable local law, applicable organizational impediments or other impediment to permit such repatriation), and if such repatriation of any of such affected Net Available Proceeds is permitted under the applicable local law and is
not subject to clause (y) of this Section 4.10(e), then such repatriation will be promptly effected and such repatriated Net Available Proceeds will be applied (net of additional taxes payable or reserved against as a result thereof) in
compliance with this covenant. The time periods set forth in this covenant shall not start until such time as the Net Available Proceeds may be repatriated (whether or not such repatriation actually occurs). 

(f)    The Company shall comply with all applicable securities laws and regulations in the United States,
including, without limitation, the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations in connection with the purchase of Notes pursuant to an Offer to
Purchase. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 4.10, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached
its obligations under this Section 4.10 by virtue of such compliance. 
 SECTION 4.11.    Limitation on
Transactions with Affiliates. 
 (a)    The Company shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, enter into any transaction or series of related transactions having a value in excess of $5.0 million with or for the benefit of an Affiliate of the Company or a Restricted Subsidiary, including
any Investment, either directly or indirectly, unless such transaction is on terms no less favorable to the Company or such Restricted Subsidiary than those that could be obtained in a comparable
arm’s-length transaction with an entity that is not an Affiliate or is otherwise fair to the Company from a financial point of view. For any transaction or series of related transactions involving
aggregate value in excess of $25.0 million, such transaction or series of related transactions is approved by either (x) a majority of the Disinterested Directors of the Board of Directors of the Company, if any, or in the event there is
only one Disinterested Director, by such Disinterested Director, or (y) the audit committee of the Board of Directors of the Company (with any Director on such committee that is not a Disinterested Director recusing himself or herself). 

  
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 (b)    The preceding requirements shall not apply to:

 (1)    any transaction pursuant to agreements in effect on the Issue Date, as these agreements may be
amended, modified, supplemented, extended or renewed from time to time, so long as any such amendment, modification, supplement, extension or renewal is not more disadvantageous to the Holders in any material respect in the good faith judgment of
the Board of Directors or senior management of the Company, when taken as a whole, than the terms of the agreements in effect on the Issue Date; 

(2)    any employment agreement, employee benefit arrangements or severance arrangements with any officer,
director or employee, including under any stock option or stock incentive plans, entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business of the Company or such Restricted Subsidiary or approved by a
majority of the disinterested members of the Board of Directors; 
 (3)    transactions between or among
the Company and/or its Restricted Subsidiaries and any Guarantees issued by the Company or a Restricted Subsidiary for the benefit of the Company or a Restricted Subsidiary, as the case may be, in accordance with Section 4.9; 

(4)    any transaction with any Person (x) that is not an Affiliate of the Company immediately before
the consummation of such transaction that becomes an Affiliate of the Company as a result of such transaction or (y) that is an Affiliate of the Company solely because the Company, directly or indirectly, owns Capital Stock in, or controls,
such Person; 
 (5)    transactions with joint ventures entered into in the ordinary course of business;
provided that no other Affiliate of the Company (other than a Subsidiary thereof) directly or indirectly holds any Capital Stock of such joint venture; 

(6)    payment of reasonable directors fees to Persons who are not otherwise employees of the Company; 

(7)    indemnities of officers, directors and employees of the Company or any Subsidiary of the Company
pursuant to bylaws, or statutory provisions or indemnification agreements or the purchase of indemnification insurance for any director or officer; 

(8)    any Restricted Payment or Permitted Investment that is permitted to be made pursuant to
Section 4.7; and 

  
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 (9)    transactions with customers, clients, suppliers
or purchasers or sellers of goods or services, in each case in the ordinary course of the business of the Company and its Restricted Subsidiaries and otherwise in compliance with the terms of this Indenture; provided that in the reasonable
determination of the Company, such transactions are on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that could have been obtained at the time of such transactions in a comparable transaction by the
Company or such Restricted Subsidiary with an unrelated Person; 
 (10)    the grant, issuance or sale of
Capital Stock (other than Redeemable Stock) to Affiliates of the Company and the granting of registration rights and other customary rights in connection therewith; 

(11)    any transaction as to which the Company delivers to the Trustee a written opinion of an investment
banking firm of national standing or other recognized independent expert with experience in appraising the terms and conditions of the type of transaction or series of related transactions for which an opinion is required stating that the
transaction or series of related transactions is fair to the Company or such Restricted Subsidiary from a financial point of view or stating that the terms are no less favorable to the Company or such Restricted Subsidiary than those that could be
obtained in a comparable arm’s-length transaction with an entity that is not an Affiliate; 

(12)    written agreements entered into or assumed in connection with mergers or acquisitions of other
businesses with Persons who were not Affiliates prior to such transactions; provided that such agreement was not entered into in contemplation of such merger or acquisition, and any amendment thereto, so long as any such amendment is not
disadvantageous to the Holders in the good faith judgment of the Board of Directors or senior management of the Company, when taken as a whole, as compared to the applicable agreement as in effect on the date of such acquisition or merger; and 

(13)    the entering into of any tax sharing agreement or arrangement or any tax receivable agreement with
Parent or any Parent Company, including the Tax Receivable Agreement, and any Permitted Payments to Parent made pursuant thereto. 

SECTION 4.12.    Limitation on Liens.  

(a)    The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, assume or suffer to exist any Lien (other than a Permitted Lien) on any property or asset of the Company or a Restricted Subsidiary now owned or hereafter acquired to secure (i) any Debt of the Company unless prior
to, or contemporaneously therewith, the Notes are equally and ratably secured for so long as such other Debt is so secured, or (ii) any Debt of any Subsidiary Guarantor, unless prior to, or contemporaneously therewith, the Subsidiary Guarantee
of such Subsidiary Guarantor is equally and ratably secured for so long as such other Debt is so secured; provided, however, 

  
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that if such Debt is expressly subordinated to the Notes or a Subsidiary Guarantee, the Lien securing such Debt will be subordinated and junior to the Lien securing the Notes or such Subsidiary
Guarantee, as the case may be, with the same relative priority as such Debt has with respect to the Notes or such Subsidiary Guarantee. 

(b)    Notwithstanding the foregoing, any Lien securing the Notes or any Subsidiary Guarantee granted
pursuant to this Section 4.12 will be automatically and unconditionally released and discharged upon the release by the holders of the Debt described in clause (a) of this Section 4.12 of their Lien on the property or assets of the
Company or any Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Debt), at such time as the holders of all such Debt also release their Lien on the property or assets of the Company or such
Restricted Subsidiary, or upon any sale, exchange or transfer to any Person that is not an Affiliate of the Company of the property or assets secured by such Lien, or of all of the Capital Stock held by the Company or any Restricted Subsidiary in,
or all or substantially all the assets of, any Restricted Subsidiary creating such Lien. 

SECTION 4.13.    Offer to Purchase upon Change of Control. No later than 30 days after the occurrence
of a Change of Control, the Company will be required to make an Offer to Purchase (a “Change of Control Offer”), with a copy to the Trustee, all outstanding Notes at a purchase price equal to 101% of their principal amount plus
accrued and unpaid interest, if any, to, but excluding, the purchase date (the “Change of Control Purchase Price”) (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment
date that is on or prior to the date of purchase). 
 On or before the Purchase Date, the Company will, to the extent lawful, deposit with
the Paying Agent an amount equal to the Change of Control Purchase Price in respect of the Notes or portions of Notes properly tendered. 

On the Purchase Date, the Company will, to the extent lawful: 

(1)    accept for payment all Notes or portions of Notes (of $2,000 or integral multiples of $1,000 in
excess thereof) properly tendered pursuant to the Change of Control Offer; and 
 (2)    deliver or cause
to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

The Paying Agent will promptly deliver to each Holder who has so tendered Notes the Change of Control Purchase Price for such Notes, and the
Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes so tendered, if any; provided that each such new Note will be
in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 
 If the Purchase Date is on or after an interest record
date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on such record date and
will not be paid as part of the Change of Control Purchase Price. 

  
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 The Company will not be required to make a Change of Control Offer upon a Change of Control
if (i) 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 Company and purchases all Notes
validly tendered and not validly withdrawn under such Change of Control Offer, (ii) a notice of redemption for all outstanding Notes has been given, unless and until there is a default in payment of the applicable redemption price, or
(iii) in connection with or in contemplation of any publicly announced Change of Control, the Company has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher
than the Change of Control Purchase Price and has purchased all Notes validly tendered and not validly withdrawn in accordance with the terms of the Alternate Offer. 

The Company shall comply with all applicable securities laws and regulations in the United States, including, without limitation, the
requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations in connection with the purchase of Notes pursuant to a Change of Control Offer. To the extent that the
provisions of any applicable securities laws or regulations conflict with this Section 4.13, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this
Section 4.13 by virtue of such compliance. 
 The provisions under this Indenture relating to the Company’s obligation to make a
Change of Control Offer may be waived, modified or terminated with the written consent of the Holders of a majority in principal amount of the Notes then outstanding. 

Notwithstanding anything to the contrary contained herein, a Change of Control Offer or Alternate Offer may be made in advance of a Change of
Control, and conditioned upon the occurrence of a Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer or Alternate Offer. 

SECTION 4.14.    Corporate Existence. Subject to Article V, the Company shall do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership, limited liability company or other existence of each of the Subsidiary Guarantors in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary Guarantor and the rights (charter and statutory), licenses and franchises of the Company and the Subsidiary Guarantors; provided
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of the Subsidiary Guarantors, if the Company shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 

SECTION 4.15.    Future Guarantees. If any Domestic Restricted Subsidiary that is not already a
Subsidiary Guarantor guarantees any Debt of the Company or a Subsidiary Guarantor under, or borrows Debt under, the Senior Credit Facilities on or after the Issue Date, then such 

  
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Domestic Restricted Subsidiary shall execute, within 30 days of the date on which it became a guarantor or borrower with respect to such other Debt, a supplemental indenture in substantially the
form attached hereto as Exhibit B, pursuant to which such Domestic Restricted Subsidiary shall become a Subsidiary Guarantor with respect to the Notes, upon the terms and subject to the release provisions and other limitations set forth in
this Indenture. 
 SECTION 4.16.    Designation of Restricted and Unrestricted Subsidiaries. 

 (a)    The Company, by delivery of an Officers’ Certificate to the Trustee, may designate any
Restricted Subsidiary to be an “Unrestricted Subsidiary,” in which event such Subsidiary and each other Person that is then or thereafter becomes a Subsidiary of such Subsidiary will be deemed to be an Unrestricted Subsidiary, if:
(1) neither the Company nor any of its other Subsidiaries (other than another Unrestricted Subsidiary) provides credit support for, or a Guarantee of, any Debt of such Subsidiary or any Subsidiary of such Subsidiary (including any undertaking,
agreement or instrument evidencing such Debt) or is directly or indirectly liable for any Debt of such Subsidiary or any Subsidiary of such Subsidiary, and no default with respect to any Debt of such Subsidiary or any Subsidiary of such Subsidiary
(including any right which the holders thereof may have to take enforcement action against such Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Debt of the Company and its Subsidiaries (other than another
Unrestricted Subsidiary) to declare a default on such other Debt or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity, except, in either case, to the extent that the amount of any such Debt constitutes a
Restricted Payment or Permitted Investment that is made in compliance with Section 4.7; (2) such Subsidiary does not own any Capital Stock of, or does not own or hold any Lien on any property of, any other Restricted Subsidiary which is not a
Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; (3) at the time of designation, the Company could make a Restricted Payment or Permitted Investment in an amount equal to the greater of the Fair Market
Value and book value of its interest in such Subsidiary pursuant to Section 4.7; (4) such Subsidiary is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation to
(a) subscribe for additional Capital Stock of such Subsidiary or (b) maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary to achieve any specified levels of operating results, except in either case to
the extent that the amount of any such obligation constitutes a Restricted Payment or Permitted Investment that is made in compliance with Section 4.7; and (5) no Default shall have occurred and be continuing at the time of, or immediately
after giving effect to, such designation. 
 (b)    The Company, by delivery of an Officers’
Certificate to the Trustee, may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company if (1)(x) the Company would be able to Incur at least $1.00 of additional Debt pursuant to Section 4.9(a), or
(y) the Consolidated Coverage Ratio of the Company would not be less than the Consolidated Coverage Ratio of the Company immediately prior to such designation, in each case on a pro forma basis taking into account such designation; (2) all
Liens of such Unrestricted Subsidiary outstanding immediately following such designation would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and (3) no Default or Event of Default would occur
and be continuing following such designation. 

  
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 SECTION 4.17.    Covenant Suspension. 

(a)    If on any date following the Issue Date (i) the Notes have an Investment Grade Rating from two
Rating Agencies and (ii) no Default or Event of Default has occurred and is then continuing, then, upon delivery by the Company to the Trustee of an Officers’ Certificate to the foregoing effect, the Company and the Restricted Subsidiaries
will no longer be subject to the following covenants: 
 (1)    Section 4.7; 

(2)    Section 4.8; 

(3)    Section 4.9; 

(4)    Section 4.10; 

(5)    Section 4.11; 

(6)    Section 4.15; and 

(7)    Section 5.1(a)(3). 

During any period that the foregoing covenants have been suspended, the Company shall not designate any of the Company’s
Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.16 unless such designation would have complied with Section 4.7 as if such covenant were in effect during such period. 

Upon the occurrence of a covenant suspension, the amount of Excess Proceeds from Net Available Proceeds shall be reset at zero.
During any period that the foregoing covenants have been suspended, any reference in the definition of “Unrestricted Subsidiary” or “Permitted Liens” to the covenant described under “—Limitation on Debt” or any
provision thereof shall be construed as if such covenant had remained in effect since the Issue Date and during such period. 

(b)    Notwithstanding the foregoing, if the Notes cease to have an Investment Grade Rating from two Rating
Agencies, the foregoing covenants will be reinstated as of and from the date of such rating decline, subject to further suspension in the future upon the satisfaction of the conditions described in Section 4.17(a) above. Any Debt Incurred
during the period when the covenants are suspended will be classified as having been Incurred pursuant to Section 4.9(a). To the extent such Debt would not be so permitted to be Incurred, such Debt will be deemed to have been outstanding on the
Issue Date, so that it is classified as permitted under clause (4) of Section 4.9(b). Calculations under the reinstated Section 4.7 will be made as if Section 4.7 had been in effect prior to, but not during, the period during
which such covenant was suspended. In addition: (i) for purposes of Section 4.8, all contracts entered into during a suspension period that contain any of the 

  
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restrictions contemplated by such covenant will be deemed to have been entered into pursuant to clause (1) of Section 4.8(b); (ii) for purposes of Section 4.12, any Lien Incurred
during a suspension period will be deemed to have been entered into pursuant to clause (10) of the definition of “Permitted Liens”; and (iii) for purposes of Section 4.11, all agreements and arrangements entered into by the
Company or any Restricted Subsidiary with an Affiliate of the Company during such period will be deemed to have been entered into pursuant to clause (1) of Section 4.11(b). No Default or Event of Default will be deemed to have occurred
with respect to the suspended covenants as a result of any actions taken by the Company or its Restricted Subsidiaries during the period when such covenants are suspended, and the Company and any Subsidiary of the Company will be permitted, without
causing a Default or Event of Default or breach of any of the suspended covenants (notwithstanding the reinstatement thereof) under this Indenture, to honor, comply with or otherwise perform any contractual commitments or obligations entered into
during the period when such covenants are suspended following a downgrade and to consummate the transactions contemplated thereby. 

(c)    Promptly following the occurrence of any suspension or reinstatement of the covenants as described
above, the Company shall provide an Officers’ Certificate to the Trustee regarding such occurrence. The Trustee shall have no obligation to independently determine or verify if a suspension or reinstatement has occurred or notify the Holders of
any suspension or reinstatement. The Trustee may provide a copy of such Officers’ Certificate to any Holder of the Notes upon written request. 

SECTION 4.18.    Use of Proceeds Prior to the Consummation of the Acquisition. Prior to the earlier of
(i) the date of the consummation of the Acquisition and (ii) the date on which the Notes are redeemed by the Company pursuant to a Special Mandatory Redemption, the Company will not, and will not permit any of its Subsidiaries to, use the
net proceeds from the issuance of the Notes for any other purpose other than making investments in Cash Equivalents or consummating the Acquisition. Upon the consummation of the Acquisition, this covenant will automatically cease to be of any force
or effect. 
 ARTICLE V 

SUCCESSORS 

SECTION 5.1.    Consolidation, Merger, Conveyance, Transfer or Lease. 

(a) The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its
assets in a single transaction or series of related transactions to, another Person, unless: 

(1)    the resulting, surviving or transferee Person (the “Successor Company”) shall be a
corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly assume,
by supplemental indenture, executed and delivered to the Trustee, all the obligations of the Company under this Indenture and the Notes; 

  
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 (2)    immediately after giving effect to such
transaction, no Default or Event of Default shall have occurred and be continuing; 
 (3)    except in
the case of any such consolidation or merger of the Company with or into a Restricted Subsidiary, immediately after giving pro forma effect to such transaction and treating any Debt which becomes an obligation of the Company or a Restricted
Subsidiary as a result of such transaction as having been Incurred by the Company or such Restricted Subsidiary at the time of the transaction, either (i) the Company (including any Successor Company) could Incur at least $1.00 of additional
Debt (other than Permitted Debt) pursuant to Section 4.9(a), or (ii) the Consolidated Coverage Ratio of the Company or such Successor Company is not less immediately after such transaction than it was immediately before such transaction;

 (4)    at the time of such transaction, unless the Company is the Successor Company, each Subsidiary
Guarantor will have by supplemental indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and 

(5)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this Indenture. 

Notwithstanding the foregoing, (i) any Restricted Subsidiary may merge into the Company or another Restricted Subsidiary,
(ii) the provisions of clauses (2) or (3) above shall not apply to a merger of the Company with or into a Restricted Subsidiary, and (iii) the above provisions shall not apply to any transfer of assets between or among the Company and
any Restricted Subsidiary. 
 For purposes of this Section 5.1(a), the sale, lease, conveyance, assignment, transfer, or
other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the
properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of the Company. 

The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Company under
this Indenture, and, except in the case of a lease of all or substantially all its assets, the Company will be released from the obligation to pay the principal of, and interest on, the Notes and all other obligations under this Indenture. 

(b)    Except in circumstances under which this Indenture provides for the release of Subsidiary Guarantees
as described under Section 10.5, each Subsidiary Guarantor will not, and the Company will not permit a Subsidiary Guarantor to, consolidate with or merge 

  
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with or into, or convey or transfer or lease all or substantially all its assets to, another Person (other than the Company or another Subsidiary Guarantor), unless at the time and after giving
effect thereto: 
 (1)     

(A)    the resulting, surviving or transferee Person (the “Successor Subsidiary
Guarantor”) shall be a corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Subsidiary Guarantor
(if not the Subsidiary Guarantor) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, all the obligations of the Subsidiary Guarantor under this Indenture and its Subsidiary Guarantee; 

(B)    immediately after giving effect to such transaction no Default or Event of Default shall have
occurred and be continuing; and 
 (C)    the Subsidiary Guarantor shall have delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this Indenture; or 

(2)    such transaction is undertaken in compliance with Section 4.10. 

For purposes of this Section 5.1(b), the sale, lease, conveyance, assignment, transfer, or other disposition of all or
substantially all of the properties and assets of one or more Subsidiaries of a Subsidiary Guarantor, which properties and assets, if held by such Subsidiary Guarantor instead of such Subsidiaries, would constitute all or substantially all of the
properties and assets of such Subsidiary Guarantor on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of such Subsidiary
Guarantor. 
 The Successor Subsidiary Guarantor will succeed to, and be substituted for, and may exercise every right and
power of, the Subsidiary Guarantor under this Indenture, but, in the case of a lease of all or substantially all its assets, the Subsidiary Guarantor will not be released from its obligations under its Subsidiary Guarantee. 

ARTICLE VI 
 DEFAULTS AND REMEDIES

 SECTION 6.1.    Events of Default. Each of the following is an “Event of Default”: 

(1)    failure to pay principal of (or premium, if any, on) any Note when due and payable, at maturity,
upon redemption or otherwise; 
 (2)    failure to pay any interest on any Note when due and payable and
such default continues for 30 days; 

  
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 (3)    default in the payment of principal, premium and
interest on Notes required to be purchased pursuant to an Offer to Purchase as described under Section 4.10 and Section 4.13 when due and payable; 

(4)    failure to perform any other covenant or agreement of the Company under this Indenture or the Notes
and such default continues for 60 days (or 120 days with respect to Section 4.3) after written notice to the Company by the Trustee or Holders of at least 25% in aggregate principal amount of outstanding Notes; 

(5)    default under the terms of any instrument evidencing or securing any Debt of the Company or any
Restricted Subsidiary having an outstanding principal amount of $50.0 million, individually or in the aggregate, which default results in the acceleration of the payment of all or any portion of such Debt or constitutes the failure to pay all
or any portion of the principal amount of such Debt when due at final maturity (after giving effect to any applicable grace period provided in such Debt) and if, within 20 business days of such payment default or acceleration, such Debt has not been
discharged or such payment default has not been cured or such acceleration has not been rescinded or annulled; provided that in connection with any series of convertible or exchangeable securities (a) any conversion or exchange of such
securities by a holder thereof into shares of Capital Stock, cash or a combination of cash and shares of Capital Stock, (b) the rights of holders of such securities to convert or exchange into shares of Capital Stock, cash or a combination of
cash and shares of Capital Stock and (c) the rights of holders of such securities to require any repurchase by the Company of such securities in cash shall not, in itself, constitute an Event of Default under this clause (5); 

(6)    the rendering of one or more final judgments, orders or decrees (not subject to appeal) of any court
or regulatory or administrative agency against the Company or any Restricted Subsidiary or any of their respective properties in an amount in excess of $50.0 million, either individually or in the aggregate, (exclusive of any portion of any
such payment covered by insurance) which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal has expired; 

(7)     the Company or any Significant Restricted Subsidiary of the Company or group of Restricted
Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary, pursuant to or within the meaning of
any Bankruptcy Law: 
 (A)    commences a voluntary case; 

(B)    consents to the entry of an order for relief against it in an involuntary case; 

(C)    consents to the appointment of a custodian of it or for all or substantially all of its property;

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

  
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 (E)    admits in writing to the Trustee that it
generally is not paying its debts as they become due; 
 (8)    a court of competent jurisdiction enters
an order or decree under any Bankruptcy Law that: 
 (i)    is for relief against the Company or any
Significant Restricted Subsidiary of the Company or group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a
Significant Restricted Subsidiary, in an involuntary case; 
 (ii)    appoints a custodian of the
Company or any Significant Restricted Subsidiary of the Company or group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries),
would constitute a Significant Restricted Subsidiary or for all or substantially all of the property of the Company or any Significant Restricted Subsidiary of the Company or group of Restricted Subsidiaries of the Company that, taken together (as
of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary; or 

(iii)    orders the liquidation of the Company or any Significant Restricted Subsidiary of the Company or
group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Restricted Subsidiary; 

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

(9)    the Subsidiary Guarantee of any Subsidiary Guarantor is held by a final non-appealable order or judgment of a court of competent jurisdiction to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of this
Indenture) or any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor denies or disaffirms such Subsidiary Guarantor’s obligations under its Subsidiary Guarantee (other than by reason of a release of such Subsidiary
Guarantor from its Subsidiary Guarantee in accordance with the terms of this Indenture). 

SECTION 6.2.    Acceleration. If an Event of Default (other than an Event of Default specified in clause
(7) or (8) of Section 6.1) shall have occurred and be continuing under this Indenture, the Trustee, by written notice to the Company, or the Holders of at least 25.0% in aggregate principal amount of the Notes then outstanding by written
notice to the Company and the Trustee, may declare (an “acceleration declaration”) the principal of, and accrued and unpaid interest, if any, on all outstanding amounts owing under the Notes to be due and payable. Upon such acceleration
declaration, the aggregate principal of and accrued and unpaid interest, if any, on the outstanding Notes shall become due and payable immediately. 

  
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 At any time after such acceleration pursuant to this Section 6.2, but before a judgment
or decree based on acceleration, the Holders of a majority in aggregate principal amount of the Notes then outstanding may rescind and annul such acceleration if: 

(1)    the rescission would not conflict with any judgment or decree; and 

(2)    the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its
reasonable expenses, disbursements and advances. 
 No such rescission shall affect any subsequent Default or impair any right consequent
thereto. 
 If an Event of Default specified in clause (7) or (8) of Section 6.1 occurs, then all unpaid principal of, and accrued
and unpaid interest, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other action or notice on the part of the Trustee or any Holder of the Notes to the extent permitted
by applicable law. 
 SECTION 6.3.    Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest, if any, 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 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 6.4.    Waiver of Past Defaults. Subject to Section 9.2, the
Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may, on behalf of the Holders of all of the Notes, waive any existing Default or Event of Default and its consequences under this
Indenture except a continuing Default or Event of Default in the payment of interest or premium on, or the principal of, the Notes (other than any such payment that has become due because of an acceleration that has been rescinded). 

SECTION 6.5.    Control by Majority. The Holders of a majority in aggregate principal amount of the
then-outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust power conferred on it. However, (i) the Trustee may require indemnity
satisfactory to it be furnished prior to taking such actions, (ii) the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines in good faith may be unduly prejudicial to the rights of
Holders not joining in the giving of such direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to the rights of such other Holders) or that would
involve any personal liability for the Trustee and (iii) the Trustee may take any other action it deems proper that is not inconsistent with any such direction received from the Holders. 

  
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 SECTION 6.6.    Limitation on Suits. Subject to
Section 6.7, no Holder of a Note will have any right to institute any proceeding with respect to this Indenture, or for the appointment of a receiver or a trustee, or for any other remedy thereunder unless (a) such Holder has previously
given to the Trustee written notice of a continuing Event of Default with respect to the Notes, (b) the Holders of at least 25% in aggregate principal amount of the outstanding Notes have made written request, and such Holder or Holders have
offered to the Trustee indemnity satisfactory to the Trustee to institute such proceeding as trustee, (c) the Trustee has failed to institute such proceeding, and (d) the Trustee has not received from the Holders of a majority in aggregate
principal amount of the outstanding Notes a direction inconsistent with such request, within 60 days after such notice, request and offer. However, such limitations do not apply to a suit instituted by a Holder of a Note for the enforcement of
payment of the principal of or any premium or interest on such Note on or after the applicable due date specified in such Note. 
 A Holder
may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such use by a
Holder prejudices the rights of any other Holders or obtains priority or preference over such other Holders). 

SECTION 6.7.    Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of, premium or interest on, such Note or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes, shall not be modified or amended in a
manner adverse to such Holder without the consent of the Holder. 
 SECTION 6.8.    Collection Suit by
Trustee. If an Event of Default specified in clauses (1) or (2) of Section 6.1 occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole
amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, 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 6.9.    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 Company (or any other obligor upon the Notes including the Subsidiary Guarantors), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or
other securities or property payable or deliverable upon the conversion or exchange of the Notes or 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 

  
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Section 7.6. To the extent that the payment of any such compensation, expenses, disbursements and advances to the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.6 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 in this Section 6.9 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. 
 SECTION 6.10.    Priorities. If the Trustee collects any money or property pursuant to this
Article VI, it shall pay out the money and property in the following order: 
 First: to the Trustee, its agents and
attorneys for amounts due under Section 7.6, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection; 

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

Third: without duplication, to the Holders for any other obligations owing to the Holders under this Indenture and the
Notes; and 
 Fourth: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

SECTION 6.11.    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as the 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 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10.0% in principal amount of the then-outstanding Notes. 

SECTION 6.12.    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 Company, 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. 

  
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 SECTION 6.13.    Rights and Remedies Cumulative. Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.7 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 6.14.    Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any
Note 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 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. 

ARTICLE VII 
 TRUSTEE 

SECTION 7.1.    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 his or her own affairs. 

(b)    Except during the continuance of an Event of Default: 

(1)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2)    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 (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein);
however, the Trustee shall examine the certificates and opinions furnished to it to determine whether or not they conform to the requirements of this Indenture. 

(c)    The Trustee may not be relieved from liabilities for its own grossly negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (1)    this paragraph does not
limit the effect of paragraph (b) of this Section 7.1; 

  
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 (2)    the Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.5; and 
 (4)    no provision of
this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. 

(d)    The Trustee shall not be liable for interest on or the investment of any money received by it except
as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(e)    Whether or not therein expressly so provided, every provision of this Indenture that in any way
relates to the Trustee is subject to this Section 7.1. 
 SECTION 7.2.    Rights of Trustee.

 (a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any resolution,
certificate, statement, instrument, opinion, notice, report, request, direction, consent, order, bond, debenture or other document (whether in original or facsimile form or PDF transmission) 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 therein. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an
Opinion of Counsel or both; provided that (x) no Officers’ Certificate or Opinion of Counsel shall be required to be delivered in connection with the issuance of the Notes that are issued on the Issue Date or (y) no Opinion of
Counsel shall be required to be delivered in connection with the execution of any amendment or supplement entered into in connection with adding or releasing a Guarantor pursuant to the terms of this Indenture. The Trustee shall not be liable for
any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. Prior to taking, suffering or admitting any action, the Trustee may consult with counsel of the Trustee’s own choosing, and
the Trustee shall be fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in conclusive reliance on the advice or opinion of such counsel. 

(c)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct
or negligence of any attorney or agent 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 discretion or rights or powers conferred upon it by this Indenture. 

  
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 (e)    Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Company or a Subsidiary Guarantor shall be sufficient if signed by an Officer of the Company or such Subsidiary Guarantor. 

(f)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
 (g)    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, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or documents, 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 during
normal business hours the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

 (h)    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, to the Agents and to each other agent, custodian and Person employed to act hereunder. 

(i)    The Trustee may request that the Company and each of the Subsidiary Guarantors shall deliver to the
Trustee an Officers’ Certificate setting forth the names of individuals and/or titles of Officers of the Company and each Subsidiary Guarantor, as applicable, authorized at such time to take specified actions pursuant to this Indenture of the
Company, the Notes and the Subsidiary Guarantees, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously
delivered and not superseded. 
 (j)    The Trustee shall not be deemed to have notice or be charged with
knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or the Trustee shall have received from the Company or Subsidiary Guarantor or from any Holder written notice thereof at its
address set forth in Section 11.1 and such notice references the Notes and this Indenture. In the absence of such notice, the Trustee may conclusively assume that no such Default or Event of Default exists. 

(k)    In no event shall the Trustee be responsible or liable for special, indirect, punitive, 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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 (l)    The Trustee shall not be required to give any
bond or surety in respect of the performance of its powers and duties hereunder. 
 (m)    No provision
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties thereunder, or in the exercise of any of its rights or powers. 

SECTION 7.3.    Individual Rights of the Trustee. The Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. The Trustee is also
subject to Section 7.9. 
 SECTION 7.4.    Trustee’s Disclaimer. The Trustee shall
not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or any Subsidiary Guarantee, it shall not be accountable for the use of the proceeds from the Notes or any money paid to the Company or
upon the Company’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, any Officers’ Certificate delivered to the Trustee hereunder, or any other document in connection with the sale of the Notes or pursuant to this Indenture other than the Trustee’s certificate
of authentication hereunder. 
 SECTION 7.5.    Notice of Defaults. If a Default or Event of Default occurs
and is continuing and the Trustee has notice or knowledge thereof as provided in Section 7.2(j), the Trustee shall deliver to Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or
Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of
the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders. 

SECTION 7.6.    Compensation and Indemnity. The Company shall pay to the Trustee from time to time
compensation for its acceptance of this Indenture and for all services rendered by it hereunder as agreed upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company
shall reimburse the Trustee, as applicable, 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. 
 Each of the Company and the Subsidiary Guarantors,
jointly and severally, shall indemnify, defend, protect and hold the Trustee (which for purposes of this Section 7.6 shall include its officers, directors, employees and agents) harmless against any and all claims, damages, losses, liabilities,
costs or expenses suffered or incurred by it (including, without limitation, the fees and expenses of its agents and counsel) arising out of or in connection with the acceptance or administration of its duties under this Indenture, the performance
of its obligations and/or exercise of its rights hereunder, including the costs and expenses of enforcing this Indenture against the Company or any Subsidiary Guarantor (including this Section 7.6) and defending itself against any claim
(whether asserted by the Company or any Holder or any other Person) or liability in 

  
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connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, claim, damage, liability or expense shall have been found by a court of
competent jurisdiction in a non-appealable final decision to have been caused by its own gross negligence or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Trustee may have one separate counsel, and the Company shall pay the reasonable fees and expenses of such counsel for the
Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 The
obligations of the Company and the Subsidiary Guarantors under this Section 7.6 shall survive the satisfaction and discharge of this Indenture, the payment of the Notes or the resignation or removal of the Trustee. 

To secure the Company’s payment obligations in this Section 7.6, the Trustee shall have a Lien prior to the Notes on all money or
property held or collected by the Trustee, except that held in trust to pay principal or interest, if any, on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture, the payment of the Notes and the resignation or
removal of the Trustee. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(7)
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

SECTION 7.7.    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 7.7. 
 The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then-outstanding Notes may remove the Trustee upon 30 days’ written
notice to the Trustee and the Company. The Company may remove the Trustee if no Event of Default exists and: 

(a)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to
the Trustee under any Bankruptcy Law; 
 (b)    a custodian or public officer takes charge of the Trustee
or its property; or 
 (c)    the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company 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 Company. 

If a successor trustee does not take office within 30 days after the retiring Trustee resigns or is removed, such retiring Trustee (at the
expense of the Company), the Company or the Holders of at least 10.0% in principal amount of the then-outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor trustee. 

  
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 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, 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 Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor trustee shall have all the rights, powers and the duties of the Trustee under this Indenture. The successor trustee shall mail a notice of its succession to the
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to such Trustee hereunder have been paid and subject to the Lien provided for in Section 7.6.
Notwithstanding replacement of the Trustee pursuant to this Section 7.7, the Company’s and the Subsidiary Guarantors’ obligations under Section 7.6 shall continue for the benefit of the retiring Trustee. 

SECTION 7.8.    Successor Trustee by Merger, Etc. If the Trustee or any Agent consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business (including this transaction) to, another corporation, the successor corporation without any further act shall be the successor Trustee or Agent, as applicable. 

SECTION 7.9.    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 or of any state thereof that is authorized under such laws to exercise corporate trustee power and that is subject to supervision or examination by federal or state
authorities. Such Trustee together with its affiliates shall at all times have a combined capital surplus of at least $50.0 million as set forth in its most recent annual report of condition. 

ARTICLE VIII 
 DEFEASANCE;
DISCHARGE OF THIS INDENTURE 
 SECTION 8.1.    Option to Effect Legal Defeasance or Covenant Defeasance. The
Company may, by delivery of an Officers’ Certificate, at any time, elect to have either Section 8.2 or Section 8.3 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

SECTION 8.2.    Legal Defeasance. Upon the Company’s exercise under Section 8.1 of the option
applicable to this Section 8.2, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.4, be deemed to have been discharged from their obligations with respect to all
outstanding Notes and Subsidiary Guarantees and this Indenture and having cured all then-existing Defaults and Events of Default on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this
purpose, Legal Defeasance means that the Company and the Subsidiary Guarantors shall be deemed to have paid and discharged all of the obligations with respect to this Indenture, the Notes and the Subsidiary Guarantees, which shall thereafter be
deemed to be outstanding only for the purposes of Section 8.5 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied 

  
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all of their other obligations under such Notes, Subsidiary Guarantees and this Indenture (and the Trustee, on written demand of and at the expense of the Company, shall execute instruments
acknowledging the same), and this Indenture shall cease to be of further effect as to all such Notes and Subsidiary Guarantees, except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, and interest and premium on, such Notes when such payments are due from the trust funds referred to in Section 8.4(1); (b) the Company’s obligations
with respect to such Notes under Section 2.2, Section 2.3, Section 2.4, Section 2.6, Section 2.7, Section 2.10, and Section 4.2; (c) the rights, powers, trusts, duties and immunities of the Trustee, including
without limitation thereunder, under Section 7.6, Section 8.5 and Section 8.7 and the obligations of the Company and the Subsidiary Guarantors in connection therewith; and (d) the provisions of this Article VIII. Subject to
compliance with this Article VIII, the Company may exercise its option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3. 

SECTION 8.3.    Covenant Defeasance. Upon the Company’s exercise under Section 8.1 above of the
option applicable to this Section 8.3, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.4 below, be released from its obligations under Sections 4.3, 4.5, 4.7 through Section 4.16 and Sections
5.1(a)(3), 5.1(a)(4) and 5.1(b) on and after the date the conditions set forth below are satisfied (hereinafter, “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 such Notes shall not be
deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company or any of its Subsidiaries 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 6.1, and the Events of Default in clauses (3) through (6), (7) (with respect to Significant Subsidiaries only), (8) (with respect to
Significant Subsidiaries only) and (9) of Section 6.1 shall no longer apply but, except as specified above, the remainder of this Indenture and such Notes and any Subsidiary Guarantees shall be unaffected thereby. 

SECTION 8.4.    Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the
application of either Section 8.2 or Section 8.3 to the outstanding Notes: 
 (1)    the
Company must irrevocably deposit with the Trustee, as trust funds, in trust solely for the benefit of the Holders, U.S. dollars, non-callable U.S. Government Obligations or a combination thereof, in such
amounts as will be sufficient without consideration of any reinvestment of interest (if U.S. Government Obligations are deposited, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants
selected by the Company and delivered to the Trustee), to pay the principal of, premium, if any, and interest, if any, on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and any
other amounts owing under this Indenture (in the case of an optional 

  
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redemption date prior to electing to exercise either Legal Defeasance or Covenant Defeasance, the Company has delivered to the Trustee an irrevocable notice to redeem all of the outstanding Notes
on such redemption date); 
 (2)    in the case of Legal Defeasance, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States confirming that, subject to customary assumptions and exclusions: 

(A)    the Company has received from, or there has been published by, the U.S. Internal Revenue Service a
ruling; or 
 (B)    since the Issue Date, 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 outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the 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; 

(3)    in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of
Counsel in the United States confirming that, subject to customary assumptions and exclusions, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the 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; 

(4)    no Default or Event of Default shall have occurred and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Debt) and the Incurrence of Liens associated with any such borrowings); 

(5)    the Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or
constitute a default under any material agreement or instrument (other than this Indenture and the agreements governing any other Debt being defeased, discharged or replaced) to which the Company or any of its Restricted Subsidiaries is a party or
by which the Company or any of its Restricted Subsidiaries is bound; 
 (6)    the Company shall have
delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Company or others; and 
 (7)    the Company shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions and exclusions), each stating that the applicable conditions precedent provided for in clauses (1) through (6) of this
Section 8.4 have been complied with. 

  
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 SECTION 8.5.    Deposited Money and U.S. Government Obligations
to Be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.6, all U.S. dollar and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes
of this Section 8.5, the “Deposit Trustee”) pursuant to Section 8.4 or Section 8.8 in respect of the outstanding Notes shall be held in trust, shall not be invested, and shall be applied by the Deposit Trustee in
accordance with the provisions of such Notes and this Indenture to the payment, either directly or through any Paying Agent (including the Company or any Subsidiary acting as Paying Agent) as the Deposit Trustee may determine, to the Holders of such
Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Deposit Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to Section 8.4 or Section 8.8 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. 
 Anything in this Article VIII to the contrary notwithstanding, the Deposit
Trustee shall deliver or pay to the Company from time to time upon the written request of the Company and be relieved of all liability with respect to any U.S. dollars or non-callable U.S. Government
Obligations held by it as provided in Section 8.4 or Section 8.8 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Deposit Trustee (which
may be the opinion delivered under Section 8.4(1)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance or satisfaction and discharge, as the case may
be. 
 SECTION 8.6.    Repayment to Company. Subject to applicable escheat laws, any money deposited with
the Trustee or any Paying Agent, or then held by the Company, 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 Company on its written request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company
for payment thereof; and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying
Agent, before being required to make any such repayment, may at the expense and written request of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 

SECTION 8.7.    Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S.
Government Obligations in accordance with Section 8.2, Section 8.3 or 

  
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Section 8.8, 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
obligations of the Company and the Subsidiary Guarantors under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2, Section 8.3 or Section 8.8 until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2, Section 8.3 or Section 8.8, as the case may be; provided, however, that, if the Company makes any payment of principal of,
premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

SECTION 8.8.    Discharge . This Indenture will be discharged and will cease to be of further effect (except
as to rights of registration of transfer or exchange of Notes which shall survive until all Notes have been canceled and the rights, protections and immunities of the Trustee) as to all outstanding Notes and Subsidiary Guarantees when either: 

(1)    all the Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes
that have been replaced or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for
cancellation; or 
 (2)    (a) all Notes not delivered to the Trustee for cancellation otherwise
(i) have become due and payable, (ii) will become due and payable, or may be called for redemption, within one year or (iii) have been called for redemption within one year under irrevocable arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name and at the expense of the Company and, in any case, the Company or any Subsidiary Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust solely for the benefit of the Holders, cash in U.S. dollars in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Debt (including all principal and accrued interest, if
any) on the Notes not theretofore delivered to the Trustee for cancellation; 
 (b)    the Company or any
Subsidiary Guarantor has paid or caused to be paid all other sums payable by the Company under this Indenture; and 

(c)    the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the
deposited money toward the payment of the Notes at maturity or on the date of redemption, as the case may be. 
 In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been complied with. 

After the Notes are no longer outstanding, the Company’s and the Subsidiary Guarantors’ obligations in Section 7.6,
Section 8.5 and Section 8.7 shall survive any discharge pursuant to this Section 8.8. 

  
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 After such delivery or irrevocable deposit and receipt of the Officers’ Certificate and
Opinion of Counsel, the Trustee, upon written request, shall acknowledge in writing the discharge of the Company’s obligations under the Notes and this Indenture except for those surviving obligations specified above. 

ARTICLE IX 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 SECTION 9.1.    Without Consent of Holders of the Notes. Notwithstanding Section 9.2,
without the consent of any Holders, the Company, the Subsidiary Guarantors and the Trustee, at any time and from time to time, may amend or supplement this Indenture, the Subsidiary Guarantees or the Notes issued hereunder for any of the following
purposes: 
 (1)    to evidence the succession of another Person to the Company or a Subsidiary Guarantor
under this Indenture, the Notes or the applicable Subsidiary Guarantee, and the assumption by any such successor of the covenants of the Company or such Subsidiary Guarantor under this Indenture, the Notes and such Subsidiary Guarantee in accordance
with Section 5.1; 
 (2)    to add to the covenants of the Company or any Subsidiary Guarantor for
the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company or any Subsidiary Guarantor, as applicable, in this Indenture, in the Notes or in any Subsidiary Guarantee; 

(3)    to cure any ambiguity, or to correct or supplement any provision in this Indenture or in any
supplemental indenture, the Notes or any Subsidiary Guarantee which may be defective or inconsistent with any other provision in this Indenture, the Notes or any Subsidiary Guarantee; 

(4)    to make any change that would provide any additional rights or benefits to the Holders of the Notes;

 (5)    to make any other provisions with respect to matters or questions arising under this Indenture,
the Notes or any Subsidiary Guarantee; provided that, in each case, such provisions shall not adversely affect the interest of the Holders of the Notes in any material respect; 

(6)    to comply with the requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended; 

(7)    to add a Guarantor under this Indenture or otherwise provide a Guarantee of the Notes; 

(8)    to evidence and provide the acceptance of the appointment of a successor Trustee under this
Indenture; 

  
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 (9)    to mortgage, pledge, hypothecate or grant a
security interest in favor of the Trustee for the benefit of the Holders of the Notes as additional security for the payment and performance of the Company’s and any Subsidiary Guarantor’s obligations under this Indenture, in any property,
or assets, including any of which are required to be mortgaged, pledged or hypothecated, or in which a security interest is required to be granted to the Trustee pursuant to this Indenture or otherwise; 

(10)    to provide for the issuance of Additional Notes under this Indenture in accordance with the terms
and subject to the limitations set forth in this Indenture; 
 (11)    to comply with the rules of any
applicable Depositary; or 
 (12)    to conform the text of this Indenture, the Notes or the Subsidiary
Guarantees to any provision of the “Description of notes” section of the Offering Memorandum to the extent such provision was intended to be a recitation of a provision of this Indenture, as confirmed in an Officers’ Certificate
delivered to the Trustee. 
 After an amendment under this Indenture becomes effective, the Company shall deliver to Holders of the Notes a
notice briefly describing such amendment. However, the failure to give such notice to all Holders, or any defect therein, will not impair or affect the validity of the amendment. 

SECTION 9.2.    With Consent of Holders of Notes. With the consent of the Holders of not less than a majority
in aggregate principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), the Company, the Subsidiary Guarantors and the Trustee
may amend or supplement this Indenture, the Notes or any Subsidiary Guarantees or waive any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes; provided, however, that no such
amendment, supplement or waiver shall, without the consent of the Holder of each outstanding Note affected thereby (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes):

 (1)    change the Stated Maturity of the principal of, or any installment of interest on, any Note;

 (2)    reduce the principal amount of (or the premium) or interest on, any Note; 

(3)    change the place or currency of payment of principal of (or premium), or interest on, any Note; 

(4)    (i) modify, in any manner adverse to the Holders of the Notes, the right to institute suit for the
enforcement of any payment of principal of (or, premium) or interest on or with respect to any Note when due, or (ii) waive any payment in respect thereof except a default in payment arising solely from an acceleration of the Notes that has
been rescinded; 

  
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 (5)    modify any provisions of this Indenture relating
to the modification and amendment of this Indenture or the waiver of past defaults or covenants which require each Holder’s consent; 

(6)    amend any provisions relating to the redemption of the Notes (other than notice provisions), it
being understood that for the avoidance of doubt, the provisions described under Section 4.10 and Section 4.13 shall not be covered by this clause; 

(7)    modify the Subsidiary Guarantees in any manner adverse to the Holders, except in accordance with
this Indenture; or 
 (8)    modify any of the provisions of this Indenture or the related definitions
affecting the ranking of the Notes. 
 It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the
particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

SECTION 9.3.    Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective,
a consent to it by a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not
made on the 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 waiver, supplement or amendment becomes effective. When an amendment,
supplement or waiver becomes effective in accordance with its terms, it thereafter binds every Holder. 
 The Company may, but shall not be
obligated to, fix a record date for determining which Holders consent to such amendment, supplement or waiver. 

SECTION 9.4.    Notation on or Exchange of Notes. The Trustee may place an appropriate notation about an
amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall 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 9.5.    Trustee to Sign Amendments, Etc. The Trustee shall sign any amended or supplemental
indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In signing or refusing to sign any amendment or supplemental indenture, the
Trustee shall be provided with and (subject to Section 7.1) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized or
permitted by this Indenture and that all conditions precedent thereto have been met or waived; provided that no such Opinion of Counsel shall be required to be delivered in connection with the execution of any amendment or supplement entered
into in connection with adding or releasing a Guarantor pursuant to the terms of this Indenture. 

  
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 ARTICLE X 

SUBSIDIARY GUARANTEES 

SECTION 10.1.    Subsidiary Guarantees. 

(a)    Each Subsidiary Guarantor hereby jointly and severally, fully and unconditionally guarantees the
Notes and obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee, that: (i) the principal of and premium, if any, and interest on the Notes
shall be paid in full when due, whether at Stated Maturity, by acceleration, call for redemption or otherwise, together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other
obligations of the Company to the Holders or the Trustee under this Indenture or the Notes shall be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal
of any Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Subsidiary Guarantees
shall be a guarantee of payment and not of collection. 
 (b)    Each Subsidiary Guarantor hereby agrees
that its 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 Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 

(c)    Each Subsidiary Guarantor hereby waives the benefits of diligence, presentment, demand for payment,
filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Subsidiary
Guarantee of such Subsidiary Guarantor shall not be discharged as to any Note or this Indenture except by complete performance of the obligations contained in such Note and this Indenture and such Subsidiary Guarantee. Each of the Subsidiary
Guarantors hereby agrees that, in the event of a Default in payment of principal or premium, if any, or interest on any Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be
instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Subsidiary Guarantors to enforce each such Subsidiary Guarantor’s Subsidiary
Guarantee without first proceeding against the Company or any other Subsidiary Guarantor. Each Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are
prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Subsidiary Guarantor
shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders and any other
amounts due and owing to the Trustee under this Indenture. 

  
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 (d)    If any Holder or the Trustee is required by any
court or otherwise to return to the Company or any Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Subsidiary Guarantor, any amount paid by any of them to the Trustee or
such Holder, the Subsidiary Guarantee of each of the Subsidiary Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which
may be taken by the Trustee or any Holder in reliance upon such amount required to be returned. This paragraph (d) shall survive the termination of this Indenture. 

(e)    Each Subsidiary Guarantor further agrees that, as between each Subsidiary Guarantor, 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 VI for the purposes of the Subsidiary Guarantee of such Subsidiary Guarantor,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI, such obligations
(whether or not due and payable) shall forthwith become due and payable by each Subsidiary Guarantor for the purpose of the Subsidiary Guarantee of such Subsidiary Guarantor. 

(f)    Each Subsidiary Guarantor that makes a payment for distribution under its Subsidiary Guarantee is
entitled upon payment in full of all guaranteed obligations under this Indenture to seek contribution from each other Subsidiary Guarantor in a pro rata amount of such payment based on the respective net assets of all the Subsidiary
Guarantors at the time of such payment in accordance with GAAP. 
 SECTION 10.2.    Execution and Delivery of
Guarantee. To evidence its Subsidiary Guarantee set forth in Section 10.1, each Subsidiary Guarantor agrees that this Indenture or a supplemental indenture in substantially the form attached hereto as Exhibit B shall be executed on
behalf of such Subsidiary Guarantor by an Officer of such Subsidiary Guarantor (or, if an officer is not available, by a board member or director or other duly authorized signatory) on behalf of such Subsidiary Guarantor. Each Subsidiary Guarantor
hereby agrees that its Subsidiary Guarantee set forth in Section 10.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Subsidiary Guarantee on the Notes. In case the Officer,
board member or director of such Subsidiary Guarantor whose signature is on this Indenture or supplemental indenture, as applicable, no longer holds office at the time the Trustee authenticates any Note, the Subsidiary Guarantee shall be valid
nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Subsidiary Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantors. 

SECTION 10.3.    Severability. In case any provision of any Subsidiary 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. 

  
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 SECTION 10.4.    Limitation of Subsidiary Guarantors’
Liability . Each Subsidiary Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance
for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the
foregoing intention, the Trustee, the Holders and Subsidiary Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee shall be limited to the maximum amount that will not, after giving
effect to all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any guarantees under the Revolving Credit Agreement) and after giving effect to any collections from, rights to receive contribution
from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee, result in the obligations of such Subsidiary Guarantor under its Subsidiary
Guarantee constituting a fraudulent conveyance, fraudulent preference or fraudulent transfer or otherwise reviewable under applicable law. 

SECTION 10.5.    Releases . A Subsidiary Guarantee of a Subsidiary Guarantor shall be automatically and
unconditionally released and discharged upon: 
 (a)    any sale, transfer or other disposition of all or
substantially all of the assets of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if
the sale or other disposition does not violate Section 4.10 of this Indenture; 
 (b)    any sale,
transfer or other disposition of Capital Stock of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of
the Company, if after such sale, transfer or disposition, the Subsidiary Guarantor would cease to be a Restricted Subsidiary and the sale or other disposition does not violate Section 4.10 of this Indenture; 

(c)    the exercise by the Company of its Legal Defeasance option or its Covenant Defeasance option or the
satisfaction and discharge of this Indenture, in each case as provided under Article VIII; 
 (d)    the
proper designation of such Subsidiary Guarantor by the Company as an Unrestricted Subsidiary in accordance with the terms of this Indenture; or 

(e)    the Subsidiary Guarantor ceasing to guarantee any Debt of the Company or a Subsidiary Guarantor
under, or be a borrower under, the Senior Credit Facilities and no Event of Default has occurred and is continuing. 
 Upon delivery to the
Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that all conditions precedent to the release of a Subsidiary Guarantor’s Subsidiary Guarantee set forth in this Indenture have been satisfied, the Trustee shall
execute any documents reasonably requested by the Company in writing in order to evidence the release of any Subsidiary Guarantor from its obligations under its Subsidiary Guarantee. 

  
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 Any Subsidiary Guarantor not released from its obligations under its Subsidiary Guarantee
shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as provided in this Article X. 

SECTION 10.6.    Benefits Acknowledged. Each Subsidiary Guarantor acknowledges that it will receive direct and
indirect benefits from the financing arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Subsidiary Guarantee are knowingly made in contemplation of such benefits. 

ARTICLE XI 
 MISCELLANEOUS 

SECTION 11.1.    Notices. Any notice, request, direction, instruction or communication by the Company, any
Subsidiary 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), PDF via e-mail (if
receipt of such transmission is confirmed by reply e-mail or telephonically), telecopier or overnight air courier guaranteeing next day delivery, to the addresses set forth below: 

If to the Company or any Subsidiary Guarantor: 

Switch, Ltd. 
 7135 S. Decatur
Boulevard 
 Las Vegas, Nevada 89118 

Email: gabe@switch.com, jmanderson@switch.com 

Attention: Legal Department 

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

Latham & Watkins LLP 

650 Town Center Drive, 20th Floor 

Costa Mesa, CA 92626 
 Facsimile:
(714) 755-8290 
 Email: shayne.kennedy@lw.com, wesley.holmes@lw.com 

Attention: Shayne Kennedy, Wesley Holmes 

If to the Trustee: 
 U.S. Bank
National Association 
 Global Corporate Trust 

CityPlace I 
 185 Asylum Street,
27th Floor 
 Hartford, CT 06103 

Facsimile: (860) 241-6897 

Email: laurel.casasanta@usbank.com 

Attention: Laurel Casasanta 

  
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 The parties hereto, by written notice to the others, may designate additional or different
addresses for subsequent notices or communications. 
 Any notice or communication to a Holder and the Trustee shall be mailed by first
class mail or by overnight air courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Notwithstanding the foregoing, as long as the Notes are Global Notes, notices to be given to the Holders shall be
given to the Depositary in accordance with its applicable policies as in effect from time to time. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

In respect of this Indenture, the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions,
directors, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directors, reports notices or other communications or information on behalf of the party
purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liability, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions
directors, reports, notices or other communications or information. Each other party, agrees to assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other communications or
indemnifications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risks of interception and misuse by third parties. 

If a notice or communication is delivered in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt. 

If the Company delivers a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to the
Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative)), in
English. The party using digital signatures and electronic methods agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of
the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

SECTION 11.2.    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee upon request: 

(a)    an Officers’ Certificate (which shall include the statements set forth in Section 11.3)
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; provided that no such Officers’ Certificate shall be
required to be delivered in connection with the issuance of the Notes that are issued on the Issue Date; and 

  
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 (b)    an Opinion of Counsel (which shall include the
statements set forth in Section 11.3) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied; provided that no such Opinion of Counsel shall be required to be delivered in connection
with (x) the issuance of the Notes that are issued on the Issue Date or (y) the execution of any amendment or supplement entered into in connection with adding or releasing a Guarantor pursuant to the terms of this Indenture. 

SECTION 11.3.    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 4.4) shall include substantially: 

(a)    a statement that the Person making such certificate or opinion has read and understands 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 satisfied; and 

(d)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has been
satisfied. 
 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or on certificates
of public officials. 
 SECTION 11.4.    Rules by Trustee and Agents. The Trustee may make reasonable rules
for action by or at a meeting of Holders. Each of the Agents may make reasonable rules and set reasonable requirements for its functions. 

SECTION 11.5.    No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or
future director, officer, employee, incorporator, stockholder, partner or member of the Company or any Subsidiary Guarantor, as such, will have any liability for any indebtedness, obligations or liabilities of the Company or of any Subsidiary
Guarantor (other than the Company in respect of the Notes and each Subsidiary Guarantor in respect of its Subsidiary Guarantee) under the Notes, the Subsidiary Guarantees or this Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Subsidiary Guarantees. 

SECTION 11.6.    Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. THE LAW OF THE STATE OF
NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES. Each of the 

  
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parties to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough
of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes, the Subsidiary Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or
proceeding may be heard and determined in such New York State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.
EACH OF THE COMPANY, THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
BONDS OR THE TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 11.7.    No Adverse Interpretation of Other
Agreements . This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this
Indenture. 
 SECTION 11.8.    Successors . All agreements of the Company and the Subsidiary Guarantors in
this Indenture and the Notes and the Subsidiary Guarantees, as applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its respective successors and assigns. 

SECTION 11.9.    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 11.10.    Execution in Counterparts . This Indenture may be executed in two or more counterparts,
which when so executed shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission 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. Except with respect to
authentication of the Notes by the Trustee or an authenticating agent, the words “execution,” “signed,” “signature,” “delivery” and words of like import in or relating to this Indenture or any document to be
signed in connection with this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

SECTION 11.11.    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. 

  
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 SECTION 11.12.    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 agent duly appointed in writing (or, with respect to Global Notes,
otherwise in accordance with the rules and procedures of the Depositary); and, 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 Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 11.12. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved
(1) by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to
such officer the execution thereof or (2) in any other manner reasonably deemed sufficient by the Trustee. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit
shall also constitute sufficient proof of such signer’s authority. 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 which the Trustee
deems sufficient. 
 (c)    The ownership of Notes shall be proved by the register maintained by the
Registrar hereunder. 
 (d)    Any request, demand, authorization, direction, notice, consent, waiver or
other Act of 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 anything done, omitted or
suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 

(e)    If the Company shall solicit from the Holders any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may, at its option, by or pursuant to an Officers’ Certificate, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but
only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have authorized or agreed or consented to such
request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent

  
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by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

(f)    The Trustee may, but shall not be obligated to, set any day as a record date for the purpose of
determining the Holders entitled to join in the giving or making of (1) any notice of default under Section 6.1, (2) any declaration of acceleration referred to in Section 6.2, (3) any direction referred to in Section 6.5 or
(4) any request to pursue a remedy as permitted in Section 6.6. If any record date is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or
direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite
principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed
action by Holders and the applicable Expiration Date to be given to the Company and to each Holder in the manner set forth in Section 11.1. 

(g)    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 paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

(h)    Without limiting the generality of the foregoing, a Holder, including a Depositary that is the
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 a Depositary that is the Holder of a Global Note 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. 

(i)    The Company may fix a record date for the purpose of determining the Persons who are beneficial
owners of interests in any Global Note held by a Depositary entitled under the procedures of such Depositary, if any, 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; provided that if such a record date is fixed, only the beneficial owners of interests in such Global Note on such record date or their duly
appointed proxy or proxies shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners of interests in such Global
Note after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date. 

  
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 (j)    With respect to any record date set pursuant to
this Section 11.12, the party hereto that sets such record date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such
change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 11.1, on or prior to both the existing and the new
Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 11.12, the party hereto which set such record date shall be deemed to have initially designated the 90th day after such record
date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this clause (j). 

SECTION 11.13.    Force Majeure. In no event shall the Trustee or any Agent be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, fire, riots, strikes, or work stoppages for any reason, embargoes,
governmental actions, 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 and hardware)
services, it being understood that the Trustee and each Agent shall use reasonable efforts which are consistent with accepted practices in the U.S. banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 11.14.    Legal Holidays. If any payment date with respect to the Notes falls on a day that is not a
Business Day, the payment to be made on such payment date will be made on the next succeeding Business Day with the same force and effect as if made on such payment date, and no additional interest will accrue solely as a result of such delayed
payment. 
 SECTION 11.15.    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, is required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account. The Company agrees that it will provide the Trustee with information about the Company as the Trustee may reasonably request in order for the Trustee to satisfy the requirements of
the USA PATRIOT Act. 
 [Signature Pages Follow] 

  
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	Dated as of June 7, 2021	 	SWITCH, LTD.
			
		 	By:	 	 /s/ Gabriel Nacht

		 	Name:	 	Gabriel Nacht
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
			
	GUARANTORS:
	
	NV NAP 2, LLC, a Nevada limited liability company
	NV NAP 7, LLC, a Nevada limited liability company
	NV NAP 8, LLC, a Nevada limited liability company
	NV NAP 9, LLC, a Nevada limited liability company
	SUPERNAP RENO, LLC, a Nevada limited liability company
	SINAP - TIX, LLC, a Nevada limited liability company
	SWITCH BUSINESS SOLUTIONS, LLC, a Nevada limited liability company
	MI GRR, LLC, a Michigan limited liability company
	SUPERNAP ATLANTA, LLC, a Georgia limited liability company

 
			
		
	By:	 	 /s/ Gabriel Nacht

	Name:	 	Gabriel Nacht
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

					
	Dated as of June 7, 2021	 	 U.S. BANK NATIONAL ASSOCIATION

as Trustee

			
		 	By:	 	 /s/ Laurel Casasanta

		 	Name:	 	Laurel Casasanta
		 	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 (Face of 4.125%
Senior Note) 
 4.125% Senior Notes due 2029 

[Global Note Legend] 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR TO SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE
DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. 
 [Restricted Notes Legend] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE
COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A 

  
 A-1 

 
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
(E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER
THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S.
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) OR SIMILAR PROVISIONS UNDER ANY OTHER U.S OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO
INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
 [Regulation S Legend] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT

  
 A-2 

 
FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY
ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR
SIMILAR PROVISIONS UNDER ANY OTHER U.S OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE 

  
 A-3 

 
UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY WILL NOT
CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

  
 A-4 

 No.      

CUSIP NO.1 

ISIN 
 Switch, Ltd. (including any
successor thereto) promises to pay to [Cede & Co.]2 or registered assigns, the principal sum of      [(as may be increased or decreased as set forth on the Schedule of
Increases and Decreases attached hereto)]3 on June 15, 2029. 
 Interest Payment
Dates: June 15 and December 15, beginning December 15, 2021 
 Record Dates: June 1 and December 1 (whether or not
a Business Day) 
 Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 

	1 	 Rule 144A Note CUSIP: 87105NAC4 

	  	 Rule 144A Note ISIN: US87105NAC48 

	  	 Regulation S Note CUSIP: U8681QAB4 

	  	 Regulation S Note ISIN: USU8681QAB42 

	2 	 For Global Notes only. 

	3 	 For Global Notes only. 

  
 A-5 

 
			
	SWITCH, LTD.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 This is one of the Notes referred to in the

within-mentioned Indenture:

	
	Dated:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-6 

 (Back of 4.125% Senior Note) 

4.125% Senior Notes due 2029 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1)    Interest. Switch, Ltd., a Nevada limited company, and any successor thereto (the “Company”)
promises to pay interest on the unpaid principal amount of this 4.125% Senior Note due 2029 (a “Note”) at a fixed rate of 4.125% per annum. The Company will pay interest in U.S. dollars semiannually in arrears on June 15 and
December 15, commencing on                      (each an “Interest Payment Date”) or if any such day is not a Business
Day, on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, and no additional interest shall accrue solely as a result of such delayed payment. Interest on the Notes shall accrue from the most
recent date to which interest has been paid, or, if no interest has been paid, from and including the date of issuance. The Company 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; it 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 period), at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

(2)    Method of Payment. The Company will pay interest on the Notes (except defaulted interest) on the applicable
Interest Payment Date to the Persons who are registered Holders at the close of business on the June 1 and December 1 preceding the Interest Payment Date (whether or not a Business Day), even if such Notes are 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. If a Holder having an aggregate principal amount of more than $5,000,000 has given written wire transfer
instructions to that holder’s U.S. dollar account within the United States to the Trustee at least ten Business Days prior to the applicable Interest Payment Date, the Company will make all payments of principal, premium and interest, on such
Holder’s Notes by wire transfer of immediately available funds to the account specified in those instructions. Otherwise, payments on the Notes will be made at the office or agency of the Trustee or Paying Agent unless the Company elects to
make interest payments by check mailed to the Holders at their addresses set forth in the register of Holders. 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. 
 Any payments of principal of this Note prior to Stated Maturity shall be binding upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The final principal amount due and payable at the maturity of this Note shall be payable only upon
presentation and surrender of this Note at an office of the Trustee or the Trustee’s agent appointed for such purposes. Payments in respect of Global Notes will be made by wire transfer of immediately available funds to the Depositary. 

(3)    Paying Agent and Registrar. Initially, U.S. Bank National Association shall act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder, and the Company and/or any Restricted Subsidiaries may act as Paying Agent or Registrar. 

  
 A-7 

 (4)    Indenture. The Company issued the Notes under an
Indenture, dated as of June 7, 2021 (the “Indenture”), among the Company, the Subsidiary Guarantors thereto and the Trustee. The terms of the Notes include those stated in the Indenture. To the extent the provisions of this
Note are inconsistent with the provisions of the Indenture, the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Initial Notes issued on the Issue Date were
initially issued in an aggregate principal amount of $500,000,000. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions. 

The payment of principal, interest on the Notes and all other amounts under the Indenture is unconditionally guaranteed, jointly and
severally, on a senior unsecured basis by the Subsidiary Guarantors. 
 (5)    Optional Redemption. 

(a)    The Notes may be redeemed, in whole or in part, at any time or from time to time prior to
June 15, 2024 at the option of the Company, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any 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). 

(b)    At any time or from time to time on or after June 15, 2024, the Company, at its option, may
redeem the Notes in whole or in part at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, together with accrued and unpaid interest thereon, if any, 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), if redeemed during the 12-month period beginning on
June 15 of the years indicated below: 
  

					
	 Year
	  	Redemption Price	 
	 2024
	  	 	102.063	% 
	 2025
	  	 	101.031	% 
	 2026 and thereafter
	  	 	100.000	% 

 (c)    In the event that on or before June 15, 2024, the Company
receives net cash proceeds from the sale of its Common Stock in one or more Equity Offerings, the Company may use an amount not greater than the amount of such net cash proceeds to redeem up to 40.0% of the original aggregate principal amount of all
Notes issued (calculated after giving effect to any issuance of Additional Notes) at a redemption price of 104.125% of the principal amount thereof, plus accrued and unpaid interest, if any, to but excluding, the applicable redemption date (subject
to the rights of Holders of Notes on the relevant regular record date to receive interest due on the relevant interest payment date that is on or prior to the applicable redemption date); provided that: 

  
 A-8 

 (1)    at least 50.0% of the aggregate principal amount
of Notes issued on the Issue Date remains outstanding immediately after giving effect to each such redemption; and 

(2)    the redemption occurs not more than 120 days after the date of the closing of any such Equity
Offering. 
 (d)    If Holders of not less than 90.0% in aggregate principal amount of the outstanding
Notes validly tender and do not withdraw such Notes in connection with any tender offer or other offer to purchase the Notes (including pursuant to a Change of Control Offer, Alternate Offer or an offer to purchase with the proceeds from any Asset
Disposition) and the Company, or any other Person making such offer in lieu of the Company, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Company will have the right, upon not less than ten nor more than
60 days’ prior notice, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash equal to the applicable price paid to holders in such purchase, plus accrued and unpaid 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 an interest payment date that is on or prior to the date of redemption). 

(6)    Special Mandatory Redemption. 

(a)    If (1) the consummation of the Acquisition does not occur on or before July 31, 2021 (or
such later date if the end date is extended under the Acquisition Agreement) (the “End Date”) or (2) the Company delivers a notice to the Trustee stating it has determined that the consummation of the Acquisition will not occur
on or before the End Date (the earlier of the date of delivery of such notice and the End Date, the “Acquisition Deadline”), the Company will be required to redeem all of the Notes issued on the Issue Date (the “Special
Mandatory Redemption”). The Special Mandatory Redemption will be required to occur by a date no later than ten days after the Acquisition Deadline, upon three days’ notice (the “Special Mandatory Redemption Date”) and
at a redemption price equal to 100% of aggregate principal amount of the Notes, plus accrued and unpaid interest on the Notes being redeemed, if any, to, but excluding, the Special Mandatory Redemption Date. 

(b)     Subject to Section 6(a) hereof, upon the occurrence of the closing of the Acquisition, the
foregoing provisions regarding the Special Mandatory Redemption will cease to apply. 
 (7)    Offer to Purchase upon
Change of Control. 
 (a)    Upon the occurrence of a Change of Control, the Company may be required
to offer to repurchase all or any part of each Holder’s Notes pursuant to a Change of Control Offer on terms set forth in the Indenture. 

(b)    Upon the occurrence of certain Asset Dispositions, the Company may be required to offer to purchase
Notes as provided in the Indenture. 

  
 A-9 

 (c)    Holders of the Notes that are the subject of an
offer to purchase will receive notice of an Offer to Purchase pursuant to Section 4.10 or the Change of Control Offer, as applicable, from the Company prior to any related purchase date and may elect to have such Notes purchased by completing
the form titled “Option of Holder to Elect Purchase” attached hereto. 
 (8)    Notice of Redemption.
Notice of redemption (other than a Special Mandatory Redemption) shall be delivered at least ten days but not more than 60 days before the redemption date (except that notices may be delivered more than 60 days before an expected redemption date if
the notice is issued in accordance with Article VIII of the Indenture) to each Holder whose Notes are to be redeemed in accordance with Section 11.1 of the Indenture. Notices of redemption may be subject to conditions precedent as set
forth in the Indenture. Notes in denominations larger than $2,000 may be redeemed in part so long as no partial redemption results in a Note having a principal amount of less than $2,000. 

(9)    Denominations, Transfer, Exchange. The Notes are in registered form without coupons in initial denominations
of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged as provided in the Indenture. The Registrar, the Trustee and the Company may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents, and the Company Holders will be required to pay all taxes due on transfer. The Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a
period beginning at the opening of 15 days before the day of any selection of Notes for redemption and ending at the close of business on the day of such selection, (B) to register the transfer of or to exchange any Note so selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment Date. 

(10)    Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

(11)    Amendment, Supplement and Waiver. The Indenture, the Notes and the Subsidiary Guarantees may be amended or
supplemented as provided in the Indenture. 
 (12)    Defaults and Remedies. The Events of Default relating to
the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Subsidiary Guarantors, the Trustee and the Holders shall be as set forth in the applicable
provisions of the Indenture. 
 (13)    No Recourse Against Others. No director, officer, employee, incorporator,
stockholder, partner or member of the Company or any Subsidiary Guarantor, as such, will have any liability for any indebtedness, obligations or liabilities of the Company or of any Subsidiary Guarantor (other than the Company in respect of the
Notes and each Subsidiary Guarantor in respect of its Subsidiary Guarantee) under the Notes, the Subsidiary Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Subsidiary Guarantees, to the extent permitted by applicable law. 

  
 A-10 

 (14)    Authentication. This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent. 
 (15)    Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=
custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 
 (16)    CUSIP and ISIN Numbers. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a
convenience to the 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.

 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Switch, Ltd. 
 7135 S. Decatur
Boulevard 
 Las Vegas, Nevada 89118 

Attention: Chief Financial Officer 

  
 A-11 

 ASSIGNMENT FORM 

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

 
  

(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 Company. 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: 

  
 A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.13 of the Indenture, check the
box below: 
 [    ] Section 4.10    [    ] Section 4.13 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.13 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: 

  
 A-13 

 [INCLUDE IN TRANSFER RESTRICTED NOTES] 

CERTIFICATE TO BE DELIVERED UPON 

EXCHANGE OF TRANSFER RESTRICTED NOTES 
 Switch,
Ltd. 
 7135 S. Decatur Boulevard 
 Las Vegas, Nevada 89118 

Attention: Legal Department 
 U.S. Bank National Association 

111 Fillmore Avenue E 
 St. Paul, MN 55107 

Attention: Global Corporate Trust 
 Re: 4.125%
Senior Notes due 2029 CUSIP NO. 
 Reference is hereby made to that certain Indenture dated June 7, 2021 (the
“Indenture”) among Switch, Ltd. (the “Company”), the guarantors named therein, and U.S. Bank National Association, as trustee (the “Trustee”). Capitalized terms used but not defined herein shall
have the meanings set forth in the Indenture. 
 This certificate relates to
$             principal amount of Notes held in (check             applicable space) book-entry or
            definitive form by the undersigned. 
 In connection with any
transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the Resale Restriction Termination Date, the undersigned confirms that such Notes are being transferred as follows: 

CHECK ONE BOX BELOW: 
  

	(1) ☐	 to the Company or any of its subsidiaries; or 

 

	(2) ☐	 inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as
amended, in each case pursuant to and in compliance with Rule 144A thereunder; or 

  

	(3) ☐	 transferred pursuant to an effective registration statement under the Securities Act of 1933, as amended (the
“Securities Act”); or 

  

	(4) ☐	 outside the United States in an offshore transaction within the meaning of Regulation S under the Securities
Act, in compliance with Rule 904 thereunder; or 

  

	(5) ☐	 transferred to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3)
or (7) under the Securities Act), that has furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter appears as Exhibit D of the Indenture); or 

  
 A-14 

	(6) ☐	 transferred pursuant to another available exemption from the registration requirements under the Securities
Act. 

 Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee or the Company may require, prior to registering any such transfer of the
Securities, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, such as the exemption provided by Rule 144 under such Act. 
  

	
	  

Signature

  

			
	Signature Guarantee:	  	  

		  	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that each of it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

 

	
	[Name of Transferee]
	
	  
 NOTICE: To be executed by an
executive officer, if an entity

 Dated: 

  
 A-15 

 SCHEDULE OF INCREASES AND DECREASES OF 4.125% SENIOR NOTES DUE 20294 
 The following transfers, exchanges and redemption of this Global Note have been
made: 
  

									
	Date of Transfer, Exchange or
Redemption	  	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 Trustee or Note
Custodian
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

  
  

	4 	 For Global Notes only. 

  
 A-16 

 EXHIBIT B 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED 

BY SUBSEQUENT SUBSIDIARY GUARANTORS] 

This Supplemental Indenture and Subsidiary Guarantee, dated as of         , 20 (this
“Supplemental Indenture” or “Subsidiary Guarantee”), among          (the “New Guarantor”), Switch, Ltd. (together with its successors and assigns, the
“Company”) and U.S. Bank National Association, as Trustee, paying agent and registrar under such Indenture. 
 W I T N E S S
E T H: 
 WHEREAS, the Company, the Subsidiary Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of
June 7, 2021 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 4.125% Senior Notes due 2029 of the Company (the
“Notes”); 
 WHEREAS, Section 4.15 of the Indenture provides that in certain circumstances the Company may be required
to cause certain Restricted Subsidiaries of the Company to execute and deliver a Guarantee with respect to the Notes on the same terms and conditions as those set forth in the Indenture. 

WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee and the Company are authorized to execute and deliver this Supplemental
Indenture to amend the Indenture, without the consent of any Holder to add an additional Subsidiary Guarantor. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as
follows: 
 ARTICLE I 

Definitions 
 SECTION
1.1    Defined Terms. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or recitals thereto are used herein as therein defined. The words “herein,”
“hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

ARTICLE II 
 Agreement to be
Bound; Guarantee 
 SECTION 2.1    Agreement to be Bound. The New Guarantor hereby becomes a party to the
Indenture as a Subsidiary Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. The New Guarantor agrees to be bound by all of the provisions of the
Indenture applicable to a Subsidiary Guarantor and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, subject to the release provisions and other limitations set forth in the Indenture. 

  
 B-1 

 ARTICLE III 

Miscellaneous 
 SECTION
3.1    Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 3.2    Severability Clause. In case any provision in this Supplemental Indenture 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 and such provision shall be ineffective only to the extent of such invalidity, illegality or
unenforceability. 
 SECTION 3.3    Ratification of Indenture; Supplemental Indentures Part of Indenture; No
Liability of Trustee. 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 a Note heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental
Indenture or the New Guarantor’s Subsidiary Guarantee. Additionally, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements
are made solely by the Company, the New Guarantor and the Subsidiary Guarantors, and the Trustee makes no representation with respect to any such matters. 

SECTION 3.4    Counterparts. This Supplemental Indenture may be executed in two or more counterparts, which when so
executed shall constitute one and the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental 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 3.5    Headings. The headings of the Articles and the sections in this Subsidiary Guarantee are for
convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

[Signatures on Following Page] 

  
 B-2 

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

			
	SWITCH, LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 [NEW GUARANTOR],
 as a
Guarantor

		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3 

 EXHIBIT C 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S] 

Switch, Ltd. 
 7135 S. Decatur Boulevard 

Las Vegas, Nevada 89118 
 Attention: Legal Department 

U.S. Bank National Association 
 111 Fillmore Avenue E 

St. Paul, MN 55107 
 Attention: Global Corporate Trust 

Re: Switch, Ltd. (the “Company”) 4.125% Senior Notes due 2029 (the “Notes”) 

Ladies and Gentlemen: 
 In connection with our
proposed sale of $         aggregate principal amount of the Notes (CUSIP No.         ), we confirm that such sale has been effected pursuant to and in accordance with
Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

(1)    the offer of the Notes was not made to a person in the United States; 

(2)    either (a) at the time the buy order was originated, the transferee was outside the United States or we and
any person acting on our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore
securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(3)    no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b)
or Rule 904(b) of Regulation S, as applicable; and 
 (4)    the transaction is not part of a plan or scheme to evade
the registration requirements of the Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions of
Rule 903(b) or Rule 904(b) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. 

The Company and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

  
 C-1 

 
			
	Very truly yours,
	
	  

	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

  
 C-2 

 EXHIBIT D 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS TO IAIs] 
 Switch,
Ltd. 
 7135 S. Decatur Boulevard 
 Las Vegas, Nevada 89118 

Attention: Legal Department 
 U.S. Bank National Association 

111 Fillmore Avenue E 
 St. Paul, MN 55107 

Attention: Global Corporate Trust 
 Re: Switch,
Ltd. (the “Company”) 4.125% Senior Notes due 2029 (the “Notes”) 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $         principal amount of the Notes. 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

Name:
                                         
                            

Address:
                                         
                        

Taxpayer ID Number:
                                         
    
 The undersigned represents and warrants to you that: 

1.    We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Securities, and we
are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risk of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its
investment. 
 2.    We understand that the Notes have not been registered under the Securities Act (or the securities
laws of any state or other jurisdiction) and, unless so registered, may not be reoffered, sold, assigned, transferred, pledged, encumbered or otherwise disposed of except as permitted in the following sentence. We agree on our own behalf and on
behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such 

  
 D-1 

 
Notes prior to the date that is one year after the later of the date of original issue, the original issue date of any additional Notes and the last date on which the Company or any affiliate of
the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Company or any of its subsidiaries, (b) pursuant to a registration statement that has been
declared effective under the Securities Act, (c) for so long as the Securities are eligible for resale pursuant to Rule 144A under the Securities Act, in a transaction complying with the requirements of Rule 144A under the Securities
Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A under the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is
given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States to non-U.S. persons, in compliance with Regulation S under
the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is not a QIB and is purchasing for its own account or for the account of
another institutional “accredited investor,” in each case in a minimum principal amount of Securities of $250,000, for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the
Securities Act or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of
such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If
any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter
to the Company and U.S. Bank National Association, as trustee (the “Trustee”), which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of
Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the
Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications
and/or other information satisfactory to the Company and the Trustee. 
 3. We [are] [are not] an affiliate of the Company. 

  
 D-2 

 The Trustee and the Company are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	  

	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

  
 D-3Document

Exhibit 10.1

AMENDED AND RESTATED 2017 EQUITY INCENTIVE PLAN 
CTI BIOPHARMA CORP. 
1.             PURPOSE OF PLAN

The purpose of this CTI BioPharma Corp. 2017 Equity Incentive Plan (this “Plan”) of CTI BioPharma Corp., a Delaware corporation (the “Corporation”), is to promote the success of the Corporation by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons and to enhance the alignment of the interests of the selected participants with the interests of the Corporation’s stockholders. 

2.             ELIGIBILITY

The Administrator (as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator determines to be Eligible Persons. An “Eligible Person” is any person who is either: (a) an officer (whether or not a director) or employee of the Corporation or one of its Subsidiaries; (b) a director of the Corporation or one of its Subsidiaries; or (c) an individual consultant or advisor who renders or has rendered bona fide services (other than services in connection with the offering or sale of securities of the Corporation or one of its Subsidiaries in a capital-raising transaction or as a market maker or promoter of securities of the Corporation or one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator; provided, however, that a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the Corporation’s eligibility to use Form S-8 to register under the Securities Act of 1933, as amended (the “Securities Act”), the offering and sale of shares issuable under this Plan by the Corporation or the Corporation’s compliance with any other applicable laws. An Eligible Person who has been granted an award (a “participant”) may, if otherwise eligible, be granted additional awards if the Administrator shall so determine. As used herein, “Subsidiary” means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Corporation; and “Board” means the Board of Directors of the Corporation.

3.             PLAN ADMINISTRATION

3.1          The Administrator. This Plan shall be administered by and all awards under this Plan shall be authorized by the Administrator. The “Administrator” means the Board or one or more committees (or sub-committees, as the case may be) appointed by the Board or another committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee comprised solely of directors may also delegate, to the extent permitted by Section 157(c) of the Delaware General Corporation Law and any other applicable law, to one or more officers of the Corporation, its authority under this Plan. The Board or another committee (within its delegated authority) may delegate different levels of authority to different committees or persons with administrative and grant authority under this Plan. Unless otherwise provided in the Bylaws of the Corporation or the applicable charter of any Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute action by the acting Administrator. 

3.2          Powers of the Administrator. Subject to the express provisions of this Plan, the Administrator is authorized and empowered to do all things necessary or desirable in connection with the authorization of awards and the administration of this Plan (in the case of a committee or delegation to one or more officers, within any express limits on the authority delegated to that committee or person(s)), including, without limitation, the authority to: 

(a)           determine eligibility and, from among those persons determined to be eligible, determine the particular Eligible Persons who will receive an award under this Plan; 

(b)           grant awards to Eligible Persons, determine the price (if any) at which securities will be offered or awarded and the number of securities to be offered or awarded to any of such persons (in the case of securities-based awards), determine the other specific terms and conditions of awards consistent with the express limits of this Plan, establish the installment(s) (if any) in which such awards shall become exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required, establish any applicable performance-based exercisability or vesting requirements, determine the circumstances in which any performance-based goals (or the applicable measure of performance) will be adjusted and the nature and impact of any such adjustment, determine the extent (if any) to which any applicable exercise and vesting requirements have been satisfied, establish the events (if any) on which exercisability or vesting may accelerate (which may include, without limitation, retirement and other specified terminations of employment or services, or other circumstances), and establish the events (if any) of termination, expiration or reversion of such awards;

(c)           approve the forms of any award agreements (which need not be identical either as to type of award or among participants); 

(d)           construe and interpret this Plan, any sub-plan and any agreements defining the rights and obligations of the Corporation, its Subsidiaries, and participants under this Plan, make any and all determinations under this Plan and any such agreements, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the administration of this Plan, any sub-plan or the awards granted under this Plan; 

(e)           cancel, modify, or waive the Corporation’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consent under Section 8.6.5; 

(f)           accelerate, waive or extend the vesting or exercisability, or modify or extend the term of, any or all such outstanding awards (in the case of options or stock appreciation rights, within the maximum ten-year term of such awards) in such circumstances as the Administrator may deem appropriate (including, without limitation, in connection with a retirement or other termination of employment or services, or other circumstances) subject to any required consent under Section 8.6.5; 

(g)           adjust the number of shares of Common Stock subject to any award, adjust the price of any or all outstanding awards or otherwise waive or change previously imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject to Sections 4 and 8.6 (and subject to the no repricing provision below); 

(h)           determine the date of grant of an award, which may be a designated date after but not before the date of the Administrator’s action to approve the award (unless otherwise designated by the Administrator, the date of grant of an award shall be the date upon which the Administrator took the action approving the award); 

(i)            determine whether, and the extent to which, adjustments are required pursuant to Section 7.1 hereof and take any other actions contemplated by Section 7.2 in connection with the occurrence of an event of the type described in Section 7; 

(j)            acquire or settle (subject to Sections 7 and 8.6) rights under awards in cash, stock of equivalent value, or other consideration (subject to the no repricing provision below); and  

(k)           determine the fair market value of the Common Stock or awards under this Plan from time to time and/or the manner in which such value will be determined. 

Notwithstanding the foregoing and except for an adjustment pursuant to Section 7.1 or a repricing approved by stockholders, in no case may the Administrator (1) amend an outstanding stock option or SAR to reduce the exercise price or base price of the award, (2) cancel, exchange, or surrender an outstanding stock option or SAR in exchange for cash or other awards for the purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding stock option or SAR in exchange for an option or SAR with an exercise or base price that is less than the exercise or base price of the original award.

3.3          Binding Determinations. Any determination or other action taken by, or inaction of, the Corporation, any Subsidiary or the Administrator relating or pursuant to this Plan (or any award made under this Plan) and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and shall be conclusive and binding upon all persons. Neither the Board nor any other Administrator, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with this Plan (or any award made under this Plan), and all such persons shall be entitled to indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including, without limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time. Neither the Board nor any other Administrator, nor any member thereof or person acting at the direction thereof, nor the Corporation or any of its Subsidiaries, shall be liable for any damages of a participant should an option intended as an ISO (as defined below) fail to meet the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to ISOs, should any other award(s) fail to qualify for any intended tax treatment, should any award grant or other action with respect thereto not satisfy Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended, or otherwise for any tax or other liability imposed on a participant with respect to an award.

3.4          Reliance on Experts. In making any determination or in taking or not taking any action under this Plan, the Administrator may obtain and may rely upon the advice of experts, including employees and professional advisors to the Corporation. No director, officer or agent of the Corporation or any of its Subsidiaries shall be liable for any such action or determination taken or made or omitted in good faith. 

3.5          Delegation. The Administrator may delegate ministerial, non-discretionary functions to individuals who are officers or employees of the Corporation or any of its Subsidiaries or to third parties. 

4.             SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMITS

4.1          Shares Available. Subject to the provisions of Section 7.1, the capital stock that may be delivered under this Plan shall be shares of the Corporation’s authorized but unissued Common Stock and any shares of its Common Stock held as treasury shares. For purposes of this Plan, “Common Stock” shall mean the common stock of the Corporation and such other securities or property as may become the subject of awards under this Plan, or may become subject to such awards, pursuant to an adjustment made under Section 7.1. 

4.2          Share Limits. The maximum number of shares of Common Stock that may be delivered pursuant to awards granted to Eligible Persons under this Plan (the “Share Limit”) is equal to the sum of the following:  

(1)           18,400,000 shares of Common Stock, plus 

(2)           the number of any shares subject to stock options granted under the Corporation’s 2015 Equity Incentive Plan, as amended (the “2015 Plan”), or the Corporation’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”) and outstanding on the date of stockholder approval of this Plan (the “Stockholder Approval Date”) which expire, or for any reason are cancelled or terminated, after the Stockholder Approval Date without being exercised, plus; 

(3)           the number of any shares subject to restricted stock or restricted stock unit awards granted under the 2015 Plan or the 2007 Plan that are outstanding and unvested on the Stockholder Approval Date that are forfeited, terminated, cancelled or otherwise reacquired by the Corporation without having become vested. 

provided that in no event shall the Share Limit exceed 22,302,207 shares (which is the sum of the 18,400,000 shares set forth above, plus the aggregate number of shares subject to stock options and unvested restricted stock and restricted stock unit awards previously granted and outstanding under the 2015 Plan and the 2007 Plan as of the Effective Date).

The following limits also apply with respect to awards granted under this Plan:

(a)           The maximum number of shares of Common Stock that may be delivered pursuant to options qualified as incentive stock options granted under this Plan is 18,400,000 shares. 

(b)           Awards that are granted under this Plan during any one calendar year to any person who, on the grant date of the award, is a non-employee director are subject to the limits of this Section 4.2(b). The maximum number of shares of Common Stock subject to those awards that are granted under this Plan during any one calendar year to an individual who, on the grant date of the award, is a non-employee director is the number of shares that produce a grant date fair value for the award that, when combined with the grant date fair value of any other awards granted under this Plan during that same calendar year to that individual in his or her capacity as a non-employee director, is $375,000; provided that this limit is $475,000 as to a non-employee director who is serving as the Chairman of the Board. For purposes of this Section 4.2(b), a “non-employee director” is an individual who, on the grant date of the award, is a member of the Board who is not then an officer or employee of the Corporation or one of its Subsidiaries. For purposes of this Section 4.2(b), “grant date fair value” means the value of the award as of the date of grant of the award and as determined using the equity award valuation principles applied in the Corporation’s financial reporting. The limits of this Section 4.2(b) do not apply to, and shall be determined without taking into account, any award granted to an individual who, on the grant date of the award, is an officer or employee of the Corporation or one of its Subsidiaries. The limits of this Section 4.2(b) apply on an individual basis and not on an aggregate basis to all non-employee directors as a group.

Each of the foregoing numerical limits is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10.

4.3          Awards Settled in Cash, Reissue of Awards and Shares. Except as provided in the next sentence, shares that are subject to or underlie awards granted under this Plan which expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under this Plan shall again be available for subsequent awards under this Plan. Shares that are exchanged by a participant or withheld by the Corporation as full or partial payment in connection with any award under this Plan, as well as any shares exchanged by a participant or withheld by the Corporation or one of its Subsidiaries to satisfy the tax-related items withholding obligations related to any award, shall not be available for subsequent awards under this Plan. To the extent that an award granted under this Plan is settled in cash or a form other than shares of Common Stock, the shares that would have been delivered had there been no such cash or other settlement shall not be counted against the shares available for issuance under this Plan. If shares of Common Stock are delivered in respect of a dividend equivalent right granted under this Plan, the number of shares delivered with respect to the award shall be counted 

against the Share Limit. (For purposes of clarity, if 1,000 dividend equivalent rights are granted and outstanding when the Corporation pays a dividend, and 50 shares are delivered in payment of those rights with respect to that dividend, 50 shares shall be counted against the Share Limit). To the extent that shares of Common Stock are delivered pursuant to the exercise of a stock appreciation right or stock option granted under this Plan, the number of underlying shares as to which the exercise related shall be counted against the applicable share limits under Section 4.2, as opposed to only counting the shares issued. (For purposes of clarity, if a stock appreciation right relates to 100,000 shares and is exercised at a time when the payment due to the participant is 15,000 shares, 100,000 shares shall be charged against the applicable share limits under Section 4.2 with respect to such exercise.) Refer to Section 8.10 for application of the foregoing share limits with respect to assumed awards.  

4.4          No Fractional Shares; Minimum Issue. Unless otherwise expressly provided by the Administrator, no fractional shares shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of awards under this Plan. The Administrator may from time to time impose a limit (of not greater than 100 shares) on the minimum number of shares that may be purchased or exercised as to awards (or any particular type of award) granted under this Plan unless (as to any particular award) the total number purchased or exercised is the total number at the time available for purchase or exercise under the award. 

5.             AWARDS

5.1          Type and Form of Awards. The Administrator shall determine the type or types of award(s) to be made to each selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation plan of the Corporation or one of its Subsidiaries. The types of awards that may be granted under this Plan are: 
5.1.1       Stock Options. A stock option is the grant of a right to purchase a specified number of shares of Common Stock during a specified period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning of Section 422 of the Code (an “ISO”) or a nonqualified stock option (an option not intended to be an ISO). The award agreement evidencing the grant of an option will indicate if the option is intended as an ISO; otherwise, it will be deemed to be a nonqualified stock option. The maximum term of each option (ISO or nonqualified) shall be ten (10) years. The per share exercise price for each option shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the option. When an option is exercised, the exercise price for the shares to be purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with Section 5.4. 

5.1.2       Additional Rules Applicable to ISOs. To the extent that the aggregate fair market value (determined at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a participant in any calendar year exceeds $100,000, taking into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs under all other plans of the Corporation or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant to the exercise of an ISO. ISOs may only be granted to employees of the Corporation or one of its subsidiaries (for this purpose, the term “subsidiary” is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning with the Corporation and ending with the subsidiary in question). No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of the Corporation, unless the exercise price of such option is at least 110% of the fair market value of the stock subject to 

the option and such option by its terms is not exercisable after the expiration of five years from the date such option is granted. If an otherwise-intended ISO fails to meet the applicable requirements of Section 422 of the Code, the option shall be a nonqualified stock option.

5.1.3       Stock Appreciation Rights. A stock appreciation right or “SAR” is a right to receive a payment, in cash and/or Common Stock, equal to the excess of the fair market value of a specified number of shares of Common Stock on the date the SAR is exercised over the “base price” of the award, which base price shall be set forth in the applicable award agreement and shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the SAR. The maximum term of a SAR shall be ten (10) years.

5.1.4       Other Awards; Dividend Equivalent Rights. The other types of awards that may be granted under this Plan include: (a) stock bonuses, restricted stock, performance stock, stock units, restricted stock units, deferred shares, phantom stock or similar rights to purchase or acquire shares, whether at a fixed or variable price (or no price) or fixed or variable ratio related to the Common Stock, and any of which may (but need not) be fully vested at grant or vest upon the passage of time, the occurrence of one or more events, the satisfaction of performance criteria or other conditions, or any combination thereof; or (b) cash awards. The types of cash awards that may be granted under this Plan include the opportunity to receive a payment for the achievement of one or more goals established by the Administrator, on such terms as the Administrator may provide, as well as discretionary cash awards. Dividend equivalent rights may be granted as a separate award or in connection with another award under this Plan; provided, however, that dividend equivalent rights may not be granted as to a stock option or SAR granted under this Plan. In addition, any dividends and/or dividend equivalents as to the portion of an award that is subject to unsatisfied vesting requirements will be subject to termination and forfeiture to the same extent as the corresponding portion of the award to which they relate if the applicable vesting requirements are not satisfied.

5.1.5       Certain Performance-Based Awards. Any Qualified Performance-Based Award or Qualifying Option or SAR (as such terms were defined in Section 5.2 of the prior version of this Plan) granted under this Plan prior to November 2, 2017 shall continue to be governed by the terms of this Plan in effect at the time of grant of such award.

5.2          Award Agreements. Each award shall be evidenced by a written or electronic award agreement or notice in a form approved by the Administrator (an “award agreement”), and, in each case and if required by the Administrator, executed or otherwise electronically accepted by the recipient of the award in such form and manner as the Administrator may require. 

5.3          Deferrals and Settlements. Payment of awards may be in the form of cash, Common Stock, other awards or combinations thereof as the Administrator shall determine, and with such restrictions (if any) as it may impose. The Administrator may also require or permit participants to elect to defer the issuance of shares or the settlement of awards in cash under such rules and procedures as it may establish under this Plan. The Administrator may also provide that deferred settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in shares. 

5.4          Consideration for Common Stock or Awards. The purchase price (if any) for any award granted under this Plan or the Common Stock to be delivered pursuant to an award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator, including, without limitation, one or a combination of the following methods: 

•services rendered by the recipient of such award;
•cash, check payable to the order of the Corporation, or electronic funds transfer; 
•notice and third party payment in such manner as may be authorized by the Administrator; 
•the delivery of previously owned shares of Common Stock; 

•by a reduction in the number of shares otherwise deliverable pursuant to the award; or 
•subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise” with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards. 

In no event shall any shares newly-issued by the Corporation be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable state law. Shares of Common Stock used to satisfy the exercise price of an option shall be valued at their fair market value. The Corporation will not be obligated to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise or purchase have been satisfied. Unless otherwise expressly provided in the applicable award agreement, the Administrator may at any time eliminate or limit a participant’s ability to pay any purchase or exercise price of any award or shares by any method other than cash payment to the Corporation.

5.5          Definition of Fair Market Value. For purposes of this Plan, “fair market value” shall mean, unless otherwise determined or provided by the Administrator in the circumstances, the closing price (in regular trading) for a share of Common Stock on the Nasdaq Stock Market (the “Market”) for the date in question or, if no sales of Common Stock were reported on the Market on that date, the closing price (in regular trading) for a share of Common Stock on the Market for the next preceding day on which sales of Common Stock were reported on the Market. The Administrator may, however, provide with respect to one or more awards that the fair market value shall equal the closing price (in regular trading) for a share of Common Stock on the Market on the last trading day preceding the date in question or the average of the high and low trading prices of a share of Common Stock on the Market for the date in question or the most recent trading day. If the Common Stock is no longer listed or is no longer actively traded on the Market as of the applicable date, the fair market value of the Common Stock shall be the value as reasonably determined by the Administrator for purposes of the award in the circumstances. The Administrator also may adopt a different methodology for determining fair market value with respect to one or more awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular award(s) (for example, and without limitation, the Administrator may provide that fair market value for purposes of one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date).  

5.6          Transfer Restrictions.

5.6.1       Limitations on Exercise and Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 5.6 or required by applicable law: (a) all awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) awards shall be exercised only by the participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered only to (or for the account of) the participant.

5.6.2       Exceptions. The Administrator may permit awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish in writing. Any permitted transfer shall be subject to compliance with applicable federal, state and foreign securities and exchange control laws and shall not be for value (other than nominal consideration, settlement of marital property rights, or for interests in an entity in which more than 50% of the voting interests are held by the Eligible Person or by the Eligible Person’s family members).

5.6.3       Further Exceptions to Limits on Transfer. The exercise and transfer restrictions in Section 5.6.1 shall not apply to: 

(a)           transfers to the Corporation (for example, in connection with the expiration or termination of the award), 

(b)           the designation of a beneficiary to receive benefits in the event of the participant’s death or, if the participant has died, transfers to or exercise by the participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution,     

(c)           subject to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations order if received by the Administrator, 

(d)           if the participant has suffered a disability, permitted transfers or exercises on behalf of the participant by his or her legal representative, or 

(e)           the authorization by the Administrator of “cashless exercise” procedures with third parties who provide financing for the purpose of (or who otherwise facilitate) the exercise of awards consistent with applicable laws and any limitations imposed by the Administrator. 

5.7          International Awards. Notwithstanding any provision of this Plan to the contrary, to comply with the laws in the countries where the Corporation or one of its Subsidiaries operates or has Eligible Persons, the Administrator, in its sole discretion, shall have the power and authority to (a) modify the terms and conditions of any Award granted to Eligible Persons in light of the laws of jurisdictions where the Eligible Persons work or reside; (b) establish sub-plans and agreements and determine the exercise or purchase price, methods of exercise and other terms and procedures and rules, to the extend such actions may be necessary or advisable, including the adoption or rules, procedures, sub-plans and agreements applicable to Subsidiaries in particular jurisdictions; provided, however, that no such sub-plans or agreements and/or modifications shall increase the Share Limit or otherwise require stockholder approval; (c) take any action, before or after an award is made, that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on eligibility to receive an award under this Plan or on termination of active service; available methods of exercise or settlement of an award, payment of tax-related items, the shifting of employer tax liability to the participant, the withholding procedures and handling of any share certificates or other indicia of ownership which may vary with local requirements. The Administrator may also adopt sub-plans to this Plan intended to allow the Corporation to grant tax-qualified awards in a particular jurisdiction. Notwithstanding the foregoing, the Corporation’s obligation to issue any shares of Common Stock or make any other payment in respect of an award granted under this Plan is subject to compliance with all applicable laws as provided in Section 8.1 of this Plan. 

6.             EFFECT OF TERMINATION OF EMPLOYMENT OR SERVICE ON AWARDS

6.1          General. The Administrator shall establish the effect (if any) of a termination of employment or service on the rights and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award. If the participant is not an employee of the Corporation or one of its Subsidiaries, is not a member of the Board, and provides other services to the Corporation or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the award otherwise provides) of whether the participant continues to render services to the Corporation or one of its Subsidiaries and the date, if any, upon which such services shall be deemed to have terminated. 

6.2          Events Not Deemed Terminations of Service. Unless the express policy of the Corporation or one of its Subsidiaries, or the Administrator, otherwise provides, or except as otherwise required by applicable law, the employment 

relationship shall not be considered terminated in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence authorized by the Corporation or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by contract or law or the Administrator otherwise provides, such leave is for a period of not more than three months. In the case of any employee of the Corporation or one of its Subsidiaries on an approved leave of absence, continued vesting of the award while on leave from the employ of the Corporation or one of its Subsidiaries may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an award be exercised after any applicable maximum term of the award. 

6.3          Effect of Change of Subsidiary Status. For purposes of this Plan and any award, if an entity ceases to be a Subsidiary of the Corporation, a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of such Subsidiary who does not continue as an Eligible Person in respect of the Corporation or another Subsidiary that continues as such after giving effect to the transaction or other event giving rise to the change in status unless the Subsidiary that is sold, spun-off or otherwise divested (or its successor or a direct or indirect parent of such Subsidiary or successor) assumes the Eligible Person’s award(s) in connection with such transaction.

7.             ADJUSTMENTS; ACCELERATION

7.1          Adjustments. Subject to Section 7.2, upon (or, as may be necessary to effect the adjustment, immediately prior to): any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, conversion or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Common Stock; or any exchange of Common Stock or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction in respect of the Common Stock; then the Administrator shall equitably and proportionately adjust (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any outstanding awards, (3) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any outstanding awards, and/or (4) the securities, cash or other property deliverable upon exercise or payment of any outstanding awards, in each case to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding awards. 

Without limiting the generality of Section 3.3, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons.

7.2          Corporate Transactions - Assumption and Termination of Awards. Upon any event in which the Corporation does not survive, or does not survive as a public company in respect of its Common Stock (including, without limitation, a dissolution, merger, combination, consolidation, conversion, exchange of securities, or other reorganization, or a sale of all or substantially all of the business, stock or assets of the Corporation, in any case in connection with which the Corporation does not survive or does not survive as a public company in respect of its Common Stock), then the Administrator may make provision for a cash payment in settlement of, or for the termination, assumption, substitution or exchange of any or all outstanding awards or the cash, securities or property deliverable to the holder of any or all outstanding awards, based upon, to the extent relevant under the circumstances, the distribution or consideration payable to holders of the Common Stock upon or in respect of such event. Upon the occurrence of any event described in the preceding sentence in connection with which the Administrator has made provision for the award to be terminated (and the Administrator has not made a provision for the substitution, assumption, exchange or other continuation or settlement of the award): (1) unless otherwise provided in the applicable award agreement, each then-outstanding option and SAR shall become fully vested, all shares of restricted stock then outstanding shall fully vest free of restrictions, and each other award granted under this Plan that is then outstanding shall 

become payable to the holder of such award (with any performance goals applicable to the award in each case being deemed met, unless otherwise provided in the award agreement, at the “target” performance level); and (2) each award (including any award or portion thereof that, by its terms, does not accelerate and vest in the circumstances) shall terminate upon the related event; provided that the holder of an option or SAR shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding vested options and SARs (after giving effect to any accelerated vesting required in the circumstances) in accordance with their terms before the termination of such awards (except that in no case shall more than ten days’ notice of the impending termination be required and any acceleration of vesting and any exercise of any portion of an award that is so accelerated may be made contingent upon the actual occurrence of the event). 

Without limiting the preceding paragraph, in connection with any event referred to in the preceding paragraph or any change in control event defined in any applicable award agreement, the Administrator may, in its discretion, provide for the accelerated vesting of any award or awards as and to the extent determined by the Administrator in the circumstances.

For purposes of this Section 7.2, an award shall be deemed to have been “assumed” if (without limiting other circumstances in which an award is assumed) the award continues after an event referred to above in this Section 7.2, and/or is assumed and continued by the surviving entity following such event (including, without limitation, an entity that, as a result of such event, owns the Corporation or all or substantially all of the Corporation’s assets directly or through one or more subsidiaries (a “Parent”)), and confers the right to purchase or receive, as applicable and subject to vesting and the other terms and conditions of the award, for each share of Common Stock subject to the award immediately prior to the event, the consideration (whether cash, shares, or other securities or property) received in the event by the stockholders of the Corporation for each share of Common Stock sold or exchanged in such event (or the consideration received by a majority of the stockholders participating in such event if the stockholders were offered a choice of consideration); provided, however, that if the consideration offered for a share of Common Stock in the event is not solely the ordinary common stock of a successor corporation or a Parent, the Administrator may provide for the consideration to be received upon exercise or payment of the award, for each share subject to the award, to be solely ordinary common stock of the successor corporation or a Parent equal in fair market value to the per share consideration received by the stockholders participating in the event.

The Administrator may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a cash or property settlement and, in the case of options, SARs or similar rights, but without limitation on other methodologies, may base such settlement solely upon the excess of any of the per share amount payable upon or in respect of such event over the exercise or base price of the award. In the case of an option, SAR or similar right as to which the per share amount payable upon or in respect of such event is less than or equal to the exercise or base price of the award, the Administrator may terminate such award in connection with an event referred to in this Section 7.2 without any payment in respect of such award.

In any of the events referred to in this Section 7.2, the Administrator may take such action contemplated by this Section 7.2 prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of the foregoing, the Administrator may deem an acceleration and/or termination to occur immediately prior to the applicable event and, in such circumstances, will reinstate the original terms of the award if an event giving rise to an acceleration and/or termination does not occur. 

Without limiting the generality of Section 3.3, any good faith determination by the Administrator pursuant to its authority under this Section 7.2 shall be conclusive and binding on all persons. 

7.3          Other Acceleration Rules. The Administrator may override the provisions of Section 7.2 by express provision in the award agreement and may accord any Eligible Person a right to refuse any acceleration, whether pursuant to the award agreement or otherwise, in such circumstances as the Administrator may approve. The portion of any ISO accelerated in 

connection with an event referred to in Section 7.2 (or such other circumstances as may trigger accelerated vesting of the award) shall remain exercisable as an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option shall be exercisable as a nonqualified stock option under the Code. 

8.             OTHER PROVISIONS

8.1          Compliance with Laws. This Plan, the granting and vesting of awards under this Plan, the offer, issuance and delivery of shares of Common Stock, and/or the payment of money under this Plan or under awards are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited to state and federal securities law and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith. The person acquiring any securities under this Plan will, if requested by the Corporation or one of its Subsidiaries, provide such assurances and representations to the Corporation or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all applicable legal and accounting requirements. 

8.2          No Rights to Award. No person shall have any claim or rights to be granted an award (or additional awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary. 

8.3          No Employment/Service Contract. Nothing contained in this Plan (or in any other documents under this Plan or in any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the Corporation or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee’s status as an employee at will, nor shall interfere in any way with the right of the Corporation or one of its Subsidiaries to change a person’s compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract other than an award agreement. 

8.4          Plan Not Funded. Awards payable under this Plan shall be payable in shares or from the general assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock, except as otherwise expressly provided) of the Corporation or one of its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Corporation or one of its Subsidiaries and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Corporation. 

8.5          Tax Withholding. Upon any exercise, vesting, or payment of any award, or upon the disposition of shares of Common Stock acquired pursuant to the exercise of an ISO prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any other tax withholding event with respect to any award, arrangements satisfactory to the Corporation shall be made to provide for any taxes the Corporation or any of its Subsidiaries may be required or permitted to withhold with respect to such award event or payment. Such arrangements may include (but are not limited to) any one of (or a combination of) the following: 

(a)           The Corporation or one of its Subsidiaries shall have the right to require the participant (or the participant’s personal representative or beneficiary, as the case may be) to pay or provide for payment of the amount of any 

taxes which the Corporation or one of its Subsidiaries may be required or permitted to withhold with respect to such award event or payment. 

(b)           The Corporation or one of its Subsidiaries shall have the right to deduct from any amount otherwise payable in cash (whether related to the award or otherwise) to the participant (or the participant’s personal representative or beneficiary, as the case may be) the amount of any taxes which the Corporation or one of its Subsidiaries may be required or permitted to withhold with respect to such award event or payment. 

(c)           In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) require or grant (either at the time of the award or thereafter) to the participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that the Corporation reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their fair market value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy any applicable withholding obligation on exercise, vesting or payment. 

8.6          Effective Date, Termination and Suspension, Amendments.

8.6.1       Effective Date. This Plan is effective as of March 13, 2017, the date of its approval by the Board (the “Effective Date”). This Plan shall be submitted for and subject to stockholder approval no later than twelve months after the Effective Date. Unless earlier terminated by the Board and subject to any extension that may be approved by stockholders, this Plan shall terminate at the close of business on the day before the tenth anniversary of the Effective Date. After the termination of this Plan either upon such stated termination date or its earlier termination by the Board, no additional awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect thereto, including the authority to amend such awards) shall remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan.

8.6.2       Board Authorization. The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan, in whole or in part. No awards may be granted during any period that the Board suspends this Plan.

8.6.3       Stockholder Approval. To the extent then required by applicable law or deemed necessary or advisable by the Board, any amendment to this Plan shall be subject to stockholder approval.

8.6.4       Amendments to Awards. Without limiting any other express authority of the Administrator under (but subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on awards to participants that the Administrator in the prior exercise of its discretion has imposed, without the consent of a participant, and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards. Any amendment or other action that would constitute a repricing of an award is subject to no-repricing provisions in Section 3.2.

8.6.5       Limitations on Amendments to Plan and Awards. No amendment, suspension or termination of this Plan or amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially adverse to the participant any rights or benefits of the participant or obligations of the Corporation under any award granted under this Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed to constitute changes or amendments for purposes of this Section 8.6.

8.7          Privileges of Stock Ownership. Except as otherwise expressly authorized by the Administrator, a participant shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the participant. Except as expressly required by Section 7.1 or otherwise expressly provided by the Administrator, no adjustment will be made for dividends or other rights as a stockholder for which a record date is prior to such date of delivery. 

8.8          Governing Law; Construction; Severability. 

8.8.1       Choice of Law. This Plan, the awards, all documents evidencing awards and all other related documents shall be governed by, and construed in accordance with, the laws of the State of Delaware, notwithstanding any Delaware or other conflict of law provision to the contrary.

8.8.2       Severability. If a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue in effect.

8.9          Captions. Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.   

8.10        Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other Corporation. Awards may be granted to Eligible Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or other stock-based awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Corporation or one of its Subsidiaries, in connection with a distribution, merger or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries, directly or indirectly, of all or a substantial part of the stock or assets of the employing entity. The awards so granted need not comply with other specific terms of this Plan, provided the awards reflect adjustments giving effect to the assumption or substitution consistent with any conversion applicable to the common stock (or the securities otherwise subject to the award) in the transaction and any change in the issuer of the security. Any shares that are delivered and any awards that are granted by, or become obligations of, the Corporation, as a result of the assumption by the Corporation of, or in substitution for, outstanding awards previously granted or assumed by an acquired company (or previously granted or assumed by a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan. 

8.11        Non-Exclusivity of Plan. Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority. 

8.12        No Corporate Action Restriction. The existence of this Plan, the award agreements and the awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Corporation or any Subsidiary (or any of their respective stockholders, boards of directors or committees thereof (or any subcommittees), as the case may be) to make or authorize: (a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Corporation or any Subsidiary, (b) any merger, amalgamation, consolidation or change in the ownership of the Corporation or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital stock (or the rights thereof) of the Corporation or any Subsidiary, (d) any dissolution or liquidation of the Corporation or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business of the Corporation or any Subsidiary, (f) any other award, grant, or payment of incentives or other compensation under any other plan or authority (or any other action with respect to any benefit, incentive or compensation), or (g) any other corporate act or proceeding by the Corporation or any Subsidiary. 

No participant, beneficiary or any other person shall have any claim under any award or award agreement against any member of the Board or the Administrator, or the Corporation or any employees, officers or agents of the Corporation or any Subsidiary, as a result of any such action. Awards need not be structured so as to be deductible for tax purposes.  

8.13        Other Company Benefit and Compensation Programs. Payments and other benefits received by a participant under an award made pursuant to this Plan shall not be deemed a part of a participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Corporation or any Subsidiary, except where the Administrator expressly otherwise provides or authorizes in writing. Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants, awards or commitments under any other plans, arrangements or authority of the Corporation or its Subsidiaries. 

8.14        Clawback Policy. The awards granted under this Plan are subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of awards or any shares of Common Stock or other cash or property received with respect to the awards (including any value received from a disposition of the shares acquired upon payment of the awards).

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