Document:

First Amendment, dated as of August 22,2012, to the Credit Agreement

 Exhibit 10.1 
 TOWN SPORTS INTERNATIONAL HOLDINGS, INC. 
 TOWN SPORTS INTERNATIONAL, LLC

 FIRST AMENDMENT 
 TO 
 CREDIT AGREEMENT 

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) is dated as of August 22, 2012 and entered
into by and among TOWN SPORTS INTERNATIONAL HOLDINGS, INC., a Delaware corporation (“Holdings”), TOWN SPORTS INTERNATIONAL, LLC, a New York limited liability company (the “Borrower”), the Subsidiary
Guarantors listed on the signature pages hereto (each, a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”), the financial institutions listed on the signature pages hereof and executing this
First Amendment (the “Lenders”) and DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and is made with
reference to that certain Credit Agreement, dated as of May 11, 2011 (the “Credit Agreement”), by and among Holdings, the Borrower, the Lenders (as defined in the Credit Agreement) and the Administrative Agent. Capitalized
terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement. 
 RECITALS

 WHEREAS, Holdings, the Borrower and each Lender party hereto desire to amend the Credit Agreement to decrease the
interest rate applicable to the Initial Term Loans and to make certain other changes to the Credit Agreement, in each case, as provided herein; 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows: 

Section 1. AMENDMENTS TO THE CREDIT AGREEMENT 
 1.1 Amendments to Section 1: Definitions and Accounting Terms 
 A. Section 1.01 of the Credit Agreement is hereby amended by adding thereto the following new definitions, which definitions shall be inserted in proper alphabetical order: 

“Effective Yield” shall mean, as to the Initial Term Loans or any term loans incurred by the Borrower or
any of its Subsidiaries in connection with a Repricing Event, the effective yield on such Initial Term Loans or such term loans, as applicable, as reasonably determined by the Administrative Agent in consultation with the Borrower, taking into
account the applicable interest rate margins, any interest rate floors or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (x) the life of such term loans and (y) the
four years following the date of incurrence thereof) payable generally to lenders making such Initial Term Loans or term loans, as applicable, but excluding any arrangement, structuring or other similar fees payable in connection therewith that are
not generally shared with the relevant lenders and, if applicable, customary consent fees for an amendment paid generally to consenting lenders. 

 “First Amendment” shall mean the First Amendment to Credit
Agreement, dated as of August 22, 2012, among Holdings, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

“First Amendment Effective Date” shall have the meaning provided in the First Amendment, which date is
August 22, 2012. 
 “Repricing Event” shall mean (i) any prepayment or repayment of
Initial Term Loans with the proceeds of, or any conversion of Initial Term Loans into, any new or replacement tranche of term loans incurred by the Borrower or any of its Subsidiaries and which bear interest with an Effective Yield less than the
Effective Yield applicable to the Initial Term Loans (but excluding any such term loans incurred in connection with a Change of Control) and (ii) any amendment or other modification or waiver to this Agreement (other than the First Amendment)
which effectively reduces the Effective Yield applicable to the Initial Term Loans. Any determination by the Administrative Agent as contemplated by preceding clauses (i) and (ii) shall be conclusive and binding on all Lenders holding
Initial Term Loans, absent manifest error. 
 B. Section 1.01 of the Credit Agreement is
hereby further amended by deleting clause (i) of the definition of “Applicable Margin” appearing therein in its entirety and replacing it with the following text: “(i) in the case of Initial Term Loans maintained as (x) Base
Rate Loans, (A) with respect to any unpaid interest that has accrued on the Initial Term Loans prior to the First Amendment Effective Date, 4.50%, and (B) with respect to any interest accruing on the Initial Term Loans on and after the
First Amendment Effective Date, 3.50%, and (y) Eurodollar Loans, (A) with respect to any unpaid interest that has accrued on the Initial Term Loans prior to the First Amendment Effective Date, 5.50%, and (B) with respect to any
interest accruing on the Initial Term Loans on and after the First Amendment Effective Date, 4.50%;”. 

C. Section 1.01 of the Credit Agreement is hereby further amended by deleting clause (iv) of the
definition of “Base Rate” appearing therein in its entirety and replacing it with the following text: “(iv) with respect to Initial Term Loans, (A) in the case of any unpaid interest that has accrued on the Initial Term Loans
prior to the First Amendment Effective Date, 2.50%, and (B) in the case of any interest accruing on the Initial Term Loans on and after the First Amendment Effective Date, 2.25%, and”. 

D. Section 1.01 of the Credit Agreement is hereby further amended by deleting clause (ii) of the
definition of “Eurodollar Rate” appearing therein in its entirety and replacing it with the following text: “(ii) with respect to Initial Term Loans, (A) in the case of any unpaid interest that has accrued on the Initial Term
Loans prior to the First Amendment Effective Date, 1.50%, and (B) in the case of any interest accruing on the Initial Term Loans on and after the First Amendment Effective Date, 1.25%, and”. 

  
 2 

 1.2 Amendments to Section 4: Commitment Commission; Fees; Reductions of
Commitment 
 A. Section 4.01 of the Credit Agreement is hereby amended by deleting
clause (h) thereof in its entirety and replacing it with the following text: 
 “(h) At the time of the
effectiveness of any Repricing Event that is consummated after August 22, 2012 and prior to August 23, 2013, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender with Initial Term Loans that are
either repaid, converted or subjected to a pricing reduction in connection with such Repricing Event (including each Lender that withholds its consent to such Repricing Event and is replaced as a Replaced Lender under Section 2.13), a
fee in an amount equal to 1.0% of (x) in the case of a Repricing Event described in clause (i) of the definition thereof, the aggregate principal amount of all Initial Term Loans prepaid or converted in connection with such Repricing Event
and (y) in the case of a Repricing Event described in clause (ii) of the definition thereof, the aggregate principal amount of all Initial Term Loans outstanding on such date that are subject to an effective pricing reduction pursuant to
such Repricing Event. Such fees shall be earned, due and payable upon the date of the effectiveness of such Repricing Event.” 
 1.3 Amendments to Section 5: Prepayments; Payments; Taxes 
 A. Section 5.01(a) of the Credit Agreement is hereby amended by deleting clause (vi) thereof in its entirety and replacing it with the following text: 

“(vi) any prepayment of Initial Term Loans made after August 22, 2012 and prior to August 23, 2013 in
connection with a Repricing Event shall be accompanied by the payment of the fee described in Section 4.01(h).” 
 1.4 Amendments to Section 9: Affirmative Covenants 
 A. Section 9.09 of the Credit Agreement is hereby amended to replace the text “then outstanding.” appearing therein with the following text: “outstanding from time to
time following the First Amendment Effective Date.” 
 Section 2. CONDITIONS TO EFFECTIVENESS 

Section 1 of this First Amendment shall become effective only upon the satisfaction of all of the following
conditions precedent (the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”): 
 A. Amendment. Holdings, the Borrower, the Subsidiary Guarantors, the Required Lenders and each Lender with outstanding Initial Term Loans (including any Replacement Lender) shall have signed a
counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile (or other electronic) transmission) their signed counterparts to the Administrative Agent. 

B. Amendment Fee. On or prior to the First Amendment Effective Date, the Borrower shall have paid to the
Administrative Agent, for the ratable benefit of each Lender with outstanding Initial Term Loans (including any Replacement Lender) that has executed a counterpart to this First Amendment and delivered the same to the Administrative Agent, an
amendment fee equal to 1.00% of the aggregate principal amount of the outstanding Initial Term Loans held by each such consenting Lender on the First Amendment Effective Date (such fee, the “Amendment Fee”). For the avoidance of
doubt, the Amendment Fee shall not be payable unless and until the other conditions set forth in Section 2 have been met, except for the payment of fees pursuant to this Section 2B. 

  
 3 

 C. Other Fees and Expenses. The Borrower shall have paid all other
costs, fees, expenses and other amounts due and payable pursuant to the Credit Documents and any other fee due and payable to the Administrative Agent or any affiliate thereof as may have been separately agreed to by the Borrower and the
Administrative Agent or such Affiliate in connection with this First Amendment, including the reasonable fees and expenses of White & Case LLP. 
 For the avoidance of doubt, to the extent that the Borrower replaces any Non-Consenting Term Loan Lender (as defined below) with a Replacement Lender in accordance with Section 2.13 of the
Credit Agreement, such Non-Consenting Term Loan Lender shall receive from the Borrower, concurrently with such replacement, the payment of the applicable fee provided for in Section 4.01(h) of the Credit Agreement as in effect
immediately prior to the First Amendment Effective Date. As used herein, the term “Non-Consenting Term Loan Lender” shall mean each Lender with outstanding Initial Term Loans that does not provide its consent to this First
Amendment. 
 Section 3. CREDIT PARTY REPRESENTATIONS AND WARRANTIES 

In order to induce the Lenders to enter into this First Amendment and to amend the Credit Agreement in the manner provided
herein, each Credit Party represents and warrants to each Lender that the following statements are true and correct: 
 A. Power and Authority. Each Credit Party has the corporate, partnership or limited liability company power and authority, as the case may be, to execute, deliver and perform the terms and
provisions of this First Amendment and has taken all necessary corporate, partnership or limited liability company action, as the case may be, to authorize the execution, delivery and performance by it of this First Amendment. Each Credit Party has
duly executed and delivered this First Amendment, and this First Amendment constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except to the extent that the enforceability hereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 

B. Approvals. No order, consent, approval, license, authorization or validation of, or filing, recording or
registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to be obtained or made by, or on behalf of, any Credit Party to authorize, or is required to be obtained or made by, or on
behalf of, any Credit Party in connection with, (i) the execution, delivery and performance of this First Amendment or (ii) the legality, validity, binding effect or enforceability of this First Amendment (except for those that have
otherwise been obtained or made). 
 C. No Violation. Neither the execution, delivery or performance by
any Credit Party of this First Amendment, nor compliance by it with the terms and provisions hereof, (i) will contravene in any material respect any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of
any court or governmental instrumentality, (ii) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a 

  
 4 

 
default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party or any of its Subsidiaries
pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to which any Credit Party or any of its Subsidiaries is a party or by which it
or any its property or assets is bound or to which it may be subject, or (iii) will violate any provision of the certificate or articles of incorporation, certificate of formation, limited liability company agreement, partnership agreement or
by-laws (or equivalent organizational documents), as applicable, of any Credit Party or any of its Subsidiaries. 

D. Incorporation of Representations and Warranties From Credit Agreement. The representations and warranties
contained in Section 8 of the Credit Agreement are and will be true and correct in all material respects on and as of the First Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such
representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date; provided, that, if a representation and warranty is qualified as to
materiality, with respect to such representation and warranty the materiality qualifier set forth above shall be disregarded for purposes of this condition. 
 E. Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this First Amendment that would constitute a Default or an
Event of Default. 
 Section 4. ACKNOWLEDGMENT AND CONSENT 

Each of Holdings, the Borrower and each Subsidiary Guarantor has read this First Amendment and consents to the terms
hereof and hereby acknowledges and agrees that any Guaranty and any Security Document to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable in
accordance with their respective terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and shall not be impaired or limited by the execution or effectiveness of this First Amendment. 

Each Subsidiary Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth
in this First Amendment, such Subsidiary Guarantor is not required by the terms of the Credit Agreement or any other Credit Document to consent to the amendments to the Credit Agreement effected pursuant to this First Amendment and (ii) nothing
in the Credit Agreement, this First Amendment or any other Credit Document shall be deemed to require the consent of any Subsidiary Guarantor to any future amendments to the Credit Agreement as amended hereby. 

  
 5 

 Section 5. MISCELLANEOUS 

A. Reference to and Effect on the Credit Agreement and the Other Credit Documents. 

(i) On and after the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Credit Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. 
 (ii) The parties hereto agree that this First Amendment is a Credit Document. 
 (iii) Except as specifically amended by this First Amendment, the Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed. 

(iv) The execution, delivery and performance of this First Amendment shall not, except as expressly provided herein,
constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or any of the other Credit Documents. 

B. Headings. Section and subsection headings in this First Amendment are included herein for convenience
of reference only and shall not constitute a part of this First Amendment for any other purpose or be given any substantive effect. 
 C. Applicable Law. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 D. Counterparts. This First Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Any party delivering an executed counterpart of this First Amendment by telefacsimile or electronic mail also shall
deliver an original executed counterpart of this First Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this First Amendment. 

[Remainder of page intentionally left blank] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly
executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	TOWN SPORTS INTERNATIONAL HOLDINGS, INC.
		
	By:	 	/s/ Daniel Gallagher
		
	Name:	 	Daniel Gallagher
		
	Title:	 	Chief Financial Officer

  

			
	TOWN SPORTS INTERNATIONAL, LLC
		
	By:	 	/s/ Daniel Gallagher
		
	Name:	 	Daniel Gallagher
		
	Title:	 	Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	TSI 217 BROADWAY, LLC
	
	TSI ALEXANDRIA, LLC
	
	TSI ALEXANDRIA WEST, LLC
	
	TSI ALLSTON, LLC
	
	TSI ANDOVER, LLC
	
	TSI ARDMORE, LLC
	
	TSI ARTHRO-FITNESS SERVICES, LLC
	
	TSI ASTORIA, LLC
	
	TSI BATTERY PARK, LLC
	
	TSI BAY RIDGE 86TH STREET, LLC
	
	TSI BAYONNE, LLC
	
	TSI BAYRIDGE, LLC
	
	TSI BENSONHURST, LLC
	
	TSI BETHESDA, LLC
	
	TSI BOYLSTON, LLC
	
	TSI BROADWAY, LLC
	
	TSI BROOKLYN BELT, LLC
	
	TSI BRUNSWICK, LLC
	
	TSI BULFINCH, LLC
	
	TSI BUTLER, LLC,
	
	each as a Subsidiary Guarantor
		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI CARMEL, LLC
  

TSI CASH MANAGEMENT, LLC
  
 TSI CENTRAL SQUARE, LLC
  
 TSI
CHERRY HILL, LLC
  
 TSI CHEVY CHASE, LLC

 
 TSI CLARENDON, LLC

 
 TSI CLIFTON, LLC

 
 TSI COBBLE HILL, LLC

 
 TSI COLONIA, LLC

 
 TSI COLUMBIA HEIGHTS, LLC

 
 TSI COMMACK, LLC

 
 TSI CONNECTICUT AVENUE, LLC

 
 TSI COURT STREET, LLC

 
 TSI CROTON, LLC

 
 TSI DANBURY, LLC

 
 TSI DAVIS SQUARE, LLC

 
 TSI DEDHAM, LLC

 
 TSI DEER PARK, LLC,

 
 TSI DOBBS FERRY, LLC

 
 TSI DOWNTOWN CROSSING, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI DUPONT CIRCLE, INC.
  

TSI DUPONT II, INC.
  
 TSI EAST 23, LLC
  
 TSI EAST 31,
LLC
  
 TSI EAST 34, LLC

 
 TSI EAST 36, LLC

 
 TSI EAST 41, LLC

 
 TSI EAST 48, LLC

 
 TSI EAST 51, LLC

 
 TSI EAST 59, LLC

 
 TSI EAST 76, LLC

 
 TSI EAST 86, LLC

 
 TSI EAST 91, LLC

 
 TSI EAST BRUNSWICK, LLC

 
 TSI EAST MEADOW, LLC

 
 TSI ENGLEWOOD, LLC

 
 TSI F STREET, LLC

 
 TSI FAIRFAX, LLC

 
 TSI FENWAY, LLC

 
 TSI FIRST AVENUE, LLC

 
 TSI FOREST HILLS, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI FORT LEE, LLC
  

TSI FRAMINGHAM, LLC
  
 TSI FRANKLIN (MA), LLC
  
 TSI
FRANKLIN PARK, LLC
  
 TSI FREEHOLD, LLC

 
 TSI GALLERY PLACE, LLC

 
 TSI GARDEN CITY, LLC

 
 TSI GARNERVILLE, LLC

 
 TSI GEORGETOWN, LLC

 
 TSI GERMANTOWN, LLC

 
 TSI GLENDALE, LLC

 
 TSI GLOVER, LLC

 
 TSI GRAND CENTRAL, LLC

 
 TSI GREAT NECK, LLC

 
 TSI GREENWICH, LLC

 
 TSI HARTSDALE, LLC

 
 TSI HAWTHORNE, LLC

 
 TSI HERALD, LLC

 
 TSI HICKSVILLE, LLC

 
 TSI HIGHPOINT, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI HOBOKEN, LLC
  

TSI HOBOKEN NORTH, LLC
  
 TSI HOLDINGS (CIP), LLC
  
 TSI
HOLDINGS (DC), LLC
  
 TSI HOLDINGS (IP), LLC

 
 TSI HOLDINGS (MA), LLC

 
 TSI HOLDINGS (MD), LLC

 
 TSI HOLDINGS (NJ), LLC

 
 TSI HOLDINGS (PA), LLC

 
 TSI HOLDINGS (VA), LLC

 
 TSI HUNTINGTON, LLC

 
 TSI INTERNATIONAL, INC.

 
 TSI IRVING PLACE, LLC

 
 TSI JAMAICA ESTATES, LLC

 
 TSI JERSEY CITY, LLC

 
 TSI K STREET, LLC

 
 TSI LARCHMONT, LLC

 
 TSI LEXINGTON (MA), LLC

 
 TSI LINCOLN, LLC

 
 TSI LIVINGSTON, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI LONG BEACH, LLC
  

TSI LYNNFIELD, LLC
  
 TSI M STREET, LLC
  
 TSI MAHWAH,
LLC
  
 TSI MAMARONECK, LLC

 
 TSI MARKET STREET, LLC

 
 TSI MARLBORO, LLC

 
 TSI MATAWAN, LLC

 
 TSI MERCER STREET, LLC

 
 TSI MIDWOOD, LLC

 
 TSI MONTCLAIR, LLC

 
 TSI MORRIS PARK, LLC

 
 TSI MURRAY HILL, LLC

 
 TSI NANUET, LLC

 
 TSI NATICK, LLC

 
 TSI NEW ROCHELLE, LLC

 
 TSI NEWARK, LLC

 
 TSI NEWBURY STREET, LLC,

 
 TSI NEWTON, LLC

 
 TSI NO SWEAT, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI NORTH BETHESDA, LLC
  

TSI NORWALK, LLC
  
 TSI OCEANSIDE, LLC
  
 TSI OLD
BRIDGE, LLC
  
 TSI PARSIPPANY, LLC

 
 TSI PLAINSBORO, LLC

 
 TSI PORT JEFFERSON, LLC

 
 TSI PRINCETON, LLC

 
 TSI PRINCETON NORTH, LLC

 
 TSI PROVIDENCE DOWNTOWN, LLC

 
 TSI PROVIDENCE EASTSIDE, LLC

 
 TSI RADNOR, LLC

 
 TSI RAMSEY, LLC

 
 TSI READE STREET, LLC

 
 TSI REGO PARK, LLC

 
 TSI RIDGEWOOD, LLC

 
 TSI RODIN PLACE, LLC

 
 TSI SCARSDALE, LLC

 
 TSI SEAPORT, LLC

 
 TSI SHERIDAN, LLC

 
 TSI SILVER SPRING, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI SMITHTOWN, LLC
  

TSI SOCIETY HILL, LLC
  
 TSI SOHO, LLC
  
 TSI SOMERS,
LLC
  
 TSI SOMERSET, LLC

 
 TSI SOUTH BETHESDA, LLC

 
 TSI SOUTH END, LLC

 
 TSI SOUTH PARK SLOPE, LLC

 
 TSI SOUTH STATION, LLC

 
 TSI SPRINGFIELD, LLC

 
 TSI STAMFORD DOWNTOWN, LLC

 
 TSI STAMFORD POST, LLC

 
 TSI STAMFORD RINKS, LLC

 
 TSI STATEN ISLAND, LLC

 
 TSI STERLING, LLC

 
 TSI SUNNYSIDE, LLC

 
 TSI SYOSSET, LLC

 
 TSI UNIVERSITY MANAGEMENT, LLC

 
 TSI VARICK STREET, LLC

 
 TSI WALL STREET, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI WALTHAM, LLC
  

TSI WASHINGTON, INC.
  
 TSI WATER STREET, LLC
  
 TSI
WATERTOWN, LLC
  
 TSI WELLESLEY, LLC

 
 TSI WELLINGTON CIRCLE, LLC

 
 TSI WEST 14, LLC

 
 TSI WEST 16, LLC

 
 TSI WEST 23, LLC

 
 TSI WEST 38, LLC

 
 TSI WEST 41, LLC

 
 TSI WEST 44, LLC

 
 TSI WEST 48, LLC

 
 TSI WEST 52, LLC

 
 TSI WEST 73, LLC

 
 TSI WEST 76, LLC

 
 TSI WEST 80, LLC

 
 TSI WEST 94, LLC

 
 TSI WEST 115TH STREET, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 TSI WEST 125, LLC
  

TSI WEST 145TH STREET, LLC
  
 TSI WEST CALDWELL, LLC
  
 TSI
WEST HARTFORD, LLC
  
 TSI WEST NEWTON, LLC

 
 TSI WEST NYACK, LLC

 
 TSI WEST SPRINGFIELD, LLC

 
 TSI WESTBOROUGH, LLC

 
 TSI WESTPORT, LLC

 
 TSI WESTWOOD, LLC

 
 TSI WEYMOUTH, LLC

 
 TSI WHITE PLAINS, LLC

 
 TSI WHITE PLAINS CITY CENTER, LLC

 
 TSI WHITESTONE, LLC

 
 TSI WILLIAMSBURG, LLC

 
 TSI WOBURN, LLC

 
 TSI WOODMERE, LLC,

 
 each as a Subsidiary Guarantor

		
	By:	 	/s/ Daniel Gallagher
		 	Name: Daniel Gallagher
		
		 	Title: Chief Financial Officer

  
 -Signature
Page- 
 First Amendment to Credit Agreement 

 
			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as Administrative Agent

		
	By:	 	/s/ Erin Morrissey
		
	Name:	 	Erin Morrissey
		
	Title:	 	Director
		
	By:	 	/s/ Carin Keegan
		
	Name:	 	Carin Keegan
		
	Title:	 	Director

  
 -Signature
Page- 
 First Amendment to Credit AgreementEX-4.1

 Exhibit 4.1 
 EXECUTION COPY 
  
  

AMERICAN MEDIA, INC. 
 STOCKHOLDERS’ AGREEMENT 
 DATED AS OF DECEMBER 22, 2010

  
  

 TABLE OF CONTENTS 

 

					
	 ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION
	  	 	1	  
		
	 1.1       Definitions
	  	 	1	  
		
	 1.2       Rules of Construction
	  	 	12	  
		
	 ARTICLE II ISSUANCES AND TRANSFERS OF SECURITIES
	  	 	12	  
		
	 2.1       Issuances and Transfers of Securities
	  	 	12	  
		
	 2.2       Right of First Offer
	  	 	13	  
		
	 2.3       [RESERVED.]
	  	 	14	  
		
	 2.4       Co-Sale Rights
	  	 	15	  
		
	 2.5       Drag Along Right
	  	 	16	  
		
	 2.6       Minority Transfer Restrictions
	  	 	17	  
		
	 2.7       Certain Affiliate Transactions
	  	 	18	  
		
	 ARTICLE III APPROVAL RIGHTS
	  	 	19	  
		
	 3.1       Rights Offering
	  	 	19	  
		
	 3.2       Mandatory Redemption of Common Stock
	  	 	20	  
		
	 3.3       Redemption Procedures
	  	 	20	  
		
	 3.4       Reduction of Directors
	  	 	22	  
		
	 3.5       Rights Offering Voting
	  	 	22	  
		
	 ARTICLE IV BOARD OF DIRECTORS
	  	 	22	  
		
	 4.1       Election of Directors; Voting
	  	 	22	  
		
	 ARTICLE V D&O INSURANCE
	  	 	25	  
		
	 5.1       D&O Insurance
	  	 	25	  
		
	 ARTICLE VI REGISTRATION RIGHTS
	  	 	25	  
		
	 6.1       Required Registration
	  	 	25	  
		
	 6.2       Piggyback Registration
	  	 	27	  

  
 i 

					
		
	 6.3       Registrations on Form S-3
	  	 	28	  
		
	 6.4       Holdback Agreement
	  	 	28	  
		
	 6.5       Preparation and Filing
	  	 	29	  
		
	 6.6       Expenses
	  	 	31	  
		
	 6.7       Indemnification
	  	 	32	  
		
	 6.8       Underwriting Agreement
	  	 	34	  
		
	 6.9       Information by Holder; Use of Prospectus
	  	 	35	  
		
	 6.10     Exchange Act Compliance
	  	 	35	  
		
	 ARTICLE VII CONFIDENTIALITY; INFORMATION RIGHTS; ACCESS TO INFORMATION
	  	 	35	  
		
	 7.1       Confidentiality
	  	 	35	  
		
	 7.2       Information Rights
	  	 	35	  
		
	 ARTICLE VIII LEGENDS AND COMPLIANCE WITH SECURITIES LAWS
	  	 	36	  
		
	 8.1       Restrictions on Transfer
	  	 	36	  
		
	 8.2       Restrictive Legends
	  	 	37	  
		
	 8.3       Additional Legend
	  	 	38	  
		
	 8.4       Limit on Number of Stockholders
	  	 	39	  
		
	 ARTICLE IX AMENDMENT AND WAIVER
	  	 	40	  
		
	 9.1       Amendment
	  	 	40	  
		
	 9.2       Waiver
	  	 	40	  
		
	 ARTICLE X TERMINATION
	  	 	41	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	41	  
		
	 11.1     Severability
	  	 	41	  
		
	 11.2     Entire Agreement
	  	 	41	  
		
	 11.3     Independence of Agreements and Covenants
	  	 	42	  
		
	 11.4     Successors and Assigns
	  	 	42	  

  
 ii 

					
		
	 11.5     Counterparts; Facsimile Signatures; Validity
	  	 	42	  
		
	 11.6     Remedies
	  	 	42	  
		
	 11.7     Notices
	  	 	43	  
		
	 11.8     Governing Law; Jurisdiction
	  	 	43	  
		
	 11.9     Waiver of Jury Trial
	  	 	44	  
		
	 11.10   Further Assurances
	  	 	44	  
		
	 11.11   Third Party Reliance
	  	 	44	  
		
	 11.12   Termination of Prior Stockholders Agreement
	  	 	45	  

  
 iii

 STOCKHOLDERS’ AGREEMENT dated as of December 22, 2010 (as amended,
modified, supplemented or restated from time to time, this “Agreement”), among American Media, Inc., a Delaware corporation (the “Company”) and the stockholders of the Company receiving Common Stock (as defined
below) pursuant to the Plan (as defined below) and any other Persons that become a party to this Agreement in accordance with its terms. 
 WHEREAS, in connection with the financial restructuring of the Company and American Media Operations, Inc. (“AMOI”), AMOI has merged with and into the Company on the Effective Date
(as defined below) and has issued common stock, par value $0.0001 per share (the “Common Stock”), to all of the holders of the Existing Notes and the Backstop Parties (each as defined below), pursuant to the Plan; 

WHEREAS, the Company desires to enter into this Agreement to set forth the terms and conditions of ownership of its equity
securities and the rights of certain holders thereof; and 
 WHEREAS, pursuant to the terms of the Plan, all of the
Stockholders are bound by the transfer restrictions and other obligations set forth in this Agreement; 
 NOW, THEREFORE,
in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as set forth herein. 

ARTICLE I 

DEFINITIONS; RULES OF CONSTRUCTION 
 1.1 Definitions. 
 As used in this Agreement, the following terms shall have the
meanings set forth below. 
 “2011 Notes” means the 8 7/8% notes issued by AMOI pursuant to the 2011 Notes
Indenture. 
 “2011 Notes Indenture” means that certain Indenture, dated as of January 23, 2003 among
AMOI, HSBC Bank USA, National Association and other parties thereto, as well as any guarantees and other documents entered in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, or refinancings
thereof. 
 “2013 Notes” means 14% Senior Subordinated Notes issued by AMOI pursuant to the 2013 Notes
Indenture. 
 “2013 Notes Indenture” means the Indenture, dated as of January 30, 2009, among American
Media Operations, Inc., the note guarantors listed on the signature pages thereto, and Wilmington Trust FSB, as trustee, providing for the issuance of the Company’s 14% Senior Subordinated Notes due 2013, and any amendments, supplements,
modifications, extensions, renewals, restatements, or refinancings thereof. 

 “Adjusted Percentage Ownership” means, with respect to any Stockholder, the
fraction, expressed as a percentage, the numerator of which is the total number of shares of Common Stock held by such Stockholder together with its Affiliates and the denominator of which is the total number of shares of Common Stock issued and
outstanding at the time of determination held by all Stockholders (excluding, from each of the numerator and the denominator above, any options, warrants, convertible debt obligations or similar Securities, and all Equity Incentive Shares).

 “Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or
more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person and/or one or more Affiliates thereof. 
 “Agreement” has the meaning ascribed to it in the preamble. 

“AMOI” has the meaning ascribed to it in the recitals. 

“Alternative Majority Consent” means the consent of (i) any two (A) the Angelo Gordon Stockholders,
(B) the Avenue Stockholders and (C) the Capital Research Stockholders and (ii) Holders of at least 67% of the Total Ownership Percentage; provided that if the Total Ownership Percentage of any of the Angelo Gordon Stockholders,
the Avenue Stockholders or the Capital Research Stockholders is less than ten percent (10%), then Alternative Majority Consent shall mean the approval of Holders of at least 67% of the Total Ownership Percentage regardless of whether the Angelo
Gordon Stockholders, the Avenue Stockholders or the Capital Research Stockholders are among the Holders that have consented; and provided further that if the Total Ownership Percentage of any of the Angelo Gordon Stockholders, the
Avenue Stockholders or the Capital Research Stockholders is less than ten percent (10%), but the Total Ownership Percentage of the Credit Suisse Stockholders is more than ten percent (10%), then the Credit Suisse Stockholders shall be substituted in
this definition in lieu of the first of the Angelo Gordon Stockholders, Avenue Stockholders or Capital Research Stockholders, to hold less than ten percent (10%) of the Total Ownership Percentage. 

“Angelo Gordon Stockholders” means, collectively, AG CNG Fund, L.P., AG MM, L.P., PHS Bay Colony Fund, L.P., AGCR V
Master Account LP, AG Capital Recovery Partners VI, L.P., AG Eleven Partners, L.P., GAM Arbitrage Investments Inc., AG Garden Partners, L.P., AG Super Fund International Partners, L.P., Nutmeg Partners, L.P., PHS Patriot Fund, L.P., AG Princess,
L.P., AG Super Fund, L.P. and their respective Affiliates, in each case, only with respect to each such Person for so long as such Person owns or holds a beneficial interest in Stockholder Shares and has not received such Stockholder Shares in
violation of the terms of this Agreement. 
 “Approved Sale” means a Transfer which would result in the Sale of
the Company pursuant to which the Dragging Stockholders compel the other Stockholders to Transfer Stockholder Shares in accordance with Section 2.5. 
 “Approved Sale Notice” has the meaning ascribed to it in Section 2.5(b). 
 “Avenue Stockholders” means, collectively, Avenue Investments, L.P., Avenue – CDP Global Opportunities Fund, L.P., Avenue International Master, L.P., Avenue Special Situations Fund
IV, L.P., Avenue Special Situations Fund V, L.P. and their respective Affiliates, in each case, only with respect to each such Person for so long as such Person owns or holds a beneficial interest in Stockholder Shares and has not received such
Stockholder Shares in violation of the terms of this Agreement. 

  
 2 

 “Backstop Parties” means Angelo Gordon Stockholders and Avenue
Stockholders. 
 “Business Day” means any day except a Saturday, a Sunday or any other day on which commercial
banks are not required by law to be open in New York, New York. 
 “By-laws” means the by-laws of the Company,
as amended, modified, supplemented or restated and in effect from time to time. 
 “Capital Research
Stockholders” means, collectively, American High-Income Trust, The Bond Fund of America, Inc., The Income Fund of America, Inc., American Funds Insurance Series – Asset Allocation, American Funds Insurance Series – Bond Fund,
American Funds Insurance Series – Global Bond Fund, American Funds Insurance Series – High-Income Bond Fund, Capital World Bond Fund, Inc., Qualcom Incorporated, Capital Guardian US High Yield Fixed Income Master Fund, CIF Global High
Income Opportunities, Capital Guardian Global High Income Opportunities Fund and their respective Affiliates, in each case, only with respect to each such Person for so long as such Person owns or holds a beneficial interest in Stockholder Shares
and has not received such Stockholder Shares in violation of the terms of this Agreement. 
 “Certificate”
means the amended and restated certificate of incorporation of the Company, as amended, modified, supplemented or restated and in effect from time to time, including any certificates of designation, correction or amendment filed with the Secretary
of State of the State of Delaware pursuant to the terms thereof. 
 “Commission” means the Securities and
Exchange Commission and any other Governmental Authority at the time administering the Securities Act. 
 “Committee
Holder” means each of the Avenue Stockholders, the Angelo Gordon Stockholders, the Credit Suisse Stockholders, and the Capital Research Stockholders. 
 “Common Stock” has the meaning ascribed to it in the recitals. 

“Company” has the meaning ascribed to it in the preamble. 

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

“Control” means, (including, with correlative meaning, the terms “controlling,” “controlled by” and
“under common control with”) with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management, policies or investment decisions of such Person, whether through the
ownership of voting Securities, by contract or otherwise. 
 “Control Transaction” has the meaning ascribed to
it in Section 2.6(a). 
 “Control Transaction Notice” has the meaning ascribed to it in
Section 2.6(a). 

  
 3 

 “Counterparty” has the meaning ascribed to it in Section 2.2 (f).

 “Counterparty Excluded Information” has the meaning ascribed to it in Section 2.2 (f). 

“Co-Sale/Drag Sale Percentage” means, with respect to any Stockholder, the fraction, expressed as a percentage, the
numerator of which is the total number of shares of Common Stock proposed to be sold by Stockholders initiating a Transfer with respect to which co-sale rights under Section 2.4 or a requirement to sell under Section 2.5 apply and the
denominator or which is the total number of shares of Common Stock held by such initiating Stockholders (excluding, from each of the numerator and the denominator above, any options, warrants, convertible debt obligations or similar Securities, and
all Equity Incentive Shares). 
 “Co-Sale Notice” has the meaning ascribed to it in Section 2.4(a).

 “Co-Sale Participant” means, as determined from time to time, (a) each Stockholder (other than a
Transferring Stockholder) who is a Committee Holder as of the time of determination and (b) if such Transfer would result in a Sale of the Company, then all Stockholders. 
 “Credit Suisse Stockholders” means, collectively, Credit Suisse Securities (USA) LLC and its Affiliates, in each case, only with respect to each such Person for so long as such Person
owns or holds a beneficial interest in Stockholder Shares and has not received such Stockholder Shares in violation of the terms of this Agreement. 
 “Cumulative Free Cash Flow” has the meaning ascribed to it in Section 3.2(a). 
 “Demand Registration Request” has the meaning ascribed to it in Section 6.1(a). 
 “Dragged Stockholder” has the meaning ascribed to it in Section 2.5(a). 
 “Dragging Stockholders” has the meaning ascribed to it in Section 2.5(a). 
 “EBITDA” has the meaning ascribed to it in Section 3.2(c)(ii). 
 “Effective Date” means [    ], 2010. 

“Eligible Information Recipient” has the meaning ascribed to it in Section 7.2(a). 

“Eligible Stockholder” means, as determined from time to time, a Stockholder who is an “accredited investor”
as such term is defined in Rule 501 of the Securities Act and who is a Committee Holder. 
 “Equity Incentive
Plan” means, collectively, any plan or agreement established, or entered into, by the Company for the purposes of issuing Securities to any employee, officer, consultant or director of the Company or its Subsidiaries as compensation.

 “Equity Incentive Shares” means Stockholder Shares issued pursuant to, or acquired in connection with, the
terms of any Equity Incentive Plan. 

  
 4 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any successor Federal statute then in force, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect from time to time. 
 “Excluded Securities” means the following Securities issued by the Company at any time: 
 (a) Securities issued pursuant to any Equity Incentive Plan; 
 (b)
Securities issued in connection with a debt financing by the Company or its Subsidiaries; 
 (c) Securities
issued as a stock dividend or distribution or upon any stock split, reclassification, recapitalization or other subdivision or combination of Securities; 
 (d) Securities issued upon the exercise, conversion or exchange of any options, warrants or any other derivative Securities of the Company issued in compliance with (or not otherwise in violation of)
Section 3.1; 
 (e) Securities issued in connection with (i) the funding of an acquisition (whether by
stock sale, merger, recapitalization, asset purchase or otherwise) of another Person (or portion thereof), or (ii) an Approved Sale; and 
 (f) Securities issued by the Company in an Initial Public Offering. 

“Existing Notes” means each of the 2013 and 2011 Notes. 

“Fair Market Value” means, with respect to the Stockholder Shares, the price that would be negotiated, in an arms
length, free market transaction, for cash between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction and without giving effect to any minority or liquidity discounts. For
the purposes of Section 2.6, “Fair Market Value” shall be determined by an independent investment bank mutually selected by the Company Board and a majority of those Stockholders not participating directly or indirectly in the Control
Transaction. The independent investment bank shall deliver its calculation of Fair Market Value to the Company and the participating Stockholders within 30 days of its appointment and its fees and expenses shall be paid by the Company.

 “First Threshold Date” has the meaning ascribed to it in Section 4.1(c)(ii). 

“Form S-1”, “Form S-3” “Form S-4” or “Form S-8” means a Registration
Statement on Form S-1, a Registration Statement on Form S-4, a Registration Statement on Form S-4 or a Registration Statement on Form S-8, as appropriate, under the Securities Act or any successor forms thereto. 

“Free Cash Flow” has the meaning ascribed to it in Section 3.2(c)(i). 

“Governmental Authority” means any domestic or foreign government or political subdivision thereof, whether on a
Federal, state or local level and whether executive, legislative or judicial in nature, including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof. 

  
 5 

 “Information” has the meaning ascribed to it in Section 6.5(i).

 “Information Restrictions” has the meaning ascribed to it in Section 7.2(a). 

“Initial Public Offering” means the first underwritten Public Offering. 

“Inspectors” has the meaning ascribed to it in Section 6.5(i). 

“Insurance Amount” has the meaning ascribed to it in Section 5.1. 

“Joinder Agreement” has the meaning ascribed to it in Section 2.1(b). 

“Majority Committee Holder Designated Director” has the meaning ascribed to it in Section 4.1(c). 

“Majority Requisite Consent” means, at the time of determination, the approval of the Angelo Gordon Stockholders, the
Avenue Stockholders and the Capital Research Stockholders; provided that if the Total Ownership Percentage of any of the Angelo Gordon Stockholders, the Avenue Stockholders and the Capital Research Stockholders is less than ten percent (10%),
then Majority Requisite Consent shall mean the consent of the two remaining holders; provided further that if the Total Ownership Percentage of any two of (A) the Angelo Gordon Stockholders, (B) the Avenue Stockholders and
(C) the Capital Research Stockholders is less than ten percent (10%), then Majority Requisite Consent shall mean the approval of holders of at least 67% of the Total Ownership Percentage regardless of whether the Angelo Gordon Stockholders, the
Avenue Stockholders or the Capital Research Stockholders are among the Holders that have consented; provided, however, that if the Total Ownership Percentage of any of the Angelo Gordon Stockholders, the Avenue Stockholders and or the
Capital Research Stockholders is less than ten percent (10%), but the Total Ownership Percentage of the Credit Suisse Stockholders is more than ten percent (10%), then the Credit Suisse Stockholders shall be substituted in this definition in lieu of
the first of Angelo Gordon Stockholders, Avenue Stockholders or Capital Research Stockholders, to hold less than ten percent (10%) of the Total Ownership Percentage. 
 “Management Director” has the meaning ascribed to it in Section 4.1(b)(i). 
 “Management Stockholders” means each employee or officer of the Company or its Subsidiaries and any respective Permitted Family Transferee who owns or holds a beneficial interest in
Stockholder Shares and is a signatory hereto from time to time (including any other employee or officer of the Company or its Subsidiaries who hereafter becomes a party to this Agreement pursuant to a Joinder Agreement entered into in accordance
with Section 2.1(b)), whether acquired through the Equity Incentive Plan or otherwise, in each case, only for so long as such Person owns or holds a beneficial interest in Stockholder Shares and has not received such Stockholder Shares in
violation of the terms of this Agreement. Any Person who is a “Management Stockholder” shall continue to be a Management Stockholder following such Person’s termination of employment with the Company or its Subsidiaries if such Person
continues to own Stockholder Shares following such termination of employment. 

  
 6 

 “New First Lien Indenture” means the Indenture, dated as of
December 1, 2010, by and between AMO Escrow Corporation and Wilmington Trust FSB, as trustee and collateral agent, as well as any guarantees and other documents entered in connection therewith and any amendments, supplements,
modifications, extensions, renewals, restatements, or refinancings thereof. 
 “Offer Final Notice” has the
meaning ascribed to in Section 2.2(b). 
 “Offer Period” has the meaning ascribed to in
Section 2.2(b). 
 “Offer to Purchase” has the meaning ascribed to it in Section 2.2(b). 

“Offered Shares” has the meaning ascribed to it in Section 2.2(a). 

“Other Shares” means, at any time, those shares of Common Stock which do not constitute Registrable Shares or Primary
Shares. 
 “Participating Stockholder” has the meaning ascribed to it in Section 2.6(a). 

“Permitted Family Transferee” means, with respect to a Stockholder who is a natural Person, (a) the spouse or any
lineal descendant (including any descendant by adoption) of such Stockholder, (b) any trust solely for the benefit of such Stockholder or the spouse or any lineal descendant (including any descendant by adoption) of such Stockholder, or
(c) a family trust or partnership established solely for the benefit of such Stockholder or such Stockholder’s spouse or any lineal descendant (including any descendant by adoption) for estate planning purposes, provided such trust, family
trust or partnership remains under the Control of such Stockholder prior to such Stockholder’s death or disability, but, in each case, only to the extent that such Transferee agrees to execute a Joinder Agreement and be bound by this Agreement.

 “Permitted Holders” means (i) Angelo, Gordon & Co., L.P., (ii) Avenue Capital Management
II, L.P., (iii) Capital Research and Management Company, Capital Guardian Trust Company and Capital International, Inc., (iv) Credit Suisse Securities (USA) LLC, (v) any Permitted Parent, (vi) any group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act or any successor provision) of which any of the Permitted Holders specified in clauses (i)-(iv) are members, and (vii) the respective Affiliates of each of the foregoing; provided that
in the case of any group specified in clause (vi) above, without giving effect to such group, Permitted Holders specified in clauses (i)-(iv) and their respective Affiliates must collectively beneficially own a greater amount of the total
voting power of the Voting Stock of AMI than the amount of the total voting power of the Voting Stock of AMI beneficially owned by any other member of such group. 
 “Permitted Parent” means any direct or indirect parent of the Company formed not in connection with, or in contemplation of, a transaction that, assuming such parent was not formed, after
giving effect thereto would constitute a Sale of the Company. 

  
 7 

 “Permitted Transfer” means any Transfer of Stockholder Shares (a) to
any Person (subject to the right of first offer set forth in Section 2.2 and the tag along rights set forth in Section 2.4), (b) pursuant to the exercise of tag along rights set forth in Section 2.4 or as required in connection
with the exercise of drag-along rights as set forth in Section 2.5 or the exercise of put rights set forth in Section 2.6 or pursuant to a Transfer in connection with the exercise of registration rights set forth in Article VI, (c) if
by a Stockholder who is not a natural Person, to an Affiliate of such Stockholder, or (d) if by a Stockholder who is a natural Person, to a Permitted Family Transferee of such Stockholder; provided that, in each case, such Transfer
(taking into account any series of related transfers) (i) does not result in a violation of Article Fourth of the Certificate, (ii) does not result in a “Change of Control” as such term is defined in the Indenture and
(iii) is otherwise completed in compliance with this Agreement. 
 “Person” shall be construed as broadly
as possible and shall include an individual person, a partnership (including a limited liability partnership), a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated
organization and a Governmental Authority. 
 “Plan” means Company, AMOI and certain of its subsidiaries’
Amended Joint Prepackaged Plan of Reorganization under Chapter 11 of the Bankruptcy Code, dated December 15, 2010. 

“Potential Majority Owner” has the meaning ascribed to it in Section 2.6(a). 

“Primary Shares” means, at any time, the authorized but unissued shares of Common Stock or shares of Common Stock held
in the treasury of the Company. 
 “Prospective Seller” has the meaning ascribed to it in Section 2.6(a).

 “Prospectus” means the prospectus included in any Registration Statement, including any amendment or
prospectus subject to completion, and any such prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Shares and, in each case, by all other amendments and
supplements to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 
 “Public Offering” means the closing of a public offering of Common Stock pursuant to a Registration Statement declared effective under the Securities Act (excluding any offering pursuant
to Form S-8 or Form S-4 under the Securities Act or other publicly registered offering pursuant to the Securities Act pertaining to the issuance of equity securities or equity linked securities exercisable therefor under any Equity Incentive Plan).

 “Put Notice” has the meaning ascribed to it in Section 2.6(a). 

“Records” has the meaning ascribed to it in Section 6.5(i). 

“Redemption” has the meaning ascribed to it in Section 3.2(b). 

  
 8 

 “Registrable Shares” means at any time, and with respect to any
Stockholder, the shares of Common Stock held by, or issuable to, such Stockholder. As to any particular Registrable Shares, once issued, such Registrable Shares shall cease to be Registrable Shares (a) when an offering of such Registrable
Shares has been registered under the Securities Act, the Registration Statement in connection therewith has been declared effective and such Registrable Shares have been disposed of pursuant to and in the manner described in such effective
Registration Statement, (b) if eligible for sale without restriction under Rule 144 by the Holder of such Registrable Shares, (c) when such Registrable Shares shall be represented by certificates properly not bearing a legend restricting
further Transfer under the Securities Act or (d) when such Registrable Shares have ceased to be outstanding. 

“Registration Date” means the date upon which the Registration Statement filed by the Company to effect its Initial
Public Offering shall have been declared effective by the Commission. 
 “Registration Expenses” has the
meaning ascribed to it in Section 6.6. 
 “Registration Statement” means any registration statement of the
Company that covers an offering of any of the Registrable Shares, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein. 
 “Representative” means with respect to a
particular Person, its Affiliates and its and their respective directors, officers, employees, agents, consultants, advisors or other representative of such Person, including legal counsel, accountants and financial advisors. 

“Restricted Securities” has the meaning ascribed to such term under “restricted securities” as defined in Rule
144(a)(3) under the Securities Act (or any successor rule). 
 “ROFO Offeree” means, as determined from time to
time, each Stockholder and its Affiliates (other than a Transferring Stockholder) who is a Committee Holder. 
 “Rule
144” means Rule 144 promulgated under the Securities Act or any successor rule thereto. 
 “Sale
Offer” has the meaning ascribed to it in Section 2.2(a). 
 “Sale of the Company” means the
occurrence of any of the following: 
 (a) the sale, lease or transfer, in one or a series of related
transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, other than to a Permitted Holder or to a Person with respect to which the Permitted Holders have the right or ability, by voting power,
contract or otherwise, to elect or designate for election a majority of the board of directors of such Person or any direct or indirect holding company of such Person; 

  
 9 

 (b) (i) the Company becomes aware of (by way of a report or any other
filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) that any “person” or “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any
successor provision), other than the Permitted Holders, has become the “beneficial owner” (as defined in Rules 13d-3 of the Exchange Act, or any successor provision), by way of merger, consolidation or other business combination or
purchase, of 50% or more of the total voting power of the Voting Stock of the Company or any direct or indirect parent company holding directly or indirectly 100% of the total voting power of the Voting Stock of the Company and (ii) the
Permitted Holders do not have the right or ability, by voting power, contract or otherwise, to elect or designate for election a majority of the board of directors of the Company or such parent company; or 

(c) the adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the
Company. 
 “Sale Price” has the meaning ascribed to it in Section 2.2(a). 

“Second Threshold Date” has the meaning ascribed to it in Section 4.1(c)(iii). 

“Securities” means “securities” as defined in Section 2(a)(1) of the Securities Act and includes, with
respect to any Person, such Person’s capital stock or other equity interests or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such Person’s capital stock.

 “Securities Act” means the Securities Act of 1933, as amended, or any successor Federal statute, and the
rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect from time to time. 

“Significant Committee Holder” has the meaning ascribed to it in Section 4.1(d). 

“Significant Committee Holder Designated Director” has the meaning ascribed to it in Section 4.1(d). 

“Special Designated Director” has the meaning ascribed to it in Section 4.1(b)(ii). 

“Stockholders” means Persons (other than the Company), who are parties hereto, and shall include any other Person who
hereafter becomes a party to this Agreement pursuant to a Joinder Agreement, in each case, only for so long as such Person owns or holds a beneficial interest in Stockholder Shares and has not received such Stockholder Shares in violation of the
terms of this Agreement. 
 “Stockholders’ Counsel” has the meaning ascribed to it in Section 6.5(b).

 “Stockholder Shares” means (a) any equity Securities of the Company (including the Common Stock)
purchased or otherwise acquired by any Stockholder prior to, on or after the Effective Date and (b) any equity Securities issued or issuable directly or indirectly with respect to the Securities referred to in clause (a) above by way of
conversion, exercise or exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, reclassification, merger, consolidation or other reorganization. 

  
 10 

 “Subsidiary” means, at any time, with respect to any Person (the
“Subject Person”), any other Person of which either (a) fifty percent (50.0%) or more of the Securities or other interests entitled to vote in the election of directors or comparable governance bodies performing similar
functions or (b) fifty percent (50.0%) or more of an interest in the profits or capital of such Person, in each case, are at the time owned or Controlled directly or indirectly by the Subject Person or through one or more Subsidiaries of
the Subject Person. 
 “Tag-Along Notice” has the meaning ascribed to it in Section 2.4(b). 

“Third Party Sale” has the meaning ascribed to it in Section 2.2(d). 

“Total Ownership Percentage” means, with respect to any Stockholder, or group of Stockholders, the fraction, expressed
as a percentage, the numerator of which is the total number of shares of Common Stock held by such Stockholder, or group of Stockholders, and the denominator of which is the total number of shares of Common Stock issued and outstanding at the time
of determination (excluding, from each of the numerator and the denominator above, any options, warrants, convertible debt obligations or similar Securities and all Equity Incentive Shares). 

“Transfer” of Securities shall be construed broadly and shall include any direct or indirect issuance (other than an
issuance of Securities by the Company), sale, assignment, transfer, participation, gift, bequest, distribution, or other disposition thereof, or any pledge or hypothecation thereof, placement of a lien thereon or grant of a security interest therein
or other encumbrance thereon, in each case whether voluntary or involuntary or by operation of law or otherwise. Notwithstanding anything to the contrary contained herein, Transfer shall not include the sale or transfer of Stockholder Shares by any
Stockholder to the Company or pursuant to any employment, option, subscription or restricted stock purchase agreement between the Company and such Stockholder or any plan relating to the foregoing. 

“Transferee” means a Person acquiring or intending to acquire Stockholder Shares through a Transfer. 

“Transferor” means a Stockholder Transferring or intending to Transfer Stockholder Shares. 

“Transferring Stockholder” has the meaning ascribed to it in Section 2.2(a). 

“Trust” means in an irrevocable trust with a bank or trust company organized and in good standing under the laws of the
United States of America or any State thereof, doing business in the Borough of Manhattan, The City of New York and having capital and surplus of not less than $50,000,000 according to its last published statement of condition for the pro rata
benefit of the holders thereof. 

  
 11 

 1.2 Rules of Construction 

The use in this Agreement of the term “including” means “including, without limitation.” The words
“herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole, including the schedules and exhibits, as the same may from time to time be amended, modified, supplemented or
restated, and not to any particular section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references to sections, schedules and exhibits mean the sections of this Agreement and the schedules and exhibits attached to
this Agreement, except where otherwise stated. The title of and the section and paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this
Agreement. The use herein of the masculine, feminine or neuter forms shall also denote the other forms, as in each case the context may require. Where specific language is used to clarify by example a general statement contained herein, such
specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement has been chosen by the parties to express their mutual intent, and no
rule of strict construction shall be applied against any party. In determining the number of Stockholder Shares held by any Stockholder as of the Effective Date, such Stockholder will be deemed to have then held the Stockholder Shares listed in
stock register of the Company for such Stockholder as of the Effective Date. In determining whether any percentage thresholds hereunder are satisfied by a Stockholder, the holdings of each of the individual members of the groups comprising each of
the Avenue Stockholders, the Angelo Gordon Stockholders, the Credit Suisse Stockholders and the Capital Research Stockholders shall be aggregated with the other members of such group. 

ARTICLE II 

ISSUANCES AND TRANSFERS OF SECURITIES 
 2.1 Issuances and Transfers of Securities 
 (a) The provisions in
this Article II shall apply to all Stockholder Shares now owned by any Stockholder or hereafter acquired by any Person, including Stockholder Shares acquired by reason of original issuance, dividend, distribution, exchange, conversion and
acquisition of outstanding Stockholder Shares from another Person, and such provisions shall apply to any Stockholder Shares obtained by a Stockholder upon the exercise, exchange or conversion of any option, warrant or other derivative Security
(including Equity Incentive Shares). 
 (b) The Company shall not issue to any Person, nor register or permit to be registered
in the stock books of the Company any Transfer of Stockholder Shares unless, as a condition to the issuance or Transfer of such Stockholder Shares, such Person, if not already a Stockholder, agrees to be bound by the terms of this Agreement as if
such Person had executed this Agreement, upon which time such Person will become a party to, and be bound by and obligated to comply with the terms and provisions of, this Agreement as a “Stockholder”. In furtherance of the foregoing, the
Company may require any Person that is not already a Stockholder to execute and deliver a joinder agreement substantially in the form attached hereto as Exhibit A (a “Joinder Agreement”). 

(c) No Stockholder shall Transfer any Stockholder Shares unless such Transfer is a Permitted Transfer. 

  
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 (d) Any attempt not in compliance with this Agreement to make any Transfer of all or any
portion of Stockholder Shares shall be null and void and of no force and effect, the purported Transferee shall have no rights or privileges in or with respect to the Company, and the Company shall not give any effect in the Company’s records
to such attempted Transfer. In the case of a Transfer or attempted Transfer of any Stockholder Shares or other interest in the Company contrary to the provisions of the Agreement, the parties engaging or attempting to engage in such Transfer shall
indemnify and hold harmless the Company and each of the Stockholders from all Losses that such indemnified Persons may incur (including legal fees and expenses) in enforcing the provisions of this Agreement. 

2.2 Right of First Offer 
 (a) No Stockholder shall Transfer any of its Stockholder Shares, unless such Stockholder proposing to Transfer such Stockholder Shares (the “Transferring Stockholder”) shall first have
delivered a written offer (a “Sale Offer”) to the ROFO Offerees offering to Transfer to the ROFO Offerees the Transferring Stockholder’s Stockholder Shares identified in the Sale Offer (the “Offered Shares”) on
the terms set forth therein. The Sale Offer shall specify (i) that such Transferring Stockholder desires to Transfer all or a portion of its Stockholder Shares (and the amount of such portion), (ii) the proposed sale price of the Offered
Shares (the “Sale Price”) and (iii) any other material terms and conditions of the proposed Transfer. Upon delivery of a Sale Offer, such Sale Offer shall be irrevocable unless and until the right of first offer provided for
herein shall have been waived by the each ROFO Offeree or shall have expired in accordance with the terms hereof. 
 (b) Within
ten (10) Business Days following its receipt of a Sale Offer (the “Offer Period”), each ROFO Offeree shall have the right to deliver a written notice (the “Offer to Purchase”) to the Transferring Stockholder
agreeing (i) to purchase the number of Offered Shares up to its Adjusted Percentage Ownership (excluding for the purposes of this calculation Stockholder Shares held by Stockholders who are not ROFO Offerees) of the total number or amount of
Offered Shares and (ii) to offer to purchase up to its Adjusted Percentage Ownership (excluding for the purposes of this calculation Stockholder Shares held by Stockholders who are not ROFO Offerees) of the Offered Shares not subscribed for by
ROFO Offerees (as further described below). Any Offered Shares not purchased by a ROFO Offeree shall be deemed to be re-offered to and accepted by the ROFO Offerees exercising their options specified in clause (ii) of the immediately
preceding sentence with respect to the lesser of (x) the amount specified in their respective Offer to Purchase and (y) an amount equal to their respective Adjusted Percentage Ownership (excluding for the purposes of this calculation
Stockholder Shares held by Stockholders who are not ROFO Offerees and those held by ROFO Offerees who have not exercised their option specified in clause (ii) of the immediately preceding sentence) with respect to such deemed re-offer. Such
deemed re-offer and acceptance procedures described in the immediately preceding sentence shall be deemed to be repeated until either (i) all of the Offered Shares are accepted by the ROFO Offerees or (ii) no ROFO Offeree desires to
subscribe for more of the Offered Shares. The Transferring Stockholder shall notify (the “Offer Final Notice”) each ROFO Offeree within five (5) Business Days following the expiration of the Offer Period of the number of
Offered Shares which such ROFO Offeree has agreed to purchase pursuant to the foregoing. 

  
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 (c) Following receipt of an Offer to Purchase, the ROFO Offerees and the Transferring
Stockholder shall consummate the transaction contemplated by the Sale Offer within thirty (30) days after receipt of the Offer Final Notice. At the closing of such Transfer, the ROFO Offerees and the Transferring Stockholder shall execute such
documents as are otherwise necessary or appropriate to effectuate the Transfer. 
 (d) If no Offer to Purchase has been timely
delivered under Section 2.2(b) or the ROFO Offerees have agreed to purchase less than all of the Offered Shares, the Transferring Stockholder shall be permitted to Transfer all, but not less than all, of the Offered Shares not subject to an
Offer to Purchase on the terms and conditions set forth in the Sale Offer (a “Third Party Sale”), subject to compliance with Section 2.1(c) hereof; provided, that such Third Party Sale is consummated within sixty
(60) days after the earlier to occur of (x) the waiver by all of ROFO Offerees of their option to purchase Offered Shares and (y) the expiration of the ten (10) Business Day period permitted for delivery of the Offer to Purchase;
provided further that such sixty (60) day period shall be extended to the extent required to allow compliance with the time periods set forth in Section 2.4. If such Third Party Sale is not consummated within such sixty (60) day
period (including any permitted extensions thereof) for any reason, then the restrictions provided for in this Section 2.2 shall again become effective, and no Transfer of Offered Shares may be made thereafter by the Transferring Stockholder
without again offering the same to the ROFO Offerees in accordance with this Section 2.2. 
 (e) The restrictions set forth
in this Section 2.2 shall not apply to any Transfer of Stockholder Shares (i) by a Stockholder (A) that is a natural person, to a Permitted Family Transferee of such Stockholder, or (B) that is not a natural Person, to an
Affiliate of such Stockholder, or (ii) pursuant to Sections 2.4(c), 2.5 and 2.6. 
 (f) Each Stockholder acknowledges with
respect to any purchase or sale of Offered Shares with any Committee Holder (or any of its Affiliates) that is entitled to designate one or more members of the Board of Directors (the “Counterparty”) that (i) no Counterparty
has made any representation or warranty, express or implied, regarding the Company; and (ii) a Counterparty may have, or may come into possession of, information with respect to the Offered Shares, the Company or the Company’s Affiliates
that may constitute material non-public information or information that is not known to such Stockholder and that may be material to a decision to the purchase or sale of Offered Shares (collectively, “Counterparty Excluded
Information”), and that such Counterparty is not at liberty to disclose such information. A Counterparty shall have no liability to any Stockholder with respect to the nondisclosure of Counterparty Excluded Information. Such Stockholder
irrevocably and unconditionally waives and releases the Counterparty and its Affiliates from all claims (whether for damages, rescission or any other relief), that it might have against the Counterparty whether under applicable securities laws or
otherwise, with respect to the nondisclosure of Counterparty Excluded Information in connection with such purchase or sale transaction, and such Stockholder has agreed not to solicit or encourage, directly or indirectly, any other person to assert
such a claim. Such Stockholder further confirms that it understands the significance of the foregoing waiver. 
 2.3 [RESERVED.]

  
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	2.4	Co-Sale Rights 

(a) If at any time any Stockholder or group of Stockholders acting in concert propose to Transfer Stockholder Shares representing 5.0% or
more of the then outstanding Common Stock in a transaction or series of related transactions to any Person (or group of Persons acting in concert) other than to their respective Affiliates or Permitted Family Transferees, as applicable, then at
least ten (10) Business Days prior to the closing of such Transfer, the selling Stockholder(s) shall deliver a written notice (the “Co-Sale Notice”) to each Co-Sale Participant offering such Co-Sale Participant the option to
participate in such proposed Transfer by Transferring the Co-Sale/Drag Sale Percentage of Stockholder Shares (excluding, other than in connection with the Sale of the Company, Equity Incentive Shares) held by each such Co-Sale Participant. Such
Co-Sale Notice shall specify in reasonable detail the identity of the prospective Transferee, the terms and conditions of the Transfer and the class and amount of Stockholder Shares proposed to be Transferred. 

(b) Any Co-Sale Participant shall, within five (5) Business Days of the receipt of a Co-Sale Notice, have the right to deliver
written notice (each, a “Tag-Along Notice”) to the selling Stockholder(s) stating that such Co-Sale Participant wishes to participate in such proposed Transfer by Transferring a number of Stockholder Shares (excluding, other than in
connection with the Sale of the Company, Equity Incentive Shares) up to the Co-Sale/Drag Sale Percentage of Stockholder Shares (excluding, other than in connection with the Sale of the Company, Equity Incentive Shares) held by each such Co-Sale
Participant. Such Co-Sale Participant shall propose to include only Stockholder Shares (excluding, other than in connection with the Sale of the Company, Equity Incentive Shares) of the same class of Stockholder Shares being transferred by the
selling Stockholder(s). 
 (c) If no Co-Sale Participant gives the selling Stockholder(s) a timely Tag-Along Notice with respect
to the Transfer proposed in the Co-Sale Notice, the selling Stockholder(s) may thereafter Transfer the Stockholder Shares specified in the Co-Sale Notice on the terms and conditions set forth therein, subject to compliance with Section 2.1(c)
hereof. If one or more Co-Sale Participants give the selling Stockholder(s) timely Tag-Along Notices, then the selling Stockholders shall use commercially reasonable efforts to cause the prospective Transferee(s) to agree to acquire all Stockholder
Shares identified in all Tag-Along Notices that are given to the selling Stockholder(s) in accordance with the terms of this Section 2.4, upon the same terms and conditions as applicable to the selling Stockholder(s’) Stockholder Shares,
subject to compliance with Section 2.1(c) hereof. If the prospective Transferee(s) are unwilling or unable to acquire all Stockholder Shares proposed to be included in such sale upon such terms, then the selling Stockholders may elect either to
cancel such proposed Transfer or to allocate the maximum number of Stockholder Shares that each prospective Transferee is willing to purchase among the selling Stockholder(s) and the Co-Sale Participants giving timely Tag-Along Notices in proportion
to each such Stockholders’ applicable Adjusted Percentage Ownership (excluding for the purposes of such calculation the Stockholder Shares held by Co-Sale Participants who have not timely delivered a valid Tag-Along Notice). 

(d) This Section 2.4 shall not apply to any sale of Stockholder Shares pursuant to a Public Offering, or pursuant to Sections
2.2(c), 2.5, and 2.6. 

  
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 2.5 Drag Along Right 
 (a) If Stockholders acting by Majority Requisite Consent propose to consummate a transaction or series of related transactions constituting a Sale of the Company (the “Dragging
Stockholders”) pursuant to an Approved Sale, such Dragging Stockholders shall have the right, at their option to require the other Stockholders (each a “Dragged Stockholder”) to join in such Approved Sale by Transferring
the Co-Sale/Drag Sale Percentage of Stockholder Shares proposed to be sold by the Dragging Stockholders, subject to the obligations in Section 2.5(c); provided that Alternative Majority Consent may be obtained if Majority Requisite
Consent is not obtained. Each Stockholder shall consent to and raise no objections against (and, in any stockholder vote required with the respect to such Approved Sale, shall affirmatively vote all of its Stockholder Shares (if any) the Approved
Sale, and if the Approved Sale is structured as a sale of the issued and outstanding equity Securities of the Company (whether by merger, recapitalization, consolidation or Transfer of Stockholder Shares or other Securities or otherwise), then each
Dragged Stockholder shall waive any dissenters rights, appraisal rights or similar rights in connection with such Approved Sale (if applicable), each Dragged Stockholder shall agree to sell his, her or its Stockholder Shares, subject to
Section 2.5(c) below, on the terms and conditions as may be approved by the Dragging Stockholders. Each Dragged Stockholder and the Company (subject to applicable law and compliance by the Company Board with any fiduciary duties) shall take all
necessary and desirable actions in connection with the consummation of the Approved Sale, including, but not limited to, the execution of such agreements and instruments and other actions necessary to provide the representations, warranties,
indemnities, covenants, conditions, escrows and other provisions and agreements relating to such Approved Sale. Notwithstanding anything to the contrary contained herein, Sections 2.1, 2.2, 2.4, 2.6 and 2.7 and Articles III and VIII shall not apply
in connection with an Approved Sale. 
 (b) The Dragging Stockholders shall deliver written notice to each Dragged Stockholder
setting forth in reasonable detail the material terms (including price, time and form of payment and the identity of the Dragging Stockholders) of any Approved Sale (the “Approved Sale Notice”) at least ten (10) Business Days
prior to the consummation of such Approved Sale. Within five (5) Business Days following receipt of the Approved Sale Notice, each Dragged Stockholder shall deliver to the Dragging Stockholders written notice (in form and substance reasonably
satisfactory to the Dragging Stockholders) setting forth such Dragged Stockholder’s agreement to consent to and raise no objections against, or impediments to, the Approved Sale (including, waiving all dissenter’s and similar rights, if
applicable) and if the Approved Sale is structured as a sale of stock, to sell its Stockholder Shares on the terms and conditions set forth in the Approved Sale Notice; provided, however, that the failure by any Dragged Stockholder to
deliver such written notice and/or consent to the Dragging Stockholders shall not in any manner relieve or otherwise affect the obligations of each Dragged Stockholder pursuant to this Section 2.5. 

(c) The obligations of the Dragged Stockholders to participate in any Approved Sale pursuant to this Section 2.5 are subject to the
satisfaction of the following conditions: 
 (i) subject to clause (ii) below, upon the consummation of the
Approved Sale, each Stockholder shall receive the same proportion of the aggregate consideration from such Approved Sale that such holder would have received if such aggregate consideration had been distributed by the Company in complete liquidation
pursuant to the rights and preferences set forth in the Certificate as in effect immediately prior to such Approved Sale; 

  
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 (ii) if any Stockholder is given an option as to the form and amount of
consideration to be received with respect to Securities in a class, all Stockholders of such class will be given the same option; 
 (iii) no Stockholder shall be obligated to pay more than his, her or its pro-rata amount (based on the amount of aggregate consideration received) of all reasonable expenses incurred by the Company in
connection with a consummated Approved Sale; 
 (iv) any indemnification obligations for breaches of
representations, warranties and covenants made by the Company and its Subsidiaries shall be pro-rata among the Stockholders based on the aggregate consideration received with respect to the Stockholder Shares and capped at such Stockholders’
pro rata share of the aggregate consideration received; and 
 (v) no Stockholder other than a Management
Stockholder shall be required to sign on to any agreement restricting its ability to compete with the Company and its Subsidiaries. 
 (d) To the extent the Approved Sale is structured as a sale of all or substantially all of the assets of the Company on a consolidated basis, each Dragged Stockholder shall consent to and raise no
objections against (and, in any stockholder vote required with respect to such Approved Sale, shall affirmatively vote all of its Stockholder Shares in favor of) such transaction and shall waive any dissenters rights, appraisal rights or similar
rights in connection with such transaction. 
 2.6 Minority Transfer Restrictions 

(a) If upon consummation of a proposed Transfer of Stockholder Shares the Transferee and its Affiliates (a “Potential Majority
Owner”) will Control 50.0% or more of the combined voting power of the outstanding voting Securities of the Company (a “Control Transaction”), the prospective Transferor(s) (the “Prospective Seller”) and
the Potential Majority Owner shall each immediately notify the Company and other Stockholders of such transaction upon becoming aware that such Transaction is a Control Transaction by delivering a written notice (a “Control Transaction
Notice”) specifying (i) that such Prospective Seller desires to Transfer all or a portion of its Stockholder Shares (and the amount of such portion) in a Control Transaction, (ii) the proposed sale price and (iii) any other
material terms and conditions of the proposed Control Transaction. Each of the other Stockholders (a “Participating Stockholder”) shall then be entitled, upon written notice (a “Put Notice”) delivered to the
Prospective Seller and the Potential Majority Owner within ten (10) Business Days of receipt of the Control Transaction Notice, to require the Potential Majority Owner to purchase all, but not less than all, of their Stockholder Shares upon the
terms and conditions set forth in this Section 2.6. Such purchase shall be completed within 30 days following receipt of the Put Notice delivered by such Participating Stockholders to the Prospective Seller and the Potential Majority Owner.

  
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 (b) The purchase of Stockholder Shares pursuant to this Section 2.6 shall be at a price
per Stockholder Share equal to the greater of (x) the price per Stockholder Share received by the Potential Seller in the Control Transaction and (y) the Fair Market Value of such Stockholder Shares. 

(c) The Prospective Seller shall not complete the proposed Transfer of its Stockholder Shares unless and until the Potential Majority
Owner has purchased all the Stockholder Shares of the other Participating Stockholders specified in each such Participating Stockholder’s Put Notice on terms set forth in Section 2.6(b). 

(d) Notwithstanding anything to the contrary contained herein, Sections 2.2 and 2.4 shall not apply in connection with a sale by the
Participating Stockholders to the Potential Majority Owner pursuant to this Section 2.6. 
 2.7 Certain Affiliate Transactions.

 (a) No Stockholder shall intentionally avoid its obligation under this Agreement by making one or more Transfers of
Stockholder Shares to its respective Affiliates and then Transferring all or any portion of such Stockholders’ interest in any such Affiliate (or a direct or indirect parent thereof). 

(b) Any contract, commitment, arrangement or transaction between the Company or any of its Subsidiaries, on the one hand, and any
Affiliate of the Company and any Affiliate thereof, on the other hand, shall be: 
 (i) approved by at least a
majority of the disinterested directors of the Company Board (it being understood and agreed that the Company Board shall determine whether or not a director is a disinterested director for the purposes of this Section 2.7(b)(i) and any such
determination by the Company Board shall be conclusive, provided, however, that any director (other than the Special Designated Director) who has been designated by the Affiliate (or an Affiliate of such Affiliate) who is party to such
contract, commitment, arrangement or transaction shall not be considered a disinterested director); or 
 (ii)
approved by Majority Requisite Consent; provided that Alternative Majority Consent may be obtained if Majority Requisite Consent is not obtained; and provided, further however, for the purposes of this Section 2.7(b)(ii)
only, to the extent a Committee Holder or an Affiliate of a Committee Holder is an interested party in such transaction, the shares of Common Stock held by such Committee Holder shall be disregarded in the calculation contemplated by clause
(ii) of the definition of Alternative Majority Consent. 

  
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 Notwithstanding the foregoing, the approvals set forth in this Section 2.7(b) shall not
be required for: 
  

	 	1)	transactions between or among the Company and its Subsidiaries not involving any other Affiliate; 

 

	 	2)	payment of dividends approved by the Company Board; 

  

	 	3)	payment or prepayment of indebtedness, premiums, principal payments, fees, interest or similar payments when due for such indebtedness to the extent the incurrence of
such indebtedness was not in violation of this Agreement; 

  

	 	4)	any agreement or arrangement as in effect as of the Effective Date, or any amendment thereto (so long as any such amendment is not materially less favorable to the
Company or any of its Subsidiaries when taken as a whole as compared to the applicable agreement or arrangement as in effect on the Effective Date); 

  

	 	5)	the payment of reasonable and customary fees paid to, and indemnities provided on behalf of, officers, directors, employees or consultants of the Company or any of its
Subsidiaries; 

  

	 	6)	issuances or acquisitions of any Securities, or payments, pursuant to any Equity Incentive Plan; 

 

	 	7)	the existence of, or the performance by the Company or any of its Subsidiaries of its obligations under the terms of this Agreement; 

 

	 	8)	a rights offering approved pursuant to Section 3.1; and 

  

	 	9)	transactions involving annual payments or annual consideration of less than $5,000,000; provided, however, this clause (9) shall not apply to any agreements with
any Committee Holder or any investment fund affiliated with such Committee Holder that provides for the payment by the Company or any of its subsidiaries of management, advisory, monitoring or similar fees to such Committee Holder or any such
investment fund. 

 ARTICLE III 
 APPROVAL RIGHTS 
 3.1 Rights Offering. In the event that the Company proposes
to issue any equity Securities to any existing equity holder (or its affiliates) of the Company, other than Excluded Securities, the Company must first obtain the consent of each of the Angelo Gordon Stockholders, the Avenue Stockholders and the
Capital Research Stockholders, provided that (i) the consent of any of the Angelo Gordon Stockholders, the Avenue Stockholders or the Capital Research Stockholders shall not be required if such Stockholder does not have Total Ownership
Percentage of at least ten percent (10.0%) and (ii) such consent shall not be required if the Board of Directors determines (as evidenced, subject to sections 3.4 and 3.5, by a resolution approved by not less than 8 out of 9 of the then
current members of the Board of Directors) in the exercise of its business judgment, that the failure to make such issuance will have a material adverse effect on the Company; provided further, however, that the issuance of equity to fund an
acquisition or investment shall not be considered a material adverse effect. 

  
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 3.2 Mandatory Redemption of Common Stock. 

(a) Within 45 days of the last day of each fiscal quarter (75 days after the year end quarter), the Company shall provide (through
posting of such information on the Company’s website) to each Stockholder a calculation of the Company’s Free Cash Flow for (i) such fiscal quarter and (ii) all cumulative Free Cash Flow since September 30, 2010 (the
“Cumulative Free Cash Flow”). 
 (b) If the calculation of Free Cash Flow for the then current fiscal quarter
provided pursuant to Section 3.2(a)(i) above indicates that the Company had positive Free Cash Flow, and only if the Company determines not to issue a dividend of at least 75% of the Cumulative Free Cash Flow, then the Company shall, to the
extent permitted by applicable law and not prohibited by the terms of indebtedness of the Company or any of its subsidiaries, redeem (the “Redemption”), on a pro rata basis, a portion of the then outstanding Common Stock utilizing
at least 75% of the Cumulative Free Cash Flow, unless the Board of Directors determines (as evidenced, subject to section 3.4, by a resolution approved by not less than 66% of the then current members of the Board of Directors), in the exercise of
its business judgment, that the making and/or consummation of the Redemption would have a material and adverse effect on the Company; provided that, if the Company is, as of the date of such calculation referred in to Section 3.2(a), prohibited
pursuant to the terms of its then existing indebtedness from making such dividend or Redemption, then the Company may use such Free Cash Flow to repay the Company’s then outstanding indebtedness; provided, further, that the
Company will not be required to use amounts available to the Company pursuant to Section 4.07 of the New First Lien Indenture or similar provisions of the successor financing to make such dividends or redemptions. 

(c) For purposes of this Section 3.2: 

(i) “Free Cash Flow” shall mean, with regard to any fiscal period, the Company’s EBITDA for such
period less working capital requirements, principal payments on indebtedness and capital leases, cash interest, cash taxes, and capital expenditures for such period, in each case calculated in accordance with generally acceptable accounting
principles in the United States of America. 
 (ii) “EBITDA” shall have the meaning assigned to
such term under the company’s outstanding debt documents at the time of calculation, and consistent with historical calculations. 
 3.3
Redemption Procedures. 
 (a) The Company shall give notice of any Redemption by mail, postage prepaid, not less than
30 days nor more than 60 days prior to the date fixed for such redemption, to each holder of record of the Common Stock to be redeemed appearing on the stock books of the Company as of the date of such notice at the address of said holder shown
therein. Such notice to any holder shall state the redemption date; the number of shares to be redeemed and the number (and the identification) of shares to be redeemed from such holder; the redemption price (which shall be determined by the Company
Board and such determination shall be final), and the place where the shares to be redeemed shall be presented and surrendered 

  
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for payment of the redemption price therefor. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the stockholder
receives such notice, and failure duly to give such notice by mail, or any defect in such notice, to any holder of shares of the Common Stock to be redeemed shall not affect the validity of the proceedings for the redemption of any other shares of
the Common Stock. 
 (b) If notice of redemption of shares of Common Stock to be redeemed on a redemption date shall have been
duly given, and if the Company deposits in cash the aggregate redemption price of such shares in a Trust for the pro rata benefit of the holders of such shares prior to such redemption date, then from and after the time of such deposit, or, if no
such deposit is made, then upon such redemption date (if on or before such redemption date all funds in cash necessary for redemption of such shares shall have been set aside by the Company, separate and apart from its other funds, in trust for the
pro rata benefit of the holders of such shares, so as to be and continue to be available therefor), and notwithstanding that any certificate representing any such shares shall not have been surrendered for cancellation, (i) the holders of such
shares shall cease to be stockholders with respect to such shares, (ii) such shares shall no longer be deemed to be outstanding and shall no longer be transferable on the books of the Company and (iii) such holders shall have no interest
in or claim against the Company with respect to such shares except only the right to receive from the Company the amount payable on redemption thereof, without interest (or, in the case of such deposit, from such bank or trust company the funds so
deposited, without interest), upon surrender of the certificates representing such shares on or after the redemption date (or, in the case of such deposit, at any time after such deposit). Any funds so deposited in a Trust and unclaimed at the end
of two years from the date fixed for redemption shall, to the extent permitted by law, be repaid to the Company upon its request, after which the holders of such shares shall look only to the Company for payment thereof. 

(c) Any Redemption shall be effected only out of funds legally available for such purpose. If on any date the Company is required to
redeem any shares of Common Stock pursuant to a Redemption and does not have sufficient funds legally available to redeem all such shares on such date, the Company shall use any funds which are legally available to redeem such portion of all such
shares pro rata (as nearly as may be) on such redemption date as such funds are sufficient therefor and shall redeem the remaining shares of Common Stock on the earliest practicable date next following the day on which the Company shall first have
funds legally available for the redemption of such shares. 
 (d) The shares of Common Stock to be redeemed shall be determined
pro rata among all holders of Common Stock, according to the respective number of shares of Common Stock held by such holders. In the event that less than all of the shares represented by any certificate evidencing shares of Common Stock are
redeemed, the Company shall forthwith (or cause a transfer agent for the Common Stock to) issue a new certificate representing the unredeemed shares, in accordance with the provisions of this Article III, subject to the applicable escheat laws.

 (e) Upon any redemption of shares of Common Stock, the shares of Common Stock so redeemed shall be cancelled and shall revert
to authorized but unissued Common Stock, and the number of shares of Common Stock which the Company shall have authority to issue shall not be decreased by such redemption. 

  
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 3.4 Reduction of Directors. For purposes of Sections 3.1 hereof, to the extent that
(a) the Company has less than nine (9) current members of the Board of Directors, and (b) a Board of Directors resolution is required, then the eight (8) out of nine (9) requirement will be adjusted to mean not less than 88%
of the then current members of the Board of Directors. 
 3.5 Rights Offering Voting. 

For purposes of Section 3.1 hereof, no member of the Board of Directors shall be precluded from voting on a resolution because the
Stockholder that designated such member may purchase equity securities in connection with an issuance under Section 3.1. 

ARTICLE IV 

BOARD OF DIRECTORS 

4.1 Election of Directors; Voting 
 (a) The Stockholders and the Company acknowledge that the initial Company Board as of the Effective Date shall be composed of nine (9) directors who shall be the individuals set forth in Schedule
I and for purpose of this Section 4.1, such directors (other than the Chief Executive Officer of the Company) shall be deemed to have been designated by the holder(s) set forth opposite such directors name on Schedule I. 

(b) Following the Effective Date and subject to Section 4.1(a), each Stockholder hereby covenants and agrees to use commercially
reasonable efforts to take all action within their power, including voting (or delivering written consents with respect to) their Stockholder Shares, to cause the number of directors constituting the Company Board to be nine (9) and at each
annual meeting of the holders of any class of Stockholder Shares, and at each special meeting of the holders of any class of Stockholder Shares called for the purpose of electing directors of the Company, and at any time at which holders of any
class of Stockholder Shares shall have the right to vote for or consent in writing to the election of directors of the Company, then, and in each such event, each Stockholder shall vote all of the Stockholder Shares owned by them for, or consent in
writing with respect to such Stockholder Shares in favor of, the election of the Company Board constituted as follows: 
 (i) the individual holding the office of Chief Executive Officer of the Company from time to time (the “Management Director”); 

(ii) four (4) individuals designated by the Avenue Stockholders; provided that one (1) such individual
(the “Special Designated Director”) shall (x) not be affiliated with the Avenue Stockholders and (y) be acceptable to the Capital Research Stockholders and the Angelo Gordon Stockholders so long as each such Stockholder is
a holder of at least ten percent (10%) of the Total Ownership Percentage; 
 (iii) two (2) individuals
designated by the Angelo Gordon Stockholders; and 
 (iv) two (2) individuals designated by the Capital
Research Stockholders; 

  
 22 

 provided, that (i) if the Avenue Stockholders have a Total Ownership Percentage
of less then twenty percent (20%), but more than ten percent (10%), then the number of designees to which the Avenue Stockholders are entitled pursuant to Section 4.1(b)(ii) shall be reduced to two (2); (ii) if the Total Ownership
Percentage of any of the Avenue Stockholders, the Angelo Gordon Stockholders or the Capital Research Stockholders is less than ten percent (10%), but more than five percent (5%), then such Stockholder shall be entitled to designate one director; and
(iii) if the Total Ownership Percentage of any of the Avenue Stockholders, the Angelo Gordon Stockholders or the Capital Research Stockholders is less than five percent (5%), then such Stockholder shall no longer be entitled to designate
individuals pursuant to this Section 4.1(b). 
 (c) If a Significant Committee Holder loses the right to designate one or
more directors of the Company Board or the individual then holding the office of Chief Executive Officer of the Company ceases to hold such office, any director vacancy (if any) created by such event shall be filled by Significant Committee Holders
acting by Majority Requisite Consent (such directors, the “Majority Committee Holder Designated Directors”); provided that if: 
 (i) the Total Ownership Percentage of the Avenue Stockholders is less than twenty percent (20%), but more than ten percent (10%) (the first date on which such Total Ownership Percentage is reached is
the “Avenue First Threshold Date”) and a Significant Committee Holder (the “Avenue Acquiring Significant Committee Holder”) has acquired from the Avenue Stockholders a number of shares of Common Stock equal to at
least the product of (A) 50.1% and (B) the number of shares of Common Stock owned by the Avenue Stockholders on the Effective Date minus the of shares of Common Stock owned by the Avenue Stockholders on the Avenue First Threshold Date,
then such Acquiring Significant Committee Holder shall be entitled to designate two (2) directors in addition to what it would otherwise be entitled to designate pursuant to Section 4.1(b); 

(ii) the Total Ownership Percentage of a Significant Committee Holder is less than ten percent (10%), but more than five
percent (5%) (the first date on which such Total Ownership Percentage is reached is the “First Threshold Date”) and a Significant Committee Holder (which may be the Avenue Acquiring Significant Committee Holder) (the
“Acquiring Significant Committee Holder”) has acquired from such Significant Committee Holder a number of shares of Common Stock equal to at least the product of (A) 50.1% and (B) the number of shares of Common Stock owned
by (1) such Significant Committee Holder on the Effective Date if such Significant Committee Holder is the Angelo Gordon Stockholders or the Capital Research Stockholders or (2) such Significant Committee Holder on the Avenue First
Threshold Date if such Significant Committee Holder is the Avenue Stockholders, in each case minus the of shares of Common Stock owned by such Significant Committee Holder on the First Threshold Date, then such Acquiring Significant Committee Holder
shall be entitled to designate one (1) director in addition to what it would otherwise be entitled to designate pursuant to Section 4.1(b); 
 (iii) the Total Ownership Percentage of a Significant Committee Holder is less than five percent (5%) (the first date on which such Total Ownership Percentage is reached is the “Second
Threshold Date”) and a Significant Committee Holder (which may be the Avenue Acquiring Significant Committee Holder) (the “Acquiring Significant 

  
 23 

 
Committee Holder”) has acquired from such Significant Committee Holder a number of shares of Common Stock equal to at least the product of (A) 50.1% and (B) the
number of shares of Common Stock owned by (1) such Significant Committee Holder on the Effective Date if such Significant Committee Holder is the Angelo Gordon Stockholders or the Capital Research Stockholders or (2) such Significant
Committee Holder on the Avenue First Threshold Date if such Significant Committee Holder is the Avenue Stockholders, in each minus the of shares of Common Stock owned by such Significant Committee Holder on the Second Threshold Date, then such
Acquiring Significant Committee Holder case shall be entitled to designate one (1) director in addition to what it would otherwise be entitled to designate pursuant to Section 4.1(b); 

(iv) neither clause (i), (ii) or (iii) is applicable and the Credit Suisse Stockholders are a holder of at least
ten percent (10%) of the Total Ownership Percentage, then the Credit Suisse Stockholders shall be considered a Significant Committee Holder and entitled to designate one director of the Company; 

(v) Majority Requisite Consent is required but cannot be obtained then such director vacancy shall be filled by the
Significant Committee Holders acting by the Majority of the Total Ownership Percentage held by the Significant Committee Holders except that in such case the Majority Committee Holder Designated Director so nominated may not be affiliated with any
Significant Committee Holder or the Company; and 
 (vi) any of the Avenue Stockholders, Angelo Gordon
Stockholders or Capital Research Stockholders reduce their Total Ownership Percentage in a single transfer to an Acquiring Significant Committee Holder and in an amount such that any of the Avenue First Threshold Date, First Threshold Date or Second
Threshold Date is the same date, then the Acquiring Significant Committee Holder shall be entitled to designate the same number of directors as it would have been able to designate had it purchased the Common Stock in multiple transactions in which
the Avenue First Threshold Date, First Threshold Date and/or Second Threshold Date had occurred on separate dates. 
 (d) Each
Significant Committee Holder (as defined below) shall have the exclusive right to cause the removal and appointment of their respective designees to the Company Board as well as the exclusive right to cause the filling of vacancies created by reason
of death, disability, removal or resignation of their respective designees to the Company Board, subject to the limitation set forth in the proviso to Section 4.1(b) hereof. In order to effect the rights granted by this Section 4.1(d), the
directors (subject to their fiduciary duties) and the Company shall, or, in the case the directors fail to so act, the Stockholders shall use commercially reasonable efforts to take all action within their power, including voting (or delivering
written consents with respect to) their Stockholder Shares, (i) to remove any Significant Committee Holder Designated Director (as defined below) or Majority Committee Holder Designated Director whose removal is requested by the applicable
Significant Committee Holder who designated such Significant Committee Holder Designated Director or Committee Holders sufficient to constitute a Majority Requisite Consent, respectively, and (ii) to promptly fill any vacancy created by the
death, disability, removal, or resignation of a director, in each case for the election of a new Significant Committee Holder Designated Director or Majority Committee 

  
 24 

 
Holder Designated Director designated by such Person or group of Persons who has the right to cause the filling of such vacancy. The Company (subject to the fiduciary duties of the directors) and
the Stockholders shall, if the Company Board fails to act, fill any vacancies of the Company Board, in accordance with this Section 4.1, as soon as practicable following the date such vacancy is created. For the purposes of this
Section 4.1(d), a “Significant Committee Holder” means each of the Avenue Stockholders, the Angelo Gordon Stockholders and the Capital Research Stockholders so long as it is a holder of at least five percent (5%) of the
Total Ownership Percentage or if applicable pursuant to Section 4.1(b)(iv), the Credit Suisse Stockholders, and each director designated by each of the foregoing pursuant to Section 4.1(b) hereof is referred to herein as a
“Significant Committee Holder Designated Director”. 
 (e) The Company shall pay all fees, charges and expenses
(including travel and related expenses) reasonably incurred by each of the members of the Company Board in connection with (i) attending the meetings of the Company Board and (ii) conducting any other Company business requested by the
Company. 
 ARTICLE V 
 D&O INSURANCE 
 5.1 D&O Insurance 

Until the sixth anniversary of the Effective Date, the Company shall, and shall cause AMOI, to cause the individuals serving as directors
of the Company, AMOI or any of their respective Subsidiaries to be covered following the Effective Time by the directors’ and officers’ liability insurance policies maintained by the Company immediately prior to the Effective Time
(provided that the Company and/or AMOI may substitute therefor policies of at least the same coverage and amounts containing terms and conditions that are not less advantageous in any material respect than such policy); provided that in no
event shall the Company or AMOI be required to expend annually in the aggregate an amount in excess of one hundred fifty percent (150%) of the annual premiums currently paid by Company for such insurance (the “Insurance
Amount”), and provided further that if the Company is unable to maintain such policy (or such substitute policy) as a result of the preceding proviso, the Company shall obtain as much comparable insurance as is available for
the Insurance Amount. 
 ARTICLE VI 
 REGISTRATION RIGHTS 
 6.1 Required Registration. 

(a) Except as limited by Section 6.1(b), if at any time and from time to time, the Company shall be requested in writing by
Committee Holders constituting a Majority Requisite Consent (or, if Majority Requisite Consent is not obtained, by Alternative Majority Consent) to effect the registration under the Securities Act of an offering of Registrable Shares held by such
Stockholders specifying the number of Registrable Shares to be so registered by each requesting Committee Holder and whether such offering shall be an underwritten offering (a “Demand

  
 25 

 
Registration Request”), then the Company shall promptly give written notice to all Stockholders of its intention to register the Registrable Shares subject to the Demand Registration
Request and, upon the written request of any Stockholder (given within ten (10) Business Days after delivery of any such notice to each Stockholder by the Company) to include in such registration any of its Registrable Shares (which request
shall specify the number of Registrable Shares proposed to be included in such registration), and the Company shall, promptly use its commercially reasonable efforts to effect a registration under the Securities Act of an offering of all the
Registrable Shares that the Company has been so requested to register for sale in accordance with this Section 6.1(a). 

(b) Anything contained in Section 6.1(a) to the contrary notwithstanding, the Company shall not be obligated to use its commercially
reasonable efforts to file and cause to become effective (i) more than five (5) registration statements pursuant to a Demand Registration Request made on the Company pursuant to Section 6.1(a), (ii) any Registration Statement
during any period in which any other registration statement (other than on Form S-4 or Form S-8) pursuant to which Primary Shares are to be or were offered and sold has been filed and not withdrawn or has been declared effective within the prior
ninety (90) days (180 days in the case of the Initial Public Offering) and Section 6.2 is applicable. Any registration initiated pursuant to a Demand Registration Request shall not count as a registration for purposes of this
Section 6.1(b) unless and until such registration shall have become effective. 
 (c) With respect to any registration
pursuant to Section 6.1(a), the Company shall give notice of such registration to the holders of Registrable Shares hereunder who do not request registration hereunder and the Company may include in such registration any Primary Shares or Other
Shares; provided, however, that if the managing underwriter advises the Company that the inclusion of all Registrable Shares, Primary Shares and Other Shares proposed to be included in such registration would materially adversely
affect the offering and sale (including pricing) of all such Securities, then the number of Registrable Shares, Primary Shares and Other Shares proposed to be included in such registration shall be included in the following order: 

(i) first, Registrable Shares (excluding Equity Incentive Shares) owned by the Stockholders, pro rata based upon the
number of Registrable Shares (excluding Equity Incentive Shares) owned by each such Stockholder at the time of such registration; 
 (ii) second, the Primary Shares; and 
 (iii) third, the Other
Shares. 
 (d) If any offering pursuant to a Demand Registration Request involves an underwritten offering, the Committee
Holders acting by Majority Requisite Consent shall select the managing underwriter or underwriters to administer the offering, which managing underwriters shall be a firm of nationally recognized standing reasonably acceptable to the Company.

  
 26 

 (e) A registration undertaken by the Company pursuant to a Demand Registration Request will
not count as a Demand Registration Request for purposes of Section 6.1(b)(i) if the Committee Holders constituting Majority Requisite Consent withdraw the Demand Registration Request and promptly reimburses the Company for all fees, costs and
expenses incurred by the Company in connection with such withdrawn Demand Registration Request. 
 (f) Notwithstanding the
foregoing, the Company may delay the filing or effectiveness of any registration of Registrable Shares on Form S-3 pursuant to Section 6.1(a) if at the time of such request (i) the Company is engaged, or has fixed plans to engage within 15
days following receipt of such request, in a firm commitment underwritten public offering of Primary Shares in which the holders of Registrable Shares have been or will be permitted to include all the Registrable Shares so requested to be registered
pursuant to Section 6.2(a) or (ii) the Company Board reasonably determines that such registration and offering would interfere with any material transaction involving the Company; provided, however, that the Company may not
exercise its rights in Sections 6.1(f) and 6.3(b), in the aggregate, more than once in any 12 month period. 
 6.2 Piggyback
Registration. 
 (a) If the Company at any time proposes for any reason to register Registrable Shares, Primary Shares
or Other Shares under the Securities Act (other than on Form S-4 or Form S-8) other than pursuant to a registration initiated in accordance with Sections 6.1 or 6.3, it shall promptly give written notice to each Stockholder of its intention to
register such Registrable Shares, the Primary Shares or Other Shares and, upon the written request of any Stockholder (given within ten (10) Business Days after delivery of any such notice to each Stockholder by the Company) to include in such
registration Registrable Shares (which request shall specify the number of Registrable Shares proposed to be included in such registration), the Company shall use its best efforts to cause all such Registrable Shares requested to be included in such
registration to be included on the same terms and conditions as the Securities otherwise being sold in such registration; provided, however, that if the managing underwriter advises the Company that the inclusion of all Registrable
Shares, Primary Shares or Other Shares proposed to be included in such registration would interfere with the successful offering and sale (including pricing) of all such Securities, then the number of Primary Shares, Registrable Shares and Other
Shares proposed to be included in such registration shall be included in the following order: 
 (i) first, the
Primary Shares; 
 (ii) second, the Registrable Shares (excluding Equity Incentive Shares) owned by the
Stockholders requesting that their Registrable Shares be included in such registration pursuant to the terms of this Section 6.2, pro rata based upon the number of Registrable Shares (excluding Equity Incentive Shares) owned by each such
Stockholder at the time of such registration; and 
 (iii) third, the Other Shares. 

  
 27 

 (b) The Company shall have the right to terminate any registration initiated pursuant to
this Section 6.2 by the Company. 
 (c) Each Stockholder agrees to keep any information it receives from the Company
pursuant to this Article VI, including any written notice pursuant to Section 6.1(a) or 6.2(a), confidential until it is publicly disclosed. Each Stockholder acknowledges that trading on material non-public information is a violation of the
United States securities laws, and each Stockholder agrees not to do so in respect of its Registrable Shares. 
 6.3 Registrations on Form
S-3. 
 (a) At such time as the Company shall have qualified for the use of Form S-3 under the Securities Act or any
successor form thereto, Stockholders collectively holding at least 1.0% of the outstanding Registrable Shares shall have the right to request an unlimited number of registrations of Registrable Shares on Form S-3 (which may, at such holders’
request, be shelf registrations pursuant to Rule 415 promulgated under the Securities Act) or its successor form, which request or requests shall (i) specify the number of Registrable Shares intended to be Transferred and the holders thereof,
(ii) state whether the intended method of Transfer of such Registrable Shares is an underwritten offering or a shelf registration and (iii) relate to Registrable Shares having an aggregate gross offering price (not taking into account
underwriters discounts and commissions) of at least $10,000,000, and upon receipt of such request, the Company shall use its commercially reasonable efforts to promptly effect the registration under the Securities Act of the Registrable Shares so
requested to be registered. A requested registration on Form S-3 in compliance with this Section 6.3(a) shall not count as a registration statement initiated pursuant to Section 6.1(b)(i). 

(b) Notwithstanding the foregoing, the Company may delay the filing or effectiveness of any registration of Registrable Shares on Form
S-3 pursuant to Section 6.3(a) if at the time of such request (i) the Company is engaged, or has fixed plans to engage within 15 days following receipt of such request, in a firm commitment underwritten public offering of Primary Shares in
which the holders of Registrable Shares have been or will be permitted to include all the Registrable Shares so requested to be registered pursuant to Section 6.2(a) or (ii) the Company Board reasonably determines that such registration
and offering would interfere with any material transaction involving the Company; provided, however, that the Company may not exercise its rights in Sections 6.1(f) and 6.3(b), in the aggregate, more than once in any 12 month period.

 6.4 Holdback Agreement. 
 If the Company at any time shall register an offering and sale of shares of Common Stock under the Securities Act in an underwritten offering pursuant to an Initial Public Offering, no Stockholder who
sells in such offering and no Management Stockholder shall sell, make any short sale of, grant any option for the purchase of, or otherwise Transfer any Securities of the Company (other than (i) those Registrable Shares included in such
registration pursuant to Section 6.1 or 6.2, (ii) a Transfer to an Affiliate or (iii) subject to the consent of the underwriters, a Permitted Transfer) without the prior written consent of the Company for a period as shall be
determined by the managing underwriters, which period cannot begin more than seven (7) days prior to the effectiveness of such Registration Statement and cannot last more than one-hundred eighty days after the effective date of such
Registration Statement (subject to customary extensions if the Company issues an earnings release or material news or a material event occurs, in each case, during the last 17 days of the 180-day period). 

  
 28 

 6.5 Preparation and Filing. 

If and whenever the Company is under an obligation pursuant to the provisions of this Agreement to effect the registration of an offering
and sale of any Registrable Shares, the Company shall, as expeditiously as practicable: 
 (a) use its commercially reasonable
efforts to cause a Registration Statement that registers such offering of Registrable Shares to become and remain effective for a period of 180 days or until all of such Registrable Shares have been disposed of (if earlier); 

(b) furnish, at least five (5) Business Days before filing a Registration Statement that registers such Registrable Shares, a
Prospectus relating thereto and any amendments or supplements relating to such Registration Statement or Prospectus, to one counsel (the “Stockholders’ Counsel”) selected by the majority in number of the Committee Holders,
copies of all such documents proposed to be filed (it being understood that such five (5) Business Day period need not apply to successive drafts of the same document proposed to be filed so long as such successive drafts are supplied to such
counsel in advance of the proposed filing by a period of time that is customary and reasonable under the circumstances), and shall use its reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as
the Stockholders whose Registrable Shares are to be covered by such Registration Statement may reasonably propose; 
 (c)
prepare and file with the Commission such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for a period of at least 180 days
or until all of such Registrable Shares have been disposed of (if earlier) and to comply with the provisions of the Securities Act with respect to the offering and sale or other disposition of such Registrable Shares; 

(d) notify the Stockholders’ Counsel promptly in writing of (i) any comments by the Commission with respect to such
Registration Statement or Prospectus, or any request by the Commission for the amending or supplementing thereof or for additional information with respect thereto; (ii) the issuance by the Commission of any stop order suspending the
effectiveness of such Registration Statement or Prospectus or any amendment or supplement thereto or the initiation of any proceedings for that purpose; and (iii) the receipt by the Company of any notification with respect to the suspension of
the qualification of such Registrable Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 
 (e) use its commercially reasonable efforts to register or qualify such Registrable Shares under such other securities or “blue sky” laws of such jurisdictions as any seller of Registrable
Shares reasonably requests and do any and all other acts and things that may reasonably be necessary or advisable to enable such seller of Registrable Shares to consummate the disposition in such jurisdictions of the Registrable Shares owned by such
seller; provided, however, that the Company will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be
required to do so but for this Section 6.5(e); 

  
 29 

 (f) furnish to each seller of such Registrable Shares such number of copies of a summary
Prospectus or other Prospectus, including a preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents as such seller of Registrable Shares may reasonably request in order to facilitate the public
offering and sale or other disposition of such Registrable Shares; 
 (g) use its commercially reasonable efforts to cause such
offering and sale of Registrable Shares to be registered with or approved by such other Governmental Authority as may be necessary by virtue of the business and operations of the Company to enable the seller or sellers thereof to consummate the
disposition of such Registrable Shares; 
 (h) notify on a timely basis each seller of such Registrable Shares at any time when
a Prospectus relating to such Registrable Shares is required to be delivered under the Securities Act within the appropriate period mentioned in Section 6.5(b) of the happening of any event as a result of which the Prospectus included in such
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing and, at the request of such seller, prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the offerees of such shares,
such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

 (i) make available for inspection by any seller of such Registrable Shares, any underwriter participating in any disposition
pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such seller or underwriter (collectively, the “Inspectors”), all pertinent financial, business and other records, pertinent
corporate documents and properties of the Company (collectively, the “Records”), as shall reasonably be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and
employees to supply all information (together with the Records, the “Information”) reasonably requested by any such Inspector in connection with such Registration Statement (and any of the Information that the Company determines in
good faith to be confidential, and of which determination the Inspectors are so notified, shall not be disclosed by the Inspectors unless (i) the disclosure of such Information is necessary to avoid or correct a misstatement or omission in the
Registration Statement; (ii) the release of such Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction; (iii) such Information has been made generally available to the public; or (iv) the
seller of Registrable Shares agrees that it will, upon learning that disclosure of such Information is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at the Company’s expense, to undertake
appropriate action to prevent disclosure of the Information deemed confidential); 

  
 30 

 (j) use its best efforts to obtain from its independent certified public accountants a
“cold comfort” letter in customary form and covering such matters of the type customarily covered by cold comfort letters; 
 (k) use its best efforts to obtain, from its counsel, an opinion or opinions in customary form; 
 (l) provide a transfer agent and registrar (which may be the same entity and which may be the Company) for such Registrable Shares; 

(m) issue to any underwriter to which any seller of Registrable Shares may sell shares in such offering certificates evidencing such
Registrable Shares; 
 (n) list such Registrable Shares on any national securities exchange on which any shares of the Common
Stock are listed or, if the Common Stock is not listed on a national securities exchange, use its commercially reasonable efforts to qualify such Registrable Shares for quotation on such national securities exchange as the holders of a majority of
such Registrable Shares included in such registration shall request; 
 (o) otherwise use its commercially reasonable efforts to
comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable but not later than eighteen (18) months after the effective date, earnings statements (which need
not be audited) covering a period of twelve (12) months beginning within three (3) months after the effective date of the Registration Statement, which earnings statements shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder; and 
 (p) use its commercially reasonable efforts to take all other steps necessary to
effect the registration of such Registrable Shares contemplated hereby. 
 6.6 Expenses. 

Except as set forth in Section 6.1(e), all expenses incident to the Company’s performance of or compliance with Sections 6.1,
6.2, 6.3, 6.5 and 6.10, including without limitation (a) all registration and filing fees, and any other fees and expenses associated with filings required to be made with any stock exchange and the Commission; (b) all fees and expenses of
compliance with state securities or “blue sky” laws (including fees and disbursements of counsel for the underwriters or Stockholders in connection with “blue sky” qualifications of the Registrable Shares and determination of
their eligibility for investment under the laws of such jurisdictions as the managing underwriters may designate); (c) all printing and related messenger and delivery expenses (including expenses of printing certificates for the Registrable
Shares in a form eligible for deposit with The Depository Trust Company) and of printing prospectuses, (d) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the issuer (including the
expenses of any special audit and “cold comfort” letters required by or incident to such performance); (e) Securities Act liability insurance if the Company so desires; (f) all fees and expenses incurred in connection with the
listing of the Registrable Shares on any securities exchange and all rating agency fees; (g) all reasonable fees and disbursements of the Stockholders’ Counsel to represent such Persons in connection with such registration; (h) all
fees 

  
 31 

 
and disbursements of underwriters customarily paid by the issuer or sellers of Securities, excluding underwriting discounts and commissions and transfer taxes, if any, and fees and disbursements
of counsel to underwriters (other than such fees and disbursements incurred in connection with any registration or qualification of Registrable Shares under the securities or “blue sky” laws of any state); and (i) fees and expenses of
other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), will be borne by the Company, regardless of whether the Registration Statement becomes effective. In addition, the Company will,
in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any audit and the fees and expenses of any Person, including
special experts, retained by the Company. 
 6.7 Indemnification. 

(a) In connection with any registration of any offering and sale of Registrable Shares under the Securities Act pursuant to this
Agreement, the Company shall indemnify and hold harmless the seller of such Registrable Shares, each underwriter, broker or any other Person acting on behalf of such seller, each other Person, if any, who controls any of the foregoing Persons within
the meaning of the Securities Act and each Representative of any of the foregoing Persons, against any losses, claims, damages or liabilities, joint or several, to which any of the foregoing Persons may become subject, whether commenced or
threatened, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement under which such Registrable Shares were registered, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement thereto or any document incident to registration or qualification of any
offering and sale of any Registrable Shares, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or, with
respect to any Prospectus, necessary to make the statements therein in light of the circumstances under which they were made not misleading, or any violation by the Company of the Securities Act or state securities or “blue sky” laws
applicable to the Company and the Company shall promptly reimburse such seller, underwriter, broker, controlling Person or Representative for any legal or other expenses incurred by any of them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the Company shall not be liable to any such Person to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in said Registration Statement, preliminary Prospectus, amendment thereto, or any document incident to registration or qualification of any Registrable Shares in reliance upon and in conformity with
written information furnished to the Company through an instrument duly executed by such Person, or a Person duly acting on their behalf, specifically for use in the preparation thereof. 

(b) In connection with any registration of an offering and sale of Registrable Shares under the Securities Act pursuant to this
Agreement, each seller of Registrable Shares shall indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 6.7(a)) the Company, each underwriter or broker involved in such offering, each other seller of
Registrable Shares under such Registration Statement, each Person who controls any of 

  
 32 

 
the foregoing Persons within the meaning of the Securities Act and any Representative of the foregoing Persons with respect to any untrue statement or allegedly untrue statement in or omission or
alleged omission from such Registration Statement, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement thereto or any document incident to registration or qualification of any such offering and sale of
Registrable Shares, if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company or such underwriter through an instrument duly executed by such seller or a Person duly acting on such
Seller’s behalf specifically for use in connection with the preparation of such Registration Statement, preliminary Prospectus, final Prospectus, amendment or supplement; provided, however, that the maximum amount of liability in respect of
such indemnification shall be limited, in the case of each seller of Registrable Shares, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Shares effected pursuant to such registration. 

(c) Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in the
preceding paragraphs of this Section 6.7, such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such action (provided, however, that an
indemnified party’s failure to give such notice in a timely manner shall only relieve the indemnification obligations of an indemnifying party to the extent such indemnifying party is materially prejudiced by such failure). In case any such
action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel
reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election to assume the defense thereof, the indemnifying party shall not be responsible for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense thereof; provided, however, that if counsel to any indemnified party shall have reasonably concluded in writing that there may be one or more legal or
equitable defenses available to such indemnified party which are in addition to or in conflict with those available to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond the scope of the
indemnity agreement provided in this Section 6.7, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party and such indemnifying party shall reimburse such indemnified party and
any Person controlling such indemnified party for that portion of the fees and expenses of any one lead counsel (plus appropriate special and local counsel) retained by the indemnified party that are reasonably related to the matters covered by the
indemnity agreement provided in this Section 6.7. In the event any indemnified party is conducting the defense of any action pursuant to this Section 6.7(c), no such action may be settled without the prior written consent of the
indemnifying party (which shall not be unreasonably withheld). Furthermore, in the event that an indemnifying party assumes the defense of any action pursuant to this Section 6.7(c), no such action may be settled without the prior written
consent of each indemnified party (which shall not be unreasonably withheld). 
 (d) If the indemnification provided for in this
Section 6.7 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage or liability referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified
party hereunder, shall contribute to the amounts paid or payable by such 

  
 33 

 
indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, claim, damage or liability as well as any other relevant equitable considerations; provided, however, that the maximum amount of liability
in respect of such contribution shall be limited, in the case of each seller of Registrable Shares, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Shares effected pursuant to such registration.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, no
Person guilty of fraudulent misrepresentation shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (e) The indemnification and contribution provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party and will
survive the transfer of Registrable Shares. 
 6.8 Underwriting Agreement. 

(a) If any registration pursuant to Sections 6.1, 6.2, or 6.3 is requested to be an underwritten offering, the Company shall negotiate in
good faith to enter into a reasonable and customary underwriting agreement with the underwriters thereof. The Company shall be entitled to receive indemnities from lead institutions, underwriters, selling brokers, dealer managers and similar
securities industry professionals participating in the distribution, to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement and
to the extent customarily given their role in such distribution. 
 (b) No Stockholder may participate in any registration
hereunder that is underwritten unless such Stockholder agrees (i) to sell such Stockholder’s Registrable Shares proposed to be included therein on the basis provided in any underwriting arrangements acceptable to the Company in the case of
an offering of Primary Shares, or, in the case of a Demand Registration offering pursuant to Section 6.1 hereof, the Stockholders requesting Demand Registration pursuant to Section 6.1, (ii) as expeditiously as possible, to notify the
Company of the occurrence of any event concerning such Stockholder as a result of which the Prospectus relating to such registration contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements. 

  
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 6.9 Information by Holder; Use of Prospectus. 

Each holder of Registrable Shares to be included in any registration shall furnish to the Company and the managing underwriter such
written information regarding such holder and the distribution proposed by such holder as the Company or the managing underwriter may reasonably request in writing and as shall be reasonably required in connection with any registration,
qualification or compliance referred to in this Agreement. Each holder of Registrable Shares agrees that upon actual receipt of any notice from the Company of the happening of any event of the kind described in Section 6.6(h), such holder will
forthwith discontinue disposition of such Registrable Shares covered by the applicable Registration Statement or Prospectus until such holder receives the copies of the supplemented or amended Prospectus contemplated by Section 6.6(h), or until
it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. 
 6.10 Exchange Act Compliance. 
 From and after the Registration Date
or such earlier date as a registration statement filed by the Company pursuant to the Exchange Act relating to any class of the Company’s Securities shall have become effective, the Company shall comply with all of the reporting requirements of
the Exchange Act (whether or not it shall be required to do so) and shall comply with all other public information reporting requirements of the Commission but, in each case, only to the extent that such reporting requirements are conditions to the
availability of Rule 144 for the sale of the Common Stock. The Company shall cooperate with each Stockholder in supplying such information as may be necessary for such Stockholder to complete and file any information reporting forms presently or
hereafter required by the Commission as a condition to the availability of Rule 144. 
 ARTICLE VII 

CONFIDENTIALITY; INFORMATION RIGHTS; ACCESS TO INFORMATION 
 7.1 Confidentiality. 
 Except as otherwise required by law, each
Stockholder shall, and shall use commercially reasonable efforts to cause its Representatives to, hold in confidence all confidential information of the Company provided or made available to such Stockholder and its Representatives until such time
as such information has become publicly available other than as a consequence of any breach by such Stockholder or Representative of its confidentiality obligations hereunder; provided that the Company shall not provide any such confidential
information to any Stockholder who notifies the Company in writing that it desires not to receive any confidential information until such time as such notice is revoked in writing by such Stockholder. 

7.2 Information Rights. 
 (a) At the request of any Committee Holder so long as it holds 1.0% of the outstanding Common Stock or Stockholder Shares in an amount representing at least 50.0% of the Stockholder Shares held by such
Committee Holder as of the Effective Date, (each an “Eligible Information Recipient”), the Company shall, and shall cause its Subsidiaries to, afford such Stockholder and its Representatives with reasonable access during normal
business hours to books, properties and records of the Company and its Subsidiaries; provided that no Eligible 

  
 35 

 
Information Recipient shall be entitled, subject to any other rights such Stockholder may otherwise possess, to make such request more than four (4) times per year and the Company shall not
be obligated to provide any Person with such access or information to the extent that (i) any Law applicable to the Company or any Subsidiary requires such party to restrict or prohibit access to any such properties or information,
(ii) such access would be in breach of any confidentiality obligation, commitment or provision by which the Company or any Subsidiary is bound or affected, which confidentiality obligation, commitment or provision shall be disclosed to the
requesting Stockholder, provided that disclosure of such obligation, commitment or provision would not itself be the breach of an obligation or commitment to a third Person, (iii) such information is subject in the reasonable
determination of the Company to an applicable attorney-client privilege or (iv) the Company reasonably determines, in good faith, that such Person is a competitor of the Company and promptly thereafter notifies such Stockholder of such
determination (collectively, the “Information Restrictions”). 
 (b) Furthermore, the Company shall make
available to the Eligible Information Recipients for so long as they hold Stockholder Shares, as soon as it is available the same financial information and access as the information and access required to be provided to noteholders under
Section 4.03 of the Indenture, as such section is in effect as of the Effective Date and whether or not notes remain outstanding under such Indenture, or equivalent information, including regular quarterly and annual financial statements of the
Company (or any successor entity, if applicable) prepared and made available in the ordinary course of business, if at a time when such financial information is not required to be provided to noteholders under the Indenture unless and to the extent
that such information is covered by an Information Restriction. 
 ARTICLE VIII 

LEGENDS AND COMPLIANCE WITH SECURITIES LAWS 
 8.1 Restrictions on Transfer. 
 In addition to any other
restrictions on the Transfer of Stockholder Shares contained in this Agreement, the Stockholders shall not transfer any Restricted Securities except in compliance with this Article VIII. Each Stockholder agrees that it shall not offer, sell or
otherwise Transfer any of its Stockholder Shares other than (a) to the Company; (b) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act; (c) within the United States in accordance with
(i) Rule 144A under the Securities Act to a person who the seller reasonably believes is a Qualified Institutional Buyer (as defined therein) that is purchasing for its own account or for the account of another Qualified Institutional Buyer to
whom notice is given that the offer, sale, or transfer is being made in reliance on Rule 144A, if available, or (ii) the exemption from registration under the Securities Act provided by Rule 144 thereunder, if applicable; (d) in a
transaction that does not require registration under the Securities Act or any applicable United States state laws and regulations governing the offer and sale of securities; or (e) pursuant to an effective registration statement under the U.S.
Securities Act, provided that with respect to sales or Transfers under (x) clauses (b) and (c)(i), only if the Stockholder has furnished to the Company a customary certificate confirming compliance with such exemptions, reasonably
satisfactory to the Company, prior to such sale or Transfer to the extent requested by the Company, or (y) clauses (c)(ii) or (d), only if the Stockholder has 

  
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furnished to the Company an opinion of counsel, reasonably satisfactory to the Company, prior to such sale or Transfer to the extent requested by the Company, and in each case in accordance with
any applicable state securities laws in the United States or securities laws of any other applicable jurisdiction. Each Stockholder consents to the Company making a notation on its records and giving instructions to any registrar and transfer agent
not to record any Transfer of Stockholder Shares without first being notified by the Company that it is reasonably satisfied that such Transfer is exempt from, or not subject to, the registration requirements of the Securities Act and is a Permitted
Transfer. The Company shall promptly notify its registrar and transfer agent upon reasonably determining that a proposed Transfer is exempt from, or not subject to, the registration requirements of the Securities Act and is a Permitted Transfer.

 8.2 Restrictive Legends. 
 (a) All Stockholder Shares shall be issued and held in certificated form and each such certificate evidencing such Stockholders’ ownership of Stockholder Shares shall be stamped or otherwise
imprinted with legends in substantially the following form 
 (i) so long as Article FOURTH, Section 3 of the Charter is in
effect: 
 “THE CORPORATION’S AMENDED AND RESTATED CERTIFICATE OF INCORPORATION (THE “CHARTER”) INCLUDES,
AMONG OTHER THINGS, TRANSFER RESTRICTIONS ON, AND OBLIGATIONS WITH RESPECT TO, THE COMMON STOCK AND THE PREFERRED STOCK OF THE CORPORATION. SO LONG AS IT IS IN EFFECT, THE CHARTER RESTRICTS TRANSFERS THAT WOULD RESULT IN THE NUMBER OF RECORD HOLDERS
OF ANY CLASS OF CAPITAL STOCK OF THE CORPORATION EXCEEDING 450 HOLDERS. THE CORPORATION WILL FURNISH WITHOUT CHARGE TO THE HOLDER OF RECORD OF THIS CERTIFICATE A COPY OF THE CHARTER, CONTAINING THE ABOVE-REFERENCED TRANSFER RESTRICTIONS AND
OBLIGATIONS, UPON WRITTEN REQUEST TO THE CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS.” 
 (ii) 

“THE CORPORATION’S AMENDED AND RESTATED CERTIFICATE OF INCORPORATION (THE “CHARTER”) INCLUDES, AMONG OTHER THINGS,
RESTRICTIONS ON TRANSFERS. A COPY OF THE CHARTER WILL BE FURNISHED WITHOUT CHARGE BY THE CORPORATION TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 (iii) 
 “THE CORPORATION’S AMENDED AND RESTATED CERTIFICATE OF
INCORPORATION (THE “CHARTER”) INCLUDES, AMONG OTHER THINGS, TRANSFER RESTRICTIONS ON, AND OBLIGATIONS WITH RESPECT TO, THE COMMON STOCK AND THE PREFERRED STOCK OF THE CORPORATION. UNDER CERTAIN CIRCUMSTANCES, THE

  
 37 

 
HOLDER OF THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE OBLIGATED TO TRANSFER SUCH HOLDER’S SHARES IN ACCORDANCE WITH THE CHARTER. THE CORPORATION WILL FURNISH WITHOUT CHARGE TO THE
HOLDER OF RECORD OF THIS CERTIFICATE A COPY OF THE CHARTER, CONTAINING THE ABOVE-REFERENCED TRANSFER RESTRICTIONS AND OBLIGATIONS, UPON WRITTEN REQUEST TO THE CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS.” 

and (iv): 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN
EXEMPTION THEREFROM PURSUANT TO APPLICABLE LAW. ANY OFFER, SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THIS SECURITY IN A TRANSACTION THAT IS NOT REGISTERED UNDER THE SECURITIES ACT IS SUBJECT TO THE CORPORATION’S RIGHT TO REQUIRE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO THE CORPORATION.” 
 (b) The
Company shall, at the request of a Stockholder, remove from each certificate representing Stockholder Shares the legend described in Section 8.2(a)(iv), if at the request of the Company, the requesting holder provides, at its expense, an
opinion of counsel satisfactory to the Company that the that such legend is no longer required under applicable requirements of the Securities Act or state securities laws. The Company shall, at the request of a Stockholder, remove from each
certificate representing Stockholder Shares (i) the legend described in Section 8.2(a)(i) if the limitation on the number of holders Article IV, Section 3 of the Charter has been terminated in accordance with it terms and the legend
and (ii) the legend described in Section 8.2(a)(ii) and (iii) upon the termination of this Agreement. 
 8.3 Additional
Legend. 
 (a) Each certificate evidencing Stockholder Shares and each certificate issued in exchange for or upon
Transfer of any Stockholder Shares shall be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A STOCKHOLDERS’ AGREEMENT DATED AS OF DECEMBER 22, 2010 (AS
AMENDED, MODIFIED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME, THE “AGREEMENT”), AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND THE COMPANY’S STOCKHOLDERS. THE TERMS OF SUCH AGREEMENT INCLUDE, AMONG OTHER THINGS,
RESTRICTIONS ON TRANSFERS. A COPY OF THE AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

  
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 (b) The legend set forth above shall be removed from certificates evidencing any Stockholder
Shares which cease to be Stockholder Shares in accordance with the terms of this Agreement. 
 8.4 Limit on Number of Stockholders.

 (a) Notwithstanding anything set forth in this Agreement or in the Certificate, or the compliance with any of the terms
hereof or thereof, no direct or indirect Transfer, however accomplished, of shares of Common Stock or any other class of capital stock of the Company shall be effective, and any such Transfer of Stockholder Shares shall be deemed null and void, if,
as a result of any such Transfer, the record number of stockholders of the Company of the applicable class of capital stock (as determined in accordance with Rule 12g5-1 under the Exchange Act or any successor rule or interpretation) would exceed
four hundred fifty (450). 
 (b) The restrictions contained in this Section 8.4 are for the purpose of ensuring that the
Company is not required to become a registrant under the Exchange Act due to the number of stockholders of the Company. 
 (c)
Any Transfer attempted to be made in violation of this Section 8.4 will be null and void. The proposed Transferee shall not be entitled to any rights of stockholders of the Company or as a Stockholder, including, but not limited to, the rights
to vote or to receive dividends and liquidating distributions, with respect to the shares of Common Stock and/or any other class of capital stock of the Company that were the subject of such attempted Transfer. 

(d) In addition to any remedies available to the Company under applicable law or in equity, after learning of a Transfer not in
compliance with this Section 8.4, the Company may demand the immediate surrender, or cause to be immediately surrendered, to the Company, all certificates representing the shares of Common Stock and/or any other class of capital stock of the
Company that were the subject of such attempted Transfer, or any proceeds received upon a sale of such shares, and any dividends or other distributions made after such noncompliant Transfer with respect to such shares, if any. Any such surrendered
certificates may be destroyed. If any such certificates are not immediately surrendered, the Company shall cancel such certificates, or cause such certificates to be cancelled, on the stock transfer records and other records of the Company. Any
shares of Common Stock and/or any other class of capital stock of the Company attempted to be Transferred pursuant to a destroyed or cancelled certificate shall continue to be registered in the name of the purported transferor. Nothing in this
subparagraph (d) shall be deemed inconsistent with the Transfer of such securities being deemed null and void pursuant to subparagraph (c) hereof. 
 (e) The Company may require, as a condition precedent to the registration of the Transfer of any shares of Common Stock and/or any other class of capital stock of the Company or the payment of any
distribution on any such shares, that the proposed Transferor and Transferee or payee furnish to the Company all information reasonably requested by the 

  
 39 

 
Company with respect to all the direct or indirect ownership interests in such shares. The Company may make such arrangements or issue such instructions to its stock transfer agent as may be
determined by the Chief Executive Officer under the direction of the Board of Directors to be necessary or advisable to implement this Section 8.4, including, without limitation, instructing the transfer agent not to register any Transfer of
shares of Common Stock on the Company’s stock transfer records if it has knowledge that such Transfer is prohibited by this Section 8.4, and/or authorizing such transfer agent to require an affidavit from a transferee or transferor
regarding such Person’s ownership of shares of Common Stock and other evidence that a Transfer will not be prohibited by this Section 8.4, as a condition to registering any Transfer. 

(f) Nothing contained in this Section 8.4 shall limit the authority of the Company, its executive officers or the Board of Directors
to take such other action to the extent permitted by law as it deems necessary or advisable to ensure that the Company is not required to become a registrant under the Exchange Act due to the number of stockholders. 

(g) The provisions of this Section 8.4 shall terminate upon the earliest of (i) any firm commitment underwritten public
offering of Common Stock pursuant to a registration statement filed with the Securities and Exchange Commission and declared effective under the Securities Act (ii), the filing by the Corporation of a registration statement pursuant to
Section 12(g) of the Exchange Act, and (iii) such time as the Company Board determines that the provisions of Article FOURTH, Section 3 of the Certificate are no longer necessary for the preservation of the Corporation’s status
as a non-reporting company under the Exchange Act. 
 ARTICLE IX 

AMENDMENT AND WAIVER 

9.1 Amendment. 

Except as otherwise set forth herein, the terms and provisions of this Agreement may not be amended, modified, restated, supplemented or
waived except pursuant to a writing signed by Stockholders acting by Majority Requisite Consent (or if Majority Requisite Consent cannot be obtained, by Alternative Majority Consent); provided that the provisions of Article III, Section 9.1 and
Article X may only be amended, modified, restated, supplemented or waived with Majority Requisite Consent; and provided, further that no such amendment, modification, restatement, supplement or waiver shall materially and adversely
affect any Stockholder disproportionately to the other Stockholders. 
 9.2 Waiver. 

No course of dealing between the Company and the Stockholders (or any of them) or any delay in exercising any rights hereunder will
operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party
thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

  
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 ARTICLE X 
 TERMINATION 
 The provisions of this Agreement, except as otherwise
expressly provided herein, shall terminate upon the first to occur of (a) the dissolution, liquidation or winding-up of the Company; (b) a Sale of the Company pursuant to an Approved Sale; (c) the consummation of an Initial Public
Offering; or (d) the written approval of such termination by Stockholders constituting Majority Requisite Consent; provided, however, that (i) if the Agreement is terminated prior to the consummation of a Sale of the Company
in which Stockholders exercise rights under Section 2.5 to compel an Approved Sale or an Initial Public Offering, the rights and obligations set forth in Article VII (other than Section 7.2(b)) shall continue without interruption until the
earlier of the consummation of a Sale of the Company in which Stockholders exercise rights under Section 2.5 to compel an Approved Sale or an Initial Public Offering, and (ii) in the case of clause (c), all the provisions set forth in
Article VI relating to registration rights (and all definitions and “Miscellaneous” provisions related thereto) shall continue without interruption until less than ten percent (10%) of the Stockholder Shares are Registrable
Shares. Anything contained herein to the contrary notwithstanding, as to any particular Stockholder, this Agreement shall no longer be binding or of further force or effect as to such Stockholder, except as otherwise expressly provided herein, as of
the date such Stockholder has Transferred all of such Stockholder’s Stockholder Shares in accordance with the terms hereof. 

ARTICLE XI 

MISCELLANEOUS 
 11.1
Severability. 
 It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced
to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to
be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of this Agreement or
affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall,
as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

11.2 Entire Agreement. 
 This Agreement and the other agreements referred to herein and to be executed and delivered in connection herewith embody the entire agreement and understanding among the parties hereto with respect to
the subject matter hereof and thereof and supersede and preempt any and all prior and contemporaneous understandings, agreements, arrangements or representations by or among the parties, written or oral, which may relate to the subject matter

  
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hereof or thereof in any way. The Company and the Committee Holders specifically agree that notwithstanding any contrary provision in the Certificate they will not exercise any right under
Article Fourth, Section 4 of the Certificate (or any other section of the Certificate that relates to the same subject matter thereof) to compel Stockholders to participate in any drag-along sale in a manner inconsistent with the provisions of
Section 2.5 of this Agreement; provided, however, that nothing herein shall limit the rights of the Company or the Committee Members in Article Fourth, Section 4 of the Certificate against any Person not a party to this
Agreement. 
 11.3 Independence of Agreements and Covenants 

All agreements and covenants hereunder shall be given independent effect so that if a certain action or condition constitutes a default
under a certain agreement or covenant, the fact that such action or condition is permitted by another agreement or covenant shall not affect the occurrence of such default. 
 11.4 Successors and Assigns. 
 Except as otherwise provided herein,
this Agreement will bind and inure to the benefit of and be enforceable by the Company and its successors and permitted assigns and the Stockholders and any subsequent holders of Stockholder Shares and the respective successors and permitted assigns
of each of them, so long as they own Stockholder Shares. No Stockholder may assign its rights hereunder in violation of this Agreement and any such attempted assignment shall be void ab initio. 

11.5 Counterparts; Facsimile Signatures; Validity. 
 This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of
the parties and delivered (by facsimile or otherwise) to the other party, it being understood that all parties need not sign the same counterpart. Any counterpart or other signature hereupon delivered by facsimile shall be deemed for all purposes as
constituting good and valid execution and delivery of this Agreement by such party. 
 11.6 Remedies. 

(a) Each Stockholder shall have (i) all rights and remedies reserved for such Stockholder pursuant to this Agreement, (ii) all
rights and remedies which such holder has been granted at any time under any other agreement or contract and (iii) all of the rights which such holder has under any law or equity. Any Person having any rights under any provision of this
Agreement will be entitled to enforce such rights specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law or equity. 

(b) It is acknowledged that it will be impossible to measure in money the damages that would be suffered by any party hereto if any other
Person party hereto fails to comply with any of the obligations imposed on it upon them in this Agreement and that in the event of any such failure, the aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Any
such aggrieved party shall, therefore, be entitled to equitable relief, including specific performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the
parties hereto shall raise the defense that there is an adequate remedy at law. 

  
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 11.7 Notices. 
 All notices, amendments, waivers or other communications pursuant to this Agreement shall be in writing and shall be deemed to have been duly given if personally delivered, telecopied, sent by nationally
recognized overnight courier or mailed by registered or certified mail with postage prepaid, return receipt requested, to the parties hereto at the following addresses (or at such other address for a party as shall be specified by like notice):

 (a) if to the Company, to: 
 American, Media Inc. 
 1000 American Media Way 

Boca Raton, FL 33464 
 Attention: Chief Financial Officer 
 Telephone: (561) 997-7733 

Facsimile: (561) 272-8127 
 with a copy to: 
 Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 

New York, NY 10036 
 Attention: Ira Dizengoff 
 Facsimile: (212) 872-1002 

Telephone: (212) 872-1000 
 (b) if to any Stockholder to the most current address given by such Stockholder to the Company, or if no such address is provided to the Company, such notice to be delivered to the address set forth in
the stock register of the Company. 
 Any such notice or communication shall be deemed to have been given and received
(a) when delivered, if personally delivered; (b) when sent, if sent by telecopy on a Business Day (or, if not sent on a Business Day, on the next Business Day after the date sent by telecopy); (c) on the next Business Day after
dispatch, if sent by nationally recognized overnight courier guaranteeing next Business Day delivery; and (d) on the fifth Business Day following the date on which the piece of mail containing such communication is posted, if sent by mail.

 11.8 Governing Law; Jurisdiction. 
 EXCEPT AS SET FORTH BELOW, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICTS OF LAWS OR PRINCIPLES THEREOF
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. WITH RESPECT TO ANY 

  
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LAWSUIT OR PROCEEDING ARISING OUT OF OR BROUGHT WITH RESPECT TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY, EACH OF THE PARTIES HERETO IRREVOCABLY (a) SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE UNITED STATES FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF NEW YORK IN THE STATE OF NEW YORK; (b) WAIVES ANY OBJECTION IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY PROCEEDING BROUGHT IN ANY SUCH COURT;
(c) WAIVES ANY CLAIM THAT SUCH PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM; AND (d) FURTHER WAIVES THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDINGS, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY. 

11.9 Waiver of Jury Trial. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THE PARTIES
HERETO RELATING TO THE SUBJECT MATTER HEREOF. EACH OF THE PARTIES HERETO ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND THAT MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF THE OTHER PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL
ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED OR HAD THE OPPORTUNITY TO REVIEW THIS WAIVER WITH
ITS RESPECTIVE LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH SUCH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 11.10 Further Assurances. 
 Each party hereto shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents
as any other party hereto reasonably may request in order to carry out the provisions of this Agreement and the consummation of the transactions contemplated hereby. 
 11.11 Third Party Reliance. 
 Anything contained herein to the
contrary notwithstanding, the covenants of the Company contained in this Agreement (a) are being given by the Company as an inducement to the Stockholders to enter into this Agreement (and the Company acknowledges that the Stockholders have
expressly relied thereon) and (b) are solely for the benefit of the Stockholders. 

  
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Accordingly, no third party (including, without limitation, any holder of equity Securities who is not a Stockholder and any holder of any other Securities of the Company who is not a
Stockholder) or anyone acting on behalf of any thereof other than the Stockholders, shall be a third party or other beneficiary of such covenants and no such third party shall have any rights of contribution against the Stockholders or the Company
with respect to such covenants or any matter subject to or resulting in indemnification under this Agreement or otherwise. None of the provisions hereof shall create, or be construed or deemed to create, any right to employment in favor of any
Person by the Company or any of its Subsidiaries. 
 11.12 Termination of Prior Stockholders Agreement. 

The Stockholders Agreement dated as of January 30, 2009 among the Company, the stockholders signatory thereto and the EMP Group
Representative (the “Prior Agreement”) is hereby terminated and is of no further force and effect, and other than as set expressly forth in the Prior Agreement, no party thereto shall have any surviving obligations, rights, or
duties thereunder. 
 ******* 

  
 45 

 IN WITNESS WHEREOF, the undersigned have duly executed this Stockholders’
Agreement as of the date first written above. 
  

			
	AMERICAN MEDIA, INC.
		
	By:	 	/s/ Christopher V. Polimeni
	Name:	 	Christopher V. Polimeni
	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

 AMI STOCKHOLDERS AGREEMENT SIGNATURE PAGE 

 Schedule I 

Directors 
  

			
	 Name of Director
	  	 Means of Designation

	 David J. Pecker
	  	Management Director
		
	 Philip L. Maslowe
	  	Designated by the Angelo Gordon Stockholders
		
	 Gavin Baiera
	  	Designated by the Angelo Gordon Stockholders
		
	 Susan Tolson
	  	Designated by the Capital Research Stockholders
		
	 Cathryn C. Cranston
	  	Designated by the Capital Research Stockholders
		
	 Michael Elkins
	  	Designated by the Avenue Stockholders
		
	 Daniel Flores
	  	Designated by the Avenue Stockholders
		
	 David Licht
	  	Designated by the Avenue Stockholders
		
	 Lawrence S. Kramer
	  	Designated by the Avenue Stockholders with consent of Angelo Gordon Stockholders and Capital Research Stockholders

  
 Schedule I

 Exhibit A 

JOINDER AGREEMENT 
 The undersigned is executing and delivering this Joinder Agreement pursuant to the Stockholders’ Agreement dated as of
                    , 2010 (as amended, modified, restated or supplemented from time to time, the “Stockholders’
Agreement”), among American Media, Inc., a Delaware corporation (the “Company”), and its stockholders named therein. 
 By executing and delivering this Joinder Agreement to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Stockholders’ Agreement
in the same manner as if the undersigned were an original signatory to such agreement. 
 The undersigned acknowledges and
agrees that the undersigned shall be a “Stockholder”, as such term is defined in the Stockholders’ Agreement. 

Accordingly, the undersigned has executed and delivered this Joinder Agreement as of
                                        .

  

	
	  
	Signature of Stockholder
	
	  
	Print Name of Stockholder
	
	  
	
	  
	
	  
	Address
	
	  
	Facsimile
	
	  
	Telephone

  
 Exhibit A-1

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