Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 FIRST
AMENDMENT 
 FIRST AMENDMENT (this “Amendment”), dated as of October 1, 2021, to the Credit Agreement, dated as of
December 20, 2019, among BAXTER HEALTHCARE SA, a corporation duly organized and existing under the laws of Switzerland (“Baxter Healthcare SA”), BAXTER WORLD TRADE SRL, a private limited liability company duly incorporated
under the laws of Belgium, with statutory seat at Boulevard René Branquart 80, 7860 Lessines (Belgium) and registered with the Crossroad Bank for Enterprises under number 0426.694.684 (“Baxter World Trade SRL” and, together
with Baxter Healthcare SA, the “Borrowers”), Baxter International Inc., a Delaware corporation (the “Guarantor”), the several banks party thereto (the “Banks”), J.P. MORGAN AG, as administrative
agent (in such capacity, the “Administrative Agent”), and each other party thereto (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”). 

W I T N E S S E T H : 
 WHEREAS,
the Borrowers, the Banks and the Administrative Agent originally entered into the Credit Agreement, pursuant to which the Banks (including the Swingline Banks and the Issuing Banks) may make certain advances and other extensions of credit to the
Borrower; 
 WHEREAS, the Guarantor and the Administrative Agent originally entered into the Guaranty, dated as of December 20, 2019
(the “Guaranty”) pursuant to which the Guarantor provided a guarantee of the Guaranteed Obligations (as defined in the Guaranty); 

WHEREAS, the Borrowers, the Banks, the Swingline Banks and the Issuing Banks wish to make certain amendments to the Credit Agreement as
described herein; 
 WHEREAS, the Guarantor and the Administrative Agent, at the instruction of the Banks, wish to amend and restate the
Guaranty as described herein; 
 WHEREAS, in furtherance thereof, each party hereto hereby consents to the modifications to the Credit
Agreement as set forth in Section 2 below (the Credit Agreement, as hereby modified by this Amendment, the “Amended Credit Agreement”); and 

WHEREAS, in furtherance thereof, each of the Guarantor and the Administrative Agent consents to the modifications to the Guaranty as set forth
in Section 2 below (the Guaranty, as hereby modified by this Amendment, the “Amended and Restated Guaranty”). 
 NOW,
THEREFORE, the parties hereto hereby agree as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in
the Amended Credit Agreement and used herein shall have the meanings given to them in the Amended Credit Agreement. 
 SECTION 2.
Amendments. The Borrower, the Banks, the Issuing Banks, the Swingline Banks and the Administrative Agent agree that the Credit Agreement and the Guaranty are each, respectively, effective as of the First Amendment Effective Date (as defined
below), hereby amended as follows: 
 (a) The Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same
manner as the following example: stricken text) and to add the double-underlined text (indicated textually in
the same manner as the following example: double-underlined text) as set forth in Annex I hereto. 

 (b) The Guaranty is hereby amended to delete the stricken text (indicated textually in the
same manner as the following example: stricken text) and to add the double-underlined text (indicated
textually in the same manner as the following example: double-underlined text) in the form as set forth as Exhibit 4.01 in Annex I hereto. 
 SECTION 3. Conditions to
Effectiveness. This Amendment shall become effective on and as of the date (the “First Amendment Effective Date”) upon which the following conditions shall have been satisfied (or waived in accordance with
Section 11.01 of the Credit Agreement): 
 (a) The Administrative Agent shall have received this Amendment,
executed and delivered by a duly authorized officer of each Loan Party, the Banks, the Swingline Banks, the Issuing Banks and the Administrative Agent; 

(b) No event has occurred and is continuing on the First Amendment Effective Date or shall result from the effectiveness of this Amendment
which constitutes an Event of Default or an Unmatured Event of Default; 
 (c) Immediately before and after giving effect to this Amendment,
the representations and warranties contained in Section 7.01 and in Section 11 of the Amended and Restated Guaranty are true and correct in all material respects (or, if any such representation or
warranty is qualified by materiality or material adverse effect, it is true and correct in all respects) on and as of the First Amendment Effective Date as though made on and as of First Amendment Effective Date (except to the extent that such
representations and warranties specifically refer to an earlier date, in which case, they shall be true and correct in all material respects (or, if any such representation or warranty is qualified by materiality or material adverse effect, it is
true and correct in all respects) as of such earlier date); 
 (d) The Administrative Agent shall have received a certificate, dated as of
the First Amendment Effective Date and signed by the chief financial officer of the Guarantor or another officer of Guarantor acceptable to Administrative Agent certifying as to compliance with Section 3(b) and
(c) of this Amendment; 
 (e) A certificate of the corporate secretary or an assistant corporate Secretary (or other appropriate
officer, director, manager or other representative) of each Loan Party certifying the resolutions of the Board of Directors of each Loan Party approving this Amendment, and of all documents evidencing other necessary organizational action with
respect to this Amendment; 
 (f) A certificate of the corporate secretary or an assistant corporate Secretary (or other appropriate officer,
director, manager or other representative) of each Loan Party dated the First Amendment Effective Date, in each case certifying the names and true signatures of the officers or other representatives of such Loan Party authorized to sign this
Amendment and the other documents or certificates to be delivered pursuant to this Amendment and that, in respect of Baxter Healthcare SA, attached thereto are (i) an excerpt from the commercial register and a copy of the articles of
association, each certified by the competent commercial registry as of a date not earlier than 10 Business Days prior to the First Amendment Effective Date) each of which is in full force and effect on the First Amendment Effective Date and
(ii) true and complete copies of the corporate resolutions duly adopted and authorizing the execution, delivery and performance of this Amendment and the other documents or certificates to be delivered pursuant to this Amendment and that such
resolutions have not been modified, rescinded or amended and are in full force and effect on the First Amendment Effective Date. In addition, Baxter Healthcare SA shall deliver a copy of an English translation of an excerpt of the Commercial
Register for the Canton of Zurich-Main Register with respect to Baxter Healthcare SA. 

 (h) A customary opinion of (i) United States counsel to the Loan Parties,
(ii) Swiss counsel to Baxter Healthcare SA and (iii) Belgian counsel to Baxter World Trade SRL, each opinion in form and substance reasonably satisfactory to the Administrative Agent. 

(i) At least three (3) Business Days prior to the First Amendment Effective Date, all documentation and other information regarding the
Borrowers that any Bank has requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Act, to the extent requested in writing of the Borrowers at least ten
(10) Business Days prior to the First Amendment Effective Date and (ii) to the extent any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least three (3) Business Days prior to
the First Amendment Effective Date, any Bank that has requested, in a written notice to the Borrowers at least ten (10) Business Days prior to the First Amendment Effective Date, a Beneficial Ownership Certification in relation to the Borrowers
shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Bank of its signature page to this Agreement, the condition set forth in this clause (f) shall be deemed to be satisfied). 

(j) The Banks, the Administrative Agent and the Mandated Lead Arrangers shall have received all fees required to be paid, and all expenses for
which invoices have been presented at least two Business Days prior to the First Amendment Effective Date, on the First Amendment Effective Date. 

SECTION 4. Representations and Warranties. On and as of the First Amendment Effective Date, after giving effect to this Amendment, each
Loan Party hereby represents and warrants to the Administrative Agent, each Bank, each Swingline Bank and each Issuing Bank that this Amendment has been duly authorized by all necessary corporate or other organizational action. This Amendment has
been duly executed and delivered by each Loan Party party hereto and constitutes a legal, valid and binding obligation of each Loan Party party hereto, enforceable against such Person in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 5. No Other Amendment or Waivers; Confirmation. This Amendment shall not constitute a novation of any Guaranteed Obligations
(as defined in the Amended and Restated Guaranty). Except as expressly provided hereby, all of the terms and provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect. The amendments contained
herein shall not be construed as an amendment or waiver of any other provision of the Amended Credit Agreement or the other Loan Documents or for any purpose except as expressly set forth herein or a consent to any further or future action on the
part of any Loan Party that would require the waiver or consent of the Administrative Agent, the Banks, the Swingline Banks or the Issuing Banks. 

SECTION 6. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SECTIONS 11.08, 11.09 and 11.10 OF THE AMENDED CREDIT AGREEMENT AS IF SUCH SECTIONS WERE SET FORTH IN FULL HEREIN. 

 SECTION 7. Miscellaneous. (a) This Amendment may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment, taken together with all of the other documents,
instruments and certificates contemplated herein to be delivered by the Loan Parties, embodies the entire agreement and supersedes all prior agreements, written and oral, relating to the subject matter hereof as among the Loan Parties, the Banks
party hereto and the Administrative Agent. Delivery of an executed counterpart of a signature page of this Amendment that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an
actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment to the extent and as provided for under any applicable laws. The words “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to this Amendment shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), 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; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures
approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Banks shall be entitled to rely on such
Electronic Signature purportedly given by or on behalf of any Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the
Administrative Agent or any Bank, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, each Loan Party hereby (A) agrees that, for all purposes, including
without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Banks, and any Loan Party, Electronic Signatures transmitted by telecopy, emailed
pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Amendment shall have the same legal effect, validity and enforceability as any paper original, (B) the
Administrative Agent and each of the Banks may, at its option, create one or more copies of this Amendment in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business,
and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (C) waives any argument, defense or right
to contest the legal effect, validity or enforceability of this Amendment based solely on the lack of paper original copies of this Amendment, respectively, including with respect to any signature pages thereto and (D) waives any claim against
any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s and/or any Banks’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that
reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of any Loan Party to use any available security measures in connection with the execution, delivery or transmission of any
Electronic Signature . 
 (b) The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including permitted assignees of its Advances in whole or in part prior to effectiveness hereof). 

(c) This Amendment shall be a Loan Document for all purposes of the Amended Credit Agreement and the other Loan Documents. 

SECTION 8. Severability. If any provision of this Amendment or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

 SECTION 9. Headings. Section headings used herein are for convenience of reference
only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

SECTION 10. Loan Party Acknowledgments. (a) Each Loan Party hereby (i) expressly acknowledges the terms of the Amended Credit
Agreement, (ii) ratifies and affirms its obligations under the Loan Documents to which it is a party, (iii) acknowledges, renews and extends its continued liability under all such Loan Documents and agrees such Loan Documents remain in
full force and effect and (iv) further confirms that each Loan Document to which it is a party is and shall continue to be in full force and effect and the same are hereby ratified and confirmed in all respects. 

(b) (i) Each Loan Party hereby reaffirms, as of the First Amendment Effective Date, the covenants and agreements contained in each Loan
Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated thereby, and (ii) the Guarantor hereby reaffirms, as of the
First Amendment Effective Date, its guarantee of payment of the Guaranteed Obligations (as defined in the Amended and Restated Guaranty) pursuant to the Amended and Restated Guaranty. 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	 BORROWERS:
  

BAXTER HEALTHCARE SA

		
	By:	 	 /s/ Karen Leets

		 	Name: Karen Leets
		 	Title: Attorney-in-Fact
	
	BAXTER WORLD TRADE SRL
		
	By:	 	 /s/ Karen Leets

		 	Name: Karen Leets
		 	Title: Attorney-in-Fact
	
	 GUARANTOR:
  

BAXTER INTERNATIONAL INC.

		
	By:	 	 /s/ Karen Leets

		 	Name: Karen Leets
		 	Title: Senior Vice President and Treasurer

 [Signature Page to Amendment] 

 
			
	J.P. MORGAN AG, as Administrative Agent
		
	By:	 	 /s/ Fatma Mustafa

		 	Name: Fatma Mustafa
		 	Title:   Authorised Signatory, Vice President

 [Signature Page to Amendment] 

 
			
	J.P. MORGAN AG, individually as a Bank, as a Swingline Bank and as an Issuing Bank
		
	By:	 	 /s/ Nicholas Law

	Name:	 	Nicholas Law
	Title:	 	Managing Director
		
	By:	 	 /s/ Nia Douglas

	Name:	 	Nia Douglas
	Title:	 	Executive Director

 [Signature Page to Amendment] 

 
			
	CITIBANK, N.A., LONDON BRANCH, individually as a Bank and as an Issuing Bank
		
	 By:
	 	 /s/ James Hayley

	 Name:
	 	James Hayley
	 Title:
	 	Director

 [Signature Page to Amendment] 

 
			
	DEUTSCHE BANK LUXEMBOURG S.A., individually as a Bank, as a Swingline Bank and as an Issuing Bank
		
	By:	 	 /s/ Sven Walther

		 	Name: Sven Walther
		 	Title:   Vice President
		
	By:	 	 /s/ Franz-Josef Ewerhardy

		 	Name: Franz-Josef Ewerhardy
		 	Title:   Assistant Vice President

 [Signature Page to Amendment] 

 
			
	BANK OF AMERICA N.A.
		
	By:	 	 /s/ Alexandra Korchmar

		 	 Name: Alexandra Korchmar
 Title:  
Vice President

 [Signature Page to Amendment] 

 
			
	BARCLAYS BANK PLC, individually as a Bank
		
	By:	 	 /s/ Ronnie Glenn

		 	 Name: Ronnie Glenn
 Title:  
Director

 [Signature Page to Amendment] 

 
			
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Bank
		
	By:	 	 /s/ Maria Macchiaroli

		 	 Name: Maria Macchiaroli
 Title:  
Authorized Signatory

 [Signature Page to Amendment] 

 
			
	US BANK NATIONAL ASSOCIATION, individually as a Bank
		
	By:	 	 /s/ Michael West

		 	 Name: Michael West
 Title:   Senior
Vice President

 [Signature Page to Amendment] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually as a Bank
		
	By:	 	 /s/ Andrea S Chen

		 	 Name: Andrea S Chen
 Title:   Managing
Director

 [Signature Page to Amendment] 

 Annex I 

Annex I 

EXECUTION COPYVERSION 

€200,000,000 
  

 
 CREDIT AGREEMENT

  
  

Dated as of December 20, 2019 

as amended by
that certain First Amendment, dated as of October 1, 2021 
 among 

BAXTER HEALTHCARE SA 
 and 

BAXTER WORLD TRADE SPRL 
 as Borrowers 

THE FINANCIAL INSTITUTIONS NAMED HEREIN 

as Banks 
 J.P. MORGAN EUROPE LIMITEDAG 
 as Administrative Agent 

and 
 CITIBANK, N.A., LONDON
BRANCH 
 and 
 DEUTSCHE BANK
SECURITIES INC. 
 as Syndication Agents 
  

 
 JPMORGAN CHASE
BANK, N.A., 
 CITIGROUP GLOBAL MARKETS LIMITED 

and 
 DEUTSCHE BANK SECURITIES
INC. 
 Mandated Lead Arrangers and Joint Book Runners 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	1	 
	 SECTION 1.01.
	 	Defined Terms	  	 	1	 
	 SECTION 1.02.
	 	Accounting Terms and Principles	  	 	1825	 
	 SECTION 1.03.
	 	Other Interpretive Provisions	  	 	1926	 
	 SECTION 1.04.
	 	Interest Rates; LIBORBenchmark Notification	  	 	1926	 
	 SECTION 1.05.
	 	Divisions	  	 	2027	 
	 SECTION 1.06.
	 	Leverage Ratios	  	 	2027	 
		
	 ARTICLE II. THE BORROWING FACILITY
	  	 	2027	 
	 SECTION 2.01.
	 	The Borrowing Facility	  	 	2027	 
	 SECTION 2.02.
	 	Making the Advances	  	 	2027	 
	 SECTION 2.03.
	 	Method of Electing Interest Periods	  	 	2128	 
	 SECTION 2.04.
	 	Determination of Euro Amount; Required Payments; Termination	  	 	2229	 
	 SECTION 2.05.
	 	Increase in Aggregate Commitment	  	 	2229	 
	 SECTION
2.06.
	 	Alternate Rate of Interest	  	 	30	 
		
	 ARTICLE III. SWINGLINE LOANS
	  	 	2332	 
	 SECTION 3.01.
	 	Swingline Loans	  	 	2332	 
	 SECTION 3.02.
	 	Swingline Loan Participations	  	 	2332	 
	 SECTION 3.03.
	 	Replacement of a Swingline Bank	  	 	2433	 
		
	 ARTICLE IV. THE LETTER OF CREDIT FACILITY
	  	 	2534	 
	 SECTION 4.01.
	 	Obligation to Issue	  	 	2534	 
	 SECTION 4.02.
	 	Types and Amounts	  	 	2534	 
	 SECTION 4.03.
	 	Conditions	  	 	2534	 
	 SECTION 4.04.
	 	Procedure for Issuance of Letters of Credit	  	 	2635	 
	 SECTION 4.05.
	 	Letter of Credit Participation	  	 	2736	 
	 SECTION 4.06.
	 	Reimbursement Obligation	  	 	2736	 
	 SECTION 4.07.
	 	Issuing Bank Charges	  	 	2837	 
	 SECTION 4.08.
	 	Issuing Bank Reporting Requirements	  	 	2837	 
	 SECTION 4.09.
	 	Indemnification; Exoneration	  	 	2837	 
	 SECTION 4.10.
	 	Replacement and Resignation of an Issuing Bank	  	 	2938	 
		
	 ARTICLE V. GENERAL TERMS
	  	 	3039	 
	 SECTION 5.01.
	 	Illegality; Interest Rate Inadequate or Unfair	  	 	3039	 
	 SECTION 5.02.
	 	Effect of Notice of Borrowing; Maximum Number of Borrowings	  	 	3239	 
	 SECTION 5.03.
	 	Effect of Failure to Borrow or Fund	  	 	3239	 
	 SECTION 5.04.
	 	Fees and Certain Credit Rating Determinations	  	 	3340	 
	 SECTION 5.05.
	 	Reduction of the Commitments	  	 	3441	 
	 SECTION 5.06.
	 	Repayment	  	 	3441	 
	 SECTION 5.07.
	 	Interest	  	 	3441	 
	 SECTION 5.08.
	 	Additional Interest on Advances	  	 	3542	 
	 SECTION 5.09.
	 	Interest on Overdue Principal	  	 	3542	 
	 SECTION 5.10.
	 	Interest Rate Determinations	  	 	3643	 
	 SECTION 5.11.
	 	Performance of Banks’ Obligations	  	 	3643	 
	 SECTION 5.12.
	 	Optional Prepayments	  	 	3643	 
	 SECTION 5.13.
	 	Increased Costs	  	 	3643	 
	 SECTION 5.14.
	 	Payments and Computations	  	 	3845	 

  
 i 

							
	 SECTION 5.15.
	 	Taxes	  	 	3946	 
	 SECTION 5.16.
	 	Noteless Agreement; Evidence of Indebtedness	  	 	4451	 
	 SECTION 5.17.
	 	Sharing of Payments, Etc	  	 	4552	 
	 SECTION 5.18.
	 	Termination and Prepayment with Respect to Any Bank	  	 	4552	 
	 SECTION 5.19.
	 	Defaulting Banks	  	 	4754	 
	 SECTION 5.20.
	 	Additional Borrowers	  	 	4956	 
	 SECTION 5.21.
	 	Resignation of a Borrower	  	 	4956	 
		
	 ARTICLE VI. CONDITIONS PRECEDENT
	  	 	4957	 
	 SECTION 6.01.
	 	Conditions Precedent to Effectiveness of Agreement	  	 	4957	 
	 SECTION 6.02.
	 	Conditions Precedent to Each Credit Extension	  	 	5058	 
		
	 ARTICLE VII. REPRESENTATIONS AND WARRANTIES
	  	 	5158	 
	 SECTION 7.01.
	 	Representations and Warranties of the Borrowers	  	 	5158	 
	 SECTION 7.02.
	 	Representations and Warranties of the Banks	  	 	5260	 
		
	 ARTICLE VIII. COVENANTS
	  	 	5260	 
	 SECTION 8.01.
	 	Affirmative Covenants of the Borrowers	  	 	5260	 
	 SECTION 8.02.
	 	Negative Covenants of the Borrowers	  	 	5461	 
		
	 ARTICLE IX. EVENTS OF DEFAULT
	  	 	5462	 
	 SECTION 9.01.
	 	Events of Default	  	 	5462	 
	 SECTION 9.02.
	 	Cash Collateral	  	 	5764	 
		
	 ARTICLE X. THE ADMINISTRATIVE AGENT
	  	 	5765	 
	 SECTION 10.01.
	 	Authorization and Action	  	 	5765	 
	 SECTION 10.02.
	 	Duties and Obligations	  	 	5765	 
	 SECTION 10.03.
	 	Administrative Agent and Affiliates	  	 	5865	 
	 SECTION 10.04.
	 	Bank Credit Decision	  	 	5866	 
	 SECTION 10.05.
	 	Indemnification	  	 	5866	 
	 SECTION 10.06.
	 	Sub-Agents	  	 	5966	 
	 SECTION 10.07.
	 	Successor Administrative Agent	  	 	5966	 
	 SECTION 10.08.
	 	Syndication Agents and Mandated Lead Arrangers	  	 	5967	 
	 SECTION 10.09.
	 	Posting of Communications	  	 	5967	 
	 SECTION 10.10.
	 	Certain ERISA Matters	  	 	6168	 
	 SECTION
10.11.
	 	Acknowledgment of Banks	  	 	70	 
		
	 ARTICLE XI. MISCELLANEOUS
	  	 	6271	 
	 SECTION 11.01.
	 	Amendments, Etc	  	 	6271	 
	 SECTION 11.02.
	 	Notices, Etc	  	 	6372	 
	 SECTION 11.03.
	 	No Waiver; Cumulative Remedies	  	 	6473	 
	 SECTION 11.04.
	 	Costs and Expenses; Limitation of Liability; Indemnification	  	 	6473	 
	 SECTION 11.05.
	 	Right of Set-Off	  	 	6675	 
	 SECTION 11.06.
	 	Binding Effect; Assignment	  	 	6676	 
	 SECTION 11.07.
	 	Confidentiality	  	 	7080	 
	 SECTION 11.08.
	 	Governing Law	  	 	7181	 
	 SECTION 11.09.
	 	Jurisdiction; Consent to Service of Process	  	 	7181	 
	 SECTION 11.10.
	 	WAIVER OF JURY TRIAL	  	 	7282	 
	 SECTION 11.11.
	 	Execution in Counterparts; Integration; Effectiveness; Electronic Execution	  	 	7282	 

  
 ii 

							
	 SECTION 11.12.
	 	Severability	  	 	7289	 
	 SECTION 11.13.
	 	Entire Agreement	  	 	7289	 
	 SECTION 11.14.
	 	Market Disruption	  	 	7389	 
	 SECTION 11.15.
	 	Existing Euro Facility	  	 	7389	 
	 SECTION 11.16.
	 	Judgment Currency	  	 	7389	 
	 SECTION 11.17.
	 	USA PATRIOT ACT	  	 	7390	 
	 SECTION 11.18.
	 	No Advisory or Fiduciary Responsibility	  	 	7390	 
	 SECTION 11.19.
	 	Lending Installations	  	 	7491	 
	 SECTION 11.20.
	 	Acknowledgement and Consent to Bail-In of EEAAffected Financial Institutions	  	 	7591	 
	 SECTION 11.21.
	 	Acknowledgement Regarding Any Supported QFCs	  	 	7591	 
	 SECTION 11.22.
	 	Termination of Commitments Under Existing Euro Facility	  	 	7692	 

  
 iii 

 EXHIBIT AND SCHEDULES 
  

			
	Exhibit 2.02	  	Form of Notice of Borrowing
	Exhibit 2.03	  	Form of Notice of Interest Period Election
	Exhibit 4.01	  	Form of Amended and Restated Guaranty
	Exhibit 5.20	  	Form of Designation Letter
	Exhibit 11.06	  	Form of Assignment and Acceptance
	Exhibit C-1	  	Form of U.S. Tax Compliance Certificate
	Exhibit C-2	  	Form of U.S. Tax Compliance Certificate
	Exhibit C-3	  	Form of U.S. Tax Compliance Certificate
	Exhibit C-4	  	Form of U.S. Tax Compliance Certificate
		
	Schedule 1.01	  	Commitments
	Schedule 1.02	  	Lending Office Addresses
	Schedule 1.03	  	Existing Letters of Credit
	Schedule 5	  	Pricing Matrix

  
 iv 

 CREDIT AGREEMENT 

Dated as of December 20, 2019 

Baxter Healthcare SA, a corporation duly organized and existing under the laws of Switzerland (“Baxter Healthcare SA”),
Baxter World Trade SPRL, a
private limited liability company duly organized and
existingincorporated under the laws of Belgium,
with statutory seat at Boulevard
Reneé
 Branquart 80, 7860 Lessines (Belgium) and registered with the Crossroad Bank for Enterprises under number
426.694.6840426.694.684
 (“Baxter World Trade SPRL”), the financial institutions listed on the signature pages of this Agreement under the heading “Banks” (such financial institutions and any successor financial institution that becomes a party to
this Agreement pursuant to Section 2.05, 5.18 or 11.06, each a “Bank” and collectively, the “Banks”), and J.P. Morgan
Europe
LimitedAG, as administrative agent hereunder (such
administrative agent (or any of its designated branch officer or affiliates) and any successor administrative agent appointed pursuant to Section 10.07, “Administrative Agent”), agree as follows: 

ARTICLE I. 
 DEFINITIONS 

SECTION 1.01. Defined Terms. 

As used in this Credit Agreement (this “Agreement”), the following terms shall have the following meanings (such meanings to
be equally applicable to both the singular and plural forms of the terms defined): 
 “2019 US Facility” means the Guarantor’s five-year revolving credit agreement dated as of December 20,
2019. 

“2024
Target Debentures” means the Target’s 7.00% debentures due 2024. 

“Act” has the meaning assigned to that term in Section 11.17. 

“Additional Borrower” means a Wholly-Owned Subsidiary of the Guarantor which becomes a “Borrower” hereunder
pursuant to Section 5.20. 

“Adjusted
 Daily Simple ESTR” means, with respect to any Swingline Loan denominated in Euros, an interest rate per annum equal to (a) the Daily Simple ESTR for Euros, plus (b) 0.085% per annum. 

“Adjusted
 Daily Simple RFR” means, with respect to any RFR Borrowing denominated in Swiss Francs, an interest rate per annum equal to (a) the Daily Simple RFR for Swiss Francs, plus (b) 0%.

“Adjusted
 EURIBO Rate”: with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per annum equal to (a) the EURIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate. 
 “Administrative Agent” has the meaning assigned in the
preamble to this Agreement. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by
the Administrative Agent. 
 “Advance” means (a) an advance by a Bank to the Applicable Borrower pursuant to
Section 2.01, as the same may be continued from time to time pursuant to Section 2.03, (b) an advance by a Swingline Bank to the Applicable Borrower pursuant to Section 3.01 or (c) an automatic advance
by a Bank to the Applicable Borrower pursuant to Section 4.06. 

“Affected Financial
 Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

“Affiliate” means, as to any Person at any time, any other Person that, at such time, directly or indirectly, controls, is
controlled by or is under common control with such Person. 
 “Aggregate Commitments” means, at any time, the aggregate
amount of the Commitments of all the Banks hereunder at such time. 
 “Aggregate Revolving Credit Exposure” means, at any
time, the sum of (a) the outstanding principal amount of the Advances and Swingline Loans at such time and (b) the total L/C Exposure at such time. 

“Ancillary
 Document” has the meaning assigned to it in Section 11.11(b). 

“Agreed Currencies” means (a) Euro, (b) so long as such currency remains an Eligible Currency, Swiss Francs, and
(c) any other Eligible Currency which the Applicable Borrower requests the Administrative Agent to include as an Agreed Currency hereunder and which is acceptable to all of the Banks. For the purposes of this definition, the specific currency
referred to in clause (b), above, shall mean and be deemed to refer to the lawful currency of the jurisdiction referred to in connection with such currency, i.e., “Swiss Francs” means the lawful currency of Switzerland. 

“Alternative Rate” has the meaning assigned to such term in Section 5.01(a). 

“Applicable Accounting Principles” means, with respect to any Borrower, generally accepted accounting principles as in effect
from time to time in the jurisdiction of such Borrower’s organization (or, to the extent used by such Borrower in lieu of such accounting principles, GAAP or International Financial Reporting Standards). 

“Applicable Borrower” means, relative to any Advance or Letter of Credit, the Borrower to which such credit has been or is
anticipated to be extended. 
 “Applicable Margin” means, at any time with respect to each Advance, a rate per annum
determined in accordance with Schedule 5. 
 “Applicable Party” has the meaning assigned to that term in
Section 10.09(c). 
 “Applicable Percentage” means, with respect to a Bank, such Bank’s pro rata share of
the Aggregate Commitments (or, after the Commitments have been terminated, the aggregate unpaid principal amount of Advances and L/C Obligations then outstanding under the Agreement). 

“Approved Electronic Platform” has the meaning assigned to that term in Section 10.09(a). 

“Approved Fund” means any Fund that is administered or managed by (a) a Bank, (b) an Affiliate of a Bank or
(c) an entity or an Affiliate of an entity that administers or manages a Bank. 
 “Acquisition” has the meaning provided in the definition of Transactions. 
 “Assignment and Acceptance” has the meaning assigned to that term in
Section 11.06(c). 

  
 2 

“Available
 Tenor” means, as of any date of determination and with respect to the then-current Benchmark, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component
thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and
not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of Section 2.06.

 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEAAffected Financial Institution. 
 “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing
law, regulation, rule or requirement for such EEA Member
Country from time to time which is described in the EU Bail-In Legislation Schedule. and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to
time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration
or other insolvency proceedings). 
 “Bank” and
“Banks” are defined in the first paragraph hereof. Unless the context otherwise requires, the term “Banks” includes the Swingline Banks and the Issuing Banks. For the avoidance of doubt and without limiting the generality of the foregoing, for the purposes of Section 5.15 and
Section 10.11, the term “Banks” includes Issuing Banks. 

“Bank Termination Date” has the meaning assigned to that term in Section 5.18(b). 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or,
in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding
entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof,
provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Benchmark”
 means, initially, with respect to any (i) RFR Advance in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii) Term Benchmark Advance, the Relevant Rate for such Agreed Currency, provided that if a Benchmark
Transition Event, and the related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then “Benchmark” means the applicable Benchmark Replacement to
the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.06 

“Benchmark
 Replacement” means, for any Available Tenor, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the replacement 

  
 3 

 
for the then-current Benchmark for the applicable Corresponding
Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement
Adjustment. If the Benchmark Replacement as determined pursuant to clause (i) or (ii) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark
 Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark
Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrowers for the applicable
Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable Agreed Currency at such time. 

“Benchmark
 Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Business Day,” the definition of “U.S. Government
Securities Business Day”, the definition of “RFR Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption
and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of
such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent
decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Benchmark
 Replacement Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark: 

(1) in the
case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

(2) in the
case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor
for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause
(3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be
provided on such date. 

  
 4 

For the
avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred
prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the
applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark
 Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark: 

(1)
 a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all
Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such
Benchmark (or such component thereof); 
 (2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or
the published component used in the calculation thereof), the Board, the Relevant Governmental Body, the central bank for the Agreed Currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such
Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark
(or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

(3)
 a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such
component thereof) are no longer, or as of a specified future date will no longer be, representative. 

For the
avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available
Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark
 Unavailability Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no
Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.06 and (y) ending at the time that a Benchmark Replacement has replaced such then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.06. 

  
 5 

 “Beneficial Ownership Certification” means a certification regarding individual beneficial ownership or control assolely to the
extent expressly required by the Beneficial Ownership Regulation. 

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is
subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or
otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“BHC Act Affiliate” of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Blocking Regulation” means Council Regulation (EC) 2271/96. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Borrower” means each of Baxter Healthcare SA, Baxter World Trade SPRL and each Additional Borrower, both individually and (as the context requires) collectively; and
“Borrowers” means all of the foregoing collectively. 
 “Borrowing” means (a) a borrowing consisting
of Advances in the same currency and as to which a single Interest Period is in effect, made on the same day by the Banks, as the same may be continued from time to time pursuant to Section 2.03 and after giving effect to any subsequent
continuation in connection with which a single Borrowing may have been divided into several Borrowings or several Borrowings may have been combined (in whole or in part) into a single Borrowing, (b) a Swingline Loan or (c) a borrowing of
Advances pursuant to Section 4.06 made on the same day by the Banks. 
 “Borrowing Date” means a date on which
an Advance is, or is proposed to be, made hereunder, or a Letter of Credit is, or is proposed to be, issued hereunder. 
 “Business
Day” means a day (other than Saturday or Sunday) of the year on which banks are not required or authorized to close in
London, Luxembourg and in New York City and are generally open for
the conduct of substantially all of their commercial lending activities; provided (a) any Advances or L/C Drafts that are the subject of a borrowing, drawing, payment, reimbursement or rate selection denominated in Euro, the term
“Business Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments in Euro and (b) a
Eurocurrency Loan or Letter of Credit denominated in an Agreed Currency other than Euro, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in such Agreed Currency in the interbank market in the principal
financial center of the country whose lawful currency is such Agreed Currency.in relation to RFR
Advances and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Advance, or any other dealings in the applicable Agreed Currency of such RFR Advance, any such day that is only an RFR Business Day. 
 “Capital Lease” means any lease of any property, real or
personal, by the Guarantor or any of its Subsidiaries, as lessee, that should, in accordance with GAAP, be classified and accounted for as a capital lease or finance lease on a consolidated balance sheet of the Guarantor and its Subsidiaries.
Notwithstanding the foregoing or any other provision contained in this Agreement or in any Loan Document, any obligations related to a lease (whether now or hereafter existing) that would be accounted

  
 6 

 
for by such Person as an operating lease in accordance with GAAP without giving effect to Accounting Standards Update No. 2016-02 issued by the Financial Accounting Standards Board (whether
or not such lease exists as of the date hereof or is thereafter entered into) shall be accounted for as an operating lease and not a capital lease or finance lease for all purposes under this Agreement and the Loan Documents. 

“CBR
Advance” means an Advance that bears interest at a
rate determined by reference to the Central Bank
Rate. 

“CBR
Spread” means the Applicable Rate, applicable to such Advance that is replaced by a CBR Advance. 

“Central Bank
 Rate” means, (A) the greater of (i) for any Advance denominated in (a) Euros, one of the following three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any
successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto) from
time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit
facility of the central banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time, (b) Swiss Francs, the policy rate of the Swiss National Bank (or any successor
thereto) as published by the Swiss National Bank (or any successor thereto) from time to time and (c) any other Eligible Currency determined after the Effective Date, a central bank rate as determined by the Administrative Agent in its
reasonable discretion and (ii) 0%; plus (B) the applicable Central Bank Rate Adjustment. 

“Central Bank
 Rate Adjustment” means, for any day, for any Advance denominated in (a) Euros, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the EURIBO Rate for the five most recent Business
Days preceding such day for which the EURIBO Screen Rate was available (excluding, from such averaging, the highest and the lowest EURIBO Rate applicable during such period of five Business Days) minus (ii) the Central Bank Rate in respect of
Euro in effect on the last Business Day in such period, (b) Swiss Francs, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of SARON for the five most recent RFR Business Days preceding
such day for which SARON was available (excluding, from such averaging, the highest and the lowest SARON applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Swiss Francs in effect on the last
RFR Business Day in such period and (c) any other Eligible Currency determined after the Effective Date, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For purposes of this definition, (x) the term Central Bank Rate shall be determined
disregarding clause (B) of the definition of such term and (y) the EURIBO Rate on any day shall be based on the EURIBO Screen Rate on such day at approximately the time referred to in the definition of such term for deposits in the
applicable Eligible Currency for a maturity of one month; provided that if such rate shall be
less than zero, such rate shall be deemed to be zero.

 “Change in Law” has the meaning assigned to that term in Section 5.13. 

“Change of Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any
Person or group (within the meaning of the Exchange Act and the rules of the SEC thereunder as in effect on the date hereof) of fifty percent (50%) or more of the aggregate ordinary voting power represented by the issued and outstanding Equity
Interests of the Guarantor; or (b) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the SEC thereunder as in effect on the date
hereof), other than the Guarantor or any of its Wholly-Owned Subsidiaries, of fifty percent (50%) or more of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of a Borrower. 

  
 7 

“Citi”
 means Citibank, N.A., London Branch 
 “Class” when used in reference to any Advance or Borrowing, refers to whether such Advance, or the Advances
comprising such Borrowing, are Advances or Swingline Loans. 
 “Closing
Date” means December
2019, 2019. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commitment” means, with respect to each Bank, the commitment of such Bank to make Advances and to acquire participations in
Swingline Loans and Letters of Credit hereunder, the maximum extent of such commitment being expressed as the amount indicated opposite such Bank’s name on Schedule 1.01 hereto, as such amount may from time to time have been increased
pursuant to Section 2.05, reduced pursuant to Section 5.05 or modified in accordance with Section 11.06. 

“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by
or on behalf of the Borrowers pursuant to any Loan Document or the
transactions contemplated therein which is distributed by the Administrative Agent, any Bank or any Issuing Bank by means of electronic communications pursuant to Section 10.09(c), including through an Approved Electronic Platform. 

“Computation Date” has the meaning assigned to that term in Section 2.04. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated” refers to the full consolidation of the accounts of the
Guarantor and its Subsidiaries in accordance with GAAP, including principles of consolidation, consistent with those applied in the preparation of the financial statements referred to in Section 11(f) of the Guaranty. 

“Consolidated Subsidiary” means any Subsidiary of the Guarantor the accounts of which are Consolidated. 

“Corresponding
 Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 
 “Covered Entity” means any of the following: 

(a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b);
or 
 (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 
 “Covered Party” has the meaning assigned to it in Section 11.19. 

  
 8 

 “Credit Event” means an Advance, the issuance, amendment, renewal or
extension of a Letter of Credit, an L/C Draft or any of the foregoing. 
 “Credit Extension” means a borrowing of Advances
or the issuance of a Letter of Credit hereunder. 
 “Credit Party” means the Administrative Agent, the Issuing Banks, the
Swingline Banks or any other Bank. 
 “Credit Ratings” has the meaning assigned to that term in Schedule 5. 

“Daily
Simple ESTR” means, with respect to any Swingline Loan requested in Euro for any Business Day, an interest rate per annum equal to the greater of (a) ESTR based on the published rate of ESTR as of the Business Day of such request and
(b) 0.00%. Any change in Daily Simple ESTR due to a change in the applicable ESTR shall be effective from and including the effective date of such change in the ESTR without notice to the Company. 

“Daily
Simple RFR” means, for any day (an “RFR Interest Day”),
an interest rate per annum equal to the greater of (a) for any RFR Advance denominated in Swiss Francs, SARON for the day that is 5 RFR Business Days
prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the Business Day immediately preceding such RFR Interest Day and (b) 0.0 %. 
 “Debentures” means long-term debt securities (without third-party credit
enhancement). 
 “Debt” means the sum, without duplication, of: (a) indebtedness for borrowed money or for the
deferred purchase price of property or services carried as indebtedness on the Consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries (excluding accounts payable arising in the ordinary course of such Person’s business
payable on terms customary in the trade), (b) Capital Lease obligations of the Guarantor and its Consolidated Subsidiaries, and (c) obligations of the Guarantor and its Consolidated Subsidiaries under direct or indirect guaranties in
respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of other parties of the kinds referred to in clauses (a) and
(b) above (other than Debt of any Subsidiary, to the extent such Debt is included in the calculation of Debt as a result of clause (a) or (b) above) in excess of $100,000,000 in the aggregate for all such obligations described in this
clause (c). The term “Debt” shall not include the undrawn face amount of any letter of credit issued for the account of the Guarantor or any of its Consolidated Subsidiaries, but shall include the reimbursement obligation owing from time
to time by the Guarantor or any of its Consolidated Subsidiaries in respect of drawings made under any letter of credit in the event reimbursement is not made
immediately
promptly following the applicable drawing.

 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
§§ 252.81, 47.2 or 382.1, as applicable. 
 “Defaulting Bank” means (a) any Bank that (i) has failed,
within two (2) Business Days of the date required to be funded or paid, to (1) fund any portion of its Commitment, (2) fund any portion of its participations in Letters of Credit or Swingline Loans or (3) pay over to any
Recipient any other amount required to be paid by it hereunder, unless, in the case of clause (1) above, such Bank notifies the Administrative Agent in writing that such failure is the result of such Bank’s good faith determination
that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (ii) has notified the Borrowers or any Recipient in writing, or has made a public statement

  
 9 

 
to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based
on such Bank’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding an advance under this Agreement cannot be satisfied) or generally under other agreements in
which it commits to extend credit, (iii) has failed, within three (3) Business Days after request by a Recipient, acting in good faith, to provide a certification in writing from an authorized officer of such Bank that it will comply with
its obligations (and is financially able to meet such obligations) to fund prospective Advances and participations in then outstanding Letters of Credit, Swingline Loans and Advances under this Agreement, provided that such Bank shall cease
to be a Defaulting Bank pursuant to this clause (ii) upon such Recipient’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent or (iii) has become the subject of (1) a
Bankruptcy Event or (2) a Bail-In Action. 
 “Designation Letter” means a designation letter substantially in the form
of Exhibit 5.20. 
 “Disqualified Institution” means (a) Persons reasonably determined by the Guarantor to be
competitors of the Guarantor or its Subsidiaries, specifically identified in writing by the Guarantor to the Administrative Agent from time to time in accordance with Section 11.02(a) (it being understood that notwithstanding anything
herein to the contrary, in no event shall any supplement to any such list apply retroactively to disqualify any parties that have previously acquired an assignment or participation interest hereunder that is otherwise permitted hereunder, but upon
the effectiveness of such designation, any such Person may not acquire any additional Commitments, Advances or participations), (b) such other Persons identified in writing by the Guarantor to the Administrative Agent prior to the Closing Date
in accordance with Section 11.02(a) and (c) Affiliates of the Persons identified pursuant to clauses (a) or (b) that are (i) clearly identifiable as an Affiliate of the applicable Person solely by similarity of such
Affiliate’s name and (ii) not a bona fide debt investment fund that is an Affiliate of such Person. Each such supplement contemplated by clause (a) of this definition shall become effective three (3) Business Days after delivery
thereof to the Administrative Agent and the Banks (including through an Approved Electronic Platform) in accordance with Section 11.02(a). It is understood and agreed that (x) the Borrower’s’
 failure to deliver any such list (or, in the case of clause (a) of this definition, supplement thereto) referred to in this definition in accordance with Section 11.02(a) shall
render such list (or, in the case of clause (a) of this definition, supplement thereto) not received and not effective and (y) “Disqualified Institution” shall exclude any Person that the Company has designated as no longer being
a “Disqualified Institution” by written notice delivered to the Administrative Agent from time to time in accordance with Section 11.02(a). 

“Dollars” and “$” means the lawful currency of the United States of America. 

“DQ List” has the meaning set forth in Section 11.06(g)(iv). 

“EEA Financial Institution” means (a) any
credit institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a
subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

  
 10 

 “EEA Resolution Authority” means any public administrative authority or any
Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Electronic
 Signature” means an electronic sounds, symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 
 “Eligible Currency” means any currency other than Euro (a) that is
readily available, (b) that is freely traded, (c) in which deposits are customarily offered to banks in the London interbank market,
(d) which is convertible into Euro in the international interbank market, and (ed) as to which a Euro Amount may be readily calculated and (f) for which the Eurocurrency Screen Rate is available in
the Administrative Agent’s determination. If, after the designation by the Banks of any currency as an Agreed Currency, (x) currency control or other exchange regulations are
imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (y) such currency is, in the determination of the Administrative Agent, no longer readily available or freely traded
or (z) in the determination of the Administrative Agent, a Euro Amount of such currency is not readily calculable, the Administrative Agent shall promptly notify the Banks and the Borrowers, and such currency shall no longer be an Agreed
Currency until such time as all of the Banks agree to reinstate such currency as an Agreed Currency and promptly, but in any event within five Business Days of receipt of such notice from the Administrative Agent, the Applicable Borrower shall repay
all Advances in such affected currency. 
 “Environmental Laws” means federal, state, local and foreign laws, rules
and regulations relating to the release, emission, disposal, storage and related handling of waste materials, pollutants and hazardous substances. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity interests in a Person, and any and all warrants, rights or options to purchase any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974. References to sections of ERISA also refer to any
successor sections. 

“ESTR”
 means, with respect to any Business Day, a rate per annum equal to the Euro Short Term Rate for such Business Day published by the ESTR Administrator on the ESTR Administrator’s Website.

“ESTR
Administrator” means the European Central Bank (or any successor administrator of the Euro Short Term Rate).  

“ESTR
Administrator’s Website” means the European Central Bank’s website, currently at http://www.ecb.europa.eu, or any successor source for the Euro Short Term Rate identified as such by the ESTR Administrator from time to time. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule
published by the Loan Market Association (or any successor Person), as in effect from time to time. 
 “EURIBO Rate” means, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBO Screen Rate two TARGET Days prior to the commencement of such Interest Period. 

  
 11 

“EURIBO
Screen Rate” means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any
replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters as of 11:00 a.m. Brussels time two TARGET Days prior to the commencement of such Interest Period. If such page or service ceases to be available, the
Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Company. If the EURIBO Screen Rate shall be less than
zero the EURIBO Screen Rate shall be deemed to be zero for purposes of this Agreement. 

“Euro”, “€” and/or “EUR” means the single currency of the Participating Member States.

 “Euro Amount” of any currency at any date means (a) the amount of such currency if such currency is Euro or
(b) the equivalent in Euro of the amount of such currency if such currency is any currency other than Euro, calculated on the basis of the rate at which such currency may be exchanged into Euro at the time of determination on such day on the
Reuters Currency pages, if available, for such currency. In the event that such rate does not appear on any Reuters Currency pages, the exchange rate shall be determined by reference to such other publicly available service for displaying exchange
rates as may be agreed upon by the Administrative Agent and the Borrowers, or, in the absence of such an agreement, such exchange rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market
where its foreign currency exchange operations in respect of such currency are then being conducted, at or about such time as the Administrative Agent shall elect after determining that such rates shall be the basis for determining the exchange
rate, on such date for the purchase of Euro for delivery two Business Days later; provided that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable
method it deems appropriate to determine such rate, and such determination shall be prima facie evidence thereof. 

“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board, as in effect from time to
time. 
 “Eurocurrency Rate” means, for any day
and time, with respect to any Eurocurrency Rate Advance for any Interest Period, the London interbank offered rate as administered by ICE Benchmark
Administration (“ICE”) (or any other
Person that takes over the administration of such rate) for the applicable Agreed Currency for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such
rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “Eurocurrency Screen Rate”) at approximately 11:00 a.m. London
time on the Quotation Day for such Agreed Currency; provided that if the Eurocurrency Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the Eurocurrency Screen Rate shall not be available
at such time for such Interest Period (an “Impacted Interest Period”) with respect to such Agreed Currency then the Eurocurrency Rate shall be the Interpolated Rate. 

“Eurocurrency Rate Reserve
Percentage” of any Bank for the Interest Period for any Advance in any Agreed Currency means the maximum reserve percentage applicable during such Interest Period (or, if more than one such percentage shall be so applicable, the
daily average of such percentages for those days in such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board for determining the reserve requirement (including any
emergency, supplemental or other marginal reserve requirement and taking into account any transitional adjustments or other scheduled changes in
reserve requirements during such Interest Period) for such Bank with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term equal to such Interest Period. 

  
 12 

“Eurocurrency Screen Rate” has the meaning assigned to it in the definition of “Eurocurrency Rate.” 
 “Events of Default” has the meaning assigned to that term in
Section 9.01. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office or, in the case of any Bank, its
aApplicable
lLending
oOffice located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Bank, U.S. federal withholding Taxes imposed on
amounts payable to or for the account of such Bank with respect to an applicable interest in an Advance or Commitment pursuant to a law in effect on the date on which (i) such Bank acquires such interest in the Advance, Letter of Credit or Commitment (other than an assignment made pursuant
to Section 5.18) or (ii) such Bank changes its lending office, except in each case to the extent that, pursuant to Section 5.15, amounts with respect to such Taxes were payable either to such Bank’s assignor
immediately before such Bank became a party hereto or to such Bank immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 5.15(f) and (d) any withholding Taxes imposed under FATCA. 

“Existing Euro Facility” means Baxter Healthcare SA’s and Baxter World Trade SPRL’s revolving credit agreement dated as of July 1December
20,
20152019
. 
 “Existing Letters of Credit” means the Letters of Credit identified
on Schedule 1.02 hereto. 
 “Existing US Facility” means the Guarantor’s five-year revolving credit agreement dated as of July 1,
2015. 
 “Facility Fee” is defined in
Section 5.04(a). 
 “Facility Fee Rate” means a rate per annum determined in accordance with Schedule 5.

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any
fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. 

“First
Amendment” means that certain First Amendment dated as of October 1, 2021, among the Borrowers, the Guarantor party thereto, JPMorgan AG, as administrative agent, and each Bank party thereto.  

“First
Amendment Effective Date” means October 1, 2021. 

  
 13 

 “Fitch” means Fitch, Inc., or its successor. 

“Floor”
 means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Adjusted EURIBO Rate, EURIBO Rate or each
Adjusted Daily Simple RFR. For the avoidance of doubt the initial Floor for each of Adjusted EURIBO Rate, EURIBO Rate, or each Adjusted Daily Simple RFR shall be 0 %. 

“Foreign Bank” means, relative to credit extended to a Borrower, (a) if the Applicable Borrower is a U.S. Person, a Bank
that is not a U.S. Person, and (b) if the Applicable Borrower is not a U.S. Person, a Bank that is resident or organized under the laws of a jurisdiction other than that in which the Applicable Borrower is resident for tax purposes. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP”
means generally accepted accounting principles as in effect from time to time in the United States. 
 “Governmental Acts”
is defined in Section 4.09(a). 
 “Governmental Authority” means any nation or government, any federal, state, local or
otherany political subdivision thereof and anywhether state or
local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Guarantor” means Baxter International Inc., a Delaware corporation. 

“Guaranty” means the
Amended and Restated Guaranty, dated as of the ClosingFirst Amendment
Effective Date, executed by the Guarantor, substantially in the form of Exhibit 4.01 hereto. 

“IBA” has the meaning assigned to such term in Section
1.04. 

“Impacted Interest Period” has the meaning assigned to such term in the definition of
“Eurocurrency Rate”. 
 “Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other
Taxes. 
 “Ineligible Institution” means (a) a natural person, (b) a Defaulting Bank or its Parent, (c) the
Guarantor, any of its Subsidiaries or any of its Affiliates, (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (e) a Disqualified Institution. 

“Interest
 Payment Date” means (a) with respect to any RFR Advance, (1) each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Advance (or, if there is no such numerically
corresponding day in such month, then the last day of such month) and (2) the Termination Date, (b) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part and,
in the case of a Term  

  
 14 

 
Benchmark Borrowing with an Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of
three months’ duration after the first day of such Interest Period, and the
Termination Date and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Termination Date. 

“Interest Period” means, for each
Term Benchmark Advance comprising part of the same Borrowing, the
period commencing on the date of such Advance (or, in the case of any Term Benchmark Borrowing, on the effective date of continuation thereof pursuant to Section 2.03) and ending on the last day of the period selected by the Applicable Borrower pursuant to the provisions below. The
duration of each such Interest Period shall be one (1), two (2), three (3) or six
(6) months, as the applicable Borrower may elect; provided that: 
 (a) The duration of any Interest
Period which would otherwise end after the Termination Date shall end on the Termination Date; 
 (b) Interest Periods
commencing on the same day for Term Benchmark Advances comprising
the same Borrowing shall be of the same duration; 
 (c) Whenever the last day of any Interest Period would otherwise
occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, unless such extension would cause the last day of such Interest Period to occur in the next following
calendar month, in which case the last day of such Interest Period shall occur on the immediately preceding Business Day; and 
 (d) If an Interest Period begins on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period), such Interest Period shall end on the last Business Day of a calendar month.; and 

“Interpolated Rate” means,
at any time for any Interest Period, the rate per annum (rounded to the same number of decimal places as the Eurocurrency Screen Rate) determined by the Administrative Agent (which
determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the
Eurocurrency Screen Rate for the longest period for which the Eurocurrency Screen Rate is available for the applicable currency that is shorter than the Impacted Interest Period; and (b) the Eurocurrency Screen Rate for the shortest period for
which such Eurocurrency Screen Rate is available for the applicable currency that exceeds the Impacted Interest Period, in each case, at such time; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

(e)
 no tenor that has been removed from this definition pursuant to Section 2.06(f) shall be available for specification in such Notice of Borrowing or Notice of Interest Rate Election.

 “IRS” means the United States Internal Revenue Service. 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate
derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto. 

  
 15 

 “Issuing Banks” means each of J.P. Morgan AG, Deutsche Bank Luxembourg S.AG, London
Branch., and Citibank, N.A., London Branch and any
other Bank that, at a Borrower’s request, agrees, in such other Bank’s sole discretion, to become an Issuing Bank for the purpose of issuing Letters of Credit under this Agreement, and their respective successors and assigns. Any Issuing
Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such
Affiliate. Each reference herein to the “Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto, and, further, references herein to “the
Issuing Bank” shall be deemed to refer to each of the Issuing Banks or the relevant Issuing Bank, as the context requires. 

“J.P. Morgan EuropeAG” means J.P. Morgan Europe
LimitedAG, in its individual capacity, and its
successors. 
 “L/C Application” means a letter of credit application and reimbursement agreement in such form as
the applicable Issuing Bank may from time to time employ in the ordinary course of business. 
 “L/C Commitment” means,
with respect to any Issuing Bank at any time, the amount indicated opposite such Bank’s name on Schedule 1.01 hereto or such other amount as may be agreed between such Issuing Bank and the Borrowers, and specified to the Administrative
Agent, from time to time. 
 “L/C Draft” means a draft drawn on an Issuing Bank pursuant to a Letter of Credit. 

“L/C Exposure” means, at any time, the sum of the L/C Obligations at such time. The L/C Exposure of any Bank at any time
shall be its Applicable Percentage of the total L/C Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the
operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14
of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents
have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Applicable Borrower and each Bank shall
remain in full force and effect until the Issuing Banks and the Banks shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit. 

“L/C Interest” has the meaning assigned to such term in Section 4.05. 

“L/C Obligations” means, without duplication, an amount equal to the sum of (a) the aggregate of the amount then
available for drawing under each of the Letters of Credit, (b) the face amount of all outstanding L/C Drafts corresponding to the Letters of Credit, which L/C Drafts have been accepted by the applicable Issuing Bank, (c) the aggregate
outstanding amount of all Reimbursement Obligations at such time and (d) the aggregate face amount of all Letters of Credit requested by the Borrowers but not yet issued (unless the request for an unissued Letter of Credit has been denied). The
L/C Obligations of any Bank at any time shall be such Bank’s Applicable Percentage multiplied by the aggregate L/C Obligations at such time. 

“Lender-Related
 Person” has the meaning assigned to such term in Section
11.04(c). 

“Lending Office” means, with respect to each Bank, the office of such Bank specified as its “Lending Office”
opposite its name on Schedule 1.02 hereto or such other office of such Bank as such Bank may from time to time specify to the Borrowers and the Administrative Agent. 

  
 16 

 “Letter of Credit” means any letter of credit issued by an Issuing Bank
pursuant to Section 4.01. 
 “Letter of Credit Fee” is defined in Section 5.04(b). 

“Letter of Credit Fee Rate” means a rate per annum determined in accordance with Schedule 5. 

“Liabilities”
 means any losses, claims (including any intraparty claims), demands, damages or liabilities of any kind. 

“Loan Documents” means, collectively, this Agreement (including schedules and exhibits hereto), the Notes, the Guaranty, the
L/C Applications and any other agreement, instrument or document executed in connection therewith that the Borrowers and the Administrative Agent agree in writing is a Loan Document. Any reference in this Agreement or any other Loan Document to a
Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and
all times such reference becomes operative. 
 “Loan Parties” means the Borrowers and the Guarantor. 

“Majority Banks” means, subject to Section 5.19, (a) at any time prior to the earlier of the Advances becoming due
and payable pursuant to Article IX or the Commitments terminating or expiring, Banks having Revolving Credit Exposures and Unfunded Commitments representing more than 50% of the sum of the Aggregate Revolving Credit Exposure and Unfunded
Commitments at such time, provided that, solely for purposes of declaring the Advances to be due and payable pursuant to Article IX, the Unfunded Commitment of each Bank shall be deemed to be zero; and (b) for all purposes after the
Advances become due and payable pursuant to Article IX or the Commitments expire or terminate, Banks having Revolving Credit Exposures representing more than 50% of the Aggregate Revolving Credit Exposure at such time; provided that,
in the case of clauses (a) and (b) above, (x) the Revolving Credit Exposure of any Bank that is a Swingline Bank shall be deemed to exclude any amount of its Swingline Exposure in excess of its Applicable Percentage of all outstanding
Swingline Loans, adjusted to give effect to any reallocation under Section 5.19 of the Swingline Exposures of Defaulting Banks in effect at such time, and the Unfunded Commitment of such Bank shall be determined on the basis of its Revolving
Credit Exposure excluding such excess amount and (y) for the purpose of determining the Majority Banks needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Bank that is the
Guarantor or an Affiliate of the Guarantor shall be disregarded. 
 “Margin Regulations” has the meaning assigned to that
term in Section 8.01(g). 
 “Mandated Lead Arrangers” means JPMorgan Chase Bank, N.A., Citigroup Global Markets
Limited and Deutsche Bank Securities Inc., in their capacities as Mandated Lead Arrangers. 
 “Margin Stock” has the
meaning assigned to that term under Regulation U issued by the Board. 
 “Material Subsidiary” means any Borrower and any
other subsidiary of the Guarantor that would be a significant subsidiary of the Guarantor within the meaning of Rule 1-02(w)(2) under Regulation S-X promulgated by the Securities and Exchange Commission; provided that the reference to “10
percent of the total assets of the registrant and its subsidiaries” therein shall be deemed for the purposes of this definition to read as “20 percent of the total assets of the registrant and its subsidiaries”. As of the Closing
Date, the Material Subsidiaries are Baxter Healthcare Corporation and Baxter World Trade Corporation. 

  
 17 

“Merger
Agreement” has the meaning provided in the definition of Transactions. 
 “Merger Sub” has the meaning provided in the definition of Transactions. 
 “Moody’s” means Moody’s Investors Service, Inc., or its successor.

 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which
the Guarantor or any Material Subsidiary makes or is obligated to make contributions. 
 “Non-Consenting Bank” means any
Bank that does not approve any consent, waiver or amendment that (a) requires the approval of all affected Banks in accordance with the terms of Section 11.01 and (b) has been approved by the Majority Banks. 

“Note” has the meaning assigned to that term in Section 5.16(d). 

“Notice of Borrowing” has the meaning assigned to that term in Section 2.02. 

“Notice of Interest Period Election” has the meaning assigned to that term in Section 2.03. 

“NYFRB”
 means the Federal Reserve Bank of New York. 
 “NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor
source. 
 “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term
“NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further,
that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to
be zero for purposes of this Agreement.

 “OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Advance or any Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.18). 

  
 18 

“Overnight LIBO” means, when used in reference to any Advances or Borrowing, whether such Advances or the Advances comprising such Borrowing accrues interest at a rate determined by reference to the Overnight LIBO Rate. 

“Overnight
 Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by
U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as an
overnight bank funding rate. 
 “Overnight LIBO Rate” means, for any date, (a) the overnight London interbank offered rate as administered by ICE (or any other Person that takes
over the administration of such rate) for deposits in Euros as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event
such rate does not appear on such Reuters pages, on any successor or substitute Reuters page that displays such rate, or on the appropriate page of such other
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion) at approximately 11 a.m. London time on such date (or, if such date is not a Business Day, on the most recent
Business Day preceding such date) plus (b) the Applicable Margin. In the event that such overnight London interbank offered rate determined as provided in clause (a) above is less than zero, then such overnight London interbank offered
rate shall be deemed to be zero.day, with respect to any amount denominated in an Agreed
Currency, an overnight rate determined by the Administrative Agent or the Issuing Banks, as the case may be, in accordance with banking industry rules on interbank
compensation. 
 “Parent” means, with respect to
any Bank, any Person as to which such Bank is, directly or indirectly, a subsidiary. 
 “Participant” has the meaning
assigned to it in Section 11.06(f). 
 “Participant Register” has the meaning assigned to it in Section
11.06(f). 
 “Participating Member State” means any member state of the European Union that adopts or has adopted the
euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union. 
 “Payment” has the
meaning assigned to it in Section 11.10(c).

“Payment Notice”
 has the meaning assigned to it in Section 11.10(c). 

“Person” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof. 
 “PBGC” means the Pension
Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA. 
 “Plan” means any
“employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by a Borrower or any Material Subsidiary or to
which a Borrower or any Material Subsidiary contributes or has an obligation to contribute. 
 “Plan Asset Regulations”
means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. 

  
 19 

 “PTE” means a prohibited transaction class exemption issued by the U.S.
Department of Labor, as any such exemption may be amended from time to time. 
 “QFC” has the meaning assigned to the term
“qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit
Support” has the meaning assigned to it in Section 11.19. 
 “Quotation Day” means, with respect to any Eurocurrency Rate Advance for any Interest Period, (i) if the currency is Euro, the day that is two (2) TARGET2 Days before the first day of such Interest Period, and
(ii) for any other currency, two (2) Business Days prior to the commencement of such Interest Period (unless, in each case, market practice differs in the relevant market where the Eurocurrency Rate for such currency is to be determined, in which case the Quotation Day will be
determined by the Administrative Agent in accordance with market practice in such
market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)). 

“Recipient” means, as applicable, (i) the Administrative Agent, and (ii) any Bank and any Issuing Bank. 
 “Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is
EURIBO Rate, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting, (2) if the RFR for such Benchmark is SARON, then five RFR Business Days prior to such setting or (3) if such Benchmark is none of the EURIBO Rate or
SARON, the time determined by the Administrative Agent in its reasonable discretion. 

“Reference Bank Rate”
means the arithmetic mean of the rates (rounded upwards to four decimal places) supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the applicable time on the Quotation Day for Advances in the applicable currency and the applicable Interest Period as
the rate at which the relevant Reference Bank could borrow funds in the London (or other applicable) interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers in
reasonable market size in that currency and for that period. 
 “Reference Banks” means such banks as may be appointed
by the Administrative Agent in consultation with the
Borrowers. No Bank shall be obligated to be a Reference Bank without its consent. 

“Register” has the meaning assigned to that term in Section 11.06(e). 

“Regulation
 D” means Regulation D of the Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 “Reimbursement Obligation” is defined in Section 4.06. 

“Relevant
 Governmental Body” means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto, (ii) with respect to a Benchmark Replacement in respect of Loans
denominated in Swiss Francs, the Swiss National Bank, or a committee officially endorsed or convened by the Swiss National Bank or, in each case, any successor thereto and (iii) with respect to a Benchmark Replacement in respect of Loans
denominated in any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement
or (2) the administrator of such Benchmark Replacement or (b) any working group or  

  
 20 

 
committee officially endorsed or convened by (1) the central
bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark
Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents, partners, representatives and advisors of such Person and such Person’s Affiliates. 
 “Relevant Rate” means (i) with respect to any Borrowing denominated in Euros, the EURIBO Rate or
(ii) with respect to any Borrowing denominated in Swiss Francs, the applicable Daily Simple RFR, as applicable. 

“Resolution
 Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 

“Responsible
 Officer” the chief executive officer, president, chief financial officer, senior executive vice president, executive vice president, senior vice president, vice president – treasury, treasurer, assistant treasurer or controller of a
Borrower. Any document delivered hereunder that is signed by a Responsible Officer of a Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Borrower and such
Responsible Officer shall be conclusively presumed to have acted on behalf of such Borrower. 

“Reuters” means the applicable Thomson Reuters Corp., Refinitiv, or any successor thereto. 

“Revolving Credit Exposure” means, with respect to any Bank at any time, the sum of the outstanding principal amount of such
Bank’s Advances pursuant to Section 2.01, its L/C Exposure and its Swingline Exposure at such time. 
 “RFR” means, for any RFR Advance denominated in Swiss Francs, SARON. 

“RFR
Advance” means an Advance that bears interest at a rate based on the Adjusted Daily Simple RFR. 

“RFR
Borrowing” means, as to any Borrowing, the RFR Advances comprising such Borrowing. 

“RFR
Business Day” means, for any Advance denominated in Swiss Francs, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for the settlement of payments and foreign exchange transactions in the
city of Zurich, Switzerland. 
 “RFR Interest Day” has the meaning specified in the definition of “Daily Simple RFR”. 
 “S&P” means Standard & Poor’s Financial Services, LLC, or
its successor. 
 “Sanctioned Country” means, at any time, a country, region or territory that is itself the subject of
Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria). 

  
 21 

 “Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of Treasury (“OFAC”), the United Nations Security Council, the European Union, the European Union or Her Majesty’s
Treasury of the United Kingdom, (b) (i) an agency of the government of a Sanctioned Country, (ii) a Person controlled by a Sanctioned Country, or (iii) a Person that is organized or resident in a Sanctioned Country, to the extent
such Person is the target of Sanctions or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time
by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions
authority. 

“SARON”
 means, with respect to any RFR Business Day, a rate per annum equal to the Swiss Average Rate Overnight for such RFR Business Day published by the SARON Administrator on the SARON Administrator’s Website. 

“SARON
Administrator” means the SIX Financial Information (or any successor administrator of SARON). 

“SARON
Administrator’s Website” means SIX Group’s website, currently at https://www.six-group.com, or any successor source for the Swiss Average Rate Overnight identified as such by the SARON Administrator from time to time. 
 “SEC” means the United States Securities and Exchange Commission or any
successor thereto. 
 “Section 4.06 Advance” means an Advance made by a Bank pursuant to Section 4.06. 

“Special Notice” has the meaning assigned to that term in Section 5.18(a). 

“Specified Matters” means the investigation into certain intra-company transactions undertaken for the purpose of generating
foreign exchange gains or losses, as more fully described under the heading “Investigation” in the Guarantor’s Form 8-K filed on October 24, 2019. 

“Statutory
 Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency
or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted EURIBO Rate for Eurocurrency Liabilities or any other reserve ratio or analogous requirement of any
central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans. Such reserve percentage shall include those imposed pursuant to Regulation D. Term Benchmark Loans shall be
deemed to constitute Eurocurrency Liabilities and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Bank under Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subsidiary” means, at any time, with respect to a Borrower or the Guarantor, any entity with respect to which at such time
such Person alone owns, such Person and one or more of its Subsidiaries together own, or any Person controlling such Person owns, in each such case directly or indirectly, capital stock (or the equivalent equity interest) having ordinary voting
power to elect a majority of the members of the Board of Directors of such corporation (or, in the case of a partnership or joint venture, having the majority interest in the capital or profits of such entity). 

  
 22 

“Successor Bank” has the meaning assigned to that term in Section
5.18(b). 
 “Supported QFC” has the meaning assigned
to it in Section 11.21. 
 “Swap Agreement” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic,
financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors,
officers, employees or consultants of the Guarantor or the Subsidiaries shall be a Swap Agreement. 
 “Swingline Banks”
means J.P. Morgan AG, Deutsche Bank Luxembourg S.AG, London
Branch. and Citibank, N.A., London Branch, each in
its capacity as a lender of Swingline Loans hereunder. 
 “Swingline Exposure” means, at any time, the aggregate
principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Bank at any time shall be the sum of (a) its Applicable Percentage of the aggregate principal amount of all Swingline Loans outstanding at such time
(excluding, in the case of any Bank that is a Swingline Bank, Swingline Loans made by it that are outstanding at such time to the extent that the other Banks shall not have funded their participations in such Swingline Loans), adjusted to give
effect to any reallocation under Section 5.19 of the Swingline Exposure of Defaulting Banks in effect at such time, and (b) in the case of any Bank that is a Swingline Bank, the aggregate principal amount of all Swingline Loans made by
such Bank outstanding at such time, less the amount of participations funded by the other Banks in such Swingline Loans. 

“Swingline Loan” means a loan made pursuant to Section 3.01. 

“Swiss Borrower” means Baxter Healthcare SA and any other Borrower organized under the laws of Switzerland or, if different,
is deemed resident in Switzerland for Swiss Withholding Tax purposes pursuant to Article 9 of the Swiss Federal Withholding Tax Act. 

“Swiss Francs” means the lawful currency of Switzerland. 

“Swiss Guidelines” means, together, the guidelines S-02.123 in relation to inter bank transactions of 22 September 1986
as issued by the Swiss Federal Tax Administration (Merkblatt S-02.123 vom 22 September 1986 betreffend Zinsen von Bankguthaben, deren Gläubiger Banken sind (Interbankguthaben)), S-02.130.1 in relation to money market instruments and
book claims of April 1999 (Merkblatt S-02.130.1 vom April 1999 “Geldmarktpapiere und Buchforderungen inländischer Schuldner”), the circular letter No. 15 (1-015-DVS-2007) of 7 February 2007 in relation to bonds
and derivative financial instruments as subject matter of taxation of Swiss federal income tax, Swiss withholding tax and Swiss stamp taxes (Kreisschreiben Nr. 15 “Obligationen und derivative Finanzinstrumente als Gegenstand der direkten
Bundessteuer, der Verrechnungssteuer und der Stempelabgaben” vom 7. Februar 2007) and the circular letter No. 34 of 26 July 2011 (1-034-V-2011) in relation to customer credit balances (Kreisschreiben Nr. 34
“Kundenguthaben” vom 26. Juli 2011), circular letter No. 46 of 24 July 2019 (1-046-DVS-2019) in relation to syndicated credit facilities (Kreisschreiben Nr. 46 betreffend steuerliche Behandlung von Konsortialdarlehen,
Schuldscheindarlehen, Wechseln und Unterbeteiligungen vom 24. Juli 2019) and circular letter No. 47 of 25 July 2019 (1-047-DVS-2019) in 

  
 23 

 
relation to bonds (Kreisschreiben Nr. 47 betreffend Obligationen vom 25. Juli 2019), as issued, and as amended or replaced from time to time by the Swiss Federal Tax Administration, or as
applied in accordance with a tax ruling (if any) issued by the Swiss Federal Tax Administration, or as substituted or superseded and overruled by any law, statute, ordinance, regulation, court decision or the like as in force from time to time. 

“Swiss Qualifying Lender” means (i) any bank as defined in the Swiss Federal Code for Banks and Savings Banks dated
8 November 1934 (Bundesgesetz über die Banken und Sparkassen) as amended from time to time or (ii) a person or entity which effectively conducts banking activities with its own infrastructure and staff as its principal business
purpose and which has a banking license in full force and effect issued in accordance with the banking laws in force in its jurisdiction of incorporation, or if acting through a branch, issued in accordance with the banking laws in the jurisdiction
of such branch, all and in each case in accordance with the Swiss Guidelines. 
 “Swiss Non-Bank Rules” means, together,
the Swiss Twenty Non-Bank Rule and the Swiss Ten Ten-Non-Bank Rule. 

“Swiss Non-Qualifying Lender” means any person which does not qualify as a Swiss Qualifying Lender. 

“Swiss Ten Non-Bank Rule” means the rule that the aggregate number of Bankscreditors (other than Swiss Qualifying Lenders) of any Swiss Borrower under
this Agreement must not at any time exceed ten (10); in each case in accordance with the meaning of the Swiss Guidelines or the applicable legislation or explanatory notes addressing the same issues that are in force at such time. 

“Swiss Twenty Non-Bank Rule” means the rule that (without duplication) the aggregate number of creditors (including the Banks), other than Swiss Qualifying Lenders, of theany Swiss Borrower under all outstanding debts relevant for classification as debenture (Kassenobligation) (including debt arising under this Agreement and intra-group loans, loans, facilities and/or private
placements (including under this Agreement) must not, at any time, exceed twenty (20); in each case in accordance with the meaning of the Swiss Guidelines. 

“Swiss Withholding Tax” means any Taxes levied pursuant to the Swiss Federal Act on Withholding Tax (Bundesgesetz
über die Verrechnungssteuer vom 13. Oktober 1965, SR 642.21), as amended from time to time. 
 “Syndication
Agents” means Citibank, N.A., London Branch and Deutsche Bank Securities Inc., in their capacities as Syndication Agents. 
 “Target” has the meaning provided in the definition of Transactions.  
 “TARGET2” means the Trans-European Automated Real-time Gross Settlement
Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in euro.

 “TARGET2 Day” means a day that TARGET2 is open for the settlement of payments in eEuro. 
 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), value added taxes, or any other goods and services, use or
sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
 24 

 “TB Advance” has the meaning assigned to that term in
Section 5.18(c). 

“Term
Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted EURIBO Rate. 
 “Terminated Bank” has the meaning assigned to that term in
Section 5.18(b). 
 “Termination Date” means, the earlier of (i) December 20October
1,
20242026
; provided, however, if such date is not a Business Day, the Termination Date shall be the next preceding Business Day, and (ii) the date on which the Commitments shall have been reduced
to zero or terminated in whole pursuant to the terms hereof. 
 “Termination Notice” has the meaning assigned to
that term in Section 5.18(b). 
 “Trade Date” has the meaning set forth in Section 11.06(g)(i).

“Transactions”
 means the transactions through which the Guarantor, through Bel Air Subsidiary, Inc., an Indiana corporation (“Merger Sub”), intends to acquire (the “Acquisition”) directly or indirectly all of the capital stock of Hill-Rom
Holdings, Inc., an Indiana corporation (“Target”), on the terms and subject to the conditions set forth in the Merger Agreement dated as of September 1, 2021 (as amended from time to time and including the exhibits, schedules and all
related documents, collectively the “Merger Agreement”), by and among Target, Guarantor and the Merger Sub. 

“Type”
, when used in reference to any Advance or Borrowing, refers to whether the rate of interest on such Advance, or on the Advances comprising such Borrowing, is determined by reference to the
Adjusted EURIBO Rate or the Adjusted Daily Simple RFR.

“UK
Financial Institutions” any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA
Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment
firms. 
 “UK Resolution Authority” means the Bank of England or any other public administrative authority having
responsibility for the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark
Replacement Adjustment. 
 “Unfunded Commitment” means, with
respect to each Bank, the Commitment of such Bank less its Revolving Credit Exposure. 
 “Unfunded Liability” means, in the
case of a Plan, the amount, if any, by which the present value of all vested benefits accrued to the date of determination under such Plan exceeds the fair market actuarial value of all assets of such Plan allocable to such benefits as of such date,
calculated as of the most recent valuation date for such Plan by the Plan’s enrolled actuary using the actuarial assumptions used to calculate the Plan’s minimum funding obligation under ERISA. 

  
 25 

 “Unmatured Event of Default” means an event which would constitute an Event
of Default but for the requirement that notice be given or time elapse or both. 
 “U.S. Borrower” means any Borrower that
is a U.S. Person. 
 “U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30)
of the Code. 
 “U.S. Special Resolution Regime” has the meaning assigned to it in Section 11.21. 

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in paragraph (f) of Section 5.15.

 “Wholly-Owned Subsidiary” of a Person means (a) any corporation 100% of whose capital stock is at the time owned by
such Person and/or one or more Wholly-Owned Subsidiaries of such Person, and (b) any partnership, limited liability company, association, joint venture or other entity 100% of the ownership interests of which shall at the time be owned by such
Person and/or one or more Wholly-Owned Subsidiaries of such Person (other than, in the case of Subsidiaries organized in a jurisdiction outside the United States of America, director’s qualifying shares and/or other nominal amounts of shares
required to be held by Persons other than the Guarantor and its Subsidiaries under applicable law). 
 “Write-Down and Conversion
Powers” means, (a) with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation
Schedule., and
(b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument
under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

SECTION 1.02. Accounting Terms and Principles. 

(a) All accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements
required to be delivered hereunder shall be prepared in accordance with GAAP as in effect from time to time, applied on a basis consistent (except for changes concurred in by the Guarantor’s independent accountants or, in the case of the
financial statements required to be delivered pursuant to Section 12(a)(i) of the Guaranty, as determined by the Guarantor to be required in accordance with GAAP) with the December 31, 20182020 audited Consolidated financial statements of the Guarantor and its Consolidated Subsidiaries. 

(b) Notwithstanding anything to the contrary contained herein or in the other Loan Documents, for purposes of calculating Consolidated EBITDA,
Consolidated Net Tangible Assets, Net Leverage Ratio or any other financial ratio or test, if the sales revenue generated by any Person, business unit or assets acquired, divested or liquidated, by the Guarantor or any Subsidiary during such period
in the 12 months prior to such acquisition, divestiture or liquidation was $25,000,000 or more, then all financial information of such person, business unit or assets shall be included (or, in the case of a divestiture or liquidation, excluded), on
a pro forma basis for such period (assuming the consummation of each such acquisition and the incurrence or assumption of any Debt in connection therewith (or the consummation of such divestiture or liquidation) as if such transaction had occurred
on the first day of such period) in accordance with Article 11 of Regulation S-X of the Securities and Exchange Commission. 

  
 26 

 (c) If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Guarantor or the Majority Banks shall so request, the Administrative Agent, the Banks and the Guarantor shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the Majority Banks); provided that, until so amended, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such
change therein and (b) the Guarantor shall provide to the Administrative Agent and each Bank financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 
 (d) Notwithstanding any other
provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Financial
Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Debt or other liabilities of the Guarantor or any Subsidiary at “fair value”, as
defined therein and (ii) any treatment of Debt under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Debt
in a reduced or bifurcated manner as described therein, and such Debt shall at all times be valued at the full stated principal amount thereof. 

(e) Notwithstanding anything to the contrary contained in Section 1.02(a), whether a lease shall be treated as operating lease and
not a capital lease or finance lease will be determined in accordance with the principles set forth in the definition of Capital Lease. 

(f) Notwithstanding anything to the contrary contained herein or any declassification under GAAP of any Person, business, assets or operations
in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no pro forma effect shall be given to any discontinued operations (and the Consolidated EBITDA attributable to any such Person,
business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated. 

SECTION 1.03. Other Interpretive Provisions. 

(a) Unless the context otherwise requires, (a) any pronoun shall
include the corresponding masculine, feminine and neuter forms; the words “include” and “including” shall be deemed to be followed by the phrase “without limitation”; (c) any definition of or reference to an
agreement, instrument or other document (including this Agreement) shall be construed to refer to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified; (d) any reference to a
Person shall be construed to include such Person’s successors and permitted assigns; (e) all references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections hereof, and Exhibits and Schedules
hereto; (f) any reference to a law or regulation shall include all statutory and regulatory provisions consolidating, amending, supplementing, replacing or interpreting such law from time to time; (g) in the computation of periods of time
from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”; (h) Section headings herein are included
for convenience of reference only and shall not affect the interpretation of this Agreement; and (i) any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar
term, shall be deemed to apply to a division of or by a limited liability company, limited partnership or trust, or an allocation of 

  
 27 

 
assets, rights, obligations or liabilities to a series of a limited liability company, limited partnership or trust (or the unwinding of such a division or allocation), as if it were a merger,
transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person, and any division of a limited liability company, limited partnership or trust shall
constitute a separate Person hereunder (and each division of any limited liability company, limited partnership or trust that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 

(b) For
purposes of this Agreement, Borrowings may be classified and referred to by Type (e.g., a “Term Benchmark Borrowing” or an “RFR Borrowing”). 

SECTION 1.04. Interest Rates; LIBORBenchmark Notification. The interest rate on Eurocurrency Rate Advances is determined by reference to
the Eurocurrency Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at
which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing
banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the
“IBA”) for purposes of the IBA
setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the
interest rate on Eurocurrency Rate Advances. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate.
In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 5.01(e) of this Agreement, such Section 5.01(ea Loan denominated in dollars or an Agreed Currency may be derived from an interest rate benchmark that may be discontinued
or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.06(b) provides a mechanism for determining an alternative rate
of interest. The Administrative Agent will notify the Borrowers, pursuant to Section 5.01, in advance of any change to the reference rate
upon which the interest rate on Eurocurrency Rate Advances is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with
respect to, the administration, submission, performance or
any other matter related to the London interbank offered rate or other rates in the definition of “Eurocurrency Rate”any interest rate used in this Agreement, or with respect to any
alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 5.01(d), will be similar to, or
produce the same value or economic equivalence of, the
Eurocurrencyexisting
 interest
Rrate being replaced or
have the same volume or liquidity as did the London interbank
offeredany existing interest rate prior to its
discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may
engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner
adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in
each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Bank or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,
costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 

  
 28 

 SECTION 1.05. Divisions. For all purposes under this Agreement and any other Loan
Document, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized and acquired on the first date of its existence by the holders of its Equity Interests at such time. 
 SECTION 1.06. Leverage
Ratios. Notwithstanding anything to the contrary contained herein, for purposes of calculating any leverage ratio herein in connection with the incurrence of any Debt, there shall be no netting of the cash proceeds proposed to be received in
connection with the incurrence of such Debt (but the application of such proceeds shall be given effect). 
 ARTICLE II. 

THE BORROWING FACILITY 
 SECTION
2.01. The Borrowing Facility. Each Bank severally agrees, on the terms and conditions provided herein, to make Advances denominated in Agreed
Currencies, subject to Section 2.06, comprised entirely of, in the case of Euros, Term Benchmark Advances or, in
the case of Swiss Francs, RFR Advances, as applicable, to the Borrowers from time to time on any Business Day during the period from the date hereof to the Termination Date in an aggregate Euro
Amount that will not result in, subject to Section 2.04, (a) the Euro Amount of such Bank’s Revolving Credit Exposure exceeding such Bank’s Commitment or (b) the Euro Amount of the Aggregate Revolving Credit Exposure
exceeding the Aggregate Commitments. Subject to Section 5.01, each Borrowing (other than a Swingline Loan) shall be in an aggregate Euro Amount not less than €10,000,000 and an integral multiple of 5,000,000 units of the applicable
currency, shall be made on the same day from the Banks ratably according to their respective Commitments. Within the limits of each Bank’s Commitment, the Borrowers may borrow Advances under this Section 2.01, maintain Advances
outstanding by continuing such Advances pursuant to Section 2.03, or prepay Advances pursuant to Section 5.12, and re-borrow Advances under this Section 2.01. The Aggregate Commitments to lend hereunder shall
expire on the Termination Date. 
 SECTION 2.02. Making the Advances. Each Borrowing (other than a Swingline Loan) shall be
requested by irrevocable written notice given by the Applicable Borrower to the Administrative Agent (a) in the
case of a Term Benchmark Borrowing denominated in Euros, not later than 10:00 a12:00 p.m. (London time) three (3) Business Days prior to the proposed Borrowing Date and (b) in the case of an RFR Borrowing denominated in Swiss Francs,
not later than 11:00 a.m. (London time) five (5) RFR Business Days prior to the proposed Borrowing Date (or, in the case of the initial Advances, such lesser number of days to which the
Administrative Agent may agree). Each notice of Borrowing pursuant to this Section 2.02 (a “Notice of Borrowing”) shall be in substantially the form of Exhibit 2.02 hereto, specifying the proposed Borrowing Date,
aggregate amount of the proposed Borrowing and the Interest Period and Agreed Currency applicable thereto for each such Advance, and shall include such information as shall be required by Section 8.01(h). If no currency is specified with
respect to any requested Borrowing, then the Applicable Borrower shall be deemed to have selected Euro. If no Interest Period is specified with respect to any requested Borrowing, then the Applicable Borrower shall be deemed to have selected an
Interest Period of one month’s duration. The Administrative Agent shall in turn promptly notify each Bank by telephone (to be confirmed immediately in writing) or facsimile or electronic communication of the date, applicable interest rate,
applicable Agreed Currency and aggregate amount of such Borrowing and such Bank’s ratable portion of such Borrowing. Each Bank, for the account of its Lending Office, shall, before 12:00 Noon (London time) on the Borrowing Date specified in the
notice received from the Administrative Agent pursuant to the preceding sentence, deposit such Bank’s ratable portion of such Borrowing in such funds as then may be customary for the settlement of transactions in such Agreed Currency to the
Administrative Agent in accordance with those instructions stipulated on any given drawdown request by 

  
 29 

 
the Administrative Agent. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article VI, the Administrative Agent
shall make same day funds in the amount of such funds available to the Applicable Borrower by 2:00 p.m. (London time) on the date of Borrowing, at the account specified by the Applicable Borrower in the applicable Notice of Borrowing. 

SECTION 2.03. Method of Electing Interest Periods. (a) The
Term Benchmark Advances included in each Borrowing (other than a
Swingline Loan) initially shall have the Interest Period specified by the Applicable Borrower in the applicable Notice of Borrowing. Thereafter, the Applicable Borrower may from time to time elect to continue such Borrowing for a new Interest Period
effective on the last day of the then current Interest Period applicable to such Borrowing. In no event shall any Borrower have the option to convert the Agreed Currency in which a Borrowing is denominated to another Agreed Currency; provided
that any Borrower may repay such a Borrowing and reborrow in another Agreed Currency in accordance with this Agreement. 
 Each such election by the
Applicable Borrower to continue Term Benchmark Advances shall be
made by delivering a notice (a “Notice of Interest Period Election”) to the Administrative Agent by not later than 10:00 a.m. (London time) at least three (3) Business Days before the continuation selected in such notice is to
be effective. If the Applicable Borrower shall fail to issue a Notice of Interest Period Election within three (3) Business Days prior to the end of any Interest Period (unless the Applicable Borrower shall have issued a notice of prepayment in
respect of the applicable Borrowing in accordance with Section 5.12), the Advances comprising such Borrowing shall be continued as
ana Term
Benchmark Advance in the same Agreed Currency with an Interest Period of one month. A Notice of Interest Period Election may, if it so specifies, apply to only a portion of the aggregate principal
amount of the relevant Borrowing; provided that (i) such portion is allocated ratably among the Advances comprising such Borrowing and (ii) the portion to which such Notice of Interest Period Election applies, and the remaining
portion to which it does not apply, are each a Euro Amount not less than €10,000,000 and an integral multiple of 5,000,000 units of the applicable currency. 

(b) Each Notice of Interest Period Election shall be substantially in the form of Exhibit 2.03 hereto and shall specify: 

(i) the Borrowing (or portion thereof) to which such notice applies; 

(ii) the date on which the continuation selected in such notice is to be effective, which shall comply with subsection
(a) above; and 
 (iii) the duration of the new Interest Period. 

Each Interest Period specified in a Notice of Interest Period Election shall comply with the provisions of the definition of Interest Period. Each Notice of
Interest Period Election shall be irrevocable when given by the Applicable Borrower. 
 (c) Upon receipt of a Notice of Interest Period
Election from the Applicable Borrower pursuant to subsection (a) above, the Administrative Agent shall promptly notify each Bank of the contents thereof. 

SECTION 2.04. Determination of Euro Amount; Required Payments; Termination. The Administrative Agent will determine the Euro Amount of:

  
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 (i) any Advance, on each of the following: (i) the date of the Advance
of such Advance and (ii) each date of a continuation of such Advance pursuant to the terms of this Agreement, 
 (ii)
any Letter of Credit, on each of the following: (i) the date on which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect
of increasing the face amount thereof, and 
 (iii) any Credit Event, on any additional date as the Administrative Agent may
determine at any time when an Event of Default exists. 
 Each day upon or as of which the Administrative Agent determines the Euro Amount as described in
the preceding clauses (i) and (ii) is herein described as a “Computation Date” with respect to each Advance for which a Euro Amount is determined on or as of such day. If at any time the Euro Amount of the Aggregate Revolving
Credit Exposure (calculated, with respect to those Advances denominated in an Agreed Currency other than Euro, as of the most recent Computation Date with respect to each such Advance, and excluding cash collateralized L/C Obligations) exceeds 105%
of the Aggregate Commitments, the Borrowers shall immediately repay Advances, repay Swingline Loans and/or cash collateralize any outstanding Letters of Credits in an aggregate principal amount sufficient to cause the remaining outstanding Advances,
L/C Obligations (excluding cash collateralized L/C Obligations) and Swingline Loans not to exceed the Aggregate Commitments. 
 SECTION
2.05. Increase in Aggregate Commitment. From time to time after the Closing Date, the Borrowers may, at their option, seek to increase the Aggregate Commitments by up to an aggregate amount of €100,000,000 (resulting in maximum Aggregate
Commitments of up to €300,000,000) upon at least three (3) Business Days’ prior written notice to the Administrative Agent, which notice shall specify the amount of any such increase (which shall not be less than €25,000,000 or
such lesser amount to which the Administrative Agent may agree) and shall certify that no Event of Default or Unmatured Event of Default has occurred and is continuing. After delivery of such notice, the Administrative Agent or the Borrowers, in
consultation with the Administrative Agent, may offer the increase (which may be declined by any Bank in its sole discretion) in the total Commitments on either a ratable basis to the Banks or on a non pro-rata basis to one or more Banks and/or to
other banks or entities reasonably acceptable to the Administrative Agent and the Borrowers. No increase in the total Commitments shall become effective until the existing or new Banks extending such incremental Commitment amount and the Borrowers
shall have delivered to the Administrative Agent a document in form and substance reasonably satisfactory to the Administrative Agent pursuant to which (i) any such existing Bank agrees to the amount of its Commitment increase, (ii) any
such new Bank agrees to its Commitment amount and agrees to assume and accept the obligations and rights of a Bank hereunder, (iii) the Borrowers accept such incremental Commitments, (iv) the effective date of any increase in the
Commitments is specified and (v) the Borrowers certify that on such date the conditions for a Credit Extension set forth in Section 6.02 are satisfied. Upon the effectiveness of any increase in the total Commitments pursuant hereto,
(i) each Bank (new or existing) shall be deemed to have accepted an assignment from the existing Banks, and the existing Banks shall be deemed to have made an assignment to each new or existing Bank accepting a new or increased Commitment, of
an interest in each then outstanding Advance (in each case, on the terms and conditions set forth in the Assignment and Acceptance) and (ii) the Swingline Exposure and L/C Exposure of the existing and new Banks shall be automatically adjusted
such that, after giving effect to such assignments and adjustments, all Revolving Credit Exposure hereunder is held ratably by the Banks in proportion to their respective Commitments. Assignments pursuant to the preceding sentence shall be made in
exchange for, and substantially contemporaneously with the payment to the assigning Banks of, the principal amount assigned plus accrued and unpaid interest and Facility and Letter of Credit Fees. Payments received by 

  
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assigning Banks pursuant to this Section in respect of the principal amount of any Advance shall, for purposes of Section 11.04(b) be deemed prepayments of such Credit Extension. Any
increase of the total Commitments pursuant to this Section shall be subject to receipt by the Administrative Agent from the Borrowers of such supplemental opinions, resolutions, certificates and other documents as the Administrative Agent may
reasonably request. No consent of any Bank (other than the Banks agreeing to new or increased Commitments) shall be required for any incremental Commitment provided or Advance made pursuant to this Section 2.05. 

SECTION
2.06. Alternate Rate of Interest 
 (a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.06, if : 

(i)
 the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest
Period for a Term Benchmark Borrowing, that adequate and
reasonable means do not exist for ascertaining the Adjusted EURIBO Rate or the EURIBO Rate (including
because the EURIBO Screen Rate is not available or
published on a current basis), for such Interest Period; or (B) at any time, that adequate and
reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple RFR, Daily Simple RFR or RFR for Swiss Francs; or 

(ii)
 the Administrative Agent is advised by the Majority Banks
that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing denominated in Euros, the Adjusted EURIBO Rate or the EURIBO Rate for such Interest
Period will not adequately and fairly reflect the cost to such Banks (or Bank) of making or maintaining
their Advances (or its Advance) included in such Borrowing Euros and such Interest Period or (B) at any time, the applicable Adjusted Daily Simple RFR, Daily Simple RFR or RFR for Swiss Francs will not adequately and fairly reflect the cost to
such Banks (or Bank) of making or maintaining their Loans (or its Loan) included in such Borrowing for Swiss Francs; 

then the Administrative
Agent shall give notice thereof to the Borrowers and the Banks by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrowers and the Banks that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Applicable Borrower
delivers a new in accordance with the terms of terms of Section 2.03 or a new Notice of Borrowing in accordance with the terms of Section 2.02, any Notice of Interest Rate Election that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Term Benchmark Advance and
any Notice of Borrowing that requests a Term Benchmark Advance or an RFR Advance, in each case, for the relevant Benchmark, shall be ineffective; provided
that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted. Furthermore, if any Term Benchmark Advance or RFR Advance in any Agreed Currency is outstanding on
the date of the Borrowers’ receipt of the notice from the Administrative Agent referred to in this Section 2.06(a) with respect to a Relevant Rate applicable to such Term Benchmark Advance or RFR Advance, then until (x) the
Administrative Agent notifies the Borrowers and the Banks that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Applicable Borrower delivers a new Notice of Interest Period Election in accordance with the terms of Section 2.03 or a new Notice of Borrowing in accordance with the terms of
Section 2.02, (1) any Term Benchmark Advance shall, on the last day of the Interest Period applicable to such Advance (or the next succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for Euros
plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent 

  
 32 

 
manifest error) that the Central Bank Rate for Euros cannot be
determined, any outstanding affected Term Benchmark Advances shall be prepaid by the Borrowers on such day and (2) any RFR Advance shall bear interest at the Central Bank Rate for Swiss Francs plus the CBR Spread; provided that, if the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for Swiss Francs cannot be determined, any outstanding affected RFR Advance denominated in such currency shall be
prepaid in full immediately. 
 (b) herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a “Loan Document” for
purposes of this Section 2.06), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is
provided to the Banks without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such
Benchmark Replacement from Banks comprising the Majority Banks. 
 (c) Notwithstanding anything to the contrary
herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(d)
 The Administrative Agent will promptly notify the Borrowers and the
Banks of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any
tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any
Bank (or group of Banks) pursuant to this Section 2.06, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking
any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as
expressly required pursuant to this Section 2.06.  
 (e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the
implementation of a Benchmark Replacement), (1) if the then-current Benchmark is a term rate (including EURIBO Rate) and either (a) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as
selected by the Administrative Agent in its reasonable discretion or (b) the regulatory supervisor for
the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of
“Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (2) if a tenor that was removed pursuant to clause (i) above either (a) is subsequently displayed
on a screen or information service for a Benchmark (including a Benchmark Replacement) or (b) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark
Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

  
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(f)
 Upon the Borrowers’ receipt of notice of the commencement of a
Benchmark Unavailability Period, the Borrowers may revoke any request for a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Advances to be made, converted or continued during any Benchmark Unavailability
Period and, failing that, any Term Benchmark Borrowing or RFR Borrowing shall be ineffective. If any Term Benchmark Advance or RFR Advance is outstanding on the date of the Borrowers’ receipt of notice of the commencement of a Benchmark
Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Advance or RFR Advance, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this Section 2.06, (1) any
Term Benchmark Advance shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for Euros plus the CBR Spread; provided that,
if the Administrative Agent determines (which determination
shall be conclusive and binding absent manifest error) that the Central Bank Rate for Euros cannot be
determined, any outstanding affected Term Benchmark Advances shall be prepaid in full immediately and (2) any RFR Advance shall bear interest at the Central Bank Rate for Swiss Francs plus the CBR Spread; provided that, if the Administrative
Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for Swiss Francs cannot be determined, any outstanding affected RFR Advances denominated in Swiss Francs, shall be prepaid in
full immediately. 
 ARTICLE III. 

SWINGLINE LOANS 
 SECTION 3.01.
Swingline Loans. 
 (a) Subject to the terms and conditions set forth herein, each Swingline Bank may, in its sole discretion, from
the date hereof until the Termination Date make Swingline Loans denominated in Euros to the Borrowers, in an aggregate principal amount for all Swingline Loans not to exceed €15,000,000 at any time outstanding that will not result in
(i) such Swingline Bank’s Revolving Credit Exposure exceeding its Commitment or (ii) the Aggregate Revolving Credit Exposure exceeding the Aggregate Commitments. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrowers may borrow, prepay and reborrow Swingline Loans. 
 (b) To request a Swingline Loan, the Applicable Borrower
shall notify the Administrative Agent of such request by irrevocable written notice, not later than 12:00 noon, London Time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the Swingline Bank that is
requested to make such Swingline Loan, the requested date (which shall be a Business Day) and amount (which shall be a Euro Amount not less than €250,000 and an integral multiple of 50,000 units of the applicable currency) of the requested
Swingline Loan. The Administrative Agent will promptly advise the applicable Swingline Banks of any such notice received from the Applicable Borrower. Each Swingline Bank shall make any requested Swingline Loan which, in its sole discretion, it
elects to make, available to the Applicable Borrower by means of a credit to an account of the Applicable Borrower with the Administrative Agent designated for such purpose by 3:00 p.m., London Time, on the requested date of such Swingline Loan.

 SECTION 3.02. Swingline Loan Participations. Any Swingline Bank may by written notice given to the Administrative Agent require
the Banks to acquire participations in all or a portion of its Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Banks will participate. Promptly upon receipt of such notice, the Administrative
Agent will give notice thereof to each Bank, specifying in such notice such Bank’s Applicable Percentage of such Swingline Loans. Each Bank hereby absolutely and unconditionally agrees, promptly upon receipt of such notice 

  
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from the Administrative Agent (and in any event, if such notice is received by 12:00 noon, London time, on a Business Day no later than 5:00 p.m., London Time, on such Business Day and if
received after 12:00 noon, London Time, on a Business Day shall mean no later than 10:00 a.m. London Time on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of such Swingline Bank such Bank’s
Applicable Percentage of such Swingline Loans. Each Bank acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance
whatsoever, including the occurrence and continuance of an Event of Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Bank shall
comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.02 with respect to Advances made by such Bank (and Section 2.02 shall apply,
mutatis mutandis, to the payment obligations of the Banks), and the Administrative Agent shall promptly pay to such Swingline Bank the amounts so received by it from the Banks. The Administrative Agent shall notify the Applicable Borrower of
any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to such Swingline Banks. Any amounts received by a Swingline
Bank from the Applicable Borrower (or other party on behalf of the Applicable Borrower) in respect of a Swingline Loan after receipt by such Swingline Bank of the proceeds of a sale of participations therein shall be promptly remitted to the
Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Banks that shall have made their payments pursuant to this paragraph and to such Swingline Banks, as their
interests may appear; provided that any such payment so remitted shall be repaid to such Swingline Bank or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Applicable Borrower for
any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Applicable Borrower of any default in the payment thereof. 

SECTION 3.03. Replacement of a Swingline Bank. 

(a) Any Swingline Bank may be replaced at any time by written agreement among the Borrowers, the Administrative Agent, the
replaced Swingline Bank and the successor Swingline Bank. The Administrative Agent shall notify the Banks of any such replacement of a Swingline Bank. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid
interest accrued for the account of the replaced Swingline Bank pursuant to Section 5.07(a). From and after the effective date of any such replacement, (x) the successor Swingline Bank shall have all the rights and obligations of the
replaced Swingline Bank under this Agreement with respect to Swingline Loans made thereafter and (y) references herein to the term “Swingline Bank” shall be deemed to refer to such successor or to any previous Swingline Bank, or to
such successor and all previous Swingline Banks, as the context shall require. After the replacement of a Swingline Bank hereunder, the replaced Swingline Bank shall remain a party hereto and shall continue to have all the rights and obligations of
a Swingline Bank under this Agreement with respect to Swingline Loans made by it prior to its replacement, but shall not be required to make additional Swingline Loans. 

(b) Subject to the appointment and acceptance of a successor Swingline Bank, any Swingline Bank may resign as a Swingline Bank
at any time upon thirty days’ prior written notice to the Administrative Agent, the Borrowers and the Banks, in which case, such Swingline Bank shall be replaced in accordance with Section 3.03(a) above. 

  
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 ARTICLE IV. 

THE LETTER OF CREDIT FACILITY 

SECTION 4.01. Obligation to Issue. Subject to the terms and conditions of this Agreement and in reliance upon the representations,
warranties and covenants of the Borrowers herein set forth, each Issuing Bank hereby severally agrees to issue for the account of any Borrower through such Issuing Bank’s branches as it and such Borrower may jointly agree, one or more Letters
of Credit in Agreed Currencies in accordance with this Article IV, from time to time during the period commencing on the date hereof and ending no later than five (5) Business Days prior to the Termination Date. On the Closing Date, each
Existing Letter of Credit shall be deemed to be a Letter of Credit issued under and governed in all respects by the terms and conditions of this Agreement, and each Bank shall participate in each Existing Letter of Credit in an amount equal to its
Applicable Percentage. 
 SECTION 4.02. Types and Amounts. No Issuing Bank shall have any obligation to issue any Letter of Credit:

 (a) if on the date of issuance, before or after giving effect to the Letter of Credit requested hereunder, (i) the Euro Amount of
Aggregate Revolving Credit Exposure at such time would exceed the Aggregate Commitments at such time, (ii) any Bank’s Revolving Credit Exposure would exceed its Commitment, (iii) the aggregate outstanding amount of the L/C Obligations
would exceed a Euro Amount of €30,000,000 or (iv) the outstanding amount of the L/C Obligations of such Issuing Bank would exceed its L/C Commitment (unless otherwise agreed in writing by such Issuing Bank and prompt notice of such
agreement is given to the Administrative Agent); 
 (b) which has an expiration date (or date for payment of any draft presented thereunder)
later than the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension thereof, one year after such extension) and (ii) the date that is five (5) Business Days prior
to the scheduled Termination Date (provided that any Letter of Credit with a one-year tenor may contain customary automatic renewal provisions agreed upon by the
Borrowers and the applicable Issuing Bank that provide for the
renewal thereof for additional one-year periods (which shall in no event extend beyond the date referenced in this clause (ii)); provided, however, that an Issuing Bank may issue a Letter of Credit which has an expiration date (or date for payment
of any draft presented thereunder) later than the date which is five (5) Business Days immediately preceding the Termination Date (such date being the “LC Collateral Trigger Date”) so long as on or before the LC Collateral
Trigger Date the Applicable Borrower has cash collateralized such Letter of Credit in an amount and pursuant to documentation satisfactory to the applicable Issuing Bank (and, if such cash collateral has not been so furnished by the Applicable
Borrower prior to the LC Collateral Trigger Date, then on the LC Collateral Trigger Date the Applicable Borrower shall deliver and pledge to the applicable Issuing Bank such cash collateral in such amount). Notwithstanding the foregoing, no Letter
of Credit shall be issued which has an expiration date that is more than one (1) year beyond the Termination Date; or 
 (c) if
the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally. 

SECTION 4.03. Conditions. 

(a) In addition to being subject to the satisfaction of the conditions contained in Sections 6.01 and 6.02, the obligation of an Issuing Bank
to issue any Letter of Credit is subject to the satisfaction in full of the following conditions: 

  
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 (i) the Applicable Borrower shall have delivered to the applicable Issuing
Bank (with a copy to the Administrative Agent) an L/C Application in the manner prescribed in Section 4.04, and the proposed Letter of Credit shall be reasonably satisfactory to such Issuing Bank as to form and content; and 

(ii) as of the date of issuance, no order, judgment or decree of any court, arbitrator or Governmental Authority shall purport
by its terms to enjoin or restrain the applicable Issuing Bank from issuing such Letter of Credit and no law, rule or regulation applicable to such Issuing Bank and no request or directive (whether or not having the force of law) from a Governmental
Authority with jurisdiction over such Issuing Bank shall prohibit or request that such Issuing Bank refrain from the issuance of Letters of Credit generally or the issuance of that Letter of Credit or shall impose upon the Issuing Bank with respect
to any Letter of Credit any restriction or reserve or capital requirement (for which the Issuing Bank is not otherwise compensated) or any unreimbursed loss, cost or expense which was not applicable, in effect and known to the Issuing Bank as of the
date of this Agreement and which the Issuing Bank in good faith deems material to it. 
 (b) No Issuing Bank shall extend, renew, or amend
any Letter of Credit unless the requirements of this Section 4.03 are met as though a new Letter of Credit were then being requested and issued. 

(c) Notwithstanding anything herein to the contrary, no Issuing Bank shall have an obligation hereunder to issue, and shall not issue, any
Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person or any activity or business in any Sanctioned Country, in each case, in violation of applicable
Sanctions or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement. 
 SECTION 4.04.
Procedure for Issuance of Letters of Credit. 
 (a) Prior to the issuance of each Letter of Credit, and as a condition of such
issuance, the Applicable Borrower shall deliver to the Issuing Bank (with a copy to the Administrative Agent) an L/C Application signed by the Applicable Borrower, together with such other documents or items as may be required pursuant to the terms
thereof. Unless the Issuing Bank shall otherwise agree, each Letter of Credit shall be issued no earlier than two (2) Business Days after delivery of the foregoing documents, which delivery may be by the Applicable Borrower to the Issuing Bank
by facsimile transmission, telex or other electronic means followed by delivery of executed originals within five (5) days thereafter. The documents so delivered shall be in compliance with the requirements set forth in Sections 4.02 and
4.03, and shall specify therein (i) the stated amount of the Letter of Credit requested, (ii) the effective date of issuance of such requested Letter of Credit, which shall be a Business Day, (iii) the date on which such
requested Letter of Credit is to expire, which shall be a Business Day not later than five (5) Business Days prior to the Termination Date, except as permitted in Section 4.02(ii), and (iv) the aggregate amount of L/C
Obligations which are outstanding and which will be outstanding after giving effect to the requested Letter of Credit issuance. Subject to the terms and conditions of Sections 4.02 and 4.03, and provided that the applicable conditions
set forth in Sections 6.01 and 6.02 shall, to the knowledge of the Issuing Bank, have been satisfied, the Issuing Bank shall, on the requested date, issue a Letter of Credit on behalf of the Applicable Borrower in accordance with the
Issuing Bank’s usual and customary business practices (and a copy of such issued Letter of Credit shall be delivered by the Issuing Bank to the Administrative Agent). In addition, any amendment of an Existing Letter of Credit that has the
effect of increasing the face amount thereof or extending the expiration date thereof shall be deemed to be an issuance of a new Letter of Credit and shall be subject to the requirements of this Section 4.04. 

  
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 (b) The applicable Issuing Bank shall give the Administrative Agent written or telex notice
of the issuance of a Letter of Credit; provided, however, that the failure to provide such notice shall not result in any liability on the part of such Issuing Bank. 

(c) Notwithstanding anything contained in any L/C Application or any document executed in connection therewith to the contrary, in the event
any term or provision of such L/C Application or other document is inconsistent with any term or provision of this Agreement, the terms and provisions of this Agreement shall control and prevail. 

SECTION 4.05. Letter of Credit Participation. 

Unless a Bank shall have notified the Issuing Bank, prior to its issuance of a Letter of Credit, that any applicable condition precedent set
forth in Sections 6.01 or 6.02 had not then been satisfied, immediately upon the issuance of each other Letter of Credit hereunder, each Bank shall be deemed to have automatically, irrevocably and unconditionally purchased and received
from the applicable Issuing Bank an undivided interest and participation in and to such Letter of Credit, the obligations of the Applicable Borrower in respect thereof, and the liability of such Issuing Bank thereunder (collectively, as to each
Bank, an “L/C Interest”) in an amount equal to the amount available for drawing under such Letter of Credit multiplied by such Bank’s Applicable Percentage. Each Issuing Bank will notify each Bank that has a Commitment promptly
upon presentation to it of an L/C Draft or upon any other draw under a Letter of Credit. On or before the Business Day on which an Issuing Bank makes payment of each such L/C Draft or, in the case of any other draw on a Letter of Credit, on demand
by the Administrative Agent, each Bank shall make payment to the Administrative Agent, for the account of the applicable Issuing Bank, in immediately available funds in an amount equal to the amount of the payment under the L/C Draft or other draw
on the Letter of Credit multiplied by such Bank’s Applicable Percentage. Except to the extent set forth in the last sentence of this Section 4.05, the obligation of each Bank to reimburse the Issuing Banks under this
Section 4.05 shall be unconditional, continuing, irrevocable and absolute without counterclaim or set-off; provided, however, the obligation of each Bank shall not extend to payments made under a Letter of Credit resulting
from the Issuing Bank’s gross negligence or willful misconduct in honoring any L/C Draft. In the event that any Bank fails to make payment to the Administrative Agent of any amount due under this Section 4.05, the Administrative
Agent shall be entitled to receive, retain and apply against such obligation the principal and interest otherwise payable to such Bank hereunder until the Administrative Agent receives such payment from such Bank or such obligation is otherwise
fully satisfied, and such Bank shall pay to the Administrative Agent, for the account of the applicable Issuing Bank, interest on the amount of such Bank’s outstanding obligation at an interest rate reasonably determined by the Administrative
Agent in accordance with banking industry practices on interbank compensation; provided, however, that nothing contained in this sentence shall relieve such Bank of its obligation to reimburse the applicable Issuing Bank for such
amount in accordance with this Section 4.05. Notwithstanding the foregoing, no Bank shall have any reimbursement, payment or other obligation with respect to any cash collateralized Letter of Credit issued pursuant to the proviso in
Section 4.02(b)(ii) hereof. 
 SECTION 4.06. Reimbursement Obligation. 

The Applicable Borrower agrees unconditionally, irrevocably and absolutely to pay to the Administrative Agent, for the account of the Banks,
the amount of each drawing made under or pursuant to a Letter of Credit issued for its account (such obligation of the Applicable Borrower to reimburse the Administrative Agent for a drawing made under a Letter of Credit, a “Reimbursement
Obligation” with respect to such Letter of Credit) plus all other charges and expenses with respect thereto specified in Section 4.07 or in the applicable L/C Application. Such payment shall be made not later than 12:00 noon,
London Time, on the date that such drawing is made, if the Applicable Borrower shall have received notice of such drawing prior to 10:00 a.m., London time, on such date, or, if such notice has not been received by the Applicable Borrower prior to
such time on such date, then not later than 12:00 noon, London time, on the Business Day immediately following the day that the Applicable Borrower receives such notice, if such notice is not received prior to such time on the day

  
 38 

 
of receipt. If the Applicable Borrower at any time fails to repay a Reimbursement Obligation pursuant to this Section 4.06, the Applicable Borrower shall be deemed to have elected to
borrow under a Borrowing, as of the date of the drawing giving rise to the Reimbursement Obligation and equal in amount to the amount of the unpaid Reimbursement Obligation. Such Borrowing shall be made automatically, without notice, without any
requirement to satisfy the conditions precedent otherwise applicable to a Borrowing and without regard to minimum amounts or integral multiples of any amount otherwise required for a Borrowing. Such Borrowing shall be comprised of Advances made by
the Banks, each Advance being in the amount of the portion of the related drawing that shall have been funded by the applicable Bank. The proceeds of such Borrowing shall be used to repay such Reimbursement Obligation. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole
discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are
not in strict compliance with the terms of such Letter of Credit. 
 SECTION 4.07. Issuing Bank Charges. 

In addition to the fees described in Section 5.04(b), the Applicable Borrower agrees to pay to each Issuing Bank, (i) on the
date of issuance of each Letter of Credit issued for its account (or on such other date as may be agreed between the Applicable Borrower and the applicable Issuing Bank), a fronting fee in respect of such Letter of Credit in a separately agreed
amount, and (ii) all reasonable and customary fees and other issuance, amendment, document examination, negotiation and presentment expenses and related charges in connection with the issuance, amendment, presentation of L/C Drafts, and the
like customarily charged by the Issuing Banks with respect to Letters of Credit, including standard commissions, payable promptly following delivery to the Applicable Borrower of each invoice in respect of any such amount. The Existing Letters of
Credit shall not be subject to the charges described herein to the extent such charges are duplicative of charges paid with respect thereto pursuant to the Existing Credit Agreement. 

SECTION 4.08. Issuing Bank Reporting Requirements. 

In addition to the notices required by Section 4.04(b), each Issuing Bank shall, no later than the tenth Business Day following the
last day of each month, provide to the Administrative Agent, upon the Administrative Agent’s request, schedules, in form and substance reasonably satisfactory to the Administrative Agent, showing the date of issue, account party, amount,
expiration date and the reference number of each Letter of Credit issued by it outstanding at any time during such month and the aggregate amount payable by each Applicable Borrower during such month. In addition, upon the request of the
Administrative Agent, each Issuing Bank shall furnish to the Administrative Agent copies of any Letter of Credit to which the Issuing Bank is party and such other documentation as may reasonably be requested by the Administrative Agent. Upon the
request of any Bank, the Administrative Agent will provide to such Bank information concerning such Letters of Credit. 
 SECTION 4.09.
Indemnification; Exoneration. 
 (a) In addition to amounts payable as elsewhere provided in this Article IV, the Applicable
Borrower hereby agrees to protect, indemnify, pay and save harmless the Administrative Agent, each Issuing Bank and each Bank from and against any and all liabilities and costs which the Administrative Agent, such Issuing Bank or such Bank may incur
or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit for its account other than as a result of the gross negligence or willful misconduct of the Issuing Bank as determined in a non-appealable
judgment by a court of competent jurisdiction, or (ii) the failure of the applicable Issuing Bank to honor a drawing under a Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or future de
jure or de facto Governmental Authority (all such acts or omissions herein called “Governmental Acts”). 

  
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 (b) As among the Applicable Borrower, the Banks, the Administrative Agent and the Issuing
Banks, the Applicable Borrower assumes all risks of the acts and omissions of, or misuse of each Letter of Credit by, the beneficiary of such Letter of Credit. In furtherance and not in limitation of the foregoing, neither the Administrative Agent,
any Issuing Bank nor any Bank shall be responsible for (unless caused by its gross negligence or willful misconduct): (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any other party in
connection with the application for and issuance of the Letters of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the
beneficiary of a Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, facsimile, email or
other similar form of electronic transmission or otherwise; (v) errors in interpretation of technical trade terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter
of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of a Letter of Credit of the proceeds of any drawing under such Letter of Credit; and (viii) any consequences arising from causes beyond the control of the
Administrative Agent, the Issuing Banks and the Banks, including any Governmental Acts. None of the above shall affect, impair, or prevent the vesting of any Issuing Bank’s rights or powers under this Section 4.09. 

(c) In furtherance and extension and not in limitation of the specific provisions hereinabove set forth, any action taken or omitted by any
Issuing Bank under or in connection with the Letters of Credit or any related certificates shall not, in the absence of gross negligence or willful misconduct, put the applicable Issuing Bank, the Administrative Agent or any Bank under any resulting
liability to the Applicable Borrower or relieve the Applicable Borrower of any of its obligations hereunder to any such Person. 
 (d)
Without prejudice to the survival of any other agreement of the Borrowers hereunder, the agreements and obligations of the Borrowers contained in this Section 4.09 shall survive the payment in full of the Advances and other obligations
hereunder, the termination of the Letters of Credit and the termination of this Agreement. 
 SECTION 4.10. Replacement and Resignation
of an Issuing Bank. 
 (a) An Issuing Bank may be replaced at any time by written agreement among the Borrowers, the
Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Banks of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrowers shall
pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 5.04(b). From and after the effective date of any such replacement, (x) the successor Issuing Bank shall have all the rights and obligations of an
Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it thereafter and (y) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to
such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an
Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit or extend or otherwise amend any existing Letter of Credit. 

(b) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may resign as an Issuing Bank at
any time upon thirty days’ prior written notice to the Administrative Agent, the Borrowers and the Banks, in which case, such resigning Issuing Bank shall be replaced in accordance with Section 4.10(a) above. 

  
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 ARTICLE V. 

GENERAL TERMS 
 SECTION 5.01.
Illegality; Interest Rate Inadequate or Unfair. The obligation of each Bank to extend
an Advance on the date therefor is subject to the following: 
 (a) If at the time that the Administrative Agent shall seek to determine the Eurocurrency Screen Rate on the Quotation Day for any Interest Period for a Eurocurrency Rate
Advance, the Eurocurrency Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such Eurocurrency Rate Advance for any reason, and the Administrative Agent shall reasonably determine that it
is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the Reference Bank Rate shall be the Eurocurrency Rate for such Interest Period for such Eurocurrency Rate Advance;
provided that if the Reference Bank Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, however, that if less
than two Reference Banks shall supply a rate to the Administrative Agent for purposes of determining the Eurocurrency Rate for such Eurocurrency Rate Advance, the Eurocurrency Rate shall be equal to the rate determined by the Administrative Agent in
its reasonable discretion after consultation with the Borrowers and consented to in writing by the Majority Banks (the “Alternative Rate”); provided, however, that
(i) until such time as the Alternative Rate shall be determined and so consented to by the Majority Banks, Advances shall not be available in such Agreed Currency and (ii) if the Alternative Rate shall be less than zero, such rate shall be
deemed to be zero for purposes of this Agreement. It is hereby understood and agreed that, notwithstanding anything to the contrary set forth in this Section 5.01(a), if at any time the conditions set forth in Section 5.01(c)(i) or
(ii) are in effect, the provisions of this Section 5.01(a) shall no longer be applicable for any purpose of determining any alternative rate of interest under this Agreement and Section 5.01(e) shall instead be applicable for all
purposes of determining any alternative rate of interest under this Agreement. 

(ba) If, after the date of this Agreement, the adoption of any applicable
law, rule or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance
by any Bank (or its Lending Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for any Bank (or its Lending Office) to make,
maintain or fund its Advances, such Bank shall so notify the Administrative Agent. The Administrative Agent and such Bank shall forthwith give notice thereof to the other Banks and the Borrowers, whereupon until such Bank notifies the Borrowers and
the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Bank to make (or continue) Advances shall be suspended. If such Bank (A) shall determine that it may not lawfully continue to
maintain an outstanding Advance until the last day of the current Interest Period therefor, (B) shall so specify in a written notice to the Applicable Borrower and the Administrative Agent and (C) shall deliver to the Applicable Borrower
and the Administrative Agent an opinion of counsel concurring in such determination (unless three (3) or more Banks have reached a similar determination, in which case no such opinion shall be required), then the Applicable Borrower shall, on
the last Business Day on which such Bank may lawfully continue such Advance, repay such Advance. 

  
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 (c) If,
with respect to Borrowings to consist of Advances denominated in any Agreed Currency and having a particular Interest Period (i) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon all parties hereto) that by reason of circumstances affecting generally the London interbank market and after using its best efforts to ascertain the interest rate
applicable to the Advances in such Agreed Currency, adequate and reasonable means do not exist for ascertaining such applicable rate for such Interest Period (including because the Eurocurrency Screen Rate is
not available or published on a current basis) or (ii) by the Business Day before the first day of any Interest Period in respect of a Borrowing, the
Administrative Agent shall have received notice from the Majority Banks that after using their respective best efforts to obtain deposits in the applicable Agreed Currency for such Interest Period, such deposits are not available to such Banks (as
such best efforts and unavailability are conclusively certified in writing to the Administrative Agent and the Borrowers) in the ordinary course of business in the London interbank market in sufficient amounts to make their respective Advances,
then, in each case, the Administrative Agent shall by 12:00 Noon (London time) on such Business Day notify the Borrowers of such event, and the right of the Borrowers to select Advances in such Agreed Currency for such Borrowing or any subsequent
Borrowing with an Interest Period having the duration of such Interest Period shall be suspended until the Administrative Agent shall notify the Borrowers and the Banks
that the circumstances causing such suspension no longer exist. The obligation of the Banks to make Advances in connection with any Notice of Borrowing that requests Advances in the applicable Agreed Currency for an Interest
Period having the duration of such affected Interest Period shall be ineffective. In the case of an outstanding Notice of Interest Period Election that requests Advances in the applicable Agreed Currency for an Interest Period having the duration of such affected Interest Period at the time any such suspension shall occur,
such Notice shall be deemed to request Advances for the next shortest (or, if no shorter Interest Period is available, the next longest) Interest Period that is available hereunder or, if no Interest Period is available for such Agreed Currency,
such Notice shall become ineffective. 
 (d) If the Majority Banks shall, by 11:00 a.m. (London time) on the Business Day before the first day of any Interest Period in respect of a Borrowing to consist of Advances
denominated in an Agreed Currency for a particular Interest Period, notify the Administrative Agent and the Borrowers (setting forth in writing the reasons therefor) that the Eurocurrency Rate for Advances for such Interest Period will not
adequately reflect the cost to such Banks of making or funding their respective Advances for such Borrowing, the right of the Borrowers to select Advances in such Agreed Currency for such Interest Period and any subsequent request for a Borrowing in
such Agreed Currency for an Interest Period with a duration equal to that of such Interest Period shall be suspended until the Administrative Agent shall notify the Borrowers and the Banks that the circumstances causing such suspension no longer
exist. The obligation of the Banks to make Advances in connection with any Notice of Borrowing that requests Advances in the applicable Agreed Currency for an Interest Period having the duration of such affected Interest Period shall be ineffective.
In the case of an outstanding Notice of Interest Period Election that requests Advances in the applicable Agreed Currency for an Interest Period having the duration of such affected Interest Period at the time any such suspension shall occur, such
Notice shall be deemed to request Advances for the next shortest (or, if no shorter Interest Period is available, the next longest) Interest Period that is available hereunder or, if no Interest Period is available for such Agreed Currency, such
Notice shall become ineffective. 
 (e) Notwithstanding the foregoing, if at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the
circumstances set forth in Section 5.01(c) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 5.01(c) have not arisen but any
of (w) the supervisor for the administrator of the Eurocurrency Screen Rate has made a public statement that the administrator of the Eurocurrency Screen Rate is insolvent (and there is no successor administrator that will continue publication
of the Eurocurrency Screen Rate), (x) the administrator of the Eurocurrency Screen Rate has made a public statement identifying  

  
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a specific date after which the Eurocurrency Screen Rate will permanently or indefinitely cease to be published
by it (and there is no successor administrator that will continue publication of the Eurocurrency Screen Rate), (y) the supervisor for the administrator of the Eurocurrency Screen Rate has made a public statement identifying a specific date after
which the Eurocurrency Screen Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the Eurocurrency Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent
has made a public statement identifying a specific date after which the Eurocurrency Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrowers shall endeavor to establish an alternate
rate of interest to the Eurocurrency Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this
Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Eurocurrency Margin);
provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 11.01, such amendment shall become effective without any further action or consent
of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate
rate of interest (along with the amendment to this Agreement giving effect to the changes hereto in respect of such alternate rate of interest) is provided to the Banks, a written notice from the Majority Banks stating that such Majority Banks
object to such amendment. Until an alternate rate of interest shall be determined in accordance with this Section 5.01(e) (but, (A) in the case of the circumstances described in clause (ii)(w), clause (ii)(x) or
clause (ii)(y) of the first sentence of this Section 5.01(e), only to the extent the Eurocurrency Screen Rate for such Interest Period is not available or published at such time on a current basis and (B) in the
case of the circumstances described in clause (ii)(z) of the first sentence of this Section 5.01(e), only to the extent the specific date referred to in such clause has occurred), (x) any Notice of Interest Period
Election that requests continuation of any Advance as a Eurocurrency Rate Advance shall be ineffective and (y) any Notice of Borrowing that requests a Eurocurrency Rate Advance shall be ineffective. 
 SECTION 5.02. Effect of Notice of Borrowing; Maximum Number of Borrowings. 

(a) Subject to Section 5.01, each Notice of Borrowing and Notice of Interest Period Election shall be in writing and be irrevocable
and binding on the Applicable Borrower. 
 (b) A Notice of Borrowing shall be rejected by the Administrative Agent, and the Banks shall have
no obligation to extend any Advances that may be requested in such Notice of Borrowing, if after giving effect to the Borrowing requested in such Notice of Borrowing there would then be more than tenfifteen
(1015
) Borrowings outstanding (excluding Swingline Loans). 
 SECTION 5.03. Effect of
Failure to Borrow or Fund. 
 (a) The Applicable Borrower shall indemnify each Bank against all direct out-of-pocket losses and
reasonable expenses incurred by such Bank as a result of any failure by such Borrower to fulfill on or before the date specified for a Borrowing the applicable conditions set forth in Article VI to the extent of all direct out-of-pocket
losses and reasonable expenses incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Bank to fund the Advance to be made by such Bank as part of such Borrowing when such Advance, as a result of such
failure, is not made on such date. The Applicable Borrower shall not be liable to any Bank under this Section 5.03(a) with respect to consequential damages or loss of anticipated profits arising or incurred by such Bank in connection
with the Applicable Borrower’s failure to fulfill timely the applicable conditions set forth in Article VI. 

  
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 (b) Unless the Administrative Agent shall have received notice from a Bank prior to the date
of any Borrowing that such Bank will not make available to the Administrative Agent such Bank’s ratable portion of such Borrowing, the Administrative Agent may assume that such Bank has made such portion available to the Administrative Agent on
the date of such Borrowing in accordance with the terms of Section 2.02 and the Administrative Agent may, in reliance upon such assumption make available to the Applicable Borrower on such date a corresponding amount. If and to the
extent that such Bank shall not have so made such ratable portion available to the Administrative Agent, such Bank and the Applicable Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount
together with interest thereon, for each day from the date such amount is made available to the Applicable Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Applicable Borrower, the interest
rate applicable at the time to Advances comprising such Borrowing and (ii) in the case of such Bank, at an interest rate reasonably determined by the Administrative Agent in accordance with banking industry practices on interbank compensation.
If such Bank shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Bank’s Advance as part of such Borrowing for purposes of this Agreement. 

(c) The failure of any Bank to make any Advance required to be made by it as part of any Borrowing shall not relieve any other Bank of its
obligation hereunder to make its Advance on the date of such Borrowing, but no Bank shall be responsible for the failure of any other Bank to make the Advance to be made by such other Bank on the date of any Borrowing. 

SECTION 5.04. Fees and Certain Credit Rating Determinations. 

(a) Facility Fees. Each Borrower agrees to pay to the Administrative Agent for the ratable account of the Banks a facility fee (the
“Facility Fee”) based on the average daily amount of each Bank’s portion of the Aggregate Commitments (whether used or unused) and, after the termination of the Commitments, upon each Bank’s Applicable Percentage of any
remaining outstanding Revolving Credit Exposure, in each case in accordance with Schedule 5. 
 The Facility Fee shall begin accruing
on the date hereof and shall be payable quarterly, in arrears, not later than the fifteenth (15th) day following the last Business dDay of each January, April, July and
OctoberMarch, June, September and December, beginning with the first such date to occur after the
Closing Date, on the Termination Date and, if applicable, thereafter on demand; provided that if any Bank ceases to be a party hereto prior to the Termination Date, accrued and unpaid Facility
Fees payable to such Bank shall be paid on the date such Bank’s Commitment is reduced to zero. Each Borrower shall pay its pro-rata (determined based on the number of Borrowers, i.e., initially 50% each) share of the Facility Fee when due.

 (b) Letter of Credit Fees. In addition to the fees described in Section 4.07, the Applicable Borrower agrees to
pay to the Administrative Agent for the account of each Bank a letter of credit fee (the “Letter of Credit Fee”), in respect of any period, at the Letter of Credit Fee Rate on the average daily aggregate amount of such Bank’s
L/C Exposure in respect of Letters of Credit issued for such Borrower’s account and outstanding during such period. 
 Accrued and
unpaid Letter of Credit Fees shall be payable, in arrears, (i) on the fifteenth (15th) day following the last
Business dDay of each January, April, July and
OctoberMarch, June, September and December,
(ii) on the Termination Date and (iii) thereafter on demand; provided that (a) if any Bank ceases to be a party hereto prior to the Termination Date, accrued and unpaid Letter of Credit Fees payable to such Bank shall be paid
on the date such Bank’s Commitment is reduced to zero; and (b) if any Letter of Credit is cash collateralized pursuant to Section 4.02(b) (a “Collateralized LC”), then accrued and unpaid Letter of Credit Fees
on such Collateralized LC shall not be payable on the Termination Date, but shall continue to be payable as provided in clause (i) above and also shall be payable on the date of the expiration or termination of such Collateralized LC.

  
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(c) Other
Fees. The Borrowers shall pay to the Co-Lead Arrangers and the Administrative Agent for their own respective accounts, in Dollars, fees in the amounts and at the times separately agreed with such Person pursuant to written agreement. 
 SECTION 5.05. Reduction of the Commitments. The Borrowers may, upon at least three
(3) Business Days’ written notice to the Administrative Agent (received not later than 10:00 a.m. (London time)), terminate in whole or reduce ratably in part the respective Commitments of the Banks on a permanent basis; provided
that (i) any such reduction shall not cause the Aggregate Commitments to be less than the Aggregate Revolving Credit Exposure at such time, and (ii) in the case of any partial reduction of the Commitments, such partial reduction shall be
in an aggregate amount not less than the lesser of (A) €10,000,000 (or an integral multiple of €5,000,000 in excess thereof) and (B) the amount by which the Aggregate Commitments exceed the Aggregate Revolving Credit Exposure at
such time. Such notice of termination or reduction may be conditioned on the effectiveness of other credit facilities, an acquisition, investment, Change of Control or any other financing or sale transaction. 

SECTION 5.06. Repayment. The Applicable Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Bank the then unpaid principal amount of each Advance (other than a Swingline Loan) made to such Borrower on the Termination Date and (ii) to the Administrative Agent for the account of the applicable Swingline Banks the then
unpaid principal amount of each Swingline Loan made to such Borrower on the earlier of the Termination Date and the fifth Business Days after such Swingline Loan is made; provided that on each date that a Borrowing is made, the Applicable
Borrower shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding. 

SECTION 5.07. Interest. 

(a) The Applicable Borrower shall pay interest on the unpaid principal amount of each Advance (other than a Swingline Loan or Section 4.06
Advance) made to it by each Bank from the date of such Advance until such principal amount shall be paid in full at a rate per annum equal at all times during each Interest Period for such Advance to the Eurocurrency(i) in the
case of Advances comprising a Term Benchmark Borrowing, at the Adjusted EURIBO Rate for
suchthe
 Interest Period in effect for such Borrowing plus the Applicable Margin or (such rate to change when and
asii) in the case of an RFR Advance, at the Adjusted Daily Simple RFR plus the Applicable Margin changes), payable in arrears on the last day of such Interest Period and, if such Interest Period has a
duration of more than three (3) months, on the date during such Interest Period that occurs three (3) months
after the first day of such Interest Period, and, in the case of each Bank, on the date such Bank’s Commitment shall be reduced to zeroeach Interest Payment Date for such Advance. The Applicable Borrower shall pay interest on the unpaid principal amount of each Swingline Loan (or Section 4.06 Advance) made to it from the date of such Swingline Loan (or Section 4.06 Advance)
until such principal amount shall be paid in full at a rate per annum equal to the Overnight LIBO RateAdjusted Daily Simple ESTR (or, solely with respect to Swingline Loans,
prior to the Banks funding their participations in such Swingline Loan, at such other rate as may be agreed between the Applicable Borrower and the applicable Swingline Bank) plus the Applicable Margin. Interest pursuant to the preceding sentence
shall be paid quarterly in arrears on the last day of January, April, July and October and at final maturity (whether due to acceleration or otherwise) and thereafter upon demand. 

(b) The interest rates provided for in this Agreement, including this Section 5.07, are minimum interest rates. When entering into
this Credit Agreement, the parties have assumed that the interest payable at the rates set out in this
Section 5.07 or in other Sections of this Agreement is not and will not become subject to Swiss Withholding Tax. Notwithstanding that the parties do not anticipate that any payment of interest will be subject to Swiss Withholding Tax,
they agree that, in the event that Swiss Withholding Tax should be imposed on interest payments, the payment of interest due by a Swiss Borrower 

  
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shall, in line with and subject to Section 5.075.15, including any limitations therein and any obligations thereunder,
be increased to an amount which (after making any deduction of the Non-Refundable Portion (as defined below) of the Swiss Withholding Tax) results in a payment to each Bank entitled to such payment of an amount equal to the payment which would have
been due had no deduction of the Swiss Withholding Tax been required. For this purpose, the Swiss Withholding Tax shall be calculated on the full grossed-up interest amount. For the purposes of this Section, “Non-Refundable Portion” shall
mean the Swiss Withholding Tax at the standard rate (being, as at the date hereof, 35%) unless a tax ruling issued by the Swiss Federal Tax Administration (SFTA) confirms that, in relation to a specific Bank based on an applicable double tax treaty,
the Non-Refundable Portion is a specified lower rate in which case such lower rate shall be applied in relation to such Bank. Each Swiss Borrower shall provide to the Administrative Agent the documents required by law or applicable double taxation
treaties for the Bank to claim a refund of any Swiss Withholding Tax so deducted. 
 (c) Interest computed by reference to the EURIBO Rate or Daily Simple RFR hereunder shall be computed on the basis of a year
of 360 days. In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Advance shall be computed on a daily basis based upon the outstanding
principal amount of such Advance as of the applicable date of determination. The applicable Adjusted EURIBO Rate, EURIBO Rate, Adjusted Daily Simple RFR or Daily Simple RFR shall be determined by the Administrative Agent, and such determination
shall be conclusive absent manifest error. 
 SECTION 5.08. Additional
Interest on Advances. 
 (a) The Applicable Borrower
shall pay to each Bank, so long as such Bank shall be required under regulations of the Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal
amount of each Advance of such Bank made to such Borrower, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times during the Interest Period for such Advance to the remainder obtained by subtracting (i) the Eurocurrency Rate for such Interest Period from (ii) the rate obtained by dividing the applicable rate
referred to in clause (i) above by a percentage equal to 100% minus the Eurocurrency Rate Reserve Percentage of such Bank for such Interest Period, payable on each date on which interest is payable on such Advance. 

(ba) For so long as any Bank is required to make special deposits with or
comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the Bank of England, the Financial Services Authority, the European Central Bank, any other
central bank or the European System of Central Banks, but excluding requirements reflected in the Eurocurrency Rate Reserve Percentage) in respect of any of such Bank’s Advances, such Bank shall be entitled to require the Applicable Borrower to pay, contemporaneously with each payment of interest on each of such Bank’s Advances to it
subject to such requirements, additional interest on such Advance at a rate per annum specified by such Bank to be the actual cost to such Bank of complying with such requirements in relation to such Advance. 

(cb) Any additional interest owed to a Bank pursuant to subsection
(a) or (b) above shall be determined by such Bank (and the amount so determined shall be prima facie evidence of the amount owed pursuant to the applicable subsection, which determination shall be made in good faith (and not on an
arbitrary or capricious basis) and consistent with similarly situated customers of the applicable Bank under agreements having provisions similar to this Section 5.08 after consideration of such factors as such Bank then reasonably
determines to be relevant) and such Bank shall deliver written notice thereof to the Applicable Borrower through the Administrative Agent; provided that in the case of any such required reserves, special deposits or other requirements
referred to in subsection (a) or (b) above that are imposed 

  
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after the date of this Agreement, the Applicable Borrower shall not be required to compensate a Bank pursuant to this Section for any additional interest incurred more than 120 days prior to the
date that such Bank notifies the Applicable Borrower of such required reserves, special deposits or other requirements and of such Bank’s intention to claim compensation therefor; provided, further that, if any of the above
referenced requirements are retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive effect thereof. Any amount payable to a Bank pursuant to this Section 5.08 shall be paid to the
Administrative Agent for the account of such Bank. 
 SECTION 5.09. Interest on Overdue Principal. If any amount of principal is not
paid when due (whether at stated maturity, by acceleration or otherwise), that amount of principal shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all
times to two percent (2%) per annum above the Eurocurrency Rate plus the rate otherwise Aapplicable Margin in effect from time to timeto such Advance as provided in preceding paragraphs of this Section.

 SECTION 5.10. Interest Rate Determinations. The Administrative Agent shall give prompt notice to the Borrowers and
the Banks of any applicable interest rate determined by the Administrative Agent for purposes of Section 5.07. 
 SECTION 5.11.
Performance of Banks’ Obligations. Each Bank shall use commercially reasonable efforts to keep apprised of all events and circumstances (a) that would excuse or prohibit such Bank from performing its obligation to make Advances
hereunder pursuant to Section 5.01(a) or (b) that would permit such Bank to demand additional interest or increased costs pursuant to Section 5.08 or Section 5.13 or (c) that would permit the
Administrative Agent or the Majority Banks pursuant to Section 11.13 to denominate an Advance in Euro rather than the applicable Agreed Currency. Such Bank shall, as soon as practicable after becoming aware of any such event or
circumstance, use commercially reasonable efforts, to the extent permitted by law, to perform its obligations to make Advances through another office or lending office, and with respect to increased costs or additional interest, to reduce such
increased costs or additional interest (if the use of such other office or lending office or such reduction would not adversely affect the performance of such obligations or repayment of the Advances or result in, in any material respect, any
increased cost, loss, liability or other material disadvantage to such Bank in such Bank’s reasonable judgment), in either case if by taking the action contemplated by the foregoing, such event or circumstance would cease to exist. 

SECTION 5.12. Optional Prepayments. (a) Any Borrower may prepay Borrowings without penalty upon written notice to the Administrative
Agent, given not later than 9:00 a.m. (London time) (or, with respect to Swingline Loans, 11:00 a.m. (London time) on the proposed date of prepayment (which shall be a Business Day), stating in such notice the proposed date and aggregate principal
amount of the prepayment, and if such notice is given, the Applicable Borrower shall prepay the outstanding principal amount of the Advances made as part of the same Borrowing in whole or in part (and if in part, in an aggregate Euro Amount not less
than €10,000,000 and an integral multiple of €5,000,000), or, with respect to Swingline Loans, in an aggregate amount not less than €1,000,000 and an integral multiple of 500,000 units of the applicable currency) by paying the
principal amount to be prepaid together with accrued interest thereon and other amounts then due and owing with respect to such Borrowing, if any, hereunder to the date of prepayment; provided that if any Borrowing made pursuant to
Section 4.06 does not meet the minimum amount or integral multiple requirements for prepayments set forth above, then the next prepayment pursuant to this Section 5.12 shall be in an amount that will cause each outstanding
Borrowing (other than any Swingline Loan) to be in an aggregate Euro Amount not less than €10,000,000 and an integral multiple of 5,000,000 units of the applicable currency. Such notice of prepayment may be conditioned on the effectiveness of
other credit facilities, an acquisition, investment, Change of Control or any other financing or sale transaction. Each such optional prepayment shall be applied to prepay ratably the Advances of the several Banks included in such Borrowing. If a
Borrower prepays any Borrowing on any day other than the last day of an Interest Period therefor, such Borrower shall reimburse each Bank for any losses, costs and expenses contemplated in Section 11.04(b). 

  
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 (b) Upon receipt of a notice of prepayment pursuant to this Section 5.12, the
Administrative Agent shall promptly notify each Bank of the contents thereof and of such Bank’s ratable share, if any, of such prepayment. 

SECTION 5.13. Increased Costs. 

(a)
 Subject to Section 5.11, if, after the date of this Agreement, any of the following (a “Change in Law”) shall occur: 

(ai) due to either (i) the introduction of or any change (other than
any change by way of imposition or increase of reserve requirements included in the EurocurrencyStatutory Reserve Rate Reserve Percentage) in or in the interpretation of any law or regulation or (ii) the compliance with any
guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), either (x) there shall be any increase in the cost to any Bank of agreeing or committing to make or making, funding or
maintaining any Advances (including any participations in Swingline Loans) hereunder or issuing or participating in any Letter of Credit or (y) any Recipient shall be subject to any Taxes (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto; or 

(bii) either (i) the introduction of or any change in or in the
interpretation of any law, rule, regulation or guideline adopted after the date hereof and arising out of the July 1988 report of the Basel Committee on Banking Regulation and Supervisory Practices entitled “International Convergence of Capital
Measurement and Capital Standards” or (ii) compliance by any Bank with any law or regulation, or with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), affects or would
affect the amount of capital or liquidity required or expected to be maintained by such Bank or any corporation controlling such Bank and such Bank determines that the amount of such capital or liquidity is increased by or based upon the existence
of such Bank’s commitment to lend hereunder and other commitments of this type, or upon the making or funding of its Advances (including any participations in Swingline Loans) hereunder or upon the issuing or maintaining of its L/C Interest
hereunder, 

(b)
 then the Borrowers shall from time to time, upon written demand by such Bank (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Bank, within
120 days after such written demand, additional amounts sufficient to (i) in the case of any of the events described in clause
(a)(i) above, reimburse such Bank for such increased cost,
such increased cost to be determined by such Bank using its customary methods therefor (and, if such Bank uses from time to time more than one such method, the
method chosen for application hereunder shall be that method which most accurately determines such increased
cost), which determination shall be made in good faith (and not on an arbitrary or capricious basis)
and consistent with similarly situated customers of the applicable Bank under agreements having provisions similar to Section 5.13(a)(i) after consideration of such factors as such Bank then reasonably determined to be relevant, and (ii) in the case of any of the events described in clause (ba)(ii) above, compensate such Bank in light of such circumstances, to
the extent such Bank reasonably determines such increase in capital or liquidity to be allocable to the existence of such Bank’s commitment to lend or maintain Advances or to issue or maintain its L/C Interests hereunder, which  

  
 48 

 
determination shall be made in good faith (and not on an
arbitrary or capricious basis) and consistent with similarly situated customers of the applicable Bank under agreements having provisions similar to Section 5.13(a)(ii) after consideration of such factors as such Bank then reasonably determined
to be relevant. A certificate as to any such amount (demonstrating, in reasonable detail, the calculations used by such Bank to determine such amount), submitted to the Borrowers and the
Administrative Agent by such Bank, shall be prima facie evidence thereof absent demonstrable error. Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in
connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the date enacted, adopted, issued or implemented. 

Failure or delay on the part of any Bank or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such
Bank’s or Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Bank or Issuing Bank pursuant to this Section for any increased costs incurred or reductions suffered more than
120 days prior to the date that such Bank or Issuing Bank, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions, and of such Bank’s or Issuing Bank’s intention to claim
compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive effect thereof.

 SECTION 5.14. Payments and Computations. (a) The Applicable Borrower shall make each payment hereunder not later than 12:00 noon
(London time) on the day when due and, with respect to principal of or interest on any Advance, in the currency in which such Advance was made to the Applicable Borrower, in such funds as are then customary for settlement of international
transactions in such currency and without set-off, counterclaim or other deduction. All other payments made hereunder shall be payable in immediately available funds in Euro. All payments hereunder shall be made to the Administrative Agent at
(except as set forth in the next sentence) the Administrative Agent’s address specified in Section 11.02, or at any other Lending Office of the Administrative Agent specified in writing by the Administrative Agent to the Applicable
Borrower, and, in the case of Borrowings, shall be applied ratably by the Administrative Agent among the Banks. The Administrative Agent is hereby authorized to charge the Applicable Borrower’s account with the Administrative Agent, after
notice to the Applicable Borrower of the amount to be charged, for each payment of principal, interest and fees as such payment becomes due. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to such
payment ratably (in accordance with all like obligations then due and payable to which such payment relates) to the Banks for the account of their respective Lending Offices, and like funds relating to the payment of any other amount payable to any
Bank, to such Bank for the account of its Lending Office, in each case to be applied in accordance with the terms of this Agreement. 
 (b)
Notwithstanding the foregoing provisions of this Section 5.14, if, after the making of any Advance in any currency other than Euro, currency control or exchange regulations are imposed in the country that issued such currency with the
result that the type of currency in which the Advance was made (the “Original Currency”) no longer exists or the Applicable Borrower is not able to make payment to the Administrative Agent for the account of the Banks in such
Original Currency, then all payments to be made by the Applicable Borrower hereunder in such currency shall instead be made when due in Euro in an amount equal to the Euro Amount (as of the date of repayment) of such payment due, it being the
intention of the parties hereto that the Applicable Borrower take all risks of the imposition of any such currency control or exchange regulations. 

  
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 (c) All calculations of interest, Facility Fees and Letter of Credit Fees shall be made on
the basis of a year of 360 days (or, in the case of any Agreed Currency other than Euro, on the basis of the convention customarily applicable to such currency), in each case for the actual number of days (including the first day but excluding the
last day) occurring in the period for which such interest or fees are payable. Each determination by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes in the absence of manifest error. 

(d) Whenever any payment hereunder or under any Note shall be stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest, Facility Fees and Letter of Credit Fees, as the case may be. If such extension would cause such payment with
respect to an Advance to be made in the next following calendar month, such payment shall be made on the immediately preceding applicable Business Day and the period of time during which such payment would have been outstanding but for compliance
with this provision shall not be included in the computation of payment of interest with respect thereto. 
 (e) Unless the Administrative
Agent shall have received notice from the a Borrower prior to the date on which any payment by such Borrower is due to the Banks hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower
has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Bank on such due date an amount equal to the amount then due to such Bank. If
and to the extent such Borrower shall not have so made such payment in full to the Administrative Agent, each Bank shall repay to the Administrative Agent forthwith on demand such amount distributed to such Bank together with interest thereon, for
each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to the Administrative Agent, at an interest rate determined by the Administrative Agent in accordance with banking industry practices on
interbank compensation. 
 SECTION 5.15. Taxes. 

(a) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any
other Loan Document shall be made without deduction or withholding for any Taxes, except as required
by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be
entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the
applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives
an amount equal to the sum it would have received had no such deduction or withholding been made. 
 (b) The Loan Parties shall timely
pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(c) The Loan Parties shall jointly and severally indemnify each Recipient, within 30 days after demand therefor, for the full amount of any
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to
the Applicable Borrower by a Bank (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Bank, shall be conclusive absent manifest error. 

  
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 (d) Each Bank shall severally indemnify the Administrative Agent, within 10 days after
demand therefor, for (i) any Indemnified Taxes attributable to such Bank (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan
Parties to do so), (ii) any Taxes attributable to such Bank’s failure to comply with the provisions of Section 11.06 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such
Bank, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Bank by the Administrative Agent shall be conclusive absent manifest error. Each Bank hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Bank under any Loan Document or otherwise payable by the Administrative Agent to the Bank from any other source against any amount due to the Administrative Agent under this
paragraph (d). 
 (e) As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 5.15, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (f) (i) Any Bank that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document shall deliver to the Applicable Borrower and the Administrative Agent, at the time or times reasonably requested by such Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by such Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Bank, if reasonably requested by suchthe
Applicable Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by such Borrower or the Administrative Agent as will
enable such Borrower or the Administrative Agent to determine whether or not such Bank is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 5.15(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Bank’s reasonable judgment such completion,
execution or submission would subject such Bank to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Bank. 

(ii) Without limiting the generality of the foregoing, in the event that a Borrower is a U.S. Borrower: 

(A) any Bank that is a U.S. Person shall deliver to such Borrower and the Administrative Agent on or prior to the date on which
such Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed originals (or copies that meet the requirements of the Code, United States Treasury
Regulations and official IRS guidance) of IRS Form W-9 certifying that such Bank is exempt from U.S. federal backup withholding tax; 

  
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 (B) any Foreign Bank shall, to the extent it is legally entitled to do so,
deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement (and from time to time thereafter upon the
reasonable request of such Borrower or the Administrative Agent), whichever of the following is applicable: 
 (i) in the
case of a Foreign Bank claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals (or copies that meet the requirements of the Code,
United States Treasury Regulations and official IRS guidance) of IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any
Loan Document, IRS Form W-8BEN-E or IRS Form W-8BEN
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(ii) in
 the case of a Foreign Bank claiming that its extension of credit will generate U.S. effectively connected income, executed originals (or copies that meet the requirements of the Code, United
States Treasury Regulations and official IRS guidance) of IRS Form W-8ECI; 
 (iii) in the case of a Foreign Bank
claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Bank is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10-percent
shareholder” of such Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and
(y) executed originals (or copies that meet the requirements of the Code, United States Treasury Regulations and official IRS guidance) of IRS Form W-8BEN or W-8BEN-E; or 

(iv) to the extent a Foreign Bank is not the beneficial owner, executed originals (or copies that meet the requirements of the
Code, United States Treasury Regulations and official IRS guidance) of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form
W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Bank is a partnership and one or more direct or indirect partners of such Foreign Bank are claiming the portfolio interest exemption,
such Foreign Bank may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Bank shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the
Administrative Agent), executed originals (or copies that meet the requirements of the Code, United States Treasury 

  
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Regulations and official IRS guidance) of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable law to permit such Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Bank under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained `in Section 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to suchthe Applicable Borrower and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by such Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by such Borrower or the Administrative Agent as may be necessary for such Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Bank has complied
with such Bank’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 (iii) Each Bank agrees that
(i) if any form or certification it previously delivered
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Applicable Borrower and the Administrative Agent in writing of its legal inability to do so and (ii) if any form or certification it previously delivered expires or becomes obsolete, it shall provide a valid
form or certification when requested in writing by the Applicable Borrower. 

(g) Any Bank claiming additional amounts payable pursuant to this Section 5.15 shall (at the reasonable request of the Applicable
Borrower) use reasonable efforts to change the jurisdiction of its office or Applicable Lending Office if the making of such change would avoid the need for, or reduce the amount of, any additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Bank, subject
such Bank to any unreimbursed costs or expense and would not be otherwise materially disadvantageous to such Bank. The Applicable Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Bank in connection with any such
actions. 
 (h) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as
to which it has been indemnified pursuant to this Section 5.15 (including additional amounts paid pursuant to this Section 5.15), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 5.15 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid to such indemnifyiedng party pursuant to the previous sentencethis paragraph (h) (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 5.15(h), in no event will any
indemnified party be required to pay any amount to any indemnifying party pursuant to this Section 5.15(h) if such payment would place such indemnified party in a less favorable position (on a net after-Tax

  
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basis) than such indemnified party would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or
otherwise imposed and if the indemnification payments or additional amounts giving risewith respect to such refundTax had never been paid. This Section 5.15(h) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems
confidential) to the indemnifying party or any other Person. 
 (i) Each party’s obligations under this Section 5.15
shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all other obligations under
any Loan Document. 
 (j) Notwithstanding anything to the contrary in this Agreement, the obligations of any Swiss Borrower and the rights of
the Recipient under this Agreement or any other Loan Document are subject to the following limitations: 
 (i) If and to the
extent the guarantees or any other indemnity or security given by the Swiss Borrower under this Agreement or any other Loan Document guarantees or secures obligations of any of its (direct or indirect) parent companies (upstream security) or sister
companies (cross-stream security) (the “Upstream or Cross-Stream Guaranteed Obligations”) and if and to the extent using the proceeds from the enforcement of the guarantees or any other indemnity or security interest granted by the
Swiss Borrower to discharge the Upstream or Cross-Stream Guaranteed Obligations would constitute a repayment of capital (Einlagerückgewähr/Kapitalrückzahlung), a violation of the legally protected reserves (gesetzlich
geschützte Reserven) or the payment of a (constructive) dividend (Gewinnausschüttung) under Swiss corporate law, the proceeds from the enforcement of the guarantees or any other indemnity or security interest to be used to
discharge the Upstream or Cross-Stream Guaranteed Obligations shall be limited to the maximum amount of the Swiss Borrower’s freely disposable shareholder equity at the time of enforcement (the “Maximum Amount”);
provided that such limitation is required under the applicable law at that time; provided, further, that such limitation shall not free the Swiss Borrower from its obligations in excess of the Maximum Amount, but merely postpone the
performance date of those obligations until such time or times as performance is again permitted under then applicable law. This Maximum Amount of freely disposable shareholder equity shall be determined in accordance with Swiss law and applicable
Swiss accounting principles, and, if and to the extent required by applicable Swiss law, shall be confirmed by the auditors of the Swiss Borrower on the basis of an interim audited balance sheet as of that time. 

(ii) In respect of Upstream or Cross-Stream Guaranteed Obligations, the Swiss Borrower shall, as concerns the proceeds
resulting from the enforcement of the guarantees or any other indemnity or security interest granted under this Agreement or any other Loan Document, if and to the extent required by applicable law in force at the relevant time: 

(A) use best endeavors that such payment or enforcement proceeds can be used to discharge Upstream or Cross-Stream Guaranteed
Obligations without deduction of Swiss Withholding Tax by discharging the liability to such tax by notification pursuant to applicable law rather than payment of the tax; 

(B) if the notification procedure pursuant to sub-paragraph (aA) above does not apply, deduct the Swiss Withholding Tax at such rate (currently 35% at the date of this Agreement) as is in force from time to time from any such payment or enforcement proceeds used to discharge
Upstream or Cross-Stream Guaranteed Obligations, and pay, without delay, any such taxes deducted to the Swiss Federal Tax Administration; 

  
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 (C) notify the Administrative Agent that such notification or, as the case
may be, deduction has been made, and provide the Administrative Agent with evidence that such a notification of the Swiss Federal Tax Administration has been made or, as the case may be, such taxes deducted have been paid to the Swiss Federal Tax
Administration; and 
 (D) in the case of a deduction of Swiss Withholding Tax, use its best efforts to ensure that any
person, which is entitled to a full or partial refund of the Swiss Withholding Tax deducted from such payment or enforcement proceeds, will, as soon as possible after such deduction, (i) request a refund of the Swiss Withholding Tax under
applicable law (including tax treaties), and (ii) pay to the Administrative Agent upon receipt any amount so refunded. 

(iii) The Swiss Borrower shall promptly take and promptly cause to be taken any action, including the following: 

(A) the passing of any shareholders’ resolutions to approve the payment or use of the enforcement proceeds, which may be
required as a matter of Swiss mandatory law in force at the time of the enforcement of the guarantees, any other indemnity or the security interest in order to allow a prompt payment or use of the enforcement proceeds; 

(B) preparation of
an up-to-date audited balance sheet of the Swiss Borrower;

 (C) confirmation of the auditors of the Swiss Borrower that the relevant amount represents the Maximum Amount;

 (D) conversion of restricted reserves into profits and reserves freely available for the distribution as dividends (to
the extent permitted by mandatory Swiss law); 
 (E) revaluation of hidden reserves (to the extent permitted by mandatory
Swiss law); 
 (F) to the extent permitted by applicable law, Swiss accounting standards and the Loan Documents, write-up or
realize any of its assets that are shown in its balance sheet with a book value that is significantly lower than the market value of the assets, in case of realization, however, only if such assets are not necessary for the Swiss Borrower’s
business (nicht betriebsnotwendig); and 
 (G) all such other measures necessary or useful to allow the Swiss
Borrower to make payments or use enforcement proceeds as agreed hereunder with a minimum of limitations. 
 (k) For the avoidance of doubt, for the purposes of this Section 5.15, the term “applicable law” includes
FATCA. 

  
 55 

 SECTION 5.16. Noteless Agreement; Evidence of Indebtedness. 

(a) Each Bank shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such
Bank resulting from each Advance made by such Bank to such Borrower from time to time, including the amounts of principal and interest payable and paid to such Bank by such Borrower from time hereunder. 

(b) The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Advance made to each Borrower
hereunder, the Agreed Currency in which such Advance is denominated and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Applicable Borrower to each
Bank hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Applicable Borrower and each Bank’s share thereof. 

(c) The entries maintained in the accounts maintained pursuant to subsections (a) and (b) above shall be prima facie
evidence of the existence and amounts of the Advances therein recorded; provided, however, that the failure of the Administrative Agent or any Bank to maintain such accounts or any error therein shall not in any manner affect the
obligation of the Applicable Borrower to repay its Borrowings in accordance with their terms. 
 (d) Any Bank may request that its Advances
to a Borrower be evidenced by a promissory note (each a “Note”). In such event, such Borrower shall prepare, execute and deliver to such Bank a Note or separate Notes evidencing such Advances, at such Bank’s request, payable to
such Bank in a form or forms supplied by the Administrative Agent. Thereafter, the Advances evidenced by such Note or Notes and interest thereon shall at all times (including after any assignment pursuant to Section 11.06) be represented
by one or more Notes payable to the payee named therein or any assignee pursuant to Section 11.06, except to the extent that any such Bank or assignee subsequently returns any such Note for cancellation and requests that such Advances
once again be evidenced as described in subsections (a) and (b) above. 
 SECTION 5.17. Sharing of Payments, Etc. Except for payments made pursuant to Section 5.18,
if If any Bank shall obtain any payment (whether voluntary, involuntary, through the exercise of
any, by exercising any right of set-off ,or counterclaim or otherwise) on account of, obtain
payment in respect of any principal of or interest on any Advance (including any participation in a
Swingline Loan) made by it or any L/C Interest in excess of its ratable share of all payments obtained by Banks on account of, as applicable, principal of or interest on the Advances (including any participation in a Swingline Loan) comprising the
Borrowing to which such Advance relates or in respect of the Letter of Credit to which such L/C Interest relates, such Bank shall forthwith purchase from the other Banks which shall then have Advances (including any participation in a Swingline
Loan) outstanding comprising a part of such Borrowing participations in the Advances (including any participation in a Swingline Loan) comprising a part of such Borrowing (or, as applicable, purchase from the other Banks participations in the
Swingline Loans or L/C Interests in the related Letter of Credit) as shall be necessary to cause such purchasing Bank to share the excess payment (net of any expenses which may be incurred by such Bank in obtaining or preserving such excess payment)
ratably with respect to such Borrowing or Letter of Credit with each of such other Banks. Ifof its
Advances or L/C Interests or Swingline Loans resulting in such Bank receiving payment of a greater proportion of the aggregate amount of its Advances and L/C Interests and Swingline Loans and accrued interest thereon than the proportion received by
any other Bank, then the Bank receiving such greater proportion shall purchase (for cash at face value) participations in the Advances and L/C Interests and Swingline Loans of other Banks to the extent necessary so that the benefit of all such
payments shall be shared by the Banks ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Advances and L/C Interests and Swingline Loans; provided that (i) if any such participations are
purchased and all or any portion of such excessthe payment is thereaftergiving rise
thereto  

  
 56 

 
is
recovered from such purchasing Bank, such purchase from each selling
Bank, such participations shall be rescinded and
such selling Bank shall repay to the purchasing Bank the purchase price restored to the extent of such recovery together with an amount equal to such selling Bank’s ratable share (according to the proportion of (i) the amount of such selling Bank’s required repayment
to (ii) the total amount so recovered from the purchasing Bank) of any interest or other amount paid or payable by the purchasing Bank in respect of the total amount so recovered. The Borrowers agree, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the
Borrowers pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Bank as consideration for the assignment of or sale of a participation in any of its Advances or L/C Interests to any assignee or
participant, other than to the Borrowers or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrowers consent to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Bank so purchasingacquiring a participation from another Bank pursuant to
this Section 5.17 may, to the fullest extent permitted by law,the foregoing arrangements may exercise all itsagainst the
Borrowers’ rights of payment (including the right of set-off )and
counterclaim with respect to such participation as fully as if such Bank were thea direct creditor of each
Applicablethe Borrowers in the amount of such participation. Nothing contained herein shall
require any Bank to exercise any right it may have of set-off, bankers’ lien, counterclaim or similar right or shall affect the right of any Bank to exercise, and retain the benefits of exercising, any such right with respect to any other
indebtedness or obligation of an
Applicablethe Borrowers not evidenced by this Agreement or the Notes. If under any applicable
bankruptcy, insolvency or other similar law, any Bank obtains a secured claim in lieu of a set-off or other payment to which this Section 5.17 would apply, such Bank shall, to the extent practicable, exercise its rights in respect of such
secured claim in a manner consistent with the rights of the Banks entitled under this Section 5.17 to share in the benefits of any recovery on such secured claim. 

SECTION 5.18. Termination and Prepayment with Respect to Any Bank. 

(a) In addition to the right of the Borrowers to terminate in whole or reduce ratably the unused portion of the Commitments as described in
Section 5.05 and the right of the Borrowers to ratably prepay Advances (including any participation in a Swingline Loan) as described in Section 5.12, the Borrowers shall have the right to terminate the unused portion of the
Commitment of any Bank and to prepay all outstanding Advances made by such Bank in the manner described in this Section 5.18 if a Bank becomes a Defaulting Bank or a Non-Consenting Bank or if any Borrower shall have received notice (a
“Special Notice”) that such Bank (i) cannot extend an Advance in any Agreed Currency and shall exercise its rights pursuant to Section 5.01(a), (ii) claims additional interest pursuant to
Section 5.08, (iii) claims reimbursement for increased costs or reduced returns pursuant to Section 5.13, (iv) claims reimbursement for Taxes pursuant to Section 5.15 or (v) elects not to make an
Advance in the applicable Agreed Currency pursuant to Section 11.13. 
 (b) Upon receipt by a Borrower of a Special Notice from
any Bank or upon a Bank becoming a Defaulting Bank or a Non-Consenting Bank, the Borrowers may elect to terminate the unused portion of the Commitment of such Bank by giving notice thereof (a “Termination Notice”) to such Bank and
to the Administrative Agent as follows: (1) in the case of a Non-Consenting Bank or a Bank which delivers a Special Notice, on or before the thirtieth day following the date such Bank becomes a Non-Consenting Bank or delivers such Special
Notice, or (2) in the case of a Defaulting Bank, after the date such Bank becomes a Defaulting Bank and while it remains a Defaulting Bank, in each case specifying therein (i) the name of such Bank (a “Terminated Bank”),
(ii) the proposed effective date of termination (“Bank Termination Date”) of the unused portion of such Terminated Bank’s Commitment, which date shall not in any event be less than five (5) Business Days following the
date of such Termination Notice, and (iii) one or more commercial banks (each, a “Successor Bank”), each such Successor Bank (x) having a combined capital, surplus (or its equivalent) and undivided profits in an amount not
less than U.S. $500,000,000 (or its equivalent in another currency) or (y) consented to by the Issuing Banks, the Swingline Banks and the Administrative Agent, in each case whose consent shall not be unreasonably withheld, conditioned or
delayed, which Successor Bank or Successor Banks shall have agreed, in the aggregate, to succeed to the entire Commitment of such Terminated Bank on the Bank Termination Date. 

  
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 (c) Unless the Borrowers shall have elected, as evidenced by their Termination Notice, to
prepay all the Advances (including any participation in a Swingline Loan) made by a Terminated Bank outstanding as of the Bank Termination Date, any Advance (including any participation in a Swingline Loan) (each a “TB Advance”)
made by such Terminated Bank having an Interest Period ending after the Bank Termination Date shall remain outstanding until the last day of such Interest Period (unless required to be paid earlier in accordance with the terms of this Agreement). On
the last day of the then current Interest Period in respect of each TB Advance, the Successor Bank shall extend an Advance to the Applicable Borrower in a principal amount corresponding to such TB Advance, and having an Interest Period of the type
specified in the Notice of Interest Period Election that would otherwise have applied to such TB Advance, and the proceeds of such Advance from the Successor Bank shall be used by the Applicable Borrower to repay such TB Advance to the Terminated
Bank. The Successor Bank or Successor Banks specified by the Borrowers in a Termination Notice shall have agreed, prior to the Bank Termination Date, to succeed, in the aggregate, to the entire Commitment of such Terminated Bank on the Bank
Termination Date which succession shall, with respect to the unused portion of such Terminated Bank’s Commitment as of such Bank Termination Date, become effective as of the Bank Termination Date and, with respect to the remaining portion of
such Terminated Bank’s Commitment, become effective as and when such Terminated Bank’s Advances (including any participation in a Swingline Loan) are repaid. 

(d) If the Borrowers shall have elected, as evidenced by their Termination Notice, to prepay all the Advances (including any participation in a
Swingline Loan) made by a Terminated Bank outstanding as of the Bank Termination Date, the Successor Bank or Successor Banks shall in the aggregate extend to each Applicable Borrower, on the Bank Termination Date, Advances (including any
participation in a Swingline Loan) (with interest at a rate to be agreed upon by the Applicable Borrower and each Successor Bank) corresponding in respective amounts to each Advance being prepaid as of such date, each of which Advances shall have an
Interest Period beginning on the Bank Termination Date and ending on the last day of the Interest Period of the Advance being prepaid to which it corresponds. 

(e) Each such termination pursuant to this Section 5.18 shall be effective on the Bank Termination Date proposed by the Borrowers
in the related Termination Notice if (i) no Event of Default shall have occurred prior to such date and be continuing on such date, (ii) in the event the Borrowers shall have elected to prepay all Advances (including any participation in a
Swingline Loan) made by such Terminated Bank outstanding as of such date, (A) each Applicable Borrower shall have prepaid the outstanding aggregate amount of all Advances made by the Terminated Bank, together with accrued interest and accrued
fees to such date on the amount prepaid and all other amounts payable to such Bank as of such date and (B) the Successor Bank or Successor Banks shall have extended to the Applicable Borrowers Advances equal in aggregate amount to the Advances
of the Terminated Bank being prepaid as required pursuant to Section 5.18(d), and (iii) the Administrative Agent shall have received evidence reasonably satisfactory to the Administrative Agent that the Successor Bank or Successor
Banks shall have agreed in the aggregate to succeed to the entire Commitment of the Terminated Bank in accordance with this Section 5.18. On a Bank Termination Date, the applicable Successor Bank (or Successor Banks, as applicable) shall
succeed to the L/C Interests of the Terminated Bank, and the Terminated Bank shall thereafter cease to have any L/C Interest or any participation in, or liability for any drawings made under, any Letter of Credit. 

  
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 (f) Subject to subsection (e) above, on the Bank Termination Date, (i) each
Successor Bank shall become a party to this Agreement as if such Successor Bank shall have been named on the signature pages hereof, and such Successor Bank shall have all the rights and obligations of a “Bank” hereunder and (ii) the
Terminated Bank shall have no further Commitment under this Agreement (other than with respect to Advances, if any, made by such Bank which remain outstanding after such date) and shall no longer be a “Bank” under this Agreement for any
purpose (other than with respect to Advances made by such Bank which remain outstanding after such date) except insofar as it shall be entitled to any payment or indemnification, or be obligated to make any indemnification, on account of any event
which shall have occurred, or any right or liability which shall have arisen, on or prior to the date of repayment of such outstanding Advances (including any participation in a Swingline Loan). The termination of any Bank’s Commitment and the
prepayment of such Bank’s Advances pursuant to this Section 5.18 shall not relieve or satisfy the obligations of any Borrower to make any such prepayments free and clear of all Indemnified Taxes, to reimburse such Bank for all Other
Taxes and for all increased costs pursuant to Section 5.13, or to comply with all other terms and conditions of this Agreement (including Section 11.04). 

SECTION 5.19. Defaulting Banks. 

Notwithstanding any provision of this Agreement to the contrary, if any Bank becomes a Defaulting Bank then the following provisions shall
apply for so long as such Bank is a Defaulting Bank: 
 (a) Fees shall cease to accrue on the unfunded Commitment of such Defaulting Bank
pursuant to Section 5.04(a). Each Defaulting Bank shall be entitled to receive Letter of Credit Fees under Section 5.04(b) for any period during which such Bank is a Defaulting Bank only to the extent allocable to its L/C
Exposure of the stated amount of Letters of Credit for which it has provided cash collateral to the Administrative Agent. 
 (b) The
Commitments and Revolving Credit Exposure of such Defaulting Bank shall not be included in determining whether the Majority Banks have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to
Section 11.01) which requires Majority Banks consent. 
 (c) All or any part of any Swingline Exposure or L/C Exposure shall be
reallocated among the non-Defaulting Banks in accordance with their respective Applicable Percentages but only to the extent such reallocation does not cause any non-Defaulting Bank to exceed its Commitment; provided that if such reallocation
cannot, or can only partially, be effected, one or more Borrowers shall, without prejudice to any right or remedy available to any Borrower hereunder or under law, within two Business Days following notice by the Administrative Agent (x) first,
prepay such Swingline Exposure, and (y) second, cash collateralize for the benefit of each Issuing Bank such Borrower’s obligations corresponding to such Defaulting Bank’s L/C Exposure (after giving effect to any partial reallocation
described in this clause (c)) in accordance with the procedures set forth in Section 9.02 for so long as such L/C Exposure is outstanding. Notwithstanding the foregoing, reallocation of Swingline Exposure or L/C Exposure in
accordance with the terms of this Agreement shall not constitute a waiver or release of claims against any such Defaulting Bank. 
 (d) If a
Borrower cash collateralizes any portion of such Defaulting Bank’s L/C Exposure to such Borrower pursuant to clause (c) above, such Borrower shall not be required to pay any fees to such Defaulting Bank pursuant to
Section 5.04(b) with respect to such Defaulting Bank’s L/C Exposure during the period such Defaulting Bank’s L/C Exposure is so cash collateralized. 

(e) If the L/C Exposure of the non-Defaulting Banks are reallocated pursuant to clause (c) above, then the fees payable to the
Banks pursuant to Sections 5.04(a) and (b) shall be adjusted in accordance with such non-Defaulting Banks’ Applicable Percentages. 

  
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 (f) If all or any portion of such Defaulting Bank’s L/C Exposure is neither cash
collateralized nor reallocated pursuant to clause (c) above, then, without prejudice to any rights or remedies of the Issuing Banks or any other Bank hereunder, all Facility Fees that otherwise would have been payable to such Defaulting
Bank (solely with respect to the portion of such Defaulting Bank’s Commitment that was utilized by such L/C Exposure) and Letter of Credit Fees payable under Section 5.04(b) with respect to such Defaulting Bank’s L/C Exposure
shall be payable, on a pro rata basis, to the Issuing Banks until each such L/C Exposure is cash collateralized and/or reallocated. 
 (g) So
long as such Bank is a Defaulting Bank, no Swingline Banks shall be required to fund any Swingline Loan and the Issuing Banks shall not be required to issue, amend or increase any Letter of Credit, unless, in each case, the applicable Swingline Bank
or Issuing Bank is satisfied that the related exposure will be 100% covered by the non-Defaulting Banks, cash collateral provided pursuant to clause fifth of Section 5.19(h) below and/or cash collateral provided by any
Borrower in accordance with Section 5.19(c). 
 (h) Any payment of principal, interest, fees or other amounts received by the
Administrative Agent hereunder for the account of such Defaulting Bank (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received by the Administrative Agent from a Defaulting Bank pursuant to
Section 11.05 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Bank to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Bank to any Swingline Bank or Issuing Bank hereunder; third, to cash collateralize the Issuing Banks’ exposure with respect to such Defaulting
Bank; fourth as the Borrowers may request (so long as no Event of Default or Unmatured Event of Default exists), to the funding of any Advance in respect of which such Defaulting Bank has failed to fund its portion thereof as required by this
Agreement; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Bank’s potential future funding obligations with respect
to Advances under this Agreement and (y) cash collateralize the Issuing Banks’ future exposure with respect to such Defaulting Bank with respect to future Letters of Credit issued under this Agreement; sixth, to the payment of any
amounts owing to the Banks, the Swingline Banks or the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Bank, the Swingline Banks or the Issuing Banks against such Defaulting Bank as a result of such
Defaulting Bank’s breach of its obligations under this Agreement; seventh, so long as no Event of Default or Unmatured Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of
competent jurisdiction obtained by such Borrower against such Defaulting Bank as a result of such Defaulting Bank’s breach of its obligations under this Agreement; and eighth, to such Defaulting Bank or as otherwise directed by a court
of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Advances or Reimbursement Obligations in respect of which such Defaulting Bank has not fully funded its proportionate share, and
(y) such Advances were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 6.02 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and
Reimbursement Obligations owed to, all non-Defaulting Banks on a pro rata basis prior to being applied to the payment of any Advances of, or Reimbursement Obligations owed to, such Defaulting Bank until such time as all Advances and funded and
unfunded participations in L/C Obligations and Swingline Loans are held by the Banks pro rata in accordance with the Commitments without giving effect to Section 5.19(c). Any payments, prepayments or other amounts paid or payable to a
Defaulting Bank that are applied (or held) to pay amounts owed by a Defaulting Bank shall be deemed paid to and redirected by such Defaulting Bank, and each Bank irrevocably consents hereto. 

(i) In the event that the Administrative Agent, the Borrowers, each Swingline Bank and each Issuing Bank agree that a Defaulting Bank has
adequately remedied all matters that caused such Bank to be a Defaulting Bank, then the Swingline Exposure and the L/C Exposure shall be readjusted to reflect the inclusion of such Bank’s Commitment and on such date such Bank shall purchase at
par such of the Advances of the other Banks (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Bank to hold such Advances in accordance with its Applicable Percentage. 

  
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 (j) The Borrowers may terminate the unused amount of the Commitment of any Bank that is a
Defaulting Bank upon not less than three Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Banks thereof), and in such event the provisions of Section 5.19(c) will apply to all amounts
thereafter paid by the Borrowers for the account of such Defaulting Bank under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be
continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim any Borrower, the Administrative Agent, any Issuing Bank, any Swingline Bank or any Bank may have against such Defaulting Bank. 

SECTION 5.20. Additional Borrowers. 

The Guarantor may, at any time or from time to time, designate one or more Wholly-Owned Subsidiaries of the Guarantor as an additional
“Borrower” hereunder by furnishing to the Administrative Agent a Designation Letter in duplicate, duly completed and executed by the Guarantor and such Wholly-Owned Subsidiary, together with such legal opinions, corporate certificates and
other documents and KYC information relating to the proposed additional Borrower as the Administrative Agent (or in the case of KYC information, the applicable Bank) shall reasonably request. Upon any such designation of a Wholly-Owned Subsidiary of
the Guarantor, the delivery of the documents described in the preceding sentence and the approval of such designation by the Administrative Agent and each Bank, such Subsidiary shall be a “Borrower” hereunder (with all the related rights
and obligations) and shall be entitled to request and receive Advances, Letters of Credit and Swingline Loans on and subject to the terms and conditions of, and to the extent provided in, this Agreement. 

SECTION 5.21. Resignation of a Borrower. 

Any Borrower may cease to be a “Borrower” by furnishing to the Administrative Agent a notice stating that such Borrower resigns as a
Borrower hereunder; provided that (a) no Borrower may resign at any time that such Borrower has any outstanding Advances or L/C Obligations; (b) concurrently with any such resignation, the applicable Borrower shall pay (or one of more
other Borrowers shall agree to assume the obligation to pay) all accrued and unpaid Facility Fees, Letter of Credit Fees and other amounts payable by such Borrower hereunder; (c) notwithstanding any such resignation, no Borrower that ceases to
be a party hereto shall be released from its obligations under any provision hereof that is stated to survive termination hereof; and (d) there shall always be at least one Borrower hereunder. 

ARTICLE VI. 
 CONDITIONS PRECEDENT

 SECTION 6.01. Conditions Precedent to Effectiveness of Agreement. 

The effectiveness of this Agreement and the obligation of each Bank to make its initial Advance or for an Issuing Bank to issue the initial
Letter of Credit hereunder (whichever shall first be requested by a Borrower) is subject to the condition precedent that the Administrative Agent shall have received all of the following: 

(a) The Guaranty of the Guarantor, duly executed by the Guarantor in favor of the Administrative Agent and the Banks. 

(b) Certified copies of the resolutions of the Board of Directors of each Loan Party approving the Loan Documents to which it will be party,
and of all documents evidencing other necessary organizational action with respect to such Loan Documents. 

  
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 (c) A certificate of the Secretary or an Assistant Secretary (or other appropriate officer,
director, manager or other representative) of each Loan Party, in each case certifying the names and true signatures of the officers or other representatives of such Loan Party authorized to sign the Loan Documents to which it will be party and the
other documents or certificates to be delivered pursuant to this Agreement. Baxter Healthcare SA shall deliver a copy of an English translation of an excerpt of the Commercial Register for the Canton of Zurich-Main Register with respect to Baxter
Healthcare SA. 
 (d) A certificate, signed by the chief financial officer of the Guarantor or another officer of Guarantor acceptable to
Administrative Agent, stating that as of the date hereof (i) all representations and warranties in this Agreement and in the Guaranty are correct in all material respects (or, if any such representation or warranty is qualified by materiality
or material adverse effect, it is true and correct in all respects) except to the extent such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, if any
such representation or warranty is qualified by materiality or material adverse effect, it is true and correct in all respects) as of such earlier date, (ii) no Event of Default or Unmatured Event of Default has occurred and is continuing and
(iii) there are no unreimbursed drawings under any Existing Letter of Credit. 
 (e) A customary opinion of (i) United States
counsel to the Loan Parties, (ii) Swiss counsel to Baxter Healthcare SA and (iii) Belgian counsel to Baxter World Trade SPRL, each opinion in form and substance reasonably satisfactory to the Administrative Agent. 

(f)(i) At least three (3) Business Days prior to the Closing Date, all documentation and other information regarding the Borrowers that
any Bank has requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Act, to the extent requested in writing of the Borrowers at least ten (10) Business Days prior to
the Closing Date and (ii) to the extent any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least three (3) Business Days prior to the Closing Date, any Bank that has requested, in a
written notice to the Borrowers at least ten (10) Business Days prior to the Closing Date, a Beneficial Ownership Certification in relation to the Borrowers shall have received such Beneficial Ownership Certification (provided that, upon the
execution and delivery by such Bank of its signature page to this Agreement, the condition set forth in this clause (f) shall be deemed to be satisfied). 

(g) The Banks, the Administrative Agent and the Mandated Lead Arrangers shall have received all fees required to be paid, and all expenses for
which invoices have been presented at least two Business Days prior to the Closing Date, on the Closing Date. 
 (h) The Guarantor shall have
paid (or shall concurrently pay) all amounts owing under the
Existing2019
 US Facility (other than contingent reimbursement obligations with respect to Existing Letters of Credit). 

(i) All commitments under the Existing Euro Facility shall have been (or shall concurrently be) terminated and all amounts owing thereunder
(other than contingent reimbursement obligations with respect to letters of credit deemed reissued under a successor credit agreement) shall have been (or shall concurrently be) paid in full. 

SECTION 6.02. Conditions Precedent to Each Credit Extension. 

The obligation of each Bank to make any Credit Extension (including the initial Credit Extension but excluding any continuation of any Advance)
shall be subject to the additional conditions precedent that on the date of such Credit Extension, immediately before and after giving effect to such Credit Extension (and, in the case of a Borrowing, to the application of proceeds therefrom) the
following statements shall be true (and each of (a) the giving of a Notice of Borrowing and the acceptance by the Applicable Borrower of the proceeds of such Borrowing and (b) the submission of a request for issuance of a Letter of Credit
shall be deemed to constitute a representation and warranty by the Applicable Borrower that on the date of the applicable Credit Extension, immediately before and after giving effect thereto (and, in the case of a Borrowing, to the application of
the proceeds therefrom), such statements are true): 

  
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 (i) The representations and warranties contained in Section 7.01
(other than subsection (h) thereof) and in Section 11 of the Guaranty (other than subsections (e)(i), (f) and (g) thereof) are correct in all material respects (or, if any such representation or warranty is qualified by
materiality or material adverse effect, it is true and correct in all respects) on and as of the date of such Credit Extension as though made on and as of such date (except to the extent that such representations and warranties specifically refer to
an earlier date, in which case, they shall be true and correct in all material respects (or, if any such representation or warranty is qualified by materiality or material adverse effect, it is true and correct in all respects) as of such earlier
date); 
 (ii) No event has occurred and is continuing, or would result from such Credit Extension (or, in the case of a
Borrowing, from the application of the proceeds therefrom), which constitutes an Event of Default or an Unmatured Event of Default; and 

(iii) The Aggregate Revolving Credit Exposure at such time does not exceed the Aggregate Commitments at such time. 

ARTICLE VII. 
 REPRESENTATIONS AND
WARRANTIES 
 SECTION 7.01. Representations and Warranties of the Borrowers. Each Borrower represents and warrants as follows: 

(a) Corporate Existence and Standing. Such Borrower is duly organized, validly existing and, to the extent such concept is relevant, in
good standing under the laws of its jurisdiction of organization and has all requisite authority to conduct its business in each jurisdiction in which the failure so to qualify would have a material adverse effect on the financial condition or
operations of such Borrower. Each Swiss Borrower is in compliance with the Swiss Non-Bank Rules; provided that a Swiss
Borrower shall not be in breach of this representation if its number of creditors in respect of either the Swiss Ten Non-Bank Rule or the Swiss Twenty Non-Bank Rule is in excess of the relevant threshold solely by reason of (i) a failure by one
or more Banks to comply with their obligations under Section 7.02 and Section 11.06 or (ii) one or more Banks having lost its status as a Swiss Qualifying Lender or as one (1) creditor only for the purposes of the Swiss Non-Bank
Rules. For the purposes of this Section 7.01, each Swiss Borrower shall assume that the aggregate number of Banks under this Agreement which are Swiss Non-Qualifying Lenders is ten
(10). 
 (b) Authorization; No Violation. The execution, delivery and performance by such Borrower of this Agreement and the
Notes are within such Borrower’s organizational powers, have been duly authorized by all necessary corporate action, and do not contravene (i) such Borrower’s organizational documents or (ii) any law or any contractual
restriction binding on or affecting such Borrower, except in the case of this clause (ii) where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the financial
condition or operations of such Borrower. 

  
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 (c) Governmental Consents. No authorization or approval or other action by, and no
notice to or filing with, any Governmental Authority or regulatory body is required for the due execution, delivery and performance by such Borrower of this Agreement or any Note. 

(d) Validity. This Agreement is, and any Notes when delivered by such Borrower will be, the legal, valid and binding obligations of such
Borrower enforceable against such Borrower in accordance with their respective terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and to the
effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 (e)
Litigation. Except as disclosed by the Guarantor in its SEC filings prior to the date hereof (which,
for the avoidance of doubt shall include the Specified Matters), there is no pending or, to the knowledge of such Borrower, threatened in writing action or proceeding affecting such Borrower or any of its Subsidiaries before any court, governmental
agency or arbitrator, (i) which has a reasonable probability of being adversely determined and if adversely determined would reasonably be expected to have a material adverse effect on the financial condition or operations of such Borrower or
(ii) which if adversely determined would reasonably be expected to affect the legality, validity or enforceability of this Agreement or any Note to be delivered by such Borrower. 

(f) Investment Company Act. Such Borrower is not an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940. 
 (g) Regulation U. Neither such Borrower nor any of its Subsidiaries is engaged as a substantial
part of its activities in the business of purchasing or carrying Margin Stock. The value of the Margin Stock owned directly or indirectly by such Borrower or any Subsidiary which is subject to any arrangement (as such term is used in
Section 221.2(g) of Regulation U issued by the Board) hereunder is less than an amount equal to twenty-five percent (25%) of the value of all assets of such Borrower and/or such Subsidiary subject to such arrangement. 

(h) Environmental Matters. The operations of such Borrower comply in all material respects with all Environmental Laws, the
noncompliance with which would materially adversely affect the financial condition or operations of such Borrower. 
 (i) Disclosure.
As of the Closing Date, to the best knowledge of such Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date to any Bank in connection with this Agreement is true and correct in all
respects. 
 (j) EEA Financial Institutions. Such Borrower is not an EEAAffected Financial Institution. 
 SECTION 7.02. Representations and Warranties of the Banks. Each
Bank represents and warrants that (a) such Bank is a Swiss Qualifying Lender and (b) such Bank shall not assign, participate or otherwise transfer any part of its Commitment or its Advances to any entity that is not a Swiss Qualifying
Lender provided that no Event of Default has occurred and is continuing. 

  
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 ARTICLE VIII. 

COVENANTS 
 SECTION 8.01.
Affirmative Covenants of the Borrowers. So long as any Advance shall remain unpaid, any L/C Obligations shall remain outstanding or any Bank shall have any Commitment, each Borrower will: 

(a) Payment of Taxes, Etc. Pay and discharge, before the same shall become delinquent, (i) all Taxes, assessments and governmental charges or levies imposed upon it or upon its
income, profit or property, and (ii) all lawful claims which, if unpaid, might by law become a lien upon its property; provided, however, that such Borrower shall not be required to pay or discharge any such tTax, assessment, charge, levy or claim (A) which is being contested in good faith and by proper proceedings and with respect to which such Borrower shall have established appropriate reserves in accordance with Applicable Accounting
Principles or (B) if the non-payment thereof is not materially adverse to the financial condition or operations of such Borrower. 

(b) Maintenance of Insurance. Maintain (after giving effect to any self-insurance) insurance with responsible and reputable insurance
companies or associations in such amounts and covering such risks as is usually carried by (or, as applicable, self-insure in a manner and to an extent not inconsistent with conventions observed by) companies engaged in similar businesses and owning
similar properties in the same general areas in which such Borrower operates, except in each case where failure to not maintain would not materially adversely affect the financial condition or operations of such Borrower. 

(c) Preservation of Existence, Etc. Preserve and maintain its organizational existence, rights and franchises, except as otherwise
permitted by Section 8.02; provided, however, that such Borrower shall not be required to preserve any right or franchise if the Board of Directors of such Borrower shall determine that the preservation thereof is no longer
desirable in the conduct of business of such Borrower and that the loss thereof is not materially adverse to the financial condition or operations of such Borrower. 

(d) Compliance with Laws, Etc. Comply with the requirements of all applicable laws, rules, regulations and orders of any Governmental
Authority (including all Environmental Laws), noncompliance with which would materially adversely affect the financial condition or operations of such Borrower, it being acknowledged that any non-compliance by either Borrower with the requirements
of applicable laws, rules, regulations and orders of Governmental Authorities (if any) arising directly out of, or directly relating to, the Specified Matters and occurring prior to the date hereof shall not be deemed to materially adversely affect
the financial condition or operations of such Borrower. Each Swiss Borrower shall at all times comply with the Swiss Non-Bank
Rules; provided that a Swiss Borrower shall not be in breach of this covenant if its number of creditors in respect of
either the Swiss Ten Non-Bank Rule or the Swiss Twenty Non-Bank Rule is exceeded solely by reason of a failure by one or more Banks to comply with their obligations under Section 7.02. For
the purposes of this Section 8.01, each Swiss Borrower shall assume that the aggregate number of Banks under this Agreement which are not
Swiss Non-Qualifying Lenders is ten (10). 
 (e) Keeping of Books. Except as disclosed by the
Guarantor in its SEC filings prior to the date hereof (which, for the avoidance of doubt shall include the
Specified Matters), keep proper books of record and account, in which full and correct entries in all material respects shall be made of all
a manner to allow financial statements to be prepared in accordance with Applicable Accounting Principles consistently applied in respect of all material financial transactions
and matters involving the assets and business of such
Borrower in accordance with Applicable Accounting Principles. 

  
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 (f) Reporting Requirements. Furnish to the Administrative Agent: 

(i) as soon as possible, and in any event within five (5) Business Days after any Borrower shall become aware of the
occurrence of each Event of Default or Unmatured Event of Default, which Event of Default or event is continuing on the date of such statement, a statement of the chief financial officer of such Borrower or another officer of such Borrower
acceptable to Administrative Agent setting forth details of such Event of Default or event and the action which such Borrower proposes to take with respect thereto; provided, however, that such Borrower shall not be obligated to take
the foregoing actions to the extent that the Guarantor has already complied with Section 12(a)(v) of the Guaranty with respect to such occurrence or event; and 

(ii)(x) promptly following any request therefor, information and documentation reasonably requested by the Administrative Agent
or any Bank for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Act and the Beneficial Ownership Regulation and (y) promptly following any change in the
information provided in the Beneficial Ownership Certification delivered to any Bank (if any) that would result in a change to the list of beneficial owners identified in such certification, written notice of such change. 

(g) Use of Proceeds. Use the proceeds of Borrowings made under or Letters of Credit issued in accordance with this Agreement for general
corporate purposes not in violation of any Regulation of the Board (including Regulation U and X of the Board (the “Margin Regulations”)). 

SECTION 8.02. Negative Covenants of the Borrowers. So long as any Advance shall remain unpaid, any L/C Obligations shall remain
outstanding or any Bank shall have any Commitment, each Borrower agrees that it will not merge or consolidate with or into, or Transfer Assets to, any Person, except that such Borrower may merge or consolidate with any Person so long as
(y) immediately after giving effect to such transaction, no event shall have occurred and be continuing which constitutes an Event of Default or Unmatured Event of Default and (z) in the case of any merger or consolidation to which such
Borrower shall be a party, the survivor of such merger or consolidation shall be a Borrower. 
 For purposes of this
Section 8.02: “Transfer Assets” means, when referring to a Borrower, the conveyance, transfer, lease or other disposition (whether in one transaction or in a series of transactions) of all or substantially all of the
assets of such Borrower or of such Borrower and its Subsidiaries considered as a whole. 
 ARTICLE IX. 

EVENTS OF DEFAULT 
 SECTION 9.01.
Events of Default. If any of the following events (each, an “Event of Default,” and, collectively, “Events of Default”) shall occur and be continuing: 

(a) Any Borrower shall fail to (i) pay any installment of interest on any Advance or any Facility Fee payable under
Section 5.04(a) or any Letter of Credit Fee payable under Section 4.07 or Section 5.04(b) in each case when due and such default continues for five (5) Business Days, or (ii) pay any amount of principal
of any Advance or any Reimbursement Obligation when due; or 

  
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 (b) Any representation or warranty made or deemed made by any Borrower (or any of its
officers) or the Guarantor (or any of its officers) in connection with any of the Loan Documentsthis
Agreement or any Advance or Letter of Credit shall
prove to have been incorrect in any material respect (or, if any such representation or warranty is qualified by materiality or material adverse effect, in any respect) when made or deemed made and such incorrect representation or warranty, if capable of being cured, remains so incorrect for thirty (30) days
after receipt by the Borrower of written notice thereof by the Administrative Agent or the Majority Banks; or 

(c) The Guarantor shall fail to perform or observe any term, covenant or agreement contained in Section 12(h) or 12(j) of
the Guaranty on its part to be performed or observed and such failure shall remain unremedied on the earlier to occur of (i) or (ii): (i) the date thirty (30) days after the Guarantor shall have become aware of such failure or
(ii) the date that financial statements of the Guarantor shall be available from which it may be reasonably ascertained that such failure to perform or observe such term, covenant or agreement shall have occurred. For purposes of clause
(ii) above, the date that any financial statements shall be deemed available shall be the date on which the Guarantor shall file (or, if earlier, the date the Guarantor shall have been required to file) such financial statements with the SEC as
part of any report required to be filed pursuant to the Exchange Act; or 
 (d) Any Borrower or the Guarantor, as applicable, shall
(i) fail to perform or observe, or shall breach, any other term, covenant or agreement contained in any of the Loan Documents on its part to be performed or observed (other than those failures or breaches referred to in subsections (a),
(b), (c), (d)(ii) or (d)(iii) of this Section 9.01) and any such failure or breach shall remain unremedied for thirty (30) days after written notice thereof has been given to the Borrowers by the
Administrative Agent at the request of any Bank; (ii) fail to perform or observe Section 8.02 or Section 12(m) of the Guaranty or request any Advance or use the proceeds thereof in a manner resulting in a breach of
Section 12(k) of the Guaranty; or (iii) fail to perform or observe Section 8.01(g) and such failure shall remain unremedied for fifteen (15) days after the occurrence thereof; or 

(e)(x) The Guarantor or any Material Subsidiary shall fail to pay any amount of principal of, interest on or premium with respect to, any Debt
(other than that evidenced by this Agreement and the 2024 Target Debentures) of the Guarantor or such Subsidiary when due (whether at scheduled maturity or by required prepayment, acceleration, demand or otherwise) which Debt is outstanding under one or more instruments or agreements in
an aggregate principal amount not less than $250,000,000 and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or (y) any Debt (other than that evidenced by the 2024 Target Debentures) in an
aggregate principal amount not less than $250,000,000 shall become due prior to its scheduled maturity or shall be declared to be due and payable, or required to be prepaid (other than by a scheduled prepayment), prior to the stated maturity
thereof, provided that this clause (y) shall not apply to any of the following: (1) secured Debt that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Debt or a casualty or similar event,
(2) any change of control offer made within 60 days after an acquisition with respect to, and effectuated pursuant to, Debt of an acquired business, (3) any default under Debt of an acquired business if such default is cured, or such Debt
is repaid, within 60 days after the acquisition of such business so long as no other creditor accelerates or commences any kind of enforcement action in respect of such Debt, (4) mandatory prepayment requirements arising from the receipt of net
cash proceeds from debt, dispositions (including casualty losses, governmental takings and other involuntary dispositions), equity issuances or excess cash flow, in each case pursuant to Debt of an acquired business, (5) prepayments required by
the terms of Debt as a result of customary provisions in respect of illegality, replacement of lenders and gross-up provisions for Taxes, increased costs, capital adequacy and other similar customary requirements, (6) any voluntary prepayment,
redemption or other satisfaction of Debt that becomes mandatory in accordance with the terms of such Debt solely as the result of the Guarantor or any Material Subsidiary delivering a prepayment, redemption or similar notice with respect to such
prepayment, redemption or other satisfaction and (7) any special mandatory redemption or similar provision; or 

  
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 (f) The Guarantor or any Material Subsidiary shall generally not pay its debts as such debts
become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Guarantor or any Material Subsidiary seeking to
adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debt under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; or the Guarantor or any such Material Subsidiary shall take corporate
action to authorize any of the actions set forth above in this subsection (f); provided that, in the case of any such proceeding filed or commenced against the Guarantor or any Material Subsidiary, such event shall not constitute an
“Event of Default” hereunder unless either (i) the same shall have remained undismissed or unstayed for a period of sixty (60) days, (ii) an order for relief shall have been entered against the Guarantor or such Material
Subsidiary under the federal bankruptcy laws as now or hereafter in effect or (iii) the Guarantor or such Material Subsidiary shall have taken corporate action consenting to, approving or acquiescing in the commencement or maintenance of such
proceeding or (iv) without prejudice to any other provisions of this Article IX, any of the following occurs in respect of a Swiss Borrower: the occurrence of any event or procedure in relation to a Swiss Borrower which is analogous to
those listed in the preceding clause (a) and elsewhere in this clause (f) of this Section 9.01 including, inter alia “Zahlungsunfähigkeit” (inability to pay its debts),
“Zahlungseinstellung” (suspending making payments), or “Überschuldung” within the meaning of art. 725 and art. 820 para. 1 of the Swiss Federal Code of Obligations (CO) (over-indebtedness, i.e. liabilities not
covered by the assets), duty of filing of the balance sheet with the judge due to over-indebtedness or insolvency pursuant to art. 725a and art. 820 para. 1 CO, “Konkurseröffnung und Konkurs” (declaration of bankruptcy and
bankruptcy), “Nachlassverfahren” (composition with creditors) including in particular “Nachlassstundung” (moratorium) and proceedings regarding “Nachlassvertrag” (composition agreements) and
“Notstundung” (emergency moratorium), proceedings regarding “Fälligkeitsaufschub” (postponement of maturity), “Konkursaufschub / Gesellschaftsrechtliches Moratorium” (postponement of the
opening of bankruptcy; moratorium proceedings) pursuant to art. 725a or art. 820 para. 2 CO, notification of the judge of a capital loss or over-indebtedness under these provisions and “Auflösung / Liquidation”
(dissolution/liquidation); or 
 (g) Any judgment or order for the payment of money shall be rendered against the Guarantor or any Material
Subsidiary and (i) there shall be any period of sixty (60) consecutive days, in the case of a judgment or order rendered or entered by a court during which a stay of enforcement of such judgment or order, by reason of a pending appeal or
otherwise, shall not be in effect, and (ii) the amount of such judgment or order, when aggregated with the amount of all other such judgments and orders described in this subsection (g), shall exceed $250,000,000 (exclusive of the amount
thereof covered by insurance, provided that the insurance carrier has acknowledged coverage); provided that the rendering of any such judgment or order shall not constitute an Unmatured Event of Default; or 

(h) Either (i) the PBGC shall institute proceedings under Section 4042 of ERISA to terminate any Plan and such Plan shall have an
Unfunded Liability in an amount in excess of $250,000,000 at such time or (ii) withdrawal liability shall be assessed against the Guarantor or any Material Subsidiary in connection with any Multiemployer Plan (whether under Section 4203 or
Section 4205 of ERISA) and such withdrawal liability shall be an amount in excess of $250,000,000; or 
 (i) The Guaranty shall cease to
be in full force and effect in accordance with the terms thereof or shall cease to give the Administrative Agent the rights, powers and privileges purported to be created thereby; or the Guarantor shall assert the invalidity of the Guaranty or shall
default in the due performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to the Guaranty and such default shall continue beyond any grace period specifically applicable thereto pursuant to the
terms of the Guaranty; or 

  
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 (j) A Change of Control shall occur; 

then, in any such event but subject to the next sentence, the Administrative Agent may with the consent of the Majority Banks, and shall at the request of the
Majority Banks, by notice to the Borrowers and the Guarantor, (i) declare the obligation of each Bank to make Advances and the obligation of each Issuing Bank to issue Letters of Credit hereunder to be terminated, whereupon the same shall
forthwith terminate, (ii) declare the entire unpaid principal amount of the Advances, all interest accrued and unpaid thereon and all other amounts payable under this Agreement (including Reimbursement Obligations) to be forthwith due and
payable, whereupon the Advances, all such accrued interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the
Borrowers and (iii) demand delivery of, and promptly following such demand each applicable Borrower shall deliver and pledge to the Administrative Agent (or another Bank selected by such Borrower) for the benefit of the Banks, cash or other
collateral of a type satisfactory to the Majority Banks and having a value, as determined by the Administrative Agent, equal to the aggregate undrawn face amount of the Letters of Credit issued for the account of such Borrower and then outstanding
and all fees and other amounts then due from such Borrower hereunder. In the event of the occurrence of an Event of Default under Section 9.01(f), (A) the obligation of each Bank to make Advances and the obligation of each Issuing
Bank to issue Letters of Credit hereunder shall automatically be terminated and (B) the Advances, all such interest and all such amounts (including Reimbursement Obligations) shall automatically become and be due and payable, without
presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrowers. 
 SECTION 9.02. Cash
Collateral. Any cash collateral delivered pursuant to Section 9.01 in respect of the outstanding Letters of Credit shall be held by the Administrative Agent or the applicable Bank in a separate interest-bearing account appropriately
designated as a cash collateral account in relation to this Agreement and the Letters of Credit and retained by and under the control of the Administrative Agent or the applicable Bank for the benefit of all of the Banks and the Issuing Banks as
collateral security for the applicable Borrower’s obligations in respect of this Agreement and each Letter of Credit issued for the account of such Borrower. Amounts held in such account shall be applied on the direction of the Administrative
Agent to reimburse the Issuing Banks for drawings or payments under or pursuant to Letters of Credit issued for the account of such Borrower, or if no such reimbursement is required, to payment of such of the other obligations due and owing by such
Borrower hereunder as the Administrative Agent shall determine. If no Event of Default shall be continuing, amounts remaining in any cash collateral account established pursuant to this Section 9.02 which are not to be applied to
reimburse an Issuing Bank for amounts actually paid or to be paid by such Issuing Bank in respect of a Letter of Credit or to payment of such of the other obligations due and owing hereunder shall be promptly returned to the Applicable Borrower upon
the Applicable Borrower’s request therefor. 
 ARTICLE X. 

THE ADMINISTRATIVE AGENT 

SECTION 10.01. Authorization and Action. Each Bank hereby appoints and authorizes the Administrative Agent to take such action as agent
on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto. As to any matters not expressly provided for by this
Agreement, the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the
instructions of the Majority Banks and such instructions shall be binding upon all Banks and all holders of Notes. The Administrative Agent shall not be required to take any action which exposes it to personal liability or which is contrary to this
Agreement or applicable law and shall not be subject to any fiduciary duties. The Administrative Agent shall be permitted from time to time to designate one or more of its Affiliates to perform the duties to be performed by the Administrative Agent
hereunder with respect to Advances and Borrowings denominated in Agreed Currencies other than Euro. The provisions of this Article X shall apply to any such Affiliate mutatis mutandis. 

  
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 SECTION 10.02. Duties and Obligations. Neither the Administrative Agent nor any of
its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement except for its or their own gross negligence or willful misconduct. Without limiting
the generality of the foregoing, (i) the Administrative Agent may treat the payee of any Note as the holder thereof unless and until the Administrative Agent receives written notice of the assignment thereof signed by such payee and the
Administrative Agent receives the written agreement of the assignee that such assignee is bound hereby as it would have been if it had been an original Bank party hereto, in each case in form satisfactory to the Administrative Agent, (ii) the
Administrative Agent may consult with legal counsel (including counsel for the Borrowers), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts, and (iii) the Administrative Agent shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing
(which may be by electronic mail or facsimile) believed by it to be genuine and signed or sent by the proper party or parties or by acting upon any representation or warranty of any Borrower made or deemed to be made hereunder. Further, the
Administrative Agent (A) makes no warranty or representation to any Bank and shall not be responsible to any Bank for the accuracy or completeness of any statements, warranties or representations (whether written or oral) made in or in
connection with this Agreement, (B) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of the Borrowers or to inspect the property
(including the books and records) of any Borrower, and (C) shall not be responsible to any Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document
furnished pursuant
hereto. (including,
for the avoidance of doubt, in connection with the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or
for any failure of Borrower to perform its obligations hereunder or thereunder. 

SECTION 10.03. Administrative Agent and Affiliates. With respect to its Commitment, the Advances made by it and the Notes issued to it,
the Administrative Agent, in its separate capacity as a Bank, shall have the same rights and powers under this Agreement as any other Bank and may exercise the same as though it were not the Administrative Agent; and the term “Bank” or
“Banks” shall, unless otherwise expressly indicated, include the Administrative Agent in its separate capacity as a Bank. The Administrative Agent, in its separate capacity as a Bank, and its Affiliates may accept deposits from, lend money
to, act as trustee under indentures of, participate in Letters of Credit issued to and generally engage in any kind of business with, any Borrower, any Subsidiary and any Person which may do business with or own securities of any Borrower or any
Subsidiary, all as if it were not the Administrative Agent hereunder and without any duty to account therefor to the Banks. 
 SECTION
10.04. Bank Credit Decision. Each Bank agrees that it has itself been, and will continue to be, solely responsible for making its own independent appraisal of and investigations into the financial condition, creditworthiness, condition,
affairs, status and nature of the Borrowers. Accordingly, each Bank confirms to the Administrative Agent that such Bank has not relied, and will not hereafter rely, on the Administrative Agent, or any other Bank, (i) to check or inquire on its
behalf into the adequacy, accuracy or completeness of any information provided by any Borrower under or in connection with this Agreement or the transactions herein contemplated (whether or not such information has been or is hereafter distributed
to such Bank by the Administrative Agent), (ii) to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of any Borrower or (iii) in entering into this Agreement or in
making its own credit decisions with respect to the taking or not taking of any action under this Agreement. 

  
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 SECTION 10.05. Indemnification. The Banks agree to indemnify the Administrative Agent
(to the extent not reimbursed by the Applicable Borrower) ratably according to the respective principal amounts of the Commitments then held by each of them (or if the Commitments have at the time been terminated, ratably according to the respective
Euro Amounts of their Advances then outstanding), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed
on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the Administrative Agent under this Agreement, provided that no Bank shall be liable for any
portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. Without limiting the generality
of the foregoing, each Bank agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Administrative Agent in connection with the
preparation, execution, delivery, administration, modification or amendment of this Agreement or preservation of any rights of the Administrative Agent or the Banks under, or the enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrowers. 

SECTION 10.06. Sub-Agents. The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through
any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory
provisions of the preceding paragraphs and other provisions of this Article X shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facility provided for herein as well as activities as Administrative Agent. 
 SECTION 10.07.
Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof to the Banks and the Borrowers. Upon any such resignation of the Administrative Agent, the Majority Banks shall have the right to
appoint a successor Administrative Agent to assume the position as Administrative Agent of the retiring Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Majority Banks, and shall have accepted such
appointment, within thirty (30) days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Banks, appoint a successor Administrative Agent, which shall be
either a Bank hereunder or a commercial bank organized or licensed under the laws of the United States or of any state thereof and having a combined capital and surplus of at least $500,000,000 (or its equivalent in another currency). The Borrowers
shall have the right to approve any successor Administrative Agent, which approval shall not be unreasonably withheld (in all such cases the Borrowers shall be entitled to take into account their past and then existing commercial banking
relationships, among other things); provided that if an Event of Default shall have occurred, such right of the Borrowers to approve the successor Administrative Agent shall be suspended during the continuance of such Event of Default. Upon
the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the
provisions of this Article X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 

  
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 SECTION 10.08. Syndication Agents and Mandated Lead Arrangers. None of the Banks
identified on the cover page or signature pages of this Agreement as a “Syndication Agent” or a “Mandated Lead Arranger” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than
those applicable to all Banks as such. Each Bank acknowledges that it has not relied, and will not rely, on any of the Banks identified as Syndication Agents or as Mandated Lead Arrangers in deciding to enter into this Agreement or in taking or
refraining from taking any action hereunder or pursuant hereto. 
 SECTION 10.09. Posting of Communications . 

(a) The Borrowers agree that the Administrative Agent may, but shall not be obligated to, make any Communications available to
the Banks and the Issuing Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved
Electronic Platform”). 
 (b) Although the Approved Electronic Platform and its primary web portal are secured with
generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a user ID/password authorization system) and the Approved Electronic Platform is secured
through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Banks, each of the Issuing Banks and each Borrower acknowledges and agrees that the distribution of
material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Bank that are added to the Approved Electronic Platform, and that there
may be confidentiality and other risks associated with such distribution. Each of the Banks, each of the Issuing Banks and each of the Borrowers hereby approves distribution of the Communications through the Approved Electronic Platform and
understands and assumes the risks of such distribution. 
 (c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE
PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF
THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY MANDATED LEAD ARRANGER,
ANY SYNDICATION AGENT, OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY BORROWER, ANY BANK, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY 

  
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CREDIT PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM, EXCEPT TO THE EXTENT THAT SUCH LOSSES, CLAIMS,
DAMAGES, LIABILITIES OR EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY A FINAL AND NON-APPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH APPLICABLE PARTY; PROVIDED, HOWEVER,
THAT IN NO EVENT SHALL ANY APPLICABLE PARTY HAVE ANY LIABILITY TO ANY BORROWER, ANY BANK, ANY ISSUING BANK OR ANY OTHER PERSON FOR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES). 

(d) Each Bank and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications
have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Bank for purposes of the Loan Documents. Each Bank and each Issuing Bank agrees (i) to notify the Administrative Agent in
writing (which could be in the form of electronic communication) from time to time of such Bank’s or such Issuing Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that
the foregoing notice may be sent to such email address. 
 (e) Each of the Banks, the Issuing Banks and each Borrower agrees
that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable
document retention procedures and policies. 
 (f) Nothing herein shall prejudice the right of the Administrative Agent, any
Bank or any Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

SECTION 10.10. Certain ERISA Matters. 

(a) Each Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and
(y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent, and the Mandated Lead Arrangers and their respective Affiliates, and
not, for the avoidance of doubt, to or for the benefit of the Borrowers, that at least one of the following is and will be true: 

(i) such Bank is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit
Plans in connection with the
LoansAdvances
, the Letters of Credit or the Commitments, 
 (ii) the transaction
exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a
class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Bank’s entrance into, participation in, administration of and performance of the LoansAdvances, the Letters of Credit, the Commitments and this Agreement, 

  
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 (iii)(A) such Bank is an investment fund managed by a “Qualified
Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Bank to enter into, participate in, administer and perform the LoansAdvances, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the LoansAdvances, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Bank, the
requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Bank’s entrance into, participation in, administration of and performance of the LoansAdvances, the Letters of Credit, the Commitments and this Agreement, or 
 (iv) such other
representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Bank. 

(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Bank or such
Bank has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party
hereto, to, and (y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent, and the Mandated Lead Arrangers, the Syndication Agents
or any of their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that none of the Administrative Agent, or the Mandated Lead Arrangers, the Syndication Agents or any of their respective Affiliates
is a fiduciary with respect to the assets of such Bank (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

(c) The Administrative Agent and each Mandated Lead Arranger and Syndication Agent hereby informs the Banks that each such
Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated
hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Advances, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii) may recognize a gain if
it extended the
LoansAdvances
, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Advances, the Letters of Credit or the Commitments by such Bank or (iii) may receive fees
or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, commitment fees, upfront fees, underwriting fees, ticking fees,
agency fees, administrative agent fees or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s
acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 
 SECTION 10.11. Acknowledgment of Banks. 

(a)
 Each Bank and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other
facilities set forth herein as may be applicable to such Bank or Issuing Bank, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each  

  
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Bank and each Issuing Bank agrees not to assert a claim in
contravention of the foregoing), (iii) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Bank or such Issuing Bank, and
either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such
other facilities. 
 (b) Each Bank, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an
Assignment and Acceptance or any other Loan Document pursuant to which it shall become a Bank hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be
delivered to, or be approved by or satisfactory to, the Administrative Agent or the Bank on the Closing Date. 

(c)(i)
 Each Bank hereby agrees that (x) if the Administrative Agent notifies such Bank that the Administrative Agent has determined in its sole discretion that any funds received by such Bank from the Administrative Agent or any of its
Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Bank (whether or not known to such Bank), and demands the
return of such Payment (or a portion thereof), such Bank shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was
made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Bank to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Bank shall not assert, and hereby waives, as to the Administrative Agent, any claim,
counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for
value” or any similar doctrine. A notice of the Administrative Agent to any Bank under this Section 10.11(c) shall be conclusive, absent manifest error. 

(ii)
 Each Bank hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the
Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made
with respect to such Payment. Each Bank agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Bank shall promptly notify the Administrative Agent of such occurrence
and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in
same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Bank to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. 

  
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(iii)
 Each Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Bank that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all
the rights of such Bank with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrowers or any other Loan Party; provided, that this Section 10.11
shall not create any additional Obligations of the Borrowers under the Loan Documents or otherwise increase or alter such obligations; provided, further, that neither clauses (x) nor (y) above shall apply with respect to any payment of
principal or interest made by the Borrowers to the Administrative Agent or any other Bank on account of the Obligations that subsequently results in an erroneous Payment 

(iv)
 Each party’s obligations under this Section 10.11(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Bank, the termination of the Commitments
or the repayment, satisfaction or discharge of all Obligations under any Loan Document. 

ARTICLE XI. 
 MISCELLANEOUS 

SECTION 11.01. Amendments, Etc. 

(a) Subject to the further terms of this Section 11.01,
other than as set forth in Section 5.01(e), no amendment or waiver of any provision of this Agreement,
nor consent to any departure by any Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Majority Banks, and then such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given. No amendment, waiver or consent shall, unless in writing and signed by all the Banks, do any of the following: (a) waive any of the conditions specified in Section 6.01, (b) change the
percentage of the Commitments or of the aggregate unpaid principal amount of the Advances and L/C Obligations, or the number of Banks, which shall be required for the Banks or any of them to take any action hereunder, or amend the definition herein
of “Majority Banks,” (c) amend Section 5.17 in a manner that would alter the pro rata sharing of payments required thereby or (d) amend this Section 11.01. No amendment, waiver or consent shall:
(i) change the Commitments of any Bank or subject any Bank to any additional obligations without the written consent of such Bank, (ii) reduce the principal of, or interest on, the Advances or the Reimbursement Obligations or any Facility
Fees, Letter of Credit Fees or other amount payable hereunder without the written consent of each Bank directly affected thereby, provided, however, that only the consent of the Majority Banks shall be necessary to amend
Section 5.09 or to waive any obligation of any Borrower to pay interest at the rate specified in such Section 5.09, (iii) change any date fixed for any payment in respect of principal of, or interest on, the Advances or
the Reimbursement Obligations or any Facility Fees, Letter of Credit Fees or other amount payable hereunder without the written consent of each Bank directly affected thereby or (iv) postpone the scheduled date of expiration of any Commitment
without the written consent of each Bank affected thereby. No amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Banks required hereinabove to take such action, affect the rights or duties
of the Administrative Agent under this Agreement. No amendment, waiver or consent shall, without the consent of each Swingline Bank or Issuing Bank affected thereby, amend, modify or waive any provision of Article III, Article IV or alter any
rights or obligations with respect to any Swingline Loan or Letter of Credit issued by such Swingline Bank or Issuing Bank. Notwithstanding the foregoing, the actions contemplated by Section 2.05 shall not be subject to the consent of
the Banks, except as otherwise expressly provided in such Section 2.05. 

  
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 (b) Notwithstanding the foregoing, no amendment or amendment and restatement of this
Agreement which is in all other respects approved by the Banks in accordance with this Section 11.01 shall require the consent or approval of any Bank (i) which immediately after giving effect to such amendment or amendment and
restatement, shall have no Commitment or other obligation to maintain or extend credit under this Agreement (as so amended or amended and restated), including any obligation in respect of any drawing under or participation in any Letter of Credit
and (ii) which, substantially contemporaneously with the effectiveness of such amendment or amendment and restatement, shall have been paid in full all amounts owing to it hereunder (including principal, interest and fees). From and after the
effectiveness of any such amendment or amendment and restatement, any such Bank shall be deemed to no longer be a “Bank” hereunder or a party hereto; provided, that any such Bank shall retain the benefit of indemnification and other
provisions hereof which, by the terms hereof would survive a termination of this Agreement. 
 (c) Notwithstanding any provision herein to
the contrary, the Administrative Agent and the Borrowers may amend, modify or supplement this Agreement or any other Loan Document to cure or correct administrative errors or omissions, any ambiguity, omission, defect or inconsistency or to effect
administrative changes, and such amendment shall become effective without any further consent of any other party to such Loan Documents; provided that the Administrative Agent shall post such amendment to the Banks (which may be posted to the
Approved Electronic Platform) reasonably promptly after the effectiveness thereof. 
 SECTION 11.02. Notices, Etc. 

(a) All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing and delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail, as follows: if to a Borrower, at the address set forth for such Borrower on the signature pages hereof; if from a Borrower to the
Administrative Agent or any Bank, to the Administrative Agent at the address set forth for the Administrative Agent on the signature pages hereof; if from the Administrative Agent to any Bank, at the address of such Bank’s Lending Office or, in
the case of a notice or communication relating to information delivered under Section 8.01(f), by posting on an Approved Electronic Platform; or, in any case, at such other address as shall be designated by such party in a written notice
to the other parties hereto (except in the case of a Borrower, as to which a change of address may be made by notice to the Administrative Agent on behalf of the Banks and except in the case of any Bank, as to which a change of address may be made
by notice to the Administrative Agent). Subject to the next sentence, notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be
deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and communications
(i) pursuant to Articles II and X shall not be effective until they are received by the addressee during its normal business hours; and (ii) sent by facsimile to the Applicable Borrower shall not be effective until the sender
has received confirmation of receipt (in writing or by telephone) from the intended recipient. The Administrative Agent agrees to deliver promptly to each Bank copies of each report, document, certificate, notice and request, or summaries thereof,
which any Loan Party is required to, and does in fact, deliver to the Administrative Agent in accordance with the terms of this Agreement, including copies of any reports to be delivered by the Borrowers pursuant to Section 8.01(f).
Notwithstanding anything to the contrary set forth in this Section 11.02(a), all notifications by the Borrowers in respect of the DQ List shall be sent to the Administrative Agent at the following email address
JPMDQ_Contact@jpmorgan.com. 

  
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 (b) Notices and other communications to the Banks and the Issuing Banks hereunder may be
delivered or furnished by Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Bank or any Issuing Bank pursuant to Article II, III or IV if such
Bank or such Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article II, III or IV by electronic communication. The Administrative Agent or any Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

(c) Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to a Bank’s e-mail address shall
be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such
notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or
communication is available and identifying the website address therefor. 
 (d) Any party hereto may change its address or telecopy number
for notices and other communications hereunder by notice to the other parties hereto. 
 SECTION 11.03. No Waiver; Cumulative
Remedies. 
 No failure on the part of the Administrative Agent or any Bank to exercise, and no delay in exercising, any right hereunder
or under any Note shall operate as a waiver hereof, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 11.04. Costs and Expenses;
Limitation of Liability; Indemnification. 

(a) Each Borrower agrees to reimburse on demand the Administrative Agent, the Syndication Agents and the Mandated Lead Arrangers for all
reasonable and documented out-of-pocket costs and expenses (including, subject to such limits as may be agreed to in writing by the applicable parties from time to time, the reasonable and documented fees, time charges and expenses of one law firm
for the Administrative Agent, the Syndication Agents and the Mandated Lead Arrangers, and, with the prior written consent of the Borrowers (such consent not to be unreasonably withheld), any special or local counsel deemed appropriate by such law
firm) incurred by the Administrative Agent, the Syndication Agents and the Mandated Lead Arrangers in connection with the preparation, negotiation, distribution through e-mail or secured website, execution, syndication and enforcement of this
Agreement, the Notes, if any, and the other documents to be delivered hereunder or contemplated hereby; provided, however, that such out-of-pocket costs and expenses of the Administrative Agent, the Syndication Agents and the Mandated
Lead Arrangers through the date of execution of this Agreement shall only be payable as set forth in a separate fee letter (if any) executed and delivered prior to the effective date of this Agreement by the Administrative Agent, the Syndication
Agents, the Mandated Lead Arrangers and the Borrowers. Each Borrower further agrees to pay on demand all direct out-of-pocket losses, and reasonable out-of-pocket costs and expenses, if any (including reasonable fees and out-of-pocket expenses of
outside counsel), of the Administrative Agent, any Issuing Bank, any Swingline Bank and any Bank in connection with the enforcement (whether by legal proceedings, negotiation or otherwise) of this Agreement, the Notes, if any, and the other
documents delivered hereunder; provided that the Borrowers shall not be obligated to pay the fees, time charges and expenses of any counsel other than (i) a single counsel for the Administrative Agent, (ii) a single counsel for the
Banks, (iii) any local or special counsel reasonably determined to be necessary by the counsel referred to in clause (i) or (ii) above, and (iv) any additional counsel reasonably determined to be necessary by any counsel for the
Banks pursuant to clause (ii) or (iii) above due to an actual or potential conflict of interest. The obligation of each Borrower to reimburse or pay amounts or provide indemnities pursuant to this Section 11.04(a) and
Section 11.04(c) shall be deemed satisfied to the extent that another Borrower has reimbursed or paid such amount or provided such indemnities. 

  
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 (b)
IfWith respect to Advances that are not RFR Advances, if (i) due to payments made by any Borrower due to acceleration of the maturity of the
Term Benchmark Advances pursuant to
Section 9.01 or due to any other reason, any Bank receives payments of principal of any Eurocurrency RateTerm Benchmark Advance made to such Borrower other than on the last day
of the Interest Period for such Term Benchmark Advance or
(ii) any Borrower fails to borrow, convert, continue or prepay any Term Benchmark Advance on the date specified in any notice delivered by it pursuant hereto, such Borrower shall, upon demand by any Bank (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent
for the account of such Bank any amounts required to compensate such Bank for any additional direct out-of-pocket losses, costs or expenses which it may reasonably incur as a result of such payment or failure, including any such loss (excluding loss
of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Bank to fund or maintain such
Term Benchmark Advance; provided that the amount of
such loss, cost or expense shall not exceed the amount determined by such Bank to be the excess, if any, of (i) the amount of interest that would have accrued on a principal amount equal to such Term Benchmark Advance, at the EurocurrencyEURIBO
 Rate applicable to such Term Benchmark Advance, for the period from the date of such payment to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow or continue, for the period that would have been the
Interest Period for such Advance) (in either such case, the “Relevant Period”), over (ii) the amount of interest that would accrue on such principal amount for the Relevant Period at the interest rate that such Bank would bid,
were it to bid at the commencement of the Relevant Period, for deposits in Dollars in a comparable amount and for the Relevant Period from other banks in the
Londonapplicable offshore interbank market for such Agreed Currency. For purposes of calculating amounts payable
by any Borrower to a Bank under this Section 11.04(b), each Bank shall be deemed to have funded each Eurocurrency RateTerm Benchmark Advance made by it at the EurocurrencyEURIBO
 Rate for such Advance by a matching deposit or other borrowing in the Londoneuro interbank market for such currency for a comparable amount and for
a comparable period. With respect to RFR Advances, if (i) due to payments made by any Borrower due to
acceleration of the maturity of the RFR Advances pursuant to Section 9.01 or due to any other reason, any Bank receives payments of principal of any RFR Advance made to such Borrower other than on the last day of the Interest Payment Date for
such RFR Advance, such Borrower shall compensate each Bank for the loss, cost and expense attributable to such event. A certificate of any Bank setting forth any amount or amounts that such Bank is entitled to receive pursuant to this Section shall
be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

(c) To the extent permitted by applicable law (i) no Borrower shall assert, and each Borrower hereby waives, any claim against
the Administrative Agent, any Mandated Lead Arranger, any Issuing Bank, any Swingline Bank, any Bank, and
any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet), and (ii)
no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions or any Advance or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this Section
11.04(c) shall relieve any Borrower of any obligation it may have to indemnify an Indemnitee, as provided in Section 11.04(d), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by
 a third party. 

  
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(cd) Subject to the next sentence, each Borrower agrees to indemnify and
hold harmless the Administrative Agent, each Issuing Bank, each Swingline Bank, each Bank, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) from and against any and all claims,
damages, liabilities and out-of-pocket expenses (including reasonable fees and out-of-pocket expenses of outside counsel) which may be incurred by or asserted against any Indemnitee in connection with or arising out of any investigation,
arbitration, litigation, or proceeding (whether or not any such claim, litigation, investigation or proceeding is brought by a Borrower, its equity holders, its Affiliates, its creditors or any other Person) (i) related to this Agreement, any
transaction or proposed transaction (whether or not consummated) contemplated hereby or in which any proceeds of any Borrowing are applied or proposed to be applied, directly or indirectly, by any Borrower, whether or not any Indemnitee is a party
to such transactions or (ii) related to any Borrower’s entering into this Agreement, or to any actions or omissions of any Borrower, any of its Subsidiaries or Affiliates or any of its or their respective officers, directors or employees
in connection therewith, and in each case regardless of whether the Indemnitee is party thereto. The Borrowers shall not be required to indemnify any such Indemnitee from or against any portion of such claims, damages, liabilities or expenses
(i) arising out of the gross negligence or willful misconduct of such Indemnitee as determined in a final judgment by a court of competent jurisdiction or (ii) that result from the violation by such Indemnitee of any law or judicial order.

 (d) To the extent permitted by applicable law, (i) no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee for any damages arising from the use by others of
information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any claim against any other party hereto, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or
thereby, the transactions contemplated hereby, any
Advance or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d)(ii) shall relieve any Borrower of any obligation it may have to indemnify a
Person against special, indirect, consequential or punitive damages asserted against such Person by a third party. 
 SECTION 11.05. Right of Set-Off. Upon (i) the occurrence and during the
continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 9.01 to authorize the Administrative Agent to declare the Advances due and payable pursuant to the provisions
of Section 9.01, each Bank (and each of its Affiliates) is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing by such Bank (or any of its Affiliates) to or for the credit or the account of any Borrower against any and all of the obligations of such Borrower now or hereafter
existing under this Agreement and any Notes issued by such Borrower held by such Bank, irrespective of whether or not such Bank shall have made any demand under this Agreement and any Notes and of whether or not such obligations may be matured. Each
Bank agrees promptly to notify the Applicable Borrower after any such set-off and application made by such Bank, but the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Bank under this
Section 11.05 are in addition to other rights and remedies (including other rights of set-off) which such Bank may have. 

  
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 SECTION 11.06. Binding Effect; Assignment. 

(a) (a) This Agreement shall become effective when it shall have been executed by the
Borrowers and the Administrative Agent and when the
Administrative Agent shall have been notified by each
Bank that such Bank has executed it and thereafterThe provisions of this Agreement shall be binding upon and inure to the benefit of the Borrowers, the Administrative Agent and each
Bankparties
hereto and their respective successors and
assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of
Credit), except that no Borrower shall have the right to assign(i) the Borrowers may not assign or otherwise transfer any of its rights
or obligations hereunder or any interest herein without the prior written consent of all of the Banks.each Bank
(and any attempted assignment or transfer by the Borrowers without such consent shall be null and void) and (ii)no Bank may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit),
Participants (to the extent provided in paragraph(g) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Banks) any legal or equitable right, remedy or claim under or by
reason of this Agreement. 
 (b) Any Bank may assign, participate or otherwise
transfer all or any part of, or interest in, such Bank’s rights and obligations hereunder and under the Notes issued to it hereunder to one or more banks or other entities (excluding Ineligible Institutions and Persons which are not Swiss
Qualifying Lenders provided that no Event of Default has occurred and is continuing); provided that (i) in the case of any assignment or other transfer (other than a participation) to a Person that is not a Bank, an Affiliate of a Bank
or an Approved Fund, the Borrowers (except during the continuance of an Event of Default), the Issuing Banks, the Swingline Banks and the Administrative Agent, in each case whose consent shall not be unreasonably withheld, conditioned or delayed,
shall have expressly agreed in writing; provided that a material increase in counterparty risk shall be reasonable grounds (although not exclusive grounds) for the withholding of such consent; and further provided that each Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof (except that there shall be no deemed consent with respect to an assignment
to an Ineligible Institution); and further provided that no consent of each Borrower shall be required for any
assignment made in connection with the primary syndication of the Advances; (ii) in the case of any assignment in part, the amount of the Commitment being assigned pursuant to such assignment
shall in no event be less than €5,000,000 (or a lesser amount approved by the Administrative Agent and, except during the continuance of an Event of Default, the Borrowers); and (iii) any participation shall be in compliance with
Section 11.06(f). Each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Bank’s rights and obligations under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Bank’s rights and obligations in respect of one
Class of Commitments or Advances. Upon the effectiveness of any such assignment (but not in the event of any such participation or other transfer), such assignee shall be a Bank hereunder and
shall have all the rights and benefits thereof. However, unless and until the conditions for the Administrative Agent’s treating such assignee as holder pursuant to clause (c) below shall have been satisfied, such assignee shall not
be entitled to exercise the rights of a Bank under this Agreement and the Administrative Agent shall not be obligated to make payment of any amount to which such assignee may become entitled hereunder other than to the Bank which assigned its rights
to such assignee. Nothing contained herein shall impair the ability of any Bank, in its discretion, to agree, solely as between itself and its assignees, participants and other transferees, upon the manner in which such Bank shall exercise its
rights under this Agreement and the Notes made to such Bank. The assignee, if it shall not already be a Bank, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to
whom all syndicate-level information (which may contain material non-public information about the Borrowers and their affiliates and their Related Parties or their respective securities) will be made available and who may receive such information in
accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities
laws. Any assignment or transfer by a Bank of rights or obligations under this Agreement that does not comply
with this Section shall be treated for purposes of this Agreement as a sale by such Bank of a participation in such rights and obligations in accordance with clause (f) of this Section.

  
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 (c) In order to effect any assignment permitted hereunder by a Bank of all or any portion of
its Commitment hereunder, the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register (as defined below), (x) an agreement substantially in the form of Exhibit 11.06
hereto (an “Assignment and Acceptance”) or (y) to the extent applicable, an agreement
incorporating an Assignment and Acceptance by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Acceptance are participants, together with any Note or Notes subject to such assignment and a processing and recordation fee of $3,500 payable by the assignor or assignee. Upon such execution, delivery, acceptance and recording and delivery
to the Administrative Agent of such assignee’s Administrative Questionnaire, from and after the effective date specified in each Assignment and Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights
and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Bank hereunder and (y) the Bank assignor thereunder shall, to the extent that rights and obligations hereunder
have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an
assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 5.13, 5.15 and 11.04 for any events or circumstances
occurring or existing before the effective date of
assignment).;
provided that if either the assigning Bank or the assignee shall have failed to make any payment required to be made by it pursuant to Section 3.02, Section 4.05, Section 5.03(b), 5.14(d) or Section 10.05, the Administrative Agent shall have no obligation to accept such Assignment and Acceptance and record the information therein in the Register unless and until
such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (d) By executing and delivering (x) an Assignment and Acceptance or (y) to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to an
Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Acceptance are participants, the Bank assignor thereunder and the assignee thereunder
confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Bank makes no representation or warranty and assumes no responsibility with respect to
any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished
pursuant hereto; (ii) such assigning Bank makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations
under this Agreement or any other instrument or document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in
Section 11(f) of the Guaranty (and any later statements delivered pursuant to Section 12(a) of the Guaranty) and such other documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Bank or any other Bank and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with
their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Bank. 

  
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 (e) The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the
Borrowers, shall maintain at its address referred to in Section 11.02 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Banks and the Commitment
of, and principal amount (and stated interest) of the Advances owing to, each Bank from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the
Borrowers, the Administrative Agent and the Banks shall treat each Person whose name is recorded in the Register as a Bank hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Borrower or any Bank at
any reasonable time and from time to time upon reasonable prior notice. 
 (f) Any Bank may, without the consent of the Borrowers, the
Administrative Agent, the Issuing Banks or the Swingline Banks (but with notice to the Borrowers, unless such participation is sold to an Affiliate of such Bank), sell to any Person (other than (i) a Person which is not a Swiss Qualifying
Lender provided that the sale to a Person which is not a Swiss Qualifying Lender is permissible if an Event of Default has occurred and is continuing or (ii) any Ineligible Institution) (each, a “Participant”) participations in
all or a portion of such Bank’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Advances (including such Bank’s participations in Swingline Loans) owing to it); provided that
(i) such Bank’s obligations under this Agreement shall remain unchanged, (ii) such Bank shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the
Administrative Agent and the Banks shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. For the avoidance of doubt, each Bank shall be responsible for the
indemnity under Section 10.05 without regard to the existence of any participation. Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the consent of the Participant, agree to any amendment,
waiver or other modification described in the third sentence of Section 11.01 that affects such Participant. The Borrowers agree that each Participant shall be entitled to the benefits of Sections 5.13 and 5.15 to the same
extent as if it were a Bank and had acquired its interest by assignment pursuant to this Section (it being understood that the documentation required under Section 5.15(f) shall be delivered to the Applicable Borrowers and
the Administrative Agent) to the same extent as if it were
a Bank and had acquired its interest by assignment; provided that such Participant (A) agrees to be subject to the provisions of Section 5.18 and of the last sentence of Section 5.11 as it if were an assignee
under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.13 or 5.15 with respect to any participation, than the Bank from whom it acquired the applicable participation
would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Bank that sells participation agrees,
at the request and expense of any Borrower, to use reasonable efforts to cooperate with such Borrower to effectuate the provisions of Section 5.18 with respect to any Participant. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 11.05 as though it were a Bank; provided that such Participant agrees to be subject to Section 5.17 as though it were a Bank. Each Bank that sells a participation shall,
acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Advances or other obligations under the Loan Documents (the “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any cCommitments, loansAdvances, Letters of
Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such cCommitment,
loanAdvance,
Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) or Proposed
Section 1.163-5(b) of the United States Treasury Regulations (or, in each case, any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest error, and such Bank shall treat each Person whose name is recorded in the Participant Register as the owner of such participations for
all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

  
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 (g) Disqualified Institutions. 

(i) No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the
“Trade Date”) on which the assigning Bank entered into a binding agreement to sell and assign or grant a participation in all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrowers have
consented to such assignment or participation in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment or participation). For the avoidance of
doubt, with respect to any assignee or Participant that becomes a Disqualified Institution after the applicable Trade Date (including as a result of the delivery of a written supplement to the list of “Disqualified Institutions” referred
to in, the definition of “Disqualified Institution”), (x) such assignee or Participant shall not retroactively be disqualified from becoming a Bank or Participant and (y) the execution by the Borrowers of an Assignment and
Acceptance with respect to such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any assignment or participation in violation of this clause (g)(i) shall not be void, but the other provisions
of this clause (g) shall apply. 
 (ii) If any assignment or participation is made to any Disqualified Institution
without the Borrowers’ prior written consent in violation of clause (i) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Borrowers may, at their sole expense and effort, upon notice to the
applicable Disqualified Institution and the Administrative Agent, require such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 11.06), all of its interest,
rights and obligations under this Agreement to one or more Persons (other than an Ineligible Institution) at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such
interests, rights and obligations in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder. 

(iii) Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions to whom an assignment or
participation is made in violation of clause (i) above (A) will not have the right to (x) receive information, reports or other materials provided to Banks by the Borrowers, the Administrative Agent or any other Bank, (y) attend
or participate in meetings attended by the Banks and the Administrative Agent, or (z) access any electronic site established for the Banks or confidential communications from counsel to or financial advisors of the Administrative Agent or the
Banks and (B) (x) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Bank to undertake any action (or refrain from taking
any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Banks that are not Disqualified Institutions consented to such matter and (y) for purposes
of voting on any plan of reorganization, each Disqualified Institution party hereto hereby agrees (1) not to vote on such plan of reorganization, (2) if such Disqualified Institution does vote on such plan of reorganization notwithstanding
the restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other applicable laws), and
such vote shall not be counted in determining 

  
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 whether the applicable class has accepted or rejected such plan of reorganization in
accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other applicable laws) and (3) not to contest any request by any party for a determination by the Bankruptcy Court (or other applicable court of
competent jurisdiction) effectuating the foregoing clause (2). 
 (iv) The Administrative Agent shall have the right, and the
Borrowers hereby expressly authorizes the Administrative Agent, to (x) post the list of Disqualified Institutions provided by the Borrowers and any updates thereto from time to time (collectively, the “DQ List”) on an Approved
Electronic Platform, including that portion of such Approved Electronic Platform that is designated for “public side” Banks and/or (y) provide the DQ List to each Bank or potential Bank requesting the same. 

(v) The Administrative Agent and the Banks shall not be responsible or have any liability for, or have any duty to ascertain,
inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, neither the Administrative Agent nor any Bank shall (x) be obligated to ascertain,
monitor or inquire as to whether any other Bank or Participant or prospective Bank or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of Advances, or
disclosure of confidential information, by any other Person to any Disqualified Institution. 
 (h) Notwithstanding anything contained herein
to the contrary, each Bank may pledge its right, title and interest under this Agreement and any Note made to it to the Board, or any other Governmental Authority, as security for financial accommodations or privileges being provided or extended to
such Bank by such Governmental Authority. 

(i) Subject
to permitted assignments and transfers under clause (b), no Bank shall enter into any arrangement with another person under which such Bank substantially transfers its exposure under this Agreement to that other person, unless under such arrangement
throughout the life of such arrangement: (x) the relationship between the Bank and that other person is that of a debtor and creditor (including in the bankruptcy or similar event of the Bank); (y) the other person will have no proprietary
interest in the benefit of this Agreement or in any monies received by the Bank under or in relation to this Agreement; and (z) the other person will under no circumstances (other than permitted transfers and assignments under clause (b)) be
subrogated to, or substituted in respect of, the Bank’s claims under this Agreement and have otherwise any contractual relationship with, or rights against, the Borrower under or in relation to this Agreement. 
 SECTION 11.07. Confidentiality. 

The Administrative Agent, each Bank and each Issuing Bank agree to hold any Information (as defined below) which it may receive from any Loan
Party pursuant to the Loan Documents in confidence, except for disclosure (i) to its Affiliates, legal counsel, accountants, and other professional advisors, and then solely on a need-to-know basis, (ii) in response to any request or order
therefor issued by any Governmental Authority, (iii) as required by law, regulation, or judicial process, (iv) within any legal proceeding to enforce any of its rights or remedies hereunder; provided that an Event of Default shall
have occurred hereunder and the requisite Banks shall have elected under Section 9.01 to enforce such rights or remedies against the Borrowers, (v) to any actual or prospective permitted assignee or Participant under
Section 11.06, (vi) to any agents and advisors of a Bank solely in connection with the administration of this Agreement and the Advances and L/C Obligations hereunder, (vii) of Information which has already become publicly
available at the time of such disclosure, (viii) to any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower and its obligations, (ix) on a confidential basis to (1) any
rating agency in connection with rating 

  
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the Borrowers or their Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of
identification numbers with respect to the credit facilities provided for herein, (x) to any other party to this Agreement and (xi) with the consent of the Borrowers. In the case of disclosure pursuant to clause (ii) or
(iii) above, the disclosing party agrees, to the extent practicable and permitted by applicable law, regulation or judicial process, to promptly notify the Loan Parties prior to such disclosure and to request confidential treatment if a
Loan Party so requests. “Information” means all information received from any Loan Party relating to any Loan Party, any Subsidiary of a Loan Party or the business of any of the foregoing, other than (i) any such information
that is available to the Administrative Agent, the Issuing Bank or any Bank on a non-confidential basis prior to disclosure by a Loan Party, (ii) information pertaining to this Agreement routinely provided by arrangers to data service
providers, including league table providers, that serve the lending industry and (iii) the DQ List (which may be disclosed to any assignee or Participant, or prospective assignee or Participant). 

EACH BANK ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THIS SECTION FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC
INFORMATION CONCERNING THE BORROWERS, THE GUARANTOR AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 ALL
INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY A BORROWER, THE GUARANTOR OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN
MATERIAL NON-PUBLIC INFORMATION ABOUT A BORROWER, THE GUARANTOR AND THEIR AFFILIATES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH BANK REPRESENTS TO THE BORROWERS, THE GUARANTOR AND THE ADMINISTRATIVE AGENT THAT IT HAS
IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 

SECTION 11.08. Governing Law. This Agreement and the Notes shall be governed by, and construed in accordance with, the internal laws
(as distinguished from the conflicts of laws rules) of the State of New York. 
 SECTION 11.09. Jurisdiction; Consent to Service of
Process. 
 (a) Each of the Banks and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the
governing law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Bank relating to this Agreement, any other Loan Document or the consummation or administration of the transactions contemplated
hereby or thereby shall be construed in accordance with and governed by the law of the State of New York. 
 (b) Each of the parties hereto
hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject
matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court 

  
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from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the
Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent, any Issuing
Bank or any Bank may otherwise have to bring any action or proceeding relating to this Agreement against the Borrowers or their properties in the courts of any jurisdiction. 

(c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in clause (b) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 11.02;
provided, however, that with respect to any Borrower, service of process on such Borrower may be made on the Guarantor in the manner provided for notices in Section 11.02 and addressed to such Borrower, and each Borrower
agrees that such service so made shall be effective against such Borrower. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 11.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 11.11. Execution in Counterparts. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an
executed signature page of this Agreement by facsimile transmission or in a .PDF or similar file shall be effective as delivery of a manually executed counterpart hereof. 

SECTION
11.11. Counterparts; Integration; Effectiveness; Electronic Execution.  
 (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, taken together with all of the other documents, instruments and certificates contemplated herein to be delivered by the Borrower,
(including any of the foregoing relating to reductions of the Letter of Credit Commitment of any Issuing Bank) including, the  

  
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fee letters (if any) executed and delivered prior to the
effective date of this Agreement by the Administrative Agent, the Syndication Agent, the Co-Lead Arrangers and the Borrower, embodies the entire agreement and supersedes all prior agreements, written and oral, relating to the subject matter hereof
as among the Borrower, the Banks parties hereto and the Administrative Agent. Except as provided in Section 6.01, this
Agreement shall become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures
of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

(b) Delivery
of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered
pursuant to Section 11.02), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is
an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other
Loan Document or such Ancillary Document, as applicable, to the extent and as provided for under any applicable laws. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any
other electronic means that reproduces an image of an actual executed signature page), 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; provided that nothing herein shall require the
Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative
Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Banks shall be entitled to rely on such Electronic Signature
purportedly given by or on behalf of the Borrowers without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent or any
Bank, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, each Borrower hereby (A) agrees that, for all purposes, including without limitation, in connection
with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Banks, and the Borrower, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means
that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original,
(B) the Administrative Agent and each of the Banks may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be
deemed created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and
enforceability as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper
original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (D) waives any claim against any Lender-Related Person for any Liabilities
arising solely from the Administrative Agent’s and/or any Banks’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page, including any Liabilities arising as a result of the failure of the Borrowers to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature. 

  
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 SECTION 11.12. Severability. Wherever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement. 
 SECTION
11.13. Entire Agreement. This Agreement, taken together with all of the other documents, instruments and certificates contemplated herein to be delivered by the Borrowers, including, the fee letters (if any) executed and delivered prior to
the effective date of this Agreement by the Administrative Agent, the Syndication Agents, the Mandated Lead Arrangers and the Borrowers, embodies the entire agreement and supersedes all prior agreements, written and oral, relating to the subject
matter hereof as among the Borrowers, the Banks parties hereto and the Administrative Agent. 
 SECTION 11.14. Market Disruption.
Notwithstanding the satisfaction of all conditions referred to in Article II and Article VI with respect to any Advance denominated in an Agreed Currency other than in Euro, if there shall occur on or prior to the date of such Advance
any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which, after the exercise of the Administrative Agent’s best efforts, would in the reasonable opinion of the
Administrative Agent or the Majority Banks make it materially disadvantageous for such Advance to be denominated in the Agreed Currency specified by a Borrower, then the Administrative Agent shall forthwith give notice thereof to such Borrower and
the Banks, and such Advance shall not be denominated in such Agreed Currency but shall be made on such Borrowing Date in Euro, in an aggregate principal amount approximately equal to the Euro Amount of the aggregate principal amount specified in the
related Notice of Borrowing or Notice of Interest Period Election, as the case may be, unless such Borrower notifies the Administrative Agent at least one Business Day before such date that it elects not to borrow on such date. 

SECTION 11.15. Existing Euro Facility. The Banks that are parties to the Existing Euro Facility (which constitute “Majority
Banks” thereunder) waive any notice of the termination of the commitments thereunder and such Banks and the Borrowers agree that such commitments automatically shall terminate concurrently with the effectiveness hereof pursuant to
Section 6.01. 
 SECTION 11.16. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary
to convert a sum due from a Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that
the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s office in London on the Business
Day preceding that on which final, non-appealable judgment is given. The obligations of a Borrower in respect of any sum due to any Bank or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency other than the specified
currency, be discharged only to the extent that on the Business Day following receipt by such Bank or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency such Bank or the Administrative Agent (as the
case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified currency so purchased is less than the sum originally due to such Bank or the
Administrative Agent, as the case may be, in the specified currency, the Applicable Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Bank or the
Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Bank or the Administrative Agent, as the case may be, in the specified currency and
(b) any amounts shared with other Banks as a result of allocations of such excess as a disproportionate payment to such Bank under Section 5.17, such Bank or the Administrative Agent, as the case may be, agrees to remit such excess
to the Applicable Borrower. 

  
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 SECTION 11.17. USA PATRIOT ACT. Each Bank that is subject to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrowers that pursuant to the requirements of the Act, it is required to obtain, verify and record information
that identifies the Borrowers, which information includes the name and address of each Borrower and other information that will allow such Bank to identify the Borrowers in accordance with the Act. 

SECTION 11.18. No Advisory or Fiduciary Responsibility. 

(a) Each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any
obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to such Borrower with respect to the Loan
Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, such Borrower or any other person. Each Borrower agrees that it will not assert any claim against any Credit Party based
on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, each Borrower acknowledges and agrees that no Credit Party is advising such Borrower as to any
legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. Each Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of
the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to such Borrower with respect thereto. 

(b) Each Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with
its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit Party may
provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations)
of, such Borrower, its Subsidiaries and other companies with which such Borrower or any of its Subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of
its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. 

(c) In addition, each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its
Affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which such Borrower or any of its Subsidiaries may have conflicting interests regarding the
transactions described herein and otherwise. No Credit Party will use confidential information obtained from any Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with such Borrower in connection
with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies. Each Borrower also acknowledges that no Credit Party has any obligation to use in connection with
the transactions contemplated by the Loan Documents, or to furnish to any Borrower or any of its Subsidiaries, confidential information obtained from other companies. 

  
 90 

 SECTION 11.19. Lending Installations. Notwithstanding any other provision of this
Agreement, each Bank at its option may make any Advance or issue any Letter of Credit, as applicable, by causing any domestic or foreign office, branch or Affiliate of such Bank (an “Applicable Lending Installation”) to make such
Advance or Letter of Credit that has been designated by such Bank to the Administrative Agent; provided that a Bank shall not designate an Alternate Lending Installation if the effect of doing so would increase the amount of the Applicable
Borrower’s obligations pursuant to Section 5.13 or 5.15 relative to what they would be absent such designation. All terms of this Agreement shall apply to any such Applicable Lending Installation of such Bank and the
Advances, Letters of Credit and any Notes issued hereunder shall be deemed held by each Bank for the benefit of any such Applicable Lending Installation. Each Bank may, by written notice to the Administrative Agent and the Applicable Borrower,
designate replacement or additional Applicable Lending Installations through which Advances or Letters of Credit will be made by it and for whose account Advance or Letter of Credit payments are to be made. Any exercise of such option shall not
affect the obligation of the Applicable Borrower to repay such Advance or Letter of Credit in accordance with the terms of this Agreement. 

SECTION 11.20. Acknowledgement and Consent to Bail-In of
EEAAffected Financial
Institutions . Notwithstanding anything to the contrary in this Agreementany Loan Document or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any EEAAffected Financial Institution arising under hereunderany Loan
Document may be subject to the Write-Down and Conversion Powers of an EEAthe applicable Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEAthe
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEAAffected Financial Institution; and 
 (b) the effects of any Bail-In Action on any such liability,
including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEAAffected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of
any rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in connection with the
exercise of the Write-Down and Conversion Powers of any
EEAthe applicable Resolution Authority.

 SECTION 11.21. Acknowledgement Regarding Any Supported QFCs . To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as
follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact
be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

  
 91 

 In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC
Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United
States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Bank shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC
Credit Support. 
 SECTION 11.22. Termination of Commitments Under Existing Euro Facility . Each of the signatories hereto that is
also a party to the Existing Euro Facility hereby agrees that, as of the Closing Date, all of the commitments to extend credit under the Existing Euro Facility to which such signatory is a party will be terminated and cancelled automatically and any
and all required notice periods in connection with such termination are hereby waived and of no further force and effect. 
 [Signature Pages
Follow][Remainder of Page Left Intentionally
Blank] 

  
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 Exhibit 2.02 

[Omitted] 

  
 Exhibit 2.02 

Page 1 

 Exhibit 2.03 

[Omitted] 

  
 Exhibit 2.03 

Page 1 

 Exhibit 4.01 

FORM OF
AMENDED AND RESTATED GUARANTY 

See attached 

  
 Exhibit 4.01 

AMENDED AND
RESTATED GUARANTY 
 This
Amended and Restated Guaranty (as it may be amended, restated or
modified and in effect from time to time, this “Guaranty”) is made as of December 20, 2019October 1, 2021 by Baxter International Inc., a Delaware corporation
(the “Guarantor”), in favor of J.P. Morgan Europe LimitedAG, in its capacity as agent on behalf of the Banks (as hereinafter
defined). 
 R E C I T A L S: 

A. Baxter Healthcare SA, Baxter World Trade
SPRL, the financial institutions named therein (the “Banks”), and J.P. Morgan Europe LimitedAG, as agent (together with its successors and assigns, the “Agent”), have entered into a Credit Agreement dated as of the date hereof (as amended by the First Amendment dated as of October 1, 2021, and as
from time to time further modified, supplemented, restated
or amended, the “Credit Agreement”). Each capitalized term used but not otherwise defined herein shall have the meaning ascribed to such term by the Credit Agreement; and the rules of interpretation and provisions regarding
accounting terms set forth in Section 1.02 and 1.03 of the Credit Agreement shall apply as if fully set forth herein, mutatis mutandis. 

B. The Guarantor is the parent of the Borrowers and will receive substantial and direct benefits from the extensions of credit contemplated by
the Credit Agreement and is entering into this Guaranty to induce the Agent and the Banks to enter into the Credit Agreement and extend credit to the Borrowers thereunder. 

C. The execution and delivery of this Guaranty is a condition precedent to the obligations of the Banks to extend credit to the Borrowers
pursuant to the Credit Agreement. 
 NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration and as an
inducement to the Banks to enter into the Credit Agreement and extend credit to the Borrowers thereunder, the Guarantor hereby agrees as follows: 

1. As used in this Guaranty: 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Guarantor or its
Subsidiaries from time to time concerning or relating to bribery, money laundering or corruption. 
 “Consolidated” refers
to the full consolidation of the accounts of the Guarantor and its Subsidiaries in accordance with GAAP, including principles of consolidation, consistent with those applied in the preparation of the financial statements referred to in
Section 11(f). 
 “Consolidated Adjusted Debt” means, on a pro forma basis as of any date of determination, the
amount of Debt as of such date; provided that on any date on which the outstanding principal amount of all Advances under (and as defined in) the Guarantor Credit Agreement is zero, Consolidated Adjusted Debt shall be deemed reduced by an
amount equal to the lesser of (a) $4,000,000,000 and (b) 100% of the unrestricted, unencumbered (other than any Security Interest of the type contemplated by Section 12(h)(xix)) and freely transferrable cash and Cash Equivalent
Investments (as defined in the Guarantor Credit Agreement) held by the Guarantor and its Consolidated Subsidiaries on such date.; provided, that, prior to the earlier of (a) the consummation of the Acquisition and (b) three (3) Business
Days after termination of the Merger Agreement, (1) indebtedness issued or incurred to fund the Acquisition shall be excluded from Debt for purposes of Consolidated Adjusted Debt, and (2) any cash or cash proceeds (less customary fees and
expenses) of any such indebtedness shall not reduce Consolidated Adjusted Debt. 

 “Consolidated EBITDA” means, on a pro forma basis with reference to any
period, the net income (or loss) of the Guarantor and its Consolidated Subsidiaries for such period, plus, to the extent deducted from revenues in determining such net income (or loss) for such period, without duplication, (a) Consolidated
Interest Expense, (b) expense for income taxes paid or accrued, (c) depreciation and amortization expense, (d) amortization of intangibles (including goodwill) and organization costs, (e) any non-cash expenses, losses or other
non-cash charges (including, whether or not otherwise includable as a separate item in the statement of such net income for such period, non-cash losses on sales of assets outside of the ordinary course of business) that do not represent an accrual
or reserve for a future cash expenditure, (f) the amount of cost savings and cost synergies projected by the Guarantor in good faith to be realized as a result of specified actions taken or expected to be taken (including in connection with any
acquisition, disposition, investment, merger, consolidation, restructuring or similar initiative) prior to or during such period, net of the amount of actual benefits realized during such period from such actions; provided that such cost savings or
cost synergies are expected to be realized (in the good faith determination of the Guarantor) within twelve (12) months after the date of such action, (g) (1) cash restructuring charges, non-recurring cash charges, unusual cash
charges and extraordinary cash charges (including related to any restructuring of pension obligations) and (2) to the extent such amount exceeds the amount added back pursuant to clause (i), expenses, costs or charges incurred in connection
with the Specified Matters, (h) expenses, costs and charges incurred in connection with any transaction (in each case, regardless of whether consummated), including any issuance and/or incurrence of Debt and/or any issuance and/or offering of
equity or Debt securities, any investment, any acquisition, any disposition, any recapitalization, any merger, consolidation or amalgamation, any option buyout or any repayment, redemption, refinancing, amendment or modification of Debt (including
any amortization or write-off of debt issuance or deferred financing costs, premiums and prepayment penalties) and, (i) expenses, costs or charges incurred in connection with the
Specified Matters in an amount not to exceed $30,000,000 in the aggregate during the term of this GuarantyAgreement, (j) expenses, costs or charges relating to the Transactions and the integration and restructuring of the
Target and its subsidiaries, and (k) non-cash stock option expenses, non-cash equity-based compensation and non-cash expenses related to stock-based compensation and minus, to the extent
included in such net income for such period, (a) extraordinary non-cash gains realized other than in the ordinary course of business, (b) gains realized other than in the ordinary course of business that are non-cash, non-operating and
non-recurring, and (c) non-cash gains arising from accounting relating to income realized or adjustments to the value of equity held in entities that are not subsidiaries, all as determined in accordance with GAAP and calculated for the
Guarantor and its Consolidated Subsidiaries on a consolidated basis; provided, that the aggregate amount added back pursuant to clauses (f) and (g) for any four fiscal quarter period shall not exceed 15.020.0% of Consolidated EBITDA (before giving effect to such adjustments). 
 “Consolidated
Interest Expense” means, on a pro forma basis for any period, total cash interest expense deducted in accordance with GAAP in the computation of net income of the Guarantor and its Consolidated Subsidiaries for such period with respect to
all outstanding Debt of the Guarantor and its Consolidated Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs of rate hedging in
respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP). 
 “Consolidated Net
Tangible Assets” means, on a pro forma basis the total amount of assets which would be included on a Consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries (and which shall reflect the deduction of applicable
reserves) after deducting therefrom all current liabilities of the Guarantor and its Consolidated Subsidiaries and all Intangible Assets. 

“Consolidated Subsidiary” means any Subsidiary of the Guarantor the accounts of which are Consolidated. 

  
 2 

“Corresponding
 Tenor” means, with respect to any Available Tenor, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available
Tenor. 
 “Debt” means the sum, without duplication, of:
(a) indebtedness for borrowed money or for the deferred purchase price of property or services carried as indebtedness on the Consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries (excluding accounts payable arising in
the ordinary course of such Person’s business payable on terms customary in the trade), (b) Capital Lease obligations of the Guarantor and its Consolidated Subsidiaries, and (c) obligations of the Guarantor and its Consolidated
Subsidiaries under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of other parties of
the kinds referred to in clauses (a) and (b) above (other than Debt of any Subsidiary, to the extent such Debt is included in the calculation of Debt as a result of clause (a) or (b) above) in excess of $100,000,000 in the
aggregate for all such obligations described in this clause (c). The term “Debt” shall not include the undrawn face amount of any letter of credit issued for the account of the Guarantor or any of its Consolidated Subsidiaries, but shall
include the reimbursement obligation owing from time to time by the Guarantor or any of its Consolidated Subsidiaries in respect of drawings made under any letter of credit in the event reimbursement is not made immediately following the applicable
drawing. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“Financial
 Covenant Spring” has the meaning assigned to such term in Section 12(m). 

“Governmental Entity” is defined in Section 12(h)(vii). 

“Guaranteed Obligations” is defined in Section 2. 

“Guarantor Credit Agreement” means the Guarantor’s $2,000,000,0002,500,000,000
 revolving credit agreement, dated as of the ClosingFirst Amendment Effective Date, by and among the Guarantor, JPMorgan
Chase Bank, N.A., as administrative agent and the financial institutions party thereto from time to time as lenders. 

“Intangible Assets” means all assets of the Guarantor and its Consolidated Subsidiaries which are treated as intangibles in
conformity with GAAP on the Consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries. 
 “Material
Acquisition” means a transaction whereby by the Guarantor or one of its Consolidated Subsidiaries acquires equity interests or assets of a Person (or a division or particular business of a Person), or merges, consolidates or otherwise
combines with a Person (excluding, in each case above, a Person that was a Consolidated Subsidiary prior to such transaction), for aggregate consideration of $250,000,000 or more. 

“Material Subsidiary” means any subsidiary of the Guarantor that would be a significant subsidiary of the Guarantor within
the meaning of Rule 1-02(w)(2) under Regulation S-X promulgated by the Securities and Exchange Commission; provided that the reference to “10 percent of the total assets of the registrant and its subsidiaries” therein shall be deemed for
the purposes of this definition to read as “20 percent of the total assets of the registrant and its subsidiaries”. As of the Closing Date, the Material Subsidiaries are Baxter Healthcare Corporation and Baxter World Trade Corporation.

  
 3 

 “Net Leverage Ratio” means, on a pro forma basis as of the last day of any Test pPeriod of four consecutive fiscal quarters, the ratio of (a) Consolidated Adjusted Debt as of such day to
(b) Consolidated EBITDA for the period of four consecutive fiscal quarters then ended. 
 “Sanctioned Country”
means, at any time, a country, region or territory that is itself the subject of Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of Treasury (“OFAC”), the United Nations Security Council, the European Union, the
European Union or Her Majesty’s Treasury of the United Kingdom, (b) (i) an agency of the government of a Sanctioned Country, (ii) a Person controlled by a Sanctioned
Country, or (iii) a Person that is located, organized
or resident in a Sanctioned Country, to the extent such Person is the target of Sanctions or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time
by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions
authority. 
 “SEC” means the United States Securities and Exchange Commission or any successor thereto. 

“Secured Debt” means the amount of Debt or other obligation or liability of the Guarantor or any of its Material Subsidiaries
the payment of which is secured by a Security Interest. 
 “Security Interest” means any lien, security interest, mortgage
or other charge or encumbrance of any kind, title retention device, pledge or any other type of preferential arrangement, upon or with respect to any property of the Guarantor or of any Material Subsidiary, whether now owned or hereafter acquired.

 “Specified Matters” means the investigation into certain intra-company transactions undertaken for the purpose of
generating foreign exchange gains or losses, as more fully described under the heading “Investigation” in the Guarantor’s Form 8-K filed on October 24, 2019. 

“Subsidiary” means, at any time, any entity with respect to which at such time the Guarantor alone owns, the Guarantor and
one or more Subsidiaries together own, or the Guarantor and any Person controlling the Guarantor together own, in each such case directly or indirectly, capital stock (or the equivalent equity interest) having ordinary voting power to elect a
majority of the members of the Board of Directors of such corporation (or, in the case of a partnership or joint venture, having the majority interest in the capital or profits of such entity). 

“Test
Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Borrower ending on or prior to such date for which financial statements have been or are required to be delivered pursuant to
Section 12(a)(i) or Section 12(a)(11).  
 The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms. 

  
 4 

 2. The Guarantor hereby absolutely, irrevocably and unconditionally guarantees prompt, full
and complete payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of (a) the principal of and interest on the Advances (including Swingline Loans) and reimbursement obligations in respect of
Letters of Credit made or issued by the Banks, the Swingline Banks and Issuing Banks to, and any Notes held by the Banks of, the Borrowers and (b) all other amounts from time to time owing to the Banks, the Swingline Banks, the Issuing Banks or
the Administrative Agent by the Borrowers under the Loan Documents (collectively, the “Guaranteed Obligations”). This is a guaranty of payment, not a guaranty of collection. 

3. The Guarantor waives notice of the acceptance of this Guaranty and of the extension, incurrence or continuance of the Guaranteed Obligations
or any part thereof. The Guarantor further waives all setoffs and counterclaims and presentment, protest, notice, filing of claims with a court in the event of receivership, bankruptcy or reorganization of any Borrower, demand or action on
delinquency in respect of the Guaranteed Obligations or any part thereof, including any right to require the Banks to sue the Guarantor, any Borrower, any other guarantor or any other Person obligated with respect to the Guaranteed Obligations or
any part thereof, or otherwise to enforce payment thereof against any collateral securing the Guaranteed Obligations or any part thereof. 

4. The Guarantor hereby agrees that, to the fullest extent permitted by law, its obligations hereunder shall be continuing, absolute and
unconditional under any and all circumstances and not subject to any reduction, limitation, impairment, termination, defense (other than indefeasible payment in full (other than unasserted contingent indemnification obligations and unasserted
expense reimbursement obligations) of the Guaranteed Obligations), setoff, counterclaim or recoupment whatsoever (all of which are hereby expressly waived by it to the fullest extent permitted by law), whether by reason of any claim of any character
whatsoever, including any claim of waiver, release, surrender, alteration or compromise. The validity and enforceability of this Guaranty shall not be impaired or affected by any of the following: (a) any extension, modification or renewal of,
or indulgence with respect to, or substitution for, the Guaranteed Obligations or any part thereof or any agreement relating thereto at any time; (b) [intentionally omitted]; (c) any waiver of any right, power or remedy or of any default
with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto; (d) [intentionally omitted]; (e) the non-enforceability or invalidity of the Guaranteed Obligations or any part thereof or the spuriousness,
non-enforceability or invalidity of any agreement relating thereto; (f) the application of payments received from any source to the payment of indebtedness other than the Guaranteed Obligations, any part thereof or amounts which are not covered
by this Guaranty even though the Banks might lawfully have elected to apply such payments to any part or all of the Guaranteed Obligations or to amounts which are not covered by this Guaranty; (g) any change of ownership of any Borrower or the
insolvency, bankruptcy or any other change in the legal status of any Borrower; (h) any change in, or the imposition of, any law, decree, regulation or other governmental act which does or might impair, delay or in any way affect the validity,
enforceability or the payment when due of the Guaranteed Obligations; (i) the failure of any Borrower to maintain in full force, validity or effect or to obtain or renew when required all governmental and other approvals, licenses or consents
required in connection with the Guaranteed Obligations or this Guaranty, or to take any other action required in connection with the performance of all obligations pursuant to the Guaranteed Obligations or this Guaranty; (j) the existence of
any claim, setoff or other rights which the Guarantor may have at any time against any Borrower or any other guarantor or any other Person in connection herewith or with any unrelated transaction; (k) the Banks’ election, in any case or
proceeding instituted under chapter 11 of the United States Bankruptcy Code, of the application of Section 1111(b)(2) of the United States Bankruptcy Code; (l) any borrowing, use of cash collateral, or grant of a security interest by any
Borrower, as debtor in possession, under Section 363 or 364 of the United States Bankruptcy Code; (m) the disallowance of all or any portion of the Bank’s claims for repayment of the Guaranteed Obligations under Section 502 or
506 of the United States Bankruptcy Code; or (n) any other fact or circumstance which might otherwise constitute grounds at law or equity for the discharge or release of the Guarantor from its obligations hereunder, all whether or not the
Guarantor shall have had notice or knowledge of any act or omission referred to in the foregoing clauses (a) through (n) of this Section. It is agreed that the Guarantor’s

  
 5 

 
liability hereunder is independent of any other guaranties or other obligations at any time in effect with respect to the Guaranteed Obligations or any part thereof and that the Guarantor’s
liability hereunder may be enforced regardless of the existence, validity, enforcement or non-enforcement of any such other guaranties or other obligations or any provision of any applicable law or regulation purporting to prohibit payment by any
Borrower of the Guaranteed Obligations in the manner agreed upon among the Agent, the Borrowers and the Banks. 
 5. Credit may be granted or
continued from time to time by the Banks to any Borrower without notice to or authorization from the Guarantor regardless of any Borrower’s financial or other condition at the time of any such grant or continuation. The Banks shall not have an
obligation to disclose or discuss with the Guarantor their assessment of the financial condition of any Borrower. 
 6. Until the irrevocable
payment in full of the Guaranteed Obligations and termination of all commitments which could give rise to any of the Guaranteed Obligations, (a) the Guarantor shall have no right of subrogation with respect to the Guaranteed Obligations,
(b) the Guarantor hereby waives any right to enforce any remedy which the Agent or the Banks now have or may hereafter have against any Borrower, any endorser or any other guarantor of all or any part of the Guaranteed Obligations, and
(c) the Guarantor hereby waives any benefit of, and any right to participate in, any security or collateral given to the Agent or the Banks to secure payment of the Guaranteed Obligations or any part thereof or any other liability of any
Borrower to the Banks. 
 7. [Intentionally omitted]. 

8. [Intentionally omitted]. 
 9.
In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, all such amounts shall nonetheless be payable by the Guarantor
forthwith upon demand by the Agent or the Banks. The Guarantor further agrees that, to the extent that any Borrower makes a payment or payments to any of the Banks on the Guaranteed Obligations, which payment or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be returned or repaid to the applicable Borrower, its estate, trustee, receiver, debtor in possession or any other party, including the Guarantor, under any insolvency
or bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such payment, return or repayment, the obligation or part thereof which has been paid, reduced or satisfied by such amount shall be reinstated and
continued in full force and effect as of the date when such initial payment, reduction or satisfaction occurred. 
 10. No delay on the part
of the Agent or the Banks in the exercise of any right, power or remedy shall operate as a waiver thereof, and no single or partial exercise by the Agent or the Banks of any right, power or remedy shall preclude any further exercise thereof; nor
shall any amendment, supplement, modification or waiver of any of the terms or provisions of this Guaranty be binding upon the Agent or the Banks, except as expressly set forth in a writing duly signed and delivered on the Banks’ behalf of the
Agent. The failure by the Agent or the Banks at any time or times hereafter to require strict performance by any Borrower or the Guarantor of any of the provisions, warranties, terms and conditions contained in any promissory note, pledge agreement,
security agreement, agreement, guaranty, instrument or document now or at any time or times hereafter executed pursuant to the terms of, or in connection with, the Credit Agreement by any Borrower or the Guarantor and delivered to the Agent or the
Banks shall not waive, affect or diminish any right of the Agent or the Banks at any time or times hereafter to demand strict performance thereof, and such right shall not be deemed to have been waived by any act or knowledge of the Agent or the
Banks, their agents, officers or employees, unless such waiver is contained in an instrument in writing duly signed and delivered on the Banks’ behalf by the Agent. No waiver by the Agent or the

  
 6 

 
Banks of any default shall operate as a waiver of any other default or the same default on a future occasion, and no action by the Banks permitted hereunder shall in any way affect or impair the
Agent’s or the Banks’ rights or powers, or the obligations of the Guarantor under this Guaranty. Any determination by a court of competent jurisdiction of the amount of any Guaranteed Obligations owing by the Guarantor to the Banks shall
be conclusive and binding on each Guarantor irrespective of whether the Guarantor was a party to the suit or action in which such determination was made. 

11. The Guarantor represents and warrants to the Agent and the Banks that: 

(a) The Guarantor and each Material Subsidiary is duly organized, validly existing and, to the extent such concept is relevant, in good
standing under the laws of its jurisdiction of organization and has all requisite authority to conduct its business in each jurisdiction in which the failure so to qualify would have a material adverse effect on the financial condition or operations
of the Guarantor and its Consolidated Subsidiaries (taken as a whole); 
 (b) The execution, delivery and performance by the Guarantor of
this Guaranty are within the Guarantor’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Guarantor’s charter or by-laws or (ii) any law or any contractual restriction
binding on or affecting the Guarantor, except in the case of this clause (ii) where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the financial condition or
operations of the Guarantor and its Consolidated Subsidiaries (taken as a whole); 
 (c) No authorization or approval or other action by, and
no notice to or filing with, any Governmental Authority or regulatory body is required for the due execution, delivery and performance by the Guarantor of this Guaranty; 

(d) This Guaranty is the legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms,
subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and to the effect of general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law); 
 (e) Except as disclosed by the Guarantor in its SEC filings prior to the date hereof
(which, for the avoidance of doubt shall include the Specified Matters), there is no pending or, to the knowledge of the Guarantor, threatened in writing action or proceeding affecting the Guarantor or any of its Subsidiaries before any court,
governmental agency or arbitrator, (i) which has a reasonable probability of being adversely determined and if adversely determined would reasonably be expected to have a material adverse effect on the financial condition or operations of the
Guarantor and its Consolidated Subsidiaries (taken as a whole) or (ii) which if adversely determined would reasonably be expected to affect the legality, validity or enforceability of this Guaranty; 

(f) Except as disclosed by the Guarantor in its SEC filings prior to the date hereof (which, for the avoidance of doubt shall include the
Specified Matters), the Consolidated balance sheet at December 31,
20182020, and the related Consolidated statements of income, cash flows and shareholder’s equity and comprehensive income for the period then ended of the Guarantor and its Consolidated Subsidiaries filed by the
Guarantor with the SEC present fairly in all material respects the financial condition of the Guarantor and its Consolidated Subsidiaries at December 31,
20182020
, and the results of the operations and cash flows of the Guarantor and its Consolidated Subsidiaries for the year then ended, in conformity with GAAP applied on a basis consistent with that of the preceding
year. Except as disclosed by the Guarantor in its SEC filings prior to the date hereof (which, for the avoidance of doubt shall include the Specified Matters), the Consolidated balance sheet at March 31, 20192021 and June 30,
20192021
 and 

  
 7 

 
in each case the related Consolidated statements of income and cash flows for the quarter then ended of the Guarantor and its Consolidated Subsidiaries filed by the Guarantor with the SEC present
fairly in all material respects the financial condition of the Guarantor and its Consolidated Subsidiaries at March 31, 20192021 and June 30, 20192021 and in each case the results of the operations and cash flows of the Guarantor and its Consolidated Subsidiaries for the quarter then ended, in conformity with GAAP consistently applied, subject to the absence of
footnotes and year-end audit adjustments. Since December 31,
20182020
, except as disclosed in filings with the SEC prior to the date hereof (which, for the avoidance of doubt shall include the Specified Matters), there has been no material adverse change in such financial
condition or operations; 
 (g) The operations of the Guarantor and each Material Subsidiary comply in all material respects with all
Environmental Laws, the noncompliance with which would materially adversely affect the financial condition or operations of the Guarantor and its Consolidated Subsidiaries (taken as a whole); 

(h) The Guarantor is not an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940;

 (i) The Guarantor has implemented and maintains in effect policies and procedures designed to ensure compliance by the Guarantor, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Guarantor, its Subsidiaries and their respective officers and employees and to the knowledge of the Guarantor,
its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (i) the Guarantor, any Subsidiary or, to the knowledge of the Guarantor or such Subsidiary, any of their respective
directors, officers or employees, or (ii) to the knowledge of the Guarantor, any agent of the Guarantor or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned
Person, except to the extent the Guarantor or such Subsidiary is licensed by the appropriate Sanctions-administering authority to engage in the applicable transaction with such Sanctioned Person or is otherwise permitted to do so by U.S. law. No
Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions. The foregoing representations in this clause (i) will not apply to any party hereto to
which the Blocking Regulation applies, if and to the extent that such representations are or would be unenforceable pursuant to, or would otherwise result in a breach and/or violation of, (i) any provision of the Blocking Regulation (or any law
or regulation implementing the Blocking Regulation in any member state of the European Union) or (ii) any similar blocking or anti-boycott law in the United Kingdom; and 

(j) Neither the Guarantor nor any of its Subsidiaries is engaged as a substantial part of its activities in the business of purchasing or
carrying Margin Stock. The value of the Margin Stock owned directly or indirectly by the Guarantor or any Subsidiary which is subject to any arrangement (as such term is used in Section 221.2(g) of Regulation U issued by the Board) hereunder is
less than an amount equal to twenty-five percent (25%) of the value of all assets of the Guarantor and/or such Subsidiary subject to such arrangement. 

The Guarantor agrees that the foregoing representations and warranties shall be deemed to have been made by the Guarantor (i) on the date
of this Guaranty and (ii) other than subsections (e)(i), (f) and
(gh) hereof, on the date of the making of any Credit Extension (including the initial Credit Extension but excluding any continuation of any Advance). 

12. As long as this Guaranty shall continue in effect, the Guarantor shall: 

(a) furnish to the Agent: 

  
 8 

 (i) As soon as available and in any event within the earlier of
(A) five (5) days after the time period specified by the SEC under the Exchange Act for quarterly reporting (or five (5) days thereafter if the Guarantor timely files a Form 12b-25 (or any successor form)) or (B) fifty-five
(55) days after the end of each of the first three (3) quarters of each fiscal year of the Guarantor (or, with respect to the fiscal quarter ending
September 30, 2019, irrespective of the preceding clauses (A) and (B), no later than March 2, 2020), a Consolidated balance sheet of the Guarantor and its Consolidated
Subsidiaries as of the end of such quarter and a Consolidated statement of income and cash flows (or Consolidated statement of changes in financial position, as the case may be) of the Guarantor and its Consolidated Subsidiaries for the period
commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of the Guarantor (it being understood that the certification provided by the chief financial officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 is acceptable for this purpose); provided, however, that at any time the Guarantor shall be subject to the reporting requirements of Section 13 or Section 15(d) of the
Exchange Act, delivery within the time period specified above of copies of the quarterly balance sheets and statements on Form 10-Q of the Guarantor and its Consolidated Subsidiaries for such quarterly period as filed with the SEC shall be deemed to
satisfy the requirements of this clause (i); 
 (ii) As soon as available and in any event within the earlier
of (A) five (5) days after the time period specified by the SEC under the Exchange Act for annual reporting (or fifteen (15) days thereafter if the Guarantor timely files a Form 12b-25 (or any successor form)) or (B) one hundred
(100) days (or, with respect to the fiscal year ending December 31, 20192021, one hundred and twenty (120) days) after the end of each
fiscal year of the Guarantor, a Consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries as of the end of such year and a Consolidated statement of income, cash flows and shareholder’s equity and comprehensive income of the
Guarantor and its Consolidated Subsidiaries for such fiscal year and accompanied by a report of PricewaterhouseCoopers LLP, or other independent public accountants of nationally recognized standing, on the results of their examination of the
Consolidated annual financial statements of the Guarantor and its Consolidated Subsidiaries, which report shall be unqualified as to a “going concern” or like qualification or exception or as to the scope of such audit or shall be
otherwise reasonably acceptable to the Majority Banks; provided further, that at any time the Guarantor shall be subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, delivery within the time
period specified above of copies of the annual balance sheets and statements on Form 10-K of the Guarantor and its Consolidated Subsidiaries for such annual period as filed with the SEC shall be deemed to satisfy the requirements of this clause
(ii); 
 (iii) Promptly after the sending or filing thereof, copies of all reports which the Guarantor files with
the SEC under the Exchange Act; provided, that such quarterly and annual financial statements and reports filed with the SEC required pursuant to clauses (i), (ii) and (iii) above shall be deemed delivered to the Administrative
Agent on the earlier of the date such statements or reports are available at (i) www.sec.gov and (ii) the Guarantor’s website at www.baxter.com; 

(iv) Together with the financial statements required pursuant to clauses (i) and (ii) above, a
certificate signed by the chief financial officer of the Guarantor (A) stating that no Event of Default or Unmatured Event of Default exists or, if any does exist, stating the nature and status thereof and describing the action the Guarantor
proposes to take with respect thereto, and (B) demonstrating, in reasonable detail, the calculations used by such officer to determine compliance with the financial covenant contained in Sections 12(m); 

  
 9 

 (v) As soon as possible, and in any event within five (5) Business Days
after the Guarantor shall become aware of the occurrence of any Event of Default or Unmatured Event of Default, which Event of Default or event is continuing on the date of such statement, a statement of the chief financial officer of the Guarantor
setting forth details of such Event of Default or event and the action which the Guarantor proposes to take with respect thereto. 
 (b) Pay
and discharge, and cause each Material Subsidiary to pay and discharge, before the same shall become delinquent, (i) all Taxes, assessments and governmental charges or levies imposed upon it or upon its income, profit or property, and
(ii) all lawful claims which, if unpaid, might by law become a lien upon its property; provided, however, that neither the Guarantor nor any Material Subsidiary shall be required to pay or discharge any such tTax, assessment, charge, levy or claim (x) which is being contested in good faith and by proper proceedings and with respect to which the Guarantor shall have established appropriate reserves in accordance with GAAP or (y) if the
non-payment thereof is not materially adverse to the financial condition or operations of the Guarantor and its Consolidated Subsidiaries (taken as a whole). 

(c) Maintain, and cause each Material Subsidiary to maintain (after giving effect to any self-insurance), insurance with responsible and
reputable insurance companies or associations in such amounts and covering such risks as is usually carried by (or, as applicable, self-insure in a manner and to an extent not inconsistent with conventions observed by) companies engaged in similar
businesses and owning similar properties in the same general areas in which the Guarantor or such Material Subsidiary operates, except in each case where failure to not maintain would not materially adversely affect the financial condition or
operations of the Guarantor and its Consolidated Subsidiaries (taken as a whole). 
 (d) Preserve and maintain, and cause each Material Subsidiary to preserve and maintain, its organizational existence, rights,
and franchises, except as otherwise permitted by Section 12(j); provided, however, that neither the Guarantor nor any Material Subsidiary shall not be required to preserve any right or franchise if the Board of
Directors of the Guarantor shall determine that the preservation thereof is no longer desirable in the conduct of business of the Guarantor or such Material
Subsidiary, as the case may be, and that the loss thereof is not materially adverse to the
financial condition or operations of the Guarantor and its Consolidated Subsidiaries (taken as a whole). 
 (e) Comply, and cause each
Material Subsidiary to comply, with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including all Environmental Laws), noncompliance with which would materially adversely affect the financial
condition or operations of the Guarantor and its Consolidated Subsidiaries (taken as a whole), it being acknowledged that any non-compliance by the Guarantor or any Material Subsidiary with the requirements of applicable laws, rules, regulations and
orders of Governmental Authorities (if any) arising directly out of, or directly relating to, the Specified Matters and occurring prior to the date hereof shall not be deemed to materially adversely affect the financial condition or operations of
the Guarantor and its Consolidated Subsidiaries (taken as a whole). 
 (f) Except as disclosed by the Guarantor in its SEC filings prior to
the date hereof (which, for the avoidance of doubt shall include the Specified Matters), keep, and cause each Material Subsidiary to keep, proper books of record and account, in which full and correct entries in all material respects shall be made of
alla manner to allow financial statements to be prepared in accordance with GAAP consistently applied
in respect of all material financial transactions and
matters involving the assets and business of the
Guarantor and each Material Subsidiary sufficient to prepare financial statements in accordance with GAAP (other than foreign Subsidiaries, which may keep such
books of record and account in accordance with the applicable accounting standards in such Subsidiary’s jurisdiction of formation). 

  
 10 

 (g) [reserved]; 

(h) Not suffer to exist, create, assume or incur, or permit any of its Material Subsidiaries to suffer to exist, create, assume or incur, any Security Interest, in each case to secure Debt or any other obligation or liability, other than: 

(i) Any Security Interest to secure Debt or any other obligation or liability of any Material Subsidiary to the Guarantor or
any other Subsidiary of the Guarantor; 
 (ii) Mechanics’, materialmen’s, carriers’ or other like liens
arising in the ordinary course of business (including construction of facilities) in respect of obligations which are not due or which are being contested in good faith and for which reserves have been established to the extent required by GAAP;

 (iii) Any Security Interest arising by reason of deposits with, or the giving of any form of security to, any governmental
agency or any body created or approved by law or governmental regulation which is required by law or governmental regulation as a condition to the transaction of any business, or the exercise of any privilege, franchise or license; 

(iv) Security Interests for taxes, assessments or governmental charges or levies not yet delinquent or Security Interests for
taxes, assessments or governmental charges or levies already delinquent but the validity of which is being contested in good faith and for which reserves have been established to the extent required by GAAP; 

(v) Security Interests (including judgment liens) arising in connection with legal proceedings so long as such proceedings are
being contested in good faith and, in the case of judgment liens, the related judgment does not constitute an Event of Default under Section 9.01(g) of the Credit Agreement; 

(vi) Landlords’ liens on fixtures located on premises leased by the Guarantor or one of its Material Subsidiaries in the
ordinary course of business; 
 (vii) Security Interests arising in connection with contracts and subcontracts with or made
at the request of the United States of America, any state, territory or possession of the United States of America, any political subdivision of any of the foregoing or the District of Columbia (each a “Governmental Entity”), or any
department, agency or instrumentality of such Governmental Entity for obligations not yet delinquent; 
 (viii) Any Security
Interest arising by reason of deposits to qualify the Guarantor or a Subsidiary to conduct business, to maintain self-insurance, or to obtain the benefit of, or comply with, laws; 

(ix) Any purchase money Security Interest claimed by sellers of goods on ordinary trade terms; 

  
 11 

 (x) The extension of any Security Interest existing as of the date hereof to
additions, extensions, or improvements to the property subject to the Security Interest which does not arise as a result of borrowing money or the securing of Debt or other obligation or liability created, assumed or incurred after such date; 

(xi) Security Interests on (A) property of a corporation or firm existing at the time such corporation or firm is merged
or consolidated with the Guarantor or any Subsidiary or at the time of a sale, lease or other disposition of the properties of a corporation or a firm as an entirety (or the properties of a corporation or firm comprising a product line or line of
business, as an entirety) or substantially as an entirety to the Guarantor or a Subsidiary; or (B) property comprising machinery, equipment or real property acquired by the Guarantor or any of its Subsidiaries, which Security Interests shall
have existed at the time of such acquisition and secure obligations assumed by the Guarantor or such Subsidiary in connection with such acquisition; provided that the Security Interests of the type described in this clause (xi) shall not
attach to or affect property owned by the Guarantor or such Subsidiary prior to the event referred to in this clause (xi); 

(xii) Security Interests arising in connection with the sale, assignment or other transfer by the Guarantor or any Material
Subsidiary of accounts receivable, lease receivables or other payment obligations (together with rights and assets related thereto, any of the foregoing being a “Receivable”) owing to the Guarantor or any Subsidiary or any interest
in any of the foregoing (together in each case with any collections and other proceeds thereof and any collateral, guaranties or other property or claims in favor of the Guarantor or such Subsidiary supporting or securing payment by the obligor
thereon of any such Receivables), in each case whether such sale, assignment or other transfer constitutes a “true sale” or a secured financing for accounting, tax or any other purpose; provided that either (i) such sale,
assignment or other transfer shall have been made as part of a sale of the business out of which the applicable Receivables arose, (ii) such sale, assignment or other transfer is made in the ordinary course of business and is for the purpose of
collection only, (iii) such sale, assignment or other transfer is made in connection with an agreement on the part of the assignee thereof to render performance under the contract that has given rise to such Receivable, or (iv) in all
other cases, the aggregate outstanding principal amount of the investment or claim held by purchasers, assignees or other transferees of (or of interests in) such Receivables (as determined by the Guarantor using any reasonable methods as of the
time any such investment is made or claim is incurred) shall not exceed an amount equal to ten percent (10%) of the Consolidated total assets of the Guarantor and its Consolidated Subsidiaries at such time; 

(xiii) Security Interests securing non-recourse obligations in connection with leveraged or single-investor lease transactions;

 (xiv) Security Interests securing the performance of any contract or undertaking made in the ordinary course of business
(as such business is currently conducted) other than for the borrowing of money; 
 (xv) Any Security Interest granted by the
Guarantor or any Material Subsidiary of the Guarantor; provided, that (i) the property which is subject to such Security Interest is a parcel of real property, a manufacturing plant, manufacturing equipment, a warehouse, or an office
building (and any assets related to the property) hereafter acquired, constructed, developed or improved by the Guarantor or such Material Subsidiary, and (ii) such Security 

  
 12 

 
Interest is created prior to or contemporaneously with, or within 180 days after (x) in the case of acquisition of such property, the completion of such acquisition and (y) in the case
of the construction, development or improvement of such property, the later to occur of the completion of such construction, development or improvement or the commencement of operations, use or commercial production (exclusive of test and start-up
periods) of such property, and such Security Interest secures or provides for the payment of all or any part of the acquisition cost of such property or the cost of construction, development or improvement thereof, as the case may be; 

(xvi) Any conditional sales agreement or other title retention agreement with respect to property acquired by the Guarantor or
any Material Subsidiary; 
 (xvii) Any Security Interest that secures an obligation owed to any Governmental Entity in
connection with a bond or other obligation issued by a Governmental Entity to finance the construction or acquisition by the Guarantor or any Material Subsidiary of any manufacturing plant, warehouse, office building or parcel of real property
(including fixtures); 
 (xviii) Any Security Interest in deposits or cash equivalent investments pledged with a financial
institution for the sole purpose of implementing a hedging or financing arrangement commonly known as a “back-to-back” loan arrangement, provided in each case that neither the assets subject to such Security Interest nor the Debt incurred
in connection therewith are reflected on the Consolidated balance sheet of the Guarantor; 
 (xix) Security Interests of
financial institutions as collecting banks or with respect to deposit or securities accounts held at such financial institutions, in each case in the ordinary course of business; and 

(xx) Any extension, renewal or refunding (or successive extensions, renewals or refundings) in whole or in part of any Debt or
any other obligation or liability secured by any Security Interest referred to in the foregoing clauses (i) through (xix), provided that the principal amount of Debt or any other obligation or liability secured by such Security Interest shall
not exceed the principal amount outstanding immediately prior to such extension, renewal or refunding, and that the Security Interest securing such Debt or other obligation or liability shall be limited to the property which, immediately prior to
such extension, renewal or refunding secured such Debt or other obligation or liability and additions to such property. 
 (xxi) All Security Interests as of December 20, 2019. 

Notwithstanding the foregoing provisions of this Section 12(h) (but without limiting or affecting the provisions of Section 12(m)),
the Guarantor and its Material Subsidiaries may, at any time, suffer to exist, issue, incur, assume and
guarantee Secured Debt (in addition to Secured Debt permitted to be secured under the foregoing clauses (i) through
(xxi)), provided that the aggregate amount of such Secured Debt, together with
the aggregate amount of all other Secured Debt (not including Secured Debt permitted to be secured under the foregoing clauses (i) through (xxi)) of the Guarantor and its Material Subsidiaries which is suffered to exist, issued, incurred, assumed or guaranteed after December 20, 2019, does not at such time exceed ten percent
(1012.5
%) of Consolidated Net Tangible Assets at the time such Debt is issued, incurred, assumed or guaranteed. 

(i) [reserved]; 

  
 13 

 (j) (i) Not merge or consolidate with or into, or Transfer Assets to, any Person, except
that the Guarantor may (A) merge or consolidate with any corporation, including any Subsidiary, which is a U.S. Corporation and (B) Transfer Assets to any Subsidiary which is a U.S. Corporation; provided, in each case described in
clause (A) and (B) above, that (x) immediately after giving effect to such transaction, no event shall have occurred and be continuing which constitutes an Event of Default or Unmatured Event of Default and (y) in the case of any
merger or consolidation to which the Guarantor shall be a party, the survivor of such merger or consolidation shall be the Guarantor; and 

(ii) Not permit any Material Subsidiary to merge, amalgamate or consolidate with or into, or Transfer Assets to, any Person
unless, immediately after giving effect to such transaction, no event shall have occurred and be continuing which constitutes an Event of Default or Unmatured Event of Default. 

For purposes of this Section 12(j): “Transfer Assets” means, when referring to the Guarantor, the conveyance, transfer, lease or
other disposition (whether in one transaction or in a series of transactions) of all or substantially all of the assets of the Guarantor and its Subsidiaries considered as a whole and means, when referring to a Material Subsidiary, the conveyance,
transfer, lease or other disposition (whether in one transaction or in a series of transactions) of all or substantially all of the assets of such Material Subsidiary and its Subsidiaries taken as a whole; and “U.S. Corporation”
means a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia. 
 (k) Not
permit any Borrower to request any Advance or Letter of Credit, and not permit any Borrower to directly, or to the knowledge of the Guarantor, indirectly use the proceeds of any Advance or Letter of Credit (A) in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) to fund any activities of or any business with any individual or entity, or in
any Sanctioned Country, that, at the time of such funding, is the subject or target of Sanctions in each case of this clause (B) except to the extent permissible for an individual or entity required to comply with Sanctions, or (C) in any
other manner that will result in a violation of Sanctions applicable to any party to the Credit Agreement. The foregoing clauses (B) and (C) of this clause (k) will not apply to any party hereto to which the Blocking Regulation
applies, if and to the extent that such representations are or would be unenforceable pursuant to, or would otherwise result in a breach and/or violation of, (i) any provision of the Blocking Regulation (or any law or regulation implementing
the Blocking Regulation in any member state of the European Union) or (ii) any similar blocking or anti-boycott law in the United Kingdom. 

(l) Maintain in effect and enforce policies and procedures designed to ensure compliance by the Guarantor, its Subsidiaries and their
respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 (m) As of the last day of any
fiscal quarter, not
(commencing with the last day of the first fiscal quarter ending after the Closing Date), permit the Net Leverage Ratio on a pro forma basis to be greater than 3.75 to 1.00; provided, however,
that the ratio in this clause (m) shall be increased to 5.00 to 1.00 as of the date of the consummation of
the Acquisition in accordance with the terms of the Merger Agreement (the “Financial Covenant Spring”); provided, further, that the ratio in this clause (m) shall (i) be reduced to 4.25 to 1.00 from and after the last day of the
first full fiscal quarter after the first anniversary of the Financial Covenant Spring to the Test Period ending on the last day of the first full fiscal quarter after the second anniversary of the Financial Covenant Spring, and (ii) be reduced
to 3.75 to 1.00 thereafter; provided, further, that notwithstanding the foregoing, during any period when the ratio in this clause (m) would be 3.75 to 1.00, such ratio shall be increased to
4.50 to 1.00 for the first four fiscal quarters endsending immediately following the consummation of any Material
Acquisition. 

  
 14 

 13. Notwithstanding any other provision hereof, the right of recovery against the Guarantor
hereunder shall be limited to the maximum amount that can be guaranteed by Guarantor without rendering Guarantor’s obligations hereunder void or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance
Act, Uniform Fraudulent Transfer Act or any similar foreign, federal or state law. 
 14. The Guarantor agrees that any and all claims of the
Guarantor against any Borrower (in such capacity, an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or any part of the Guaranteed
Obligations, or against any of its properties shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Guaranteed Obligations; provided that, as long as no Event of Default has occurred and is
continuing, the Guarantor may receive payments of principal and interest from any Obligor with respect to Intercompany Indebtedness. 
 15.
If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Guarantor hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto
agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency
at the Administrative Agent’s main New York City office on the Business Day preceding that on which final, non-appealable judgment is given. The obligations of the Guarantor in respect of any sum due hereunder shall, notwithstanding any
judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by any holder of the Guaranteed Obligations (including the Administrative Agent), as the case may be, of any sum
adjudged to be so due in such other currency such holder of the Guaranteed Obligations (including the Administrative Agent), as the case may be, may in accordance with normal, reasonable banking procedures purchase the specified currency with such
other currency. If the amount of the specified currency so purchased is less than the sum originally due to such holder of the Guaranteed Obligations (including the Administrative Agent), as the case may be, in the specified currency, the Guarantor
agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such holder of the Guaranteed Obligations (including the Administrative Agent), as the case may be, against
such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any holder of the Guaranteed Obligations (including the Administrative Agent), as the case may be, in the specified currency and
(b) amounts shared with other holders of the Guaranteed Obligations as a result of allocations of such excess as a disproportionate payment to such other holder of the Guaranteed Obligations under Section 5.17 of the Credit Agreement, such
holder of the Guaranteed Obligations (including the Administrative Agent), as the case may be, agrees, by accepting the benefits hereof, to remit such excess to the Guarantor. 

16. Subject to the provisions of Section 9 hereof, this Guaranty shall continue in effect until the Credit Agreement has
terminated, the Guaranteed Obligations (other than unasserted contingent indemnification obligations and unasserted expense reimbursement obligations) have been paid in full and the other conditions of this Guaranty have been satisfied. 

17. In addition to and without limitation of any rights, powers or remedies of the Agent or the Banks under applicable law, any time after
maturity of the Guaranteed Obligations, whether by acceleration or otherwise, the Agent or any of the Banks may, in its sole discretion, with notice after the fact to the Guarantor (provided that any failure to give such notice shall not affect the
validity of any such appropriation or application referred to herein) and regardless of the acceptance of any security or collateral for the payment hereof, appropriate and apply toward the payment of any Guaranteed Obligations (a) any
indebtedness due or to become due from the Banks to the Guarantor, and (b) any moneys, credits or other property belonging to the Guarantor (including all account balances, whether provisional or final and whether or not collected or available)
at any time held by or coming into the possession of any of the Agent or any Bank whether for deposit or otherwise. 

  
 15 

 18. The Guarantor agrees to pay all reasonable and documented out-of-pocket costs, fees and
expenses (including reasonable fees and out-of-pocket expenses of outside counsel) incurred by the Banks in collecting or enforcing the obligations of the Guarantor under this Guaranty. 

19. This Guaranty shall bind the Guarantor and its successors and assigns and shall inure to the benefit of the Agent, the Banks and their
successors and assigns. All references herein to the Banks shall for all purposes also include all assignees of any Bank. All references herein to any Borrower shall be deemed to include its successors and assigns including a receiver, trustee or
debtor in possession of or for such Borrower. 
 20. THIS GUARANTY SHALL BE DEEMED TO HAVE BEEN MADE IN NEW YORK, NEW YORK, AND SHALL BE
CONSTRUED AND THE RIGHTS AND LIABILITIES OF THE AGENT, THE BANKS AND THE GUARANTOR DETERMINED, IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO CONFLICT OF LAWS PROVISIONS) OF THE STATE OF NEW YORK. 

21. Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining
provisions of this Guaranty. 
 22. Except as otherwise expressly provided herein, any notice required or desired to be served, given or
delivered to any party hereto under this Guaranty shall be in writing by electronic mail, facsimile, U.S. mail or overnight courier and addressed or delivered to such party (a) if to the Agent or the Banks, at their respective addresses set
forth in the Credit Agreement, or (b) if to the Guarantor, at its address indicated on Exhibit A hereto, or to such other address as the Agent, any of the Banks or the Guarantor designates to the other in writing. All notices by United
States mail shall be sent certified mail, return receipt requested. All notices hereunder shall be effective upon delivery or refusal of receipt; provided, that any notice transmitted by electronic mail or facsimile shall be deemed given when
transmitted. 
 23. Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request
or the granting of the consent specified by Section 9.01 of the Credit Agreement to authorize the Administrative Agent to declare the Advances due and payable pursuant to the provisions of Section 9.01 of the Credit
Agreement, each Bank (and each of its Affiliates) is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at
any time held and other indebtedness at any time owing by such Bank (or any of its Affiliates) to or for the credit or the account of the Guarantor against any and all of the obligations of the Guarantor now or hereafter existing under the Loan
Documents, irrespective of whether or not such Bank shall have made any demand under the Loan Documents and of whether or not such obligations may be matured. Each Bank agrees promptly to notify the Guarantor after any such set-off and application
made by such Bank, but the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Bank under this Section are in addition to other rights and remedies (including other rights of set-off) which
such Bank may have. 

  
 16 

 24. THE GUARANTOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). THE GUARANTOR CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. 

25. The Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United
States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties
hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may
only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. The Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Guaranty shall affect any right that the Agent may otherwise have to bring any action or proceeding relating to this Guaranty against the Guarantor or its properties in the
courts of any jurisdiction. 
 26. The Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty in any court referred to in the first sentence of the preceding paragraph. The
Guarantor hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

27. The Guarantor irrevocably consents to service of process in the manner provided for notices in Section 22. Nothing in this
Guaranty will affect the right of any Person to serve process in any other manner permitted by law. 
 [Signature Page Follows] 

  
 17 

 IN WITNESS WHEREOF, the Guarantor has entered into this Guaranty as of the date first
written above. 
  

			
	BAXTER INTERNATIONAL INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [signature page to Baxter Guaranty] 

 EXHIBIT A 

Baxter International Inc. 
 One
Baxter Parkway, DF6-4E 

Deerfield, Illinois 60015 

Attention: Treasurer 
 Telephone:
(224) 948-3212 

2000
Telecopy: (224) 948-2624 

 Exhibit 5.20 

[Omitted] 

  
 Exhibit 5.20 

 Exhibit 11.06 

[Omitted] 

 EXHIBIT C-1 

[Omitted] 

 EXHIBIT C-2 

[Omitted] 

 EXHIBIT C-3 

[Omitted] 

 EXHIBIT C-4 

[Omitted] 

 Schedule 1.01 

[Omitted] 

 Schedule 1.02 

[Omitted] 

 Schedule 1.03 

[Omitted] 

 Schedule 5 

[Omitted]EX-4.1

 Exhibit 4.1 
  

 
 NUVEI CORPORATION 

ANNUAL INFORMATION FORM 

Fiscal Year ended December 31, 2020 

March 17, 2021 

 ANNUAL INFORMATION FORM NUVEI CORPORATION 

TABLE OF CONTENTS 
  

					
	 Explanatory notes
	  	 	3	 
	 Forward-looking information
	  	 	3	 
	 Corporate structure
	  	 	4	 
	 Business of NUVEI
	  	 	6	 
	 General development of NUVEI’s business
	  	 	20	 
	 Risk factors
	  	 	21	 
	 Dividend Policy
	  	 	51	 
	 Description of share capital
	  	 	51	 
	 Market for securities
	  	 	57	 
	 Escrowed securities and securities subject to contractual restriction on transfer
	  	 	57	 
	 Directors and executive officers
	  	 	58	 
	 Audit committee
	  	 	61	 
	 Legal proceedings and regulatory actions
	  	 	63	 
	 Interest of management and others in material transactions
	  	 	63	 
	 Transfer agent and registrar
	  	 	63	 
	 Material contracts
	  	 	64	 
	 Interests of experts
	  	 	65	 
	 Additional information
	  	 	65	 
	 Glossary of terms
	  	 	65	 
	 EXHIBIT A Audit committee charter
	  	 	68	 

  
 Page 2 

 EXPLANATORY NOTES 

As used in this Annual Information Form (“AIF”), unless the context indicates or requires otherwise, all references to the “Company”,
“Nuvei”, “we”, “us” or “our” refer to Nuvei Corporation together with our subsidiaries, on a consolidated basis. Furthermore, as used in this AIF, unless the context indicates or requires otherwise, the
following terms have the following meanings: 
 This AIF is dated March 17, 2021, which is the date it was approved by the Board, and, unless
specifically stated otherwise, all information disclosed in this AIF is provided as at December 31, 2020, the end of Nuvei’s most recently completed fiscal year. 

This AIF should be read in conjunction with the Company’s audited consolidated financial statements and notes for Fiscal 2020 and Management’s
Discussion and Analysis for Fiscal 2020 which, for greater certainty, are not incorporated by reference herein. 
 References to “total volume” do
not represent revenue earned by us, but rather the total dollar value of transactions processed by merchants under contractual agreement with us. 
 Certain
capitalized terms used in this prospectus are defined in the “Glossary of Terms” 
 Trademarks and Trade Names 

This AIF includes certain trademarks, such as “Nuvei”, “SafeCharge” and “Smart2Pay”, which are protected under applicable
intellectual property laws and are the property of Nuvei. Solely for convenience, our trademarks referred to in this AIF and in the documents incorporated by reference herein may appear without the
® or TM symbol, but such references are not intended to indicate, in any way, that we will not assert our rights to these trademarks to
the fullest extent under applicable law. All other trademarks used in this AIF are the property of their respective owners. 
 Presentation of Financial
Information and Other Information 
 Our financial statements (including the audited consolidated financial statements for Fiscal 2020) and other
financial data appearing in this AIF are reported in U.S. dollars. Unless otherwise specified, all references to “$”, “US$”, “dollars” and “U.S. dollars” are to United States dollars, all references to
“C$” are to Canadian dollars, and all references to “€” are to Euros. 
 Exchange Rate Data 

The following table sets out the high and low rates of exchange for one U.S. dollar expressed in Canadian dollars during each of the periods specified, the
average rate of exchange for those periods and the rate of exchange in effect at the end of each of those periods, each based on the rate of exchange published by the Bank of Canada for conversion of U.S. dollars into Canadian dollars. 

 

									
	 	 	Fiscal Year Ended December 31,	 
	 	 	2020	 	  	2019	 
	 	 	(C$)	 	  	(C$)	 
	 Highest rate during the period
	 	 	1.4496	 	  	 	1.3600	 
	 Lowest rate during the period
	 	 	1.2718	 	  	 	1.2988	 
	 Average rate for the period
	 	 	1.3415	 	  	 	1.3269	 
	 Rate at the end of the period
	 	 	1.2732	 	  	 	1.2988	 

 FORWARD-LOOKING INFORMATION 

This AIF contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”)
within the meaning of applicable securities laws. Such forward-looking information includes, but is not limited to, information with respect to our objectives and the strategies to achieve these objectives, as well as information with respect to our
beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is 

  
 Page 3 

 
identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”,
“anticipate”, “plan”, “foresee”, “believe”, or “continue”, the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information
contains these terms and phrases. 
 In particular, and without limiting the generality of the foregoing, forward-looking information in this AIF includes
statements relating to: expectations regarding industry trends and the size and growth rates of addressable markets; our business plans and strategies; addressable markets for our solutions; expected pace of ongoing legislation of regulated online
gaming and sports- betting worldwide and our competitive position in our industry. 
 Forward-looking information involves known and unknown risks and
uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to,
the risk factors described in greater detail under “Risk Factors” of this AIF such as: risks relating to our business and industry, such as the ongoing COVID-19 pandemic, including the resulting
global economic uncertainty and measures taken in response to the pandemic; the rapid developments and change in our industry; substantial and increasingly intense competition, both within our industry and from other payments methods; challenges in
expanding into new geographic regions outside of Europe, the United States, the U.K. and Canada and continuing our growth within these markets; challenges in retaining existing clients, increasing sales to existing clients and attracting new
clients; managing our growth effectively; difficulty to maintain the same rate of revenue growth as our business matures; net losses resulting from significant investments in our business; impact of our indebtedness on our business, financial
condition and results of operation; concentration of our revenue from payment services; as well as risks relating to intellectual property and technology, risks relating to regulation and risks relating to our Subordinate Voting Shares. 

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking
information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information,
including but not limited to the factors in the “Summary of Factors Affecting our Performance” section of our Management’s Discussion and Analysis for Fiscal 2020. Our Management’s Discussion and Analysis for Fiscal 2020 is
available under our profile on SEDAR at www.sedar.com. 
 Forward-looking information is based on management’s beliefs and assumptions and on
information currently available to management. Although the forward-looking information contained in this AIF is based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since
actual results may vary from the forward-looking information. 
 Consequently, all of the forward-looking information contained in this AIF is qualified by
the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business,
financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this AIF represents our expectations as of the date hereof or as of the date it is otherwise stated
to be made, as applicable, and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or amend such forward-looking information whether as a result of new information, future events or
otherwise, except as may be required by applicable law. 
 CORPORATE STRUCTURE 

Name, Address and Incorporation 
 Nuvei was incorporated
on September 1, 2017 under the name “10390461 Canada Inc.” pursuant to the CBCA and subsequently changed its name to “Pivotal Development Corporation Inc.” on September 21, 2017 and to “Nuvei Corporation” on
November 27, 2018. 
 Immediately prior to closing of our initial public offering (the “IPO”) on September 22, 2020, we implemented a
number of pre-closing capital changes. Namely, the Corporation amalgamated with Pivotal Holdings Corporation pursuant to the CBCA under the name Nuvei Corporation and amended its share capital to provide for
an unlimited number of subordinate voting 

  
 Page 4 

 
shares (the “Subordinate Voting Shares”), multiple voting shares (the “Multiple Voting Shares”) and Class A preferred shares issuable in series
(the “Preferred Shares”), each with the attributes described under “Description of share capital”. 
 Our headquarters and
registered office are located at 1100 René-Lévesque Boulevard West, Suite 900, Montreal, Québec, H3B 4N4, Canada. 

Intercorporate Relationships 
 The following organization
chart indicates the intercorporate relationships of the Company and its material subsidiaries, together with the jurisdiction of formation, incorporation or continuance of each entity: 

 
 

 

  
 Page 5 

 BUSINESS OF NUVEI 

Our Purpose 
 Making our world a local marketplace. 

Overview 
 We are a global provider of payment technology
solutions to merchants and partners in North America, Europe, Asia Pacific and Latin America. We believe we are differentiated by our proprietary technology platform, which is purpose-built for high-growth mobile commerce and eCommerce markets. Our
focus on technology, innovation and security enables us to design and develop solutions that are tailored for these markets. Our solutions span the entire payments stack and include a fully integrated payments engine with global processing
capabilities, a turnkey solution for frictionless checkout experiences and a broad suite of data-driven business intelligence tools and risk management services. Through a single integration, we believe our technology platform makes it simple for
merchants and partners to securely accept payments in over 200 markets and nearly 150 currencies, and for their customers to transact using 455 alternative payment methods (“APMs”). We leverage our deep industry expertise and thought
leadership in mobile commerce and eCommerce payments to serve merchants of all sizes, from small-and-medium sized businesses (“SMBs”) to large enterprises,
operating in some of the most complex verticals across multiple geographic markets. 
 In short, we provide the payment technology and intelligence our
merchants and partners need to succeed locally and globally, through one integration. 
 While global commerce continues to pivot online, mobile commerce
and eCommerce channels are converging and creating new and fast-growing opportunities for merchants. According to eMarketer, mobile commerce and eCommerce purchase volume, including transactions completed through mobile apps, e-Wallets, social media and websites, is expected to reach $6.4 trillion globally by 2024, up from $3.4 trillion in 2019, representing a compound annual growth rate (CAGR) of approximately 14%. Rapidly scaling
across these commerce channels, however, can be complex and costly for merchants who rely on multiple payment providers in each local market. For example, merchants may use disparate and varied systems for gateway services, payment processing,
online fraud prevention, business intelligence and more, creating operational distractions and workflow challenges, which result in additional costs and financial inefficiencies. In parallel, consumers expect a consistent transaction experience
across all channels whether from a mobile device or computer. As a result, we believe merchants increasingly seek payment providers who have a unified approach and can offer
end-to-end solutions to help them navigate this complex environment. 

Why We Win 
 We believe our competitive differentiators
are underpinned by our Native Commerce Platform, which is purpose-built for high growth mobile commerce and eCommerce markets, and addresses our merchants’ challenges in some of the most complex verticals. 

Full Stack Technology Platform with a Single Integration 

We developed our Native Commerce Platform to simplify payments by combining gateway, acceptance, reconciliation, settlement, currency management and
risk management into a full stack. Through a single integration to our technology platform, our merchants can securely accept payments for goods and services sold online in nearly 150 currencies and settle locally in over 200 markets using our
multi-currency pricing and processing solutions. We also provide our merchants with data-driven analytics and risk management tools that enable them to provide their customers a convenient checkout experience and increase conversion rates while
proactively managing chargebacks and potential fraud. In addition, having control of the full payments stack allows us to provide merchants with a holistic view of their payment flow. Unlike traditional payment systems where a transaction is either
approved or declined with little explanation, integration of our full payments stack provides transparency across the transaction lifecycle. We believe this single vendor experience is difficult to replicate for those who operate multiple platforms
and differentiates us from other payment providers. 

  
 Page 6 

 Modular Architecture with Open Access to Third Party Providers 

We built our Native Commerce Platform to be modular and configurable. This allows us to offer merchants the flexibility to utilize our solutions on an on-demand, as-needed basis. As our merchants grow and expand their businesses globally, we have the opportunity to cross-sell services with minimal, if any, additional
integration effort. We also leverage our modular architecture to accelerate product development and rapidly deploy solutions to our broad base of merchants. For example, our foreign currency exchange services is a value-added feature that any of our
merchants can use, irrespective of whether they currently utilize our gateway, acquiring or global-payout capabilities. 
 Our gateway provides open access
to third-party providers, including direct integrations to many global acquiring partners. This enables merchants who utilize our gateway to choose the acquiring providers, including us, who they believe best suit their needs. In addition, given our
position as a single global connection point, we have the ability to monitor the performance of the third-party providers connected to our gateway. Accordingly, if a payment processor who is connected to our gateway experiences disruption in
service, we help our merchants optimize payments acceptance by automatically redirecting volume to an alternative acquiring partner or to us. We also help our third-party acquiring partners support their own businesses by providing fast and secure
global processing capabilities through our gateway. 
 Deep Domain Expertise and Thought Leadership in Mobile Commerce and eCommerce 

Over the last decade, we have developed deep domain expertise in mobile commerce and eCommerce channels. This has enabled us to offer a broad range of
integrated payment solutions embedded with robust risk management and security tools that are designed to meet the precise use-case requirements of our eCommerce merchants selling goods and services globally.
For example, with our dynamic currency conversion tools, merchants and their customers can view purchase amounts in their home currency at checkout while on their mobile device or computer. In addition, our recently completed acquisition of
Smart2Pay is expected to enhance our vertical expertise and capabilities in serving social gaming merchants (e.g., video and digital gaming) and online marketplaces. 

We believe the future of payments is “frictionless commerce”, where consumers seamlessly interact and transact with merchants anywhere and at any
time using the payment form of their choice. As convenience, speed and transparency become priorities for consumers, Nuvei recognizes the importance for merchants to have a unified yet configurable solution across mobile commerce and eCommerce
channels. Our full stack payments platform provides the same front-and back-end processing and settlement infrastructure for transactions made on a mobile device,
website or in person at the point of sale. We design and develop technology and solutions that reduce friction at mobile or online checkout and create enhanced experiences for consumers. As a result, we believe our merchants have experienced higher
conversion and acceptance rates, which we believe are better than those of many other providers. 
 Leadership in Serving Merchants Globally in Complex
and Regulated Verticals 
 We believe we are part of a select group of payment providers that have the ability to serve complex verticals, including
regulated online gaming and regulated financial services. Over our history, we have developed in-depth knowledge of these verticals and demonstrated the technical expertise to deploy innovative solutions
across geographic markets that address specific business needs and operational challenges while complying with local regulatory requirements. Our merchants rely on us for global processing capabilities, embedded payment pages, conversion
optimization solutions, in-app fraud management and robust risk management tools (such as digital KYC/AML, geo-blocking and automated chargeback reconciliation) –
each of which are tailored for complex and regulated industries. With ongoing legislation of regulated online gaming and sports-betting worldwide, we believe we are well-positioned to serve our merchants who are expanding into new and open markets
and to capitalize on what we view to be a first-mover advantage in these complex verticals. To date, we have secured gaming licenses in the states of Indiana, Colorado, Tennessee, West Virginia and Virginia. 

Technology-First Culture Driving Continuous Innovation 

Our technology-first culture is a key to our success as we seek to innovate, differentiate and enhance our solutions on an ongoing basis to meet our
merchants’ current and future needs and maintain our competitive advantages. Our product development team of approximately 300 technology professionals representing approximately one third of our total employee base as of December 31,
2020, is dedicated to continuously enhancing our payments technology solutions. We believe the way we collaborate with our merchants differentiates us from other payment providers and allows us to gain first-hand

  
 Page 7 

 
knowledge of our merchants’ evolving payments needs, which we leverage to develop new and proprietary solutions. Examples of such product innovations include our global pay-out capabilities, embedded payment pages, decline recovery, localized payments and Smart 3DS, which is designed to ensure that transactions are PSD2-and 3D Secure 2-compliant. Many of these innovations improve acceptance rates and conversion to completed transactions, enabling our merchants to earn more revenue. 

Our Growth Strategy 
 We believe we have built a strong
and agile business model that positions us well to capitalize on multiple growth opportunities including: 
 Grow with Our Existing Merchants in High
Growth Verticals 
 We intend to grow alongside our existing merchants and expect to benefit from sales growth and strong retention within selected
high-growth end-markets, including regulated online gaming / sports betting, regulated financial services, social gaming and online marketplaces. Mobile commerce and eCommerce merchants represent the majority
of our total volume, which accounted for 76% of our total volume in the twelve months ended December 31, 2020. 
 We believe that over time our
merchants will adopt more solutions from our Native Commerce Platform as they enter into new markets and expand across new and emerging commerce channels. This provides us with significant cross-selling opportunities and should allow us to win more
wallet share. 
 Win New Merchants in Existing and New Geographies 

We have significant experience in serving SMBs in North America and large enterprises in Europe. We intend to capture more market share in these merchant
segments, as well as broaden our merchant base. We intend to achieve this by leveraging our fast-growing direct sales team and our established “one-to-many”
indirect distribution model. In addition, we intend to expand and deepen our footprint in geographies where we have an emerging presence today, such as Asia Pacific and Latin America. 

Accelerate Pace of Product Innovation 
 We strive to
maintain our position as a leading provider of global payments solutions by offering innovative and comprehensive technology-driven solutions to our merchants. For example, in 2019, we launched partial approvals, Smart 3DS, instant funding and an
enhanced mobile-ready merchant dashboard. In 2020, we launched new features such as our cloud-based chargeback management tools, dynamic currency conversion, global token / PII encryption, split funding for marketplaces and PayLink, a
solution that enables SMBs to receive payments through the use of QR codes and secure payment links without the need for a physical point of sale terminal or an online shop, while adding over 100 APMs and taking steps towards expansion into the U.S.
regulated online gaming market. We believe our technology-first culture enables us to enhance our offerings to remain at the forefront of payments innovation. 

Pursue Strategic Acquisitions 
 We intend to augment our
strong organic growth with strategic acquisitions. We have an established track record of successfully identifying, acquiring and integrating highly complementary businesses through a highly disciplined approach. We intend to target businesses that
enhance our existing solutions, increase our presence within existing markets and verticals, add new resources and capabilities, grant us access to new markets and verticals, and expand our global direct and indirect distribution. 

Our Solutions 
 At the core of our business is our Native
Commerce Platform, a unified platform built in-house with over a decade of operational and industry domain expertise. Our Native Commerce Platform enables us to deliver comprehensive payment technology
solutions to power a convenient and secure transaction experience for our merchants and their customers. Our solutions include: 

  
 Page 8 

 Fully Integrated Payments Engine 

 

					
	 Solution
	  	 Component
	  	 Description

	Global Gateway	  	Gateway	  	 Cloud-based front-end system that serves as a single global connection point for in-app, mobile commerce, eCommerce and other card-not-present businesses

 
 •  Principal member of Visa,
Mastercard and UnionPay, and acquiring licenses with American Express and Discover/Diners Club
  

•  Direct connections to leading eCommerce and other commerce platforms

 
 •  Direct connections to over 20
acquirers globally

	  	 Global Tokenization
	  	Encryption process that replaces sensitive cardholder data with tokens, to reduce the risk of a security breach while processing a transaction; also alleviates merchants’ need to comply with Payment Card Industry Data
Security Standards (“PCI DSS”)
	  	 Smart Routing Tool
	  	Prediction engine that analyzes historical payment acceptance data to configure an optimized mix of acquiring routes in real time, and re-routes
transactions to specific acquiring partners to increase authorization rates and reduce processing costs for our merchants. The tool analyzes both card and APMs to support varying user behavior and decline recovery management
			
	Acquiring & APMs	  	Front-End Processing	  	Holds direct relationships with merchants and provides connectivity to all major payment networks (including INTERAC debit network) for authorizing transactions across multiple payment acceptance channels (POS, in-app, mobile and eCommerce)
	  	 Alternative Payment Methods
	  	Accepts 455 APMs, including direct integration with ACH, PayPal, AliPay and WeChat Pay, among others
	  	 PayLink
	  	Enables merchants to accept payments by generating a QR code or a link to a secure payment page without requiring an online store or a physical POS terminal; and unattended / in-store,
enables consumers to make payments using smart devices
	  	 Back-End
Processing
	  	Proprietary back-end clearing and settlement platform that connects directly to all major payment networks
			
	Payout	  	Payout	  	Allows merchants to disburse payments in nearly 150 currencies to payout options pre-selected by their customers, including local currency bank deposits, branded prepaid or virtual cards,
direct transfers to designated debit or credit cards and more
	  	 Instant Disbursement
	  	Allows customers to receive real-time payments in less than 30 seconds
			
	Currency Management	  	Multi-Currency Pricing	  	Enables merchants to price and sell in nearly 150 currencies and settle in the local currency, while reducing risks and costs associated with international sales
	  	 Dynamic Currency Conversion
	  	Gives international shoppers the choice of paying either in the default / local currency of the merchant or in the currency in which their credit card is issued
			
	Risk Management & Compliance	  	 Transaction Risk
 Scoring
	  	Assigns a risk score to every transaction, based on a suite of checks designed to identify potentially fraudulent transactions, including cross referencing of internal negative databases, identity checks, velocity checks and
geographic location. Utilizes proprietary behavioral algorithms, which can detect subtle patterns and habits that help identify those seeking to perpetrate online fraud
			
		  	Identity Manager	  	Offers KYC and document verification checks by connecting to identity management service providers worldwide, helping businesses comply with

  
 Page 9 

					
	 Solution
	  	 Component
	  	 Description

	 	  		  	various KYC, AML and politically exposed persons and sanctions regulations, while also verifying age and identity of their users
	  	 Fraud Management Tools
	  	Allows merchants to reduce chargebacks by addressing questionable transactions early on in the payment process
	  	 Smart 3DS
	  	Provides an acquirer-agnostic solution to help merchants manage the complexity under PSD2 and 3D Secure 2, while enabling high authorization rates and reducing fraud levels. Our online exemption submission engine makes decisions
in real-time according to merchant preference and either routes transactions through extra authentication checks via Dynamic 3D Secure or sends transactions with the right exemption to a non-3D flow
	  	 Chargeback Management
	  	Automated processes for receiving and managing chargebacks directly from the card schemes, including automated alerts and advanced case management
			
	 Other Value-

Added Services
	  	Recurring Billing Tools	  	 Helps merchants grow recurring revenue through:
  

●            Effective storage and management of subscription accounts,

 

●            Merchant-friendly APIs and developer toolkits to set up flexible schedules for
recurring payments,
  

●            Auto account updater service that polls payment networks to automatically update
account information when a new credit or debit card is issued, and
  

●            Automated authorization retries for recurring payments

	  	 Decline Recovery
	  	Increases merchants’ approval rate through recovering declined transactions; for example, provides users with the option to choose an alternate credit card or payment method for declined transactions
	  	 Split Funding
	  	Allows online marketplaces and merchants on their platforms to receive their share of payments separately based on pre-determined rules, eliminating the need for further reconciliation
among the parties
	  	Reconciliation Manager	  	Automates the matching and reconciliation of transactions across multiple payment providers and bank accounts

 Alternative Payment Methods 

455 APMs are accepted by our global gateway including: 
  

							
	List of Selected APMs
	Maestro	  	Caixa	  	MultiBanco	  	Singapore Post
	Mastercard	  	Loterias Caixa	  	mBank	  	Skrill
	Mastercard Debit	  	Caja Vecina	  	MB WAY	  	Skrill 1-tap
	Visa	  	CashLib	  	Millennium Bank	  	Banco Bradesco
	Visa Checkout	  	CenPay	  	Moneta Money Bank	  	Slovenská sporitel’n¡a
	Visa Debit	  	Ceska Sporitelna	  	Moneta Ru	  	SoFort Banking
	SuperBodega Acuenta	  	Citi Bank	  	Mpay Station	  	Sistema de Pagos Electronicos
	Alior Bank	  	CobroExpress	  	MuchBetter	  	Interbancarios
	Alipay	  	Citibanamex	  	Multicaja	  	Standard Chartered Bank
	Apple Pay	  	Davivienda	  	MyBank	  	STP Sistema de
	AstroPay	  	DBS Bank	  	Neosurf	  	Transferencias y Pagos
	AXS	  	EcoPayz	  	Nest Bank	  	SurtiMax
	Baloto Revancha	  	Efecty	  	Neteller	  	Uslugi Bankowe, Tatra Banka
	Banco de Chile	  	EPS Uberweisung, Express Linder	  	Noble Bank	  	Tbanc
	Banco do Brasil	  	FamilyMart Fast Bank Transfer	  	ON Shop	  	Tesco Lotus
	Banco BICE	  	Fio Banka	  	OXXO	  	Thanachart Bank Public
	Bancolombia	  	Get In Bank	  	Pago Facil	  	Company Limited
	Banco Falabella	  	GiroPay	  	PagoEfectivo	  	TMB Bank

  
 Page 10 

							
	Banco Security	  	GoPay	  	PassNGo	  	ToditoCash
	Bancontact - Mistercash NV	  	HiPay	  	PaybyMobile	  	Tpay
	Bangkok Bank	  	IdeaBank	  	PayMaya	  	TrueMoney
	Bank OCBC NISP	  	iDEA	  	PayPal	  	Trustly
	Bank of Ayudhya	  	iDebit	  	Pay@Post	  	UniCredit
	Bank Pekao	  	ING GroupInstadebit	  	Rapipago	  	UnionPay
	Group Financiero Banorte	  	Inteligo	  	Redcompra Prepago	  	United Overseas Bank
	Bank Rakyat	  	Interac	  	SafetyPay	  	Vs¡eobecná úverová banka
	Banco Bilbao Vizcaya Argentaria	  	Interbank	  	SAM	  	Webanq
	Banco BCI	  	Banco Itaú	  	Santander Bank	  	WebMoney
	Bayad Center	  	JustPay	  	Banco Santander Rio	  	WebPay
	Blik	  	Kasikornbank	  	Sberbank of Russia	  	WeChat
	Boleto Bancario	  	Komerc¡nĺ banka	  	Siam Commercial Bank	  	Yandex
	Big C	  	Krung Thai Bank	  	Single Europe Payments Area	  	Zimpler
	Bank Ochrony Srodowiska	  	Kwick! Go!	  	RedServi	  	
	Banco Estado	  	Lider, Banco Macro S.A.	  		  	

 Enhanced Checkout Experience 
  

			
	 Solution
	  	 Description

	Checkout	  	Customizable payment page designed for eCommerce businesses to give consumers a convenient checkout experience across all devices. Allows merchants to personalize and localize their payments pages to increase conversion into
completed purchases; supports virtual point of sale, QR codes and link-to-pay capabilities
		
	Cashier	  	Embedded payment page designed for merchants that need payment acceptance and withdrawal options, particularly in the regulated online gaming and regulated financial services industries. Supports: (i) partial approval,
(ii) reverse withdrawal, (iii) quick deposit and in-game top ups for gaming merchants, (iv) net deposits enabling withdrawals using the same method as deposits, while aiding in AML compliance
and (v) payments account verification (e.g., with PayPal) for additional security and ability to support local regulations
		
	Fields	  	Enables merchants to alleviate PCI DSS requirements, while building their own cashier or checkout pages solution
		
	Partial Approval	  	Enables approval of partial transaction amounts for users with limited available funds; this feature is designed to reduce transaction declines and maximize revenue conversion
		
	One-Click Payment	  	Securely stores user payment data enabling “one-click” payment for future transactions

 

			
	 Data-Driven Back Office
  
	  	
	 Solution
	  	 Description

	Nuvei Dashboard	  	Cloud-based and customizable reporting dashboard, offering merchants real-time access to their transactional and financial data, including cost breakdown at a transaction level and pricing at specific volume tiers
		
	Flexible Reporting	  	Allows merchants to customize and structure reports to meet their specific business needs. Merchants are able to review reports using automatic scheduler, via email or Secure File Transfer Protocol
		
	Business Analytics Tools	  	Enables merchants to identify trends and turn selected customer data (such as spending patterns and buying preferences) into actionable insights
		
	Business Coach	  	Social media monitoring dashboard that helps merchants improve engagement with customer segments that have higher potential revenue per visit and turn new customers into repeat customers

  
 Page 11 

 Our Competition 

We compete with a range of providers for various components of our offering across markets, commerce channels and verticals. Globally, our competitors include
integrated payment providers focused on mobile commerce and eCommerce channels (such as Adyen and PayPal) and other payment processors (such as Fiserv, Global Payments, Checkout.com and Worldpay). 

We are one of the few companies that can offer mobile commerce and eCommerce payments technology through a single integration and through a single source
relationship. Certain traditional payment providers are hindered by limitations including disparate legacy technology systems and inadequate product offerings. Our full stack technology platform combined with our innovative and flexible suite of
payment solutions addresses many of the issues that merchants face today, including: 
  

	 	•	 	 Fragmented global payments landscape: Global merchants are forced to work with a large
number of payment providers who can offer solutions relevant to a specific market, leading to increased complexity and a higher administrative burden. 

  

	 	•	 	 Slow to adapt to new technology: With changing consumer preferences and behavior and the
globalization of commerce, the ability of payment providers to accept not only card-based payments but also APMs is increasingly important. Additionally, the ability to provide robust payment solutions across multiple commerce channels has come to
be expected as a minimum offering. 

  

	 	•	 	 Friction in customer checkout experiences: Checkout is one of the most important steps for a
successful mobile commerce or eCommerce transaction. Once a customer is at the payment page, it is critical to make the experience as easy and seamless as possible until the payment is completed. Functionalities such as partial approval, decline
recovery, one-click checkout, recurring billing and account updater are required to increase conversion rates. 

  

	 	•	 	 Lack of flexibility or inability to offer a modular, “à-la-carte” offering: Certain providers that offer a full-stack offering are unwilling to provide merchants with the flexibility to use their solutions on an as-needed basis. We believe merchants seek to work with providers that can address multiple use cases in a modular,
“à-la-carte” format – such as gateway only, or gateway plus acquiring and checkout, or a full one-stop
solution including gateway. 

  

	 	•	 	 Unsophisticated fraud and chargeback prevention tools: Minimizing fraud and chargebacks is a
major challenge for both payment providers and merchants. We believe fraud detection and prevention measures may result in both false-positives and false-negatives which leads to lower conversion and higher fraud due to the improper verification of
customers. Additionally, many solutions do not have global tokenization and encryption solutions for mobile and online transactions or integrated KYC and AML checks which allow merchants to automate customer authentication without impacting
transaction success rates. 

 We believe we compete favorably with respect to each of these factors. For information on risks relating to
increased competition in our industry, see “Risk factors—Substantial and increasingly intense competition, both within our industry and from other payments methods, may harm our business.” 

Our Intellectual Property 
 We rely on a combination of
intellectual property laws, confidentiality procedures and contractual provisions to protect our proprietary technology and our brand. We have registered, and applied for the registration of, Canadian, U.S. and international trademarks, service
marks, and domain names. Over time, we have assembled and continue to assemble a portfolio of trademarks, service marks, copyrights, domain names and trade secrets covering our products and services. See “Our Solutions”. In particular, our
source code, product books and website content is protected by copyright at common law. Intellectual property is a component of our ability to be a leading payment services provider and any significant impairment of, or third-party claim against,
our intellectual property rights could harm our business or our ability to compete. 
 Our Employees 

We have a strong management team led by our Chief Executive Officer Philip Fayer, with broad experience in information technology, strategy, operations,
finance, sales, communications and training. Our executive officers have an average of over 

  
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17 years of experience in the electronic payments industry. Many of the members of our management team have worked together as a team for many years. 

As of December 31, 2020, we had 869 employees, of which 193 were based in our headquarters in Montreal, Québec. We also engage consultants as
needed to support our operations. 
 None of our employees are represented by a collective bargaining agreement. 

Specialized Skills and Knowledge 
 The skills, expertise
and competencies required in our industry are constantly evolving. Nuvei strives to be one step ahead and adopts a proactive approach, not only by recruiting engaged and skilled professionals but, more importantly, by developing and retaining them
to meet our needs. Over the years, we have put in place multiple initiatives to meet our needs, fulfill our business plans, and maintain and develop professionals of very high calibre for the benefits of our merchants, members and shareholders. 

Our Facilities and Locations 
 All of Nuvei’s
premises are rented. Our corporate headquarters, which includes product development, sales, marketing, and business operations, is located in Montreal, Québec. It consists of an office of 32,658 square feet of space under a lease that expires
in March, 2021, and that, starting in April 2021, will be reduced to 21,646 square feet of space for a ten-year term expiring in March 2031. In addition to our corporate headquarters, we lease general office
space in Scottsdale, Arizona, Hoffman Estates, Illinois, Bloomingdale, Illinois, St Catherines, Ontario, Sofia, Bulgaria, Nicosia, Cyprus, London, England, and Tel Aviv, Israel. We also embrace a “work from home” model, which extends our
reach beyond our physical office locations to virtual or shared office spaces in Mexico, Italy and Singapore and a remote presence in China. As part of the Smart2Pay Transaction, we added office locations in Iasi, Romania and the Netherlands and
virtual or shared office spaces in San Francisco, California, Brazil, Spain and Malta. 
 We also lease server space in third-party data centers in
Montreal, Québec, Toronto, Ontario, Chicago, Illinois, Hawthorne, New York, Phoenix, Arizona, Las Vegas, Nevada, London, England, Amsterdam, Rotterdam and Delft, the Netherlands, Strasbourg and Gravelines, France, Dublin, Ireland and Iasi,
Romania. 
 We believe that our facilities are suitable and adequate for our business as presently conducted. However, we periodically review our facility
requirements and may acquire new space to meet the needs of our business or consolidate and dispose of facilities that are no longer required. If we require additional space, we expect that we will be able to obtain additional facilities on
commercially reasonable terms. 
 Regulatory Environment 

We operate in a complex legal and regulatory environment. Our business and the products and services that we offer are subject to a variety of laws and
regulations in Canada, the United States, the United Kingdom, the member states of the EEA, and elsewhere. We are also subject to the rules and standards of the payment networks that we utilize to provide our electronic payment services. As
described more fully below, failure to comply with these requirements may result in regulatory sanctions being imposed on our regulated subsidiaries, any may result in constraints on our ability to continue to operate or to continue to grow our
business. 
 Consumer Financial Regulation 
 In the
United States, the CFPB is authorized to regulate at the federal level the provision of consumer financial products and services, including many offered by our merchants or partners. Among other things, the CFPB may issue rules prohibiting unfair,
deceptive or abusive acts or practices. Though we are not directly subject to the CFPB’s regulations or supervisory authority, the CFPB may have authority over us as a provider of services to regulated financial institutions in connection with
consumer financial products. 
 In Canada, the Payment Card Networks Act was adopted to regulate national payment card networks and their commercial
practices. The act provides for the possibility of regulation of acquirers, however, such provisions have not been implemented. Instead, Canadian payment networks, issuers and acquirers abide by the Code. There are 13 policy elements

  
 Page 13 

 
included in the Code, some of which apply directly to us, such as minimal content for merchant-acquirer agreements and monthly statements, fee increase notices and cancellation rights. 

Payment Services and Electronic Money Regulation 
 Certain
of our subsidiaries are subject to various regulatory requirements deriving from PSD2 (in the United Kingdom and the Netherlands) and the Electronic Money Laws of 2012 and 2018 (implementing the Electronic Money Directive) and the Payment Services
and Access to Payment Systems Laws of 2018 and 2019 (implementing PSD2) (in Cyprus). Applicable regulations in these jurisdictions require our subsidiaries to obtain licenses to perform certain of their business activities in or from these
jurisdictions, and impose, among other things, certain conduct of business requirements, integrity requirements, and initial and ongoing capital requirements and regulatory reporting and notification requirements. 

United Kingdom 
 In the United Kingdom, SafeCharge
Financial operates as an authorized payment institution under PSD2, and is subject to regulation and oversight by the FCA. Pursuant to its authorization as an authorized payment institution granted under the U.K. Payment Services Regulations 2017
(“U.K. PSRs”), SafeCharge Financial is authorized to provide issuing and/or acquiring of payment instruments services, and is currently able to provide these payment services throughout the EEA pursuant to the cross-border passporting
right in PSD2. 
 With respect to SafeCharge Financial, the FSMA, which applies (with certain modifications) to a payment services institution by virtue of
paragraph 5 of schedule 6 of the U.K. PSRs and associated guidance, requires that, inter alia: 
  

	 	•	 	 any individual or entity, whether residing or established in the United Kingdom or abroad, obtains prior approval
from the FCA where such individual or entity (a) proposes to acquire 10% or more of the shares or voting rights, directly or indirectly, of an FCA-authorized payment institution, such as SafeCharge
Financial, or in its parent, such as Nuvei, or (b) otherwise is able to exercise significant influence over the management of the FCA-authorized payment institution by virtue of the acquirer’s shares
or voting rights in the FCA-authorized payment institution; 

  

	 	•	 	 where a person that holds 10% or more of the shares or voting rights of an
FCA-authorized payment institution intends to increase its control and this causes the person to cross a control threshold (20%, 30% or 50%), that person must notify the FCA before the proposed transaction;

  

	 	•	 	 in reviewing an application with respect to a proposed change in control, the FCA must be satisfied in respect
of: the suitability of the proposed controller; the financial soundness of the acquisition of control to ensure the continued sound and prudent management of the payment institution; and the likely influence the proposed controller will have on the
payment institution; 

  

	 	•	 	 the business activities of the payment institution must be carried out in accordance with the conduct of business
requirements set out in the U.K. PSRs, including with respect to the information provided to customers before and after execution of a payment transaction and the rights and obligations of the payment service provider and its customers in relation
to payment transactions; and 

  

	 	•	 	 the FCA must be informed in advance of any significant change in circumstances which is relevant to its
authorisation of SafeCharge Financial or the information previously provided to it. This includes, for example, changes to control of the business and the people responsible for management. In particular, appointments should be notified to the FCA
before the change takes place, and removals no later than seven working days after the event. The FCA must be satisfied that the directors and other persons who will be responsible for the management of SafeCharge Financial and its payment services
activities are of good repute and have the appropriate knowledge and experience to perform payment services. 

 If the FCA considers that
there are reasonable grounds to object to a proposed change, it may issue a warning notice, which may be followed by a decision notice and final notice. Where the FCA has issued a warning notice, a decision notice or a final notice, it may also give
a notice imposing one or more restrictions on shares or voting power (a restriction notice) and must direct that the voting power subject to the restriction notice is suspended until further notice. The FCA also has the power to apply to the court
for the order of a sale of shares or the disposition of voting power where the acquisition or continued holding of the shares or voting power by that person is in contravention of a final notice. Persons that acquire or

  
 Page 14 

 
increase control without prior approval, or in contravention of a warning, decision or final notice, may have committed a criminal offence. The FCA may prosecute and, if found guilty, the person
may be liable to an unlimited fine or given a prison sentence. 
 In relation to breaches of the U.K. PSRs, the FCA may impose penalties or censures and
initiate criminal prosecutions against the regulated entity. The FCA can also order authorized payment institutions to provide restitution to their customers. In the case of serious breaches of the U.K. PSRs or failure to meet the minimum standards
for authorization, the FCA can cancel, vary or place requirements on an authorized payment institution’s authorization. 
 Cyprus 

In Cyprus, SafeCharge Limited operates as an electronic money institution under the Electronic Money Laws of 2012 and 2018 (implementing the Electronic Money
Directive) and the Payment Services and Access to Payment Systems Laws of 2018 and 2019 (implementing PSD2), and is subject to regulation and oversight by the Central Bank of Cyprus. Pursuant to License No.115.1.3.9/2018 granted pursuant thereto,
SafeCharge Limited is authorized to provide payment processing for online merchants as well as an electronic money service to customers. SafeCharge Limited is also a Principal Member of MasterCard, Visa and UnionPay International. SafeCharge Limited
utilizes cross-border passporting rights under the Electronic Money Directive to provide both payment and electronic money services throughout the EEA. 

With respect to SafeCharge Limited, the Electronic Money Laws of 2012 and 2018 and the Payment Services and Access to Payment Systems Laws of 2018 and 2019
collectively require that, inter alia: 
  

	 	•	 	 any individual or entity, whether residing or established in Cyprus or abroad, obtains prior approval from the
Central Bank of Cyprus for the acquiring directly or indirectly of an equity interest of 10% or more in its capital, or for increasing of an existing qualifying holding; 

 

	 	•	 	 the proposed acquirer of a qualifying holding supplies to the Central Bank of Cyprus information indicating the
size of the intended holding, as well as all additional information necessary for the Central Bank of Cyprus to carry out an assessment of the proposed acquirer; 

 

	 	•	 	 in order to ensure the sound and prudent management of the institution in which an acquisition is proposed, and
having regard to the likely influence of the proposed acquirer, information that is necessary to appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition is also required to be submitted to the
Central Bank of Cyprus; 

  

	 	•	 	 the suitability and the financial soundness of the proposed acquirer is appraised against all of the following
criteria: (a) the reputation of the proposed acquirer; (b) the reputation, the knowledge, the competencies and the experience of any member of the management body and of any senior manager, who will direct the business of the institution
as a result of the proposed acquisition; (c) the financial soundness of the proposed acquirer; (d) the ability of the institution to comply and to continue to comply with the requirements of prudential supervision, in particular whether
the group of which it will become a part has a structure that makes it possible to exercise effective supervision, effectively exchange information among the competent authorities and determine the allocation of responsibilities among the competent
authorities; (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing is being or has been committed; 

 

	 	•	 	 where the influence exercised by a proposed acquirer is likely to operate to the detriment of the prudent and
sound management of the institution, the Central Bank of Cyprus shall express its opposition and in addition take one or more of the following measures: (a) suspension of the exercise of the voting rights attaching to the shares or the voting
rights held by that person; (b) issuance of an order under which the disposal, signing of a disposal agreement, sale, exchange, hiring, transfer, donation and in general the alienation of the institution’s shares is void
(c) prohibition of acquiring, including acquisition by donation or by exercise of option, of the shares of the institution; (d) prohibition of conduct of any payments by the institution attaching to the shares, excluding the case of
dissolution of the institution; 

  

	 	•	 	 the regulated entity is required to take every measure to ensure the continued compliance with the provisions of
the legal framework and that its business activities are carried out in accordance with the applicable provisions on integrity of business operations and administration, as well as applicable requirements regarding organization and internal control,
including, inter alia, a requirement to disclose any change affecting the accuracy of the data it has 

  
 Page 15 

	 	 
submitted to the Central Bank of Cyprus relating to the identity of the persons having direct or indirect control over it. 

In the case of natural or legal persons failing to fulfil the obligation of pre-disclosure as stated above, the
Central Bank of Cyprus may take against that person any one or more of the following measures, specifying the duration of the validity of the measure or that the measure is valid until its withdrawal: (a) suspension of the exercise of the
voting rights attaching to the shares or the voting rights held by that person; (b) issuance of an order under which the disposal, signing of a disposal agreement, sale, exchange, hiring, transfer, donation and in general the alienation of the
institution’s shares is void; (c) prohibition of acquiring, including acquisition by donation or by exercise of option, of the shares of the institution; (d) prohibition of conduct of any payments by the institution attaching to the
shares, excluding the case of dissolution of the institution. The Central Bank of Cyprus may also impose an administrative fine in connection with the violation of pre-disclosure obligations. These penalties
may be imposed on the persons seeking to acquire or increase a qualified holding in the regulated entity and/or on the regulated entity itself. 
 The
Netherlands 
 We are subject to regulations in the Netherlands, where Smart2Pay Regco provides services that are regulated and subject to supervision by
the Dutch Central Bank in accordance with the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the regulations promulgated thereunder. Pursuant to the Dutch Financial Supervision Act, Smart2Pay Regco requires a license to
provide payment services. Smart2Pay Regco holds a license from the Dutch Central Bank to operate as a payment institution and is authorized to execute payment transactions (payment service 3, as referred to in PSD2) and to issue and/or acquire
payment instruments (payment service 5, as referred to in PSD2) in the Netherlands, and is currently able to provide payment services 3 and 5 in the EEA in accordance with its cross-border passporting right in PSD2. As a licensed payment
institution, Smart2Pay Regco is also under ongoing prudential and integrity supervision by the Dutch Central Bank. 
 With respect to Smart2Pay Regco, the
Dutch Financial Supervision Act and the regulations promulgated thereunder require that, inter alia: 
  

	 	•	 	 the integrity of all members of the management board and supervisory board and factual policy makers of Smart2Pay
Regco is without doubt and each such person meets the applicable “fit and proper” requirements; 

  

	 	•	 	 any individual or entity, whether residing or established in the Netherlands or abroad, obtains prior approval
from the Dutch Central Bank where such individual or entity (a) proposes to acquire 10% or more of the issued share capital or voting rights, directly or indirectly, in Smart2Pay Regco, or (b) otherwise is able to exercise, directly or
indirectly, an equivalent degree of control in Smart2Pay Regco. In reviewing an application with respect to a proposed change in control, the Dutch Central Bank must be satisfied in respect of: the suitability of the proposed controller; the
financial soundness of the acquisition of control to ensure the continued sound and prudent management of the payment institution; and the likely influence the proposed controller will have on the payment institution. In order to ensure the sound
and prudent management of the institution in which an acquisition of a qualifying holding is proposed, and having regard to the likely influence of the proposed acquirer, information that is necessary to appraise the suitability of the proposed
acquirer and the financial soundness of the proposed acquisition is also required to be submitted to the Dutch Central Bank; 

  

	 	•	 	 the suitability and the financial soundness of the proposed acquirer of a qualifying holding is appraised against
all of the following criteria: (a) the integrity of the proposed acquirer and its day-to-day policymakers; (b) the reputation, the knowledge, the competencies
and the experience of the proposed acquirer and its day-to-day policymakers; (c) the financial soundness of the proposed acquirer; (d) the ability of the
institution to comply and to continue to comply with the requirements of prudential supervision; (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing is
being or has been committed; 

  

	 	•	 	 any change to the formal and actual control structure of the group of companies of which it is part obtains prior
approval from the Dutch Central Bank; 

  

	 	•	 	 its business activities are carried out in accordance with the applicable provisions on conduct of business,
integrity of business operations and administration, as well as applicable requirements regarding administrative organization and internal control; and 

  
 Page 16 

	 	•	 	 the Dutch Central Bank must be informed in advance of any material changes in the direct or indirect shareholding
structure of Smart2Pay Regco, changes to its management and/or supervisory board, or of any significant changes in its business activities. 

Non-compliance with the requirements of the Dutch Financial Supervision Act and the regulations promulgated thereunder
may result in enforcement action being taken by the Dutch Central Bank. Such action may take the form of, among other things, formal instructions (aanwijzingen), administrative fines, orders subject to an incremental penalty (last onder
dwangsom), increased regulatory compliance requirements or other potential regulatory restrictions on Smart2Pay Regco’s business, enforced suspension of operations and, in extreme cases, withdrawal of licenses, removal of board members or
criminal prosecution. For example, the Dutch Central Bank may instruct the payment services provider or its corporate bodies to implement certain changes in the composition of its management board or to replace certain policy makers that do not meet
the applicable suitability and/or integrity requirements, may require that such persons no longer co-determine or determine the business policy of the payment services provider, or require that the policy
makers follow a certain course of action as determined by the Dutch Central Bank. 
 Singapore 

In Singapore, SafeCharge Pte Limited has applied for a Standard Payment Institution License under the Payment Services Act 2019 (the “PSA”). The
recently enacted PSA imposes a licensing requirement on any person offering “payment services” (as defined therein) and who is not otherwise exempted. The application has been submitted to the Monetary Authority of Singapore (the
“MAS”), which is responsible for granting and administering licenses under the PSA. Once granted, the Standard Payment Institution License will authorize SafeCharge Pte Limited to provide domestic money transfer services, cross-border
money transfer services, and merchant acquiring services within Singapore. 
 The PSA and associated Payment Services Regulations 2019 (the “SG
PSRs”), which will apply to SafeCharge Pte Limited once the Standard Payment Institution License is granted, require that, inter alia: 
  

	 	•	 	 a person must not become a 20% controller of a licensee (defined as owning 20% of the shares or being in a
position to control 20% of the votes of a licensee) without first applying for and obtaining the approval of the MAS; 

  

	 	•	 	 in reviewing an application with respect to the granting of a license or a proposed change in control of a
licensee, the MAS must be satisfied in respect of: the suitability of the proposed controller; the financial soundness of the acquisition of control to ensure the continued sound and prudent management of the payment institution; and the likely
influence the proposed controller will have on the payment institution; 

  

	 	•	 	 the business activities of the payment institution must be carried out in accordance with the conduct of business
requirements set out in the PSA and the SG PSRs, and the MAS has the power to impose certain conditions or restrictions on the operation of the business; 

  

	 	•	 	 the MAS must be informed in advance of any significant change in circumstances which is relevant to its
authorisation of SafeCharge Pte Limited or the information previously provided to it. This includes, for example, changes to control of the business and the people responsible for management. 

Failure to abide by the conditions of the Standard Payment Institution License or breaches of the requirements of the PSA and the SG PSRs can result in an
investigation by the MAS, the imposition of fines or penalties, and, in some cases, ultimately the suspension or revocation of the license. The Standard Payment Institution License has not yet been granted, but SafeCharge Pte Limited is in regular
contact with the MAS regarding the status of the application, and has no reason to believe that the application will be refused. 
 Mexico 

In Mexico, SafeCharge Payments Mexico, S.A. de C.V. (“SafeCharge Mexico”) is authorized to provide services as an aggregator under the Law on
Transparency and Regulation of Financial Services (Ley para la Transparencia y Ordenamiento de los Servicios Financieros) and the General Rules for Payment Networks. It is registered with the National Banking Commission (CNBV Comisión
Nacional Bancaria y de Valores) (the “CNBV”) and subject to oversight by both the CNBV 

  
 Page 17 

 
and the Mexican Central Bank (Banco de México). Pursuant to this authorization, SafeCharge Mexico operates as an aggregator offering payment acceptance services within Mexico. 

The following requirements are applicable to SafeCharge Mexico as a registered aggregator: 

 

	 	•	 	 Though not strictly required by law, any material change to the information filed when the CNBV registration was
made should be updated accordingly, including any changes to the capital structure; 

  

	 	•	 	 Mexican law requires aggregators to register their commissions and fees with the Mexican Central Bank and for
their agreements with clients to follow certain principles, and may require that SafeCharge Mexico show evidence of compliance with these principles from time to time. 

Failure to abide by the conditions imposed by the CNBV or the Mexican Central Bank gives the authorities the power to enforce their provisions by imposing
warnings, penalties, or temporary total or partial closure of the business, or use of force. 
 Banking Regulation 

A number of our financial institution partners are directly subject to various laws and regulations enforced by U.S. and Canadian federal or state as well as
European banking regulators. While these regulatory requirements do not apply to us directly, many of them may affect the services that we provide to our partners. U.S. and Canadian federal, state or provincial and European banking regulators may
also impose requirements on regulated financial institutions related to their relationships with third-party service providers. As a result, our acquiring banks may be required to perform appropriate due diligence on us and our activities, evaluate
our risk management, information security, and information management systems, and conduct ongoing monitoring of our performance and our ability to deliver services. Various other obligations may also be imposed on us to allow our partners to meet
the regulators’ expectations, such as in respect of reporting, contingency planning, subcontracting, confidentiality, security, separation of property, insurance, location of records and business continuity plans. Similar U.S. state and
Canadian provincial laws and regulations that govern financial institutions may also subject our activities to review or examination. 
 Payment Networks

 In order to access the international card networks to provide acquiring and processing services, we are subject to the rules and standards of
MasterCard, Visa and other payment networks. These rules and standards implicate a variety of our activities and services, including operating rules, mandatory technology requirements data security, allocation of liability for certain acts or
omissions (including liability in the event of a data breach) and how consumers and merchants may use their cards. Payment networks may, and routinely do, modify these rules and standards as they determine in their sole discretion and with or
without advance notice to us. These modifications may impose additional costs and expenses on, or may otherwise be disadvantageous to, our business. In addition, we are subject to audit by various payment networks. The payment networks may fine or
penalize us or suspend our registration if those audits find that we have failed to comply with applicable rules and standards. 
 Data Protection Laws
and Regulations 
 We provide services that may be subject to data protection laws, rules, regulations and standards in a number of jurisdictions. These
laws, rules, regulations and standards restrict the collection, processing, storage, use and disclosure of personal information, require notice to individuals of privacy practices and provide individuals with certain rights to prevent the use and
disclosure of protected information. They also impose requirements for safeguarding and proper destruction of personal information including through the issuance of data security standards or guidelines. For example, the payment networks require
compliance with the Payment Card Industry Data Security Standard, a set of requirements designed to ensure that all companies that process, store or transmit payment card information maintain a secure environment to protect cardholder data. 

Relevant U.S. federal privacy laws include the Gramm-Leach-Bliley Act of 1999, which applies directly to a broad range of financial institutions and
indirectly, or in some instances directly, to companies that provide services to financial institutions. Canada’s PIPEDA and certain U.S. state and Canadian provincial laws impose similar privacy obligations as well. For example, the CCPA
imposes stringent data privacy and data protection requirements for the data of California residents. Many of these laws also impose obligations to provide notification of security breaches to affected individuals, state officers, consumer reporting
agencies, businesses or governmental agencies that own data. 

  
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 In Europe, the GDPR applies to companies operating within the EEA as well as companies outside the EEA that
offer goods or services to EEA customers or businesses. It imposes a number of disclosure, consent, data handling and storage and data use obligations on processors and controllers of personal data. Penalties for breach of the GDPR can be
substantial, including a maximum fine of 4% of annual global turnover. 
 Unfair or Deceptive Acts or Practices 

We and our partners are subject to U.S. and Canadian federal, state and provincial laws prohibiting unfair or deceptive trade practices enforced by various
regulatory agencies, including, in the U.S., the FTC and U.S. state attorneys general, in Canada, the Competition Bureau, in Europe, the European Commission, in the United Kingdom, the Competition and Markets Authority, and, in the Netherlands, the
Authority for Consumers & Markets. These agencies and regulators may take actions that affect the activities of certain of our partners, and in some cases may subject us to investigations or enforcement actions if we are deemed to have
aided and abetted or otherwise facilitated illegal or improper activities. 
 Anti-Bribery, Sanctions, and Counter-Terrorist Regulations 

In the United States, Canada, the United Kingdom and the European Union, we are subject to anti-corruption laws and regulations such as the FCPA, the CFPOA and
the Bribery Act which prohibit the making or offering of improper payments or benefits to foreign government officials and political figures. The broad reach of such acts as well as accounting provisions enforced by various regulatory agencies
require us to maintain appropriate records and adequate internal controls to prevent and detect possible violations. Many other jurisdictions where we conduct business have similar anticorruption laws and regulations. We have policies, procedures,
systems, and controls designed to identify and address potentially impermissible transactions under such laws and regulations. 
 We are also subject to
certain economic and trade sanctions programs administered by the OFAC in the United States, Global Affairs Canada in Canada, the European Union and Her Majesty’s Treasury in the United Kingdom and the Dutch Central Bank in the Netherlands.
These programs prohibit or restrict transactions to or from, or dealings with, specified countries, their governments, and in certain circumstances, their nationals. Transactions or dealings with individuals and entities that are
specially-designated nationals of those countries, narcotics traffickers, and terrorists or terrorist organizations are also prohibited or restricted. Similar laws apply to movements of currency and payments through electronic transactions and to
dealings with persons specified in lists maintained by the authorities in several other countries and require intermediaries in the payment process to observe specific data retention obligations. Although we do not currently perform any business in
these jurisdictions, if we do so in the future, we will be subject to those data retention obligations. 
 Money Transmission Licensing and Regulation

 In the United States, regulations promulgated by the Financial Crimes Enforcement Network of the U.S. Department of the Treasury require certain
persons to register at the federal level as a MSB and comply with anti-money laundering laws and regulations. In addition, most U.S. states require licenses for persons engaged in the business of money transmission. Such U.S. state licensing laws
may subject money transmitters to periodic examinations and may require them and their agents to comply with federal and/or state anti-money laundering laws and regulations. 

In Canada, the PCMLTFA implements specific measures to detect and deter money laundering and the financing of terrorist activities, including by establishing
record keeping and client identification requirements and requiring the reporting of suspicious financial transactions and of cross-border movements of currency and monetary instruments. 

MSBs are reporting entities under the PCMLTFA and must register with the Financial Transactions and Reports Analysis Centre of Canada. The Province of
Québec has also enacted legislation requiring similar registration with the AMF. 
 Our current activities do not require us to register with the
Financial Crimes Enforcement Network of the U.S. Department of the Treasury or the Financial Transactions and Reports Analysis Centre of Canada as an MSB or to be licensed as a money transmitter with U.S. states or Canadian provinces. As our
business continues to grow and evolve, however, we may become subject to such regulation in the future. 
 In the EEA, money transmission services qualify
as a regulated payment service (i.e. money remittance) meaning that a firm must be authorized to carry on this activity, including as an electronic money institution or as a payment services institution.

  
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The authorizations of SafeCharge Financial and SafeCharge Limited do not include money remittance. Both authorized firms must comply with the registration, systems and controls and policies and
procedures requirements in the Money Laundering, Terrorist Financing and Transfer of Funds (Information to the payer) Regulations 2017 as well as the requirements imposed by the EU Funds Transfer Regulation (EU 2015/847) and applicable anti-money
laundering and counter terrorism financing laws in Cyprus and the United Kingdom. As a licensed payment institution, Smart2Pay Regco must comply with the requirements of the Dutch Act for the Prevention of Money Laundering and Financing of Terrorism
(Wet ter voorkoming van witwassen en financieren van terrorisme). This act implements the Fourth EU Anti-Money Laundering Directive (Directive (EU)2015/849) in the Netherlands and imposes requirements regarding, inter alia, customer
due diligence and reporting of unusual transactions. 
 U.S. Gaming and Sports Betting Regulations 

Gaming and sports betting in the United States is regulated on a federal and
state-by-state basis. The industry is overseen and regulated by the gaming regulatory authority and banking regulators in each applicable state. Currently, there are ten
states that allow some form of online gaming and or online sports betting, and this number is expected to increase over time. Nuvei is in the process of obtaining the appropriate licensing to provide payment processing in every state that currently
allows these online activities. To date, we have secured gaming licenses in the states of Indiana, Colorado, Tennessee, West Virginia and Virginia. 

Other 
 The U.S. Internal Revenue Code of 1986, as
amended, requires information returns to be made for each calendar year by “merchant acquiring entities” and “third-party settlement organizations” with respect to payments made in settlement of payment card transactions and
third-party payment network transactions occurring in that calendar year. Reportable transactions are also subject to backup withholding requirements. Failure to comply with these rules could subject us to penalties. We believe we currently comply
with these reporting and withholding requirements and intend to continue to do so. 
 We are also subject to U.S. federal and state unclaimed or abandoned
property (escheat) laws, which require us to turn over to certain government authorities the property of others we hold that has been unclaimed for a specified period of time. 

GENERAL DEVELOPMENT OF NUVEI’S BUSINESS 

Below is a summary of key general developments of our business over the last three completed financial years. 

Three-Year Business Development History 
 On
September 28, 2018, the Company entered into a new credit agreement (the “September 2018 Credit Facility”). The September 2018 Credit Facility provides the Company with financing capacity of $315 million and includes U.S. and
Canadian term loan facilities, a revolving facility and a delayed draw U.S. term loan facility. In 2019, in connection with the SafeCharge Transaction, the September 2018 Credit Facility was amended and restated to increase the total financing
capacity available under that facility from $315 million to $895 million in the form of term loans and a $50 million revolving credit facility. 

On August 1, 2019, 11411802 Canada Inc., a wholly-owned indirect subsidiary of Nuvei, completed the SafeCharge Transaction, a company incorporated in
Guernsey whose shares were admitted to trading on the Alternative Investment Market operated by the London Stock Exchange plc. The acquisition was effected by means of a scheme of arrangement under Part VIII of The Companies (Guernsey) Law 2008
which involved, among other things, a meeting of SafeCharge shareholders convened by the Royal Court of Guernsey to approve the scheme and an application by SafeCharge to the Court to sanction the scheme. As a result of this transaction, we acquired
all of the issued and outstanding shares in SafeCharge. The consideration for the acquisition was US$5.55 in cash for each SafeCharge share, which valued the fully diluted share capital of SafeCharge at approximately US$872.5 million. This
transaction is referred to as the “SafeCharge Transaction”. 
 During the third quarter of 2020, the Company made progress on its strategic plan
as it was awarded a certificate of registration for sports wagering from the Indiana Gaming Commission and received its sports betting vendor license from Colorado’s Division of Gaming. In addition, on November 19, 2020, the Company
announced that its subsidiary Nuvei 

  
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Technologies Inc. has received approval to support the sports betting and iGaming industry in West Virginia which permits it to operate as an i-Gaming
supplier in compliance with the codes outlined in West Virginia’s Interactive Wagering Act (§29-22E-1) and provide services for sports betting operators under
West Virginia’s Sports Wagering Act (§29-22D-8 et seq.). On January 21, 2021 Nuvei announced that its subsidiary Nuvei Technologies Inc. was approved by
the Sports Wagering Committee of the Tennessee Education Lottery Corporation as a payment technology service provider to support sports gaming transactions. On March 17, 2021, Nuvei announced that its wholly owned subsidiary has been approved
by the Virginia Lottery to support the sports betting industry in Virginia. 
 Also during the third quarter of 2020, Nuvei continued to execute on its
strategic plan by expanding its footprint geographically, launching local processing solutions in Hong Kong, Singapore, Russia, Brazil, and Colombia. These new markets enlarge the Company’s total addressable market, providing extended reach for
existing merchants and enabling Nuvei to win new merchants in those countries. Additionally, during that period, the Company expanded its support for cryptocurrency exchanges, onboarding two exchanges and continued to enhance its offering including
foreign exchange services, European Revised Payment Services Directive (“PSD2”) mandate support, early warning dispute management solutions and payout capabilities that includes the launch of Mastercard MoneySend. 

On September 22, 2020, we announced the closing of our IPO consisting of a treasury offering by the Company and a secondary offering by certain funds
managed by Novacap Management Inc. (the “Selling Shareholders”) of an aggregate of 30,961,539 Subordinate Voting Shares of the Company at a price of US$26 per share, for aggregate gross proceeds of US$805 million, with the Company and
the Selling Shareholders receiving gross proceeds of US$730 million and US$75 million, respectively. Concurrently with the closing of its initial public offering, the Company also closed a direct private placement of 1,094,132 additional
Subordinate Voting Shares to certain employees, customers, suppliers and other business partners outside Canada for aggregate gross proceeds of US$28.4 million. The Subordinate Voting Shares are listed on the TSX in Canadian dollars under the
symbol “NVEI” and in U.S. dollars under the symbol “NVEI.U”. 
 In September 2020, the net proceeds from the IPO were used to reduce
loans and borrowing by repaying $615.6 million aggregate principal amount of term loans under the first lien credit facilities and second lien credit facility. Also in 2020, as a result of the Smart2Pay Transaction and Base Commerce, LLC
acquisition, the Company modified its amended and restated credit facility to add term loans of $110 million and to increase its revolving credit facility from $50 million to $100 million. 

On November 2, 2020, the Company completed its previously announced acquisition of Smart2Pay (the “Smart2Pay Transaction”), a payment
services provider headquartered in The Netherlands. Nuvei acquired all of the shares for a total consideration consisting of approximately €70,900 (US$81,927) in cash and 6,711,923 Subordinate Voting Shares issued from the Company’s
treasury. 
 On November 30, 2020, Nuvei entered into a purchase agreement pursuant to which it agreed to acquire substantially all of the assets of
Base Commerce, LLC. Closing of the acquisition was effective on January 1, 2021. 
 On December 1, 2020, we announced the filing of a preliminary
short form base shelf prospectus with securities regulatory authorities in each of the provinces and territories of Canada to allow Nuvei and certain of its security holders to qualify the distribution by way of prospectus in Canada of up to
US$850 million of Subordinate Voting Shares, Preferred Shares, debt securities, warrants, subscription receipts, units, or any combination thereof, during the 25-month period that the base shelf
prospectus is effective. 
 On December 17, 2020, we announced the appointment of Neil Erlick to the role of Chief Corporate Development Officer. 

RISK FACTORS 
 In addition to all other
information set out in this AIF, as well as our audited consolidated financial statements and notes for Fiscal 2020 and Management’s Discussion and Analysis for Fiscal 2020, the following specific factors could materially adversely affect us
and/or our business, financial condition and results of operations. Other risks and uncertainties that we do not presently consider to be material, or of which we are not presently aware, may also become important factors that affect our future
business, financial condition and results of operations. The occurrence of any of these risks could materially and adversely affect our business, prospects, financial condition, results of operations or cash flow. This AIF also contains
forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those 

  
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anticipated in the forward-looking statements as a result of a number of factors including the risks described below. See “Forward-Looking Information”. 

Risks Relating to Our Business and Industry 
 The
ongoing COVID-19 pandemic, including the resulting global economic uncertainty and measures taken in response to the pandemic, could materially impact our business and future results of operations and
financial condition. 
 The COVID-19 pandemic has disrupted the economy and put unprecedented strains on
governments, health care systems, businesses and individuals around the world. The impact and duration of the COVID-19 pandemic are difficult to assess or predict. It is even more difficult to predict the
impact on the global economic market, which will depend upon the actions taken by governments, businesses and other enterprises in response to the pandemic. The pandemic has already caused, and is likely to result in further, significant disruption
of global financial markets and economic uncertainty. SMBs who rely on their physical storefronts in particular have been significantly impacted. The pandemic has resulted in authorities implementing numerous measures to try to contain the virus,
such as travel bans and restrictions, quarantines, shelter in place or total lock-down orders, and business limitations and shutdowns. Such measures have significantly contributed to rising unemployment and negatively impacted consumer and business
spending. The extent to which COVID-19 impacts the Company’s financial results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may
emerge concerning the severity of COVID-19 and the actions taken by governments to curtail or treat its impact, including shelter in place directives, business limitations and shutdowns, travel bans and
restrictions, loan payment deferrals (whether government-mandated or voluntary), moratoriums on debt collection activities and other actions, which, if imposed or extended, may impact the economies in which the Company now, or may in the future,
operate. Adverse market conditions resulting from the spread of COVID-19 could materially adversely affect our business and the value of our Subordinate Voting Shares. 

Our merchants, particularly in industries most impacted by the COVID-19 pandemic, including the retail, restaurant,
hotel, hospitality, consumer discretionary and travel industries and companies whose customers operate in impacted industries, may reduce or delay their technology-driven transformation initiatives, which could materially and adversely impact our
business. Further, as a result of the COVID-19 pandemic, we have experienced, and may continue to experience, slowed growth or decline in new demand for our products and services and lower demand from our
existing merchants for expansion within our products and services, as well as existing and potential merchants reducing or delaying purchasing decisions. We have experienced, and may continue to experience, an increase in prospective merchants
seeking lower prices or other more favorable contract terms and current merchants attempting to obtain concessions on the terms of existing contracts, including requests for early termination or waiver or delay of payment obligations, all of which
has adversely affected and could materially adversely impact our business, results of operations and overall financial condition in future periods. Further, we may face increased competition due to changes to our competitors’ products or
services, including modifications to their terms, conditions and pricing that could materially adversely impact our business, results of operations and overall financial condition in future periods. 

The COVID-19 pandemic could cause our third-party service providers such as data center hosting facilities and cloud
computing platform providers, which are critical to our infrastructure, to shut down their business, experience security incidents that impact our business, delay or disrupt performance or delivery of services or experience interference with the
supply chain of hardware required by their systems and services, any of which could materially adversely affect our business. Further, the COVID-19 pandemic has resulted in our employees and those of many of
our customers working from home and conducting work via the Internet, and if the network and infrastructure of Internet providers becomes overburdened by increased usage or is otherwise unreliable or unavailable, our employees’ and our
customers’ employees’ access to the Internet to conduct business could be negatively impacted. Limitations on access or disruptions to services or goods provided by or to some of our suppliers upon which our platform and business
operations relies could interrupt our ability to provide our platform, decrease the productivity of our workforce and significantly harm our business operations, financial condition and results of operations. In addition, our technology platforms
and the other systems or networks used in our business may experience an increase in attempted cyber-attacks, targeted intrusion, ransomware and phishing campaigns seeking to take advantage of shifts to employees working remotely using their
household or personal Internet networks as a result of the COVID-19 pandemic. The success of any of these unauthorized attempts could substantially impact our technology platforms, the proprietary and other
confidential data contained therein or otherwise stored or processed in our operations, 

  
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and ultimately our business. Any actual or perceived security incident also may cause us to incur increased expenses to improve our security controls and to remediate security vulnerabilities.

 The spread of COVID-19 has caused us to modify our business practices to help minimize the risk of the virus to
our employees, our partners, our merchants and their customers, and the communities in which we participate, which could negatively impact our business. In response to the COVID-19 pandemic, we have enabled
our employees to work remotely, implemented travel restrictions for all non-essential business and shifted company events to virtual-only experiences, and we may deem it advisable to similarly alter, postpone
or cancel additional events in the future. There is no certainty that the measures we have taken will be sufficient to mitigate the risks posed by the virus. If the COVID-19 pandemic worsens, especially in
regions where we have offices, our business activities originating from affected areas could be adversely affected. Disruptive activities could include additional business closures in impacted areas, further restrictions on our employees’ and
service providers’ ability to travel, impacts to productivity if our employees or their family members experience health issues and potential delays in hiring and onboarding of new employees. We may take further actions that alter our business
operations as may be required by local, provincial, state or federal authorities or that we determine are in the best interests of our employees. Such measures could negatively affect our sales and marketing efforts, sales cycles, employee
productivity or customer retention, any of which could harm our financial condition and business operations. Changes in internal controls due to remote work arrangements may result in control deficiencies and impact our financial reporting systems,
which may also be material. 
 Additionally, diversion of management focus to address the impacts of the COVID-19
pandemic could potentially disrupt our operating plans. The extent and continued impact of the COVID-19 pandemic on our business will depend on certain developments, including: the duration and spread of the
outbreak; government responses to the pandemic; delays in vaccine rollout; the effectiveness of vaccines against the virus and its mutations; the impact on our customers and our sales cycles; the impact on customer, industry or employee events; and
the effect on our partners, merchants and their customers, third-party service providers, customers and supply chains, all of which are uncertain and cannot be predicted. If we or our customers experience prolonged shutdowns or other business
disruptions in the future, our ability to conduct our business in the manner and within planned timelines could be materially adversely impacted. 
 The
Company submitted an application to the Government of Canada for the Canadian Emergency Wage Subsidy (“CEWS”) for which it was eligible due to the COVID-19 pandemic for the periods of April 12
to May 9, 2020, May 10 to June 6, 2020. CEWS of $1.0 million has been recorded principally as a reduction of employee costs in the audited consolidated financial statements and notes for Fiscal 2020. 

To the extent that the COVID-19 pandemic adversely affects our business and financial results, it may also have the
effect of heightening many of the other risks described in this “Risks Relating to Our Business and Industry” section. 
 If we cannot keep
pace with rapid developments and change in our industry and continue to acquire new merchants and partners rapidly, the use of our services could decline, reducing our revenue. 

The electronic payments market in which we compete is subject to rapid and significant changes. This market is characterized by rapid technological change, new
product and service introductions, evolving industry standards, changing client needs, consolidation and the entrance of non-traditional competitors. In order to remain competitive and continue to acquire new
merchants and partners rapidly, we are continually involved in a number of projects to develop new services and improve our existing services. These projects may not be successful and carry some risks, such as cost overruns, delays in delivery,
performance problems and lack of client adoption, and may cause us to become subject to additional regulation. Moreover, the merchant base that we target is varied and non-geographically bound or restricted by
scale, making it more challenging to predict demand for our offerings. Any inability to develop or delay in the delivery of new services or the failure to differentiate our services or to accurately predict and address market demand could render our
services less desirable, or even obsolete, to our clients. Furthermore, in recent years, the market for APMs has grown significantly, and technology has become particularly important for payment processers looking to maintain a competitive edge in
the industry. Many of the projects that we have spent time and resources on relate to APMs. Even though the market for APMs is growing, it may not continue to develop rapidly enough for us to recover the costs we have incurred in developing new
services targeted at this market. In addition, many current or prospective customers may find competing services more attractive if we do not keep 

  
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pace with market innovation or changes in response to COVID-19, and many may choose to switch to competing services even if we do our best to innovate and
provide superior services. 
 We rely in part, and may in the future rely in part, on third parties, including some of our competitors and potential
competitors, for the development of, and access to, new technologies. If we are unable to maintain these relationships, we may lose access to new technologies or may not have the
speed-to-market necessary to successfully launch new offerings. 
 Our
future success will depend on our ability to adapt to technological changes and evolving industry standards. We cannot predict the effects of technological changes on our business. If we are unable to adapt to technological changes or evolving
industry standards on a timely and cost-effective basis by introducing new services and improving existing services, our business, financial condition and results of operations could be materially adversely affected. 

Substantial and increasingly intense competition, both within our industry and from other payments methods, may harm our business. 

The market for payment processing services is highly competitive. Other providers of payment processing services have established a sizable market share in the
merchant acquiring sector. Our growth will depend on a combination of the continued growth of electronic payments and our ability to increase our market share. 

Our competitors include traditional merchant acquirers such as financial institutions, affiliates of financial institutions and well-established payment
processors and payment technology providers. In particular, we compete with these vendors to develop and offer innovative non-conventional payment services at competitive prices, including in-app services, eCommerce and mobile commerce services, digital banking, ERP, digital wallet account and prepaid card offerings. In certain of the countries in which we operate, primarily the United States and
Canada, we do not have direct relationships with the payment networks, but rely on an acquiring bank. As some of our competitors are directly affiliated with financial institutions, those competitors may not incur the same sponsorship costs that we
incur for registration with the payment networks in these countries. Furthermore, in the countries where we rely on an acquiring bank to access the payment networks, our ability to control our costs is limited, because we do not have a direct
relationship with those payment networks. 
 Many of our competitors, in particular those affiliated with large financial institutions, also have
substantially greater financial, technological, operational and marketing resources than we have. Accordingly, these competitors may be able to offer their products and services at more competitive prices. As a result, we may need to reduce our fees
or otherwise modify the terms of use of our products and services in order to retain existing clients and attract new ones. If we are required to materially reduce our fees in order to remain competitive, we will need to aggressively control our
costs in order to maintain our profit margins, and our revenue may be adversely affected. Our risk management team monitors our client relationships and we have at times terminated, and may continue to terminate, client relationships that may no
longer be profitable to us due to such pricing pressure. Moreover, our competitors may have the ability to devote significantly more financial and operational resources than we can to the development of new products, services or new technologies or
to acquire other companies or technology so that they can provide improved operating functionality and features to their existing service offerings. If successful, their efforts in this regard could render our products or services less desirable to
clients, resulting in the loss of existing clients, an inability to obtain new clients or a reduction in the fees we could generate from our offerings. Any of the foregoing could have a material adverse effect on our business, financial condition
and results of operations. 
 We derive a significant portion of our revenue from payments services. Our efforts to expand our product portfolio and
market reach may not succeed and may reduce our revenue growth. 
 We derive the majority of our revenue from transaction fees we collect in
connection with payments services, primarily core credit card processing. While we intend to continue to broaden the scope of products and services we offer, such as through expanded alternative payment solutions and continuing support for mobile
wallets, and to penetrate additional high-growth verticals, primarily eCommerce channels by expanding our direct and indirect sales channels, we may not be successful in deriving the revenue from these efforts that we expect. Failure to broaden the
scope of products and services that are attractive to our clients or penetrate additional verticals may inhibit the growth of repeat business and harm our business, as well as increase the vulnerability of our core payments business to competitors
offering a broader suite of products and services. Furthermore, we may have limited or no experience with new offerings and these offerings may present new and difficult technology, regulatory, operational and other challenges. If we experience
service disruptions, failures or other issues 

  
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with any such new offerings, our business may be materially and adversely affected. Our newer activities may not recoup our investments in a timely manner or at all. If any of this were to occur,
it could damage our reputation, limit our growth and materially and adversely affect our business, financial condition and results of operations. 

We may face challenges in expanding into new geographic regions outside of the European Union, the United States, the U.K. and Canada and continuing our
growth within these markets. 
 The substantial majority of our revenues in 2020 were generated in Europe, the United States, the U.K. and Canada. We
plan to expand in geographic regions outside Europe, the United States, the U.K. and Canada, and we will face challenges associated with entering and expanding in markets in which we have limited or no experience and in which we may not be
well-known. Offering our products and services in new geographic regions requires substantial expenditures and takes considerable time, and we may not recover our investments in new markets in a timely manner or at all. For example, we may be unable
to attract a sufficient number of merchants and partners, fail to anticipate competitive conditions or fail to adapt and tailor our products and services to different markets. 

The development of our products and services globally exposes us to risks relating to staffing and managing cross-border operations, increased costs and
difficulty protecting intellectual property and sensitive data, tariffs and other trade barriers, differing and potentially adverse tax consequences, increased and conflicting regulatory compliance requirements, lack of acceptance of our products
and services, challenges caused by distance, language, and cultural differences, exchange rate risk and exposure to political instability. Accordingly, our efforts to develop and expand the geographic footprint of our operations may not be
successful, which could limit our ability to grow our business. 
 Our growth depends on our ability to retain existing clients, increase sales to
existing clients and attract new clients. 
 Our future growth and profitability depend upon our ability to retain existing clients, increase sales
to existing clients and attract new clients in the face of intense competition in the electronic payments industry. While we generally have longstanding relationships with our clients, whether they are merchants or partners, their contracts can
typically be terminated upon reasonable notice. As a result, they typically have no obligation to continue to use our products and services. Our clients’ payment processing activity with us may decrease for a variety of reasons, including
client satisfaction with our products and services, the effectiveness of our support services, our pricing and terms, the pricing, terms and quality of competing products or services, the effects of global economic conditions or reductions in the
spending levels of our clients’ customers. We may also experience client attrition as a result of business closures or account closures that we initiate due to heightened risks relating to contract breaches by merchants or a reduction in
same-store sales or regulatory risks. We cannot predict the level of attrition in the future and higher than expected attrition could lead to a decrease in transaction volumes processed and a decline in revenue. In addition, the growth of our
business depends in part on existing clients expanding their use of our products and services. If we are unable to encourage clients to broaden their use of our services, our growth may slow or stop. Any of the foregoing could have a material
adverse effect on our business, financial condition and results of operations. 
 Furthermore, it is difficult to attract new clients because of potential
complications associated with switching payment processing vendors, such as early termination fees, software integration costs and other transition costs, business disruption and loss of accustomed functionality. For potential clients, switching
from one vendor of core processing or related software and services (or from an internally developed system) to a new vendor is a significant undertaking, and as a result, potential clients may resist changing vendors. We seek to overcome these
factors by making investments to enhance the functionality of our software and differentiate our services. However, there can be no assurance that our efforts will be successful, and this resistance may adversely affect our growth. 

If we fail to manage our growth effectively, our business could be harmed. 

In order to manage our growth effectively, we must continue to strengthen our existing infrastructure, develop and improve our processes and internal controls,
create and improve our reporting systems, and timely address issues as they arise. As we continue to strengthen our existing infrastructure and systems, we will also be required to hire additional personnel. These efforts may require substantial
financial expenditures, commitments of resources, developments of our processes, and other investments and innovations. Furthermore, we encourage employees to quickly develop and launch new features for our products and services. As we grow, we may
not be able to execute as quickly as smaller, more efficient organizations. In addition, as we grow, we may not be able to maintain our entrepreneurial company culture, which fosters innovation and talent. If we do not successfully manage our
growth, our business may be adversely affected. 

  
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 Our revenue growth rate is likely to slow as our business matures. 

We have experienced periods of high revenue growth since we were founded in 2003, but we do not expect to be able to maintain the same rate of revenue growth
as our business matures. Moreover, we have experienced revenue growth due to acquisitions. To the extent we do not continue to grow our business organically or through acquisitions, our future revenue growth may not be consistent with historic
trends. We have encountered, and expect to continue to encounter, risks and difficulties frequently experienced by growing companies, including challenges in financial forecasting accuracy, determining appropriate investments and developing new
products and features, among others. Any evaluation of our business and prospects should take into account the risks and uncertainties inherent in investing in growing companies. 

Historically our business has generated net losses and we may continue to generate net losses as we continue to make significant investments in our
business. 
 Since our founding in 2003, we have made significant investments in the growth of our business. As a result of these investments, we
have historically generated net losses. We intend to continue to make investments in our business, including with respect to our employee base, sales, distribution and marketing; development of new products, services and features; expansion of
office space and other infrastructure; and development of international operations and general administration, including legal, finance and other compliance expenses related to being a public company. If we are unable to generate adequate revenue
growth and manage our expenses, our results of operations and operating metrics may fluctuate and we expect to continue to incur net losses, which could cause the market price of our Subordinate Voting Shares to decline. We cannot assure you that
our increased investment in the business will result in corresponding revenue growth. 
 Our indebtedness could adversely affect our business,
financial condition and results of operations. 
 As of December 31, 2020, we had $206.5 million of outstanding indebtedness pursuant to
our credit facilities. Our credit facilities contain covenants and events of default that may limit our financial flexibility and ability to undertake certain types of transactions. For instance, we are subject to negative covenants that restrict
some of our activities, including restrictions on: incurring additional debt; creating liens; paying dividends or making other distributions; entering into certain types of agreements; making certain investments; consolidating, merging or
transferring assets, or making other fundamental changes; entering into transactions with affiliates; entering into sale and lease-back transactions; and maintaining certain leverage ratios. Our current level of debt as well as the restrictions our
existing debt places on us could have significant consequences on our future operations, including: 
  

	 	•	 	 making it more difficult for us to meet our payment and other obligations under our existing and future debt;

  

	 	•	 	 resulting in an event of default if we fail to comply with the financial and other restrictive covenants
contained in our credit facilities, which event of default could result in all of the debt outstanding under our credit facilities becoming immediately due and payable; 

 

	 	•	 	 reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other
general corporate purposes and limiting our ability to obtain additional financing for these purposes; 

  

	 	•	 	 limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our
business, the industry in which we operate and the general economy; and 

  

	 	•	 	 placing us at a competitive disadvantage compared to our competitors that have less debt or are less leveraged.

 Any of the above-listed factors could have an adverse effect on our business, financial condition and results of operations and our
ability to meet our payment obligations under our existing and future debt. In addition, certain loans that we take out under our credit facilities are subject to variable interest rates and we had $206.5 million of outstanding indebtedness
subject to variable interest rates as of December 31, 2020. As a result, any increase in interest rates may also materially adversely affect our liquidity, financial condition and results of operations. 

Our ability to meet our payment and other obligations under our existing and future debt instruments depends on our ability to generate significant cash flow
in the future. This, to some extent, is subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from
operations, or that future borrowings will be available to us under our existing or any future credit facilities or otherwise, in an amount sufficient to enable us to meet our payment obligations under our credit facilities and to fund other
liquidity needs. If we are not able to generate sufficient cash flow to service our debt obligations, we may 

  
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need to refinance or restructure our debt, sell assets, reduce or delay capital investments, or seek to raise additional capital, which may have an adverse impact on our business, financial
condition and results of operations. 
 Any future acquisitions, partnerships or joint ventures that we make or enter into could disrupt our business
and harm our financial condition. 
 Acquisitions, partnerships and joint ventures are an integral part of our growth strategy, and in recent years,
we have consummated a number of acquisitions in addition to the SafeCharge acquisition and the Smart2Pay Transaction. We evaluate, and expect in the future to evaluate, potential strategic acquisitions of, and partnerships or joint ventures with,
businesses providing services or technologies that are complementary to our existing services and technologies. However, we may not be successful in identifying acquisition, partnership and joint venture targets or we may use estimates and judgments
to evaluate the operations and future revenue of a target that turn out to be inaccurate. In addition, we may not be able to successfully finance or integrate a particular business, service or technology that we acquire or with which we form a
partnership or joint venture, and we may not achieve the anticipated benefits of such project or we may lose merchants as a result. Furthermore, the integration of any acquisition, partnership or joint venture may divert management’s time and
resources from our existing business and disrupt our operations. Certain acquisitions, partnerships and joint ventures we have and may in the future make may prevent us from competing for certain clients or in certain lines of business and may lead
to a loss of clients to the extent we acquire businesses with non-competes or exclusivity provisions in their agreements with clients. Certain acquisitions may also enmesh us in outstanding or unforeseen
legal, regulatory, contractual, employee or other issues. As a result of any of the foregoing, we may spend time and money on projects that do not increase our revenue or profitability. Moreover, our competitors may be willing or able to pay more
than us for acquisitions, which may cause us to lose certain acquisitions that we would otherwise desire to complete. Even if we successfully compete for a certain acquisition, partnership or joint venture, we may finance the project with cash on
hand, equity or debt, or a combination thereof, which could decrease our cash reserves, dilute our shareholders, including you, or significantly increase our level of indebtedness or place other restrictions on our operations. We cannot ensure that
any acquisition, partnership or joint venture we make will not have a material adverse effect on our business, financial condition and results of operations. 

A significant number of our merchants are SMBs, which can be more difficult and costly to retain than larger enterprises and may increase the impact of
economic fluctuations on us. 
 SMBs comprise a significant percentage of our number of merchants. To continue to grow our revenue, we must add
merchants, sell additional services to existing merchants and encourage existing merchants to continue doing business with us. However, retaining SMBs can be more difficult than retaining large enterprise merchants as SMB merchants: 

 

	 	•	 	 often have higher rates of business failure and more limited resources; 

 

	 	•	 	 are typically less sophisticated in their ability to make technology-related decisions based on factors other
than price; 

  

	 	•	 	 may have decisions related to the choice of payment processor dictated by their affiliated parent entity; and

  

	 	•	 	 are more able to change their payment processors than larger enterprise merchants dependent on our services.

 SMBs are typically more susceptible to the adverse effects of economic fluctuations. If we do not continue to diversify our merchant
base and adverse changes in the economic environment or business failures of our SMB merchants increase, we may need to attract and retain new merchants at an accelerated rate or decrease our expenses to reduce negative impacts on our business,
financial condition and results of operations. 
 SMBs have been disproportionately affected by the COVID-19
pandemic and the related measures taken by governments and private industry to protect the public health such as stay-at-home orders. Many SMBs are experiencing reduced
sales and are processing fewer payments with us, which has had a negative impact on our results of operations. If they cease to operate, they will stop using our products and services altogether. SMBs frequently have limited budgets and limited
access to capital, and they may choose to allocate their spending to items other than our financial or marketing services, especially in times of economic uncertainty or in recessions. In addition, if more of our merchants cease to operate, this may
have an adverse impact not only on the growth of our payments services but also on our transaction and advance loss rates, and the success of our other services. For example, if merchants processing payments with us receive chargebacks after they
cease to operate, we may incur additional losses. 

  
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 We have a certain degree of concentration of customers and customer sectors. 

Some of our largest merchants provide significant contributions to our revenue. Large merchants typically have arrangements with multiple payment service
providers, primarily in order to mitigate against risks such as downtime, delayed response time or default by a payment service provider, and as a result can readily shift their business from us to other providers. For the twelve month period ended
December 31, 2020, our top 10 merchants represented approximately 15% of our gross profit, with our largest merchant representing approximately 2% of our gross profit. 

In addition, the mix of customer sectors that we service has an impact on our revenue. For example, a portion of our revenue is derived from the online retail
sector, in which chargeback ratios tend to be higher than physical retail. The online retail sector is also particularly subject to discretionary spending by customers, which increases our exposure from fluctuations in economic conditions. This
concentration, particularly if it were to increase, could have a material adverse effect on our business financial condition and results of operations. A substantial portion of our revenue is also derived from the gaming and sports betting and the
foreign exchange trading sectors, each of which is highly regulated. Gaming and sports betting in particular are subject to intense public scrutiny regarding the societal effects of such activities, with changing public attitudes potentially
decreasing transaction volumes. Regulatory changes that cause a decrease in regulated gaming and sports betting or foreign exchange trading overall could harm the business of our merchants, decrease their transaction volumes and lead to a decline in
our revenue. In addition, in response to public pressure about the effects of regulated gaming and sports betting or otherwise, the payment networks may change the terms of use of their networks by regulated gaming and sports betting companies,
which could reduce their use of formal payment channels. Moreover, we depend on our acquiring banks in certain jurisdictions to process transactions for these clients. If any of our acquiring banks refuse to process these transactions, we may have
difficulty finding other acquiring banks to process these transactions. Any of the foregoing could reduce the volume of payments that we process for our regulated gaming and sports betting and foreign exchange trading merchants and the revenue we
earn from it, and could also harm our reputation and brand. 
 If we lose a major merchant, experience a material change in the mix of customer sectors that
we service or otherwise experience a decline in the use of our products in one of the key sectors that we service, we could also experience a material loss of revenue, which could have a material adverse effect on our business, financial condition
and results of operations. 
 If we fail to comply with the applicable requirements of Visa, Mastercard or any other payment networks, those payment
networks could seek to fine us, suspend us or terminate our registrations. 
 We rely on payment networks to process our transactions, and a
significant source of our revenue comes from processing transactions through Visa, Mastercard, American Express, UnionPay, Discover and other payment networks. The payment networks routinely update and modify their requirements. Changes in their
requirements may impact our ongoing cost of doing business and we may not, in every circumstance, be able to pass through such costs to our clients or associated participants. Furthermore, if we or our merchants do not comply with the payment
networks’ requirements (e.g., their rules, bylaws and charter documentation), the payment networks could seek to fine us, suspend us or terminate our registrations that allow us to process transactions on their networks. In the ordinary course
of our business, we receive on occasion notices of non-compliance and fines, which typically relate to transactional or messaging requisites, as well as excessive chargebacks by a merchant or data security
failures on the part of a merchant. If we are unable to recover amounts relating to fines from, or pass through costs to, our merchants, partners or other associated participants, we would experience a financial loss. The termination of our
registration due to failure to comply with the applicable requirements of Visa, Mastercard, American Express, UnionPay, Discover or other payment networks, or any changes in the payment network rules that would impair our registration, could require
us to stop providing payment services through Visa, Mastercard, American Express, UnionPay, Discover or other payment networks, which could have a material adverse effect on our business, financial condition and results of operations. 

Moreover, as payment networks become more dependent on proprietary technology, modify their technological approach or operating practices and seek to provide
value added services to issuers and merchants, there is heightened risk that rules and standards may be governed by their own self-interest, or the self-interest of third parties with influence over them, which could materially impact our business,
financial condition and results of operations. 
 We may incur losses when our merchants refuse to or cannot reimburse chargebacks resolved in favor
of their customers or if they are not in compliance with the rules and regulations of the payment networks. 

  
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 We are currently, and will continue to be, exposed to risks associated with chargebacks in connection with
payment card fraud or relating to the goods or services provided by our merchants. In the event that a billing dispute between a cardholder and a merchant is not resolved in favor of the merchant, including in situations in which the merchant is
engaged in fraud, the transaction is typically “charged back” to the merchant and the purchase price is credited or otherwise refunded to the cardholder. If we are unable to collect chargebacks from the merchant’s account, or if the
merchant refuses or is unable to reimburse us for a chargeback due to closure, bankruptcy or other reasons, we may bear the loss for the amounts paid to the cardholder. Our financial results would be adversely affected to the extent these merchants
do not fully reimburse us for the related chargebacks. We do not typically collect and maintain reserves from our merchants to cover these potential losses, and to the extent we do maintain such reserves, they may not be adequate to cover our actual
losses. Historically, chargebacks have occurred more frequently in online transactions than in in-person transactions. Moreover, chargebacks typically increase during economic downturns due to merchants
becoming insolvent and bankrupt and therefore unable to fulfill their commitments for goods or services. Consequently, in certain industries, chargebacks have risen, and may continue to rise, as a result of the economic downturn caused by the
current COVID-19 pandemic. If we are unable to maintain our losses from chargebacks at acceptable levels, the payment card networks could fine us, increase our transaction-based fees, or terminate our ability
to process payment cards. Any of the foregoing could materially and adversely affect our business, financial condition and results of operations. 

We have bank accounts with banks in multiple territories and rely on our banking partners to maintain those accounts. 

We have bank accounts with banks in multiple territories in the day-to-day
operations of our core businesses and are reliant upon our banking partners that provide those accounts. The loss of any key banking relationships, whether through the failure of our banking partners or their terminating our partnership based on our
own conduct or other circumstances, could have a material impact on our financial condition and results of operations. In addition, a banking partner could default on its obligations to us, thereby exposing us to credit risk. We may have to repay
certain costs, such as transaction fees or breakage costs, if we terminate these arrangements. Any of the foregoing could have a material adverse effect on our business, financial condition or results of operations. 

The United Kingdom’s departure from the European Union could adversely affect our ability to execute on our expansion plans. 

The U.K. has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the U.K. On
January 31, 2020, the U.K. separated from the E.U. (“Brexit”). Brexit has introduced, and may continue to introduce, significant uncertainties and instability in the financial markets. At present the political and economic long-term
consequences of Brexit are uncertain, including whether Brexit will have an overall negative impact on the U.K. or the broader global economy or the value of the British pound. On December 24, 2020, the U.K. and E.U. entered into the E.U.-U.K.
Trade and Cooperation Agreement. The agreement was provisionally applicable beginning January 1, 2021 and sets new rules and arrangements between the U.K. and E.U. in areas such as the trade of goods and services, intellectual property,
transportation. As a result of the agreement, the U.K. will no longer be considered a member of the E.U. Single Market and Customs Union and will exit all E.U. policies and trade agreements. Although the agreement has mitigated a portion of the risk
that arose due to the U.K.’s withdrawal from the E.U., the overall impact caused on the Company’s operations is still being evaluated, including in the volatility of the British pound. We have significant operations in the U.K. and the
E.U. Such a withdrawal from the E.U. is unprecedented, and it is unclear how the U.K.’s access to the European single market for goods, capital, services and labor within the European Union and the wider commercial, legal and regulatory
environment, will impact our U.K. operations. We may also face new regulatory costs and challenges as a result of Brexit that could have an adverse effect on our operations and development programs, consumer and investor confidence and the level of
consumer discretionary purchases, thereby impacting the use of our payments services by merchants. There may continue to be economic uncertainty surrounding the consequences of Brexit, which could negatively impact our financial condition, results
of operations and cash flows. Brexit could have significant implications for our business and could lead to economic and legal uncertainty, including significant volatility in global stock markets and currency exchange rates, and increasingly
divergent laws, regulations, and licensing requirements for the Company. Any of these effects of Brexit, among others, could adversely affect our operations and financial results. 

  
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 A decline in the use of electronic payment methods could have a materially adverse effect on our
business, financial condition and results of operations. 
 A significant portion of our revenue is generated by payments with credit, debit and
prepaid cards. We believe future growth in the use of credit, debit and prepaid cards and other electronic payments, including APMs, will be driven by the cost,
ease-of-use and quality of services offered to consumers. If consumers reduce or discontinue their use of credit, debit or prepaid cards or other electronic payment
methods as a payment mechanism for their transactions, it could have a material adverse effect on our business, financial condition and results of operations. Moreover, if there is an adverse development in the payments industry, such as new
legislation or regulation that makes it more difficult or onerous for our clients to do business or utilize such payment mechanisms, or renders our services less desirable or even obsolete to our clients, our business, financial condition and
results of operations may be adversely affected. 
 Our results of operations may be adversely affected by changes in foreign currency exchange rates.

 Our financial results are reported in U.S. dollars and a substantial portion of our sales and operating costs are transacted in other currencies,
primarily Euros, Sterling, Bulgarian lev, Israeli shekels and Canadian dollars. We have not historically entered into arrangements to hedge foreign currency risk. In situations where we are not hedged, either through hedging arrangements or through
a natural hedging resulting from an offset in such currencies, our results of operations will be affected by movements in these currencies against the U.S. dollar. Significant fluctuations in relative currency values against the U.S. dollar could
thus have a significant impact on our results of operations. 
 A deterioration in the quality of the products and services we offer, including
support services, could adversely impact our ability to attract and retain merchants and partners. 
 Our clients expect a consistent level of
quality in the provision of our products and services. The support services that we provide are also a key element of the value proposition to our clients. The products and services we deliver are designed to process complex transactions and provide
reports and other information concerning those transactions, all at high volumes and processing speeds. If the reliability, functionality or speed of our products and services is compromised or the quality of those products or services is otherwise
degraded, or if we fail to continue to provide a high level of support and quickly detect and remediate any performance issues, we could experience significant processing or reporting errors. This in turn, could lead us to lose existing clients and
find it harder to attract new merchants and partners. In addition, if we are unable to scale our support functions to address the growth of our merchant and partner network, the quality of our support may decrease, which could adversely affect our
ability to attract and retain merchants and partners. 
 If we lose key personnel, our business, financial condition and results of operations may be
adversely affected. 
 The success of our business strategy is dependent upon the ability and experience of a number of key personnel who have
substantial experience with our operations, the rapidly changing payment processing industry and the markets in which we offer our services. Many of our key personnel have worked for us for a significant amount of time or were recruited by us
specifically due to their industry experience. In particular, we are highly dependent on the contributions of our founder and Chief Executive Officer, Philip Fayer, as well as other members of our management team. The loss of the services of one or
a combination of our senior executives and key managers, including our Chief Executive Officer, could have a material adverse effect on our business, financial condition and results of operations. 

Our business functions at the intersection of rapidly changing technological, social, economic and regulatory developments that require a wide-ranging set of
expertise and intellectual capital. In order for us to successfully compete and grow, we must attract, recruit, develop and retain the necessary personnel who can provide the needed expertise across the entire spectrum of our intellectual capital
needs. The market for qualified personnel is competitive, and we may not succeed in recruiting and retaining additional personnel or we may fail to effectively replace departing personnel with qualified or effective successors. Failure to retain or
attract key personnel could have a material adverse effect on our business, financial condition and results of operations. Our effort to retain and develop personnel may also result in significant additional expenses, which could adversely affect
our profitability. 
 Our balance sheet includes significant amounts of intangible assets and goodwill. The impairment of a significant portion of
these assets would negatively affect our business, financial condition and results of operations. 
 As of December 31, 2020, our balance sheet
included intangible assets that amounted to $524.2 million and goodwill that amounted to $969.8 million. These assets consisted primarily of identified intangible assets associated with merchant and

  
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partner relationships, technologies and goodwill associated with recent acquisitions. We also expect to engage in additional acquisitions, which may result in our recognition of additional
intangible assets and goodwill. Under current accounting standards, we are required to amortize certain intangible assets over the useful life of the asset, while certain other intangible assets are not amortized. On at least an annual basis, we
assess whether there have been impairments in the carrying value of certain intangible assets. If the carrying value of the asset is determined to be impaired, then it is written down to fair value by a charge to earnings. An impairment of a
significant portion of intangible assets and/or goodwill could have a material adverse effect on our business, financial condition and results of operations. 

If we cannot pass increases in fees from payment networks, including assessment, interchange, transaction and other fees, along to our merchants, our
operating margins will decline. 
 We rely on issuing and acquiring banks and payment networks to process our transactions, and we pay assessment,
interchange and/or other fees set by the payment networks for transactions we process. From time to time, the issuing and acquiring banks or payment networks may increase the assessment, interchange, transaction and other fees that they charge
payment processors. Under certain of our existing contracts with merchants, we are generally permitted to pass these fee increases along to our merchants through corresponding increases in our processing fees. If we are unable to pass through these
and other fees in the future due to contractual or regulatory restrictions, competitive pressures or other considerations, it could have a material adverse effect on our business, financial condition and results of operations. 

We are subject to economic and political risk, the business cycles and credit risk of our clients and volatility in the overall level of consumer,
business and government spending. 
 The electronic payments industry depends heavily on the overall level of consumer, business and government
spending. This spending depends on worldwide economic and geopolitical conditions. Key international economies have experienced cyclical downturns from time to time in which economic activity was impacted by falling supply or demand for a variety of
goods and services, restricted credit, poor liquidity, reduced corporate profitability, volatility in credit, equity and foreign exchange markets, bankruptcies, pandemics such as COVID-19 and overall economic
uncertainty. We are exposed to general economic conditions that affect consumer confidence, consumer spending, consumer discretionary income or changes in consumer purchasing habits. The current deterioration in general economic conditions,
including the rise in unemployment rates and any increases in interest rates, particularly in Europe, the United States, the U.K. and Canada, may adversely affect our financial performance by reducing consumer confidence and, as a result, the number
or average purchase amount of transactions made using electronic payments. If our merchants make fewer sales of their products and services using electronic payments or people spend less money per transaction, we will have fewer transactions to
process and lower overall volume, resulting in lower revenue. 
 In addition, a recessionary economic environment could affect our merchants through a
higher rate of bankruptcy filings, in particular for our SMB clients, which could result in higher merchant attrition and decrease our revenue. As of December 31, 2020, we recorded an allowance for receivables of $0.6 million relating to
estimated losses on doubtful accounts. Any of the foregoing risks would negatively impact our business, financial condition and results of operations. 

The uncertainty caused by the COVID-19 outbreak continues with the duration and severity of the pandemic and the
overall impact on supply and consumer demand still unknown. Even after the COVID-19 pandemic has subsided, we may experience material and adverse impacts to our business as a result of the virus’s global
economic impact. There are no comparable recent events that provide guidance as to the effect the COVID-19 pandemic may have, and we are unable to forecast the full impact on our business; however, this
represents a known area of uncertainty and the impacts from the COVID-19 pandemic and the related economic disruption will have a material and adverse impact on our business, results of operations, financial
condition and cash flows. 
 We rely on third-party partners such as ISOs and VARs to market and sell some of our products and services. 

We rely on indirect sales channels consisting of third-party partners such as ISOs and VARs to market and sell our products and services to merchants, in
particular SMBs. We do not fully control the activities of our partners with respect to the marketing and sale of our products and services, and they may make decisions that may be contrary to our interests, including decisions to compete against us
or to favor products and services of our existing or future competitors. Therefore, their reputation and performance, their ability and willingness to market and sell our products and services and their ability to expand their business and their
sales channels will have a direct and material impact on our future growth and profitability. 

  
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The loss of a number of our partners or a substantial decrease in the volume of business generated by a major partner or a group of partners could have a material adverse effect on our business,
financial condition and results of operations. 
 Misappropriation of end-user transaction funds by our
employees may harm our business and create legal exposure. 
 We receive end-user transaction funds from
acquiring banks, payment networks and APMs for many of our clients, depending on the jurisdiction in which they are located. A substantial portion of these funds is held on behalf of merchants in dedicated merchant client bank accounts with banks.
The nature of this arrangement entails a possibility that third party funds could be misappropriated by our employees in breach of our internal policies, which may create negative publicity, harm our relationship with merchants and result in a
violation of applicable laws, any of which could have a material adverse effect on our business, financial condition and results of operations. 

Fraud by merchants, their customers or others could have a material adverse effect on our business, financial condition and results of operations.

 We offer our products and services to a large number of clients, and we are responsible for vetting and monitoring these clients and determining
whether the transactions we process for them are lawful and legitimate. If our products and services are used to process illegitimate transactions, and we settle those funds to merchants and are unable to recover them, we may suffer losses and incur
liability. Examples of merchant fraud include when a merchant or other party knowingly uses a stolen or counterfeit credit, debit or prepaid card, card number or other credentials to record a false sales transaction, processes an invalid card or
intentionally fails to deliver the merchandise or services sold in an otherwise valid transaction. Moreover, criminals are using increasingly sophisticated methods to engage in illegal activities such as counterfeiting and fraud. Identity thieves
and those committing fraud using stolen or fabricated credit card or bank account numbers or other deceptive or malicious practices, may steal significant amounts of money from our merchants, which may negatively impact their businesses, including
forcing them to close. This in turn could lead to a decrease in our transaction volumes and have an adverse effect on our business. The highly automated nature of, and liquidity offered by, our payments services make us a target for illegal or
improper uses, including fraudulent or illegal sales of goods or services, money laundering and terrorist financing. We expect incidents of fraud or other illegitimate transactions to increase in the future. In configuring our payments services, we
face an inherent trade-off between security and client convenience. Failure to effectively manage risk and prevent fraud could increase our chargeback liability or expose us to governmental or regulatory
sanctions or other liabilities. Moreover, if we are unable to maintain our losses from fraud at permissible levels, the payment networks could fine us, increase our transaction fees or terminate our ability to process payment cards. Increase in
chargebacks or other liabilities as a result of any of the foregoing could materially and adversely affect our business, financial condition and results of operations. 

Our insurance policies may not be sufficient to cover all claims. 

Our insurance policies, including policies for data security, privacy liability and cyber-attacks, may not adequately cover all risks to which we are exposed
and may not be adequate for all liabilities actually incurred or indemnification claims against us. A significant claim not covered by our insurance, in full or in part, may result in significant expenditures by us. Moreover, we may not be able to
maintain insurance policies in the future at reasonable costs, on acceptable terms or at all, which may adversely affect our business and the trading price of our Subordinate Voting Shares. The successful assertion of one or more large claims
against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements,
could adversely affect our business, financial condition and results of operations. 
 Our risk management policies and procedures may not be fully
effective in mitigating our risk exposure in all market environments or against all types of risks, which could expose us to losses and liability and otherwise harm our business. 

We operate in a rapidly changing industry and we have experienced significant change in recent years, including in connection with certain acquisitions.
Accordingly, our risk management policies and procedures may not be fully effective at identifying, monitoring and managing our risks. Some of our risk evaluation methods depend upon information provided by third parties regarding markets, clients
or other matters that are otherwise inaccessible to us. In some cases, however, that information may not be accurate, complete or up-to-date. Our risk management
policies, procedures, techniques and processes may not be effective at identifying all of the risks to which we are exposed or enabling us to mitigate the risks we have identified. In addition, when we introduce new services, focus on new business
types or begin to operate in markets in which we have a limited history of fraud loss, we may be less able to forecast and reserve accurately for new risks. If our risk 

  
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management policies and processes are ineffective, we may suffer large financial losses, we may be subject to civil and criminal liability and our business, financial condition and results of
operations may be materially and adversely affected. 
 Our services must integrate and interoperate with a variety of operating systems, software,
hardware, web browsers and networks. 
 We are dependent on the ability of our products and services to integrate with a variety of operating
systems, software, hardware, networks and web browsers that we do not control. Any changes in these systems or networks that degrade the functionality of our products and services, impose additional costs or requirements on us or give preferential
treatment to competitive services could materially and adversely affect usage of our products and services. In the event that it is difficult for our merchants to access and use our products and services, our business may be materially and adversely
affected. We also rely on bank platforms and others, including issuing and acquiring banks, to process our transactions. If there are any issues with, or service interruptions in, these bank platforms, users may be unable to complete their
transactions, which would seriously harm our business, financial condition and results of operations. 
 In addition, our solutions, including hardware and
software, interoperate with mobile networks offered by telecom operators and mobile devices developed by third parties. Changes in these networks or in the design of these mobile devices may limit the interoperability of our solutions with such
networks and devices and require modifications to our solutions. If we are unable to ensure that our hardware and software continue to interoperate effectively with such networks and devices, or if doing so is costly, our business, financial
condition and results of operations may be materially and adversely affected. 
 The costs and effects of pending and future litigation,
investigations or similar matters, or adverse facts and developments related thereto, could materially affect our business, financial position and results of operations. 

We are, and may be in the future, party to legal, arbitration and administrative investigations, inspections and proceedings arising in the ordinary course of
our business or from extraordinary corporate, tax or regulatory events that involve us or our associated participants, particularly with respect to civil, tax and labor claims. 

Our indemnities and insurance may not cover all claims that may be asserted against us, and any claims asserted against us, regardless of merit or eventual
outcome, may harm our reputation. Furthermore, there is no guarantee that we will be successful in defending ourselves in pending or future litigation or similar matters under various laws. Should the ultimate judgments or settlements in any pending
or future litigation or investigation significantly exceed our indemnity rights, they could have a material adverse effect on our business, financial condition and results of operations and the price of our Subordinate Voting Shares. Further, even
if we adequately address issues raised by an inspection conducted by an agency or successfully defend our case in an administrative proceeding or court action, we may have to set aside significant financial and management resources to respond and
settle issues raised by such proceedings, which could adversely affect our business. 
 We may be subject to claims that we have wrongfully hired an
employee from a competitor, or that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties or that our employees have wrongfully used or disclosed alleged trade secrets of
their former employers. 
 Many of our employees, consultants and advisors, or individuals that may in the future serve as our employees, consultants
and advisors, are currently or were previously employed at companies that are our competitors or are potential competitors. We may be subject to claims that we, our employees, consultants or independent contractors or advisors have, inadvertently or
otherwise, used or disclosed confidential or proprietary information, trade secrets or know-how of these third parties. Litigation may be necessary to defend against these claims. Even if we are successful in
defending against these claims, litigation could result in substantial cost and be a distraction to our management and employees. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual
property rights or personnel. Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations. 

We may not be able to secure financing on favorable terms, or at all, to meet our future capital needs. 

We have funded our operations since inception primarily through equity financings, bank credit facilities and financing arrangements, including our credit
facilities. We do not know if our operations will continue to generate sufficient cash to fund our operations going forward. In the future, we may require additional capital to respond to business opportunities, refinancing needs, acquisitions or
unforeseen circumstances and we may not be able to secure additional debt or equity financing or refinancing on favorable terms, in a timely manner, or at all. Our ability to secure any additional debt financing

  
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may also be subject to restrictions contained in our existing or future indebtedness, including our credit facilities; which contain customary limitations on the incurrence of certain
indebtedness and liens. Any debt financing obtained by us in the future could also include restrictive covenants relating to our capital-raising activities or other financial and operational matters, which may make it more difficult for us to obtain
additional capital and to pursue business opportunities, including potential acquisitions. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to grow or support our
business and to respond to business challenges could be significantly limited. We are aware that the impacts of the COVID-19 outbreak have led to reduced availability and attractiveness of external funding
sources, and we expect that until financial market conditions stabilize, accessing financing could be challenging or at elevated costs. We intend to continue focusing on our long-term business initiatives and believe that our available funds are
sufficient to meet our liquidity needs for the foreseeable future. We are carefully monitoring and managing our cash position in light of ongoing conditions and levels of operations. See the “Liquidity and Capital Resources” section of our
Management’s Discussion and Analysis for Fiscal 2020. 
 Our operating results are subject to seasonal fluctuations, which could result in
variations in our quarterly results. 
 We have experienced in the past, and expect to continue to experience, seasonal fluctuations in our revenue
as a result of consumer spending patterns. Historically, we have marketed our products and services primarily to SMBs, many of which host seasonal retail events. As a result, our revenue have historically been strongest during the last quarter of
the year as a result of higher sales by our merchants during the holiday season. Any negative economic conditions that occur during these months could have a disproportionate effect on our results of operations for the entire fiscal year. As a
result of quarterly fluctuations caused by these and other factors, comparisons of our operating results across different fiscal quarters may not be accurate indicators of our future performance. 

We are subject to the risks associated with less than full control rights of some of our subsidiaries and investments. 

We own less than 100% of the equity interests or assets of certain of our subsidiaries, namely LoanPaymentPro, LLC and SafeCharge Payments Mexico S.A. de C.V.
and do not hold a controlling interest in Yello Company Limited (Guernsey). As a result, we do not receive the full amount of any profit or cash flow from these non-wholly owned entities and those who hold a
controlling interest may be able to take actions that bind us. We may be adversely affected by this lack of full control and we cannot provide assurance that management of our subsidiaries or other entities will possess the skills, qualifications or
abilities necessary to profitably operate such businesses. 
 Changes in accounting standards or inaccurate estimates or assumptions in the
application of accounting policies could adversely affect our financial condition and results of operations. 
 Our accounting policies and methods
are fundamental to how we record and report our financial condition and results of operations. Future changes in accounting standards, pronouncements or interpretations could require us to change our policies and procedures. The materiality of such
changes is difficult to predict, and such changes could materially impact how we record and report our financial condition and results of operations. 

Additionally, our assumptions, estimates and judgments related to complex accounting matters could significantly affect our financial results. IFRS and
related accounting pronouncements, implementation guidelines and interpretations with regard to a wide range of matters that are relevant to our business, including, but not limited to, revenue recognition, impairment of long-lived assets, leases
and related economic transactions, intangibles, self-insurance, income taxes, property and equipment, litigation and equity-based compensation are highly complex and involve many subjective assumptions, estimates and judgments by us. Changes in
these rules or their interpretation or changes in underlying assumptions, estimates or judgments by us (i) could require us to make changes to our accounting systems to implement these changes that could increase our operating costs and
(ii) could significantly change our reported or expected financial performance. 
 An occurrence of a natural disaster, widespread health
epidemic, pandemic or other outbreaks could have a material adverse effect on our business, financial condition and results of operations. 
 Our
business could be materially and adversely affected by natural disasters, such as fires or floods, the outbreak of a widespread health epidemic, pandemic, such as COVID-19, or other events, such as wars, acts
of terrorism, power shortages or communication interruptions. In addition to previously identified risks associated with the current COVID-19 pandemic, the occurrence of a disaster or similar event could
materially disrupt our business and operations. These events could also 

  
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cause us to close our operating facilities temporarily, which would severely disrupt our operations and have a material adverse effect on our business, financial condition and results of
operations. In addition, our net sales could be materially reduced to the extent that a natural disaster, health epidemic, such as COVID-19, or other major event harms the economies of the countries in which
we operate. Our operations could also be severely disrupted if our merchants, partners and other third-party providers or other participants were affected by natural disasters, health epidemics, such as
COVID-19, or other major events. 
 Our holding company structure makes us dependent on the operations of our
subsidiaries. 
 We are a corporation under the CBCA. Our material assets are our direct and indirect equity interests in our subsidiaries, including
our international subsidiaries. We are, therefore, dependent upon payments, dividends and distributions from our subsidiaries for funds to pay our holding company’s operating and other expenses and to pay future cash dividends or distributions,
if any, to holders of our Subordinate Voting Shares, and we may have tax costs in connection with any dividend or distribution. 
 Risks Relating to
Intellectual Property and Technology 
 Accidental or unauthorized access to or disclosure, loss, destruction or modification of data, through
cybersecurity breaches, computer viruses or otherwise, human error, natural or man-made disasters, or disruption of our services could expose us to liability, protracted and costly litigation and damage to our
reputation. 
 In connection with the various services we provide to our merchants, we collect, store, process and transmit the personal data of our
merchants and, in some cases through providing services to our merchants, their customers as well as other end users of payment services (e.g., payers, receivers, cardholders and those who may hold funds and balance in merchants’ accounts),
including but not limited to names, addresses, identification numbers, credit or debit card numbers and expiration dates and/or bank account numbers. 

Cybersecurity incidents are increasing in frequency and evolving in nature and include, but are not limited to, installation of malicious software,
ransomware, viruses, social engineering (including phishing attacks), denial of service or other attacks, employee theft or misuse, unauthorized access to data and other electronic security breaches. Threats may derive from human error, fraud or
malice on the part of employees or third parties, or may result from accidental technological failure. Concerns about security increase when we transmit information (including personal data). Electronic transmissions can be subject to attack,
interception, loss or corruption. In addition, computer viruses and malware can be distributed and spread rapidly over the Internet and could infiltrate our systems or those of our merchants, distribution partners, payment networks and other
associated participants. Infiltration of our systems or those of our associated participants has in the past led to, and could in the future lead to, disruptions in systems, accidental or unauthorized access to or disclosure, loss, destruction,
disablement or encryption of, use or misuse of or modification of confidential or otherwise protected information (including personal data) and the corruption of data. 

An increasing number of organizations, including large enterprises merchants and businesses, other large technology companies, financial institutions and
government institutions, have disclosed breaches of their information technology systems, some of which have involved sophisticated and highly targeted attacks, including on portions of their websites or infrastructure. Given the unpredictability of
the timing, nature and scope of information technology disruptions, there can be no assurance that any security procedures and controls that we or our associated participants have implemented will be sufficient to prevent security incidents from
occurring. Furthermore, because there are many different security breach techniques and such techniques continue to evolve and are generally not detected until after an incident has occurred, we may be unable to anticipate attempted security
breaches or other security incidents, react in a timely manner, determine the nature or scope of an incident, or implement adequate preventive measures. 

As a defense, in connection with our IT security program, we maintain a disaster recovery plan and have implemented controls over unauthorized access,
including remediation strategies and controls to prevent future attacks. Our Chief Technology Security Officer and Chief Information Security Officer, with the oversight of management, oversee and implement our cybersecurity risk mitigation
strategy. Our defensive measures, however, have not in the past prevented and may not prevent future access or protect us against use of sensitive data or against other cybersecurity related incidents. Furthermore, we cannot be certain that these
measures will be successful and will be sufficient to counter all current and emerging technology threats that are designed to breach our systems. While we maintain insurance coverage that may cover 

  
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certain aspects of cyber risks and incidents, our insurance coverage may be insufficient to cover all losses resulting from a cybersecurity incident. 

In connection with the services we provide, we share information with our associated participants who collect, process, store and transmit sensitive data.
Given the rules established by payment network processors such as Visa and Mastercard, and applicable regulations, we may be held responsible for any failure or cybersecurity breaches attributed to our associated participants as they relate to the
information we share with them. The accidental or unauthorized access to or disclosure, loss, destruction, disablement or encryption of, use or misuse of or modification of data of the end users of payment services (e.g., payers, receivers,
cardholders, merchants and those who may hold funds and balance in their accounts, among others) by us or our associated participants or through systems we provide could result in significant fines, penalties, orders, sanctions and proceedings or
actions against us by the payment networks, governmental bodies and other regulatory authorities, end users or third parties, or loss of our PCI accreditation, which could have a material adverse effect on our business, financial condition and
results of operations. Any such proceeding or action, and any related indemnification obligation, could damage our reputation, force us to incur significant expenses in defense of these proceedings, distract our management, increase our costs of
doing business or result in the imposition of financial liability. 
 Our security measures or those of our associated participants could be insufficient
and breached as a result of third-party action, human (including employee) errors, technological limitations, defects or vulnerabilities in our offerings or those of our third-party service providers, natural or
man-made disasters, malfeasance or otherwise. In addition, although we generally have agreements relating to cybersecurity and data privacy in place with our associated participants, we do not have agreements
in place with all of our associated participants. Where we do have agreements in place, they are limited in nature and we cannot assure you that such agreements will prevent the accidental or unauthorized access to or disclosure, loss, destruction,
disablement or encryption of, use or misuse of or modification of data (including personal data) or enable us to obtain reimbursement from associated participants in the event we should suffer any such incidents. In addition, many of our merchants
are SMBs that have limited competency regarding data security and handling requirements and may thus experience data losses. Because we do not control our associated participants and our ability to monitor their data security is limited, we cannot
ensure the security measures they take will be sufficient to protect data (including personal data). 
 Any accidental or unauthorized access to or
disclosure, loss, destruction, disablement or encryption of, use or misuse of or modification of data, cybersecurity breach or other security incident that we or our associated participants have in the past experienced, and in the future could
experience, or the perception that one has occurred or may occur, could harm our reputation, reduce the demand for our products and services and disrupt normal business operations. In addition, it may require us to spend material resources to
investigate or correct the breach and to prevent future security breaches and incidents, expose us to uninsured liability, increase our risk of regulatory scrutiny, expose us to legal liabilities, including litigation, regulatory enforcement,
indemnity obligations or damages for contract breach, and cause us to incur significant costs, any of which could materially adversely affect our business, financial condition and results of operations. Moreover, there could be public announcements
regarding any such incidents and any steps we take to respond to or remediate such incidents, and if securities analysts or investors perceive these announcements to be negative, it could have a substantial adverse effect on the price of our
Subordinate Voting Shares. A significant cybersecurity breach of our systems or communications could also result in payment networks prohibiting us from processing transactions on their networks, which could materially impede our ability to conduct
business, materially impact the reputation of our business and lead to a decline in demand for our products and services. In addition, our remediation efforts may not be successful. While no security incidents in the past have had a material adverse
effect on our business, financial condition or results of operations, we cannot predict the impact of any such future events. These risks may increase as we continue to grow and collect, process, store and transmit increasingly large amounts of
data. 
 Our systems and our third-party providers’ systems may fail, including due to factors beyond our control, which could interrupt our
service, cause us to lose business and increase our costs. 
 We depend on the efficient and uninterrupted operation of numerous systems, including
our computer systems, our software and that of third parties and telecommunications networks, as well as data centers and other systems of third parties. Our systems and operations or those of our associated participants could be exposed to
interruptions, delays or outages from, among other things, fire, natural disaster, power loss, telecommunications failure, unauthorized entry and computer viruses. Our systems or those of third parties may also contain undetected errors or other
performance problems or may fail due to human error. Although we maintain insurance policies specifically for property and business interruptions, these policies may 

  
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not be adequate to cover losses arising as a result of any such interruptions. Defects in our systems or those of third parties, errors or delays in the processing of payment transactions,
telecommunications failures or other difficulties could result in: 
  

	 	•	 	 loss of revenue; 

  

	 	•	 	 loss of clients; 

  

	 	•	 	 loss or breach of merchant or consumer data; 

 

	 	•	 	 loss of membership with Visa, Mastercard or other payment networks, leading to loss of our ability to access
their networks; 

  

	 	•	 	 fines imposed by payment networks and other issues relating to
non-compliance with applicable payment network requirements; 

  

	 	•	 	 fines imposed by regulators, including the FCA, the Central Bank of Cyprus and the Dutch Central Bank;

  

	 	•	 	 harm to our business or reputation resulting from negative publicity; 

 

	 	•	 	 exposure to fraud losses or other liabilities; 

 

	 	•	 	 additional operating and development costs; 

 

	 	•	 	 diversion of technical and other resources; and/or 

 

	 	•	 	 breach of contractual obligations, such as guarantees to maintain performance levels at certain levels given to
many of our clients, which could harm client relationships and cause us to issue credits to clients or incur other additional liability. 

Our business is also dependent on the continued growth and maintenance of the Internet’s infrastructure. There can be no assurance that the
Internet’s infrastructure will continue to be able to support the demands placed on it by sustained growth in the number of users and amount of traffic. To the extent that the Internet’s infrastructure is unable to support the demands
placed on it, the business of merchants, and thus our business, may be impacted. We may also be disadvantaged by the adverse effect of any delays or cancellations of private sector or government initiatives designed to expand broadband access. We,
and our merchants, may be impacted by a reduction in the growth of, or a decline in, access to broadband and Internet. 
 We are particularly reliant on our
acquiring banks to access the payment networks in the United States and Canada; on Lusis S.A. and Worldnet International for front-end processing services, on Total System Services Inc., for certain logistics
and back-end processing services and on The Phoenix Group for sourcing our terminals, which are often our first point of contact with customers, as well as terminal services and deployment. We also rely on
third-party data centers to host aspects of our platform and solutions, including Tango and Nuvei Gateway, among others, primarily in Montreal, Toronto, London and Amsterdam. Any interruptions, delays or outages in the services provided by these
providers, or a deterioration of our relationships with them, could impact the use of, and our clients’ satisfaction with, our products and services and could harm our business and reputation. Moreover, to the extent any of these providers
begins offering its services to other payment processors or others, the frequency of interruptions, delays or outages in service availability may increase. Any of the foregoing could have a material adverse effect on our business, financial
condition and results of operations. 
 We have business systems that do not have full redundancy. 

While much of our processing infrastructure is located in multiple redundant data centers, we have some core business systems, such as our customer
relationship management systems, that are located in only one facility and do not have redundancy. An adverse event, such as damage or interruption from natural disasters, power or telecommunications failures, cybersecurity breaches, criminal acts
and similar events, with respect to such systems or the facilities in which they are located could impact our ability to conduct business and perform critical functions, which could negatively impact our business, financial condition and results of
operations. 
 If we are unable to successfully obtain, maintain, protect, enforce or otherwise manage our intellectual property and proprietary
rights, we may incur significant expenses and our business may be adversely affected. 
 Our success depends in part, and we place considerable
emphasis, on obtaining, maintaining, protecting and enforcing relevant intellectual property and proprietary rights, which may include patent, design, utility model, trademark, copyright 

  
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and trade secret protection, as well as regulatory exclusivity periods and confidentiality agreements (collectively, “IP Rights”). We cannot be sure that our means of obtaining,
maintaining and enforcing our IP Rights in the United States or abroad will be adequate to protect such rights against infringement, misappropriation or other violation. We may not receive protection for pending or future applications relating to IP
Rights owned by or licensed to us, and the scope of protection granted under any issued or registered IP Rights may not be sufficiently broad to protect our technology, products, services, systems, brands, trademarks or information. Also, because of
the rapid pace of technological change in our industry, aspects of our business and our products and services rely on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and
technologies from these third parties on reasonable terms or at all. Moreover, the laws of certain jurisdictions, including emerging countries, do not protect IP Rights to the same extent as the laws of the United States. If we cannot adequately
obtain, maintain, protect or enforce our IP Rights, third parties may be able to compete more successfully against us and develop and commercialize substantially identical products, services or technologies, which could have a material adverse
effect on our business, financial condition or results of operations. 
 Third parties may challenge, invalidate, circumvent, infringe or misappropriate our
IP Rights, and such IP Rights may be lost or no longer sufficient to permit us to take advantage of current market trends or to otherwise provide competitive advantages, which could result in costly redesign efforts, discontinuance of certain
service offerings or other competitive harm. Others, including our competitors, may independently develop similar technology, duplicate our products and services or design around our IP Rights, and in such cases, we could not assert our IP Rights
against such parties. Moreover, third parties may infringe, misappropriate or otherwise violate IP Rights owned or licensed by us and we may assert claims against such third parties to enforce, or determine the scope and enforceability of, our IP
Rights, which could result in lengthy litigation or other proceedings and could cause a diversion of resources and may not prove successful. Such third parties could also counterclaim that any IP Rights we assert are invalid or unenforceable and if
such counterclaims are successful, we could lose valuable IP Rights. 
 We rely heavily on trade secrets and proprietary
know-how to protect our products, services and technology and their development and commercialization, and rely in part on confidentiality agreements with suppliers and other partners, employees, independent
contractors and consultants. However, we cannot guarantee that we have entered into such agreements with each party that has or may have had access to our trade secrets. Moreover, these agreements may be breached, and we may not have or be able to
enforce adequate remedies for any such breach. There is also no guarantee that these agreements or other precautions will provide sufficient protection against any unauthorized access, use or misuse, misappropriation, counterfeiting, cloning,
reverse engineering or disclosure of any of our trade secrets, proprietary know-how and any other information or technology. Trade secrets can be difficult to protect and some courts inside and outside of the
United States are unwilling or less willing to protect trade secrets as compared to other forms of intellectual property. Defending against unauthorized access, use or misuse, misappropriation, counterfeiting, cloning, reverse engineering or
disclosure of our technology, trade secrets, proprietary know-how and other IP Rights and technology may result in lengthy and expensive litigation or other proceedings with uncertain outcomes and cause
significant disruption to our business and operations. If we are unable to obtain, maintain, protect or effectively enforce our IP Rights, it could impact the development, manufacture and commercialization of our products, services and solutions and
have a material adverse effect on our business, financial condition or results of operations. 
 Claims by others that we have infringed their
proprietary technology or other IP Rights could harm our business. 
 Our success depends, in part, on our ability to develop and commercialize our
services and technologies without infringing, misappropriating or otherwise violating the IP Rights of third parties. However, we may not be aware that our products, services, solutions or technologies are infringing, misappropriating or otherwise
violating third-party IP Rights, and such third parties may bring claims alleging such infringement, misappropriation or violation. Third parties may have issued, or may eventually issue, patents that could be infringed by our services or
technology. Any of these third parties could make a claim of infringement against us with respect to our services or technology. We may also be subject to claims by third parties for breach of copyright, trademark, license usage or other IP Rights.
When any such claims are asserted against us, we may seek to license the third party’s IP Rights, which could be expensive. We may be unable to obtain the necessary licenses on satisfactory terms, if at all. Any claim from third parties may
result in a limitation on our ability to use the intellectual property subject to these claims or could prevent us from registering our brands as trademarks. Even if we believe that intellectual property-related claims are without merit, defending
against such claims is time-consuming and expensive, and could result in the diversion of the time and attention of our management and employees. Claims of intellectual property infringement also might require us to redesign affected services, enter
into costly settlement or license agreements, pay costly 

  
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damage awards, change our brands or face a temporary or permanent injunction prohibiting us from importing, marketing, selling or operating certain of our services, using certain of our brands or
operating our business as presently conducted. Even if we have an agreement for indemnification against such costs, the indemnifying party, if any in such circumstances, may be unable to uphold its contractual obligations. 

We may be subject to adverse publicity or reputational harm, even if claims against us are later shown to be unfounded or unsubstantiated. Moreover, there
could be public announcements of the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have an adverse effect on the price of our
Subordinate Voting Shares. The award of damages, including material royalty payments, or the entry of an injunction against the manufacture, import, marketing, sale or operation of some or all of our products or services, or our entry into any
license or settlement agreement in connection with such claims could affect our ability to compete with third parties and have a material adverse effect on our business, financial condition and results of operations. 

If we are unable to obtain or fail to comply with the required licenses to operate our business or experience disputes with licensors or disruptions to
our business relationships with our licensors, we could lose license rights that are important to our business. 
 We have entered into license
agreements with third parties and may need to obtain additional licenses from our existing licensors and others to advance or allow commercialization of our solutions. It is possible that we may be unable to obtain any additional licenses at a
reasonable cost or on reasonable terms, if at all. In that event, we may be required to expend significant time and resources to redesign our solutions or to develop or license replacement technology, all of which may not be feasible on a technical
or commercial basis. If we are unable to do so, we may be unable to develop or commercialize the affected solutions, which could disrupt and adversely affect our business. 

Disputes may arise regarding intellectual property, including software and data, that is subject to a licensing agreement, including the scope of rights
granted under the license agreement and other interpretation-related issues. In addition, the agreements under which we currently license intellectual property or technology from third parties are complex, and certain provisions in such agreements
may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology or increase what
we believe to be our financial or other obligations under the relevant agreement. If these events were to occur, we may lose the right to continue to use and exploit such licensed intellectual property or technology in connection with our operations
and solutions, which could have a material adverse effect on our business, financial condition and results of operations. 
 Our use of open-source
software could negatively affect our ability to sell our solutions and subject us to possible litigation. 
 Our solutions incorporate and are
dependent to some extent on the use and development of open-source software and we intend to continue our use and development of open-source software in the future. Such open-source software is generally licensed by its authors or other third
parties under so-called “open-source” licenses and is typically freely accessible, usable and modifiable. 

Pursuant to such open-source licenses, we may be subject to certain conditions, including requirements that we offer our proprietary software that
incorporates the open-source software for no cost, that we make available source code for modifications or derivative works we create based upon, incorporating or using the open-source software, that we license such modifications or derivative works
under the terms of the particular open-source license or that we grant other licenses to our intellectual property. We seek to ensure that our proprietary software is not combined with, and does not incorporate, open-source software in ways that
would require the release of the source code of our proprietary software to the public. Certain components of our platform and products incorporate software that is licensed under an open-source license which would require release of proprietary
code if such platform or products was released or distributed to third parties. We take steps to ensure that such platform or products are not released or distributed but we have co-located certain such
platform or products on third parties’ premises. 
 If an author or other third party that uses or distributes such open-source software were to allege
that we had not complied with the conditions of one or more of these licenses, we could be required to incur significant legal expenses defending against such allegations and could be subject to significant damages, enjoined from the sale of our
solutions that contain or 

  
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are dependent upon such open-source software and required to comply with the foregoing conditions, which could disrupt the distribution and sale of some of our solutions. Litigation could be
costly for us to defend, have a negative effect on our operating results and financial condition or require us to devote additional research and development resources to change our platform. As there is little or no legal precedent or judicial
interpretation governing the interpretation of many of the terms of certain of these licenses, the potential impact of these terms on our business is uncertain and may result in unanticipated obligations regarding our solutions and technologies.

 Any requirement to disclose our proprietary source code, in defending our use of open-source licenses or otherwise, the termination of open-source
license rights or payments of damages for breach of contract could be harmful to our business, results of operations or financial condition, and could help our competitors develop products and services that are similar to or better than ours with
lower development effort and time. Alternatively, to avoid the public release of the affected portions of our source code, we could be required to expend substantial time and resources to re-engineer some or
all of our software. 
 In addition to risks related to license requirements, use of open-source software can lead to greater risks than use of third-party
commercial software, as open-source licensors generally do not provide warranties, controls on the origin or development of the software or remedies against the licensors, nor are there any guarantees of any updates to the open-source software being
released, which means that some open-source software can be more susceptible to cybersecurity attacks than commercially available software. Many of the risks associated with usage of open-source software cannot be eliminated and could adversely
affect our business. 
 It is possible that we may not be aware of all instances where open-source software has been incorporated into our proprietary
software or used in connection with our solutions or our corresponding obligations under open-source licenses. We do not have open-source software usage policies or monitoring procedures in place. We rely on multiple software programmers to design
our proprietary software and we cannot be certain that our programmers have not incorporated open-source software into our proprietary software that we intend to maintain as confidential or that they will not do so in the future. To the extent that
we are required to disclose the source code of certain of our proprietary software developments to third parties, including our competitors, in order to comply with applicable open-source license terms, such disclosure could harm our intellectual
property position, competitive advantage, results of operations and financial condition. In addition, to the extent that we have failed to comply with our obligations under particular licenses for open-source software, we may lose the right to
continue to use and exploit such open-source software in connection with our operations and solutions, which could disrupt and adversely affect our business. 

Risks Relating to Regulation 
 We are subject to
costs and risks associated with new or changing laws and regulations and governmental action affecting our business. 
 We operate in a complex
regulatory and legal environment and are subject to a wide variety of laws and regulations in the jurisdictions in which we operate. Some of the laws and regulations in Europe, the United States, the U.K. and Canada and other jurisdictions in which
we operate that affect or may affect us include: those relating to anti-money laundering and cross-border and domestic money transmission; those relating to consumer products, product liability and consumer protection; those relating to foreign
exchange trading and gaming and sports betting; those relating to the manner in which we advertise, market and sell products; labor and employment laws, including wage and hour laws; tax laws or interpretations thereof; bank secrecy laws; data
protection and privacy laws and regulations; and securities and exchange laws and regulations. The laws and regulations specifically applicable to us may also change on the basis of a change in the nature of our products or services, or a change in
the jurisdictions in which those products or services are being offered, including, but not limited to, as a result of acquisitions. There can be no guarantee that we will have sufficient resources to comply with new laws, regulations or government
action, or to successfully compete in the context of a shifting regulatory environment. Moreover, these laws and regulations may change, sometimes significantly, as a result of political, economic and social events. 

We also generate a significant portion of our revenue from merchants operating in the regulated gaming and sports betting and foreign exchange trading
sectors. Regulations in the gaming and sports betting and foreign exchange trading sectors vary significantly among different countries and localities. In many cases, they may be unclear and may also change, sometimes dramatically. Due to the
borderless nature of online gaming and sports betting and foreign exchange trading, a merchant properly licensed in its home jurisdiction may still provide services to consumers in other jurisdictions, including

  
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jurisdictions where regulations are ambiguous or where gaming, sports betting and/or foreign exchange trading are prohibited. We have policies and procedures in place that are designed to ensure
that we comply with applicable local laws and regulations regarding card brands, regulated verticals and bank sponsor requirements. However, these policies and procedures may not always be effective. If we provide services, intentionally or
unintentionally, to gaming and sports betting and foreign exchange trading companies that do not have proper regulatory authorizations, we could be subject to fines, penalties, reputational harm or other negative consequences. Furthermore, European
Union laws, regulations and directives are sometimes incompatible with local laws in place in European Union member countries, which introduces additional uncertainty around licensing and ongoing compliance obligations into the regulatory framework.
Regulators may also seek to place greater emphasis on payment service providers who provide services to gaming and sports betting and foreign exchange trading companies, which could increase these risks. Moreover, we face increased risk of liability
in jurisdictions in which we have an on the ground presence, assets, personnel or funds, such as through maintaining a bank account. Violations or changes in these or other laws and regulations that we are subject to may have a material adverse
effect on our business, financial condition and results of operations. 
 Changes in laws or regulations relating to privacy and data protection, or
any actual or perceived failure by us to comply with such laws and regulations, or contractual or other obligation relating to, privacy and data protection could adversely affect our business. 

We receive, generate and store significant and increasing volumes of sensitive information, such as personal data of our employees, our merchants and any end
users of payment services (e.g., payers, receivers, cardholders, merchants and those who may hold funds and balance in their accounts). As we seek to build a trusted and secure platform for commerce, and as we expand our network of clients and
facilitate their transactions and interactions with one another, we are and will increasingly be subject to a variety of laws, directives and regulations, as well as contractual obligations, relating to the collection, use, retention, security,
disclosure, transfer, destruction, de-identification and other processing of sensitive information in the jurisdictions in which we operate. The regulatory framework for privacy, data protection and data
transfers worldwide is rapidly evolving and is likely to remain uncertain for the foreseeable future. Applicable privacy laws and court decisions could impact our ability to transfer personal data internationally. For example, the Court of Justice
of the European Union, the European Union’s highest court, concluded in July 2020 that the European Union-U.S. Privacy Shield (a mechanism for the transfer of personal data from the European Union to the
U.S.) is invalid. As a result of this decision, organizations transferring personal data from the European Union to a third country, such as the United States, are now required to carry out a transfer risk assessment in order to determine whether
the recipient country offers the same level of protection than the one offered in the European Union. If the recipient country offers the same level of protection, the organization implements transfer tools (e.g. standard contractual clauses). If
the recipient country fails to offer the same level of protection, however, supplementary measures are required to be taken, and without such measures, the transfers may be prohibited. In addition, it is still unclear whether transfer of data from
the European Economic Area to the United Kingdom will remain lawful under GDPR. On December 24, 2020, the United Kingdom and EU entered into a Trade and Cooperation Agreement, which provides for a transitional period during which the United
Kingdom will be treated like an EU member state in relation to processing and transfers of personal data for four months from January 1, 2021. This may be extended by two further months. After such period, the United Kingdom will be a
“third country” under the GDPR unless the European Commission adopts an adequacy decision in respect of transfers of personal data to the United Kingdom. 

We publicly post documentation regarding our data privacy practices. Although we endeavor to comply with our published policies, we may at times fail to do so
or be alleged to have failed to do so. The publication of our privacy policies that provide promises and assurances about privacy and security can subject us to potential government or legal action if they are found to be deceptive, unfair, or
misrepresentative of our actual practices. Any failure, real or perceived, by us to comply with our posted privacy policies or with any regulatory requirements, certifications or orders or other privacy or consumer protection-related laws and
regulations applicable to us could cause merchants to reduce their use of our products and services and could materially and adversely affect our business. In many jurisdictions, enforcement actions and consequences for noncompliance can be
significant and are rising. Some countries also are considering or have passed legislation requiring local storage and processing of data, or similar requirements, which could increase the cost and complexity of delivering our platform. 

The U.S. federal and various state government bodies and agencies have adopted or are considering adopting laws and regulations limiting or otherwise
regarding the collecting, distribution, use, disclosure, storage and security of personal information. For example, in June 2018, California passed the CCPA, which became effective on January 1, 2020 and

  
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imposes stringent data privacy and data protection requirements for the data of California residents. Enforcement of the CCPA by the California Attorney General began on July 1, 2020. Among
other things, it requires covered companies to provide new disclosures to California consumers and afford such consumers new data protection rights, including the ability to opt-out of certain sales of
personal information. The CCPA provides for civil penalties for violations, as well as a private right of action for certain data breaches that result in the loss of personal data that may increase the likelihood of, and risks associated with, data
breach litigation. The effects of this legislation are potentially far-reaching and may require us to modify our data processing practices and policies and to incur substantial costs and expenses in an effort
to comply. 
 California voters also passed a new privacy law, the California Privacy Rights Act (“CPRA”), in the November 2020 election. The CPRA
significantly modifies the CCPA, including by imposing additional obligations on covered companies and expanding consumers’ rights with respect to certain sensitive personal information, potentially resulting in further uncertainty and
requiring us to incur additional costs and expenses in an effort to comply prior to the 2023 effective date. The CPRA also creates a new state agency that will be vested with authority to implement and enforce the CCPA and the CPRA. More recently,
Virginia passed the Virginia Consumer Data Protection Act (“VCDPA”), which also includes increased protections for Virginia residents and goes into operation in 2023. Aspects of the CCPA, the CPRA, the VCDPA, and other laws and regulations
relating to data protection, privacy and information security, as well as their enforcement, remain unclear, and we may be required to modify our practices in an effort to comply with them. 

The CCPA, CPRA and VCDPA could mark the beginning of a trend toward more stringent privacy legislation in the United States. The CCPA has prompted a number of
proposals for federal and state privacy legislation that, if passed, could increase our potential liability, add layers of complexity to compliance in the U.S. market, increase our compliance costs and adversely affect our business. 

Privacy laws inspired by the CCPA have also been introduced in a number of other states. Internationally, laws and regulations in many jurisdictions apply
broadly to the collection, use, storage, disclosure and security of data that identifies or may be used to identify or locate an individual, such as names, email addresses and, in some jurisdictions, Internet Protocol, or IP addresses. For example,
we are subject to Canada’s PIPEDA, and the analogous provincial laws, which similarly impose data privacy and security obligations on our processing of personal data. In December 2019, Canadian Ministers were mandated to draft and implement a
new bill to reform PIPEDA providing expressly for the establishment of new rights related to privacy, such as personal data portability, the ability to remove, delete and erase personal data and the ability to withdraw consent to the exchange or
sale of personal data, notably. 
 We are also subject to Québec’s Act respecting the protection of personal information in the private sector
(the “Private Sector Act”). On June 12, 2020, the Government of Québec tabled Bill 64, an Act to modernize legislative provisions as regards the protection of personal information (“Bill 64”), which proposes major
amendments to the Private Sector Act, notably, to impose new obligations on Québec businesses while significantly increasing the powers of its supervisory authority. Should Bill 64 pass, the Québec privacy regime for private companies
would become more onerous, as new proposed penal provisions would introduce fines of either up to $25,000,000 or 4% of worldwide turnover for the preceding fiscal year, whichever sum is greater. Additionally, the proposed amendments include
organizations’ duty to adopt corporate governance rules regarding the protection of personal information, organizations’ duty to report and log “confidentiality incidents”, requirements to assess privacy-related factors with
regard to information systems and electronic service delivery projects, and many others. 
 The European Parliament and the Council of the European Union in
2016 adopted the European Union’s GDPR, which came into effect in May 2018, superseding the European Union Data Protection Directive, and imposing more stringent data privacy and data protection requirements. The GDPR introduced numerous
privacy-related changes for companies whose processing is subject to the GDPR, including greater control for data subjects (such as the “right to be forgotten”), increased data portability for data subjects and increased fines. The GDPR
authorizes fines for certain violations of up to 4% of global annual revenue or €20 million, whichever is greater. Further, while the U.K. enacted the Data Protection Act 2018 in May 2018 that supplements the GDPR, which will continue to
regulate the protection of personal data in the same way post-Brexit through the U.K. GDPR. Brexit has created uncertainty with regard to the future of regulation of data protection in the U.K. Indeed, the U.K. government recently announced its
intention to adopt a more flexible approach to the regulation of data, and as a result there remains a risk of future divergence between the EU and U.K. data protection regimes. 

  
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 In July 2020, the Court of Justice of the European Union (“CJEU”) issued a ruling regarding the
validity of the primary mechanism that we use to safeguard transfers of personal data sent from the EU and the U.K. (i.e., the European Commission-approved standard contractual clauses). Following the CJEU’s ruling, we may be unable in certain
cases to transfer personal data outside the EU and the U.K. without a defined lawful mechanism under the GDPR or the Data Protection Act 2018. While regulatory guidance on complying with the CJEU’s ruling is expected to be released shortly, it
is unclear currently how data protection authorities, courts and our counterparties will view or enforce any such potential or actual non-compliance. 

On January 1, 2021, the U.K. became a third country for the purposes of EU law, such that transfers of personal data from the EU to the U.K. are
permitted only where there is a lawful mechanism under the GDPR. In February 2021, the European Commission issued a draft finding of data protection adequacy for the U.K., which is currently being assessed by the European Data Protection Board and
will thereafter require approval from representatives of the EU’s Member States. If the draft finding is not finalized by June 30, 2021, or the U.K. otherwise does not receive an adequacy finding, we will be required to safeguard transfers
of personal data sent from the EU to the U.K. through the use of European Commission standard contractual clauses or other approved mechanisms. This will impose legal and compliance costs for us and could result in additional legal and regulatory
risk where such transfers are not conducted in accordance with the GDPR and the requirements set out in the CJEU’s ruling. 
 Complying with CCPA,
PIPEDA, the Private Sector Act, the GDPR, the Data Protection Act 2018 and the U.K. GDPR or other laws, regulations or other obligations relating to privacy, data protection, data transfers, data localization, or information security may cause us to
incur substantial operational costs or require us to modify our data practices. Non-compliance could result in proceedings against us by governmental entities or others, could result in substantial fines or
other liability, and may otherwise adversely affect our business, financial condition and results of operations. 
 Additionally, some statutory
requirements, both in the United States and abroad include obligations for companies to notify individuals of security breaches involving particular personal information, which could result from breaches experienced by us or our service providers.
For example, laws in all 50 U.S. states require businesses to provide notice to customers whose personal data has been disclosed as a result of a data breach in some circumstances. The laws are not consistent, and compliance in the event of a
widespread data breach is difficult and may be costly. States are also frequently amending existing laws, requiring attention to frequently changing regulatory requirements. The GDPR also contains data breach notification requirements. Any actual or
perceived security breach could harm our reputation and brand, expose us to potential liability, result in a fine from payment networks or loss of PCI accreditation or require us to expend significant resources on data security and in responding to
any such actual or perceived breach. Any contractual protections we may have from our service providers may not be sufficient to adequately protect us from any such liabilities and losses, and we may be unable to enforce any such contractual
protections. 
 In addition to government regulation, privacy advocates and industry groups have and may in the future propose self-regulatory standards
from time to time. These and other industry standards may legally or contractually apply to us, or we may elect to comply, or facilitate our merchants’ compliance, with such standards. Additionally, our customers and prospective customers have
required, and may in the future require, us to comply with certain privacy, data protection and information security standards, including with respect to our data encryption practices, and we may undertake contractual commitments to adhere to such
standards. We expect that there will continue to be new proposed laws and regulations and guidance concerning privacy, data protection and information security, and we cannot yet determine the impact such future laws, regulations, standards and
guidance may have on our business. New laws, amendments to or re-interpretations of existing laws, regulations, industry standards, guidance, contractual obligations, customer expectations and other
obligations may require us to incur additional costs and restrict our business operations. Because the interpretation and application of laws, standards, contractual obligations and other obligations relating to privacy and data protection are still
uncertain, it is possible that these obligations may be interpreted and applied in a manner that varies by jurisdiction and/or that is inconsistent with our data privacy policies and procedures, including with respect to our data encryption
practices, or the features of our platform. If so, we may face fines, lawsuits, regulatory investigations, imprisonment of company officials and public censure, other claims and penalties, significant costs for remediation and damage to our
reputation. We could also be required to fundamentally change our business activities and practices, which could adversely affect our business. We may be unable to make such changes and modifications in a commercially reasonable manner, or at all.
Furthermore, the costs of compliance with, and other burdens imposed by, the laws, regulations, policies and guidance that are applicable to the 

  
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businesses of our merchants may limit the use and adoption of, and reduce the overall demand for, our services. Any inability to adequately address privacy, data protection, or information
security-related concerns, even if unfounded, or to successfully negotiate related contractual terms with merchants, or to comply with applicable laws, regulations, policies, standards and guidance relating to privacy, data protection and
information security, including those with which we elect to comply, could result in additional cost and liability to us, harm our reputation and brand, damage our relationship with important providers and adversely affect our business, financial
condition and results of operations. 
 Our business is subject to complex and evolving requirements and oversight related to our provision of
payments services and other financial services. 
 The laws, rules and regulations that govern our business include, or may in the future include,
those relating to banking, deposit-taking, cross-border and domestic money transmission, payment card networks, currency exchange, payments services (such as payment processing and settlement services), consumer financial protection, commercial
electronic messaging, anti-money laundering, terrorist financing, escheatment and other standards or requirements imposed by regulators or the payment networks. For example, the payment networks require compliance with the PCI Data Security
Standard, a set of industry requirements designed to ensure that companies that process, store, or transmit payment card information maintain a secure environment to protect cardholder data, as well as, in Canada, the Code. These laws, rules,
regulations, standards and requirements are enforced by multiple authorities, governing bodies and organizations in Europe, the United States, the U.K. and Canada and the other jurisdictions in which we operate. As our business continues to develop
and expand, we may become subject to additional requirements, which may limit or change how we conduct our business. 
 Our activities in the European Union
are subject to the PSD2, implemented in both the U.K. in 2017 (by the Payment Services Regulations 2017) and the Republic of Cyprus in 2018 with a view to bringing regulation up to date with developments in the payment services industry, to promote
further innovation and to improve consumer protection. SafeCharge Limited, a wholly-owned subsidiary of SafeCharge, is an Electronic Money Institution authorized and regulated by the Central Bank of Cyprus and has obtained permission under the U.K.
FCA’s Temporary Permissions Regime to continue providing payment services to merchants in the U.K. following the end of the transitional period for the U.K.’s withdrawal from the European Union on December 31, 2020. In addition,
SafeCharge Financial, another wholly-owned subsidiary of SafeCharge, is authorized by the U.K. FCA as a Payment Institution. The authorization allows SafeCharge Financial to provide payments services in the U.K. in accordance with the Payment
Services Regulations 2017. Regulatory reform in either jurisdiction could increase the cost of our operations or deny access to certain territories in the provision of certain services. As a result of the U.K.’s withdrawal from the European
Union and the absence of an agreement between the U.K. and European Union with respect to financial services, SafeCharge Financial’s cross-border passporting rights, which allowed it to provide payment services throughout the European Union,
ceased to be available from the end of 2020. 
 The Smart2Pay Transaction entailed the acquisition of its regulated subsidiary, Smart2Pay Regco, which is
licensed as a payment services provider by the Dutch Central Bank to provide payment services 3 and 5 as referred to in PSD2. Continued compliance with the Dutch Central Bank’s rules entails additional costs and regulatory reform in the
Netherlands could further increase the cost of our operations in that jurisdiction. 
 We believe that our activities in the United States and Canada do not
require a charter or license from federal, state, or provincial financial regulatory authorities to conduct our activities in the United States or Canada. However, in 2018, the Canadian federal government restated its intent to introduce legislation
to implement a new federal retail payments oversight framework (similar to PSD2). If implemented, the framework would require payment service providers to establish sound operational risk management practices and to protect users’ funds against
losses, plus registration, which would represent a significant development in the Canadian payments landscape and require additional time and effort be spent to develop, implement and monitor such practices in Canada. 

If we are found to have engaged in financial services activities requiring a charter or a license without having obtained such charter or license, we could be
subject to civil and criminal fines, penalties, costs, legal fees, reputational damage or other negative consequences. For example, we could be required to change our business practices in order to comply with additional laws and regulations,
including those related to anti-money laundering and terrorist financing, or could be forced to cease engaging in such regulated activity entirely. This could adversely affect our business, financial condition and results of operations. 

  
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 The Payment Networks Act (Canada) has been enacted with a view to regulating national payment networks and
their commercial practices. While this act refers to acquirers, it does not apply directly to them. However, it does contain various regulatory powers which have not yet been carried out, as the Code was adopted in lieu of regulations and relies on
voluntary compliance. Canadian payment networks, issuers and acquirers abide by it mainly as a result of payment network rules. The stated purpose of the Code is to ensure that merchants are fully aware of the costs associated with accepting credit
and debit card payments, provide merchants with increased pricing flexibility to encourage consumers to choose the lowest-cost payment option, and allow merchants to freely choose which payment options they will accept. There are 13 policy elements
included in the Code, including requirements that merchant-acquirer agreements and monthly statements include a sufficient level of detail and are easy to understand, that merchants will receive a minimum of 90 days’ notice of any fee increases
or the introduction of a new fee related to any credit or debit card transactions, or a reduction in applicable interchange rates, and that following notification of a fee increase or the introduction of a new fee, or a reduction in applicable
interchange rates not passed on to merchants, merchants will be allowed to cancel their contracts without penalty. 
 The U.S. CFPB is the U.S. federal
financial regulator with authority over the provision of consumer financial products and services (including many offered by our merchants or partners). Although we are not directly subject to the CFPB’s supervisory authority, the rules issued
by the CFPB that apply to our merchants or partners may require us to adjust our activities and may increase our compliance costs. In addition, because we provide data processing services to banks and other financial institutions, we are or may
become subject to indirect inquiries from the CFPB or from federal or state banking regulators. To comply with their regulatory obligations, these banks and other financial institutions may be required to perform appropriate due diligence on us and
our activities, evaluate our risk management, information security, and information management systems, and conduct ongoing monitoring of our performance and our ability to deliver services. 

In addition, all persons engaged in commerce in the United States, including, but not limited to, us, our merchants and our bank partners, are subject to
Section 5 of the Federal Trade Commission Act prohibiting unfair or deceptive acts or practices, or UDAP. The Federal Trade Commission, or FTC, has authority to take action against nonbanks that engage in UDAP. We are also subject to various
other consumer protection laws and related regulations in the markets in which we operate, and we may be subject to lawsuits from time to time relating to such laws and regulations. If we are subject to similar suits in the future or are found to
have breached any consumer protection laws or regulations in any such market, this could have an adverse effect on our reputation, business, financial condition or results of operations. 

We may be subject to fines or other penalties levied by regulators in one or more jurisdictions for failing to comply with applicable rules and regulations.
In addition we could be subject to significant criminal and civil lawsuits, forfeiture of significant assets or other enforcement actions, including loss of licensure in a given jurisdiction. We could also be required to make changes to our business
practices or compliance programs as a result of regulatory scrutiny. Moreover, any perceived or actual breach of compliance by us with respect to applicable laws, rules, and regulations could have a significant impact on our reputation and could
cause us to lose existing clients, prevent us from obtaining new clients, require us to expend significant funds to remedy problems caused by breaches and to avert further breaches and expose us to legal risk and potential liability. 

Failure to comply with the CFPOA, the U.S. FCPA, anti-money laundering economic and trade sanctions regulations, and similar laws and regulations could
subject us to penalties and other adverse consequences. 
 We operate our business in several countries where companies often engage in business
practices that are prohibited by Canadian, U.S. and other laws and regulations applicable to us. We are subject to anti-corruption laws and regulations, including the CFPOA, the FCPA, the U.K. Bribery Act, the USA PATRIOT Act of 2001 and other laws
that prohibit the making or offering of improper payments, including anti-bribery provisions in the Criminal Code of Canada and those enforced by the U.S. Department of Justice. These laws prohibit improper payments or offers, including payments to
governments, officials and business entities for the purpose of obtaining or retaining business. There can be no assurance that our employees, consultants and agents, including those that may be based in or from countries where practices that
violate Canadian, U.S. or other laws may be customary or commonplace, will not take actions in violation of our policies for which we may be ultimately responsible. 

In addition, we are subject to certain anti-money laundering laws and regulations. In some jurisdictions, we are directly subject to these regulations. In
other cases, we are contractually required to comply with certain laws and regulations to which our bank partners are subject. These laws and regulations, including the Canadian PCMLTFA and its related

  
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regulations, the U.S. Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the Anti-Money Laundering Act of 2020, typically require businesses to develop and implement risk-based
anti-money laundering programs, report large cash transactions and suspicious activity, and maintain transaction records. 
 We are also subject to certain
economic and trade sanctions programs that are administered by the Special Economic Measures Act in Canada and the U.S. Treasury Department’s OFAC, which prohibit or restrict transactions to or from or dealings with specified countries, their
governments, and in certain circumstances, their nationals, and with individuals and entities that are specially designated nationals of those countries, narcotics traffickers, and terrorists or terrorist organizations. Similar anti-money laundering
and sanctions laws apply to movements of currency and payments through electronic transactions and to dealings with persons specified in lists maintained by the country equivalents to OFAC lists in several other countries and entail specific data
retention obligations to be observed by intermediaries in the payment process. Our businesses in those jurisdictions are subject to those data retention obligations. 

Failure to comply with any of these laws or regulations or changes in the legal or regulatory environment, including changing interpretations and
implementations of new or varying regulatory requirements, may result in significant financial or other penalties. We may also face significant criminal and civil lawsuits, forfeiture of significant assets or other enforcement actions, including
loss of licensure in a given jurisdiction, or reputational damage, which could cause us to lose existing clients or prevent us from obtaining new clients or otherwise adversely affect our business, financial condition or results of operations. We
could also be required to make changes to our business practices or compliance programs as a result of regulatory scrutiny. Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

 Changes in tax laws and regulations or trade rules may impact our effective tax rate and may adversely affect our business, financial condition and
operating results. 
 We operate on a global basis and have business operations in a number of different tax jurisdictions. Changes in our tax
profile due to acquisitions or changes in tax legislation and rates in jurisdictions in which we operate may adversely affect our business, financial condition and operating results. Additionally, there is uncertainty with respect to tax and trade
policies, tariffs and government regulations affecting trade between countries. Major developments in tax policy or trade relations, such as the Canada-United States-Mexico Agreement (the “CUSMA”) which came into effect on
July 1, 2020, the disallowance of tax deductions for imported merchandise or the imposition of unilateral tariffs on imported products, could have a material adverse effect on our growth opportunities, business and results of operations.
Regarding the CUSMA, in April 2020 all three countries provided formal notification that their respective internal ratification processes were complete. Since July 1, 2020, the CUSMA replaced the North American Free Trade Agreement. The impact
of CUSMA on our business and operations remains uncertain. 
 We previously have participated in government programs in Canada that provide investment tax
credits based upon qualifying research and development expenditures. If taxation authorities successfully challenge such expenses or the correctness of such income tax credits claimed, our historical operating results could be adversely affected.

 We currently conduct activities through our subsidiaries pursuant to transfer pricing arrangements. If two or more affiliated companies are located in
different countries, the tax laws or regulations of each country generally will require that transfer prices be the same as those between unrelated companies dealing at arm’s length. While we believe that we operate in compliance with
applicable transfer pricing laws and intend to continue to do so, our transfer pricing procedures are not binding on applicable tax authorities. If tax authorities in any of these countries were to successfully challenge our transfer prices as not
reflecting arm’s length transactions, they could require us to adjust our transfer prices and thereby reallocate our income to reflect these revised transfer prices, which could result in a higher tax liability to us. 

Risks Relating to Our Subordinate Voting Shares 
 If
our Subordinate Voting Share price fluctuates, you could lose a significant part of your investment. 
 The stock market in general has experienced
substantial price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of particular companies affected. These broad market and industry factors may materially harm the market price of our
Subordinate Voting Shares, regardless of our operating 

  
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performance. In the past, following periods of volatility in the market price of certain companies’ securities, securities class action litigation has been instituted against these
companies. This litigation, if instituted against us, could adversely affect our financial condition or results of operations. If a market is not maintained, the liquidity and price of our Subordinate Voting Shares could be seriously harmed. 

Sales of substantial amounts of our Subordinate Voting Shares in the public market, or the perception that these sales may occur, could cause the market
price of our Subordinate Voting Shares to decline. 
 Sales of substantial amounts of our Subordinate Voting Shares in the public market could occur
at any time after the expiration of the 180-day contractual lock-up period described in the paragraph below. These sales, or the market perception that these sales may
occur, could cause the market price of our Subordinate Voting Shares to decline. This could also impair our ability to raise additional capital through the sale of our equity securities. 

Under our Articles, we are authorized to issue an unlimited number of Multiple Voting Shares and Subordinate Voting Shares, of which 92,247,808 Multiple
Voting Shares and 45,924,637 Subordinate Voting Shares were outstanding as of December 31, 2020. In connection with the completion of the IPO, we, each of our directors, executive officers and other current shareholders, and their respective
associates and affiliates holding securities of the Company entered into a lock-up agreement pursuant to which we agreed not to offer, sell, or dispose of any shares of our share capital or securities
convertible into or exchangeable or exercisable for any shares of our share capital during the 180-day period following the date of the IPO (the “Lock-Up
Agreements”). The IPO Joint Active Bookrunners, however, may, in their sole discretion, permit us, our directors, executive officers and current shareholders who are subject to these Lock-Up Agreements to
sell shares prior to the expiration of the Lock-up Agreements. Following the expiration of the 180-day period, these shares will be available for sale in the public
markets subject to restrictions under applicable securities laws. In addition, as of the date hereof, there are outstanding options to acquire our Subordinate Voting Shares. The Subordinate Voting Shares subject to these options will, to the extent
permitted by any applicable vesting requirements, lock-up agreements and restrictions under applicable securities laws, also become eligible for sale in the public market. We also granted registration rights
to our Principal Shareholders pursuant to the Investor Rights Agreement. If a large number of our Subordinate Voting Shares or securities convertible into our Subordinate Voting Shares are sold in the public market after they become eligible for
sale, or there is a perception that such sales could occur, the trading price of our Subordinate Voting Shares could decline and impede our ability to raise future capital. Further, we cannot predict the size of future issuances of our shares or the
effect, if any, that future sales and issuances of shares would have on the market price of our Subordinate Voting Shares. 
 Limitations imposed by
the FCA, the Central Bank of Cyprus and the Dutch Central Bank on the right to own our securities may result in sanctions being imposed on our regulated subsidiaries and an acquiror of such securities in the event of
non-compliance by such acquiror, and may reduce the value of our Subordinate Voting Shares. 
 Several of the
Company’s indirect subsidiaries are subject to regulatory supervision, including the requirement to obtain prior consent when a person holds, acquires or increases a qualifying holding in those entities. See “Business of
NUVEI—Regulatory Environment—Payment Services and Electronic Money Regulation” and “Description of share capital – Limitations on the Right to Own Securities”. On the basis of these regulations, no person may hold or
acquire, alone or together with others, a direct or indirect stake of 10% or more of our shares, 10% of the voting rights attached to our shares, or exercise, directly or indirectly, an equivalent degree of control in us (or increase an existing
holding of 10% or more of our shares or the voting rights attached to our shares crossing a control threshold (20%, 30% or 50%)) without first obtaining the prior approval of the FCA and the Central Bank of Cyprus and a prior declaration of no
objection from the Dutch Central Bank. 
 Non-compliance with those requirements constitutes an offense that may
lead to criminal prosecution, as well a violation of applicable laws governing the payment services and electronic money industry in the relevant jurisdictions, which may lead to instructions, penalties and sanctions against the Company’s
regulated subsidiaries as well as the person seeking to hold, acquire or increase the qualifying holding (including, but not limited to, substantial fines and prison sentences), may subject the relevant transactions to cancellation or forced sale,
and may result in increased regulatory compliance requirements or other potential regulatory restrictions on our business (including in respect of matters such as corporate governance, restructurings, mergers and acquisitions, financings and
distributions), enforced suspension of operations, cancellation of corporate resolutions made on the basis such qualifying holding, restitution to customers, removal of board members, suspension of voting rights and variation, cancellation or
withdrawal of licenses and authorizations. If any of this were to 

  
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occur, it could damage our reputation, limit our growth and materially and adversely affect our business, financial condition and results of operations. 

In addition, uncertainty and inconvenience created by those requirements may discourage potential investors from acquiring 10% or more of our Subordinate
Voting Shares, which may in turn reduce the value of the Subordinate Voting Shares. 
 If we fail to implement and maintain effective internal
controls over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud. 

Prior to the IPO, we were a private company with limited accounting personnel and other resources to address our internal control over financial reporting and
procedures. Since the IPO, we have been subject to reporting and other obligations under applicable Canadian securities laws, including National Instrument 52-109 – Certification of Disclosure in
Issuers’ Annual and Interim Filings (“NI 52-109”), and the rules of the TSX. These reporting and other obligations place significant demands on our management,
administrative, operational and accounting resources. In order to meet such requirements, we have, among other things, established systems, implemented financial and management controls, reporting systems and procedures and hired
qualified accounting and finance staff, and may be required to do so in the future. However, if we are unable to accomplish any necessary objectives in a timely and effective manner, our ability to comply with our financial reporting obligations and
other rules applicable to reporting issuers could be impaired. Moreover, any failure to maintain effective internal controls could cause us to fail to satisfy our reporting obligations or result in material misstatements in our financial statements.
If we cannot provide reliable financial reports or prevent fraud, our reputation and operating results could be materially adversely affected which could also cause investors to lose confidence in our reported financial information, which could
result in a reduction in the market price of our Subordinate Voting Shares. 
 We do not expect that our disclosure controls and procedures and internal
controls over financial reporting will prevent all error and fraud. A control system, no matter how well-designed and implemented, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Further,
the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues within an organization are detected. The inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple errors or
mistakes. Controls can also be circumvented by individual acts of certain persons, by collusion of two or more people or by management override of the controls. Due to the inherent limitations in a cost-effective control system, misstatements due to
error or fraud may occur and may not be detected in a timely manner or at all. 
 We will incur significant expenses and devote other significant
resources and management time as a result of being a public company, which may negatively impact our financial performance and could cause our results of operations and financial condition to suffer. 

We will incur significant legal, accounting, insurance and other expenses as a result of being a public company. The rules implemented by the AMF, the
securities regulators in each of the other provinces and territories of Canada and the TSX, have required changes in corporate governance practices of public companies. We expect that compliance with these laws, rules and regulations will
substantially increase our expenses, including our legal and accounting costs, and make some activities more time-consuming and costly. Moreover, the securities regulators in Canada and the TSX may adopt new rules and regulations relating to
information disclosure, financial reporting and controls and corporate governance in the future, which could subject us to additional increases in legal, accounting and other compliance costs. The new obligations of being a public company will
require attention from our senior management and could divert their attention away from the day-to-day management of our business. Given that most of the individuals who
now constitute our management team have limited experience managing a publicly traded company and complying with the increasingly complex laws pertaining to public companies, initially, these new obligations could demand even greater attention. 

We also expect these laws, rules and regulations to make it more expensive for us to obtain director and officer liability insurance, and we may be required
to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified persons to serve on our Board or as officers. 

  
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 As a result of the foregoing, we expect a substantial increase in legal, accounting, insurance and certain
other expenses in the future, which will negatively impact our financial performance and could cause our results of operations and financial condition to suffer. Furthermore, if we are unable to satisfy our obligations as a public company, we could
be subject to delisting of our Subordinate Voting Shares, fines, sanctions and other regulatory action and potentially civil litigation. 
 If
securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, the price of our Subordinate Voting Shares and our trading volume could decline. 

The trading market for our Subordinate Voting Shares will depend in part on the research and reports that securities or industry analysts publish about us or
our business. Securities and industry analysts do not currently, and may never, publish research on our company. If no or too few securities or industry analysts commence coverage of our company, the trading price for our Subordinate Voting Shares
would likely be negatively affected. In the event that securities or industry analysts initiate coverage, if one or more of the analysts who cover us downgrade our Subordinate Voting Shares or publish inaccurate or unfavorable research about our
business, the price of our Subordinate Voting Shares would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our Subordinate Voting Shares could decrease, which
might cause the price of our Subordinate Voting Shares and trading volume to decline. 
 Each of Novacap, CDPQ and our Chief Executive Officer
beneficially owns a significant amount of our shares and may have interests that differ from, or may take actions that are not in the interests of, other shareholders. 

Each of Novacap, CDPQ and our Chief Executive Officer holds approximately 39.88%, 23.04% and 37.08%, respectively, of our Multiple Voting Shares and 37.99%,
21.95% and 35.32%, respectively, of our outstanding voting rights. Novacap, CDPQ and our Chief Executive Officer will therefore have significant influence over our management and affairs and over all matters requiring shareholder approval, including
the election of directors and significant corporate transactions. Novacap has the right to designate two (2) members to our Board, CDPQ has the right to designate one (1) member to our Board and our Chief Executive Officer has a seat on
the Board and the right to designate one (1) additional member to our Board. Circumstances may occur in which the interests of Novacap, CDPQ and/or our Chief Executive Officer could be in conflict with the interests of other shareholders, and
any of Novacap, CDPQ or our Chief Executive Officer would have significant influence to cause us to take actions that align with their interests. 

Additionally, Novacap and CDPQ are in the business of making investments in companies and may acquire and hold interests in businesses that compete directly
or indirectly with us. Novacap and CDPQ may also pursue acquisition opportunities that may be complementary to our business and, as a result, those acquisition opportunities may not be available to us. Our Audit Committee is responsible for
reviewing all related party transactions for potential conflict of interest situations and approving all such transactions. Our Audit Committee consists of directors who are independent as required by applicable Canadian securities regulation and
the TSX Company Manual, subject to the permitted phase-in period afforded by such rules. In addition, our code of ethics contains provisions designed to address conflicts of interest. However, such provisions
may not be effective in limiting Novacap and CDPQ’s significant influence over us. 
 The dual-class structure contained in our Articles has the
effect of concentrating voting control and the ability to influence corporate matters with Novacap, CDPQ and our Chief Executive Officer. 
 Our
Multiple Voting Shares have 10 votes per Multiple Voting Share and our Subordinate Voting Shares have one vote per Subordinate Voting Share. Shareholders who hold Multiple Voting Shares, including Novacap, CDPQ and, indirectly, our Chief Executive
Officer, will together hold approximately 95.26% of the voting rights of our outstanding voting shares and therefore have significant influence over our management and affairs and over all matters requiring shareholder approval, including the
election of directors and significant corporate transactions. In addition, the Principal Shareholders entered into the Investor Rights Agreement providing for certain director nomination rights and registration rights. See “Material contracts
– Investor Rights Agreement.” 
 In addition, because of the
10-to-1 voting ratio between our Multiple Voting Shares and Subordinate Voting Shares, the holders of our Multiple Voting Shares continue to control a majority of the
combined voting rights of our voting shares although the Multiple Voting Shares represent a substantially reduced percentage of our total outstanding voting shares. The concentrated voting control of holders of our Multiple Voting Shares limits the
ability of our subordinate voting shareholders to influence corporate matters for the foreseeable future, including the election of directors as well as with respect to decisions regarding amending our share capital, creating and issuing additional
classes of shares, making significant 

  
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acquisitions, selling significant assets or parts of our business, merging with other companies and undertaking other significant transactions. As a result, holders of Multiple Voting Shares have
the ability to influence or control many matters affecting us and actions may be taken that our subordinate voting shareholders may not view as beneficial. The market price of our Subordinate Voting Shares could be adversely affected due to the
significant influence and voting rights of the holders of Multiple Voting Shares. Additionally, the significant voting interest of holders of Multiple Voting Shares may discourage transactions involving a change of control, including transactions in
which an investor, as a holder of the Subordinate Voting Shares, might otherwise receive a premium for the Subordinate Voting Shares over the then-current market price, or discourage competing proposals if a going private transaction is proposed by
one or more holders of Multiple Voting Shares. 
 Future transfers by holders of Multiple Voting Shares, other than permitted transfers to such
holders’ respective affiliates or direct family members or to other permitted holders, will result in those Multiple Voting Shares automatically converting to Subordinate Voting Shares, which will have the effect, over time, of increasing the
relative voting rights of those holders who retain their Multiple Voting Shares. See “Description of share capital – Subordinate Voting Shares and Multiple Voting Shares – Conversion”. 

We do not anticipate paying any cash dividends in the foreseeable future. 

We currently intend to retain our future earnings, if any, for the foreseeable future, to fund the operation of our business and future growth. We do not
intend to pay any dividends to holders of our Subordinate Voting Shares for the foreseeable future. As a result, capital appreciation in the price of our Subordinate Voting Shares, if any, will be your only source of gain on an investment in our
Subordinate Voting Shares. 
 Our by-laws provide that any derivative actions, actions relating to breach of
fiduciary duties and other matters relating to our internal affairs will be required to be litigated in the Province of Québec, which could limit your ability to obtain a favorable judicial forum for disputes with us. 

We have adopted a forum selection by-law that provides that, unless we consent in writing to the selection of an
alternative forum, the Superior Court of the Province of Québec, Canada and appellate Courts therefrom (or, failing such Court, any other “court” as defined in the CBCA having jurisdiction, and the appellate Courts therefrom), will
be the sole and exclusive forum for: any derivative action or proceeding brought on our behalf; any action or proceeding asserting a breach of fiduciary duty owed by any of our directors, officers or other employees to us; any action or proceeding
asserting a claim arising pursuant to any provision of the CBCA or our Articles or by-laws; or any action or proceeding asserting a claim otherwise related to our “affairs” (as defined in the CBCA).
Our forum selection by-law also provides that our securityholders are deemed to have consented to personal jurisdiction in the Province of Québec and to service of process on their counsel in any
foreign (non-Canadian) action initiated in violation of our by-law. Therefore, it may not be possible for securityholders to litigate any action relating to the
foregoing matters outside of the Province of Québec. 
 Our forum selection by-law seeks to reduce litigation
costs and increase outcome predictability by requiring derivative actions and other matters relating to our affairs to be litigated in a single forum. While forum selection clauses in corporate charters and
by-laws are becoming more commonplace for public companies in the United States and have been upheld by courts in certain states, they are untested in Canada. It is possible that the validity of our forum
selection by-law could be challenged and that a court could rule that such by-law is inapplicable or unenforceable. If a court were to find our forum selection by-law inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions and
we may not obtain the benefits of limiting jurisdiction to the courts selected. 
 Provisions of our Articles and
by-laws and certain Canadian legislation could delay or deter a change of control, limit attempts by our shareholders to replace or remove our current senior management and affect the market price of our
Subordinate Voting Shares. 
 Our Articles authorize our Board to issue an unlimited number of Preferred Shares without shareholder approval and to
determine the rights, privileges, restrictions and conditions granted to or imposed on any unissued series of Preferred Shares. Those rights may be superior to those of our Subordinate Voting Shares and Multiple Voting Shares. For example, Preferred
Shares may rank prior to Subordinate Voting Shares and Multiple Voting Shares as to dividend rights, liquidation preferences or both, may have full or limited voting rights and may be convertible into Subordinate Voting Shares. If we were to issue a
significant number of Preferred Shares, these issuances could deter or delay an attempted acquisition of us or make the 

  
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removal of management more difficult. Issuances of Preferred Shares, or the perception that such issuances may occur, could cause the trading price of our Subordinate Voting Shares to drop. 

We may issue additional Subordinate Voting Shares and Multiple Voting Shares and such issuance will result in immediate dilution to existing
shareholders. 
 Our Articles permit us to issue an unlimited number of Subordinate Voting Shares and Multiple Voting Shares. We anticipate that we
will, from time to time, issue additional Subordinate Voting Shares or other securities convertible or exercisable for Subordinate Voting Shares, including pursuant to the exercise of stock options. Subject to the requirements of the TSX, we will
not be required to obtain the approval of shareholders for the issuance of additional Subordinate Voting Shares or other securities convertible or exercisable for Subordinate Voting Shares. Although the rules of the TSX generally prohibit us from
issuing additional Multiple Voting Shares, there may be certain circumstances where additional Multiple Voting Shares may be issued, including pursuant to the exercise of the subscription rights attached to the Multiple Voting Shares described under
“Description of share capital – Subordinate Voting Shares and Multiple Voting Shares – Subscription Rights”. Any further issuances of Subordinate Voting Shares, Multiple Voting Shares or other securities convertible or
exercisable for Subordinate Voting Shares or Multiple Voting Shares will result in immediate dilution to existing shareholders. Furthermore, issuances of a substantial number of additional Subordinate Voting Shares, Multiple Voting Shares or other
securities convertible or exercisable for Subordinate Voting Shares or Multiple Voting Shares, or the perception that such issuances could occur, may adversely affect the prevailing market price for the Subordinate Voting Shares. Additionally, any
further issuances of Multiple Voting Shares may significantly lessen the combined voting rights of our Subordinate Voting Shares due to the 10-to-1 voting ratio between
our Multiple Voting Shares and Subordinate Voting Shares. 
 DIVIDEND POLICY 

We have not declared or paid any cash dividends on our securities in Fiscal 2018, Fiscal 2019 and Fiscal 2020 and do not currently anticipate paying any cash
dividends on our securities, including the Subordinate Voting Shares, in the foreseeable future. We currently intend to reinvest our earnings to finance the growth of our business. Any future determination to declare cash dividends on our securities
will be made at the discretion of our Board, subject to applicable Canadian laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business
conditions and other factors that our Board may deem relevant. See “Risk factors – We do not anticipate paying any cash dividends in the foreseeable future.”. 

DESCRIPTION OF SHARE CAPITAL 
 The following
description of our share capital summarizes certain provisions contained in our articles of amalgamation (as amended) (the “Articles”) and by-laws. These summaries do not purport to be complete and
are subject to, and are qualified in their entirety by reference to, all of the provisions of our Articles and by-laws. 

Authorized Share Capital 
 Our authorized share capital
consists of (i) an unlimited number of Subordinate Voting Shares, of which 45,924,637 were issued and outstanding as of December 31, 2020, (ii) an unlimited number of Multiple Voting Shares, of which 92,247,808 were issued and outstanding
as of December 31, 2020 and (iii) an unlimited number of Preferred Shares, issuable in series, none of which were outstanding as of December 31, 2020. The Subordinate Voting Shares are “restricted securities” within the
meaning of such term under applicable securities laws in Canada. 
 Subordinate Voting Shares and Multiple Voting Shares 

Except as described herein, the Subordinate Voting Shares and the Multiple Voting Shares have the same rights, are equal in all respects and are treated by
Nuvei as if they were one class of shares. 
 Rank 
 The
Subordinate Voting Shares and Multiple Voting Shares rank pari passu with respect to the payment of dividends, return of capital and distribution of assets in the event of the liquidation, dissolution or winding up of the Company. In the event of
the liquidation, dissolution or winding-up of the Company or any other distribution of its assets among its shareholders for the purpose of winding-up its affairs,
whether voluntarily or involuntarily, the holders of Subordinate Voting Shares and the 

  
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holders of Multiple Voting Shares are entitled to participate equally, share-for-share, in the remaining property
and assets of the Company available for distribution to the holders of shares, without preference or distinction among or between the Subordinate Voting Shares and the Multiple Voting Shares, subject to the rights of the holders of any Preferred
Shares. 
 Dividends 
 The holders of outstanding
Subordinate Voting Shares and Multiple Voting Shares are entitled to receive dividends on a share-for-share basis at such times and in such amounts and form as our Board
may from time to time determine, but subject to the rights of the holders of any Preferred Shares, without preference or distinction among or between the Subordinate Voting Shares and the Multiple Voting Shares. We are permitted to pay dividends
unless there are reasonable grounds for believing that: (i) we are, or would after such payment be, unable to pay our liabilities as they become due; or (ii) the realizable value of our assets would, as a result of such payment, be less
than the aggregate of our liabilities and stated capital of all classes of shares. In the event of a payment of a dividend in the form of shares, Subordinate Voting Shares shall be distributed with respect to outstanding Subordinate Voting Shares
and Multiple Voting Shares shall be distributed with respect to outstanding Multiple Voting Shares. 
 Voting Rights 

The holders of outstanding Subordinate Voting Shares are entitled to one vote per share and the holders of Multiple Voting Shares are entitled to 10 votes per
share. As of December 31, 2020, the Subordinate Voting Shares collectively represented approximately 33.24% of our issued and outstanding shares and approximately 4.74% of the voting power attached to all of our issued and outstanding shares,
and the Multiple Voting Shares collectively represented approximately 66.76% of our issued and outstanding shares and approximately 95.26% of the voting power attached to all of our issued and outstanding shares. 

Conversion 
 The Subordinate Voting Shares are not
convertible into any other class of shares. Each outstanding Multiple Voting Share may at any time, at the option of the holder, be converted into one Subordinate Voting Share. Upon the first date that a Multiple Voting Share shall be held by a
Person (as defined below) other than by a Permitted Holder (as defined below), the Permitted Holder which held such Multiple Voting Share until such date, without any further action, shall automatically be deemed to have exercised his, her or its
rights to convert such Multiple Voting Share into a fully paid and non-assessable Subordinate Voting Share, on a share-for-share
basis. 
 In addition: 
  

	 	•	 	 all Multiple Voting Shares held by the Fayer Group Permitted Holders (as defined below) will convert
automatically into Subordinate Voting Shares at such time that the Fayer Group Permitted Holders no longer as a group beneficially own, directly or indirectly and in the aggregate, at least 5% of the issued and outstanding Shares (as defined below).

  

	 	•	 	 all Multiple Voting Shares held by the Novacap Group Permitted Holders (as defined below) will convert
automatically into Subordinate Voting Shares at such time that the Novacap Group Permitted Holders no longer as a group beneficially own, directly or indirectly and in the aggregate, at least 5% of the issued and outstanding Shares.

  

	 	•	 	 all Multiple Voting Shares held by the CDPQ Group Permitted Holders (as defined below) will convert automatically
into Subordinate Voting Shares at such time that the CDPQ Group Permitted Holders no longer as a group beneficially own, directly or indirectly and in the aggregate, at least 5% of the issued and outstanding Shares. 

For the purposes of the foregoing: 

“Affiliate” means, with respect to any specified Person, any other Person which directly or indirectly through one or more
intermediaries controls, is controlled by, or is under common control with such specified Person; 
 “CDPQ Group Permitted
Holders” means CDPQ and any of its Affiliates; 

  
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 “Fayer Group Permitted Holders” means (i) Mr. Philip Fayer and any
Members of the Immediate Family of Mr. Philip Fayer, and (ii) any Person controlled, directly or indirectly, by one or more Persons referred to in clause (i) above; 

“Members of the Immediate Family” means with respect to any individual, each parent (whether by birth or adoption), spouse, or child
(including any step-child) or other descendants (whether by birth or adoption) of such individual, each spouse of any of the aforementioned Persons, each trust created solely for the benefit of such individual and/or one or more of the
aforementioned Persons, and each legal representative of such individual or of any aforementioned Persons (including without limitation a tutor, curator, mandatary due to incapacity, custodian, guardian or testamentary executor), acting in such
capacity under the authority of the law, an order from a competent tribunal, a will or a mandate in case of incapacity or similar instrument. For the purposes of this definition, a Person shall be considered the spouse of an individual if such
Person is legally married to such individual, lives in a civil union with such individual or is the common law partner (as defined in the Income Tax Act (Canada) as amended from time to time) of such individual. A Person who was the spouse of
an individual within the meaning of this paragraph immediately before the death of such individual shall continue to be considered a spouse of such individual after the death of such individual; 

“Novacap Group Permitted Holders” means Novacap TMT IV, L.P., Novacap International TMT IV, L.P., NVC TMT IV, L.P., Novacap TMT V,
L.P., Novacap International TMT V, L.P., Novacap TMT V-A, L.P., NVC TMT V, L.P., NVC TMT V-A, L.P. and Novacap TMT V
Co-Investment (Nuvei), L.P. and any of their Affiliates; 
 “Permitted Holders” means any
of (i) the Fayer Group Permitted Holders, (ii) the Novacap Group Permitted Holders, and (iii) the CDPQ Group Permitted Holders; 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture or limited liability company;
and 
 A Person is “controlled” by another Person or other Persons if: (i) in the case of a company or other body corporate
wherever or however incorporated: (A) securities entitled to vote in the election of directors carrying in the aggregate at least a majority of the votes for the election of directors and representing in the aggregate at least a majority of the
participating (equity) securities are held, other than by way of security only, directly or indirectly, by or solely for the benefit of the other Person or Persons; and (B) the votes carried in the aggregate by such securities are entitled, if
exercised, to elect a majority of the board of directors of such company or other body corporate; (ii) in the case of a Person that is an unincorporated entity other than a limited partnership, at least a majority of the participating (equity)
and voting interests of such Person are held, directly or indirectly, by or solely for the benefit of the other Person or Persons; or (iii) in the case of a limited partnership, the other Person is the general partner of such limited
partnership; and “controls”, “controlling” and “under common control with” shall be interpreted accordingly. 

Subscription Rights 
 Pursuant to our Articles, in the
event of any distribution or issuance, including by way of a share dividend (a “Distribution”) of voting shares of the Company (other than Subordinate Voting Shares issued upon the conversion of Multiple Voting Shares or voting shares
issued pursuant to the exercise of a right attached to any security of the Company issued prior to the Distribution) (the “Subject Voting Shares”) or of securities convertible or exchangeable into Subject Voting Shares or giving the right
to acquire Subject Voting Shares (other than options or other securities issued under compensatory plans or other plans to purchase Subject Voting Shares or any other securities in favour of the management, directors, employees or consultants of the
Company) (the “Convertible Securities” and, together with the Subject Voting Shares, the “Distributed Securities”), the Company shall issue to the holder(s) of Multiple Voting Shares rights to subscribe for that number of
Multiple Voting Shares, or, as the case may be, for securities convertible or exchangeable into or giving the right to acquire, on the same terms and conditions, including subscription or exercise price, as applicable, mutatis mutandis (except for
the ultimate underlying securities which shall be Multiple Voting Shares), as those stipulated in the Convertible Securities, that number of Multiple Voting Shares, respectively, which carry, in the aggregate, a number of voting rights sufficient to
fully maintain the proportion of total voting rights (on a fully-diluted basis) associated with the then outstanding Multiple Voting Shares (the “Rights to Subscribe”). 

The Rights to Subscribe shall be issued to the holder(s) of Multiple Voting Shares in a proportion equal to their respective holdings of Multiple Voting
Shares and shall be issued concurrently with the completion of the Distribution of the applicable Distributed Securities. To the extent that any such Rights to Subscribe are exercised, in whole or in part, the securities

  
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underlying such Rights to Subscribe (the “Subscription Securities”) shall be issued and must be paid for concurrently with the completion of the Distribution and payment to the Company
of the issue price for the Distributed Securities, at the lowest price permitted by the applicable securities and stock exchange regulations and subject (as to such price) to the prior consent of the exchanges but at a price not lower than
(i) if the Distributed Securities are Subordinate Voting Shares, the price at which Subordinate Voting Shares are then being issued or distributed; (ii) if the Distributed Securities are Convertible Securities, the price at which the
applicable Convertible Securities are then being issued or distributed; and (iii) if the Distributed Securities are Subject Voting Shares other than Subordinate Voting Shares, the higher of (a) the weighted average price of the
transactions on the Subordinate Voting Shares on the TSX (or such other primary stock exchange on which they are listed, as the case may be) for the 20 trading days preceding the Distribution of such Subject Voting Shares or (b) the weighted
average price of transactions on the Subordinate Voting Shares on the TSX (or such other primary stock exchange on which they are listed, as the case may be), the trading day before the Distribution of such Subject Voting Shares. 

The privileges attached to Subscription Securities which are securities convertible or exchangeable into or giving the right to acquire Multiple Voting Shares
shall only be exercisable if and whenever the same privileges attached to the Convertible Securities are exercised and shall not result in the issuance of a number of Multiple Voting Shares which increases the proportion (as in effect immediately
prior to giving effect to the completion of the Distribution) of total voting rights associated with the Multiple Voting Shares after giving effect to the exercise by the holder(s) of the privileges attached to such Convertible Securities. 

The right to receive Rights to Subscribe as described above, and the legal or beneficial ownership of the Rights to Subscribe, may be assigned in whole or in
part among Permitted Holders, provided that written notice of any such assignment shall be sent promptly to the other holders of Multiple Voting Shares and the Company. 

Subordinate Voting Shares have no pre-emptive or subscription rights to purchase any securities of the Company. An
issuance of participating (equity) securities will not be rendered invalid due to a failure by the Company to comply with the foregoing. 
 Subdivision
or Consolidation 
 No subdivision or consolidation of the Subordinate Voting Shares or the Multiple Voting Shares may be carried out unless, at the same
time, the Multiple Voting Shares or the Subordinate Voting Shares, as the case may be, are subdivided or consolidated in the same manner and on the same basis. 

Certain Class Votes 
 Except as required by CBCA,
applicable Canadian securities laws or our Articles, holders of Subordinate Voting Shares and Multiple Voting Shares will vote together on all matters subject to a vote of holders of both those classes of shares as if they were one class of shares.
Under the CBCA, certain types of amendments to our Articles are subject to approval by special resolution of the holders of our classes of shares voting separately as a class, including amendments to: 

 

	 	•	 	 add, change or remove the rights, privileges, restrictions or conditions attached to the shares of that class;

  

	 	•	 	 increase the rights or privileges of any class of shares having rights or privileges equal or superior to the
shares of that class; and 

  

	 	•	 	 make any class of shares having rights or privileges inferior to the shares of such class equal or superior to
the shares of that class. 

 Without limiting other rights at law of any holders of Subordinate Voting Shares or Multiple Voting Shares to
vote separately as a class, neither the holders of the Subordinate Voting Shares nor the holders of the Multiple Voting Shares shall be entitled to vote separately as a class upon a proposal to amend our Articles in the case of an amendment to
(1) increase or decrease any maximum number of authorized shares of such class, or increase any maximum number of authorized shares of a class having rights or privileges equal or superior to the shares of such class; or (2) create a new
class of shares equal or superior to the shares of such class, which rights are otherwise provided for in paragraphs (a) and (e) of subsection 176(1) of the CBCA. Pursuant to our Articles, neither holders of our Subordinate Voting Shares nor
holders of our Multiple Voting Shares will be entitled to vote separately as a class on a proposal to amend our Articles to effect an exchange, reclassification or cancellation of all or part of the shares of such class pursuant to
Section 176(1)(b) of the CBCA unless such exchange, reclassification or 

  
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cancellation: (a) affects only the holders of that class; or (b) affects the holders of Subordinate Voting Shares and Multiple Voting Shares differently, on a per share basis, and such
holders are not already otherwise entitled to vote separately as a class under applicable Canadian laws or our Articles in respect of such exchange, reclassification or cancellation. 

Pursuant to our Articles, holders of Subordinate Voting Shares and Multiple Voting Shares will be treated equally and identically, on a per share basis, in
certain change of control transactions that require approval of our shareholders under the CBCA, unless different treatment of the shares of each such class is approved by a majority of the votes cast by the holders of our Subordinate Voting Shares
and Multiple Voting Shares, each voting separately as a class. 
 Take-Over Bid Protection 

Under applicable Canadian laws, an offer to purchase Multiple Voting Shares would not necessarily require that an offer be made to purchase Subordinate Voting
Shares. In accordance with the rules of the TSX designed to ensure that, in the event of a take-over bid, the holders of Subordinate Voting Shares will be entitled to participate on an equal footing with holders of Multiple Voting Shares, the
holders of Multiple Voting Shares have entered into a customary coattail agreement with Nuvei and a trustee, which we refer to as the “Coattail Agreement”. The following is a summary of the material attributes and characteristics of the
Coattail Agreement. This summary is qualified in its entirety by reference to the provisions of that agreement, which contains a complete statement of those attributes and characteristics. The Coattail Agreement is available under our profile on
SEDAR at www.sedar.com 
 The Coattail Agreement contains provisions customary for dual class, TSX-listed
corporations designed to prevent transactions that otherwise would deprive the holders of Subordinate Voting Shares of rights under the take-over bid provisions of applicable Canadian securities legislation to which they would have been entitled if
the Multiple Voting Shares had been Subordinate Voting Shares. 
 The undertakings in the Coattail Agreement do not prevent a sale by Permitted Holders of
Multiple Voting Shares if concurrently an offer is made to purchase Subordinate Voting Shares that: 
  

	 	•	 	 offers a price per Subordinate Voting Share at least as high as the highest price per share paid or required to
be paid pursuant to the take-over bid for the Multiple Voting Shares; 

  

	 	•	 	 provides that the percentage of outstanding Subordinate Voting Shares to be taken up (exclusive of shares owned
immediately prior to the offer by the offeror or persons acting jointly or in concert with the offeror) is at least as high as the percentage of outstanding Multiple Voting Shares to be sold (exclusive of Multiple Voting Shares owned immediately
prior to the offer by the offeror and persons acting jointly or in concert with the offeror); 

  

	 	•	 	 has no condition attached other than the right not to take up and pay for Subordinate Voting Shares tendered if
no shares are purchased pursuant to the offer for Multiple Voting Shares; and 

  

	 	•	 	 is in all other material respects identical to the offer for Multiple Voting Shares. 

In addition, the Coattail Agreement does not prevent the transfer of Multiple Voting Shares to a Permitted Holder, provided such transfer is not or would not
constitute a take-over bid or, if so, is exempt or would be exempt from the formal bid requirements (as defined in applicable securities legislation). The conversion of Multiple Voting Shares into Subordinate Voting Shares shall not, in of itself
constitute a sale of Multiple Voting Shares for the purposes of the Coattail Agreement. 
 Under the Coattail Agreement, any sale of Multiple Voting Shares
(including a transfer to a pledgee as security) by a holder of Multiple Voting Shares party to the Coattail Agreement will be conditional upon the transferee or pledgee becoming a party to the Coattail Agreement, to the extent such transferred
Multiple Voting Shares are not automatically converted into Subordinate Voting Shares in accordance with our Articles. 
 The Coattail Agreement contains
provisions for authorizing action by the trustee to enforce the rights under the Coattail Agreement on behalf of the holders of the Subordinate Voting Shares. The obligation of the trustee to take such action is conditional on Nuvei or holders of
the Subordinate Voting Shares providing such funds and indemnity as the trustee may require. No holder of Subordinate Voting Shares will have the right, other than through the trustee, to institute any action or proceeding or to exercise any other
remedy to enforce any rights arising under the Coattail Agreement unless the trustee fails 

  
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to act on a request authorized by holders of not less than 10% of the outstanding Subordinate Voting Shares and reasonable funds and indemnity have been provided to the trustee. 

The Coattail Agreement provides that it may not be amended, and no provision thereof may be waived, unless, prior to giving effect to such amendment or
waiver, the following have been obtained: (a) the consent of the TSX and any other applicable securities regulatory authority in Canada and (b) the approval of at least 66 2/3% of the votes cast by holders of Subordinate Voting Shares
represented at a meeting duly called for the purpose of considering such amendment or waiver, excluding votes attached to Subordinate Voting Shares held directly or indirectly by holders of Multiple Voting Shares, their affiliates and related
parties and any persons who have an agreement to purchase Multiple Voting Shares on terms that would constitute a sale for purposes of the Coattail Agreement other than as permitted thereby. 

No provision of the Coattail Agreement limits the rights of any holders of Subordinate Voting Shares under applicable law. 

Preferred Shares 
 The Preferred Shares are issuable in
series. Each series of Preferred Shares shall consist of such number of shares and having such rights, privileges, restrictions and conditions as may be determined by our Board prior to the issuance thereof. Holders of Preferred Shares, except as
otherwise provided in the terms specific to a series of Preferred Shares or as required by Canadian laws, will not be entitled to vote at meetings of holders of shares, and will not be entitled to vote separately as a class upon a proposal to amend
our Articles in the case of an amendment of the kind referred to in paragraph (a), (b) or (e) of subsection 176(1) of the CBCA. With respect to the payment of dividends and distribution of assets in the event of liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the Preferred Shares will be entitled to preference over the Subordinate Voting Shares, Multiple Voting Shares and any other shares ranking junior to the
Preferred Shares from time to time and may also be given such other preferences over Subordinate Voting Shares, Multiple Voting Shares and any other shares ranking junior to the Preferred Shares as may be determined at the time of creation of such
series. 
 The issuance of Preferred Shares and the terms selected by our Board could decrease the amount of earnings and assets available for distribution
to holders of our Subordinate Voting Shares and Multiple Voting Shares or adversely affect the rights and powers of the holders of our Subordinate Voting Shares and Multiple Voting Shares without any further vote or action by the holders of our
Subordinate Voting Shares and Multiple Voting Shares. 
 We have no current intention to issue any Preferred Shares. 

Limitations on the Right to Own Securities 
 In addition
to the limitations applicable to all businesses under applicable law (such as the Investment Canada Act, the Competition Act (Canada) and similar competition/antitrust legislation), the right to own our securities is subject to
limitations imposed due to the nature of the products and services that we offer, as summarized below. Any shareholder seeking to acquire 10% or more of our shares or the voting rights attached to our shares or acquiring the power to exercise,
directly or indirectly, an equivalent degree of control in us should carefully consider the regulatory framework within which we operate and the formalities that must be complied with. See sections of this AIF entitled “Business of
NUVEI—Regulatory Environment—Payment Services and Electronic Money Regulation” and “Risk factors— 
 Limitations imposed
by the FCA, the Central Bank of Cyprus and the Dutch Central Bank on the right to own our securities may result in sanctions being imposed on our regulated subsidiaries and an acquiror of such securities in the event of non-compliance by such acquiror, and may reduce the value of our Subordinate Voting Shares..” 
 As a result of
the acquisition of SafeCharge and the acquisition of Smart2Pay, certain of our subsidiaries, specifically SafeCharge Financial, SafeCharge Limited and Smart2Pay, are subject to various regulatory requirements deriving from PSD2 (in the United
Kingdom (“U.K.”) and the Netherlands) and the Electronic Money Laws of 2012 and 2018 (implementing the Electronic Money Directive in Cyprus) and the Payment Services and Access to Payment Systems Laws of 2018 and 2019 (implementing PSD2 in
Cyprus). 

  
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 As such, each person who, alone or together with others, holds, acquires or increases a qualifying
holding/control in any of these regulated subsidiaries, directly or indirectly (including by way of investment in Nuvei), as a result of which certain thresholds are reached or passed, will require prior approval or a declaration of no objection
from the relevant regulator (the FCA in the U.K., the Central Bank of Cyprus in Cyprus, and the Dutch Central Bank in the Netherlands) prior to obtaining such qualifying holding/control. This requirement to obtain prior approval or a declaration of
no objection for qualifying holdings/changes in control in the regulated subsidiaries implements the requirements relating to qualifying holdings in payment services providers as set out in PSD2 and the Cyprus Electronic Money Institution
(“EMI”), respectively. 
 A “qualifying holding” or “an acquisition of control” in U.K. terms, is a direct or indirect holding
of 10% or more of the issued share capital of SafeCharge, SafeCharge Limited and/or Smart2Pay Regco, the ability to exercise directly or indirectly 10% or more of the voting rights in such regulated subsidiary, or the power to exercise, directly or
indirectly, an equivalent degree of control in such regulated subsidiary. 
 Holders of such qualifying holdings or “controllers” in U.K. terms,
will also be subject to certain additional notification requirements where the size of such holdings increase beyond or fall below certain thresholds, as required by Article 6 of PSD2 (as implemented in the U.K. and the Netherlands) and Article 3 of
the EMI (as implemented in Cyprus). 
 Local laws, regulations and guidelines, including the EU Joint Guidelines on the prudential assessment of
acquisitions and increases of qualifying holdings in the financial sector (JC/GL/2016/01), shall be taken into account in assessing a qualifying holding/control (e.g., the voting rights of any other shareholders with whom a person is acting in
concert are also relevant in determining a person’s voting rights). 
 MARKET FOR SECURITIES 

Trading Price and Volume 
 Our Subordinate Voting Shares
are listed for trading on the TSX in Canadian dollars under the symbol “NVEI” and in U.S. dollars under the symbol “NVEI.U”. The following table sets forth the price ranges and volumes of our Subordinate Voting Shares traded on
the TSX under the symbol “NVEI.U” each month of Fiscal 2020 during which our shares traded on the TSX. 
  

																									
	 	  	NVEI.U	 	  	NVEI	 
	 2020
	  	High ($)	 	  	Low ($)	 	  	Volume (#)	 	  	High (C$)	 	  	Low (C$)	 	  	Volume (#)	 
	 September
	  	 	42.22	 	  	 	26.00	 	  	 	15,750,095	 	  	 	56.02	 	  	$	34.23	 	  	 	7,098,713	 
	 October
	  	 	42.84	 	  	 	37.16	 	  	 	3,436,182	 	  	 	57.50	 	  	$	49.25	 	  	 	3,869,716	 
	 November
	  	 	47.00	 	  	 	39.44	 	  	 	3,002,808	 	  	 	60.61	 	  	$	50.83	 	  	 	3,690,795	 
	 December
	  	 	60.30	 	  	 	45.96	 	  	 	2,102,931	 	  	 	77.99	 	  	$	59.50	 	  	 	4,226,938	 

 None of our other securities were listed for trading or quoted on any exchange or market, however, as described further above,
our Multiple Voting Shares can be converted into Subordinate Voting Shares on a one-for-one basis at any time, at the option of the holder thereof. 

ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER 

The table below shows the number of securities that are, to the Company’s knowledge, subject to a contractual restriction on transfer as at
December 31, 2020. 
  

					
	 Designation of Class
	  	Number of Securities that are
Subject to a Contractual
Restriction on Transfer	 	Percentage of Class
	 Multiple Voting Shares
	  	92,247,808(1)	 	100%
	 Subordinate Voting Shares
	  	13,868,212(2)	 	30.20%

  

  
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	(1) 	 In connection with the completion of the IPO, each of the Principal Shareholders, and each of their respective
associates and affiliates holding securities of the Company, entered into voluntary lock-up agreements, pursuant to which an aggregate of 92,247,808 Multiple Voting Shares were locked up commencing on the
closing date of the IPO, being September 22, 2020, for a 180-day period, ending on March 21, 2021. 

	(2)	 In connection with the completion of the IPO, each of the Company’s directors, executive officers and
other current shareholders, and each of their respective associates and affiliates holding securities of the Company, entered into voluntary lock-up agreements, pursuant to which an aggregate of 7,156,289
Subordinate Voting Shares were locked up commencing on the closing date of the IPO, being September 22, 2020, for a 180-day period, ending on March 21, 2021. In addition, in connection with the
completion of the Smart2Pay Transaction, Coöperatieve Vereniging Smart2Pay Holding U.A., and each of its associates and affiliates holding securities of the Company, entered into voluntary lock-up
agreements, pursuant to which an aggregate of 6,711,923 Subordinate Voting Shares were locked up commencing on the closing date of the IPO, being September 22, 2020, for a 180-day period, ending on
March 21, 2021. 

 DIRECTORS AND EXECUTIVE OFFICERS 

The following tables set out, for each of our directors and executive officers, the person’s name, province or state and country of residence, age,
position with us, principal occupation and, if a director, the date on which the person became a director. Our directors are elected annually and, unless re-elected, retire from office at the end of the next
annual meeting of shareholders. Executive officers are appointed by the Board to serve, subject to the discretion of the Board, until their successors are appointed. As a group, the directors and executive officers beneficially own, or control or
direct, directly or indirectly, a total of 34,205,100 Multiple Voting Shares and a total of 1,152,037 Subordinate Voting Shares, representing respectively 37.08% and 2.51% of each such class of shares outstanding as at December 31, 2020. 

Directors 
  

									
	 Name and Province or State
and Country of Residence
	  	 Age
	  	 Position(s) /
Title
	  	 Director
Since
	  	 Principal Occupation

					
	 Philip Fayer
 Québec, Canada
	  	43	  	Chair, CEO and Director	  	2017	  	Chair and Chief Executive Officer of Nuvei
					
	 Michael Hanley(1)(2)

Québec, Canada
	  	55	  	Lead Director	  	2020	  	Corporate Director
					
	 David Lewin(3)(4)

Québec, Canada
	  	41	  	Director	  	2017	  	Senior Partner of TMT Group, Novacap
					
	 Daniela Mielke
 California, United
States
	  	55	  	Director	  	2020	  	North American CEO of RS2 Inc. and Managing Partner of Commerce Technology Advisors, LLC
					
	 Pascal Tremblay(2)(4)

Québec, Canada
	  	51	  	Director	  	2017	  	President and Chief Executive Officer of Novacap Management Inc. and Managing Partner of TMT Group, Novacap

  

	(1)	 Chair of the Audit Committee. 

	(2)	 Member of the GHRC Committee. 

	(3)	 Chair of the GHRC Committee. 

	(4)	 Member of the Audit Committee. 

Each of the foregoing individuals has held his or her present principal occupation or other executive offices with the same company or its predecessors or
affiliates (including Nuvei) for the past five years. 

  
 Page 58 

 Executive Officers 
  

					
	 Name and Province or State and Country of Residence
	  	 Age
	  	 Position

			
	 Philip Fayer
 Québec, Canada
	  	43	  	Chair of the Board and Chief Executive Officer
	 Philip Atherton
 United Kingdom
	  	56	  	Global Compliance Officer
			
	 Max Attias
 Israel
	  	45	  	Chief Operating Officer, Digital Payments
			
	 Keith Birdsong
 Texas, United States
	  	56	  	Chief Technology Officer
			
	 Mordechay (Motie) Bring
 United Kingdom
	  	47	  	Chief Commercial Officer, Digital Payments
			
	 Neil Erlick
 Québec, Canada
	  	41	  	Chief Corporate Development Officer
			
	 Jocelyne Gagnon
 Québec, Canada
	  	72	  	Vice President, Human Resources
			
	 Edward (Ed) Garcia
 Arizona, United
States
	  	53	  	Chief Operating Officer, North America
			
	 Edi Kadashev
 Israel
	  	42	  	Chief Information Officer, Digital Payments
			
	 Shemer Katz
 Israel
	  	54	  	Senior Vice President Human Resources and Managing Director, SafeCharge Israel
			
	 Allan Lacoste
 California, United
States
	  	42	  	Executive Vice President, Partnership Group, North America
			
	 Craig Ludwig
 Arizona, United States
	  	54	  	Senior Vice President, Products
			
	 Praful Morar
 United Kingdom
	  	55	  	Chief Strategy Officer, Digital Payments
			
	 Ofer Nissim
 Israel
	  	51	  	Chief Information Security Officer, Digital Payments
			
	 Mark Pyke
 Kentucky, United States
	  	60	  	President, North America
			
	Amy Satov 
Québec, Canada	  	52	  	Senior Legal Counsel
			
	 David Schwartz
 Québec, Canada
	  	51	  	Chief Financial Officer and Corporate Secretary
			
	 Yuval Ziv
 Bulgaria
	  	44	  	Managing Director, Digital Payments

  
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 Each of the foregoing individuals has held his or her present principal occupation or other executive
offices with the same company or its predecessors or affiliates (including Nuvei) for the past five years with the following exceptions: 
 Max Attias has
been Chief Operating Officer, Digital Payments, since November 2019, after having joined SafeCharge in September 2018 as its Chief Information Officer. Prior to joining SafeCharge, Mr. Attias held the position of Chief Information Officer Site
Manager at TCS (TATA Consulting Services) from September 2017 to September 2018. Prior to joining TCS, Mr. Attias was the Research & Development Site Manager at the Israel Development and Engineering Center for Barclays Bank from
September 2011 to September 2017. 
 Prior to joining Nuvei, Moredechay Bring was General Manager, EMEA Global Enterprise eCommerce at WorldPay since
December 2018. Prior to that, Mr. Bring was the General Manager (United Kingdom) at WorldPay from August 2017 to December 2018, Vice President Gabling and Digital from April 2017 to August 2017 and Vice President Gambling from 2013 until April
2017. 
 Edi Kadashev is CIO of SafeCharge since November 2019 and has previously held the positions of Vice-President Information Technology from September
2018 to November 2019 and Global IT Manager from November, 2015 to September, 2018. 
 Shemer Katz is the Senior Vice President, Human Resources at
SafeCharge, a position he has held since November 2017. Mr. Katz has also served as the Managing Director of SafeCharge’s Israeli subsidiary since February 2014. 

Mr. Lacoste is the Executive Vice-President, Partnership Group, North America of Nuvei, a position he has held since October 2018. Mr. Lacoste also
served as Nuvei’s Senior Vice-President of Sales & Marketing from December 2017 to October 2018. Prior to that, Allan Lacoste served as ISO Director at Total Merchant Services from September 2015 to April 2017. 

Prior to joining Nuvei, Craig Ludwig was Chief Strategy Officer of iMobile3 between 2017 and 2018, and prior to that, spent 18 years at TSYS Merchant
Solutions. 
 Prior to joining Nuvei, Mr. Morar was Executive Vice President Corporate Development & Strategy at SafeCharge Group from
May 2014 to October 2018. 
 Prior to joining Nuvei, Mr. Nissim held the position of Information Security Manager at Discount Bank between May 2019 and
May 2017. Between 2011 and 2017 Mr. Nissim was the Chief Technology Officer and Cyber Security Leader of Enterprise Service in Hewlett Packard Enterprise (HPE) Israel. 

Prior to joining Nuvei, Mark Pyke provided various strategic consulting services following his departure from Total System Services (TSYS) where he was
president of the Merchant Segment between 2010 and 2016. 
 Prior to joining the Company, Amy Satov was Chief Executive Officer for Litron Distributors Ltd.
between February 2012 and October 2018 and of BL Solutions Inc. (acquiror of Litron) from November 2018 to March 2020. Ms. Satov was Executive Vice President, Distribution, Legal and Compliance & Corporate Secretary at Dundee Wealth
between July 1999 and May 2011. 
 From 2010 to 2018, David Schwartz was a senior executive of The Aldo Group, ultimately being appointed Chief Financial
Officer in 2015. 
 Mr. Ziv is the Managing Director, Digital Payments and has held this role since October 2019 after first joining SafeCharge in
January 2008. During his tenure at SafeCharge, Mr. Ziv has held the positions of Chief Operating Officer from April 2014 to October 2019, Chief Commercial Officer from October 2018 to October 2019, Managing Director from April 2012 to October
2019 and Vice President Business Development from August 2010 to April 2012. 
 Corporate Cease Trade Orders and Bankruptcies 

Other than as set out below, none of our directors or executive officers or shareholder holding a sufficient number of securities in Nuvei to materially affect
the control of Nuvei is, as at the date hereof, or has been, within the 10 years prior to the date hereof: (a) a director, chief executive officer or chief financial officer of any company that was subject to an order that was issued while the
director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; (b) was subject to an order 

  
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 that was issued after the director or executive officer ceased to be a director, chief executive officer of
chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; or (c) a director or executive officer of any company that,
while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any
proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets. For the purposes of this paragraph, “order” means a cease trade order, an order similar to a cease trade
order or an order that denied the relevant company access to any exemption under securities legislation, in each case, that was in effect for a period of more than 30 consecutive days. 

Pascal Tremblay was a director of Ryma Technology Solutions Inc. between August 30, 2005 and June 12, 2012. On June 13, 2012, the Superior
Court of Québec issued an order pursuant to Section 243 of the Bankruptcy and Insolvency Act (Canada) appointing a receiver to the property and assets of Ryma Technology Solutions Inc. 

Amy Satov was a director and officer of Litron Distributors Ltd., a small privately-held company, which declared bankruptcy on March 19, 2019. 

Individual Bankruptcies 
 None of our directors or
executive officers or shareholder holding a sufficient number of securities in Nuvei to materially affect the control of Nuvei has, within the 10 years prior to the date hereof, become bankrupt, made a proposal under any legislation relating to
bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver manager or trustee appointed to hold assets of that individual. 

Penalties or Sanctions 
 None of our directors, executive
officers or shareholders holding a sufficient number of our shares to materially affect our control has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has
entered into a settlement agreement with a securities regulatory authority, or has been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor making an
investment decision. 
 Conflicts of Interest 
 To our
knowledge, there are no known existing or potential conflicts of interest between us and our directors and executive officers, except that certain of our directors and officers also serve as directors or officers of other companies, and therefore it
is possible that a conflict may arise between their duties to us and their duties as a director or officer of such other companies. 
 AUDIT
COMMITTEE 
 Audit Committee Charter 
 The Board has
adopted a written charter describing the mandate of the Audit Committee that establishes, inter alia, the committee’s purpose and responsibilities. Within the purview of its mandate, the Audit Committee is responsible for overseeing the
accounting and financial reporting practices of Nuvei and audits of Nuvei’s financial statements. The Audit Committee’s responsibilities also include the selection, recommendation and oversight of Nuvei’s independent auditor, as well
as the oversight of its internal audit process and system of internal controls over financial reporting and disclosure. The text of the charter of the Audit Committee is reproduced in its entirety as Exhibit A. 

Composition of the Audit Committee 
 The Audit Committee
is currently comprised of Michael Hanley, David Lewin and Pascal Tremblay. Mr. Hanley is the chair of the committee. Each of the members of the Audit Committee has an understanding of the accounting principles used to prepare the Company’s
financial statements and varied experience as to the general application of such accounting principles, as well as an understanding of the internal controls and procedures necessary for financial reporting. 

  
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 It is the Board’s determination that each of the members of the Audit Committee is financially literate
within the meaning of NI 52-110. A director is “financially literate” within the meaning of NI 52-110 if he or she has the ability to read and understand a set
of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by Nuvei’s financial statements.

 Additionally, it is the Board’s determination that each of the members of the Audit Committee is independent within the meaning of NI 52-110. Subject to certain exceptions, a director is “independent” within the meaning of NI 52-110 if he or she has no direct or indirect material relationship with
the issuer. A “material relationship” is a relationship that could, in the view of the Board, be reasonably expected to interfere with the exercise of a director’s independent judgment. 

Relevant Education and Experience 
 The education and
experience of each Audit Committee member that is relevant to the performance of his responsibilities as an Audit Committee member is as follows: 

Michael Hanley, Lead Director 
 Mr. Hanley is a
Corporate Director with over 25 years of experience in senior management roles and corporate governance. He is the lead director and chairs the audit committee of BRP Inc. in addition to sitting on the board of directors and audit committee of
ShawCor Ltd. and Lyondell Basell Industries N.V. and is a member of LyondellBasell’s Health, Safety, Environment and Operations Committee. He is also a member of the board of directors of ExCellThera Inc. Previously, Mr. Hanley was on the
board of directors, the audit committee and the human resources and compensation committee of Industrial Alliance Insurance and Financial Services Inc. from 2015 to 2019. He was also on the board of directors and the audit committee of Le Groupe
Jean Coutu (PJC) Inc. from 2016 until the company was acquired by Metro Inc. in 2018. Prior to that, Mr. Hanley held senior management positions for several years. He was Senior Vice-President, Operations and Strategic Initiatives at National
Bank of Canada. He also held a number of positions at Alcan Inc., including Executive Vice-President and Chief Financial Officer, and President and CEO of the Global Bauxite and Alumina business group. He was also Chief Financial Officer of two
other Canadian public companies, Gaz Métro (now Énergir) and St-Laurent Paperboard Inc. Mr. Hanley is a chartered professional accountant and has been a member of the Ordre des comptables
professionnels agréés du Québec (CPA) since 1987. 
 David Lewin, Director 

Mr. Lewin is a Senior Partner of the TMT Group of Novacap, and board member of Nuvei since September 2017. Mr. Lewin has extensive board experience
having sat on the board of directors of numerous private companies including Eddyfi-NDT Inc., PKWare, Inc., Firmex Inc., Onstream Pipeline Inspection Service Inc., Syntax Systems Limited, and Intelerad Medical
Systems Inc. Prior to joining Novacap in 2011, Mr. Lewin was a Manager at PSP Investments in Montreal where he was involved in the evaluation and execution of private equity transactions. Mr. Lewin additionally worked in investment banking
at National Bank Financial Markets where he focused on the technology, media and telecom section. Mr. Lewin holds a Master of Business Administration from McGill University and a Bachelors in Business and Administration from HEC Montreal. 

Pascal Tremblay, Director 
 Mr. Tremblay is the
President and Chief Executive Officer of Novacap Management Inc. and the Managing Partner of the TMT Group of Novacap. Mr. Tremblay has been involved in funding, managing and developing technology companies for over 25 years. Prior to joining
Novacap, Mr. Tremblay was a Partner at Argo Global Capital, a venture capital firm where he participated in numerous investments in technology and telecommunications companies in North America, Europe and Asia. His prior experience also
includes working in the private equity division at CDP Capital (Caisse de dépôt et placement du Québec), one of Canada’s largest fund managers and private equity investors. Prior to entering the private equity field,
Mr. Tremblay was Founder and CEO of Laserpro, an award-winning manufacturing and distribution company of printing and computer equipment. Mr. Tremblay also serves as Chair of the audit committee and a member of the Board of Directors of
Stingray Group Inc. 

  
 Page 62 

 Mr. Tremblay studied corporate finance at UConn (University of Connecticut), and he holds a Bachelor in
Business Administration, Finance and Accounting from the University of Sherbrooke, Québec and an MBA in finance and international business from McGill University, Montreal, Québec. 

Pre-Approval Procedures for Non-Audit Services 

The Audit Committee is responsible for the pre-approval of all non-audit
services to be provided to Nuvei by its independent auditor. At least annually, the Audit Committee shall review and confirm the independence of the independent auditor by obtaining statements from the independent auditor describing all
relationships with Nuvei, including with respect to any non-audit services. 
 Independent Auditor’s Fees

 For Fiscal 2019 and Fiscal 2020, our Company incurred the following fees by our external auditor: 

 

									
	Services Retained	  	Fees billed in Fiscal 2020	 	  	Fees billed in Fiscal 2019	 
	 Audit fees(1)
	  	$	1,839,432	 	  	$	674,858	 
	 Audit-related fees(2)
	  	$	103,846	 	  	$	0	 
	 Tax fees(3)
	  	$	183,399	 	  	$	78,133	 
	 All other fees(4)
	  	$	0	 	  	$	0	 
	 Total
	  	$	2,126,677	 	  	$	752,991	 
		  	  
	  
	 	  	  
	  
	 

  

	(1)	 Fees for audit service, including quarterly reviews and prospectus-related fees. 

	(2)	 Fees related to translation services. 

	(3)	 Fees for tax compliance. 

	(4)	 Not applicable. 

LEGAL PROCEEDINGS AND REGULATORY ACTIONS 
 We are
from time to time involved in legal proceedings of a nature considered normal to our business. We believe that none of the litigation in which we are currently involved, or have been involved since the beginning of the most recently completed
financial year, individually or in the aggregate, is material to our financial condition or results of operations. 
 We are not aware of penalties or
sanctions imposed by a court relating to provincial and territorial securities legislation or by a securities regulatory authority during Fiscal 2020. No other penalties or sanctions have been imposed by a court or regulatory body against the
Company that would likely be considered important to a reasonable investor in making an investment decision. The Company has not entered into any settlement agreements before a court relating to provincial and territorial securities legislation or
with a securities regulatory authority during Fiscal 2020. 
 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS 

Other than as described elsewhere in this AIF, the Company’s audited consolidated financial statements and notes for Fiscal 2020 and Management’s
Discussion and Analysis for Fiscal 2020, no director or executive officer of Nuvei, and to the knowledge of the directors and executive officers of Nuvei, (i) no person or company that beneficially owns, or controls or directs, directly or
indirectly, more than 10 percent of Nuvei’s voting shares, (ii) nor any of such persons’ or companies’ associates or affiliates, (iii) nor any associates or affiliates of any director of executive officer of Nuvei, has
had a material interest, direct or indirect, that has materially affected or is reasonably expected to materially affect the Company within the three most recently completed financial years or during the current financial year. 

TRANSFER AGENT AND REGISTRAR 
 The transfer agent
and registrar for our Multiple Voting Shares and Subordinate Voting Shares is AST Trust Company (Canada) at its principal office in Montreal, Québec. 

  
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 MATERIAL CONTRACTS 

The following are the only material contracts, other than those contracts entered into in the ordinary course of business, which we have entered into since
the beginning of the last financial year ended December 31, 2020, or entered into prior to such date, but which are still in effect and that are required to be filed with Canadian securities regulatory authorization in accordance with
Section 12.2 of National Instrument 51-102-Continuous Disclosure Obligations. 
 Investor Rights
Agreement 
 On September 22, 2020, we entered into an investor rights agreement with Novacap, CDPQ and Fayer Holdco (collectively, the
“Principal Shareholders”) with respect to certain rights of these holders of Multiple Voting Shares, including director nomination rights and registration rights (the “Investor Rights Agreement”). 

This summary is qualified in its entirety by reference to the provisions of that agreement, which contains a complete statement of those attributes and
characteristics. The Investor Rights Agreement is available on SEDAR at www.sedar.com. 
 Nomination Rights 

Fayer Holdco is entitled to designate two members of the Board and will continue to be entitled to designate such number of directors for so long as it holds
more than 50% of the number of Multiple Voting Shares it held upon completion of the IPO. Fayer Holdco will be entitled to designate one member of the Board for so long as it holds more than 25% of the number of Multiple Voting Shares it held upon
completion of the IPO. In the event that Fayer Holdco holds 25% or less of the number of Multiple Voting Shares it held upon completion of the IPO and Mr. Philip Fayer is no longer acting as our Chief Executive Officer, Fayer Holdco will lose
the right to designate a member of the Board. 
 Novacap is entitled to designate two members of the Board and will continue to be entitled to designate
such number of directors for so long as it holds more than 50% of the number of Multiple Voting Shares it held upon completion of the IPO. Novacap will be entitled to designate one member of the Board for so long as it holds more than 25% of the
number of Multiple Voting Shares it held upon completion of the IPO. In the event that Novacap holds 25% or less of the number of Multiple Voting Shares it held upon completion of the IPO, it will lose the right to designate a member of the Board.

 CDPQ will initially be entitled to designate one member of the Board and will continue to be entitled to designate one member of the Board for so long as
it holds more than 25% of the number of Multiple Voting Shares it held upon completion of the IPO. In the event that CDPQ holds 25% or less of the number of Multiple Voting Shares it held upon completion of the IPO, it will lose the right to
designate a member of the Board. The nominee of CDPQ designated under the Investor Rights Agreement must be independent within the meaning of NI 52-110. 

The Investor Rights Agreement also provides that, should the Company grant additional nomination rights in the future to an investor other than the Principal
Shareholders, the Company will cause such other investor to exercise all voting rights under its control to vote in favour of the nominees of the Principal Shareholders, provided that such other investor may withhold from voting in favour of such
nominees. 
 Registration Rights 
 The Investor Rights
Agreement provides for demand registration rights in favour of the Principal Shareholders that will enable them, under certain circumstances, to require the Company to qualify by prospectus in Canada all or any portion of the shares held by them for
a distribution to the public, provided that the Company will not be obliged to effect (i) more than four demand registrations in any 12-month period or (ii) any demand registration where the value of
the shares offered under such demand registration is less than $25.0 million. 
 The Investor Rights Agreement also provides for incidental or
“piggy-back” registration rights allowing the Principal Shareholders to include their shares in certain public offerings of our Subordinate Voting Shares, subject to certain underwriters’ cutback rights. 

  
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 Restrictive Covenant 

The Investor Rights Agreement limits the Company’s ability to prejudice the maintenance within the Province of Québec of its head office. Such
restrictive covenant will continue to apply until the occurrence of the earliest of (i) CDPQ ceasing to hold at least 15% of our issued and outstanding shares (on a non-diluted basis), (ii) Philip Fayer
ceasing to be the Chief Executive Officer of the Company (subject to the restrictive covenant below) or (iii) five years following the completion of the IPO. 

In the event that Philip Fayer ceases to be the Chief Executive Officer of the Company, the consent of CDPQ will no longer be required if the Company wishes
to transfer the Company’s head office outside of the Province of Québec as long as the following three conditions are met: (i) the Chairman of the Board principally resides or is based in the Province of Québec, (ii) the
Company does not implement any material downsize in its Québec operations, and (iii) at least one of the following executive functions of the Company is fulfilled by an individual that principally resides or is based in the Province of
Québec: Chief Executive Officer, Chief Financial Officer or Chief Legal Officer. Such restrictive covenant will continue to apply until the occurrence of the earliest of (i) CDPQ ceasing to hold at least 15% of our issued and outstanding
shares (on a non-diluted basis) or (ii) five years following the completion of the IPO. 
 Coattail
Agreement 
 On September 22, 2020, we entered into a Coattail Agreement with the holders of Multiple Voting Shares. See “Description of share
capital—Take-Over Bid Protection”, for a summary of the Coattail Agreement. 
 Registration Rights Agreement 

On November 2, 2020, we entered into a registration rights agreement with Coöperatieve Vereniging Smart2Pay Holding U.A. relating to the Smart2Pay
Transaction in order to confer registration rights to Coöperatieve Vereniging Smart2Pay Holding U.A. For more information with respect to the Smart2Pay Transaction, see “General development of NUVEI’s business—Three-Year Business
Development History”. 
 Copies of the above-listed material are available on SEDAR at www.sedar.com. 

INTERESTS OF EXPERTS 
 Our independent auditor,
PricewaterhouseCoopers LLP, reported on the consolidated financial statements for Fiscal 2020, which were filed with the securities regulatory authorities. PricewaterhouseCoopers LLP has confirmed that it is independent with respect to the Company
within the meaning of the Code of Ethics of the Ordre des comptables professionnels agréés du Québec. 

ADDITIONAL INFORMATION 
 Additional information
about Nuvei is available on our website at www.nuvei.com and on SEDAR at www.sedar.com. 
 Additional information, including directors’ and
officers’ remuneration and indebtedness, principal holders of our securities and securities authorized for issuance under equity compensation plans will be contained in our management information circular that will be filed in connection with
our next annual meeting of shareholders. Once filed, the circular will be available on our website at www.nuvei.com and at www.sedar.com. 
 Additional
financial information is provided in our audited consolidated financial statements and notes for Fiscal 2020 and Management’s Discussion and Analysis for Fiscal 2020, available on our website at www.nuvei.com and at www.sedar.com. 

References to our website in this AIF or any documents that are incorporated by reference in this AIF do not incorporate by reference the information on such
website into this AIF, and we disclaim any such incorporation by reference. 
 GLOSSARY OF TERMS 

The following is a glossary of certain industry and other defined terms used in this AIF: 

  
 Page 65 

 “AML” means anti-money laundering; 

“API” means application programming interface, a set of clearly defined methods of communication between different software components, which
enables developers and resellers to create applications that can easily connect and integrate with payment processing technology platform; 
 “Audit
Committee” means the audit committee of the Board; 
 “Board” means the board of directors of the Company; 

“CBCA” means the Canada Business Corporations Act, as amended from time to time; 

“CCPA” means the California Consumer Privacy Act of 2018; 

“CDPQ” means CDP Investissements Inc., a wholly owned subsidiary of Caisse de dépôt et placement du Québec; 

“CFPB” means the U.S. Consumer Financial Protection Bureau; 

“CFPOA” means the Corruption of Foreign Public Officials Act; 

“Code” means the Code of Conduct for the Credit and Debit Card Industry in Canada adopted by the Financial Consumer Agency of Canada; 

“eCommerce” means internet commerce; 
 “EEA”
means European Economic Area; 
 “ERP” means enterprise resource planning; 

“Fayer Holdco” means Whiskey Papa Fox Inc. (formerly known as 4218868 Canada Inc.), a holding company controlled by Philip Fayer, our Chair and
Chief Executive Officer; 
 “FCA” means the Financial Conduct Authority; 

“FCPA” means the U.S. Foreign Corrupt Practices Act; 

“Fiscal 2018” means the fiscal year ended December 31, 2018; 

“Fiscal 2019” means the fiscal year ended December 31, 2019; 

“Fiscal 2020” means the fiscal year ended December 31, 2020; 

“FSMA” means the Financial Services and Markets Act 2000, as amended; 

“FTC” means the U.S. Federal Trade Commission; 

“gateway” means an online application that connects an eCommerce point of sale to the payment processor enabling online payment transactions; 

“GDPR” means General Data Protection Regulation; 

“GHRC Committee” means the governance and human resources committee of the Board; 

“IFRS” means the International Financial Reporting Standards; 

  
 Page 66 

 “INTERAC” means the national Canadian debit card service; 

“IPO Joint Active Bookrunners” means Goldman Sachs Canada Inc., Credit Suisse Securities (Canada), Inc., BMO Nesbitt Burns Inc. and RBC Dominion
Securities Inc; 
 “ISO” means independent sales organization; 

“KYC” means know your customer; 
 “MSB”
means a money services business; 
 “NI 52-110” means National Instrument
52-110 – Audit Committees, as amended from time to time; 
 “Novacap” means, collectively,
Novacap TMT IV, L.P., Novacap International TMT IV, L.P., NVC TMT IV, L.P., Novacap TMT V, L.P., Novacap International TMT V, L.P., Novacap TMT V-A, L.P., NVC TMT V, L.P., NVC TMT V-A, L.P. and Novacap TMT V Co-Investment (Nuvei), L.P; 
 “OFAC” means
the Office of Foreign Assets Control of the U.S. Department of the Treasury; 
 “PCI” means Payment Card Industry; 

“PCMLTFA” means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act; 

“PIPEDA” means the Personal Information Protection and Electronic Documents Act; 

“POS” means a point of sale where a transaction is completed; 

“SafeCharge” means SafeCharge International Group Limited, a subsidiary of the Company; 

“SafeCharge Financial” means SafeCharge Financial Services Limited, a subsidiary of the Company; 

“SafeCharge Limited” means SafeCharge Limited, a subsidiary of the Company; 

“Smart2Pay” means Smart2Pay Global Services B.V.; 

“Smart2Pay Regco” means Smart2Pay Global Services B.V., a subsidiary of Smart2Pay; 

“TSX” means the Toronto Stock Exchange; 

“UDAP” means Unfair and Deceptive Acts and Practices; 

“VAR” means value-added reseller. 

  
 Page 67 

 EXHIBIT A 

AUDIT COMMITTEE CHARTER 
 See attached.

 

 
 AUDIT COMMITTEE CHARTER 

 TABLE OF CONTENTS 

 

															
		
	 	  	Page	 
			
	I.	  	Purpose	  	 	2	 
			
	II.	  	Duties and Responsibilities	  	 	2	 
			
		  	A. Financial reporting and Control	  	 	2	 
			
		  	B. Oversight of the External Auditor	  	 	4	 
			
		  	C. Compliance with Legal and Accounting Requirements	  	 	5	 
			
		  	D. Oversight of the Corporation’s Internal Control System	  	 	5	 
			
		  	E. Oversight of the Corporation’s Risk Management	  	 	6	 
			
		  	F. Internal Audit Function	  	 	7	 
			
		  	G. Whistleblower, Ethics, Conduct and Internal Controls Complaint Procedures	  	 	7	 
			
	III.	  	Evaluation of the Audit Committee and Report to Board	  	 	8	 
			
	IV.	  	Outside Advisors	  	 	8	 
			
	V.	  	Membership	  	 	8	 
			
	VI.	  	Audit Committee Chair Position Description	  	 	8	 
			
	VII.	  	Term	  	 	9	 
			
	VIII.	  	Procedures for Meetings	  	 	9	 
			
	IX.	  	Quorum and Voting	  	 	10	 
			
	X.	  	Secretary	  	 	10	 
			
	XI.	  	Vacancies	  	 	10	 
			
	XII.	  	Limitation on duties	  	 	10	 
			
	XIII.	  	Records	  	 	10	 
			
	XIV.	  	Access to Information and Authority	  	 	10	 
			
	XV.	  	Review of Charter	  	 	11	 

  
 - i - 

	I.	 PURPOSE 

The purpose of the Audit Committee is to assist the Board of Directors (the “Board”) of Nuvei Corporation (the “Corporation”)
in its oversight of: 
  

	A.	 the integrity of the financial statements, the financial reporting process and related information;

  

	B.	 the independence, qualifications and appointment and performance of the Corporation’s external auditor
(the “External Auditor”); 

  

	C.	 compliance with applicable legal and regulatory requirements; 

 

	D.	 disclosure, internal controls and audit procedures (internal and external); 

 

	E.	 enterprise risk management processes, treasury, tax, hedging, and financial strategies and policies; and

  

	F.	 whistleblower policy and processes. 

In addition, the Audit Committee provides an avenue for communication between the External Auditor, management, and other employees of the Corporation, as
well as the Board, concerning accounting and auditing matters. 
 The composition and meetings of the Audit Committee are subject to the requirements set
forth in the articles and by-laws of the Corporation, as well as in any investor rights agreement or similar agreements which may exist from time to time between the Corporation and certain shareholders (the
“Investor Agreements”), as well as in applicable laws and the rules of the Toronto Stock Exchange (the “TSX”). The present charter is not intended to limit, enlarge or change in any way the responsibilities of the
Audit Committee as determined by such articles, by-laws, Investor Agreements, applicable laws and the rules of the TSX. 
  

	II.	 DUTIES AND RESPONSIBILITIES 

The Audit Committee shall perform the functions customarily performed by audit committees and any other functions assigned by the Board. The Audit Committee
shall have the following duties and responsibilities: 
  

	A.	 FINANCIAL REPORTING AND CONTROL 

 

	 	1.	 Review and discuss with management and the External Auditor the following: 

 

	 	a.	 major issues regarding accounting principles and financial statement presentation, including any significant
changes in the Corporation’s selection or application of accounting principles, and issues as to the adequacy of the Corporation’s internal controls and any special audit steps adopted in light of material control deficiencies;

  
 - 2 - 

	 	b.	 analyses prepared by management and/or the External Auditor setting forth significant financial reporting
issues and judgments made in connection with the preparation of the financial statements, including the adoption of all major accounting policies and practices, any proposed changes in major accounting policies, the presentation and impact of
significant risks and uncertainties, and key estimates and judgments of management that may be material to financial reporting; 

  

	 	c.	 the effect of regulatory and accounting developments, as well as any off-balance sheet arrangements, on the
financial statements of the Corporation; 

  

	 	d.	 the type and presentation of information to be included in earnings press releases (including any use of
pro-forma or non-IFRS information as well as the presentation of future oriented financial information); 

  

	 	e.	 any corporate governance issues which could significantly affect the financial statements; and

  

	 	f.	 all matters required to be communicated to the Audit Committee under accounting policies, auditing standards or
other applicable requirements. 

  

	 	2.	 Review and discuss with management and the External Auditor, report and, where appropriate, provide
recommendations to the Board on the following, prior to its public disclosure: 

  

	 	a.	 the annual and interim consolidated financial statements and the related “Management’s Discussion and
Analysis”, Annual Information Forms, earnings press releases, the whole in accordance with the Corporation’s Disclosure Policy, and the integrity of the financial reporting of the Corporation; 

 

	 	b.	 any audit issues raised by the External Auditor and management’s response thereto, including any
restrictions on the scope of the activities of the External Auditor or access to requested information and any significant disagreements with management; and 

  

	 	c.	 to the extent not previously reviewed by the Audit Committee, all financial statements included in any
prospectus, business acquisition report or offering memoranda and all other financial reports required by regulatory authorities and/or requiring approval by the Board. 

 

	 	3.	 Review and discuss reports from the External Auditor on: 

 

	 	a.	 all critical accounting policies and practices used by the Corporation; 

 

	 	b.	 all material selections of accounting policies when there is a choice of policies available under IFRS that
have been discussed with management, 

  
 - 3 - 

	 	
including the ramifications of the use of such alternative treatment and the alternative preferred by the External Auditor; 

 

	 	c.	 other material written communications between the External Auditor and management, and discuss such
communications with the External Auditor; and 

  

	 	d.	 the adequacy of procedures in place for the review of public disclosure of financial information extracted or
derived from the financial statements. 

  

	B.	 OVERSIGHT OF THE EXTERNAL AUDITOR 

 

	 	1.	 Recommend to the Board the External Auditor to be nominated for the purpose of preparing the External
Auditor’s report as well as the External Auditor’s compensation for doing so. 

  

	 	2.	 Oversee the work of the External Auditor and any other auditor preparing or issuing an audit report or
performing other audit services or attest services for the Corporation or any consolidated subsidiary of the Corporation, where required, and review, report and, provide recommendations to the Board on the appointment, terms and review of
engagement, removal, independence and proposed fees of the External Auditor. 

  

	 	3.	 Approve in advance all audit, review or attest engagement fees and terms for all audit, review or attest
services to be provided by the External Auditor to the Corporation and any consolidated subsidiary and any other auditor preparing or issuing an audit report or performing other audit services or attest services for the Corporation or any
consolidated subsidiary of the Corporation, where required. 

  

	 	4.	 Pre-approve all engagements for permitted non-audit services provided
by the External Auditor to the Corporation and any consolidated subsidiary, and to this effect, establish policies and procedures as appropriate for the engagement of the External Auditor to provide non-audit services. 

 

	 	5.	 Establish policies for the hiring of partners, employees and former partners and employees of the External
Auditor in order to protect the independence of the External Auditor. 

  

	 	6.	 At least annually, consider, assess, and report to the Board on: 

 

	 	a.	 the independence of the External Auditor, including that the External Auditor’s performance of permitted
non-audit services does not impair the External Auditor’s independence; 

  

	 	b.	 the External Auditor’s written statement (i) delineating all relationships between the External
Auditor and the Corporation; (ii) assuring that lead audit partner rotation is carried out, as required by law; and (iii) 

  
 - 4 - 

	 	
delineating any other relationships that may adversely affect the independence of the External Auditor; and 

  

	 	c.	 the evaluation of the lead audit partner, taking into account the opinions of management.

  

	 	7.	 At least annually, obtain and review a report by the External Auditor describing: 

 

	 	a.	 the External Auditor’s internal quality-control procedures; and 

 

	 	b.	 any material issues raised by the most recent internal quality-control review, or peer review of the External
Auditor firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the External Auditor firm, and any steps taken to deal with any
such issues. 

  

	 	8.	 Resolve any disagreement between management and the External Auditor regarding financial reporting.

  

	 	9.	 Review the annual audit plan with the External Auditor. 

 

	 	10.	 At least quarterly and when required, meet with the External Auditor in the absence of management.

  

	C.	 COMPLIANCE WITH LEGAL AND ACCOUNTING REQUIREMENTS 

 

	 	1.	 Review and discuss with management, legal counsel and the External Auditor, monitor, report and, when
appropriate, provide recommendations to the Board on the adequacy of the Corporation’s processes for complying with laws, regulations and applicable accounting standards. 

 

	 	2.	 Review, on a periodic basis with legal counsel, the Corporation’s legal compliance with respect to:
(a) the legal and regulatory matters which may have a material effect on the Corporation and/or its financial statements, including with respect to pending or threatened material litigations; and (b) corporate compliance policies and codes
of conduct. 

  

	D.	 OVERSIGHT OF THE CORPORATION’S INTERNAL CONTROL SYSTEM 

 

	 	1.	 Review and discuss with management (including the internal audit team) and the External Auditor, monitor,
report and, where appropriate, provide recommendations to the Board on the following: 

  

	 	a.	 the Corporation’s systems of internal controls over financial reporting, including information technology
security and control, and any weakness, deficiency, significant finding or recommendation in relation therewith; 

  
 - 5 - 

	 	b.	 compliance with the policies and practices of the Corporation relating to business ethics;

  

	 	c.	 compliance by directors, officers and other management personnel with the Corporation’s Disclosure Policy;
and 

  

	 	d.	 the relationship of the Audit Committee with other committees of the Board, management and the
Corporation’s consolidated subsidiaries’ audit and other committees, as appropriate. 

  

	 	2.	 Review and discuss with the Chief Executive Officer (the “CEO”) and Chief Financial Officer (the
“CFO”, and together with the CEO and the other executive officers, as appropriate, the “Executive Officers”) of the Corporation the process for the certifications to be provided in the Corporation’s public disclosure
documents. 

  

	 	3.	 Review, monitor, report, and, where appropriate, provide recommendations to the Board on the Corporation’s
disclosure controls and procedures. 

  

	 	4.	 Establish procedures for the receipt, retention, and treatment of complaints received by the Corporation
regarding accounting, internal accounting controls or auditing matters, including procedures for confidential, anonymous submissions by employees regarding questionable accounting or auditing matters. 

 

	E.	 OVERSIGHT OF THE CORPORATION’S RISK MANAGEMENT 

 

	 	1.	 Review, monitor, report and, where appropriate, provide recommendations to the Board on the Corporation’s
major business, operational, and financial risk exposures and the guidelines, policies and practices regarding risk assessment and risk management including the following: 

 

	 	a.	 the Corporation’s processes for identifying, assessing and managing risks; 

 

	 	b.	 the Corporation’s major financial risks, including derivative and tax risks, and operational risk
exposures and the steps the Corporation has taken to monitor and control such exposures; 

  

	 	c.	 the Corporation’s major security risks and security trends, including cybersecurity risks, that may impact
the Corporation’s operations and business; and 

  

	 	d.	 the Corporation’s business continuity plans, including work stoppage and disaster recovery plans.

  

	 	2.	 Review, monitor, report and, where appropriate, provide recommendations to the Board on the Corporation’s
compliance with internal policies and practices regarding risk assessment and risk management and the Corporation’s progress in remedying any material deficiencies thereto. 

  
 - 6 - 

	 	3.	 When appropriate, ensure that the Corporation and its consolidated subsidiaries establish risk assessment and
risk management policies, and review and report thereon to the Board. 

  

	 	4.	 Review with management the credit worthiness, liquidity and important treasury matters including financial
plans and strategies of the Corporation. 

  

	 	5.	 Review the corporation’s tax strategy, including its tax planning and compliance with applicable tax laws.

  

	 	6.	 Review with management any hedging strategy that may be in place from time to time, including with respect to
foreign exchange and interest rate hedging, financial or physical, intended to manage, mitigate or eliminate risks relation to foreign exchange and interest rate fluctuations. 

 

	 	7.	 Review all related party transactions and actual or potential conflicts of interest. 

 

	F.	 INTERNAL AUDIT FUNCTION 

 

	 	1.	 Review and approve the charter, nature, scope of work and organizational structure of the internal audit
function as well as the annual audit plan and any major changes thereon. 

  

	 	2.	 Ensure that the internal audit function has the necessary resources to fulfill its mandate and
responsibilities. 

  

	 	3.	 Periodically review the audit plan status, including a progress report on the internal audit mandates and a follow-up on past due recommendations. 

  

	 	4.	 Review internal audit reports, including management responses, and ensure that the necessary steps are taken to
follow up on important report recommendations. 

  

	 	5.	 Review with the assistance of the Executive Officers the internal audit budget, resource plan, activities, and
organizational structure of the internal audit function. 

  

	 	6.	 Ensure the independence and effectiveness of the internal audit function, including by requiring that the
function be free of any influence that could adversely affect its ability to objectively assume its responsibilities, by ensuring that it reports to the Audit Committee, and by meeting regularly with the lead of the internal audit function, without
management being present in order to discuss, among others, the questions they raise regarding the relationship between the internal audit function and management and access to the information required. 

 

	G.	 WHISTLEBLOWER, ETHICS, CONDUCT AND INTERNAL CONTROLS COMPLAINT PROCEDURES 

In accordance with the terms of the Whistleblower Policy, ensure that the Corporation has in place adequate procedures for: 

  
 - 7 - 

	 	7.	 The receipt, retention and treatment of complaints received by the Corporation. 

 

	 	8.	 The confidential, anonymous submission of concerns regarding questionable matters or circumstances (including
allegations with respect to fraud, accounting misconduct, harassment, violence, retaliation, etc.). 

  

	III.	 EVALUATION OF THE AUDIT COMMITTEE AND REPORT TO BOARD 

 

	 	9.	 The Audit Committee shall evaluate and review with the Board, on an annual basis, the performance of the Audit
Committee as a whole, as well as the performance of each individual member while taking into account: (i) in the case of the Audit Committee as a whole, the present Charter, and (ii) in the case of an individual member, the applicable
position description(s), as well as the competencies and skills each individual director is expected to contribute to the Audit Committee. 

  

	 	10.	 The Audit Committee shall evaluate and assess, on an annual basis, the financial literacy of the members of the
Audit Committee. 

  

	 	11.	 The Audit Committee shall report to the Board periodically on the Audit Committee’s activities.

  

	IV.	 OUTSIDE ADVISORS 

The Audit Committee shall have the authority to engage outside counsel and other outside advisors as it deems appropriate to assist the Audit Committee in the
performance of its functions. The Corporation shall provide appropriate compensation for such advisors as determined by the Audit Committee. 
  

	V.	 MEMBERSHIP 

The Audit Committee shall consist of such number of directors, in no event to be less than three, as the Board may from time to time by resolution determine.
The members of the Audit Committee shall meet the independence test and other membership requirements (including the financial literacy requirements pursuant to National Instrument 52-110 - Audit
committees) under applicable laws, rules and regulations and listing requirements as determined by the Board. 
  

	VI.	 AUDIT COMMITTEE CHAIR POSITION DESCRIPTION 

The Audit Committee Chair shall be appointed by the Board. The Audit Committee Chair leads the Audit Committee in all aspects of its work and is responsible
for effectively managing the affairs of the Audit Committee and ensuring that it is properly organized and functions efficiently. More specifically, the Audit Committee Chair shall: 

 

	A.	 Provide leadership to enable the Audit Committee to act effectively in carrying out its duties and
responsibilities as described elsewhere in this Charter and as otherwise may be appropriate; 

  
 - 8 - 

	B.	 Ensure that there is an effective relationship between management and the members of the Audit Committee;

  

	C.	 Chair meetings of the Audit Committee; 

 

	D.	 In consultation with the Board Chair, the Lead Director, the Corporate Secretary, the Executive Officers,
determine the frequency, dates and locations of meetings of the Audit Committee; 

  

	E.	 In consultation with the Executive Officers, review the annual work plan and the meeting agendas to ensure all
required business is brought before the Audit Committee to enable it to efficiently carry out its duties and responsibilities; 

  

	F.	 Ensure, in consultation with the Board Chair and Lead Director, that all items requiring the Audit
Committee’s approval, are appropriately tabled; 

  

	G.	 Ensure the proper flow of information to the Audit Committee and review, with the Executive Officers and the
Corporate Secretary the adequacy and timing of materials in support of management’s proposals; 

  

	H.	 Report to the Board on the matters reviewed by, and on any decisions or recommendations of, the Audit Committee
at the next meeting of the Board following any meeting of the Audit Committee; and 

  

	I.	 Carry out any special assignments or any functions as requested by the Board. 

 

	VII.	 TERM 

The members of the Audit Committee shall be appointed or changed by resolution of the Board to hold office from the time of their appointment until the next
annual meeting of the shareholders, or until their successors are so appointed. 
  

	VIII.	 PROCEDURES FOR MEETINGS 

Meetings of the Audit Committee may be called by any member of the Audit Committee or the External Auditor. The Audit Committee shall fix its own procedure at
meetings and for the calling of meetings. The Audit Committee will meet at least each quarter and otherwise as necessary. The Audit Committee shall meet separately in an “in-camera” session, in the
absence of management and the External Auditor, at each regularly scheduled meeting. The Audit Committee will also meet with the External Auditor without management being present. 

The Audit Committee may invite any directors, officers or employees of the Corporation or any other person to attend meetings of the Audit Committee to assist
in the discussion and examination of the matters under consideration by the Audit Committee. The External Auditor shall receive notice of and attend, at the expense of the Corporation, each meeting of the Audit Committee. 

  
 - 9 - 

	IX.	 QUORUM AND VOTING 

Unless otherwise determined from time to time by resolution of the Board, two members of the Audit Committee shall constitute a quorum for the transaction of
business at a meeting. For any meeting(s) at which the Audit Committee Chair is absent, the Chair of the meeting shall be the person present who shall be decided upon by all members present. At a meeting, any question shall be decided by a majority
of the votes cast by members of the Audit Committee, except where only two members are present, in which case any question shall be decided unanimously. 
  

	X.	 SECRETARY 

Unless otherwise determined by resolution, the Corporate Secretary of the Corporation or his/her delegate shall be the Secretary of the Audit Committee. 

 

	XI.	 VACANCIES 

Vacancies at any time occurring shall be filled by resolution of the Board. 
  

	XII.	 LIMITATION ON DUTIES 

Notwithstanding the foregoing and subject to applicable law, nothing contained in the present charter is intended to require the Audit Committee to ensure the
Corporation’s compliance with applicable laws or regulations. 
 In contributing to the Audit Committee’s discharge of its duties under this
charter, each member shall be obliged only to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Nothing in this charter is intended or may be construed as imposing on any member a
standard of care or diligence that is in any way more onerous or extensive than the standard to which the member of the Board are subject. 
 The Committee
is a committee of the Board and is not and shall not be deemed to be an agent of the Corporation’s shareholders for any purpose whatsoever. The Board may, from time to time, permit departures from the terms hereof, either prospectively or
retrospectively. The terms contained herein are not intended to give rise to civil liability on the part of the Corporation or its directors or officers to shareholders, security holders, customers, suppliers, competitors, employees or other
persons, or to any other liability whatsoever on their part. 
  

	XIII.	 RECORDS 

The Audit Committee shall keep such records as it may deem necessary of its proceedings and shall report regularly its activities and recommendations to the
Board as appropriate. 
  

	XIV.	 ACCESS TO INFORMATION AND AUTHORITY 

The Audit Committee will be granted access to all information regarding the Corporation that is necessary or desirable to fulfill its duties and all directors,
officers and employees will be directed to cooperate as requested by the members of the Audit Committee. The Audit 

  
 - 10 - 

 
Committee also has the authority to communicate directly with the External Auditor, the CFO, the lead of the internal audit function as well as any other employee of the Corporation as it deems
necessary. 
  

	XV.	 REVIEW OF CHARTER 

The Audit Committee will annually review and assess the adequacy of this Charter and recommend to the Board any proposed changes for consideration. The Board
may amend this Charter, as required. 

  
 - 11 -

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