Document:

EX-10.3

 Exhibit 10.3 

EXECUTION COPY 
 THE
BOEING COMPANY 
 THREE-YEAR 

CREDIT AGREEMENT 
 among

 THE BOEING COMPANY 
 for
itself and on behalf of its Subsidiaries, 
 as a Borrower 

THE LENDERS PARTY HERETO 

CITIBANK, N.A., 
 as Administrative
Agent 
 JPMORGAN CHASE BANK, N.A. 

as Syndication Agent 
 and 

CITIBANK, N.A. 
 and 

JPMORGAN CHASE BANK, N.A., 
 as
Joint Lead Arrangers and Joint Book Managers 
 dated as of October 30, 2019 

 TABLE OF CONTENTS 

 

							
	Article and Section	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  			
			
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Use of Defined Terms; References	  	 	13	 
	 1.3
	 	Accounting Terms	  	 	13	 
	 1.4
	 	Divisions	  	 	13	 
		
	 ARTICLE 2 AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT
	  			
			
	 2.1
	 	Advances	  	 	14	 
	 2.2
	 	Making Advances	  	 	14	 
	 2.3
	 	Issuance of and Drawings and Reimbursement Under Letters of Credit	  	 	15	 
	 2.4
	 	Repayment	  	 	18	 
	 2.5
	 	Interest Rate on Advances	  	 	19	 
	 2.6
	 	[Reserved]	  	 	19	 
	 2.7
	 	[Reserved]	  	 	19	 
	 2.8
	 	Fees and Commissions	  	 	19	 
	 2.9
	 	Reduction of the Commitments	  	 	20	 
	 2.10
	 	Additional Interest on Eurodollar Rate Advances	  	 	20	 
	 2.11
	 	Eurodollar Interest Rate Determination	  	 	20	 
	 2.12
	 	Voluntary Conversion of Advances	  	 	22	 
	 2.13
	 	Prepayments	  	 	22	 
	 2.14
	 	Increases in Costs	  	 	23	 
	 2.15
	 	Taxes	  	 	25	 
	 2.16
	 	Illegality	  	 	27	 
	 2.17
	 	Payments and Computations	  	 	28	 
	 2.18
	 	Sharing of Payments, Etc.	  	 	28	 
	 2.19
	 	Evidence of Debt	  	 	29	 
	 2.20
	 	Alteration of Commitments and Addition of Lenders	  	 	30	 
	 2.21
	 	Assignments; Sales of Participations and Other Interests in Advances	  	 	31	 
	 2.22
	 	Extension of Termination Date	  	 	35	 
	 2.23
	 	Subsidiary Borrowers	  	 	36	 
	 2.24
	 	Defaulting Lenders	  	 	38	 
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES
	  			
			
	 3.1
	 	Representations and Warranties by the Borrowers	  	 	40	 
		
	 ARTICLE 4 COVENANTS OF TBC
	  			
			
	 4.1
	 	Affirmative Covenants of TBC	  	 	42	 

  
 i 

							
	 4.2
	 	General Negative Covenants of TBC	  	 	43	 
	 4.3
	 	Financial Statement Terms	  	 	45	 
	 4.4
	 	Waivers of Covenants	  	 	45	 
		
	 ARTICLE 5 CONDITIONS PRECEDENT TO BORROWINGS AND ISSUANCES
	  			
			
	 5.1
	 	Conditions Precedent to the Initial Borrowing or Initial Issuance of TBC	  	 	46	 
	 5.2
	 	Conditions Precedent to Each Borrowing and Each Issuance of TBC	  	 	46	 
	 5.3
	 	[Reserved]	  	 	47	 
	 5.4
	 	Conditions Precedent to the Initial Borrowing and Issuance of a Subsidiary Borrower	  	 	47	 
	 5.5
	 	Conditions Precedent to Each Borrowing or Issuance of a Subsidiary Borrower	  	 	48	 
		
	 ARTICLE 6 EVENTS OF DEFAULT
	  			
			
	 6.1
	 	Events of Default	  	 	48	 
	 6.2
	 	Lenders’ Rights upon Borrower Default	  	 	50	 
	 6.3
	 	Actions in Respect of the Letters of Credit upon Borrower Default	  	 	50	 
		
	 ARTICLE 7 THE AGENT
	  			
			
	 7.1
	 	Appointment and Authority	  	 	51	 
	 7.2
	 	Rights as a Lender	  	 	51	 
	 7.3
	 	Exculpatory Provisions	  	 	52	 
	 7.4
	 	Reliance by Agent	  	 	53	 
	 7.5
	 	Indemnification	  	 	53	 
	 7.6
	 	Resignation of Agent	  	 	54	 
	 7.7
	 	Delegation of Duties	  	 	55	 
	 7.8
	 	Non-Reliance on Agent and Other Lenders	  	 	55	 
	 7.9
	 	No Other Duties, etc.	  	 	55	 
	 7.10
	 	Lender ERISA Representation	  	 	55	 
		
	 ARTICLE 8 MISCELLANEOUS
	  			
			
	 8.1
	 	Modification, Consents and Waivers	  	 	56	 
	 8.2
	 	Notices	  	 	57	 
	 8.3
	 	Costs, Expenses and Taxes	  	 	58	 
	 8.4
	 	Binding Effect	  	 	59	 
	 8.5
	 	Severability	  	 	59	 
	 8.6
	 	Governing Law	  	 	59	 
	 8.7
	 	Headings	  	 	59	 
	 8.8
	 	Execution in Counterparts	  	 	59	 
	 8.9
	 	Right of Set-Off	  	 	59	 
	 8.10
	 	Confidentiality	  	 	60	 
	 8.11
	 	Agreement in Effect	  	 	60	 
	 8.12
	 	No Liability of the Issuing Banks	  	 	60	 
	 8.13
	 	Patriot Act Notice	  	 	61	 

  
 ii 

							
	 8.14
	 	Jurisdiction, Etc.	  	 	61	 
	 8.15
	 	No Fiduciary Duty	  	 	62	 
	 8.16
	 	Waiver of Jury Trial	  	 	62	 
	 8.17
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	62	 

  

					
	Exhibit A	 	-	    	Note
	Exhibit B	 	-	    	Notice of Borrowing
	Exhibit C	 	-	    	Request for Alteration
	Exhibit D	 	-	    	Borrower Subsidiary Letter
	Exhibit E	 	-	    	Extension Request
	Exhibit F	 	-	    	Continuation Notice
	Exhibit G	 	-	    	Opinion of Counsel of the Company
	Exhibit H	 	-	    	Opinion of Counsel for Agent
	Exhibit I	 	-	    	Opinion of in-house counsel to Subsidiary Borrower
	Exhibit J	 	-	    	Guaranty of TBC
	Exhibit K	 	-	    	Opinion of Counsel to TBC
			
	Schedule I	 	-	    	Commitments
	Schedule II	 	-	    	Agent Contact Details

  

  
 iii 

 CREDIT AGREEMENT 

Dated as of October 30, 2019 
 THE BOEING
COMPANY, a Delaware corporation (“TBC” or the “Company”), for itself and on behalf of the other BORROWERS (as defined below), the LENDERS (as defined below), CITIBANK, N.A. and JPMORGAN CHASE BANK, N.A., as joint
lead arrangers and joint book managers, JPMORGAN CHASE BANK, N.A., as syndication agent, and CITIBANK, N.A., in its capacity as administrative agent for the Lenders (in such capacity, the “Agent”), agree as follows: 

ARTICLE 1 
 Definitions

  

	1.1	 Definitions. As used in this Agreement, the following terms have the respective meanings set out below:

 “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Agent. 
 “Advance” means an advance made by a Lender to a Borrower as part of a Borrowing
and refers to a Base Rate Advance or a Eurodollar Rate Advance, each of which is a “Type” of Advance. 

“Agent” means Citibank, N.A. acting in its capacity as administrative agent for the Lenders, or any
successor administrative agent appointed pursuant to Section 7.6. 
 “Agent’s Account” means the
account of the Agent maintained by the Agent with Citibank, N.A., at its office at 388 Greenwich Street, New York, New York 10013, Account 36852248, Attention: Agency/Medium Term Finance, Reference: Boeing. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled
by or is under common control with such Person or is a director or officer of such Person. (For purposes of this definition, the term “controls”, “controlling”, “controlled by” and “under common control with”
mean, with respect to a Person, the possession, direct or indirect, of the power to vote 5% or more of the Voting Stock of such Person or to direct or cause the direction of the management and policies of such Person, whether through the ownership
of Voting Stock, by contract, or otherwise.) 
 “Agreement” means this agreement, as it may be amended or
otherwise modified from time to time, and any written additions or supplements hereto. 
 “Anti-Corruption
Laws” means the U.S. Foreign Corrupt Practices Act of 1977, as amended, and other similar laws, rules, and regulations of any jurisdiction applicable to TBC or any of its Subsidiaries from time to time concerning or relating to bribery,
money laundering or corruption. 
 “Applicable Lending Office” means, with respect to each Lender, such
Lender’s Domestic Lending Office, in the case of a Base Rate Advance, and such Lender’s Eurodollar Lending Office, in the case of a Eurodollar Rate Advance. 

 “Applicable Letter of Credit Commissions” means, for any
date, a fluctuating per annum rate equal to the then-applicable rate set forth in the pricing grid below, depending upon the Debt Rating then in effect: 
  

							
	 Level
	  	 Public Debt Rating: S&P, Moody’s and
Fitch
	  	Applicable
Letter of Credit
Commission	 
	 Level I
	  	AA- by S&P, Aa3 by Moody’s or AA- by Fitch or above	  	 	0.580	% 
	 Level II
	  	 less than Level I
 but at least A+ by
S&P, A1 by Moody’s or A+ by Fitch or above
	  	 	0.700	% 
	 Level III
	  	 less than Level II
 but at least A by
S&P, A2 by Moody’s or A by Fitch
	  	 	0.805	% 
	 Level IV
	  	 less than Level III
 but at least A- by S&P, A3 by Moody’s or A- by Fitch
	  	 	0.910	% 
	 Level V
	  	less than Level IV	  	 	1.000	% 

 “Applicable Margin” means, 

 

	 	(i)	 with respect to Base Rate Advances, 0% per annum; and 

 

	 	(ii)	 with respect to Eurodollar Rate Advances for any date, a fluctuating per annum rate equal to the
then-applicable rate set forth in the pricing grid below, depending upon the Debt Rating then in effect: 

  

							
	 Level
	  	 Public Debt Rating: S&P, Moody’s and
Fitch
	  	Applicable
Margin	 
	 Level I
	  	AA- by S&P, Aa3 by Moody’s or AA- by Fitch or above	  	 	0.580	% 
	 Level II
	  	 less than Level I
 but at least A+ by
S&P, A1 by Moody’s or A+ by Fitch or above
	  	 	0.700	% 
	 Level III
	  	 less than Level II
 but at least A by
S&P, A2 by Moody’s or A by Fitch
	  	 	0.805	% 
	 Level IV
	  	 less than Level III
 but at least A- by S&P, A3 by Moody’s or A- by Fitch
	  	 	0.910	% 
	 Level V
	  	less than Level IV	  	 	1.000	% 

  
 2 

 “Applicable Percentage” means, for any date, a fluctuating
per annum rate equal to the then-applicable rate set forth in the pricing grid below, depending upon the Debt Rating then in effect: 
  

							
	 Level
	  	 Public Debt Rating: S&P, Moody’s and
Fitch
	  	Applicable
Percentage	 
	 Level I
	  	AA- by S&P, Aa3 by Moody’s or AA- by Fitch or above	  	 	0.045	% 
	 Level II
	  	 less than Level I
 but at least A+ by
S&P, A1 by Moody’s or A+ by Fitch or above
	  	 	0.050	% 
	 Level III
	  	 less than Level II
 but at least A by
S&P, A2 by Moody’s or A by Fitch
	  	 	0.070	% 
	 Level IV
	  	 less than Level III
 but at least A- by S&P, A3 by Moody’s or A- by Fitch
	  	 	0.090	% 
	 Level V
	  	less than Level IV	  	 	0.125	% 

 “Article 55 BRRD” means Article 55 of Directive 2014/59/EU establishing a
framework for the recovery and resolution of credit institutions and investment firms. 
 “Available
Amount” of any Letter of Credit means, at any time, the maximum amount available to be drawn under such Letter of Credit at such time (assuming compliance at such time with all conditions to drawing). 

“Bail-In Action” means the exercise of any Write-Down and Conversion
Powers. 
 “Bail-In Legislation” means: 

 

	 	(a)	 with respect to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and 

 

	 	(b)	 with respect to any state other than such an EEA Member Country or (to the extent that the United Kingdom is
not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-Down and Conversion Powers contained in that law or regulation. 

“Base Rate” means the highest of (a) the rate of interest announced publicly by Citibank, N.A., in New
York City, from time to time, as Citibank’s “base” rate, (b) the Federal Funds Rate plus 0.50% per annum and (c) the ICE Benchmark Settlement Rate applicable to US dollars for a period of one month (“One Month
LIBOR”) plus 1.00% (for the avoidance of doubt, the One Month LIBOR for any day shall be based on the rate appearing on the applicable Bloomberg screen (or other commercially available source providing such quotations as designated by the
Agent from time to time) at approximately 11:00 a.m. London time on such day); provided that, if One Month LIBOR shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Base Rate Advance” means an Advance which bears interest at the Base Rate. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the
Beneficial Ownership Regulation. 

  
 3 

 “Beneficial Ownership Regulation” means 31 C.F.R. §
1010.230. 
 “Borrower” means, individually and collectively, as the context requires, TBC and each
Subsidiary Borrower (unless and until it becomes a “Terminated Subsidiary Borrower” pursuant to Section 2.23). 

“Borrower Subsidiary Letter” means, with respect to any Subsidiary Borrower, a letter in the form of Exhibit
D, signed by such Subsidiary Borrower and TBC. 
 “Borrowing” means a borrowing consisting of simultaneous
Advances of the same Type made by each of the Lenders pursuant to Section 2.1 or Section 2.3. 

“Business Day” means a day of the year on which banks are not required or authorized to close in New York
City and, if the applicable Business Day relates to any Eurodollar Rate Advance, on which dealings are carried on in the London interbank market. 

“Closing Date” means the date that the conditions set forth in Section 5.1 are satisfied or waived.

 “Commitment” means, for each Lender, the full amount set forth opposite the name of such Lender in
Schedule I or, if such Lender is a Replacement Lender or a Lender that has entered into one or more assignments pursuant to Section 2.21 or 2.22, the amount set forth for such Lender in the Register maintained by the Agent pursuant to
Section 2.21(d), as such amount may be reduced pursuant to Section 2.4, Section 2.9 or Section 2.20 or increased pursuant to Section 2.20. 

“Company” means The Boeing Company, a Delaware corporation. 

“Confidential Information” means information that a Borrower furnishes to the Agent or any Lender in a
writing designated as confidential, but does not include any such information that is or becomes generally available to the public or that is or becomes available to the Agent or such Lender from a source other than a Borrower. 

“Consolidated” refers to the consolidation of accounts in accordance with generally accepted accounting
principles. 
 “Consolidated Net Tangible Assets” means the total amount of assets (less applicable
reserves and other properly deductible items) after, deducting therefrom (i) all current liabilities (excluding any thereof which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months
after the time as of which the amount thereof is being computed), and (ii) all good will, trade names, trademarks, patents, unamortized debt discount and expenses and other like intangibles, all as set forth on the most recent balance sheet of
the Company and its consolidated Subsidiaries and computed in accordance with generally accepted accounting principles. 

“Continuing Lender” has the meaning specified in Section 2.22(a). 

“Convert”, “Conversion” and “Converted” each means a conversion of
Advances of one Type into Advances of another Type pursuant to Section 2.11, 2.12 or 2.16. 

  
 4 

 “Debt” of a Person means 

 

	 	(i)	 indebtedness for borrowed money or for the deferred purchase price of property or services;

  

	 	(ii)	 financial obligations evidenced by bonds, debentures, notes or other similar instruments;

  

	 	(iii)	 financial obligations as lessee under leases which have been or should be, in accordance with generally
accepted accounting principles, recorded as capital leases; and 

  

	 	(iv)	 obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to
purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or financial obligations of others of the kind referred to in clauses (i) through (iii) above. 

“Debt Rating” means, as of any date, the rating of the long-term senior unsecured debt of TBC then in
effect, provided, however, that if the ratings from S&P, Moody’s and Fitch fall within different levels, (i) two of the ratings are at the same level and the other rating is one level higher or one level lower than the
two same ratings, the Applicable Letter of Credit Commissions, Applicable Margin and Applicable Percentage will be based on the two ratings at the same level, (ii) two of the ratings are at the same level and the other rating is two or more
levels above the two same ratings, the Applicable Letter of Credit Commissions, Applicable Margin and Applicable Percentage will be based on the rating that is one level above the two same ratings, (iii) two of the ratings are at the same level
and the other rating is two or more levels below the two same ratings, the Applicable Letter of Credit Commissions, Applicable Margin and Applicable Percentage will be based on the rating that is one level below the two same ratings and
(iv) each of the three ratings fall within different levels, then the Applicable Letter of Credit Commissions, Applicable Margin and Applicable Percentage will be determined based on the rating level that is in between the highest and the
lowest ratings, and 
 provided further that if, at any time, no rating is available from S&P, Moody’s and Fitch or
any other nationally recognized statistical rating organization designated by TBC and approved in writing by the Majority Lenders, the Applicable Letter of Credit Commissions, Applicable Margin and Applicable Percentage for each Interest Period or
each other period, as applicable, commencing during the thirty days following such ratings becoming unavailable shall be the Applicable Letter of Credit Commissions, Applicable Margin or Applicable Percentage, respectively, in effect immediately
prior to such ratings becoming unavailable. Thereafter, the rating to be used until ratings from S&P, Moody’s and Fitch become available shall be as agreed between TBC and the Majority Lenders, and TBC and the Majority Lenders shall use
good faith efforts to reach such agreement within such thirty-day period, provided, however, that if no such agreement is reached within such thirty-day
period the Applicable Letter of Credit Commissions, Applicable Margin and Applicable Percentage thereafter, until such agreement is reached, shall be (a) if any such rating has become unavailable as a result of S&P, Moody’s or Fitch
ceasing its business as a rating agency, the Applicable Letter of Credit Commissions, Applicable Margin or Applicable Percentage, respectively, in effect immediately prior to such cessation or (b) otherwise, the Applicable Letter of Credit
Commissions, Applicable Margin or Applicable Percentage as set forth under Level V in the respective definitions of “Applicable Letter of Credit Commissions”, “Applicable Margin” and “Applicable Percentage”. 

“Default” means any Event of Default or any event that would constitute an Event of Default but for the
requirement that notice be given or time elapse or both. 

  
 5 

 “Defaulting Lender” means, at any time, subject to
Section 2.24(d), a Lender that (i) has failed for two or more Business Days to comply with its obligations under this Agreement to make an Advance and/or make a payment to the Issuing Bank in respect of a Letter of Credit Advance (each a
“funding obligation”), unless such Lender has notified the Agent and the Company in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding has not been satisfied
(which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing), (ii) has notified the Agent, the Company or an Issuing Bank in writing, or has stated publicly, that it will not comply with
any such funding obligation hereunder unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together
with the applicable default, if any, will be specifically identified in such writing or public statement), (iii) has defaulted on its funding obligations under other loan agreements or credit agreements generally under which it has commitments to
extend credit or has notified, or whose Parent Company has notified, the Agent or the Company in writing, or has stated publicly, that it does not intend to comply with its funding obligations under loan agreements or credit agreements generally,
(iv) has, for three or more Business Days, failed to confirm in writing to the Agent, in response to a written request of the Agent or the Company, that it will comply with its funding obligations hereunder (provided that such Lender will cease
to be a Defaulting Lender pursuant to this clause (iv) upon the Agent’s and the Borrower’s receipt of such written confirmation), or (v) as to which a Lender Insolvency Event has occurred and is continuing with respect to it or
its Parent Company; provided that, for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of (1) the control, ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a governmental authority or (2) in the case of a solvent Lender, the precautionary appointment of an administrator, guardian, custodian or other similar official by a government authority under or based on the law of the
country where such lender is subject to home jurisdiction supervision if applicable law requires that such appointment not be publicly disclosed, so long as, in the case of clause (1) and clause (2), such action does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority or instrumentality) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Agent that a Lender is a Defaulting Lender under clauses (i) through (v) above shall be conclusive and binding absent manifest error,
and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.24(d)) upon delivery of written notice of such determination to the Company, each Issuing Bank and each Lender. 

“Domestic Lending Office” means with respect to any Lender, the office of such Lender specified as its
“Domestic Lending Office” in its Administrative Questionnaire or such other office of such Lender as such Lender may from time to time specify to TBC and the Agent. 

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

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

  
 6 

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

“Effective Date” has the meaning specified in Section 2.20(d). 

“Eligible Assignee” means 
  

	 	(i)	 a commercial bank organized under the laws of the United States, or any state thereof, and having a combined
capital and surplus in excess of $3,000,000,000; 

  

	 	(ii)	 a commercial bank organized under the laws of any other country which is a member of the OECD, or a political
subdivision of any such country, and having a combined capital and surplus in excess of $3,000,000,000, provided that such bank is acting through a branch or agency located in either (a) the country in which it is organized or
(b) another country which is also a member of the OECD or the Cayman Islands; 

  

	 	(iii)	 the central bank of any country which is a member of the OECD; 

 

	 	(iv)	 any Lender; 

  

	 	(v)	 an Affiliate of any Lender; or 

 

	 	(vi)	 any other Person approved in writing, so long as no Event of Default has occurred and is continuing, by TBC,
which approval has been communicated in writing to the Agent, and approved by each Issuing Bank, provided that none of (x) TBC or an Affiliate of TBC, (y) a natural Person or (z) any Defaulting Lender shall qualify as an
Eligible Assignee. 

 “ERISA” means the Employee Retirement Income Security Act of 1974,
as amended from time to time and the regulations promulgated and rulings issued thereunder. 
 “ERISA
Affiliate” means any Person that for purposes of Title IV of ERISA is a member of the controlled group of any Borrower, or under common control with any Borrower, within the meaning of Section 414 of the Internal Revenue
Code. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors
of the Federal Reserve System, as in effect from time to time. 
 “Eurodollar Lending Office” means, with
respect to any Lender, (a) the office of such Lender specified as its “Eurodollar Lending Office” in its Administrative Questionnaire or such other office of such Lender as such Lender may from time to time specify to TBC and the
Agent. 
 “Eurodollar Rate” means, for an Interest Period for a Eurodollar Rate Advance constituting part
of a Borrowing, an interest rate per annum equal to the rate per annum equal to the ICE Benchmark Settlement Rate, as published by Bloomberg (or, if unavailable for any reason by Bloomberg, then by reference to another commercially available source
providing quotations of the ICE Benchmark Settlement Rate, such as Reuters) for deposits in U.S. dollars for a period substantially equal to such Interest Period, as of 11:00 a.m. (London time) two business days before the first day of such Interest
Period; provided that, if the Eurodollar Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

  
 7 

 “Eurodollar Rate Advance” means an Advance which bears
interest at a rate of interest quoted as a margin over the Eurodollar Rate. 
 “Eurodollar Rate Reserve
Percentage” means the reserve percentage applicable to a Lender for any Interest Period for a Eurodollar Rate Advance during such Interest Period (or if more than one such percentage shall be so applicable, the daily average of such
percentages for those days in such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the
maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect
to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar Rate Advances is determined) having a term equal to such Interest Period. 

“Event of Default” means any of the events described in Section 6.1. 

“Extension Request” has the meaning specified in Section 2.22. 

“Facility Fee” has the meaning specified in Section 2.8. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or
any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code. 
 “Federal Funds Rate” means, for any period, a
fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the
Agent from three Federal funds brokers of recognized standing selected by it; provided that, if the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“Fitch” means Fitch, Inc. 

“Guaranty” means each Guaranty Agreement executed by TBC in favor of the Agent and the Lenders,
unconditionally guaranteeing the payment of all obligations of a Subsidiary Borrower hereunder and under any Notes executed or to be executed by it. 

“Indemnified Costs” has the meaning specified in Section 7.5. 

“Indemnified Party” has the meaning specified in Section 8.3(b). 

  
 8 

 “Interest Period” means, for each Eurodollar Rate Advance
constituting part of the same Borrowing, the period commencing on the date of such Advance or the date of the Conversion of a Base Rate Advance into such a Eurodollar Rate Advance and ending on the last day of the period selected by the applicable
Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by such Borrower pursuant to the provisions
below. The duration of each such Interest Period shall be one, two, three, or six months (or, subject to clause (iii) below, twelve months), as the applicable Borrower may, upon notice received by the Agent not later than 11:00 a.m. (New York
City time) on the third Business Day prior to the first day of such Interest Period, select, provided, however, that: 
  

	 	(i)	 no Interest Period shall end on a date later than the Termination Date; 

 

	 	(ii)	 Interest Periods commencing on the same date for Advances constituting part of the same Borrowing shall be of
the same duration; and 

  

	 	(iii)	 in the case of any such Borrowing, the applicable Borrower shall not be entitled to select an Interest Period
having duration of twelve months unless, by 2:00 P.M. (New York City time) on the third Business Day prior to the first day of such Interest Period, each Lender notifies the Agent that such Lender will be providing funding for such Borrowing with
such Interest Period (the failure of any Lender to so respond by such time being deemed for all purposes of this Agreement as an objection by such Lender to the requested duration of such Interest Period); provided that, if any or all of the Lenders
object to the requested duration of such Interest Period, the duration of the Interest Period for such Borrowing shall be one, two, three or six months, as specified by the applicable Borrower in the applicable Notice of Borrowing as the desired
alternative to an Interest Period of twelve months; and 

  

	 	(iv)	 whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last
day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of the
Interest Period shall occur on the immediately preceding Business Day. 

 “Issuing Bank”
means any Lender that has issued a Letter of Credit pursuant to Section 2.3. 
 “L/C Cash Deposit
Account” means a cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent. 

“L/C Obligations” means, as of any date, the aggregate Available Amount of outstanding Letters of Credit and
Advances made by an Issuing Bank in accordance with Section 2.3 that have not been funded by the Lenders. 

“L/C Related Documents” has the meaning specified in Section 2.4(b)(i). 

“Lender”, subject to Section 2.21, means any of the institutions that is a signatory hereto or that,
pursuant to Section 2.14, 2.20, 2.21 or 2.22, becomes a “Lender” hereunder. 
 “Lender Insolvency
Event” means that (i) a Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for
the benefit of its creditors, or (ii) such Lender or its Parent Company is the subject of a Bail-In Action or a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver,
trustee, conservator, intervenor or sequestrator or similar Person charged with the reorganization or liquidation of its business or custodian has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken
any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment. 

  
 9 

 “Letter of Credit” has the meaning specified in
Section 2.3(a). 
 “Letter of Credit Agreement” has the meaning specified in Section 2.3(d).

 “Letter of Credit Facility” means, at any time, an amount equal to the lesser of (a) $2,000,000,000 and
(b) the aggregate amount of the Commitments, as such amount may be reduced pursuant to Section 2.4, Section 2.9 or Section 2.20 or increased pursuant to Section 2.20. 

“LIBOR” means the ICE Benchmark Settlement Rate, as published by Bloomberg (or, if unavailable for any
reason by Bloomberg, then by reference to another commercially available source providing quotations of the ICE Benchmark Settlement Rate, such as Reuters) for deposits in U.S. dollars. 

“Loan Document” means this Agreement, the Notes and the other L/C Related Documents. 

“Majority Lenders” means Lenders holding greater than 50% of the then aggregate unpaid principal amount of
the Advances plus the participations in Letters of Credit or, if no Advances or Letters of Credit are outstanding, Lenders having greater than 50% of the total Commitments; provided that if any Lender shall be a Defaulting Lender at such
time, there shall be excluded from the determination of Majority Lenders at such time the Commitments of such Lender at such time. 

“Moody’s” means Moody’s Investor Services, Inc. 

“Non-Defaulting Lender” means, at any time, a Lender that is not a
Defaulting Lender or a Potential Defaulting Lender. 
 “Non-Extending
Lender” has the meaning specified in Section 2.22(a). 
 “Note” means a promissory note of a
Borrower payable to the order of any Lender, in substantially the form of Exhibit A, evidencing the indebtedness of that Borrower to such Lender resulting from the Advances made by such Lender to that Borrower. 

“Notice of Borrowing” has the meaning specified in Section 2.2(a). 

“Notice of Issuance” has the meaning specified in Section 2.3(d). 

“OECD” means the Organization for Economic Cooperation and Development. 

“Parent Company” means, with respect to a Lender, the bank holding company (as defined in Federal Reserve
Board Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 

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

  
 10 

 “Potential Defaulting Lender” means, at any time, a Lender
(i) as to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, (ii) as to which the Agent or any Issuing Bank has in
good faith determined and notified the Company and (in the case of an Issuing Bank) the Agent that such Lender or its Parent Company or a Subsidiary thereof has notified the Agent, or has stated publicly, that it will not comply with its funding
obligations under any other loan agreement or credit agreement or other similar/other financing agreement or (iii) that has, or whose Parent Company has, a non-investment grade rating from Moody’s or
S&P or another nationally recognized rating agency. Any determination that is made that a Lender is a Potential Defaulting Lender under any of clauses (i) through (iii) above will be made by the Agent or, in the case of clause (ii), an
Issuing Bank, in its sole discretion acting in good faith. The Agent will promptly send to all parties hereto a copy of any notice to the Company provided for in this definition. 

“Property, Plant and Equipment” means any item of real property, or any interest therein, buildings,
improvements and machinery. 
 “Proposed Increased Commitment” has the meaning specified in
Section 2.20(c). 
 “Ratable Share” of any amount means, with respect to any Lender at any
time, the product of (a) a fraction the numerator of which is the amount of such Lender’s Commitment at such time and the denominator of which is the aggregate Commitments at such time and (b) such amount. 

“Register” has the meaning specified in Section 2.21(d). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Replacement Lenders” has the meaning specified in Section 2.22(c). 

“Request for Alteration” means a document substantially in the form of Exhibit C, duly executed by TBC,
pursuant to Section 2.20. 
 “Required Assignment” has the meaning specified in Section 2.21(a).

 “Resolution Authority” means any body which has authority to exercise any Write-Down and Conversion
Powers. 
 “S&P” means S&P Global Ratings, a division of S&P Global, Inc. 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or
target of any Sanctions. 
 “Sanctioned Person” means, at any time, (a) any legal Person listed on
any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council, the
European Union (including by any European Union member state) or Her Majesty’s Treasury of the United Kingdom; and (b) any Person 50% or more owned or controlled by any such Person or Persons described in the foregoing clause (a). 

“Sanctions” means any economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by the U.S. government (including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or the U.S. Department of Commerce); the United Nations Security
Council; the European Union (including by any European Union member state); or Her Majesty’s Treasury of the United Kingdom. 

  
 11 

 “Subsidiary” means any Person in which more than 50% of
the Voting Stock or the interest in the capital or profits is owned by TBC, by TBC and any one or more other Subsidiaries, or by any one or more other Subsidiaries. 

“Subsidiary Borrower” means, individually and collectively, as the context requires, each Subsidiary that is
or becomes a “Borrower” in accordance with Section 2.23; in each case, unless and until it becomes a “Terminated Subsidiary Borrower”. 

“TBC” means The Boeing Company, a Delaware corporation. 

“Terminated Subsidiary Borrower” means, individually and collectively, as the context requires, a Subsidiary
Borrower that has ceased to be a “Borrower” in accordance with Section 2.23. 
 “Termination
Date” means the earlier to occur of (i) October 30, 2022, as such date may be extended from time to time pursuant to Section 2.22, and (ii) the date of termination in whole of the Commitments pursuant to Section 2.9
or Section 6.2; provided, however, that the Termination Date of any Lender that is a Non-Extending Lender to any requested extension pursuant to Section 2.22 shall be the Termination
Date in effect immediately prior to the applicable extension date for all purposes of this Agreement. 
 “Total
Capital” has the meaning specified in Section 4.2(b). 
 “Type”, as to Borrowings, means
either Base Rate Advances or Eurodollar Rate Advances. 
 “UK Bail-In
Legislation” means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings). 

“Unused Commitment” means, with respect to each Lender at any time, (a) the amount of such
Lender’s Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Advances made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (ii) such Lender’s
Ratable Share of the aggregate Available Amount of all the Letters of Credit outstanding at such time. 
 “Voting
Stock” means, as to a corporation, all the issued and outstanding capital stock of such corporation having general voting power, under ordinary circumstances, to elect a majority of the Board of Directors of such corporation (irrespective
of whether or not any capital stock of any other class or classes shall or might have voting power upon the occurrence of any contingency). 

“Write-Down and Conversion Powers” means: 

 

	 	(a)	 with respect to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
Legislation Schedule; 

  
 12 

	 	(b)	 in relation to any other applicable Bail-In Legislation:

  

	 	(i)	 any powers under that Bail-In Legislation to cancel, transfer or dilute
shares issued by a Person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a Person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

  

	 	(ii)	 any similar or analogous powers under that Bail-In Legislation; and

  

	 	(c)	 with respect to any UK Bail-In Legislation: 

 

	 	(i)	 any powers under that UK Bail-In Legislation to cancel, transfer or
dilute shares issued by a Person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a Person or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if
a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

  

	 	(ii)	 any similar or analogous powers under that UK Bail-In Legislation.

  

	1.2	 Use of Defined Terms; References. Any defined term used in the plural preceded by the definite
article encompasses all members of the relevant class. Any defined term used in the singular preceded by “a”, “an” or “any” indicates any number of the members of the relevant class. All references in this Agreement to
a Section, Article, Schedule or Exhibit are to a Section, Article, Schedule or Exhibit of or to this Agreement, unless otherwise indicated. 

  

	1.3	 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance
with generally accepted accounting principles consistent with those applied in the preparation of the audited financial statements referred to in Section 3.1(e). 

 

	1.4	 Divisions. For all purposes under this Agreement, in connection with any division or plan of division
under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed
to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity
interests at such time. 

  
 13 

 ARTICLE 2 

Amounts and Terms of the Advances and Letters of Credit 
  

	2.1	 Advances. 

  

	(a)	 Obligation to Make Advances. Each Lender severally agrees, on the terms and conditions hereinafter set
forth, to make Advances in U.S. dollars to the Borrowers from time to time on any Business Day during the period from the date hereof until the Termination Date of such Lender in a principal amount not to exceed such Lender’s Unused Commitment.

  

	(b)	 Amount of Advances. Each Borrowing shall be in an aggregate amount not less than $10,000,000 or an
integral multiple of $1,000,000 in excess thereof. 

  

	(c)	 Type of Advances. Each Borrowing shall consist of Advances of the same Type made on the same day by the
Lenders ratably according to their respective Commitments. Within the limits of each Lender’s Commitment, the Borrowers may from time to time borrow, prepay pursuant to Section 2.13, and reborrow under this Section 2.1 and
Section 2.2. 

  

	2.2	 Making Advances. 

 

	(a)	 Notice of Borrowing. Each Borrowing shall be made on notice, given by a Borrower to the Agent not
later than 1:00 p.m. (New York City time) on the day of the proposed Borrowing in the case of a Base Rate Borrowing and on the third Business Day prior to the date of the proposed Borrowing in the case of a Eurodollar Rate Borrowing (a
“Notice of Borrowing”). Each such Notice of Borrowing shall be in substantially the form of Exhibit B, specifying the requested 

  

	 	(i)	 date of such Borrowing, 

 

	 	(ii)	 Type of Advances constituting such Borrowing, 

 

	 	(iii)	 aggregate amount of such Borrowing, and 

 

	 	(iv)	 in the case of a Borrowing composed of Eurodollar Rate Advances, the initial Interest Period for each such
Advance. 

 Every Notice of Borrowing given by a Subsidiary Borrower must be countersigned by an authorized representative
of TBC, in order to evidence the consent of TBC, in its sole discretion, to that proposed Borrowing. Upon receipt of a Notice of Borrowing, the Agent shall promptly give notice to each Lender thereof. 

 

	(b)	 Funding Advances. Each Lender shall, before 3:00 p.m. (New York City time) on the date of such
Borrowing, make available for the account of its Applicable Lending Office to the Agent at the Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing. After the Agent’s receipt of such funds and upon
fulfillment of the applicable conditions set forth in Article 5, the Agent will make such funds available to the relevant Borrower at an account specified by such Borrower. 

 

	(c)	 Irrevocable Notice. Each Notice of Borrowing shall be irrevocable and binding. In the case of any
Borrowing that the related Notice of Borrowing specifies is to be composed of Eurodollar Rate Advances, the Borrower requesting such Borrowing shall indemnify each Lender against 

  
 14 

	 	
any loss, cost or expense incurred by such Lender on account of any failure to fulfill on or before the date specified for such Borrowing in such Notice of Borrowing the applicable conditions set
forth in Article 5, including, without limitation, any loss (but excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to
be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. 

  

	(d)	 Lender’s Ratable Portion. Unless the Agent has received notice from a Lender prior to
3:00 p.m. (New York City time) on the day of any Borrowing that such Lender will not make available to the Agent such Lender’s ratable portion of such Borrowing, the Agent may assume that such Lender has made such portion available to the Agent
on the date of such Borrowing in accordance with subsection (b) of this Section 2.2 and the Agent may, in reliance upon such assumption, make available to the requesting Borrower on such date a corresponding amount. If and to the extent
that a Lender has not so made such ratable portion available to the Agent, such Lender and such Borrower shall severally repay to the Agent forthwith on demand an amount that in the aggregate equals such corresponding amount together with interest
thereon for each day from the date such amount is made available by the Agent to such Borrower until the date such amount is repaid to the Agent, at 

  

	 	(i)	 in the case of such Borrower, the interest rate applicable at the time to Advances constituting such Borrowing,
and 

  

	 	(ii)	 in the case of such Lender, the Federal Funds Rate. 

If such Lender shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of
such Borrowing for purposes of this Agreement. 
  

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

  

	2.3	 Issuance of and Drawings and Reimbursement Under Letters of Credit. 

 

	(a)	 Request for Issuance. Any Borrower may request any Lender to issue, and any Lender may, if in its sole
discretion it elects to do so, on the terms and conditions hereinafter set forth, issue letters of credit (each, a “Letter of Credit”) for the account of the Borrowers from time to time on any Business Day during the period from the date
hereof until 15 days before the Termination Date 

  

	 	(i)	 in an aggregate Available Amount for all Letters of Credit issued by all Issuing Banks not to exceed at any
time the Letter of Credit Facility at such time, and 

  

	 	(ii)	 in an amount for each such Letter of Credit not to exceed an amount equal to the Unused Commitments of the
Lenders at such time. 

  

	(b)	 Amount of Letters of Credit. Each Letter of Credit shall be in an amount of $1,000,000 or more.

  
 15 

	(c)	 Duration of Letters of Credit. No Letter of Credit shall have an expiration date (including all rights
of the applicable Borrower or the beneficiary to require renewal) later than 15 days prior to the Termination Date, provided that if the Termination Date shall have been extended pursuant to Section 2.22 with respect to some but not all of the
Lenders, the Available Amount of Letters of Credit with expiry dates after any Termination Date applicable to any Non-Extending Lenders will not exceed the portion of the Commitments attributable to the
Lenders with respect to which the Termination Date shall have been extended. Within the limits referred to above, the Borrowers may request the issuance of Letters of Credit under this Section 2.3, repay any Advances resulting from drawings
thereunder pursuant to Section 2.3(f) and request the issuance of additional Letters of Credit under this Section 2.3. The terms “issue”, “issued”, “issuance” and all similar terms, when applied to a Letter of
Credit, shall include any renewal, extension or amendment thereof. 

  

	(d)	 Notice of Issuance. Each Letter of Credit shall be issued upon notice, given not later than
11:00 A.M. (New York City time) on the fifth Business Day prior to the date of the proposed issuance of such Letter of Credit (or on such shorter notice as the applicable Issuing Bank may agree), by any Borrower to any Issuing Bank, and
such Issuing Bank shall give the Agent, prompt notice thereof by facsimile. Each such notice of issuance of a Letter of Credit (a “Notice of Issuance”) shall be by telephone, confirmed immediately in writing, or facsimile,
specifying therein the requested 

  

	 	(i)	 date of such issuance (which shall be a Business Day), 

 

	 	(ii)	 Available Amount of such Letter of Credit, 

 

	 	(iii)	 expiration date of such Letter of Credit (which shall not be later than 15 days prior to the Termination Date),

  

	 	(iv)	 name and address of the beneficiary of such Letter of Credit and 

 

	 	(v)	 form of such Letter of Credit, and shall be accompanied by such customary application and agreement for letter
of credit as such Issuing Bank may specify to the Borrower requesting such issuance for use in connection with such requested Letter of Credit (a “Letter of Credit Agreement”). 

Every Notice of Issuance given by a Subsidiary Borrower must be countersigned by an authorized representative of TBC, in order to evidence the
consent of TBC, in its sole discretion, to that proposed Letter of Credit. 
 If the requested form of such Letter of Credit is acceptable to
such Issuing Bank in its sole discretion, such Issuing Bank may, upon fulfillment of the applicable conditions set forth in Article 5, make such Letter of Credit available to the Borrower requesting such issuance at its office referred to in
Section 8.2 or as otherwise agreed with such Borrower in connection with such issuance. In the event and to the extent that the provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions of this Agreement
shall govern. 
  

	(e)	 Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing
the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation in such Letter of
Credit equal to such Lender’s Ratable Share of the Available Amount of such Letter of Credit. Each Borrower hereby agrees to each such participation. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and
unconditionally agrees to pay to the Agent, for the account of such Issuing Bank, such Lender’s Ratable Share of each drawing made under a Letter of Credit funded by such 

  
 16 

	 	
Issuing Bank and not reimbursed by the applicable Borrower on the date made, or of any reimbursement payment required to be refunded to any Borrower for any reason. Each Lender acknowledges and
agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of
any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender further
acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Lender’s Ratable Share of the Available Amount of such Letter of Credit at each time such Lender’s Commitment may be
reduced pursuant to Section 2.4, Section 2.9 or Section 2.20 or increased pursuant to Section 2.20 or otherwise amended pursuant to this Agreement. 

 

	(f)	 Drawing and Reimbursement. The payment by an Issuing Bank of a draft drawn under any Letter of Credit
shall constitute for all purposes of this Agreement the making by any such Issuing Bank of an Advance, which shall be a Base Rate Advance in the amount of such draft. Each Issuing Bank shall give prompt notice (and such Issuing Bank will use its
commercially reasonable efforts to deliver such notice within one Business Day) of each drawing under any Letter of Credit issued by it to the Company, the applicable Borrower (if not the Company) and the Agent. Upon written demand by such Issuing
Bank made to the Agent, with a copy of such demand to the Company, and the Agent’s prompt notice thereof to each Lender, each Lender shall pay to the Agent such Lender’s Ratable Share of such outstanding Advance, by making available for
the account of its Applicable Lending Office to the Agent for the account of such Issuing Bank, by deposit to the Agent’s Account, in same day funds, an amount equal to the portion of the outstanding principal amount of such Advance to be
funded by such Lender. Each Lender acknowledges and agrees that its obligation to make Advances pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. Promptly after receipt thereof, the Agent shall transfer such funds to such Issuing Bank. Each Lender agrees to fund its Ratable Share of an outstanding Advance on 

 

	 	(i)	 the Business Day on which demand therefor is made by such Issuing Bank, provided that notice of such
demand is given not later than 11:00 A.M. (New York City time) on such Business Day, or 

  

	 	(ii)	 the first Business Day next succeeding such demand if notice of such demand is given after such time.

 If and to the extent that any Lender shall not have so made the amount of such Advance available to the Agent, such
Lender agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date of demand by any such Issuing Bank until the date such amount is paid to the Agent, at the Federal Funds Rate for its
account or the account of such Issuing Bank, as applicable. If such Lender shall pay to the Agent such amount for the account of any such Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute an Advance made
by such Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Advance made by such Issuing Bank shall be reduced by such amount on such Business Day. 

  
 17 

	 	(g)	 Letter of Credit Reports. Each Issuing Bank shall furnish 

 

	 	(i)	 to the Agent (with a copy to the Company) on the first Business Day of each month a written report summarizing
issuance and expiration dates of Letters of Credit during the preceding month and drawings during such month under all Letters of Credit and 

  

	 	(ii)	 to the Agent (with a copy to the Company) on the first Business Day of each calendar quarter a written report
setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit. 

  

	(h)	 Failure to Make Advances. The failure of any Lender to make the Advance to be made by it on the date
specified in Section 2.3(f) shall not relieve any other Lender of its obligation hereunder to make its Advance on such date, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other
Lender on such date. 

  

	2.4	 Repayment. 

  

	(a)	 Advances. The Borrowers shall repay to the Agent for the ratable account of each Lender on the
Termination Date applicable to such Lender the unpaid principal amount of the Advances made by such Lender and then outstanding. 

  

	(b)	 Letter of Credit Reimbursements. The obligation of any Borrower under this Agreement, any Letter of
Credit Agreement and any other agreement or instrument, in each case, to repay any Advance that results from payment of a drawing under a Letter of Credit shall be unconditional and irrevocable, and shall be paid strictly in accordance with the
terms of this Agreement, such Letter of Credit Agreement and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances (it being understood that any such payment by a Borrower is without
prejudice to, and does not constitute a waiver of, any rights such Borrower might have or might acquire as a result of the payment by any Lender of any draft or the reimbursement by the Borrower thereof): 

 

	 	(i)	 any lack of validity or enforceability of this Agreement, any Note, any Letter of Credit Agreement, any Letter
of Credit or any other agreement or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”); 

  

	 	(ii)	 any change in the time, manner or place of payment of any Letter of Credit; 

 

	 	(iii)	 the existence of any claim, defense or other right that any Borrower may have at any time against any
beneficiary or any transferee of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), any Issuing Bank, the Agent, any Lender or any other Person, whether in connection with the transactions
contemplated by the L/C Related Documents or any unrelated transaction; 

  

	 	(iv)	 any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect; 

  

	 	(v)	 payment by any Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does
not comply with the terms of such Letter of Credit; 

  

	 	(vi)	 any exchange, release or non-perfection of any collateral, or any
release or amendment or waiver of or consent to departure from any guarantee, for all or any of the obligations of any Borrower in respect of the L/C Related Documents; or 

  
 18 

	 	(vii)	 any other circumstance or happening whatsoever, whether or not similar to any of the foregoing that might, but
for the provisions of this Section, constitute a legal or equitable discharge of the Borrower’s obligations hereunder. 

  

	2.5	 Interest Rate on Advances. Each Borrower shall pay interest on the unpaid principal amount of each of
its Advances from the date of such Advance until such principal amount is paid in full, at the following rates per annum: 

  

	 	(i)	 during each period in which such Advance is a Base Rate Advance, at a rate per annum equal at all times to the
Base Rate in effect from time to time plus the Applicable Margin, payable quarterly in arrears on the first day of each January, April, July and October and on the Termination Date, and 

 

	 	(ii)	 during each period in which such Advance is a Eurodollar Rate Advance, at a rate per annum equal at all times
during each relevant Interest Period for such Advance to the Eurodollar Rate for such Interest Period plus the Applicable Margin, payable on the last day of each such Interest Period, and if such Interest Period has a duration of more than three
months, quarterly on each day during such Interest Period that is three months from either (A) the first day of such Interest Period or (B) the last such interest payment date and on the date such Advance is Converted or paid in full;

 provided that in the event and during the continuance of an Event of Default the Agent may, and upon the request
of the Majority Lenders shall, give notice to the Borrowers that (x) the Applicable Margin shall immediately increase by 1.0% above the Applicable Margin then in effect, and, in the case of a Eurodollar Rate Advance, such Advance shall
automatically convert to a Base Rate Advance at the end of the Interest Period then in effect for such Eurodollar Rate Advance and (y) to the fullest extent permitted by law, the Borrowers shall pay interest on the amount of any interest, fee
or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at
all times to 1% above the Base Rate; provided, however, that following acceleration of the Advances pursuant to Section 6.2, the foregoing described interest shall accrue and be payable hereunder whether or not previously required
by the Agent. 
 2.6 [Reserved]. 
 2.7 [Reserved].

 2.8 Fees and Commissions. 
  

	(a)	 Facility Fees. TBC agrees to pay to the Agent for the account of each Lender a facility fee
(“Facility Fee”) on such Lender’s Commitment, without regard to usage; provided that no Defaulting Lender shall be entitled to receive any Facility Fee for any period during which that Lender is a Defaulting Lender
except to the extent allocable to the outstanding principal amount of Advances funded by it (and TBC shall not be required to pay such fee that otherwise would have been required to have been paid to that Defaulting Lender). The Facility Fee shall
be payable for the periods from the date hereof in the case of each Lender named in Schedule I, and from the effective date on which any other Lender becomes party hereto, until the Termination Date applicable to such Lender (or such earlier date on
which such Lender ceases to be a party hereto) at the rate per annum equal to the Applicable Percentage in effect from time to time. 

  
 19 

	 	
Facility Fees shall be payable in arrears on each January 1, April 1, July 1 and October 1 during the term of this Agreement and on the latest Termination Date. The amount of
the Facility Fee payable on January 1, 2020 and on the Termination Date shall be prorated based on the actual number of days elapsed either since the date hereof (in the case of the January 1, 2020 payment) or since the date on which the
last payment in respect of the Facility Fee was made (in the case of the payment made on the Termination Date). 

  

	(b)	 Letter of Credit Commissions. 

 

	 	(i)	 Each Borrower shall pay to the Agent for the account of each Lender a commission on such Lender’s Ratable
Share of the average daily aggregate Available Amount of all Letters of Credit issued at the request of such Borrower and outstanding from time to time at a rate per annum equal to the Applicable Letter of Credit Commission in effect from time to
time during such calendar quarter, payable in arrears quarterly each January 1, April 1, July 1 and October 1 during the term of this Agreement, and on and after the Termination Date, payable upon demand; provided, that no
Defaulting Lender shall be entitled to receive any commission in respect of Letters of Credit for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay such commission to that Defaulting Lender
but shall pay such commission as set forth in Section 2.24). 

  

	 	(ii)	 Each Borrower shall pay to each Issuing Bank for its own account such reasonable fees as may from time to time
be agreed in writing between TBC and such Issuing Bank. 

  

	2.9	 Reduction of the Commitments. TBC shall have the right, upon at least 3 Business Days’ notice to
the Agent, to permanently terminate in whole or permanently reduce ratably in part the Unused Commitments, provided that each partial reduction shall be in a minimum amount of $10,000,000 or an integral multiple of $1,000,000 in excess
thereof. 

  

	2.10	 Additional Interest on Eurodollar Rate Advances. Each Borrower shall pay to each Lender, so long as such
Lender is required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal
amount of each Eurodollar Rate Advance of such Lender to such Borrower, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum for each Interest Period equal to the remainder obtained by subtracting
(i) the Eurodollar Rate for such Interest Period for such Advance from (ii) the rate obtained by dividing such Eurodollar Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest
Period, payable on each date on which interest is payable on such Advance. Such additional interest shall be determined by such Lender and notified to the relevant Borrowers through the Agent. 

 

	2.11	 Eurodollar Interest Rate Determination. 

 

	(a)	 Methods to Determine Eurodollar Rate. The Agent shall determine the Eurodollar Rate for each Eurodollar
Rate Advance by using the methods described in the definition of the term “Eurodollar Rate,” and shall give prompt notice to the relevant Borrowers and the Lenders of each such Eurodollar Rate. 

 

	(b)	 [Reserved]. 

  
 20 

	(c)	 Inadequate Eurodollar Rate. If, with respect to any Eurodollar Rate Advances, the Majority Lenders
notify the Agent that the Eurodollar Rate for any Interest Period for such Advances will not adequately reflect the cost to such Majority Lenders of making, funding or maintaining their respective Eurodollar Rate Advances for such Interest Period,
the Agent shall forthwith so notify the relevant Borrowers and the Lenders, whereupon 

  

	 	(i)	 each such Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period
therefor, Convert into a Base Rate Advance, and 

  

	 	(ii)	 the obligation of the Lenders to make, or to Convert Base Rate Advances into, Eurodollar Rate Advances shall be
suspended until the Agent notifies the Borrowers and the Lenders that the circumstances causing such suspension no longer exist. 

  

	(d)	 Absence of an Interest Period on a Eurodollar Rate Advance. If a Borrower fails to select the duration
of an Interest Period for a Eurodollar Rate Advance in accordance with the provisions contained in the definition of “Interest Period” in Section 1.1, the Agent will forthwith so notify such Borrower and the Lenders and such Advances
will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances. 

  

	(e)	 Successor LIBOR. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents,
if the Agent determines (which determination shall be conclusive absent manifest error), or the Majority Lenders notify the Agent (with a copy to the Borrowers) that the Majority Lenders have determined, that: 

 

	 	(i)	 adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for any requested Interest
Period, including, without limitation, because the Eurodollar Rate as determined by the method described in the definition of “Eurodollar Rate” is not available or published on a current basis and such circumstances are unlikely to be
temporary; or 

  

	 	(ii)	 the supervisor for the administrator of LIBOR or a governmental authority having jurisdiction over the Agent
has made a public statement identifying a specific date after which LIBOR or the Eurodollar Rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability
Date”), 

 then, after such determination by the Agent or receipt by the Agent of such notice, as
applicable, the Agent and TBC may amend this Agreement to replace LIBOR and the Eurodollar Rate with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) that has been broadly
accepted by the syndicated loan market in the United States in lieu of LIBOR (any such proposed rate, a “LIBOR Successor Rate”, which, if less than zero, shall be deemed to be zero for purposes of this Agreement), together with any
proposed LIBOR Successor Rate Conforming Changes and, notwithstanding anything to the contrary in Section 8.1, any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Agent shall have posted
such proposed amendment to all Lenders and TBC unless, prior to such time, Lenders comprising the Majority Lenders have delivered to the Agent notice that such Majority Lenders do not accept such amendment. 

  
 21 

 If no LIBOR Successor Rate has been determined and the circumstances under
clause (i) above exist, the obligation of the Lenders to make or maintain Eurodollar Rate Advances shall be suspended (to the extent of the affected Eurodollar Rate Advances or Interest Periods). Upon receipt of such notice, the Borrowers may
revoke any pending request for a Eurodollar Rate Borrowing of, conversion to or continuation of Eurodollar Rate Advances (to the extent of the affected Eurodollar Rate Advances or Interest Periods) or, failing that, will be deemed to have converted
such request into a request for a Borrowing of Base Rate Advances in the amount specified therein. 
 “LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest
and other administrative matters as may be appropriate, in the discretion of the Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Agent in a manner substantially consistent with market
practice (or, if the Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration
as the Agent determines in consultation with TBC). 
  

	2.12	 Voluntary Conversion of Advances. Subject to the provisions of Sections 2.11 and 2.16, any Borrower may
Convert all such Borrower’s Advances of one Type constituting the same Borrowing into Advances of the other Type on any Business Day, upon notice given to the Agent not later than 11:00 a.m. (New York City time) on the third Business Day prior
to the date of the proposed Conversion; provided, however, that the Conversion of a Eurodollar Rate Advance into a Base Rate Advance may be made on, and only on, the last day of an Interest Period for such Eurodollar Rate Advance. Each
such notice of a Conversion shall, within the restrictions specified above, specify 

  

	 	(i)	 the date of such Conversion, 

 

	 	(ii)	 the Advances to be Converted, and 

 

	 	(iii)	 if such Conversion is into Eurodollar Rate Advances, the duration of the Interest Period for each such Advance.

  

	2.13	 Prepayments. Any Borrower shall have the right at any time and from time to time, upon prior written
notice from such Borrower to the Agent, to prepay its outstanding principal obligations with respect to its Advances in whole or ratably in part (except as provided in Section 2.16 or 2.20), provided that every notice of prepayment given
by a Subsidiary Borrower must be countersigned by an authorized representative of TBC, in order to evidence the consent of TBC, in its sole discretion, to that prepayment. Such prepaying Borrower may be obligated to make certain prepayments of
obligations with respect to one or more Advances subject to and in accordance with this Section 2.13. 

  

	(a)	 Base Rate Borrowings Prepayments. With respect to Base Rate Borrowings, such prepayment shall be without
premium or penalty, upon notice given to the Agent, and shall be made not later than 11:00 a.m. (New York City time) on the date of such prepayment. The applicable Borrower shall designate in such notice the amount and date of such prepayment.
Accrued interest on the amount so prepaid shall be payable on the first Business Day of the calendar quarter next following the prepayment. The minimum amount of Base Rate Borrowings which may be prepaid on any occasion shall be $10,000,000 or an
integral multiple of $1,000,000 in excess thereof or, if less, the total amount of Base Rate Advances then outstanding for that Borrower. 

  
 22 

	(b)	 Eurodollar Rate Borrowings Prepayments. With respect to Eurodollar Rate Borrowings, such prepayment
shall be made on at least 3 Business Days’ prior written notice to the Agent not later than 11:00 a.m. (New York City time), and if such notice is given the applicable Borrower shall prepay the outstanding principal amount of the Advances
constituting part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid. The minimum amount of Eurodollar Rate Borrowings which may be prepaid on any occasion
shall be $10,000,000 or an integral multiple of $1,000,000 in excess thereof or, if less, the total amount of Eurodollar Rate Advances then outstanding for that Borrower. 

 

	(c)	 Additional Prepayment Payments. The prepaying Borrower shall, on the date of the prepayment of any
Eurodollar Rate Advances, pay to the Agent for the account of each Lender interest accrued to such date of prepayment on the principal amount prepaid plus, in the case only of a prepayment on any date which is not the last day of an applicable
Interest Period, any amounts which may be required to compensate such Lender for any losses or out-of-pocket costs or expenses (including any loss, cost or expense
incurred by reason of the liquidation or reemployment of deposits or other funds, but excluding loss of anticipated profits) incurred by such Lender as a result of such prepayment, provided that such Lender shall exercise reasonable efforts
to minimize any such losses, costs and expenses. 

  

	(d)	 Eurodollar Rate Advance Prepayment Expense. If, due to the acceleration of any of the Advances pursuant
to Section 6.2(b), an assignment, repayment or prepayment under Section 2.20, 2.21 or 2.22 or otherwise, any Lender receives payment of its portion of, or is subject to any Conversion from, any Eurodollar Rate Advance on any day other than
the last day of an Interest Period with respect to such Advance, the relevant Borrowers shall pay to the Agent for the account of such Lender any amounts which may be payable to such Lender by such Borrower by reason of payment on such day as
provided in Section 2.13(c). 

  

	2.14	 Increases in Costs. 

 

	(a)	 Costs from Law or Authorities. If, due to either 

 

	 	(1)	 the introduction of, or any change (other than, in the case of Eurodollar Rate Borrowings, a change by way of
imposition or an increase of reserve requirements described in Section 2.10) in, or new interpretation of, any law or regulation effective at any time and from time to time on or after the date hereof, or 

 

	 	(2)	 the compliance with any guideline or the request from or by any central bank or other governmental authority
(whether or not having the force of law), 

 there is an increase in the cost incurred by a Lender in agreeing to make or
making, funding or maintaining any Eurodollar Rate Advance then or at any time thereafter outstanding or agreeing to issue or of issuing or maintaining or participating in Letters of Credit (excluding for purposes of this Section 2.14 any such
increased costs resulting from (i) Taxes or Other Taxes (as to which Section 2.15 shall govern), (ii) changes in the basis of taxation of overall net income or overall gross income by the United States or by the foreign jurisdiction or
state under the laws of which such Lender is organized or has its Applicable Lending Office (or any political subdivision thereof) and (iii) FATCA), then TBC shall from time to time, upon demand of such Lender (with a copy of such demand to the
Agent), pay to the Agent for the account of such Lender such amounts as are required to compensate such Lender for such increased cost, provided that such Lender shall exercise reasonable efforts (consistent with its internal policy and legal
and 

  
 23 

 
regulatory restrictions) to minimize any such increased cost and provided further that the Borrowers shall not be required to pay any such compensation with respect to any period
prior to the 90th day before the date of any such demand, unless such introduction, change, compliance or request shall have retroactive effect to a date prior to such 90th day. A certificate as
to the amount of such increase in cost, submitted to the relevant Borrowers and the Agent by such Lender, shall be conclusive and binding for all purposes under this Section 2.14(a), absent manifest error. 

 

	(b)	 Increased Capital Requirements. If any Lender determines that compliance with any law or regulation or
any guidelines or request from any central bank or other governmental authority (whether or not having the force of law) which is enacted, adopted or issued at any time and from time to time after the date hereof affects or would affect the amount
of capital or liquidity required or expected to be maintained by such Lender (or any corporation controlling such Lender) and that the amount of such capital or liquidity is increased by or based upon the existence of such Lender’s commitment
to lend or to issue or participate in Letters of Credit hereunder and other commitments of such type or the issuance or participation in the Letters of Credit (or similar contingent obligations), then, upon demand by such Lender (with a copy of such
demand to the Agent), the Borrowers shall immediately pay to the Agent for the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender in the light of such circumstances, to the
extent that such Lender reasonably determines such increase in capital or liquidity to be allocable to the existence of such Lender’s commitment to lend or to issue or participate in Letters of Credit hereunder or to the issuance or maintenance
of or participation in any Letters of Credit, provided that such Lender shall exercise reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to minimize any such compensation payable by the Borrowers
hereunder and provided further that the Borrowers shall not be required to pay any such compensation with respect to any period prior to the 90th day before the date of any such demand, unless such introduction, change, compliance or request
shall have retroactive effect to a date prior to such 90th day. A certificate as to such amounts submitted to the relevant Borrowers and the Agent by such Lender, shall be conclusive and binding
for all purposes, absent manifest error. 

  

	(c)	 Borrower Rights Upon Cost Increases. Upon receipt of notice from any Lender claiming compensation
pursuant to this Section 2.14 or Section 2.15 and as long as no Default has occurred and is continuing, TBC shall have the right, on or before the 30th day after the date of receipt of any such notice, 

 

	 	(i)	 to arrange for one or more Lenders or other commercial banks to assume the Commitment of such Lender;
subject, however, to payment to the Agent by the assignor or the assignee of a processing and recording fee of $3,500, in the event the assuming lender is not a Lender; or 

 

	 	(ii)	 to arrange for the Commitment of such Lender to be terminated and all Advances owed to such Lender to be
prepaid; 

 and, in either case, subject to payment in full of all principal, accrued and unpaid interest, fees,
commissions and other amounts payable under this Agreement and then owing to such Lender immediately prior to the assignment or termination of the Commitment of such Lender. 
  

	(d)	 For the avoidance of doubt, this Section 2.14 shall apply to all requests, rules, guidelines or directives
concerning increased costs and capital adequacy or liquidity (i) issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, regardless of the date enacted, adopted or issued. 

  
 24 

	2.15	 Taxes. For purposes of this Section 2.15, the term “Lender” includes any Issuing Bank.

  

	(a)	 Exclusion and Inclusion of Taxes. Any and all payments by each Borrower hereunder or with respect to any
Advances or under any Notes shall be made, in accordance with Section 2.17, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect
thereto, excluding (i) in the case of each Lender and the Agent, taxes that are imposed on its overall net income by the United States and taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by
the state or foreign jurisdiction under the laws of which such Lender or the Agent (as the case may be) is organized or any political subdivision thereof and, in the case of each Lender, taxes that are imposed on its overall net income (and
franchise taxes imposed in lieu thereof) by the state or foreign jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof and (ii) any United States withholding tax imposed under FATCA (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder or with respect to any Advances or under any Notes, hereinafter referred to as
“Taxes”). If any Borrower shall be required by law to deduct any Taxes from or in respect to any sum payable hereunder or with respect to any Advances or under any Note to any Lender or the Agent, (i) the sum payable shall be
increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.15) such Lender or the Agent (as the case may be) receives an amount equal to the sum it
would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with
applicable law. 

  

	(b)	 Payment of Other Taxes. In addition, each Borrower shall pay any present or future stamp, documentary,
excise, property or similar taxes, charges, or levies that arise from any payment made hereunder or with respect to any Advances and under any Notes or from the execution, delivery or registration of, performance under, or otherwise with respect to,
this Agreement or any Notes (“Other Taxes”). 

  

	(c)	 Indemnification as to Taxes. Each Borrower shall indemnify each Lender and the Agent for and hold it
harmless against the full amount of Taxes and Other Taxes (including Taxes and Other Taxes imposed on amounts payable under this Section 2.15), imposed on or paid by such Lender or the Agent (as the case may be) and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be made within 30 days from the date such Lender or the Agent (as the case may be) makes written demand therefor. 

 

	(d)	 Evidence of or Exemption from Taxes. Within 30 days after the date of any payment of Taxes, the Borrower
which paid such Taxes shall furnish to the Agent, at its address referred to in Section 8.2, the original or a certified copy of a receipt evidencing such payment. In the case of any payment hereunder or with respect to the Advances or under
any Notes by or on behalf of any Borrower through an account or branch outside the United States or by or on behalf of any Borrower by a payor that is not a United States person, if the applicable Borrower determines that no taxes are payable in
respect thereof, such Borrower shall furnish, or shall cause such payor to furnish, to the Agent, at such address, an opinion of counsel or other supporting documentation acceptable to the Agent stating that such payment is exempt from Taxes. For
purposes of this subsection (d) and subsection (e), the terms “United States” and “United States person” have the meanings specified in Section 7701 of the Internal Revenue Code. 

  
 25 

	(e)	 Status of Lenders. For purposes of this Section 2.15(e), the term “Lender” includes the
Agent. 

  

	 	(i)	 Each Lender organized under the laws of a jurisdiction outside the United States shall, on or prior to the date
of its execution and delivery of this Agreement (in the case of each Lender listed in Schedule I), and from the date on which any other Lender becomes a party hereto (in the case of each other Lender), and from time to time thereafter as requested
in writing by TBC (but only so long thereafter as such Lender remains lawfully able to do so), provide each of the Agent and TBC with two original Internal Revenue Service forms W-8BEN, W-8IMY, or W-8EC1, as appropriate, or any successor form prescribed by the Internal Revenue Service, to establish that such Lender is not subject to, or is entitled to a
reduced rate of, United States withholding tax on payments pursuant to this Agreement or with respect to any Advances or any Notes. If the forms provided by a Lender at the time such Lender first becomes a party to this Agreement indicates a United
States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded from Taxes unless and until such Lender provides the appropriate form certifying that a lower rate applies, whereupon withholding tax
at such lower rate only shall be considered excluded from Taxes for periods governed by such form; provided, however, that, if at the date on which a Lender becomes a party to this Agreement, the Lender assignor was entitled to
payments under subsection 2.15(a) in respect of United States withholding tax with respect to interest paid at such date, then, to such extent, the term Taxes shall include (in addition to withholding taxes that may be imposed in the future or other
amounts otherwise includable in Taxes) United States withholding tax, if any, applicable with respect to the Lender assignee on such date. If any form or document referred to in this subsection 2.15(e) requires the disclosure of information, other
than information necessary to compute the tax payable and information required on the date hereof by Internal Revenue Service form W-8BEN, W-8IMY, or W-8EC1, that the Lender reasonably considers to be confidential, the Lender shall give notice thereof to the relevant Borrowers and shall not be obligated to include in such form or document confidential
information. 

  

	 	(ii)	 Each Lender that is a United States person shall deliver to TBC and the Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of TBC or the Agent), executed originals of Internal Revenue Service forms W-9 certifying that
such Lender is exempt from United States federal backup withholding tax. 

  

	 	(iii)	 If a payment made to a Lender would be subject to United States federal withholding tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to TBC, at the time or times
prescribed by law and at such time or times reasonably requested in writing by TBC, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional
documentation reasonably requested in writing by TBC as may be necessary for each Borrower to comply with its obligations under FATCA, to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the
amount to deduct and withhold from such payment. For purposes of this Section 2.14(e)(iii) FATCA shall include any Treasury regulations or interpretations thereof. 

  
 26 

	(f)	 Lender Failure to Provide IRS Forms. For any period with respect to which any Lender has failed to
provide TBC with the appropriate form described in subsection 2.15(e) (other than if such failure is due to a change in law occurring after the date on which a form originally was required to be provided or if such form otherwise is not required
under subsection 2.15(e)), such Lender shall not be entitled to indemnification under subsection (a) or (c) with respect to Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender
become subject to Taxes because of its failure to deliver a form required hereunder, TBC shall take such steps as such Lender shall reasonably request to assist such Lender to recover such Taxes. 

 

	(g)	 Treatment of Certain Refunds. If the Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this Section 2.15, it shall pay to such Borrower an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant governmental authority with respect to such refund), provided that
such Borrower, upon the request of the Agent or such Lender agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant governmental authority) to the Agent or such Lender in the event
the Agent or such Lender is required to repay such refund to such governmental authority. This paragraph shall not be construed to require the Agent or any Lender to make available its tax returns (or any other information relating to its taxes that
it deems confidential) to any Borrower or any other Person. 

  

	2.16	 Illegality. If any Lender shall notify the Agent that either 

 

	 	(a)	 there is any introduction of, or change in or in the interpretation of, any law or regulation that in the
opinion of counsel for such Lender in the relevant jurisdiction makes it unlawful, or 

  

	 	(b)	 any central bank or other governmental authority asserts that it is unlawful 

for such Lender to continue to fund or maintain any Eurodollar Rate Advances or to perform its obligations hereunder with respect to Eurodollar
Rate Advances hereunder, then, upon the issuance of such opinion of counsel or such assertion by a central bank or other governmental authority, the Agent shall give notice of such opinion or assertion to the Borrowers (accompanied by such opinion,
if applicable). The Borrowers shall forthwith (or at the end of the then-current Interest Period if the Eurodollar Rate Advances may be lawfully maintained as Eurodollar Rate Advances until then) either 

 

	 	(i)	 prepay in full all Eurodollar Rate Advances made by such Lender, with accrued interest thereon or

  

	 	(ii)	 Convert each such Eurodollar Rate Advance made by such Lender into a Base Rate Advance. 

Upon such prepayment or Conversion, the obligation of such Lender to make Eurodollar Rate Advances, or to Convert Advances into Eurodollar Rate
Advances, shall be suspended until the Agent shall notify the Borrowers that the circumstances causing such suspension no longer exists. 

  
 27 

	2.17	 Payments and Computations. 

 

	(a)	 Time and Distribution of Payments. The Borrowers shall make each payment hereunder and with respect to
any Advances or under any Notes, without counterclaim or setoff, not later than 11:00 a.m. (New York City time) on the day when due in U.S. dollars to the Agent at the Agent’s Account in same day funds. The Agent shall promptly thereafter cause
to be distributed like funds relating to the payment of principal or interest, fees or commissions ratably (other than amounts payable pursuant to Section 2.10, 2.14, 2.15, 2.16 or 2.20) to the Lenders for the account of their respective
Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement.
From and after the effective date of an assignment pursuant to Section 2.21, the Agent shall make all payments hereunder and with respect to any Advances or under any Notes in respect of the interest assigned thereby to the Lender assignee
thereunder, and the parties to such assignment shall make all appropriate adjustments in such payments for the periods prior to such effective date directly between themselves. 

 

	(b)	 Computation of Interest, Fees and Commissions. All computations of interest based on clause (a) of
the definition of Base Rate shall be made by the Agent on the basis of a year of 365 or 366 days, as the case may be. All computations of interest based on the Eurodollar Rate, the Federal Funds Rate or clause (c) of the definition of Base Rate
and of Facility Fees and Letter of Credit commissions shall be made by the Agent, and all computations of interest pursuant to Section 2.10 shall be made by a Lender, on the basis of a year of 360 days, in each case for the actual number of
days (including the first day but excluding the last day) occurring in the period for which such interest, fees or commissions are payable. Each determination by the Agent (or, in the case of Section 2.10, by a Lender) of an interest rate
hereunder shall be conclusive and binding for all purposes, absent manifest error. 

  

	(c)	 Payment Due Dates. Whenever any payment hereunder or with respect to any Advances or under any Notes
shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or fee, as the case may
be, but not later than the Termination Date; provided, however, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made
on the immediately preceding Business Day. 

  

	(d)	 Presumption of Borrower Payment. Unless the Agent receives notice from a Borrower prior to the date on
which any payment is due to any Lenders hereunder that such Borrower will not make such payment in full, the Agent may assume that such Borrower has made such payment in full to the Agent on such date and the Agent may, in reliance upon such
assumption, cause to be distributed to each such Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that such Borrower has not made such payment in full to the Agent, each such Lender shall repay to the
Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Agent, at the Federal Funds
Rate. 

  

	2.18	 Sharing of Payments, Etc. If any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Advances or other obligations hereunder resulting in such Lender receiving payment of a proportion of the aggregate amount of its Advances and accrued interest
thereon or other such obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value)

  
 28 

	 	
participations in the Advances and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Advances and other amounts owing them; provided that: 

 

	 	(i)	 if any such participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

  

	 	(ii)	 the provisions of this paragraph shall not be construed to apply to (x) any payment made by any Borrower
pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), or (y) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Advances or participations in L/C Obligations to any assignee or participant, other than to a Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall apply). 

Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the
amount of such participation. 
  

	2.19	 Evidence of Debt. 

 

	(a)	 Lender Records; If Notes Required. Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time
hereunder in respect of Advances. Each Borrower shall, upon notice by any Lender to such Borrower (with a copy of such notice to the Agent) to the effect that a Note is required or appropriate in order for such Lender to evidence (whether for
purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, such Borrower shall promptly execute and deliver to such Lender a Note payable to the order of such Lender in a principal amount up to the Commitment
of such Lender. 

  

	(b)	 Record of Borrowings, Payables and Payments. The Register maintained by the Agent pursuant to
Section 2.21(d) shall include a control account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded 

  

	 	(i)	 the date and amount of each Borrowing made hereunder to each Borrower, the Type of Advances constituting such
Borrowing and, if appropriate, the Interest Period applicable thereto, 

  

	 	(ii)	 the terms of each assignment pursuant to Section 2.21, 

 

	 	(iii)	 the amount of any principal or interest due and payable or to become due and payable from each Borrower to each
Lender hereunder, and 

  
 29 

	 	(iv)	 the amount of any sum received by the Agent from a Borrower hereunder and each Lender’s share thereof.

  

	(c)	 Evidence of Payment Obligations. Entries made in good faith by the Agent in the Register pursuant to
subsection (b) above, and by each Lender in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from a
Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Agent or such Lender to make an
entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement. 

 

	2.20	 Alteration of Commitments and Addition of Lenders. 

 

	(a)	 Alter Lender Commitment. By a written agreement executed only by TBC, the Agent, each Issuing Bank and
the affected Lender and any non-party lender involved, 

  

	 	(i)	 the Commitment of such affected Lender may be increased to the amount set forth in such agreement;

  

	 	(ii)	 such non-party lender may be added as a Lender with a Commitment as set
forth in such agreement, provided that such lender agrees to be bound by all the terms and provisions of this Agreement; and 

  

	 	(iii)	 the unused portion of the Commitment of such affected Lender may be reduced or terminated and the Advances
owing to such Lender may be prepaid in whole or in part, all as set forth in such agreement. 

  

	(b)	 Conditions to Alteration. The Agent may execute any such agreement without the prior consent of any
Lender other than the Lender affected, provided, however, that if at the time the Agent proposes to execute such agreement either (A) TBC’s long-term senior unsecured debt is rated by any two of S&P, Moody’s and
Fitch, lower than BBB- by S&P, lower than Baa3 by Moody’s or lower than BBB- by Fitch or (B) a Default has occurred and is continuing, then the Agent shall
not execute any such agreement unless it has first obtained the prior written consent of the Majority Lenders, and provided further that the Agent shall not execute any such agreement without the prior written consent of the Majority
Lenders if such agreement would increase the total of the Commitments to an amount in excess of $3,166,666,667 or, pursuant to Section 2.20(c), $4,166,666,667. 

 

	(c)	 Increase Total Commitment. The Company has the right to increase the total of the Commitments through a
Request for Alteration, in minimum increments of $5,000,000, up to a maximum aggregate of Commitments of $4,166,666,667, provided that, in addition to the requirements specified in Section 2.20(b), at the time of and after
giving effect to an increase, TBC’s long-term senior unsecured non-credit-enhanced debt ratings from any two of S&P, Moody’s and Fitch are better than or equal to
BBB-, Baa3 and BBB-, respectively. The Company may offer the proposed increase (the “Proposed Increased Commitment”) to such Lender(s) or third party
financial institutions acceptable to the Agent and each Issuing Bank (“New Lenders”) as the Company may select, provided that 

  

	 	(i)	 such selected Lender(s) and such New Lender(s) shall have the right, but no obligation, to increase (or
establish) its Commitment, by giving notice thereof to the Agent, to all or a portion of the Proposed Increased Commitment, allocations to be at the sole discretion of the Company, and 

  
 30 

	 	(ii)	 that the minimum commitment of each New Lender equals or exceeds $25,000,000. 

 

	(d)	 Request for Alteration. The Agent shall give each Lender prompt notice of any such agreement becoming
effective. All requests for Lender consent under the provisions of this Section 2.20 shall specify the date upon which any such increase, addition, reduction, termination, or prepayment shall become effective (the “Effective
Date”) and shall be made by means of a Request for Alteration substantially in the form as set forth in Exhibit C. On the Effective Date on which the Commitment of any Lender is increased, decreased, terminated or created or on which
prepayment is made, all as described in such Request for Alteration, the Borrowers or such Lender, as the case may be, shall make available to the Agent not later than 12:30 p.m. (New York City time) on such date, in same day funds, the amount, if
any, which may be required (and the Agent shall distribute such funds received by it to the Borrowers or to such Lenders, as the case may be) so that at the close of business on such date the sum of the Advances of each Lender then outstanding shall
be in the same proportion to the total of the Advances of all the Lenders then outstanding as the Commitment of such Lender is to the total of the Commitments. The Agent shall give each Lender notice of the amount to be made available by, or to be
distributed to, such Lender at least 3 Business Days before such payment is made. 

  

	2.21	 Assignments; Sales of Participations and Other Interests in Advances. 

 

	(a)	 Assignment of Lender Obligations. From time to time each Lender may, with the prior written consent of
TBC (so long as no Event of Default has occurred and is continuing) and each Issuing Bank and subject to the qualifications set forth below, assign to one or more Lenders or an Eligible Assignee all or any portion of its rights and obligations under
this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it, its participations in Letters of Credit and the Note, if any, held by it) and will, at any time, if arranged by the Company pursuant to
clause (i)(A) below upon at least 30 days’ notice to such Lender and the Agent, assign to one or more Eligible Assignees all of its rights and obligations under this Agreement (including without limitation, all of its Commitment, the Advances
owing to it, its participations in Letters of Credit and the Note, if any, held by it); subject to the following: 

  

	 	(i)	 If such Lender notifies TBC and the Agent of its intent to request the consent of TBC to an assignment, or if
any Lender is a Defaulting Lender, TBC shall have the right, for 30 days after receipt of such notice or notice from the Agent that such Lender is a Defaulting Lender, as the case may be, and so long as no Event of Default has occurred and is
continuing, in its sole discretion either (A) to arrange for one or more Eligible Assignees to accept such assignment or, in the case of a Defaulting Lender, an assignment of all of such Lender’s Advances and Commitment (a
“Required Assignment”) or (B) other than in the case of a Defaulting Lender, to arrange for the rights and obligations of such Lender (including, without limitation, such Lender’s Commitment), and the total Commitments, to
be reduced by an amount equal to the amount of such Lender’s Commitment proposed to be assigned and, in connection with such reduction, to prepay that portion of the Advances owing to such Lender which it proposes to assign;

  

	 	(ii)	 If TBC fails to notify such Lender within 30 days of TBC’s receipt of such Lender’s request for
consent to assignment, the Borrowers shall be deemed to consent to the proposed assignment; 

  
 31 

	 	(iii)	 Any such assignment shall not require any Borrower to file a registration statement with the Securities and
Exchange Commission or apply to qualify the interests in the Advances under the blue sky laws of any state and the assigning Lender shall otherwise comply with all federal and state securities laws applicable to such assignment;

  

	 	(iv)	 Unless TBC consents, the amount of the Commitment of the assigning Lender being assigned pursuant to any such
assignment (determined as of the date of the assignment) shall either (A) equal 50% of all such rights and obligations (or 100% in the case of a Required Assignment) or (B) not be less than $5,000,000 or an integral multiple of $1,000,000
in excess thereof; 

  

	 	(v)	 Unless either (x) TBC consents or (y) an Event of Default has occurred and is continuing, the
aggregate amount of the Commitment assigned pursuant to all such assignments of such Lender (after giving effect to such assignment) shall in no event exceed 50% (except in the case of a Required Assignment) of all such Lender’s Commitment (as
set forth in Schedule I, in the case of each Lender that is a party hereto as of October 30, 2019, or as set forth in the Register as the aggregate Commitment assigned to such Lender pursuant to one or more assignments, in the case of any
assignee); 

  

	 	(vi)	 No Lender shall be obligated to make a Required Assignment unless such Lender has received payments in an
aggregate amount at least equal to the outstanding principal amount of all Advances being assigned, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under this
Agreement (including without limitation Section 2.13(c), provided that such Lender shall receive its pro rata share of the Facility Fee on the next date on which the Facility Fee is payable) and 

 

	 	(vii)	 In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent in an aggregate amount sufficient, upon distribution thereof
as appropriate (which may be outright payment, purchases by the assignee of participations, or other compensating actions, including funding, with the consent of TBC, the applicable pro rata share of Advances previously requested but not funded by
the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent and each other Lender hereunder
(and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Advances with its ratable portion. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any
Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until
such compliance occurs and except to the extent otherwise expressly agreed by the affected parties and subject to Section 8.17, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising
from that Lender’s having been a Defaulting Lender. 

  

	(b)	 Effect of Lender Assignment. From and after the effective date of any assignment pursuant to
Section 2.21(a), (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such assignment, it shall have the rights and obligations of a Lender hereunder
and (ii) the Lender assignor thereunder shall, to the 

  
 32 

	 	
extent that rights and obligations hereunder have been assigned by it pursuant to such assignment, relinquish its rights (other than its rights under Section 2.14, 2.15, 2.20 or 8.3 to the
extent any claim thereunder relates to an event arising prior to such assignment) and be released from its obligations under this Agreement (and, in the case of an assignment covering all or the remaining portion of an assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto). 

  

	(c)	 Security Interest; Assignment to Lender Affiliate. Notwithstanding Section 2.20(a) or any other
provision in this Agreement, any Lender may, upon prior or contemporaneous notice to TBC and the Agent, at any time (i) create a security interest in all or any portion of its rights under this Agreement (including without limitation, the
Advances owing to it and the Notes held by it, if any) to secure obligations of such Lender, including in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System or any other
governmental agency or instrumentality, and (ii) assign all or any portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it, its participations in
Letters of Credit and the Note held by it, if any) to an Affiliate of such Lender unless the result of such an assignment would be to increase the cost to any Borrowers of requesting, borrowing, continuing, maintaining, paying or converting
any Advances. 

  

	(d)	 Agent’s Register. The Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at its address referred to in Section 8.2 a copy of each assignment delivered to and accepted by it and a register for the recordation of the names and
addresses of the Lenders and the Commitment of, and principal amount of the Advances of each Borrower owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all
purposes, absent manifest error, and the Borrowers, the Agent and the Lenders may treat each entity whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by
the Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice. Upon receipt by the Agent from the assigning Lender of an assignment in form and substance satisfactory to the Agent executed by an assigning
Lender and an assignee representing that it is an Eligible Assignee, together with evidence of each Advance subject to such assignment, an Administrative Questionnaire for such assignee and a processing and recording fee of $3,500 (payable by either
the assignor or the assignee), the Agent shall, if such assignment is a Required Assignment or has been consented to by TBC to the extent required by Section 2.21(a) or has been effected pursuant to Section 2.22(c), (i) accept such
assignment, (ii) record the information contained therein in the Register, and (iii) give prompt notice thereof to TBC. 

  

	(e)	 Lender Sale of Participations. Each Lender may sell participations in all or a portion of its rights and
obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it, its participations in Letters of Credit and the Notes held by it, if any) to one or more Affiliates of such Lender or to
one or more other financial institutions; provided, however, that 

  

	 	(i)	 any such participation shall not require any Borrowers to file a registration statement with the Securities and
Exchange Commission or apply to qualify any interests in the Advances or any Notes under the blue sky laws of any state and the Lender selling or granting such participation shall otherwise comply with all federal and state securities laws
applicable to such transaction, 

  
 33 

	 	(ii)	 no purchaser of such a participation shall be considered to be a “Lender” for any purpose under the
Agreement, 

  

	 	(iii)	 such Lender’s obligations under this Agreement (including, without limitation, its Commitment to the
Borrowers) shall remain unchanged, 

  

	 	(iv)	 such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations, 

  

	 	(v)	 such Lender shall remain the holder of any Notes issued with respect to its Advances for all purposes of this
Agreement, 

  

	 	(vi)	 the Borrowers, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement, 

  

	 	(vii)	 no participant under any such participation shall have any right to approve any amendment or waiver of any
provision of this Agreement or any Note, or any consent to any departure by any Borrower therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Notes or any fees or other amounts
payable hereunder, in each case to the extent subject to such participation, or postpone any date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to
such participation, and 

  

	 	(viii)	 such Lender shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each purchaser of such a participation and the principal amounts (and stated interest) of each such Person’s interest in its rights and obligations under this
Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it, its participations in Letters of Credit and the Notes held by it, if any) (the “Participant Register”); provided that such Lender shall
not have any obligation to disclose all or any portion of the Participant Register (including the identity of any Person or any information relating to a Person’s interest in any commitments, loans, letters of credit or its other obligations
under this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. The Borrower agrees that each purchaser of such a participation shall be entitled to the benefits
of Section 2.15 (subject to the requirements and limitations therein, including the requirements under Section 2.15(e) (it being understood that the documentation required under Section 2.15(e) shall be delivered to the Lender selling
the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 2.21(a). 

  

	(f)	 Confidential Borrower Information. Any Lender may, in connection with any assignment or participation or
proposed assignment or participation pursuant to this Section 2.21, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrowers furnished to such Lender by or on behalf of the
Borrowers; provided, however, that, 

  
 34 

	 	
prior to any such disclosure of Confidential Information, such Lender shall obtain the written consent of the Borrowers, and the assignee or participant or proposed assignee or participant shall
agree to preserve the confidentiality of any such Confidential Information received by it from such Lender except as disclosure may be required or appropriate to governmental authorities, pursuant to legal process, or by law or governmental
regulation or authority. 

  

	2.22	 Extension of Termination Date. 

 

	(a)	 Extension Request. TBC may, on behalf of itself and the Subsidiary Borrowers, by written notice to the
Agent in the form of Exhibit E (each such notice being an “Extension Request”) given no earlier than 60 days and no later than 45 days prior to any one or more anniversaries of the date hereof, request that the then applicable
Termination Date be extended to a date one year after the then applicable Termination Date. Such extension shall be effective with respect to each Lender which, by a written notice in the form of Exhibit F (a “Continuation Notice”)
to TBC and the Agent given no earlier than 45 days and no later than 28 days (unless otherwise agreed by TBC and the Agent) prior to such anniversary, consents, in its sole discretion, to such extension (each Lender giving a Continuation Notice
being referred to sometimes as a “Continuing Lender” and each Lender other than a Continuing Lender being a “Non-Extending Lender”), provided, however, that such
extension shall be effective only if the aggregate Commitments of the Continuing Lenders, together with the Commitments of the Replacement Lenders, are greater than 50% of the aggregate Commitments of the Lenders on the date of the Extension
Request. No Lender shall have any obligation to consent to any such extension of the Termination Date. The Agent shall notify each Lender of the receipt of an Extension Request within three (3) Business Days after receipt thereof. The Agent
shall notify the Company and the Lenders no later than 15 days prior to the then applicable Termination Date whether the Agent has received Continuation Notices from Lenders holding more than 50% of the aggregate Commitments on the date of the
Extension Request. 

  

	(b)	 Non-Extending Lenders. The Commitment of each Non-Extending Lender shall terminate at the close of business on the Termination Date in effect prior to the delivery of such Extension Request without giving any effect to such proposed extension, provided that on
the applicable anniversary date TBC may replace the Non-Extending Lenders pursuant to Section 2.22(c). On the Termination Date in effect prior to the delivery of such Extension Request without giving any
effect to such proposed extension TBC shall pay or cause to be paid to the Agent, for the account of the Non-Extending Lenders, an amount equal to the Non-Extending
Lenders’ Advances, together with accrued but unpaid interest and fees thereon and all other amounts then payable hereunder to the Non-Extending Lenders. 

 

	(c)	 Replacement Lenders. A Non-Extending Lender shall be obligated,
at the request of TBC, to assign at any time prior to the close of business on the applicable anniversary of the date hereof all of its rights (other than rights that would survive the termination of the Agreement pursuant to Section 8.3) and
obligations hereunder to one or more Lenders or other commercial banks nominated by TBC and willing to become Lenders in place of such Non-Extending Lender that are approved by each Issuing Bank (the
“Replacement Lenders”). In order to qualify as a Replacement Lender, a Lender or lender must satisfy all of the requirements of this Agreement (including without limitation the terms of Section 2.21 relating to Required
Assignments). Such obligation of each Non-Extending Lenders is subject to such Non-Extending Lender’s receiving (i) payment in full from the Replacement
Lenders of the principal amount of all Advances owing to such Non-Extending Lender immediately prior to an assignment to the Replacement Lenders and (ii) payment in full from the relevant Borrowers of all
accrued interest and fees and other amounts payable hereunder and then owing to such Non-Extending Lender immediately prior to the assignment to the Replacement Lenders. Upon such assignment, the Non-Extending Lender shall no longer be a Lender, such Replacement Lender shall become a Continuing Lender, and the Agent shall make appropriate entries in the Register to reflect the foregoing.

  
 35 

	2.23	 Subsidiary Borrowers. 

 

	(a)	 Subsidiary Borrower Designation. TBC may at any time, and from time to time, by delivery to the Agent of
a Borrower Subsidiary Letter substantially in the form of Exhibit D, duly executed by TBC and the respective Subsidiary, designate such Subsidiary as a “Subsidiary Borrower” for purposes of this Agreement, and such Subsidiary
shall thereupon become a “Subsidiary Borrower” for purposes of this Agreement and, as such, shall have all of the rights and obligations of a Borrower hereunder; provided that any designation of a Subsidiary that is organized under
the laws of a jurisdiction outside of the United States of America shall be made only upon 30 days prior notice to the Agent. The Agent shall promptly notify each Lender of each such designation by TBC and the identity of the designated Subsidiary.
As soon as possible and in any event within 10 Business Days after notice of the designation of a Subsidiary Borrower that is organized under the laws of a jurisdiction outside of the United States of America, any Lender that may not legally lend to
such Subsidiary Borrower (a “Protesting Lender”) shall so notify TBC and the Agent in writing. With respect to each Protesting Lender, TBC shall, effective on or before the date that such Subsidiary Borrower shall have the right to
borrow hereunder, either: 

  

	 	(i)	 arrange for one or more Lenders or other commercial banks to assume the Commitment of such Protesting Lender;
subject, however, to payment to the Agent by the assignor or the assignee of a processing and recording fee of $3,500, in the event the assuming lender is not a Lender; or 

 

	 	(ii)	 arrange for the Commitment of such Protesting Lender to be terminated and all Advances owed to such Lender to
be prepaid; 

 subject, in either case, to payment in full of all principal, accrued and unpaid interest, fees, commissions
and other amounts payable under this Agreement and then owing to such Lender immediately prior to the assignment or termination of the Commitment of such Lender. 

If the Company shall designate as a Subsidiary Borrower hereunder any Subsidiary not organized under the laws of the United States or any State
thereof, any Lender may, with notice to the Agent and the Company, fulfill its Commitment by causing an Affiliate of such Lender to act as the Lender in respect of such Subsidiary Borrower. 

 

	(b)	 TBC Consent to Subsidiary Borrower Borrowings and Notices. No Advances shall be made to a Subsidiary
Borrower, and no Conversion of any Advances at the request of a Subsidiary Borrower shall be effective, without, in each and every instance, the prior consent of TBC, in its sole discretion, which shall be evidenced by the countersignature of TBC to
the relevant Notice of Borrowing or notice of Conversion. In addition, no notices which are to be delivered by a Borrower hereunder shall be effective, with respect to any Subsidiary Borrower, unless the notice is countersigned by TBC.

  
 36 

	(c)	 Subsidiary Borrower Termination Event. The occurrence of any of the following events with respect to any
Subsidiary Borrower shall constitute a “Subsidiary Borrower Termination Event” with respect to such Subsidiary Borrower: 

  

	 	(i)	 such Subsidiary Borrower ceases to be a Subsidiary; 

 

	 	(ii)	 such Subsidiary Borrower is liquidated or dissolved; 

 

	 	(iii)	 such Subsidiary Borrower fails to preserve and maintain its existence; 

 

	 	(iv)	 such Subsidiary Borrower merges or consolidates with or into another Person, or conveys, transfers, leases, or
otherwise disposes of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person (except that a Subsidiary Borrower may merge into or dispose of assets
to another Borrower); 

  

	 	(v)	 any of the “Events of Default” described in Section 6.1(a) through (f) occurs to or with
respect to such Subsidiary Borrower as if such Subsidiary Borrower were “TBC”; or 

  

	 	(vi)	 the Guaranty with respect to such Subsidiary Borrower ceases, for any reason, to be valid and binding on TBC or
TBC so states in writing. 

  

	(d)	 Terminated Subsidiary Borrower. Upon the occurrence of a Subsidiary Borrower Termination Event with
respect to any Subsidiary Borrower, such Subsidiary Borrower (a “Terminated Subsidiary Borrower”) shall cease to be a Borrower for purposes of this Agreement and shall no longer be entitled to request or borrow Advances hereunder.
All outstanding Advances of a Terminated Subsidiary Borrower shall be automatically due and payable as of the date on which the Subsidiary Borrower Termination Event of such Terminated Subsidiary Borrower occurred, together with accrued interest
thereon and any other amounts then due and payable by that Borrower hereunder, unless, in the case of a Subsidiary Borrower Termination Event described in paragraph (iv) of Section 2.22(c), the other Person party to the transaction is a
Borrower and such other Borrower has assumed in writing all of the outstanding Advances and other obligations under this Agreement and under any other Loan Document, of the Terminated Subsidiary Borrower. 

 

	(e)	 TBC as Subsidiary Borrowers’ Agent. Each of the Subsidiary Borrowers hereby appoints
and authorizes TBC to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to TBC by the terms hereof, together with such powers as are reasonably incidental thereto. 

 

	(f)	 Subsidiaries’ Several Liabilities. Notwithstanding anything in this Agreement to the
contrary, each of the Subsidiary Borrowers shall be severally liable for the liabilities and obligations of such Subsidiary Borrower under this Agreement and its Borrowings, and other Loan Documents, if any. No Subsidiary Borrower shall be liable
for the obligations of any other Borrower under this Agreement or any Borrowings of any other Borrower or any other Borrower’s Notes, if any. Each Subsidiary Borrower shall be severally liable for all payments of the principal of and interest
on Advances to such Subsidiary Borrower, and any other amounts due hereunder that are specifically allocable to such Subsidiary Borrower or the Advances to such Subsidiary Borrower. With respect to any amounts due hereunder, including fees and
commissions, that are not specifically allocable to a particular Borrower, each Borrower shall be liable for such amount pro rata in the same proportion as such Borrower’s outstanding Advances bear to the total of
then-outstanding Advances to all Borrowers. 

  
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	2.24	 Defaulting Lenders. 

 

	(a)	 If any Letters of Credit are outstanding at the time a Lender becomes a Defaulting Lender, and the Commitments
have not been terminated in accordance with Section 6.2, then: 

  

	 	(i)	 so long as no Default has occurred and is continuing, all or any part of the Available Amount of outstanding
Letters of Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Ratable Shares (disregarding any Defaulting Lender’s Commitment) but only to the extent that the
sum of (A) the aggregate principal amount of all Advances made by such Non-Defaulting Lenders (in their capacity as Lenders) and outstanding at such time, plus (B) such
Non-Defaulting Lenders’ Ratable Shares (before giving effect to the reallocation contemplated herein) of the Available Amount of all outstanding Letters of Credit, plus (C) the aggregate principal
amount of all Advances made by each Issuing Bank pursuant to Section 2.3(f) that have not been ratably funded by such Non-Defaulting Lenders and outstanding at such time, plus (D) such Defaulting
Lender’s Ratable Share of the Available Amount of such Letters of Credit, does not exceed the total of all Non-Defaulting Lenders’ Commitments and, after giving effect thereto with respect to each Non-Defaulting Lender, the sum of the Advances, participations in Letters of Credit (including any Advances made by an Issuing bank pursuant to Section 2.3(f) that have not been ratably funded by the Lenders
and outstanding at such time) does not exceed such Non-Defaulting Lender’s Commitment. 

  

	 	(ii)	 if the reallocation described in clause (i) above cannot, or can only partially, be effected, the
Borrowers shall within one Business Day following notice by any Issuing Bank, cash collateralize such Defaulting Lender’s Ratable Share of the Available Amount of such Letters of Credit (after giving effect to any partial reallocation pursuant
to clause (i) above) by paying cash collateral to such Issuing Bank; provided that, so long as no Default shall be continuing, such cash collateral shall be released promptly upon the earliest of (A) the reallocation of the
Available Amount of outstanding Letters of Credit among Non-Defaulting Lenders in accordance with clause (i) above, (B) the termination of the Defaulting Lender status of the applicable Lender or
(C) such Issuing Bank’s good faith determination that there exists excess cash collateral (in which case, the amount equal to such excess cash collateral shall be released); 

 

	 	(iii)	 if the Ratable Shares of Letters of Credit of the Non-Defaulting
Lenders are reallocated pursuant to this Section 2.24(a), then the fees payable to the Lenders pursuant to Section 2.8(b)(i) shall be adjusted in accordance with such Non-Defaulting Lenders’
Ratable Shares of Letters of Credit; 

  

	 	(iv)	 if any Defaulting Lender’s Ratable Share of Letters of Credit is neither cash collateralized nor
reallocated pursuant to this Section 2.24(a), then, without prejudice to any rights or remedies of any Issuing Bank or any Lender hereunder, all Letter of Credit fees payable under Section 2.8(b)(i) with respect to such Defaulting
Lender’s Ratable Share of Letters of Credit shall be payable to the applicable Issuing Bank until such Defaulting Lender’s Ratable Share of Letters of Credit is cash collateralized and/or reallocated; and 

 

	 	(v)	 to the extent that the Available Amount of any outstanding Letter of Credit is cash collateralized by the
Borrowers pursuant to this Section 2.24, the Borrowers shall not be required to pay any commission otherwise payable pursuant to Section 2.8(b)(i) on that portion of the Available Amount that is so cash collateralized.

  
 38 

	(b)	 So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, amend or increase any
Letter of Credit unless it is satisfied that the related exposure will be 100% covered by the Revolving Credit Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by the
applicable Borrower, and participating interests in any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.24(a)(i) (and
Defaulting Lenders shall not participate therein). 

  

	(c)	 No Revolving Credit Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise
expressly provided in this Section 2.24, performance by the Borrowers of their obligations shall not be excused or otherwise modified as a result of the operation of this Section 2.24. The rights and remedies against a Defaulting Lender
under this Section 2.24 are in addition to any other rights and remedies which the Borrowers, the Agent, any Issuing Bank or any Lender may have against such Defaulting Lender. 

 

	(d)	 If the Borrowers, the Agent and each Issuing Bank agree in writing in their reasonable determination that a
Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders or take such other actions as the Agent may determine to be necessary to cause
the Advances and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Ratable Share (without giving effect to Section 2.24(a)), whereupon such Lender will cease to be a
Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of any Borrower while that Lender was a Defaulting Lender; and provided, further, that
except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a
Defaulting Lender. 

  

	(e)	 Notwithstanding anything to the contrary contained in this Agreement, any payment of principal, interest,
facility fees, Letter of Credit commissions or other amounts received by the Agent for the account of any Defaulting Lender under this Agreement (whether voluntary or mandatory, at maturity, pursuant to Article 6 or otherwise) shall be applied at
such time or times as may be reasonably determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by
such Defaulting Lender to any Issuing Bank hereunder; third, if so reasonably determined by the Agent or requested by any Issuing Bank, to be held as cash collateral for future funding obligations of such Defaulting Lender in respect of any
participation in any Letter of Credit; fourth, as the Borrowers may request (so long as no Default exists), to the funding of any Advance in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as reasonably determined by the Agent; fifth, if so reasonably determined by the Agent and the Borrowers, to be held in the L/C Cash Deposit Account and released in order to satisfy obligations of such Defaulting Lender to fund
Advances under this Agreement; sixth, to the payment of any amounts owing to the Lenders or the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or Issuing Bank against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent
jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a 

  
 39 

	 	
payment of the principal amount of any Advance in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made or the related Letters
of Credit were issued at a time when the applicable conditions set forth in Article 3 were satisfied or waived, such payment shall be applied solely to pay the Advances of all Non-Defaulting Lenders and
Potential Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of such Defaulting Lender and provided further that any amounts held as cash collateral for funding obligations of a Defaulting
Lender shall be returned to such Defaulting Lender upon the termination of this Agreement and the satisfaction of such Defaulting Lender’s obligations hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.24 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 ARTICLE 3 

Representations and Warranties 
  

	3.1	 Representations and Warranties by the Borrowers. Each of the Borrowers represents and warrants as
follows: 

  

	(a)	 Corporate Standing. TBC is a duly organized corporation existing in good standing under the laws of the
State of Delaware. Each Subsidiary Borrower is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, and each of TBC and each Subsidiary Borrower is qualified to do business in every
jurisdiction where such qualification is required, except where the failure to so qualify would not have a material adverse effect on the financial condition of TBC and the Subsidiary Borrowers as a whole. 

 

	(b)	 Corporate Powers; Governmental Approvals. The execution and delivery and the performance of the terms of
this Agreement are, and the execution and delivery and the performance of the terms of any other Loan Documents and of each Guaranty will be, within the corporate powers of each Borrower party thereto, have been or will have been (as appropriate)
duly authorized by all necessary corporate action, have, or will have, received (as appropriate) all necessary governmental approval, if any (which approval, if any, remains in full force and effect), and do not contravene any provision of the
Certificate of Incorporation or By-Laws of any Borrower party thereto, or do not contravene any law or any contractual restriction binding on any Borrower party thereto, except where such contravention would
not have a material adverse effect on the financial condition of TBC and its Subsidiaries, taken as a whole. 

  

	(c)	 Enforceability. This Agreement and the other Loan Documents, if any, when duly executed and delivered by
each Borrower party thereto, will constitute legal, valid and binding obligations of such Borrower, enforceable against such Borrower in accordance with their respective terms, and each Guaranty, when duly executed and delivered by TBC, will
constitute a legal, valid and binding obligation of TBC, enforceable against TBC in accordance with its terms, subject to general equitable principles and except as the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws of general application relating to creditors’ rights. 

  

	(d)	 No Material Pending or Threatened Actions. In TBC’s opinion, there are no pending or threatened
actions or proceedings before any court or administrative agency (i) other than as disclosed in TBC’s filings with the Securities and Exchange Commission, that are reasonably likely to have a material adverse effect on the financial
condition or operations of the Company which is likely to materially impair the ability of the Company to repay the Advances or (ii) which would reasonably be expected to materially and adversely affect the legality, validity or enforceability
of this Agreement or the Advances. 

  
 40 

	(e)	 Consolidated Statements. The Consolidated statement of financial position as of December 31, 2018
and the related Consolidated statement of earnings and retained earnings for the year then ended (copies of which have been made available to each Lender) correctly set forth the Consolidated financial condition of TBC and its Subsidiaries as of
such date and the result of the Consolidated operations for such year. The Consolidated statement of financial position as of September 30, 2019 and the related Consolidated statement of earnings and retained earnings for the nine month period
then ended (copies of which have been made available to each Lender) correctly set forth, subject to year-end audit adjustments, the Consolidated financial condition of TBC and its Subsidiaries as of such date
and the result of the Consolidated operations for such nine month period. 

  

	(f)	 Regulation U. No Borrower is engaged in the business of extending credit for the purpose of purchasing
or carrying margin stock within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System, and no proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the
purpose of purchasing or carrying any margin stock. Following application of the proceeds of each Advance, not more than 25 percent of the value of the assets (either of any Borrower only or of each Borrower and its subsidiaries on a
Consolidated basis) subject to the provisions of Section 4.2(a) or subject to any restriction contained in any agreement or instrument between any Borrower and any Lender or any Affiliate of a Lender relating to Debt within the scope of
Section 6.1(d) will be margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System). 

  

	(g)	 Investment Company Act. No Borrower is an “investment company,” or an “affiliated
person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended. Neither the making of any Advances, nor the
application of the proceeds or repayment thereof by any Borrower, nor the consummation of the other transactions contemplated hereby, will violate any provision of such Act or any rule, regulation or order of the Securities and Exchange Commission
thereunder. 

  

	(h)	 No Material Adverse Change. Except as disclosed in filings with the Securities and Exchange Commission
prior to the date hereof, there has been no material adverse change in the Company’s financial condition or results of operations since December 31, 2018 that is likely to impair the ability of the Company to repay the Advances.

  

	(i)	 Anti-Corruption Laws and Sanctions. TBC has implemented and maintains in effect policies and procedures
designed to promote compliance with Anti-Corruption Laws and applicable Sanctions by TBC, its Subsidiaries and their respective directors, officers, employees and, to the extent commercially reasonable, agents under the control and acting on behalf
of TBC or its Subsidiaries, and TBC, its Subsidiaries and their respective officers and employees and to the knowledge of TBC its directors and agents under the control and acting on behalf of TBC or its Subsidiaries, are in compliance with
Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) TBC, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of TBC, any agent under the control and acting on
behalf of TBC or any Subsidiary in connection with the credit facility established hereby, is a Sanctioned Person. 

  
 41 

	(j)	 ERISA. No Borrower is nor will be (1) an employee benefit plan subject to Title I of ERISA,
(2) a plan or account subject to Section 4975 of the Internal Revenue Code; (3) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Internal Revenue Code; or (4) a
“governmental plan” within the meaning of ERISA. 

 ARTICLE 4 

Covenants of TBC 
  

	4.1	 Affirmative Covenants of TBC. From the date of this Agreement and so long as any amount is payable by a
Borrower to any Lender hereunder or any Commitment is outstanding, TBC will: 

  

	(a)	 Periodic Reports. Furnish to the Lenders: 

 

	 	(1)	 within 60 days after the close of each of the first three quarters of each of TBC’s fiscal years, a
Consolidated statement of financial position of TBC and the Subsidiaries as of the end of such quarter and a Consolidated comparative statement of earnings and retained earnings of TBC and the Subsidiaries for the period commencing at the end of the
previous fiscal year and ending with the end of such quarter, each certified by an authorized officer of TBC, 

  

	 	(2)	 within 120 days after the close of each of TBC’s fiscal years, and with respect to any quarter thereof, if
requested in writing by the Majority Lenders (with a copy to the Agent), within 60 days after the later of (x) the close of any of the first three quarters thereof subject of such request and (y) such request, a statement certified by an
authorized officer of TBC showing in detail the computations required by the provisions of Sections 4.2(a) and 4.2(b), based on the figures which appear on the books of account of TBC and the Subsidiaries at the close of such quarters,

  

	 	(3)	 within 120 days after the close of each of TBC’s fiscal years, a copy of the annual audit report of TBC,
certified by independent public accountants of nationally recognized standing, together with financial statements consisting of a Consolidated statement of financial position of TBC and the Subsidiaries as of the end of such fiscal year and a
Consolidated statement of earnings and retained earnings of TBC and the Subsidiaries for such fiscal year, 

  

	 	(4)	 within 120 days after the close of each of TBC’s fiscal years, a statement certified by the independent
public accountants who shall have prepared the corresponding audit report furnished to the Lenders pursuant to the provisions of clause (3) of this subsection (a), to the effect that, in the course of preparing such audit report, such
accountants had obtained no knowledge, except as specifically stated, that TBC had been in violation of the provisions of any one of Sections 4.2(a), 4.2(b), 4.2(c) and 4.2(d), at any time during such fiscal year, 

 

	 	(5)	 promptly upon their becoming available, all financial statements, reports and proxy statements which TBC sends
to its stockholders, 

  

	 	(6)	 promptly upon their becoming available, all regular and periodic financial reports which TBC or any Subsidiary
files with the Securities and Exchange Commission or any national securities exchange, 

  
 42 

	 	(7)	 within 3 Business Days after the discovery of the occurrence of any event which constitutes a Default, notice
of such occurrence together with a detailed statement by a responsible officer of TBC of the steps being taken by TBC or the appropriate Subsidiary to cure the effect of such event, and 

 

	 	(8)	 such other information respecting the financial condition and operations of TBC or the Subsidiaries as the
Agent may from time to time reasonably request. 

 In lieu of furnishing the Lenders the items referred to in clauses (1),
(3), (5) and (6) above, the Company may make available such items on the Company’s website at www.boeing.com, at www.sec.gov or at such other website as notified to the Agent and the Lenders, which shall be deemed to have
satisfied the requirement of delivery of such items in accordance with this Section. 
  

	(b)	 Payment of Taxes, Etc. Duly pay and discharge, and cause each Subsidiary duly to pay and
discharge, all material taxes, assessments and governmental charges upon it or against its properties prior to a date which is 5 Business Days after the date on which penalties are attached thereto, except and to the extent only that the same shall
be contested in good faith and by appropriate proceedings by TBC or the appropriate Subsidiary. 

  

	(c)	 Insurance. Maintain, and cause each Subsidiary to maintain, with financially sound and reputable
insurance companies or associations, insurance of the kinds, covering the risks and in the relative proportionate amounts usually carried by companies engaged in businesses similar to that of TBC or such Subsidiary, except, to the extent consistent
with good business practices, such insurance may be provided by TBC through its program of self insurance. 

  

	(d)	 Corporate Existence. Preserve and maintain its corporate existence. 

 

	(e)	 Material Compliance With Laws. Comply, and cause each Subsidiary to comply, in all material respects
with all applicable laws (including ERISA and applicable environmental laws), except to the extent that failure to so comply would not have a material adverse effect on the financial condition or operations of the Company; and maintain in effect
policies and procedures designed to promote compliance with Anti-Corruption Laws and applicable Sanctions by TBC, its Subsidiaries and their respective directors, officers, employees and, to the extent commercially reasonable, agents under the
control and acting on behalf of TBC or its Subsidiaries. 

  

	4.2	 General Negative Covenants of TBC. From the date of this Agreement and so long as any amount shall be
payable by TBC or any other Borrower to any Lender hereunder or any Commitment shall be outstanding, TBC will not: 

  

	(a)	 Mortgages, Liens, Etc. Create, incur, assume or suffer to exist any mortgage, pledge,
lien, security interest or other charge or encumbrance (including the lien or retained security title of a conditional vendor) upon or with respect to any of its Property, Plant and Equipment, or upon or with respect to the Property, Plant and
Equipment of any Subsidiary, or assign or otherwise convey, or permit any Subsidiary to assign or otherwise convey, any right to receive income from or with respect to its Property, Plant and Equipment, except 

 

	 	(1)	 liens in connection with workmen’s compensation, unemployment insurance or other social security
obligations; 

  
 43 

	 	(2)	 liens securing the performance of bids, tenders, contracts (other than for the repayment of borrowed money),
leases, statutory obligations, surety and appeal bonds, liens to secure progress or partial payments made to TBC or such Subsidiary and other liens of like nature made in the ordinary course of business; 

 

	 	(3)	 mechanics’, workmen’s, materialmen’s or other like liens arising in the ordinary course of
business in respect of obligations which are not due or which are being contested in good faith; 

  

	 	(4)	 liens for taxes not yet due or being contested in good faith and by appropriate proceedings by TBC or the
affected Subsidiary; 

  

	 	(5)	 liens which arise in connection with the leasing of equipment in the ordinary course of business;

  

	 	(6)	 liens on Property, Plant and Equipment owned by TBC or any Subsidiary of TBC existing on September 30,
2019; 

  

	 	(7)	 liens on assets of a Person existing at the time such Person is merged into or consolidated with TBC or a
Subsidiary of TBC or at the time of purchase, lease, or acquisition of the property or Voting Stock of such Person as an entirety or substantially as an entirety by TBC or a Subsidiary of TBC, whether or not any Debt secured by such liens is assumed
by TBC or such Subsidiary, provided that such liens are not created in anticipation of such purchase, lease, acquisition or merger; 

  

	 	(8)	 liens securing Debt of a Subsidiary of TBC owing to TBC or to another Subsidiary; 

 

	 	(9)	 liens on assets existing at the time of acquisition of such property by TBC or a Subsidiary of TBC or purchase
money liens to secure the payment of all or part of the purchase price of property upon acquisition of such assets by TBC or such Subsidiary or to secure any Debt incurred or guaranteed by TBC or a Subsidiary prior to, at the time of, or within one
year after the later of the acquisition, completion or construction (including any improvements on existing property), or commencement of full operation, of such property, which Debt is incurred or guaranteed solely for the purpose of financing all
or any part of the purchase price thereof or construction or improvements thereon; provided, however, that in the case of any such acquisition, construction or improvement, the lien shall not apply to any property theretofore owned by
TBC or such Subsidiary other than, in the case of such construction or improvement, any theretofore unimproved real property on which the property so constructed or the improvement made is located; 

 

	 	(10)	 liens securing obligations of TBC or a Subsidiary incurred in conjunction with industrial revenue bonds or
other instruments utilized in connection with incentive structures for tax purposes issued for the benefit of TBC or a Subsidiary in connection with any Property, Plant and Equipment used by TBC or a Subsidiary; 

 

	 	(11)	 any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part
of any lien referred to in the foregoing; provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement and that such
extension, renewal or replacement shall be limited to all or any part of the property that secured the lien so extended, renewed or replaced (plus improvements and construction on such property); and 

  
 44 

	 	(12)	 other liens, charges and encumbrances, so long as the aggregate amount of the Consolidated Debt for which all
such liens, charges and encumbrances serve as security does not exceed 15% of Consolidated Net Tangible Assets. 

  

	(b)	 Consolidated Debt. Permit its Consolidated Debt (subject to Section 4.3) to be at any time more
than 60% of Total Capital, where “Total Capital” means the sum of shareholders’ equity and Consolidated Debt of TBC, provided that any accumulated other comprehensive income and loss will be excluded. 

 

	(c)	 Payment in Violation of an Agreement. Make any payment, or permit any Subsidiary to make any payment, of
principal or interest, on any Debt which payment would constitute a violation of the terms of this Agreement or of the terms of any indenture or agreement binding on such corporation or to which such corporation is a party except to the extent such
payment is not likely to impair the ability of TBC to repay the Advances. 

  

	(d)	 Merger or Consolidation. Merge or consolidate with or into, or convey, transfer, lease, or otherwise
dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person except that TBC may merge or consolidate with any Person so long as TBC is the
surviving corporation and no Default has occurred and is continuing or would result therefrom, and except that any direct or indirect Subsidiary of TBC may merge or consolidate with or into, or dispose of assets to, TBC or any other direct or
indirect Subsidiary of TBC, provided, in each case, that no Event of Default has occurred and is continuing at the time of such proposed transaction or would result therefrom. 

 

	(e)	 Use of Proceeds. Directly use, or knowingly indirectly use, or permit its Subsidiaries and its or their
respective directors, officers, employees and agents under the control and acting on behalf of TBC or its Subsidiaries to directly use, or knowingly indirectly use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an
offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in (x) violation of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or (y) material violation of any
other Anti-Corruption Laws or (ii) for the purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country except to the extent licensed, authorized or otherwise permitted
under applicable law. 

  

	4.3	 Financial Statement Terms. For purposes of Section 4.2(b), (a) all accounting terms shall
exclude amounts attributable to Boeing Capital Corporation and its Subsidiaries and Boeing Financial Corporation, a Delaware corporation; and (b) Total Capital shall exclude the effects of (i) any merger-related accounting adjustments
which are attributable to the merger with or acquisition of McDonnell Douglas Corporation by TBC and (ii) any repurchase by TBC of its common stock from the date of the merger with or acquisition of McDonnell Douglas Corporation by TBC.

  

	4.4	 Waivers of Covenants. The departure by TBC or any Subsidiary from the requirements of any of the
provisions of this Article 4 shall be permitted only if such departure has been consented to in advance in a writing signed by the Majority Lenders, and such writing shall be effective as a consent only to the specific departure described in such
writing. Such departure by TBC or any Subsidiary when properly consented to by the Majority Lenders shall not constitute an Event of Default under Section 6.1(c). 

  
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 ARTICLE 5 

Conditions Precedent to Borrowings and Issuances 
  

	5.1	 Conditions Precedent to the Initial Borrowing or Initial Issuance of TBC. The obligation of each Lender
to make its initial Advance to TBC and of each Issuing Bank to issue a Letter of Credit for the account of TBC are subject to receipt by the Agent on or before the day of the initial Borrowing or initial issuance of all of the following, each dated
as of the day hereof, in form and substance satisfactory to the Agent and its counsel: 

  

	 	(a)	 Documentation. Copies of all documents, certified by an officer of TBC, evidencing necessary corporate
action by TBC and governmental approvals, if any, with respect to this Agreement, to the other Loan Documents, if any, and to Guaranties to be delivered by TBC pursuant to Section 5.4(e); 

 

	 	(b)	 Officer’s Certificate. A certificate of the Secretary or an Assistant Secretary of TBC which
certifies the names of the officers of TBC authorized to sign this Agreement, the Notes, if any, and the other documents to be delivered hereunder, together with true specimen signatures of such officers and facsimile signatures of officers
authorized to sign by facsimile signature (on which certificate each Lender may conclusively rely until it receives a further certificate of the Secretary or an Assistant Secretary of TBC canceling or amending the prior certificate and submitting
specimen signatures of the officers named in such further certificate); 

  

	 	(c)	 Opinion of Company Counsel. A favorable opinion of in-house
counsel for TBC substantially in the form of Exhibit G; 

  

	 	(d)	 Opinion of Agent’s Counsel. A favorable opinion of Shearman & Sterling LLP, counsel for
the Agent, substantially in the form of Exhibit H; 

  

	 	(e)	 KYC Materials. To the extent that the applicable information is not available from the
Company’s website at www.boeing.com, at www.sec.gov or at such other website as notified to the Agent and the Lenders, TBC shall have provided such materials and information as are reasonably necessary for each Lender to conduct
know-your-customer due diligence, provided such information is reasonably requested by such Lender in writing at least five Business Days prior to the Closing Date. 

 

	5.2	 Conditions Precedent to Each Borrowing and Each Issuance of TBC. The obligation of each Lender to make
an Advance on the occasion of each Borrowing (including the initial Borrowing) and the obligation of each Issuing Bank to issue a Letter of Credit (including the initial issuance) are subject to the further conditions precedent that on the date of
the request for a Borrowing, date of the requested issuance and on the date of such Borrowing or issuance, the following statements shall be true, and both the giving of the applicable Notice of Borrowing, Notice of Issuance and the acceptance by
TBC of the proceeds of such Borrowing or such Letter of Credit shall be a representation by TBC that: 

  

	 	(a)	 the representations and warranties contained in subsections (a) through (g) and (i) of
Section 3.1 (other than clause (i) of subsection (d) thereof) are true and accurate on and as of each such date as though made on and as of each such date (except to the extent that such representations and warranties relate solely to
an earlier date); and 

  
 46 

	 	(b)	 as of each such date no event has occurred and is continuing, or would result from the proposed Borrowing or
issuance, which constitutes a Default. 

  

	5.3	 [Reserved]. 

  

	5.4	 Conditions Precedent to the Initial Borrowing and Issuance of a Subsidiary Borrower. The obligation of
each Lender to make its initial Advance to any particular Subsidiary Borrower and of each Issuing Bank to issue a Letter of Credit for the account of such Subsidiary Borrower are subject to the receipt by the Agent, on or before the day of the
initial Borrowing or initial issuance by such Subsidiary Borrower, of all of the following, each dated on or prior to the day of the initial Borrowing or issuance, in form and substance satisfactory to the Agent and its counsel:

  

	 	(a)	 Borrower Subsidiary Letter. A Borrower Subsidiary Letter, substantially in the form of Exhibit D,
executed by such Subsidiary Borrower and TBC; 

  

	 	(b)	 Documentation. Copies of all documents, certified by an officer of the Subsidiary Borrower, evidencing
necessary corporate action by the Subsidiary Borrower and governmental approvals, if any, with respect to this Agreement and any other Loan Documents; 

  

	 	(c)	 Officer’s Certificate. A certificate of the Secretary or an Assistant Secretary of TBC or the
Subsidiary Borrower which certifies the names of the officers of the Subsidiary Borrower authorized to sign the Notes and the other documents to be delivered hereunder, together with true specimen signatures of such officers and facsimile signatures
of officers authorized to sign by facsimile signature (on which certificate each Lender may conclusively rely until it receives a further certificate of the Secretary or an Assistant Secretary of TBC or the Subsidiary Borrower canceling or amending
the prior certificate and submitting signatures of the officers named in such further certificate); 

  

	 	(d)	 Opinion of Subsidiary Counsel. A favorable opinion of in-house
counsel to the Subsidiary Borrower, substantially in the form of Exhibit I and as to such other matters as the Agent may reasonably request; 

  

	 	(e)	 TBC Guaranty. A Guaranty of TBC that unconditionally guarantees the payment of all obligations of such
Subsidiary Borrower hereunder and under the Notes of such Subsidiary Borrower, substantially in the form of Exhibit J, executed and delivered by TBC to the Agent; 

 

	 	(f)	 Opinion of TBC Counsel. A favorable opinion of in-house counsel
to TBC, substantially in the form of Exhibit K and as to such other matters as the Agent may reasonably request; and 

  

	 	(g)	 KYC Materials. To the extent that the applicable information is not available from the
Company’s website at www.boeing.com, at www.sec.gov or at such other website as notified to the Agent and the Lenders, TBC shall have provided such materials and information as are reasonably necessary for each Lender to conduct
know-your-customer due diligence, provided such information is reasonably requested by such Lender in writing at least five Business Days prior to the initial Borrowing or initial issuance for the account of such Subsidiary Borrower.

  
 47 

	 	(h)	 Beneficial Ownership Certification. At least five days prior to the effectiveness of the applicable
Borrower Subsidiary Letter, with respect to any Subsidiary Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, to each Lender that so requests, a Beneficial Ownership Certification in relation to
such Subsidiary Borrower. 

  

	5.5	 Conditions Precedent to Each Borrowing or Issuance of a Subsidiary Borrower. The obligation of each
Lender to make an Advance to a Subsidiary Borrower on the occasion of each Borrowing (including the initial Borrowing) and the obligation of each Issuing Bank to issue a Letter of Credit for the account of such Subsidiary Borrower (including the
initial issuance) are subject to the further conditions precedent that on the date of the request for such Borrowing, date of the requested issuance and the date of such Borrowing or issuance, the following statements shall be true, and each of the
giving of the applicable Notice of Borrowing, Notice of Issuance and the acceptance by such Subsidiary Borrower of the proceeds of such Borrowing or such Letter of Credit shall be (a) a representation by such Subsidiary Borrower that:

  

	 	(i)	 the representations and warranties of that Subsidiary Borrower contained (A) in subsections
(a) through (g) and (i) of Section 3.1 (other than clause (i) of subsection (d) thereof) are true and accurate on and as of each such date as though made on and as of each such date (except to the extent that such
representations and warranties relate solely to an earlier date), and (B) in its Borrower Subsidiary Letter are true and correct on and as of the date of such Borrowing or issuance, before and after giving effect to such Borrowing or issuance;
and 

  

	 	(ii)	 as of each such date no event has occurred and is continuing, or would result from the proposed Borrowing or
issuance, which constitutes a Default; 

 and (b) a representation by TBC that the representations and warranties of
TBC contained in subsections (a) through (g) and (i) of Section 3.1 (other than clause (i) of subsection (d) thereof) are true and accurate on and as of each such date as though made on and as of each such date (except to
the extent that such representations and warranties relate solely to an earlier date), and that, as of each such date, no event has occurred and is continuing, or would result from the proposed Borrowing or issuance, which constitutes a Default.

 ARTICLE 6 
 Events
of Default 
  

	6.1	 Events of Default. Each of the following shall constitute an Event of Default: 

 

	(a)	 Failure by TBC to make when due any payment of principal of or interest on any Advance or under a Guaranty when
the same becomes due and payable and such failure is not remedied within 5 Business Days thereafter; 

  
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	(b)	 Any representation or warranty made by TBC in connection with the execution and delivery of this Agreement, the
Borrowings or any Guaranty, or otherwise furnished pursuant hereto proves to have been incorrect when made in any material respect; 

  

	(c)	 Failure by TBC to perform any other term, covenant or agreement contained in this Agreement, and such failure
is not remedied within 30 days after written notice thereof has been given to TBC by the Agent, at the request, or with the consent, of the Majority Lenders; 

  

	(d)	 Failure by TBC to pay when due (i) any obligation for the payment of borrowed money on any regularly
scheduled payment date or following acceleration thereof or (ii) any other monetary obligation if, in the case of either of clauses (i) or (ii), the aggregate unpaid principal amount of the obligations with respect to which such failure to
pay or acceleration occurred (excluding any failure to pay that TBC certifies is a result of the application of Sanctions) equals or exceeds $500,000,000 and such failure is not remedied within 5 Business Days after TBC receives notice thereof from
the Agent or the creditor on such obligation; 

  

	(e)	 TBC or any of its Subsidiaries 

 

	 	(1)	 incurs liability with respect to any employee pension benefit plan in excess of $500,000,000 in the aggregate
under 

  

	 	(A)	 Sections 4062, 4063, 4064 or 4201 of ERISA; or 

 

	 	(B)	 otherwise under Title IV of ERISA as a result of any reportable event as defined in Section 4043 of ERISA
(other than a reportable event as to which the provision of 30 days’ notice is waived under applicable regulations); 

  

	 	(2)	 has a lien imposed on its property and rights to property under Section 4068 of ERISA on account of a
liability in excess of $500,000,000 in the aggregate; or 

  

	 	(3)	 incurs liability under Title IV of ERISA 

 

	 	(A)	 in excess of $500,000,000 in the aggregate as a result of the Company or any ERISA Affiliate having filed
a notice of intent to terminate any employee pension benefit plan under the “distress termination” provision of Section 4041 of ERISA, or 

  

	 	(B)	 in excess of $500,000,000 in the aggregate as a result of the Pension Benefit Guaranty Corporation having
instituted proceedings to terminate, or to have a trustee appointed to administer, any such plan; 

  

	(f)	 The happening of any of the following events, provided such event has not then been cured or stayed:

  

	 	(1)	 the cessation by TBC of the payment of its Debts as they mature, 

 

	 	(2)	 the making of an assignment for the benefit of the creditors of TBC, 

 

	 	(3)	 the appointment of a trustee or receiver or liquidator for TBC or for a substantial part of its property, or

  
 49 

	 	(4)	 the institution of bankruptcy, reorganization, arrangement, insolvency or similar proceedings by or against TBC
under the laws of any jurisdiction in which TBC is organized or has material business, operations or assets and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or
unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or any
substantial part of its property and assets) shall occur; or 

  

	(g)	 So long as any Subsidiary is a Borrower hereunder, the Guaranty with respect to such Subsidiary Borrower for
any reason ceases to be valid and binding on TBC or TBC so states in writing. 

  

	6.2	 Lenders’ Rights upon Borrower Default. If an Event of Default occurs or is
continuing, then the Agent shall at the request, or may with the consent, of the Majority Lenders, by notice to TBC, 

  

	 	(a)	 declare the obligation of each Lender to make further Advances (other than Advances by an Issuing Bank or a
Lender pursuant to Section 2.3(f)) and of the Issuing Banks to issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and 

 

	 	(b)	 declare the Advances, all interest thereon, and all other amounts payable under this Agreement to be forthwith
due and payable, whereupon the Advances, all such interest, and all such other amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the
Borrowers, provided, however, that in the event of an actual entry or, in the case of the institution by TBC of a proceeding described in Section 6.1(f)(4), a deemed entry, of an order for relief with respect to any Borrower under
the Federal Bankruptcy Code (whether in connection with a voluntary or an involuntary case), (i) the obligation of each Lender to make Advances (other than Advances by an Issuing Bank or a Lender pursuant to Section 2.3(f)) and of the Issuing
Banks to issue Letters of Credit shall automatically be terminated and (ii) the payment obligations of the Borrowers with respect to Advances, all such interest, and all such amounts shall automatically become and be due and payable, without
presentment, demand, protest, or any notice of any kind, all of which are hereby expressly waived by the Borrowers. 

  

	6.3	 Actions in Respect of the Letters of Credit upon Borrower Default. If any Event of Default shall
have occurred and be continuing, the Agent may with the consent, or shall at the request, of the Majority Lenders, irrespective of whether it is taking any of the actions described in Section 6.2 or otherwise, make demand upon TBC to, and
forthwith upon such demand TBC will 

  

	 	(a)	 pay to the Agent on behalf of the Lenders in same day funds at the Agent’s office designated in such
demand, for deposit in the L/C Cash Deposit Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding or 

  

	 	(b)	 make such other reasonable arrangements in respect of the outstanding Letters of Credit as shall be acceptable
to the Majority Lenders, provided, however, that in the event of an actual or deemed entry of an order for relief with respect to TBC under the Federal Bankruptcy Code (whether in connection with a voluntary or an involuntary case),
the obligation of TBC to pay to the Agent on behalf of the Lenders in same day funds, for deposit in the L/C Cash Deposit Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding shall automatically become
and be due 

  
 50 

	 	
and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrowers. If at any time the Agent reasonably determines that any funds
held in the L/C Cash Deposit Account are subject to any right or interest of any Person other than the Agent and the Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrowers
will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in the L/C Cash Deposit Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of
funds, if any, then held in the L/C Cash Deposit Account that are free and clear of any such right and interest. Upon the drawing of any Letter of Credit, to the extent funds are on deposit in the L/C Cash Deposit Account, such funds shall be
applied to reimburse the Issuing Banks to the extent permitted by applicable law, and if so applied, then such reimbursement shall be deemed a repayment of the corresponding Advance in respect of such Letter of Credit. After all such Letters of
Credit shall have expired or been fully drawn upon and all other obligations of the Borrowers hereunder and under the Notes shall have been paid in full, the balance, if any, in such L/C Cash Deposit Account shall be promptly returned to TBC.

 ARTICLE 7 

The Agent 
  

	7.1	 Appointment and Authority. Each Lender (in its capacity as a Lender and Issuing Bank, as applicable)
hereby irrevocably appoints Citibank to act on its behalf as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Agent and the Lenders, and the Borrowers shall not have rights as a third-party
beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Agent is not intended to connote any fiduciary or
other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

  

	7.2	 Rights as a Lender. The Person serving as the Agent hereunder shall have the same rights and powers in
its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and
generally engage in any kind of business with, the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders. 

  
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	7.3	 Exculpatory Provisions. 

 

	 	(a)	 The Agent shall not have any duties or obligations except those expressly set forth herein and in the other
Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Agent: 

  

	 	(i)	 shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing; 

  

	 	(ii)	 shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents); provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any
Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting
Lender in violation of any debtor relief law; and 

  

	 	(iii)	 shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Agent or any of its Affiliates in any capacity; 

provided, that, notwithstanding the foregoing, the Agent agrees to give to each Lender prompt notice of each notice given to it by the
Borrowers pursuant to the terms of this Agreement. The Agent further agrees to make a request pursuant to Section 4.1(a)(8) at the request of any Lender, and to share such requested information with the Lenders. 

 

	 	(b)	 The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the
request of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 8.1 and 6.2), or (ii) in
the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Agent shall be deemed not to have knowledge of any Default unless and until notice describing
such Default is given to the Agent in writing by the Company or a Lender. 

  

	 	(c)	 The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith or the
adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or the perfection or priority of any Lien or security interest created or purported to be
created hereby, or (v) the satisfaction of any condition set forth in Article 5 or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to the Agent.

  
 52 

	7.4	 Reliance by Agent. The Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of an Advance, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing
Bank, the Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Agent shall have received notice to the contrary from such Lender or Issuing Bank prior to the making of such Advance or the issuance of such
Letter of Credit. The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice
of any such counsel, accountants or experts. 

  

	7.5	 Indemnification. 

 

	 	(a)	 Each Lender severally agrees to indemnify the Agent in its capacity as Agent (to the extent not reimbursed by
TBC or any other Borrower), from and against its Ratable Share of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on,
incurred by, or asserted against the Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the Agent under this Agreement (collectively, the “Indemnified Costs”), provided that no
Lender shall be liable for any portion of the Indemnified Costs resulting from the Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. Without limitation of the
foregoing, each Lender agrees to reimburse the Agent promptly upon demand for its Ratable Share of any out-of-pocket expenses (including counsel fees) incurred by the
Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement to the extent that the Agent is not reimbursed for such expenses by TBC or any other Borrower. 

  

	 	(b)	 Each Lender severally agrees to indemnify the Issuing Banks (to the extent not promptly reimbursed by TBC) from
and against such Lender’s Ratable Share of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or
asserted against any Issuing Bank in any way relating to or arising out of this Agreement or any action taken or omitted by such Issuing Bank hereunder or in connection herewith; provided, that no Lender shall be liable for any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Issuing Bank’s gross negligence or willful misconduct as determined by a court of competent jurisdiction
by final and nonappealable judgment. Without limitation of the foregoing, each Lender agrees to reimburse any such Issuing Bank promptly upon demand for its Ratable Share of any
out-of-pocket expenses (including counsel fees) payable by TBC under Section 8.3, to the extent that such Issuing Bank is not promptly reimbursed for such costs and
expenses by TBC. 

  
 53 

	 	(c)	 The failure of any Lender to reimburse the Agent or any Issuing Bank promptly upon demand for its Ratable Share
of any amount required to be paid by the Lenders to the Agent as provided herein shall not relieve any other Lender of its obligation hereunder to reimburse the Agent or any Issuing Bank for its Ratable Share of such amount, but no Lender shall be
responsible for the failure of any other Lender to reimburse the Agent or any Issuing Bank for such other Lender’s Ratable Share of such amount. Without prejudice to the survival of any other agreement of any Lender hereunder, the agreement and
obligations of each Lender contained in this Section 7.5 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes. Each of the Agent and each Issuing Bank agrees to return to the
Lenders their respective Ratable Shares of any amounts paid under this Section 7.5 that are subsequently reimbursed by TBC or any Borrower. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this
Section 7.5 applies whether any such investigation, litigation or proceeding is brought by the Agent, any Lender or a third party. 

  

	7.6	 Resignation of Agent. 

 

	 	(a)	 The Agent may at any time give notice of its resignation to the Lenders and the Company. Upon receipt of any
such notice of resignation, the Majority Lenders shall have the right with the consent of the Company (if no Event of Default has occurred and is continuing), such consent not to be unreasonably withheld or delayed, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30
days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Majority Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to), on
behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above with the consent of the Company (if no Event of Default has occurred and is continuing), such consent not to be unreasonably withheld or delayed. Whether or
not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

  

	 	(b)	 If the Person serving as Agent is a Defaulting Lender pursuant to clause (v) of the definition thereof,
the Majority Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and such Person remove such Person as Agent and, with the consent of the Company (if no Event of Default has occurred and is continuing), such
consent not to be unreasonably withheld or delayed, appoint a successor. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the
Majority Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

 

	 	(c)	 With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the
retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Agent on behalf of the Lenders hereunder, the retiring or
removed Agent shall continue to hold such collateral security until such time as a successor Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or
to each Lender directly, until such time, if any, as the Majority Lenders appoint a successor 

  
 54 

	 	
Agent as provided for above. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring or removed Agent, and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Company to a successor Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the retiring or removed Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article
and Section 8.4 shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by
any of them while the retiring or removed Agent was acting as Agent. 

  

	7.7	 Delegation of Duties. The Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all of
its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the
Agent and any such sub-agent. 

  

	7.8	 Non-Reliance on Agent and Other Lenders. Each Lender
acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

 

	7.9	 No Other Duties, etc. Anything herein to the contrary notwithstanding, none of the Bookrunners,
Arrangers, Syndication Agents or Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Agent or a
Lender hereunder. 

  

	7.10	 Lender ERISA Representation. Each Lender party to this Agreement as of the Closing Date represents and
warrants as of the Closing Date to the Agent and each other Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, for the benefit of the Company or any other Borrower, that such Lender is not and will not be
(i) an employee benefit plan subject to Title I of ERISA, (ii) a plan or account subject to Section 4975 of the Internal Revenue Code; (iii) an entity deemed to hold “plan assets” of any such plans or accounts for
purposes of ERISA or the Internal Revenue Code that is using “plan assets” of any such plans or accounts to fund or hold Advances or perform its obligations under this Agreement; or (iv) a “governmental plan” within the
meaning of ERISA. 

  
 55 

 ARTICLE 8 

Miscellaneous 
  

	8.1	 Modification, Consents and Waivers. 

 

	(a)	 Waiver. No failure or delay on the part of any Lender in exercising any power or right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any other or further exercise thereof or the exercise of any other right or power hereunder. No notice to or demand on the Borrowers in any
case shall entitle the Borrowers to any other or further notice or demand in similar or other circumstances. 

  

	(b)	 Amendment. No amendment or waiver of any provision of this Agreement, any Notes or any Guaranties, nor
consent to any departure by the Borrowers therefrom, shall in any event be effective unless such amendment, waiver or consent is in writing and signed by the Company and the Majority Lenders, and then such amendment, waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall do any of the following: 

 

	 	(i)	 waive any of the conditions specified in Section 5.1 or 5.4, unless in writing and signed by all the
Lenders, 

  

	 	(ii)	 except as provided in Section 2.20 or Section 2.22, increase or extend the Commitments of the Lenders
or subject the Lenders to any additional obligations, unless in writing and signed by each Lender directly affected thereby, 

  

	 	(iii)	 reduce the principal of, or rate of interest on, the Advances or any fees, commissions or other amounts payable
hereunder, unless in writing and signed by each Lender directly affected thereby, 

  

	 	(iv)	 except as provided in Section 2.22, postpone any date fixed for any payment of principal of, or interest
on, the Advances or any fees, commissions or other amounts payable hereunder, unless in writing and signed by each Lender directly affected thereby, 

  

	 	(v)	 change the percentage of the Commitments or of the aggregate unpaid principal amount of the Advances or the
number of Lenders required for the Lenders or any of them to take any action hereunder, or the definition of “Majority Lenders”, unless in writing and signed by all the Lenders, 

 

	 	(vi)	 amend this Section 8.1, unless in writing and signed by all the Lenders, or 

 

	 	(vii)	 release TBC from any of its obligations under any Guaranty or limit the liability of TBC as guarantor
thereunder, unless in writing and signed by all the Lenders; 

 and provided further that no amendment, waiver, or
consent shall, unless in writing and signed by the Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Agent under this Agreement or any Note and no amendment, waiver or consent shall, unless in
writing and signed by the Issuing Banks in addition to the Lenders required above to take such action, adversely affect the rights or obligations of the Issuing Banks in their capacities as such under this Agreement. 

 

	(c)	 Majority Lenders. Notwithstanding the foregoing, this Section 8.1 shall not affect the provisions
of Section 4.4, “Waivers of Covenants”, or Article 6, “Events of Default”. 

  
 56 

	8.2	 Notices. 

  

	(a)	 Addresses. All communications and notices provided for hereunder shall be in writing and mailed,
telecopied, telexed or delivered and, 

 if to the Agent, as set forth on Schedule II; 

if to any Borrower, 
 care of The
Boeing Company 
 100 N. Riverside 

Mail Code: 5003 3648 
 Chicago,
Illinois 60606 
 Attention: Assistant Treasurer, Corporate Finance and Banking 

facsimile number (312) 544-2399 

if to any Lender, at its Domestic Lending Office; or, 

as to each party, at such other address as designated by such party in a written notice to each other party referring specifically to this
Agreement. 
  

	(b)	 Effectiveness of Notices. All communications and notices shall, when mailed, telecopied, or telexed, be
effective when deposited in the mail, telecopied, or confirmed by telex answerback, respectively, provided that delivery of the items referred to in clauses (1), (3), (5) and (6) of Section 4.1(a) shall be effective when deemed to have
been delivered as provided in such Section. Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of this Agreement or any Notes or of any Exhibit to be executed and delivered hereunder shall be effective as
delivery of a manually executed counterpart thereof. 

  

	(c)	 Electronic Mail. Electronic mail may be used to distribute routine communications, such as financial
statements and other information, and documents to be signed by the parties hereto; provided, however, that no Notice of Borrowing, signature, or other notice or document intended to be legally binding shall be effective if sent by
electronic mail. 

  

	(d)	 Internet Distributions. 

 

	 	(1)	 So long as Citibank or any of its Affiliates is the Agent, such materials as may be agreed between the
Borrowers and the Agent may be delivered to the Agent in an electronic medium in a format acceptable to the Agent and the Lenders by e-mail at oploanswebadmin@citigroup.com. The Borrowers agree that the Agent
may make such materials, as well as any other written information, documents, instruments and other material relating to the Company, any of its Subsidiaries or any other materials or matters relating to this Agreement, the Notes or any of the
transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting such notices on Intralinks (the “Platform”). The Borrowers acknowledge that (i) the distribution of
material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided “as is” and “as available” and
(iii) neither the Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications or the Platform and each expressly disclaims liability for errors or omissions in the Communications or the Platform. No
warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by
the Agent or any of its Affiliates in connection with the Platform. 

  
 57 

	 	(2)	 Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”)
specifying that any Communications have been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement; provided that if requested by any Lender
the Agent shall deliver a copy of the Communications to such Lender by email or telecopier. Each Lender agrees (i) to notify the Agent in writing of such Lender’s e-mail address to which a Notice may
be sent by electronic transmission (including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address. 

 

	8.3	 Costs, Expenses and Taxes. 

 

	(a)	 TBC shall pay upon written request all reasonable costs and expenses in connection with the preparation,
execution, delivery, modification and amendment requested by any of the Borrowers of this Agreement, any Notes and the Guaranties (including, without limitation, printing costs and the reasonable fees and out-of-pocket expenses of counsel for the Agent) and costs and expenses, if any, in connection with the enforcement of this Agreement, any Notes and the Guaranties (whether through negotiations, legal
proceedings or otherwise and including, without limitation, the reasonable fees and out-of-pocket expenses of counsel), as well as any and all stamp and other taxes, and
to save the Lenders and other holders of interests in the Advances or any Notes harmless from any and all liabilities with respect to or resulting from any delay by or omission of the Borrowers to pay such taxes, if any, which may be payable or
determined to be payable in connection with the execution and delivery of this Agreement, any Notes and the Guaranties. 

  

	(b)	 TBC agrees to indemnify the Agent and each Lender and each of their Affiliates and their officers, directors,
employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities, penalties and expenses (including, without limitation, reasonable fees and expenses of counsel)
incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a
defense in connection therewith) the Advances, this Agreement, the Notes, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances, except to the extent such claim, damage, loss, liability or expense
resulted from such Indemnified Party’s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment and except that no Indemnified Party shall have the right to be indemnified
hereunder to the extent such indemnification relates to relationships of, between or among each of, or any of, the Agent, the Lenders, any assignee of a Lender or any participant. In the case of any investigation, litigation or other proceeding to
which this Section 8.3 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by TBC, its directors, shareholders or creditors or an Indemnified Party or any other Person or an
Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. The Borrowers also agree not to assert any claim on any theory of liability for special, indirect, consequential or punitive
damages against the Agent, any Lender, any of their Affiliates, or any of their respective directors, officers, employees, attorneys and agents, arising out of or otherwise relating to the Notes, this Agreement, any of the transactions contemplated
herein or the actual or proposed use of the proceeds of Advances. 

  
 58 

	(c)	 Without prejudice to the survival of any other agreement of the Borrowers hereunder, the agreements and
obligations of the Borrowers contained in Sections 2.14, 2.15 and 8.3 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes for a period of seven years. 

 

	8.4	 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Borrowers, the
Lenders and the Agent, and their respective successors and assigns, except that the Borrowers may not assign or transfer their rights hereunder without the prior written consent of all of the Lenders. 

 

	8.5	 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 

  

	8.6	 Governing Law. This Agreement, any Notes, the Guaranties and each Borrower Subsidiary Letter shall be
deemed to be contracts under the laws of the State of New York and for all purposes shall be construed in accordance with the laws of such State. 

  

	8.7	 Headings. The Table of Contents and Article and Section headings used in this Agreement are for
convenience only and shall not affect the construction of this Agreement. 

  

	8.8	 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. 

  

	8.9	 Right of Set-Off. Each Lender and each of its Affiliates that is
or was at one time a Lender hereunder is authorized at any time and from time to time, upon 

  

	 	(i)	 the occurrence and during the continuance of any Event of Default and 

 

	 	(ii)	 the making of the request or the granting of the consent specified by Section 6.2 to authorize the Agent
to declare any Advances due and payable pursuant to the provisions of Section 6.2, 

 to the fullest extent permitted
by law, without notice to any Borrower (any such notice being expressly waived by each Borrower), to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any
time owing by such Lender or such Affiliate to or for the credit or the account of any Borrower against any and all of the obligations to such Lender or such Affiliate of such Borrower now or hereafter existing under this Agreement and any Notes
held by such Lender, whether or not such Lender has made a demand under this Agreement or such Notes and although such obligations may be unmatured. Each Lender shall promptly notify any Borrower after any such setoff and application made by such
Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender under this Section are in addition to other rights and remedies (including, without limitation,
other rights of setoff) which such Lender and its Affiliates may have. 

  
 59 

	8.10	 Confidentiality. Neither the Agent nor any Lender shall disclose any Confidential Information to any
other Person without the consent of a Borrower, other than 

  

	 	(a)	 to the Agent’s or such Lender’s Affiliates and their officers, directors, employees, agents,
representatives and advisors (“Permitted Parties”) and their respective professional advisors and, as contemplated by Section 2.21(f), to actual or prospective assignees and participants and their respective agents and advisors, and
then only on a confidential basis, 

  

	 	(b)	 as required by any law, rule or regulation or judicial process, 

 

	 	(c)	 any rating agency, or direct or indirect provider of credit protection to any Permitted Party, and then only on
a confidential basis; and 

  

	 	(d)	 as requested or required by any state, federal or foreign regulatory, supervisory, governmental or
quasi-governmental authority with jurisdiction over a Permitted Party or examiner regulating banks or banking or other financial institutions. 

The Agent and the Lenders are strictly prohibited from disclosing the existence of this Agreement and information about this Agreement to
market data collectors, similar service providers to the lending industry and service providers. 
  

	8.11	 Agreement in Effect. This Agreement shall become effective upon its execution and delivery,
respectively, to the Agent and TBC by TBC and the Agent, and when the Agent shall have been notified by each Lender listed on Schedule I that such Lender has executed it. 

 

	8.12	 No Liability of the Issuing Banks. None of the Agent, the Lenders nor any Issuing Bank, nor any of their
Affiliates, or the respective directors, officers, employees, agents and advisors of such Person or such Affiliate, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any
payment or failure to make any payment thereunder, or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required
to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the applicable Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing
Bank from liability to the applicable Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by such
Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof or any failure to honor a Letter of Credit where such
Issuing Bank is, under applicable law, required to honor it. The parties hereto expressly agree that, as long as the Issuing Bank has not acted with gross negligence or willful misconduct, such Issuing Bank shall be deemed to have exercised care in
each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in compliance with the terms of a Letter of Credit, an
Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation or refuse to accept and make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit. 

  
 60 

	8.13	 Patriot Act Notice. Each Lender and the Agent (for itself and not on behalf of any Lender) hereby
notifies the Company that pursuant to the requirements of Section 326 of the USA Patriot Act (Title III of Pub.L. 107-56 (signed into law October 26, 2001)) and the promulgated regulations thereto
(the “Patriot Act”), it is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of such Borrower and other information that will allow such Lender or the
Agent, as applicable, to identify such Borrower in accordance with the Patriot Act. Each Borrower shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent or any Lenders in
order to assist the Agent and the Lenders in maintaining compliance with the Patriot Act. 

  

	8.14	 Jurisdiction, Etc.. 

 

	 	(a)	 Each of the parties hereto hereby irrevocably and unconditionally agrees that it will not commence any action,
litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any other party hereto or any Related Party of the foregoing arising out of or relating to this Agreement or any
other Loan Document, in any forum other than any New York State court or federal court of the United States of America sitting in New York City, Borough of Manhattan, and any appellate court from any thereof, and each of the parties hereto
irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent
permitted by applicable law, in such federal court, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State
court or, to the extent permitted by applicable law, in such federal court. Each Subsidiary Borrower hereby agrees that service of process in any such action or proceeding may be made upon the Company and each Subsidiary Borrower hereby irrevocably
appoints the Company its authorized agent to accept such service of process, and agrees that the failure of the Company to give any notice of any such service shall not impair or affect the validity of such service or of any judgment rendered in any
action or proceeding based thereon. Each Borrower hereby further irrevocably consents to the service of process in any action or proceeding in such courts by the mailing thereof by any parties hereto by registered or certified mail, postage prepaid,
to the Company at its address specified pursuant to Section 8.2. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. 

  

	 	(b)	 Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Notes in any New York State or federal court. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

  
 61 

	8.15	 No Fiduciary Duty. 

The Agent, each Lender and their Affiliates may have economic interests that conflict with those of the Borrowers. TBC agrees
that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, TBC and its Affiliates, on the one hand, and the Agent, the Lenders and their respective Affiliates, on the other hand, will
have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Agent, the Issuing Banks, the Lenders or their respective Affiliates and no such duty will be deemed to have arisen in connection
with any such transactions or communications. 
  

	8.16	 Waiver of Jury Trial. Each party hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated hereby (whether based on contract, tort or any other theory). Each
party hereto (a) certifies that no representative, agent or attorney of any other person has represented, expressly or otherwise, that such other person would not, in the event of litigation, seek to enforce the foregoing waiver and
(b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section. 

 

	8.17	 Acknowledgement and Consent to Bail-In of Certain Financial
Institutions. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges and accepts that any liability of any Lender under or in
connection with this Agreement may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of: 

(a) the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any Lender party hereto that is subject to the Write-Down and Conversion Powers of any Resolution Authority; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership that may be issued to
it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement; or 

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
any Resolution Authority. 

  
 62 

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

			
	    THE BOEING COMPANY
		
	    By	 	 /s/ Ruud Roggekamp

		 	Name: Ruud Roggekamp
		 	Title: Assistant Treasurer
	
	    CITIBANK, N.A., Individually and as Agent
		
	    By	 	 /s/ Susan M. Olsen

		 	Name: Susan M. Olsen
		 	Title: Vice President

 
			
	
	Syndication Agent

 
			
	
	    JPMORGAN CHASE BANK, N.A.
		
	    By	 	 /s/ Robert P. Kellas

		 	Name: Robert P. Kellas
		 	Title: Executive Director

 
			
	Documentation Agents
	
	    BANK OF AMERICA, N.A.
		
	    By	 	 /s/ Prathamesh Kshirsagar

		 	Name: Prathamesh Kshirsagar
		 	Title: Vice President
	
	    DEUTSCHE BANK AG NEW YORK BRANCH
		
	    By	 	 /s/ Ming K. Chu

		 	Name: Ming K. Chu
		 	Title: Director
		
	    By	 	 /s/ Virginia Cosenza

		 	Name: Virginia Cosenza
		 	Title: Vice President
	
	    MIZUHO BANK, LTD.
		
	    By	 	 /s/ Donna DeMagistris

		 	Name: Donna DeMagistris
		 	Title: Executive Director
	
	    SUMITOMO MITSUI BANKING CORPORATION
		
	    By	 	 /s/ Michael Maguire

		 	Name: Michael Maguire
		 	Title: Executive Director
	
	    WELLS FARGO BANK, N.A.
		
	    By	 	 /s/ Adam Spreyer

		 	Name: Adam Spreyer
		 	Title: Director

  
 2 

 
			
	Lenders
	
	BANCO BILBAO VIZCAYA ARGENTARIA S.A., NEW YORK BRANCH
		
	By	 	 /s/ Cara Younger

		 	Name: Cara Younger
		 	Title: Executive Director
		
	By	 	 /s/ Mauricio Benitez

		 	Name: Mauricio Benitez
		 	Title: Executive Director
	
	BNP PARIBAS
		
	By	 	 /s/ Tony Baratta

		 	Name: Tony Baratta
		 	Title: Managing Director
		
	By	 	 /s/ Todd Grossnickle

		 	Name: Todd Grossnickle
		 	Title: Director
	
	COMMERZBANK AG, NEW YORK BRANCH
		
	By	 	 /s/ Michael Ravelo

		 	Name: Michael Ravelo
		 	Title: Managing Director
		
	By	 	 /s/ Bianca Notari

		 	Name: Bianca Notari
		 	Title: Vice President
	
	MUFG BANK, LTD.
		
	By	 	 /s/ Oscar Cortez

		 	Name: Oscar Cortez
		 	Title: Authorized Signatory
	
	ROYAL BANK OF CANADA
		
	By	 	 /s/ Richard C. Smith

		 	Name: Richard C. Smith
		 	Title: Authorized Signatory

  
 3 

 
			
	SOCIETE GENERALE
		
	By	 	 /s/ Kimberly Metzger

		 	Name: Kimberly Metzger
		 	Title: Director
	
	BANCO SANTANDER, S.A. NEW YORK BRANCH
		
	By	 	 /s/ Xavier Ruiz Sena

		 	Name: Xavier Ruiz Sena
		 	Title: Managing Director
		
	By	 	 /s/ Rita Walz-Cuccioli

		 	Name: Rita Walz-Cuccioli
		 	Title: Executive Director
	
	BARCLAYS BANK PLC
		
	By	 	 /s/ Russell C. Johnson

		 	Name: Russell C. Johnson
		 	Title: Director
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By	 	 /s/ Gordon Yip

		 	Name: Gordon Yip
		 	Title: Director
		
	By	 	 /s/ Gary Herzog

		 	Name: Gary Herzog
		 	Title: Managing Director
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
		
	By	 	 /s/ Judith Smith

		 	Name: Judith Smith
		 	Title: Authorized Signatory
		
	By	 	 /s/ Lingzi Huang

		 	Name: Lingzi Huang
		 	Title: Authorized Signatory
	
	GOLDMAN SACHS BANK USA
		
	By	 	 /s/ Ryan Durkin

		 	Name: Ryan Durkin
		 	Title: Authorized Signatory

  
 4 

 
			
	MORGAN STANLEY BANK, N.A.
		
	By	 	 /s/ Michael King

		 	Name: Michael King
		 	Title: Authorized Signatory
	
	DBS BANK LTD.
		
	By	 	 /s/ Ong Sie Wei

		 	Name: Ong Sie Wei
		 	Title: Senior Vice President
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By	 	 /s/ James N. DeVries

		 	Name: James N. DeVries
		 	Title: Senior Vice President
	
	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
		
	By	 	 /s/ Robert Grillo

		 	Name: Robert Grillo
		 	Title: Director
	
	BANK OF CHINA, NEW YORK BRANCH
		
	By	 	 /s/ Raymond Qiao

		 	Name: Raymond Qiao
		 	Title: Executive Vice President
	
	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH
		
	By	 	 /s/ Kan Chen

		 	Name: Kan Chen
		 	Title: Director
		
	By	 	 /s/ Chao Liang

		 	Name: Chao Liang
		 	Title: Executive Director
	
	LLOYDS BANK CORPORATE MARKETS, PLC
		
	By	 	 /s/ Kamala Basdeo

		 	Name: Kamala Basdeo
		 	Title: Assistant Vice President
		
	By	 	 /s/ Tina Wong

		 	Name: Tina Wong
		 	Title: Assistant Vice President

  
 5 

 
			
	STANDARD CHARTERED BANK
		
	By	 	 /s/ James Beck

		 	Name: James Beck
		 	Title: Associate Director
	
	STATE BANK OF INDIA, NEW YORK BRANCH
		
	By	 	 /s/ Manoranjan Panda

		 	Name: Manoranjan Panda
		 	Title: Vice President and Head (Credit)
	
	SUNTRUST BANK
		
	By	 	 /s/ Alexander Harrison

		 	Name: Alexander Harrison
		 	Title: Vice President
	
	WESTPAC BANKING CORPORATION
		
	By	 	 /s/ Richard Yarnold

		 	Name: Richard Yarnold
		 	Title: Senior Relationship Manager
	
	THE NORTHERN TRUST COMPANY
		
	By	 	 /s/ Lisa DeCristofaro

		 	Name: Lisa DeCristofaro
		 	Title: Senior Vice President
	
	FIRST ABU DHABI BANK USA N.V.
		
	By	 	 /s/ Husam Arabiat

		 	Name: Husam Arabiat
		 	Title: Country CEO - USA
		
	By	 	 /s/ Pamela Sigda

		 	Name: Pamela Sigda
		 	Title: Country CFO - USA
	
	RIYAD BANK, HOUSTON AGENCY
		
	By	 	 /s/ Michael Meiss

		 	Name: Michael Meiss
		 	Title: General Manager
		
	By	 	 /s/ Manny Cafeo

		 	Name: Manny Cafeo
		 	Title: Vice President, Operations Manager

  
 6 

 
			
	STATE STREET BANK AND TRUST COMPANY
		
	By	 	 /s/ Adebusola Laguda

		 	Name: Abebusola Laguda
		 	Title: Vice President
	
	ICICI BANK LIMITED, NEW YORK BRANCH
		
	By	 	 /s/ Leslie Mathew

		 	Name: Leslie Mathew
		 	Title: Head, Corporate and Commercial Banking
	
	INTESA SANPAOLO S.P.A. NEW YORK BRANCH
		
	By	 	 /s/ Francesco Calcara

		 	Name: Francesco Calcara
		 	Title: VP-Senior Relationship Manager
		
	By	 	 /s/ Alessandro Toigo

		 	Name: Alessandro Toigo
		 	Title: Regional Business Manager

  
 7 

 SCHEDULE I 

COMMITMENTS 
  

					
	 Name of Initial Lender
	  	Commitment	 
	 Citibank, N.A.
	  	$	218,333,333.33	 
	 JPMorgan Chase Bank, N.A.
	  	$	218,333,333.32	 
	 Bank of America, N.A.
	  	$	166,666,666.67	 
	 Deutsche Bank AG New York Branch
	  	$	166,666,666.67	 
	 Mizuho Bank, Ltd.
	  	$	166,666,666.67	 
	 Sumitomo Mitsui Banking Corporation
	  	$	166,666,666.67	 
	 Wells Fargo Bank, National Association
	  	$	166,666,666.67	 
	 Banco Bilbao Vizcaya Argentaria, S.A., New York Branch
	  	$	116,666,666.67	 
	 BNP Paribas
	  	$	116,666,666.67	 
	 Commerzbank AG, New York Branch
	  	$	116,666,666.67	 
	 MUFG Bank, Ltd.
	  	$	116,666,666.67	 
	 Royal Bank of Canada
	  	$	116,666,666.67	 
	 Societe Generale
	  	$	116,666,666.67	 
	 Banco Santander, S.A., New York Branch
	  	$	100,000,000.00	 
	 Barclays Bank PLC
	  	$	83,333,333.33	 
	 Credit Agricole Corporate and Investment Bank
	  	$	83,333,333.33	 
	 Credit Suisse AG Cayman Islands Branch
	  	$	83,333,333.33	 
	 Goldman Sachs Bank USA
	  	$	83,333,333.33	 
	 Morgan Stanley Bank, N.A.
	  	$	83,333,333.33	 
	 DBS Bank Ltd.
	  	$	66,666,666.67	 
	 U.S. Bank National Association
	  	$	66,666,666.67	 
	 Australia and New Zealand Banking Group Limited
	  	$	50,000,000.00	 

					
	 Bank of China, New York Branch
	  	$	50,000,000.00	 
	 Industrial and Commercial Bank of China Limited, New York Branch
	  	$	50,000,000.00	 
	 Lloyds Bank Corporate Markets, plc
	  	$	50,000,000.00	 
	 Standard Chartered Bank
	  	$	50,000,000.00	 
	 State Bank of India, New York Branch.
	  	$	50,000,000.00	 
	 SunTrust Bank
	  	$	50,000,000.00	 
	 Westpac Banking Corporation
	  	$	50,000,000.00	 
	 The Northern Trust Company
	  	$	40,000,000.00	 
	 First Abu Dhabi Bank USA N.V.
	  	$	33,333,333.33	 
	 Riyad Bank, Houston Agency
	  	$	33,333,333.33	 
	 State Street Bank and Trust Company
	  	$	33,333,333.33	 
	 ICICI Bank Limited, New York Branch
	  	$	20,000,000.00	 
	 Intesa Sanpaolo S.p.A New York Branch
	  	$	20,000,000.00	 
		  	  
	  
	 
	 Total of Commitments:
	  	$	3,200,000,000.00	 
		  	  
	  
	 

  
 2 

 SCHEDULE II 

AGENT CONTACT DETAILS 
 Citibank, N.A. 

Building #3 
 1615 BRETT RD 

New Castle, DE 19720 
 Attention: Bank Loans Syndications
Department 
 Administrative Contact for Investor Inquiries: 

Investor Relations 
 Phone: (302)
894-6010 
 Fax: (212) 994-0961 

e-mail address: global.loans.support@citi.com 

Administrative Contact for Investor Assignments: 
 Third
Party Group 
 Fax#: 212-994-0961 

e-mail address: thirdparty@citi.com 

Administrative Contact for Disclosure Requests: 

Disclosure Unit 
 Fax: (212)
994-0961 
 e-mail address: oploanswebadmin@citi.com 

Administrative Contact for Admin Detail Changes: 
 Static
Data Team 
 Fax: (212) 994-0961 

e-mail address: GLUtilityAgencyLoansOps@citi.comExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement,
(the “Agreement”), effective as of the Commencement Date defined below is made between Selective Insurance
Company of America , a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey
07890 (the “Company”) and Gregory E. Murphy, an individual residing in New Jersey with a mailing address
of [ADDRESS REDACTED] (the “Executive”).

 

SECTION 1.    
definitions.

 

1.1.       
Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

“Agreement”
has the meaning given to such term in the Preamble hereto.

 

“Board”
means the Board of Directors of the Company’s Parent.

 

“Cause”
means that if the Board, after giving Executive, with his own counsel, the opportunity to meet with it, shall determine in good
faith, by written resolution of not less than two-thirds percent (66.67%) of the entire membership of the Board (excluding the
Executive if the Executive is a member of the Board) at a special meeting called for that purpose, that any one or more of the
following has occurred:

 

(i)            the
Executive shall have been convicted by a court of competent jurisdiction of, or pleaded guilty or nolo contendere to, any felony
under, or within the meaning of, applicable United States federal or state law;

 

(ii)           the Executive shall have breached in any respect any one or more of the material provisions of this Agreement, including, without
limitation, any failure to comply with the Code of Conduct, and, to the extent such breach may be cured, such breach shall have
continued for a period of thirty (30) days after written notice by the Company’s Parent’s Board to the Executive specifying
such breach; or

 

(iii)         the Executive shall have engaged in misconduct in the performance of the Executive’s duties and obligations to the Company
which constitute common law fraud or other gross malfeasance of duty.

 

For purposes of clauses
(ii) and (iii) of this definition of “Cause”, no act, or failure to act, on the part of the Executive shall be considered
grounds for “Cause” under such clauses if such act, or such failure to act, was done or omitted to be done based upon
authority or express direction given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for
the Company.

 

“Change in Control”
means the occurrence of an event of a nature that would be required to be reported by the Company’s Parent in response to
Item 5.01 of a Current Report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange
Act; provided, however, that a Change in Control shall, in any event, conclusively be deemed to have occurred upon the first
to occur of any one of the following events:

 

     

     

    

                                       

(i)            The acquisition by any “person” or “group” (as such terms are used in Sections 13(d)(3) and 14(d)(2)
of the Securities Exchange Act or any successor provisions to either of the foregoing), including, without limitation, any current
shareholder or shareholders of the Company’s Parent, of securities of the Company’s Parent resulting in such person
or group being a “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act) of twenty-five percent
(25%) or more of any class of Voting Securities of the Company’s Parent;

 

(ii)           The acquisition by any “person” or “group” (as such terms are used in Sections 13(d)(3) and 14(d)(2)
of the Securities Exchange Act or any successor provisions to either of the foregoing), including, without limitation, any current
shareholder or shareholders of the Company’s Parent, of securities of the Company’s Parent resulting in such person
or group being a “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act) of twenty percent
(20%) or more, but less than twenty-five percent (25%), of any class of Voting Securities of the Company’s Parent, if the
Board adopts a resolution that such acquisition constitutes a Change in Control;

 

(iii)         The sale or disposition of more than seventy-five percent (75%) of the Company’s Parent’s assets on a consolidated
basis, as shown in the Company’s Parent’s then most recent audited consolidated balance sheet;

 

(iv)          The reorganization, recapitalization, merger, consolidation or other business combination involving the Company’s Parent
the result of which is the ownership by the shareholders of the Company’s Parent of less than eighty percent (80%) of those
Voting Securities of the resulting or acquiring Person having the power to vote in the elections of the board of directors of such
Person; or

 

(v)            A change in the membership in the Board which, taken in conjunction with any other prior or concurrent changes, results in
fifty percent (50%) or more of the Board’s membership being persons not nominated by the Company’s Parent’s management
or the Board as set forth in the Company’s Parent’s then most recent proxy statement, excluding changes resulting from
substitutions by the Board because of retirement or death of a director or directors, removal of a director or directors by the
Board or resignation of a director or directors due to demonstrated disability or incapacity.

 

(vi)          Anything in this definition of Change in Control to the contrary notwithstanding, no Change in Control shall be deemed to have
occurred for purposes of this Agreement by virtue of any transaction which results in the Executive, or a group of Persons which
includes the Executive, acquiring, directly or indirectly, Voting Securities of the Company’s Parent.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Code of Conduct”
has the meaning given to such term in Section 2.3 hereof.

 

“Commencement
Date” has the meaning given to such term in Section 2.2 hereof.

 

    -2-

     

    

 

“Company”
has the meaning given to such term in the Preamble hereto and includes any Person which shall succeed to or assume the obligations
of the Company hereunder pursuant to Section 5.7 hereof.

 

“Company’s
Parent” means Selective Insurance Group, Inc., a publicly-traded New Jersey corporation with a principal office at 40
Wantage Avenue, Branchville, New Jersey 07890.

 

“Covered Employee”
means a covered employee, within the meaning of Section 162(m)(3) of the Code, of the Company.

 

“Disability” shall mean:
(i) a long-term disability entitling the Executive to receive benefits under the Company’s long-term disability plan as then
in effect; or (ii) if no such plan is then in effect or the plan does not apply to the Executive, the inability of the Executive,
as determined by the Board or its designee, to perform the essential functions of his regular duties and responsibilities, with
or without reasonable accommodation, due to a medically determinable physical or mental illness which has lasted (or can reasonably
be expected to last) for a period of six (6) consecutive months. At the request of the Executive or his personal representative,
determination by the Board or its designee that the Disability of the Executive has occurred shall be certified by two physicians
mutually agreed upon by the Executive, or his personal representative, and the Company. Without such independent certification
(if so requested by the Executive), the Executive’s termination shall be deemed a termination by the Company without Cause
and not a termination by reason of his Disability.

 

“Early Termination”
has the meaning given to such term in Section 3.2 hereof.

 

“Executive”
has the meaning given to such term in the Preamble prior to Section 1 hereof.

 

“Notice of Termination”
means a written notice which shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) set forth
in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated and, (iii) specify the date of termination in accordance with this Agreement (other than for a
termination for Cause).

 

“Person”
means an individual, partnership, corporation, association, limited liability company, trust, joint venture, unincorporated organization,
and any government, governmental department or agency or political subdivision thereof.

 

“Plans”
has the meaning given to such term in Section 2.4(b)(i) hereof.

 

“Rabbi Trust”
has the meaning given to such term in Section 3.4(d) hereof.

 

“Release”
has the meaning given to such term in Section 3.5 hereof.

 

“Restrictive
Covenants” has the meaning given to such term in Section 3.5 hereof.

 

“Retirement”
means a termination of the Executive’s employment by the Company or the Executive (i) at such age as shall be established
by the Company’s Board for mandatory or normal retirement of Company executives in general (which age shall be, if the determination
of Retirement is made after the occurrence of a Change in Control, the age established by the Company’s Board prior to a
Change in Control), which shall not be less than age 65, or (ii) at any other retirement age set by mutual agreement of the Company
and the Executive and approved by the Company’s Board.

 

    -3-

     

    

 

“Salary”
has the meaning given to such term in Section 2.4(a) hereof.

 

“Section 409A”
means Section 409A of the Code and the regulations of the Treasury and other applicable guidance promulgated thereunder.

 

“Section 409A
Tax” has the meaning given to such term in Section 3.6 hereof.

 

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

 

“Term”
has the meaning given to such term in Section 2.2 hereof.

 

“Termination
Date” means the date of the Executive’s termination of employment with the Company and its affiliates. If the Executive’s
employment is to be terminated by the Company for Disability, the Executive’s employment shall terminate thirty (30) days
after a Notice of Termination is given; provided that the Executive shall not have returned to the performance of the Executive’s
duties on a full-time basis during such thirty (30) day period. If the Executive’s employment is to be terminated by the
Company for Cause, the Executive (together with his counsel) shall first have an opportunity to be heard before the Board of the
Company’s Parent after a Notice of Termination is given.

 

“Triggering Event”
has the meaning given to such term in Section 3.4(d) hereof.

 

“Trustee”
has the meaning given to such term in Section 3.4(d) hereof.

 

“Voting Securities”
means, with respect to a specified Person, any security of such Person that has, or may have upon an event of default or in respect
to any transaction, a right to vote on any matter upon which the holder of any class of common stock of such Person would have
a right to vote.

 

1.2.         Terms Generally. Unless the context of this Agreement requires otherwise, words importing the singular number shall
include the plural and vice versa, and any pronoun shall include the corresponding masculine, feminine and neuter forms.

 

1.3.         Cross-References. Unless otherwise specified, references in this Agreement to any Paragraph or Section are references
to such Paragraph or Section of this Agreement.

 

SECTION 2.    
Employment and Compensation. The following terms and conditions will
govern the Executive’s employment with the Company throughout the Term.

 

2.1.         Employment. The Company hereby employs the Executive, and the Executive hereby accepts employment with the Company,
on the terms and conditions set forth herein.

 

2.2.         Term. The term of employment of the Executive under this Agreement shall commence as of February 1, 2020 (the “Commencement
Date”) and, subject to Section 3 hereof, shall terminate on February 1, 2021 (the “Term”) unless terminated
by either party by written notice to the other party.

 

    -4-

     

    

 

2.3.         Duties. The Executive agrees to his employment by the Company and service during the Term as Executive Chairman of the
Company’s Parent, a position to which the Board of the Company’s Parent has separately so appointed him. In such capacity,
the Executive shall have the responsibilities and duties customary for such office and such other executive responsibilities and
duties as are assigned by the Chief Executive Officer of the Company and the Company’s Parent and/or the Board which are
consistent with the Executive’s position. The Executive agrees to devote a reasonable amount of his business time, attention
and services to the business and affairs of the Company’s Parent and its affiliates in light of his position and to perform
his duties to the best of his ability. At all times during the performance of this Agreement, the Executive will adhere to the
Code of Conduct of the Company’s Parent that also applies to the Company (the “Code of Conduct”) that
has been or may hereafter be established and communicated by the Board to the Executive for the conduct of the position or positions
held by the Executive. During the Term, the Executive (i) may not accept directorships on the board of directors of for-profit
corporations without the prior written consent of the Board, which shall not be unreasonably withheld, and (ii) may accept directorships
on the board of directors of not-for-profit corporations without the Board’s prior written consent so long as (a) such
directorships do not interfere with Executive’s ability to carry out his responsibilities under this Agreement, and (b) Executive
promptly notifies the Board in writing of the fact that he has accepted such a non-profit directorship.

 

2.4.         Compensation.

 

(a)           Salary and ACIP. For all services rendered by the Executive under this Agreement, the Company shall pay the Executive
a salary during the Term at a rate of not less than Seven Hundred Fifty Thousand Dollars ($750,000.00) per year (the “Salary”),
payable in installments in accordance with the Company’s policy from time to time in effect for payment of salary to executives.

 

The Executive will also be eligible to participate
in the Annual Cash Incentive Program (“ACIP”) under the Selective Insurance Group, Inc. Cash Incentive Plan (“Cash
Incentive Plan”) in accordance with and subject to its terms for performance year 2020, for which any payment is expected
to be paid in March of 2021, but in any event during 2021. This ACIP will provide the Executive with the opportunity to earn a
cash payment based upon the level of Executive’s individual performance and the achievement of annual Company targets. The
payment range of the annual cash incentive for the Executive’s grade level is 0% to 300% of the Executive’s annual
base salary.

 

(b)           Benefits.

 

(i)            Standard
Benefits: During the Term, the Executive shall be eligible to participate in, receive, or continue to receive benefits
under the Selective Insurance Retirement Savings Plan (“401k Plan”), the Retirement Income Plan For Selective Insurance
Company of America, as amended, the Selective Insurance Company of America Deferred Compensation Plan, the Selective Insurance
Supplemental Pension Plan, the Company’s Selections Benefits Program (which includes medical, dental, vision, prescription
drug, life, and flexible spending accounts) and any other, pension, group insurance, retirement, profit sharing, relocation plan
or policy, or any other plan, program, policy or arrangement of the Company intended to benefit similarly situated employees of
the Company generally, if any, in accordance with the respective provisions thereof, from time to time in effect (collectively,
the “Plans”).

 

    -5-

     

    

 

(ii)           Restricted
Stock Units, Annual Cash Incentive Payment, and Cash Incentive Unit Awards for Executive’s Prior Position. For his
service before the Commencement Date as Chairman and Chief Executive Officer, this Agreement shall not impact the Executive’s
ability to receive and the Executive shall continue to be eligible for a long-term stock incentive (“LTIP”) award
consisting of (A) restricted stock units (“RSUs”) under the Selective Insurance Group, Inc. 2014 Omnibus Stock Plan,
As Amended and Restated Effective as of May 2, 2018 (“Stock Plan”), and (B) cash incentive units (“CIUs”
) under the Cash Incentive Plan as part of the Company’s Parent’s annual grant to Company executives under each of
the Stock Plan and the Cash Incentive Plan made in the first quarter of 2020.

 

(iii)         Cash Bonus for Service as Executive Chairman. Provided the Executive is employed with the Company for the Term
and in lieu of any additional LTIP under the Stock Plan and LTIP under the Cash Incentive Plan for services provided in 2020, the
Company shall pay the Executive a cash bonus of One Million Dollars ($1,000,000) within ten (10) business days following February
1, 2021.

 

(c)           Reimbursements. During the Term, the Executive shall be entitled to reimbursements for ordinary and necessary travel
and entertainment expenses in accordance with the Company’s policies on such matters from time to time in effect.

 

(d)           Perquisites. During the Term, the Company shall provide the Executive with suitable offices, secretarial and other services,
and other perquisites to which other executives of the Company generally are (or become) entitled, to the extent as are suitable
to the character of the Executive’s position with the Company, subject to such specific limits on such perquisites as may
from time to time be imposed by the Company’s Parent’s Board and the Chief Executive Officer.

 

(e)           Taxable
Reimbursements and Perquisites. Any taxable reimbursement of business or other expenses, or any provision of taxable in-kind
perquisites or other benefits to the Executive, as specified under this Agreement, shall be subject to the following conditions:
(i) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the
expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year; (ii) the reimbursement
of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (iii)
the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

 

 

SECTION 3.    
Termination and Severance.

 

3.1.         Termination. The Executive’s employment and service hereunder as Executive Chairman of the Company’s Parent
shall commence on the Commencement Date and continue until the expiration of the Term, except that the employment and service of
the Executive as Executive Chairman hereunder shall earlier terminate:

 

(a)         
Death. Upon the Executive’s death.

 

(b)         
Disability. At the option of the Company’s Parent or the Company, upon the Disability of the Executive.

 

    -6-

     

    

 

(c)         
For Cause. At the option of the Company’s Parent or the Company, for Cause.

 

(d)         
Resignation/Retirement. At any time at the option of the Executive, by resignation or Retirement.

 

(e)         
Without Cause. At any time at the option of the Company, without Cause; provided, that a termination of the Executive’s
employment hereunder by the Company based on Retirement, Death, or Disability shall not be deemed to be a termination without Cause.

 

3.2.         Procedure For Termination. Any termination of the Executive’s employment by the Company, or termination of his
service as Executive Chairman by the Company’s Parent, or termination by the Executive prior to the expiration of the Term
(an “Early Termination”) shall be communicated by delivery of a Notice of Termination to the other party hereto
given in accordance with Section 5.14 hereof; provided, however, that in the event the Company or the Company’s
Parent terminates the Executive’s employment or service as Executive Chairman for Cause based upon the Board’s determination
that one or both of the events described in clause (ii) or (iii) of the definition of Cause shall have occurred, the Company or
the Company’s Parent, as applicable, shall also deliver, together with any such Notice of Termination, a copy of the resolution
of the Board making any such determination. Any Early Termination shall become effective as of the applicable Termination Date.

 

3.3.         Rights and Remedies on Termination. The Executive will be entitled to receive the payments and benefits specified below
if there is an Early Termination.

 

(a)           Accrued Salary. If the Executive’s employment is terminated pursuant to any of the Paragraphs set forth in Section
3.1 hereof, then the Executive (or his legal representative, as applicable), except as set forth in subparagraphs (b), (c), and
(d) below, shall only be entitled to receive his accrued and unpaid Salary through the Termination Date.

 

(b)           Severance Payments.

 

(i)            If the Executive’s employment is terminated pursuant to Paragraphs (a), (b), or (e) in Section 3.1 hereof, then the Executive
(or his legal representative, as applicable) shall be entitled to receive a severance payment from the Company in an aggregate
amount equal to the unpaid Salary through the end of the Term plus an amount (if any) equal to the target of the 2020 performance
year ACIP payment range of the annual cash incentive for employees at the Executive’s grade level plus the One Million
Dollars ($1,000,000) Cash Bonus specified in Section 2.4(b)(iii); provided that each payment of any such severance payment
received or to which Executive otherwise would be entitled to receive shall be reduced, on a pro-rata basis, by the amount of payments
the Executive receives under any life or disability insurance policies with respect to which the premiums were paid by the Company;
provided that only the disability payments that are paid or payable for the period during which the severance is paid as set forth
subparagraph (ii) below will reduce the Salary, Cash Bonus, and ACIP payments otherwise payable during such period.

 

(ii)           The
severance payment required to be paid by the Company to the Executive pursuant to Paragraph (b)(i) above, shall, subject to Section
3.6, be paid in equal monthly installments over the twelve (12) month period following the Termination Date; provided, however,
that the first such installment shall be made upon the sixtieth (60th) day following the Termination Date, and shall include all
amounts that would have been paid between the Termination Date and such date.

 

    -7-

     

    

 

(c)           Severance Benefits.

 

(i)            If the Executive’s employment is terminated pursuant to any of the Paragraphs set forth in Section 3.1 hereof, then the
Executive (or his legal representative, as applicable) shall be entitled to receive the benefits which the Executive has accrued
or earned or which have become payable under the Plans as of the Termination Date, but which have not yet been paid to the Executive.
Payment of any such benefits shall be made in accordance with the terms of such Plans.

 

(ii)           If
the Executive’s employment is terminated pursuant to Paragraph (e) in Section 3.1 hereof, and if the Executive is eligible
for and timely elects continuation coverage pursuant to Section 601 et. seq. of the Employee Retirement Income Security Act of
1974, as amended, Section 4980B of the Code or similar state continuation coverage law (together “COBRA”) under any
insured or self-insured medical, dental or vision plan maintained by the Company (other than any health and/or dependent care flexible
account plan), then, for a period of twenty-four (24) months, or until the Executive is no longer eligible for COBRA coverage under
the particular plan, the Company will reimburse the Executive, on a taxable basis, for the cost of such COBRA coverage less the
amount that the Executive would be required to contribute toward health coverage if he had remained an active employee of the Company.
Such reimbursement payments will commence on the first payroll date of the month following the Termination Date and will be paid
on the first payroll date of each subsequent month. The Executive shall not be entitled to reimbursement for the cost of any COBRA
coverage elected separately by his current or former spouse or dependent child. Notwithstanding the foregoing, in the event that
any such plan is fully insured, any such reimbursement requirement shall apply to the extent permitted by the Patient Protection
and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010 (the “Health Care
Law”).

 

Any portion of the continued or replacement welfare
benefits coverage provided for under this Section 3.3(c)(ii) which constitutes deferred compensation subject to Section 409A shall
be subject to the following conditions: (i) the expenses eligible for reimbursement or the amount of in-kind benefits provided
in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any
other taxable year (except with respect to annual, lifetime or similar limits under arrangements providing for the reimbursement
of medical expenses under Section 105(b) of the Code); (ii) the reimbursement of an eligible expense shall be made no later than
the end of the year after the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.

 

(d)           Rights Under Plans.

 

(i)           
If the Executive’s employment is terminated pursuant to Paragraphs (a), (b), or (e) in Section 3.1 hereof, then, subject
to the provisions of Section 3.5, the Executive shall be entitled to the following rights with respect to any stock options, stock
appreciation rights, restricted stock grants, restricted stock units, cash incentive units, or stock bonuses theretofore granted
by the Company or the Company’s Parent to the Executive under any Plan, whether or not provided for in any agreement with
the Company or the Company’s Parent; (i) all unvested stock options, stock appreciation rights, restricted stock grants,
restricted stock units, or stock bonuses, shall be vested in full on the Termination Date, notwithstanding any provision to the
contrary or any provision requiring any act or acts by the Executive in any agreement with the Company or the Company’s
Parent or any Plan; (ii) to the extent that any such stock options or stock appreciation rights shall require by their terms the
exercise thereof by the Executive, the last date to exercise the same shall, notwithstanding any provision to the contrary in
any agreement or any Plan, be the earliest of (A) the fifth anniversary of the Termination Date, (B) the tenth anniversary of
the date of grant of any awards under any Plan, and (C) the original expiration date had the Executive’s employment not
so terminated; provided, however, that no such extension of the period in which an incentive stock option, within the meaning
of Section 422(b) of the Code, may be exercised shall occur without the consent of the Executive if such extension would result
in such incentive stock option failing to continue to qualify for the federal income tax treatment afforded incentive stock options
under Section 421 of the Code; and (iii) if the vesting or exercise pursuant hereto of any such stock options, stock appreciation
rights, restricted stock grants, restricted stock units, or stock bonuses, shall have the effect of subjecting the Executive to
liability under Section 16(b) of the Securities Exchange Act or any similar provision of law, the vesting date thereof shall be
deemed to be the first day after the Termination Date on which such vesting may occur without subjecting the Executive to such
liability.

 

    -8-

     

    

 

(ii)           If the Executive’s employment is terminated pursuant to Paragraphs (c) and (d) in Section 3.1 hereof, the Executive shall
remain fully vested in any Plans and awards under Plans to the extent he was so vested as of the Commencement Date of this Agreement,
subject to any performance-based award conditions other than continued service and the provisions of Section 3.5.

 

(e)           No Double Dipping.

 

(i)            The severance payments and severance benefits the Executive may be entitled to receive pursuant to this Section 3.3 shall be
in lieu of any of the payments and benefits the Executive may be entitled to receive pursuant to any other agreement, plan or arrangement
providing for the payment of severance payments or benefits.

 

(ii)           The Executive expressly disclaims any interest he may have in the Selective Insurance Company of America Severance Plan.

 

3.4.         Rights and Remedies on Termination After Change in Control. If the Executive’s employment is terminated during
the Term pursuant to Section 3.1 (e) in contemplation of or following a Change of Control, the Executive shall be entitled to receive
the following payments and benefits in lieu of and not in addition to those provided under Section 3.3.

 

(a)           Severance Payments. The Executive shall be entitled to receive a severance payment from the Company in an aggregate
amount equal to the amount calculable under Section 3.3 (b). Such amounts shall be paid, subject to Sections 3.5 and 3.6, sixty
(60) days following the Termination Date; provided that, if and to the extent any portion of the payments under this Section 3.4
(a) constitute deferred compensation subject to Section 409A, then such amounts shall be paid at the times specified in Section
3.3 (b)(ii) unless the Change of Control qualifies as a change in the Company’s ownership, a change in the effective control
of the Company, or a change in the ownership of a substantial portion of the assets of the Company as described in the regulations
related to Section 409A (Section 1.409A-3(i)(5)).

 

(b)           Severance
Benefits. The Executive shall be entitled to receive the same severance benefits at the same times as specified in Section
3.3 (c).

 

(c)           Rights
Under Plans. Subject to the provisions of Section 3.5, the Executive shall be entitled to the following rights with respect
to any stock options, stock appreciation rights, restricted stock grants, restricted stock units, cash incentive units, or stock
bonuses theretofore granted by the Company or the Company’s Parent to the Executive under any Plan, whether or not provided
for in any agreement with the Company or the Company’s Parent: (i) all unvested stock options, stock appreciation rights,
restricted stock grants, restricted stock units, or stock bonuses, shall be vested in full on the Termination Date, notwithstanding
any provision to the contrary or any provision requiring any act or acts by the Executive in any agreement with the Company or
the Company’s Parent or any Plan; (ii) to the extent that any such stock options or stock appreciation rights shall require
by their terms the exercise thereof by the Executive, the last date to exercise the same shall, notwithstanding any provision to
the contrary in any agreement or any Plan, be the earliest of (A) the fifth (5th) anniversary of the Termination Date,
(B) the tenth anniversary of the date of grant of any awards under any Plan, and (C) the original expiration date had the Executive’s
employment not so terminated; provided, however, that no such extension of the period in which an incentive stock option, within
the meaning of Section 422(b) of the Code, may be exercised shall occur without the consent of the Executive if such extension
would result in such incentive stock option failing to continue to qualify for the federal income tax treatment afforded incentive
stock options under Section 421 of the Code; and (iii) if the vesting or exercise pursuant hereto of any such stock options, stock
appreciation rights, restricted stock grants, restricted stock units, or stock bonuses shall have the effect of subjecting the
Executive to liability under Section 16(b) of the Securities Exchange Act or any similar provision of law, the vesting date thereof
shall be deemed to be the first day after the Termination Date on which such vesting may occur without subjecting the Executive
to such liability.

 

    -9-

     

    

 

(d)           Rabbi
Trust. The Company shall maintain a trust intended to be a grantor trust within the meaning of subpart E, Part I, subchapter
J, chapter 1, subtitle A of the Code (the “Rabbi Trust”). Coincident with the occurrence of a Change in Control,
the Company shall promptly deliver to a bank as trustee of the Rabbi Trust (the “Trustee”), an amount of cash
or certificates of deposit, treasury bills or irrevocable letters of credit adequate to fully fund the payment obligations of the
Company under this Section 3.4. The Company and Trustee shall enter into a trust agreement that shall provide that barring the
insolvency of the Company, amounts payable to the Executive under this Section 3.4 (subject to Sections 3.5 and 3.6) shall be paid
by the Trustee to the Executive ten (10) days after written demand by the Executive to the Trustee, with a copy to the Company,
certifying that such amounts have become due and payable under this Section 3.4 because the Executive’s employment has been
terminated pursuant to a Change in Control (a “Triggering Event”). Such trust agreement shall also provide that
if the Company shall, prior to payment by the Trustee, object in writing to the Trustee, with a copy to the Executive, as to the
payment of any amounts demanded by the Executive under this Section 3.4, certifying that such amounts are not due and payable to
the Executive because a Triggering Event has not occurred, such dispute shall be resolved by binding arbitration as set forth in
Section 5.9 hereof.

 

3.5.         Conditions to Severance Payments and Benefits.

 

(a)           The Executive’s right to receive the severance payments and benefits pursuant to Sections 3.3 and 3.4 hereof, is expressly
conditioned upon (a) receipt by the Company of a written release (a “Release”) executed by the Executive in
the form of Exhibit A hereto, on or before the fiftieth (50th) day following the Termination Date and the expiration
of the revocation period described therein without such Release having been revoked, and (b) the compliance by the Executive with
the covenants, terms or provisions of Sections 4.1, 4.2 and 4.3 hereof (the “Restrictive Covenants”). If the
Executive shall fail to deliver a Release in accordance with the terms of this Section 3.5 or shall breach any of the Restrictive
Covenants, the Company’s obligation to make the severance payments and to provide the severance benefits pursuant to Sections
3.3 and 3.4 hereof shall immediately and irrevocably terminate.

 

(b)           Except where the Executive’s employment is terminated pursuant to Section 3.1(a) or (b), during any calendar year in
which the Executive is a Covered Employee, if any stock-based or cash incentive unit awards of the Executive are intended to qualify
as “performance based compensation” within the meaning of Section 162(m) of the Code, then the Executive’s entitlement,
if any, to accelerated vesting of his stock-based and cash incentive unit awards pursuant to Section 3.3 or 3.4 of this Agreement
shall apply only to the accelerated lapse of any service requirement, and the Executive shall be entitled to such stock-based awards,
or to the vesting thereof, only if and to the extent that the applicable performance criteria applicable to such awards are satisfied.

 

3.6.         Section
409A Tax. Notwithstanding anything herein to the contrary, to the extent any payment or provision of benefits under this
Agreement upon the Executive’s “separation from service” is subject to Section 409A of the Code, no such payment
shall be made, and Executive shall be responsible for the full cost of such benefits,
for six (6) months following the Executive's "separation from service" if the Executive is a "specified
employee" of the Company on the date of such separation from service. On the expiration of such six (6) month period, any
payments delayed, and an amount sufficient to reimburse the Executive for the cost of benefits met by the Executive, during such
period shall be aggregated (the “Make-Up Amount”) and paid in full to the Executive, and any succeeding payments
and benefits shall continue as scheduled hereunder. The Company shall credit the Make-Up
Amount with interest at no less than the interest rate it pays for short-term borrowed funds, such interest to accrue from the
date on which payments would have been made, or benefits would have been provided, by the Company to the Executive absent the
six-month delay. The terms "separation from service" and "specified employee" shall have the meanings
set forth under Section 409A and the regulations and rulings issued thereunder. Furthermore, the Company shall not be required
to make, and the Executive shall not be required to receive, any severance or other payment or benefit under Sections 3.3 or 3.4
hereof if the making of such payment or the provision of such benefit or the receipt thereof shall result in a tax to the Executive
arising under Section 409A of the Code (a “Section 409A Tax”). For purposes of Section 409A, any right to a
series of installment payments or provision of benefits in installments under Sections 3.3 and 3.4 of this Agreement shall be
treated as a right to a series of separate payments. For purposes of and if and to the extent necessary to comply with Section
409A with respect to deferred compensation subject to Section 409A, any reference in this Agreement to the Executive’s “termination
of employment” or words of similar import shall mean the Executive’s “separation from service” from the
Company, and the Executive’s Termination Date shall mean the date of his “separation from service” from the
Company.

 

    -10-

     

    

 

SECTION 4.    
Restrictive Covenants.

 

4.1.         Confidentiality.
The Executive agrees that he will not, either during the Term or at any time after the expiration or termination of the Term,
disclose to any other Person any confidential or proprietary information of the Company, the Company’s Parent, or their
subsidiaries, except for (a) disclosures to directors, officers, key employees, independent accountants and counsel of the Company,
the Company’s Parent and their subsidiaries as may be necessary or appropriate in the performance of the Executive’s
duties hereunder, (b) disclosures which do not have a material adverse effect on the business or operations of the Company, the
Company’s Parent and their subsidiaries, taken as a whole, (c) disclosures which the Executive is required to make by law
or by any court, arbitrator or administrative or legislative body (including any committee thereof) with apparent jurisdiction
to order the Executive to disclose or make accessible any information, (d) disclosures with respect to any other litigation,
arbitration or mediation involving this Agreement and (e) disclosures of any such confidential or proprietary information that
is, at the time of such disclosure, generally known to and available for use by the public otherwise than by the Executive’s
wrongful act or omission. The Executive agrees not to take with him upon leaving the employ of the Company any document or paper
relating to any confidential information or trade secret of the Company, the Company’s Parent and their subsidiaries, except
that Executive shall be entitled to retain (i) papers and other materials of a personal nature, including but limited to,
photographs, correspondence, personal diaries, calendars and Rolodexes (so long as such Rolodexes do not contain the Company’s
only copy of business contact information), personal files and phone books, (ii) information showing his compensation or
relating to his reimbursement of expenses, (iii) information that he reasonably believes may be needed for tax purposes,
and (iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with the Company.

 

4.2.         Non-Solicitation of Employees. The Executive agrees that, except in the course of performing his duties hereunder, he
will not, either during the Term and for a period of two (2) years after the expiration or termination of the Term, directly or
indirectly, solicit or induce or attempt to solicit or induce or cause any of the employees of the Company, the Company’s
Parent or their subsidiaries to leave the employ of the Company, the Company’s Parent or any of their subsidiaries.

 

4.3.         Intellectual Property
 & Company Creations.  

 

(a)           Definitions.
Included Activity means  at the relevant time of determination, any activity conducted by, for or under the
Company’s direction, whether or not conducted at the Company’s facilities, during working hours or using the Company’s
resources, or which relates directly or indirectly to (i) the Company’s business as then operated or under consideration
or development or (ii) any method, program, computer software, apparatus, design, plan, model, specification, formulation, technique,
product, process (including, without limitation, any business processes and any operational processes) or device, then purchased,
sold, leased, used or under consideration or development by the Company. Development means any idea, discovery, improvement,
invention (including without limitation any discovery of new technology and any improvement to existing technology), Confidential
Information, know-how, innovation, writing, work of authorship, compilation and other development or improvement, whether or not
patented or patentable, copyrightable, or reduced to practice or writing. The Company Creation means any Development
that arises out of any Included Activity.

 

    -11-

     

    

 

(b)           Assignment.  Executive
hereby sells, transfers and assigns to (and the following shall be the exclusive property of) the Company, or its designee(s),
the entire right, title and interest of Executive in and to all Company Creations made, discovered, invented, authored, created,
developed, originated or conceived by Executive, solely or jointly, (i) during the term of Executive’s employment with the
Company or (ii) on or before the first anniversary of the date of termination of Executive’s employment with the Company.
Executive acknowledges that all copyrightable materials developed or produced by Executive within the scope of Executive's employment
by the Company constitute works made for hire, as that term is defined in the United States Copyright Act 17 U.S.C. § 101.
Executive shall bear the burden to prove that any Development did not arise out of an Included Activity.

 

(c)           Disclosure
 & Cooperation.  Executive shall communicate promptly and disclose to the Company, in such form as the Company
may reasonably request, all information, details, and data pertaining to any Company Creations, and Executive shall execute and
deliver to the Company or its designee(s) such formal transfers and assignments and such other papers and documents and shall give
such testimony as may be deemed necessary or required of Executive by the Company or its designee to develop, preserve or extend
the Company's rights relating to any Company Creations and to permit the Company or its designee to file and prosecute patent applications
and, as to copyrightable material, to obtain copyright registrations thereof. Executive hereby appoints the Company as Executive's
attorney-in-fact to execute on Executive's behalf any assignments or other documents deemed necessary by the Company to protect
or perfect its rights to any Creations.

 

(d)           Exclusion.
If any Company Creation fully qualifies under any applicable state or federal law that (i) restricts the enforcement of the
provisions of Sections 4.3(b) or 4.3(c) by the Company against any Company employee and (ii) prohibits the waiver of such employee
rights by contract, then as to such qualifying Company Creations, the provisions of Sections 4.3(b) and 4.3(c) shall only apply
to the extent, if any, not prohibited by such law.

 

(e)           Excluded
 & Licensed Developments. Attached is a list of all Developments made by Executive before Executive’s employment
with the Company commenced that Executive desires to exclude from this Agreement (Excluded Developments). Executive
represents that if no such list is attached, there are no Excluded Developments. As to any Development (other than a Company Creation)
in which Executive has an interest at any time prior to or during Executive’s employment with the Company, including without
limitation, any Excluded Development, any Development not arising from an Included Activity or any Development in which Executive
otherwise acquires any interest (a Separate Development), prior to (i) using such Separate Development in any way
in the course of Executive’s employment with the Company or (ii) disclosing the Separate Development to any employee, contractor,
customer or agent of the Company, Executive shall inform the Company in writing of Executive’s intention to so use or disclose
the Separate Development (the Separate Development Notice) and shall not so use or disclose the Separate Development
unless the Company consents in writing to such use or disclosure. Executive hereby grants to The Company an exclusive, royalty-free,
irrevocable, worldwide right and license to exercise any all rights with respect to any Separate Development that Executive so
uses or discloses, irrespective of whether such use or disclosure is in accordance with or in breach of this notice requirement,
unless the Separate Development Notice expressly makes reference to this Section of this Agreement and specifies the license restrictions
or royalties required and the Company agrees in writing to such restrictions or royalties.

 

    -12-

     

    

 

SECTION 5.    
Miscellaneous Provisions.

 

5.1.         Stock Ownership Requirements. The Executive’s position remains subject to the stock ownership requirements and
hedging prohibitions adopted and amended from time-to-time by the Board of Directors of the Company’s Parent and contained
in the Corporate Governance Guidelines found in the Corporate Governance section of www.selective.com. Under these guidelines,
as Executive Chairman, the Executive must maintain ownership of 4.0 times his base salary then in effect in common stock of the
Company’s Parent. Shares of Selective common stock currently owned, awards of restricted stock and restricted stock units
(including related dividend equivalent units) not yet vested and shares of Selective common stock held in benefit plan investments
(i.e. 401(k) Plan) shall be considered in determining such ownership. Unexercised stock options are not counted in calculating
ownership.

 

5.2.         No Mitigation; Offsets. The Executive shall not be required to mitigate damages or the amount of any payment provided
for under this Agreement by seeking other employment or otherwise and no future income earned by the Executive from employment
or otherwise shall in any way reduce or offset any payments due to the Executive hereunder. Assuming a payment or otherwise is
due Executive under this Agreement, the Company may offset against any amount due Executive under this Agreement only those amounts
due Company in respect of any undisputed, liquidated obligation of Executive to the Company.

 

5.3.         Governing Law. The provisions of this Agreement will be construed and interpreted under the laws of the State of New
Jersey, without regard to principles of conflicts of law.

 

5.4.         Injunctive Relief and Additional Remedy. The Executive acknowledges that the injury that would be suffered by the Company,
the Company’s Parent, or their subsidiaries as a result of a breach of the provisions of Sections 4.1, 4.2 and 4.3 hereof
would be irreparable and that an award of monetary damages to the Company, the Company’s Parent, or their subsidiaries for
such a breach would be an inadequate remedy. Consequently, the Company, the Company’s Parent, or their subsidiaries will
have the right, in addition to any other rights it may have, to obtain injunctive relief to restrain any breach or threatened breach
or otherwise to specifically enforce any provision of this Agreement, and the Company, the Company’s Parent, or their subsidiaries
will not be obligated to post bond or other security in seeking such relief. Each of the parties hereby irrevocably submits to
the exclusive jurisdiction of the federal and state courts of the State of New Jersey for the purpose of injunctive relief.

 

5.5.         Representations and Warranties by Executive. The Executive represents and warrants to the best of his knowledge that
the execution and delivery by the Executive of this Agreement do not, and the performance by the Executive of the Executive’s
obligations hereunder will not, with or without the giving of notice or the passage of time, or both: (a) violate any judgment,
writ, injunction, or order of any court, arbitrator or governmental agency applicable to the Executive or (b) conflict with, result
in the breach of any provisions of or the termination of, or constitute a default under, any agreement to which the Executive is
a party or by which the Executive is or may be bound.

 

5.6.         Waiver. The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure
nor any delay by either party in exercising any right, power, or privilege under this Agreement will operate as a waiver of such
right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or
further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent
permitted by applicable law, (a) no waiver that may be given by a party will be applicable except in the specific instance
for which it is given; and (b) no notice to or demand on one party will be deemed to be a waiver of any obligation of such
party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in
this Agreement.

 

    -13-

     

    

 

5.7.         Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the
Executive except by a beneficiary designation made by will or the laws of descent and distribution or (b) by the Company or the
Company’s Parent except that the Company or the Company’s Parent may assign this Agreement and all of its rights hereunder
to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided
that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform
this Agreement for the remainder of the Term in the same manner and to the same extent that the Company or the Company’s
Parent would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this
Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors
and assigns, and the Executive, his heirs, legal representatives and any beneficiary or beneficiaries designated hereunder.

 

5.8.         Entire Agreement; Amendments. As of the Commencement Date of this Agreement, this Agreement contains the entire agreement
between the Company (and the Company’s Parent) and Executive with respect to the subject matter hereof and supersedes and
replaces all prior agreements and understandings, oral or written, between the Company (and the Company’s Parent) and Executive
with respect to the subject matter hereof, including but not limited to the Employment Agreement between the Executive and the
Company dated as of December 23, 2008. This Agreement may not be amended orally, but only by an agreement in writing signed by
the parties hereto.

 

5.9.         Arbitration. Any dispute which may arise between the Executive and the Company’s Parent and/or the Company with
respect to the construction, interpretation or application of any of the terms, provisions, covenants or conditions of this Agreement
or any claim arising from or relating to this Agreement will be submitted to final and binding arbitration by three (3) arbitrators
in Newark, New Jersey, under the expedited rules of the American Arbitration Association then obtaining. One such arbitrator shall
be selected by each of: (i) the Company and/or the Company’s Parent, as applicable and (ii) the Executive, and the two arbitrators
so selected shall select the third arbitrator. Selection of all three arbitrators shall be made within thirty (30) days after the
date the dispute arose. The written decision of the arbitrators shall be rendered within ninety (90) days after selection of the
third arbitrator. The decision of the arbitrators shall be final and binding on the Company and or the Company’s Parent,
as applicable, and the Executive and may be entered by any of these parties in any New Jersey federal or state court having jurisdiction.

 

5.10.       Legal Costs. The Company and/or the Company’s Parent, as applicable, shall pay any reasonable attorney’s
fees and costs incurred by the Executive in connection with any dispute regarding this Agreement so long as Executive’s claim(s)
or defense(s) in such action are asserted in the good faith belief that they are not frivolous. The Company and/or the Company’s
Parent, as applicable, shall pay any such fees and costs promptly following its receipt of written requests therefor, which requests
shall be made no more frequently than once per calendar month.

 

    -14-

     

    

 

5.11.       Severability. In the case that any one or more of the provisions contained in this Agreement shall, for any reason,
be held invalid or unenforceable, the other provisions of this Agreement shall remain in full force and effect. Any provision of
this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held
invalid or unenforceable.

 

5.12.       Counterparts; Facsimile. This Agreement may be executed in one or more counterparts, each of which will be deemed to
be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.
This Agreement may be executed via facsimile.

 

5.13.       Headings; Interpretation. The various headings contained herein are for reference purposes only and do not limit or
otherwise affect any of the provisions of this Agreement. It is the intent of the parties that this Agreement not be construed
more strictly with regard to one party than with regard to any other party.

 

5.14.       Notices. (a) All notices, requests, demands and other communications required or permitted under this Agreement
shall be in writing and sent as follows:

 

If to the Company and/or the Company’s
Parent, to:

 

Selective Insurance Company of America

40
Wantage Avenue

Branchville, New Jersey 07890

Attn: General Counsel

 

If to the Executive, to:

 

Gregory E. Murphy

[ADDRESS REDACTED]

 

(b)           All notices and other communications required or permitted under this Agreement which are addressed as provided in Paragraph
(a) of this Section 5.14, (i) if delivered personally against proper receipt shall be effective upon delivery, and (ii) if sent
(A) by certified or registered mail with postage prepaid or (B) by Federal Express or similar courier service with courier fees
paid by the sender, shall be effective upon receipt. The parties hereto may from time to time change their respective addresses
and/or facsimile numbers for the purpose of notices to that party by a similar notice specifying a new address and/or facsimile
number, but no such change shall be deemed to have been given unless it is sent and received in accordance with this Section 5.14.

 

5.15.       Withholding. All amounts payable by the Company to the Executive hereunder (including, but not limited to, the Salary
or any amounts payable pursuant to Sections 3.3 and/or 3.4 hereof) shall be reduced prior to the delivery of such payment to the
Executive by an amount sufficient to satisfy any applicable federal, state, local or other withholding tax requirements.

 

    -15-

     

    

 

IN WITNESS WHEREOF, the
Company and Executive have executed this Agreement as of the Commencement Date.

 

	 	SELECTIVE INSURANCE COMPANY OF AMERICA
	 	 	 
	 	By:  	/s/ Michael
H. Lanza

	 	 	Michael H. Lanza

	 	 	Executive Vice President, General Counsel

	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Gregory E. Murphy
	 	Gregory E. Murphy

 

    -16-

     

    

 

EXHIBIT A

 

FORM OF RELEASE

 

Reference is hereby made
to the Employment Agreement, effective as of January 31, 2020 (the “Employment Agreement”), by and between Selective
Insurance Company of America, a New Jersey corporation (the “Company”) and Gregory E. Murphy (the “Executive”).
Capitalized terms used but not defined herein shall have the meanings specified in the Employment Agreement.

 

Pursuant to the terms
of the Employment Agreement and in consideration of the payments to be made to the Executive by the Company, which Executive acknowledges
are in excess of what Executive would otherwise be entitled to receive, the Executive hereby releases and forever discharges and
holds the Company, the Company’s Parent, and their subsidiaries (collectively, the “Company Parties” and
each a “Company Party”), and the respective officers, directors, employees, partners, stockholders, members,
agents, affiliates, successors and assigns and insurers of each Company Party, and any legal and personal representatives of each
of the foregoing, harmless from all claims or suits, of any nature whatsoever (whether known or unknown), past, present or future,
including those arising from the law, being directly or indirectly related to the Executive’s employment by or the termination
of such employment by any Company Party, including, without limiting the foregoing, any claims for notice, pay in lieu of notice,
wrongful dismissal, severance pay, bonus, overtime pay, incentive compensation, interest or vacation pay for the Executive’s
service as an officer or director to any Company Party through the date hereof. The Executive also hereby agrees not to file a
lawsuit asserting any such claims. This release (this “Release”) includes, but is not limited to, claims growing
out of any legal restriction on any Company Party’s right to terminate its employees and claims or rights under federal,
state, and local laws prohibiting employment discrimination (including, but not limited to, claims or rights under Title VII of
the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, the Americans with Disabilities Act, the Family and Medical
Leave Act, the Fair Labor Standards Act, the Uniformed Services Employment and Reemployment Rights Act, the Employee Retirement
Income Security Act, the Equal Pay Act, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit
Protection Act of 1990, and the laws of the State of New Jersey against discrimination, or any other federal or state statutes
prohibiting discrimination on the basis of age, sex, race, color, handicap, religion, national origin, and sexual orientation,
or any other federal, state or local employment law, regulation or other requirement) which arose before the date this Release
is signed, excepting only claims in the nature of workers’ compensation, claims for vested benefits, and claims to enforce
this agreement.

 

The Executive acknowledges
that because this Release contains a release of claims and is an important legal document, he has been advised to consult with
counsel before executing it, that he may take up to [twenty-one (21)]1 [forty-five (45)]2 days to decide
whether to execute it, and that he may revoke this Release by delivering or mailing a signed notice of revocation to the Company
at its offices within seven (7) days after executing it. If Executive executes this Release and does not subsequently revoke the
release within seven (7) days after executing it, then this Release shall take effect as a legally binding agreement between Executive
and the Company.

 

 

 

1          Delete
brackets and use text enclosed therewith if 45 days is not otherwise required by Section 7(f)(1)(F) of the Age Discrimination
in Employment Act and/or 29 C.F.R. Part 1625. If 45 days is so required, delete bracketed text in its entirety.

 

2           Delete
brackets and use text enclosed therewith if 45 days is required by Section 7(f)(1)(F) of the Age Discrimination in Employment
Act and/or 29 C.F.R. Part 1625. If 45 days is not so required, delete bracketed text in its entirety.

    -17-

     

    

 

If Executive does not
deliver to the Company an original signed copy of this Release by [insert date], or if Executive signs and revokes this Release
within seven (7) days as set forth above, the Company will assume that Executive rejects the Release and Executive will not receive
the payments referred to herein.

 

The Executive acknowledges
that there is a risk that after signing this Release he may discover losses or claims that are released under this Release that
presently are unknown to him. The Executive assumes this risk and understands that this Release shall apply to any such losses
and claims.

 

The Executive understands
that this Release includes a full and final release covering all known and unknown, injuries, debts, claims or damages which have
arisen or may have arisen from Executive’s employment by or the termination of such employment by any Company Party. The
Executive acknowledges that by accepting the benefits and payments set forth in the Employment Agreement, he assumes and waives
the risks that the facts and the law may be other than as he believes.

 

Notwithstanding the foregoing,
this Release does not release, and the Executive continues to be entitled to, (i) any rights to exculpation or indemnification
that the Executive has under contract or law with respect to his service as an officer or director of any Company Party and (ii)
receive the payments to be made to him by the Company pursuant to Section 3.3 and/or 3.4 of the Employment Agreement (including
any plan, agreement or other arrangement that is referenced in or the subject of the applicable Section), subject to the conditions
set forth in Section 3.5 of the Employment Agreement, (iii) any right the Executive may have to obtain contribution as permitted
by law in the event of entry of judgment against him as a result of any act or failure to act for which he and any Company Party
are jointly liable, and (iv) any claim in respect of any insurance policy with any Company Party entered into outside of the
employment relationship.

 

This Release constitutes
the release referenced in Section 3.5 of the Employment Agreement.

 

    -18-

     

    

 

The undersigned Executive,
having had the time to reflect, freely accepts and agrees to the above Release. The Executive acknowledges and agrees that no Company
Party representative has made any representation to or agreement with the Executive relating to this Release which is not contained
in the express terms of this Release. The Executive acknowledges and agrees that the execution and delivery of this Release is
based upon the Executive’s independent review of this Release, and the Executive hereby expressly waives any and all claims
or defenses by the Executive against the enforcement of this Release which are based upon allegations or representations, projections,
estimates, understandings or agreements by any Company Party or any of their representatives or any assumptions by the Executive
that are not contained in the express terms of this Release.

 

 

	                                            	 	Date:  	                                            	 
	GREGORY E. MURPHY
	 	 	 	 

 

 

 

STATE OF NEW JERSEY:

 

ss.:______________________

 

COUNTY OF SUSSEX:

 

On this _____ day of _______________, 202_, before me, the
undersigned officer, personally appeared Gregory E. Murphy, personally known to me (or satisfactorily proven to be the same person
whose name is subscribed in the foregoing instrument), who acknowledged that he executed the foregoing instrument for the purposes
therein contained as his free act and deed.

 

 

In witness whereof, I hereunto set my hand.

 

 

	                                            	 	 	 	 

Notary Public

My Commission Expires:

 

    -19-

     

    

 

Attachment to Form of Release

 

 

[Attach disclosures required by the Older Workers Benefit
Protection Act, if required]

 

    -20-

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