Document:

Exhibit

Exhibit 4.4

DESCRIPTION OF SECURITIES OF CUSHMAN & WAKEFIELD PLC
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

The following is a summary of the material terms of our ordinary shares. As of December 31, 2019, our ordinary shares were our only class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. This summary does not purport to give a complete overview and may not contain all of the information that is important to you. To understand them fully, you should read our articles of association, a copy of which is filed with the SEC as an exhibit to this Annual Report on Form 10-K, and the applicable provisions of the U.K. Companies Act 2006. As used in this Exhibit 4.2, the terms “Company,” “we,” “us” or “our” mean Cushman & Wakefield PLC.

Overview of Ordinary Shares
Dividend Rights
Subject to preferences that may apply to preferred ordinary shares outstanding at the time, holders of outstanding ordinary shares will be entitled to receive dividends out of profits legally available for that purpose (as stated in its accounts that are deemed to be relevant accounts for the purposes of the U.K. Companies Act 2006) at the times and in the amounts as our board of directors may determine from time to time. In addition, the Company may only make a distribution if the amount of its net assets is not less than the aggregate of its called-up share capital and undistributable reserves, and if, and to the extent that, the distribution does not reduce the amount of those assets to less than such aggregate amount.
The articles of association permit the Company, by passing an ordinary resolution, to declare dividends. A declaration must not be made unless the directors have first made a recommendation as to the amount of the dividend. The dividend must not exceed that amount. In addition, the directors may decide to pay interim dividends.
All dividends are declared and paid according to the amounts paid up on the shares in respect of which the dividend is paid. Any dividend unclaimed after a period of twelve years from the date of declaration of such dividend shall be forfeited and shall revert to us. In addition, the payment by our board of directors of any unclaimed dividend, interest or other sum payable on or in respect of an ordinary share into a separate account shall not constitute us as a trustee in respect thereof.
Voting Rights
Each outstanding ordinary share will be entitled to one vote on all matters submitted to a vote of shareholders. Holders of ordinary shares shall have no cumulative voting rights. None of our shareholders will be entitled to vote at any general meeting or at any separate class meeting in respect of any share unless all calls or other sums payable in respect of that share have been paid. The directors may from time to time make calls on shareholders in respect of any amounts unpaid on their shares, whether in respect of nominal value of the shares or by way of premium. Shareholders are required to pay called amounts on shares subject to receiving at least 14 clear days’ notice specifying the time and place for payment. If a shareholder fails to pay any part of a call, the directors may serve further notice naming another day not being less than 14 clear days from the date of the further notice requiring payment and stating that in the event of non-payment the shares in respect of which the call was made will be liable to be forfeited. Subsequent forfeiture requires a resolution by the directors.
Preemptive Rights
There are no rights of preemption under our articles of association in respect of transfers of issued ordinary shares. In certain circumstances, our shareholders may have statutory preemption rights under the U.K. Companies Act 2006 in respect of the allotment of new shares. These statutory pre-emption rights would require us to offer new shares for allotment to existing shareholders on a pro rata basis before allotting them to other persons. In such circumstances, the procedure for the exercise of such statutory pre-emption rights would be set out in the documentation by which such ordinary shares would be offered to our shareholders. These statutory pre-emption rights may be disapplied only by way of a special resolution or under the articles of association. Such authority can only be granted, from time to time, for a specified period (not longer than five years).
Conversion or Redemption Rights
Our ordinary shares are neither convertible nor redeemable.
Liquidation Rights
Holders of ordinary shares are entitled to participate in any distribution of assets upon a liquidation after payment of all debts and other liabilities and subject to the prior rights of any holders of preferred ordinary shares then outstanding.
Variation of Rights
The rights or privileges attached to any class of shares may (unless otherwise provided by the terms of the issue of the shares of that class) be varied or abrogated by a special resolution passed at a general meeting of the shareholders of that class.
Capital Calls
Our board of directors has the authority to make calls upon the shareholders in respect of any money unpaid on their shares and each shareholder shall pay to us as required by such notice the amount called on its shares. If a call remains unpaid after it has become due and payable, and the 14 days’ notice provided by our board of directors has not been complied with, any share in respect of which such notice was given may be forfeited by a resolution of our board of directors. 
Transfer of Shares
Our share register is maintained by our transfer agent, Computershare Trust Company, N.A. Registration in this share register is determinative of share ownership. A shareholder who holds our shares through The Depository Trust Company, or DTC, is not the holder of record of such shares. Instead, the depositary (for example, Cede & Co., as nominee for DTC) or other nominee is the holder of record of such shares. Accordingly, a transfer of shares from a person who holds such shares through DTC to a person who also holds such shares through DTC will not be registered in our official share register, as the depositary or other nominee will remain the record holder of such shares. The directors may decline to register a transfer of a share that is:
		
	●
	not fully paid or on which we have a lien;

		
	●
	not lodged duly stamped at our registered office or at such other place as the directors may appoint, except where uncertificated shares are transferred without a written instrument;

		
	●
	not accompanied by the certificate of the share to which it relates or such other evidence reasonably required by the directors to show the right of the transferor to make the transfer, except where a certificate has not been issued;

		
	●
	in respect of more than one class of share; or

		
	●
	in the case of a transfer to joint holders of a share, the number of joint holders to whom the share is to be transferred exceeds four.

Limitations on Ownership
Under English law and our articles of association, there are no limitations on the right of non-residents of the United Kingdom or owners who are not citizens of the United Kingdom to hold or vote our ordinary shares.
Listing
Our ordinary shares are listed on the New York Stock Exchange under the trading symbol “CWK.”
Preferred Ordinary Shares
Our board of directors may, from time to time, following an ordinary resolution of the ordinary shareholders granting authority to the directors to allot shares and special resolution of the ordinary shareholders to amend the articles of association (and disapply pre-emption rights, if not already disapplied), direct the issuance of preferred ordinary shares in series and may, at the time of issuance, determine the designations, powers, preferences, privileges, and relative participating, optional or special rights as well as the qualifications, limitations or restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights of the ordinary shares. Satisfaction of any dividend preferences of outstanding preferred ordinary shares would reduce the amount of funds available for the payment of dividends on ordinary shares. Holders of preferred ordinary shares may be entitled to receive a preference payment in the event of our liquidation before any payment is made to the holders of ordinary shares. As of December 31, 2019, there were no preferred ordinary shares outstanding.
Articles of Association and English Law Considerations
Directors
Number. Unless and until we, in a general meeting of our shareholders, otherwise determine, the number of directors shall not be more than eleven and shall not be less than five.
Borrowing powers. Under our directors’ general power to manage our business, our directors may exercise all the powers of the Company to borrow money and to mortgage or charge our undertaking, property and uncalled capital or parts thereof and to issue debentures and other securities whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.
Directors’ interests and restrictions. 
		
	(a)
	Our board of directors may, in accordance with our articles of association and the requirements of the U.K. Companies Act 2006, authorize a matter proposed to us that would, if not authorized, involve a breach by a director of his duty under section 175 of the U.K. Companies Act 2006 to avoid a situation in which he or she has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with our interests. A director is not required, by reason of being a director, to account to the Company for any remuneration or other benefit that he or she derives from a relationship involving a conflict of interest or possible conflict of interest which has been authorized by our board of directors.

		
	(b)
	Provided that he or she has disclosed to the directors the nature and extent of any material interest, a director may be a party to, or otherwise interested in, any transaction, contract or arrangement with us and he or she may be a director or other officer of, or employed by, or a party to any transaction or arrangement with, or otherwise interested in any body corporate promoted by the Company or in which the Company is otherwise interested and that director shall not, by reason of his or her office, be accountable to the Company for any benefit that he or she derives from any such office or employment or from any such transaction or arrangement or from any interest in any such body corporate; and no such transaction or arrangement shall be required to be avoided because of any such interest or benefit.

		
	(c)
	A director shall not vote at a meeting of the directors in respect of any contract or arrangement or any other proposal whatsoever in which he or she has an interest that (together with any person connected with him or her within the meaning of section 252 of the U.K. Companies Act 2006) is to his or her knowledge a material interest, other than (i) an interest in shares or debentures or other securities of the Company, (ii) where permitted by the terms of any authorization of a conflict of interest or by an ordinary resolution or (iii) in the circumstances set out in paragraph (d) below, and shall not be counted in the quorum at a meeting with respect to any resolution on which he or she is not entitled to vote.

		
	(d)
	A director shall (in the absence of some material interest other than those indicated below) be entitled to vote (and be counted in the quorum) in respect of any resolution concerning any of the following matters:

		
	(i)
	the giving of any guarantee, security or indemnity in respect of money lent or obligations incurred by him or her at the request of or for the benefit of us or any of our subsidiaries;

		
	(ii)
	the giving of any guarantee, security or indemnity in respect of a debt or obligation of ours or any of our subsidiaries for which he or she has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving of security;

		
	(iii)
	any proposal concerning an offer of shares or debentures or other securities of or by us or any of our subsidiaries for subscription or purchase or exchange in which offer he or she is or will be interested as a participant in the underwriting or sub-underwriting of such offer;

		
	(iv)
	any proposal concerning any other company in which he or she is interested, directly or indirectly and whether as an officer or shareholder or otherwise, provided that he or she (together with persons connected with him or her) does not to his or her knowledge hold an interest in shares representing one percent or more of the issued shares of any class of such company (or of any third company through which his or her interest is derived) or of the voting rights available to shareholders of the relevant company;

		
	(v)
	any proposal concerning the adoption, modification or operation of a pension, superannuation fund or retirement, death or disability benefits scheme or an employees’ share scheme under which he or she may benefit and which relates to our employees and/or directors and does not accord to such director any privilege or benefit not generally accorded to the persons to whom such scheme relates;

		
	(vi)
	any proposal under which he or she may benefit concerning the giving of indemnities to our directors or other officers which the directors are empowered to give under our articles of association;

		
	(vii)
	any proposal under which he or she may benefit concerning the purchase, funding and/or maintenance of insurance for any of our directors or other officers that the directors are empowered to purchase, fund or maintain under our articles of association; and

		
	(viii)
	any proposal under which he or she may benefit concerning the provision to directors of funds to meet expenditures in defending proceedings.

		
	(e)
	Where proposals are under consideration to appoint two or more directors to offices or employment with us or with any company in which we are interested or to fix or vary the terms of such appointments, such proposals may be divided and considered in relation to each director separately and in such case each of the directors concerned (if not prohibited from voting under paragraph (d)(iv) above) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his or her own appointment.

		
	(f)
	If any question shall arise at any meeting as to the materiality of a director’s interest or as to the entitlement of any director to vote and such question is not resolved by his agreeing voluntarily to abstain from voting, such question shall be referred to the chairman of the meeting and his or her ruling in relation to any director shall be final and conclusive except in a case where the nature or extent of the interests of the director concerned have not been disclosed fairly.

Remuneration.
		
	(a)
	Each of the directors may (in addition to any amounts payable under paragraph (b) and (c) below or under any other provision of our articles of association) be paid out of the funds of our company such fees as the directors may from time to time determine.

		
	(b)
	Any director who is appointed to hold any employment or executive office with us or who, at our request, goes or resides abroad for any of our purposes or who otherwise performs services that in the opinion of the directors are outside the scope of his or her ordinary duties may be paid such additional remuneration (whether by way of salary, commission, participation in profits or otherwise) as the directors (or any duly authorized committee of the directors) may determine either in addition to or in lieu of any other remuneration.

		
	(c)
	Each director may be paid his or her reasonable travelling expenses (including hotel and incidental expenses) of attending and returning from meetings of the directors or committees of the directors or general meetings or any separate meeting of the holders of any class of our shares or any other meeting that as a director he or she is entitled to attend and shall be paid all expenses properly and reasonably incurred by him or her in the conduct of our company’s business or in the discharge of his or her duties as a director.

Pensions and other benefits. The directors may exercise all the powers of our company to provide benefits, either by the payment of gratuities or pensions or by insurance or in any other manner whether similar to the foregoing or not, for any director or former director, or any person who is or was at any time employed by, or held an executive or other office or place of profit in, our company or any body corporate that is or has been a subsidiary of our company or a predecessor of the business of our company or of any such subsidiary and for the families and persons who are or was a dependent of any such persons and for the purpose of providing any such benefits contribute to any scheme trust or fund or pay any premiums.
Appointment and retirement of directors.
		
	(a)
	The directors shall have power to appoint any person who is willing to act to be a director, either to fill a vacancy or as an additional director so long as the total number of directors shall not exceed eleven.

		
	(b)
	We may by ordinary resolution elect any person who is willing to act as a director either to fill a vacancy or as an addition to the existing directors or to replace a director removed from office under our articles of association so long as the total number of directors does not at any time exceed eleven.

		
	(c)
	Our articles of association will provide that our board of directors will be divided into three classes of directors, with the classes as nearly equal in number as possible. As a result, approximately one-third of our board of directors shall retire and shall (unless his or her terms of appointment with our company specify otherwise) be eligible for re-election at the annual general meeting held in each year.

		
	(d)
	The directors to retire by rotation pursuant to paragraph (c) above shall also include (so far as necessary to obtain the minimum number required) any relevant director who wishes to retire and not be re-elected.

		
	(e)
	At the meeting at which a director retires under any provision of our articles of association, we may by ordinary resolution fill the vacated office by appointing a person to it, and in default the retiring director shall be deemed to have been re-appointed except where:

		
	(i)
	that director has given notice to us that he or she is unwilling to be elected; or

		
	(ii)
	at such meeting it is expressly resolved not to fill such vacated office or a resolution for the reappointment of such director shall have been put to the meeting and not passed.

		
	(f)
	In the event of the vacancy not being filled at such meeting, it may be filled by the directors as a vacancy in accordance with sub-paragraph (a) above.

		
	(g)
	In filling any vacancy, the new director’s appointment will be in the same class as the retiring director, and such new director shall retire from office at the annual general meeting in the same year as the director he or she is replacing would have retired. If any additional directors are appointed, the board shall as part of any such appointment specify in which year such director will be eligible for re-election, keeping each class of directors as close to one-third of the total number of directors as possible.

		
	(h)
	The retirement of a director pursuant to paragraphs (c) and (d) shall not have effect until the conclusion of the relevant meeting except where a resolution is passed to elect some other person in the place of the retiring director or a resolution for his re-election is put to the meeting and not passed and accordingly a retiring director who is re-elected or deemed to have been re-elected will continue in office without break.

Removal of directors. Under the U.K. Companies Act 2006 and our articles of association, directors can be removed from office at any time by ordinary resolution or by a majority vote of the board of directors before the expiration of his or her term with or without cause.
Indemnity of directors. Under our articles of association, each of our directors is entitled to be indemnified by us against all costs, charges, losses, expenses and liabilities incurred by such director or officer in the execution and discharge of his or her duties or in relation to those duties to the fullest extent permissible under the U.K. Companies Act 2006. The U.K. Companies Act 2006 renders void an indemnity for a director against any liability attaching to him or her in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he or she is a director, as described in “—Differences in Corporate Law—Liability of Directors and Officers.”
Shareholder rights plan
The articles of association provide our board of directors with the power to establish a rights plan and to grant rights to subscribe for ordinary shares in the Company and/or depositary receipts, certificates, instruments or other documents of title representing such ordinary shares (the “depositary interests”) pursuant to a rights plan where, in the opinion of our board of directors, acting in good faith, in the context of an acquisition or potential acquisition of 15% or more of the issued voting shares of the Company, to do so would improve the likelihood that:
		
	1)
	any process which may result in an acquisition or change of control of the Company is conducted in an orderly manner;

		
	2)
	an optimum price is achieved for the ordinary shares or depositary interests;

		
	3)
	the board of directors would have time to gather relevant information or pursue appropriate strategies;

		
	4)
	the success of the Company would be promoted for the benefit of its members as a whole;

		
	5)
	the long term interests of the Company, its members and business would be safeguarded; and/or

		
	6)
	the Company would not suffer serious economic harm.

The articles of association further provide that our board of directors may, in accordance with the terms of a rights plan, determine to (i) allot ordinary shares pursuant to the exercise of rights or (ii) exchange rights for ordinary shares or depositary interests, where in the opinion of our board of directors acting in good faith, in the context of an acquisition or potential acquisition of 15% or more of the issued voting shares of the Company, to do so would improve the likelihood of any or all of the factors mentioned in clauses (1) through (6) above.
These measures are included in the articles of association as the Takeover Code is not expected to apply to the Company and these measures are included commonly in the constitutions of U.S. companies. These provisions will apply for so long as the Company is not subject to the Takeover Code.
Shareholders’ meetings
Annual general meetings. Each year, we will hold a general meeting of our shareholders in addition to any other meetings in that year, and will specify the meeting as such in the notice convening it. The annual general meeting will be held within six months from the day following the end of our fiscal year at such time and place as the directors may appoint.
Calling of general meetings. Under the U.K. Companies Act 2006, not less than 21 clear days’ notice (i.e. 21 days, including weekdays, weekends and holidays, but excluding the date on which notice is given and the date of the meeting itself) must be given for an annual general meeting and any resolutions to be proposed at the meeting. Subject to a company’s articles of association providing for a longer period, at least 14 clear days’ notice is required for any other general meeting. In addition, certain matters (such as the removal of directors or auditors) require special notice, which is 28 clear days’ notice to the Company. The shareholders of a company may in all cases consent to a shorter notice period, the proportion of shareholders’ consent required being 100% of those entitled to attend and vote in the case of an annual general meeting and, in the case of any other general meeting, a majority in number of the members having a right to attend and vote at the meeting, being a majority who together hold not less than 95% in nominal value of the shares giving a right to attend and vote at the meeting.
Quorum of meetings. No business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business, but the absence of a quorum shall not preclude the appointment of a chairman, which appointment shall not be treated as part of the business of a meeting. Shareholders who together represent at least a majority of the voting rights of all of the shareholders entitled to vote at a meeting shall constitute a quorum for all purposes.
Shareholder proposals
The articles of association impose requirements on the content of any shareholder notice to either: (i) request a general meeting for the purposes of proposing a resolution; or (ii) propose a resolution for a general meeting. The provisions require the notice to include (without limitation) matters relating to the identity of the relevant shareholder(s) and certain associated persons (including those acting in concert), and their respective interests in the Company. Additionally, the articles of association impose further requirements as to when such notices must be delivered. The provisions require (broadly, and subject to limited exceptions) the notices to be delivered to the company no earlier than the close of business on the 120th day, nor later than the close of business on the 90th day, prior to the anniversary of the previous year’s annual general meeting. If these additional content and timing requirements are not complied with, then the relevant shareholder(s) who gave the notice, shall not be entitled to vote their shares (either in person or by proxy) at a general meeting in respect of the matters which are the subject of such notice.
Choice of forum/Governing law
The rights of holders of our ordinary shares are governed by the laws of England and Wales.
Our articles of association provide that the courts of England and Wales will be the exclusive forum for resolving all shareholder complaints other than shareholder complaints asserting a cause of action arising under the Securities Act, for which the U.S. federal district courts will be the exclusive forum. As a company incorporated in England and Wales, the choice of the courts of England and Wales as our exclusive forum for resolving all shareholder complaints, other than complaints arising under the Securities Act, allows us to more efficiently and affordably respond to such actions, and provides consistency in the application of the laws of England and Wales to such actions. Similarly, we have selected the U.S. federal district courts as our exclusive forum for resolving shareholder complaints arising under the Securities Act in order to more efficiently and affordably respond to such claims. This choice of forum also provides both us and our shareholders with a forum that is familiar with and regularly reviews cases involving U.S. securities law. Although we believe this choice of forum benefits us by providing increased consistency in the application of U.S. securities law for the specified types of action, it may have the effect of discouraging lawsuits against our directors and officers. Any person or entity purchasing or otherwise acquiring any interest in our ordinary shares will be deemed to have notice of and consented to the provisions of our articles of association, including the exclusive forum provision. However, it is possible that a court could find our forum selection provision to be inapplicable or unenforceable. 
Mandatory offers
Although the Company is not subject to the Takeover Code, our board of directors recognizes the importance of the mandatory offer provisions and certain other Takeover Code protections afforded to shareholders of companies that are mandatorily subject to the Takeover Code. Our articles of association include similar protections. These provisions are summarized below and seek to regulate certain acquisitions of interests in the ordinary shares of the Company but do in some respects differ from the terms of the analogous protection under the Takeover Code. These provisions do not, however, provide all of the protections provided by the Takeover Code as our board of directors does not believe all provisions of the Takeover Code would be of benefit to the Company’s shareholders.
Under the applicable provisions of the articles of association, which are intended to be similar to Rule 9 of the Takeover Code (except as described below), a person must not:
		
	(i)
	whether by a series of transactions over a period of time or not, acquire an interest in ordinary shares which (taken together with ordinary shares in which persons determined by our board of directors to be acting in concert with him or her are interested) carry 30 percent or more of the voting rights of the Company; or

		
	(ii)
	while he or she (together with persons determined by our board of directors to be acting in concert with him or her) is interested in ordinary shares which in aggregate carry not less than 30 percent but not more than 50 percent of the voting rights of the Company, acquire, whether by himself or herself or with persons determined by our board of directors to be acting in concert with him or her, an interest in any other ordinary shares that (taken together with any interests in ordinary shares held by persons determined by the board of directors to be acting in concert with him or her), increases the percentage of ordinary shares carrying voting rights in which he or she is interested, except, in either case:

		
	1)
	with the advance consent of our board of directors or pursuant to an offer that is recommended by our board of directors;

		
	2)
	where the acquisition is made as a result of a voluntary offer made and implemented, save to the extent that our board of directors determines otherwise, for all of the issued and outstanding ordinary shares of the Company, that is in cash (or accompanied by a cash alternative), that is at a price not less than the highest price at which the acquirer (or any person acting in concert with him or her) has acquired or been issued shares in the 12-month period prior to such offer being made, with the offer being open for acceptances for at least 14 days after such offer becomes or is declared unconditional as to acceptances, and otherwise in accordance with the Takeover Code (as if the Takeover Code applied to the Company);

		
	3)
	where the acquisition is made pursuant to a single transaction which causes a breach of either limit described in (i) or (ii) above (otherwise than as a result of an offer) and the acquirer makes and implements a mandatory offer to all other shareholders of the Company on the basis described below (provided that, subject to certain exceptions, no further acquisitions are made by the acquirer other than pursuant to such a mandatory offer);

		
	4)
	an acquisition previously approved in general meeting by the shareholders of the Company who are independent of the acquirer and its concert parties; or

		
	5)
	there is an increase in the percentage of the voting rights attributable to an interest in ordinary shares held by a person or by persons determined by our board of directors to be acting in concert with him or her and such an increase would constitute a breach of either limit described in (i) or (ii) above where such increase results from the Company redeeming or purchasing its own ordinary shares or interests in ordinary shares.

Where a mandatory offer is required under the articles of association for the acquirer to avail itself of the exception in (3) above, such mandatory offer must be made and implemented in accordance with the rules applicable to mandatory offers under the Takeover Code (as if the Takeover Code applied to the Company). In particular, it must be unconditional (other than as to acceptances), be in cash (or accompanied by a cash alternative) and be at the highest price paid by such person required to make the mandatory offer (or any other person acting in concert with such person) for any interest in ordinary shares in the Company during the previous 12 months. Such a mandatory offer must be made within seven days of breaching either limit described in (i) or (ii) above, which is a shorter time period than would normally apply under the analogous provisions of the Takeover Code.
The exemption from breaching either limit described in (i) or (ii) (as described in (2) above) is narrower than the analogous exemption in the Takeover Code because under the Takeover Code acquisitions pursuant to non-cash and partial offers may also be exempt. This potentially provides our board of directors with greater power to defend a hostile non-cash or partial tender offer than would otherwise be available under the Takeover Code.
As set out in Article 131 of the articles of association, our board of directors has various powers (the exercise of which are subject to their fiduciary duties) to enforce these provisions (including disenfranchisement (as regards voting and entitlement to distributions) and refusal to register the transfer of ordinary shares).
Our board of directors has the full authority to determine the application of these provisions in the articles of association, including the deemed application of any relevant parts of the Takeover Code and such authority includes all the discretion that the Takeover Panel would exercise if the Takeover Code applied to the Company. Our board of directors is not required to give any reason for any decision or determination it makes.
Other English law considerations
Mandatory purchases and acquisitions. Pursuant to sections 979 to 991 of the U.K. Companies Act 2006, where a takeover offer has been made for us and the offeror has acquired or unconditionally contracted to acquire not less than 90% of the voting rights carried by the shares to which the offer relates, the offeror may give notice to the holder of any shares to which the offer relates that the offeror has not acquired or unconditionally contracted to acquire that it desires to acquire those shares on the same terms as the general offer.
Disclosure of interest in shares. Pursuant to Part 22 of the U.K. Companies Act 2006 and our articles of association, we are empowered by notice in writing to require any person whom we know to be, or have reasonable cause to believe to be, interested in our shares, or at any time during the three years immediately preceding the date on which the notice is issued has been so interested, within a reasonable time to disclose to us the details of that person’s interest and (so far as is within such person’s knowledge) details of any other interest that subsists or subsisted in those shares. Under our articles of association, if a person defaults in supplying us with the required details in relation to the shares in question, or “Default Shares,” a court may order that:
		
	●
	in respect of the Default Shares, the relevant member shall not be entitled to vote or exercise any other right conferred by membership in relation to general meetings; and/or

		
	●
	where the Default Shares represent at least 0.25% of their class, (a) any dividend or other money payable in respect of the Default Shares shall be retained by us without liability to pay interest, and/or (b) no transfers by the relevant person of shares other than approved transfers may be registered (unless such person is not in default and the transfer does not relate to Default Shares), and/or (c) any shares held by the relevant person in uncertificated form shall be converted into certificated form.

Purchase of own shares. Subject to certain limited exceptions, under the U.K. Companies Act 2006, a public limited company may purchase its own shares only out of the distributable profits of the company or the proceeds of a new issue of shares made for the purpose of financing the purchase. A limited company may not purchase its own shares if as a result of the purchase there would no longer be any issued shares of the company other than redeemable shares or shares held as treasury shares. Subject to the foregoing, because NYSE is not a “recognized investment exchange” under the U.K. Financial Services and Markets Act 2000, we may, subject to certain limited exceptions, purchase our own fully paid shares only pursuant to a purchase contract authorized by ordinary resolution of the holders of our ordinary shares before the purchase takes place. Any authority will not be effective if any shareholder from whom we propose to purchase shares votes on the resolution and the resolution would not have been passed if such shareholder had not done so. The resolution authorizing the purchase must specify a date, not being later than five years after the passing of the resolution, on which the authority to purchase is to expire. A share buy-back by us of our ordinary shares will also give rise to U.K. stamp duty at the rate of 0.5% of the amount or value of the consideration payable by us, and such stamp duty will be paid by us.
U.K. City Code on Takeovers and Mergers
If at the time of a takeover offer the Takeover Panel determines that we have our place of central management and control in the United Kingdom, we would be subject to the Takeover Code, which is issued and administered by the Takeover Panel. The Takeover Code provides a framework within which takeovers of companies subject to it are conducted. In particular, the Takeover Code contains certain rules in respect of mandatory offers. Under Rule 9 of the Takeover Code, if a person:
		
	(a)
	acquires an interest in our shares which, when taken together with shares in which such person or persons acting in concert with such person are interested, carries 30% or more of the voting rights of our shares; or

		
	(b)
	who, together with persons acting in concert with such person, is interested in shares that in the aggregate carry not less than 30% and not more than 50% of the voting rights in the company, acquires additional interests in shares that increase the percentage of shares carrying voting rights in which that person is interested, the acquirer and, depending on the circumstances, its concert parties, would be required (except with the consent of the Takeover Panel) to make a cash offer for our outstanding shares at a price not less than the highest price paid for any interests in the shares by the acquirer or its concert parties during the previous 12 months.

It is not currently expected that we would have our place of central management and control in the United Kingdom.
Exchange Controls
There are no laws, decrees, regulations or other legislation in the United Kingdom that may affect the import or export of capital, including the availability of cash and cash equivalents for use by us, or that may affect the remittance of dividends, interest or other payments by us to non-resident holders of our ordinary shares, other than withholding tax requirements. There is no limitation imposed by English law or our articles of association on the right of non-residents to hold or vote shares.Exhibit

Execution Version

INCREMENTAL AMENDMENT NO. 1 
TO CREDIT AGREEMENT
INCREMENTAL AMENDMENT NO. 1, dated as of December 20, 2019 (this “Amendment”), to the Credit Agreement (as defined below), among Cushman & Wakefield U.S. Borrower, LLC (f/k/a DTZ U.S. Borrower, LLC), a Delaware limited liability company (the “Borrower”), DTZ UK Guarantor Limited, a private limited company incorporated under the laws of England and Wales (“Holdings”), JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent (in such capacity, the “Administrative Agent”), the Issuing Banks, the Swing Line Lender, the Subsidiary Guarantors party hereto (solely with respect to Sections 6.1, 6.3 and 6.4) and the Incremental Revolving Lenders party hereto (in such capacity, the “Amendment No. 1 Incremental Revolving Lenders”).
W I T N E S S E T H:
WHEREAS, the Borrower is a party to the Credit Agreement, dated as of August 21, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof), among the Borrower, Holdings, JPMorgan Chase, as administrative agent, collateral agent, issuing bank and swing line lender, and each lender from time to time party thereto (the “Credit Agreement”);
WHEREAS, the Borrower has requested to establish a Revolving Commitment Increase in an aggregate principal amount of $210,000,000 to the Closing Date Revolving Facility, pursuant to and on the terms set forth in Section 2.14 of the Credit Agreement (the “Amendment No. 1 Revolving Commitment Increase”);
WHEREAS, the Borrower, the Administrative Agent and the Amendment No. 1 Incremental Revolving Lenders have agreed to amend certain provisions of the Credit Agreement as provided for herein to effect the incurrence of the Amendment No. 1 Revolving Commitment Increase pursuant to Section 2.14 of the Credit Agreement;
WHEREAS, (i) the Amendment No. 1 Incremental Revolving Lenders will make the Amendment No. 1 Revolving Commitment Increase on the Amendment No. 1 Effective Date pursuant to the terms hereof and (ii) each Issuing Bank and the Swing Line Lender will consent to such Amendment No. 1 Incremental Revolving Lenders constituting Additional Lenders (such consent not be unreasonably withheld, conditioned or delayed).
NOW, THEREFORE, the parties hereto hereby agree as follows: 
ARTICLE I 
 
Defined Terms
Section 1.1.    Defined Terms.  Terms defined in the Credit Agreement (as amended hereby) and used but not defined herein shall have the meanings given to them in the Credit Agreement (as amended hereby) unless otherwise defined herein.
ARTICLE II     
 
Revolving Commitment Increase
Section 2.1.    Revolving Commitment Increase.  The Borrower hereby requests the Amendment No. 1 Revolving Commitment Increase from the Amendment No. 1 Incremental Revolving Lenders pursuant to and on the terms set forth in Section 2.14 of the Credit Agreement, to be effective on the Amendment No. 1 Effective Date.  On the Amendment No. 1 Effective Date and subject to the terms and conditions set forth herein, the Amendment No. 1 Revolving Commitment Increase shall become effective.  The parties hereto agree and acknowledge that this Amendment constitutes the Incremental Loan Request with respect to the Amendment No. 1 Revolving Commitment Increase.  
Section 2.2.    Agreements of Amendment No. 1 Incremental Revolving Lenders.  Each Amendment No. 1 Incremental Revolving Lender agrees that (i) effective on and at all times after the Amendment No. 1 Effective Date, in addition to any obligations of such Lender in respect of Loans or Commitments of such Lender outstanding prior to the Amendment No. 1 Effective Date (to the extent such Lender was a Lender prior to the Amendment No. 1 Effective Date), such Amendment No. 1 Incremental Revolving Lender will be bound by all obligations of a Lender under the Credit Agreement (as amended hereby) in respect of the Amendment No. 1 Incremental Revolving Commitment and (ii) on the Amendment No. 1 Effective Date, each Amendment No. 1 Incremental Revolving Lender will provide a Revolving Commitment Increase in the amount of such Lender’s Amendment No. 1 Incremental Revolving Commitment as set forth on Schedule 2.01A hereto. The Revolving Commitment of each Person that is a Revolving Lender as of the Amendment No. 1 Effective Date after giving effect to the Amendment No. 1 Revolving Credit Increase is set forth opposite the name of such Person on Schedule B hereto. 
Section 2.3.    Incremental Revolving Commitments.  The Amendment No. 1 Revolving Commitment Increase will constitute a Revolving Commitment Increase to the Closing Date Revolving Facility, will constitute Revolving Commitments for all purposes of the Credit Agreement (as amended hereby) and will, together with the Closing Date Revolving Facility, be treated as one Class of Revolving Commitments.  Pursuant to Sections 2.14 and 10.01 of the Credit Agreement, on the Amendment No. 1 Effective Date, the Amendment No. 1 Revolving Commitment Increase shall (x) have the same terms as the Closing Date Revolving Facility (after giving effect to this Amendment) and (y) automatically (and without any further action or notice by any party) become Revolving Commitments for all purposes of the Credit Agreement and the other Loan Documents, and each Amendment No. 1 Incremental Revolving Lender shall constitute a “Revolving Lender” for all purposes under the Credit Agreement. 
Section 2.4.    Swing Line Lender and Issuing Bank Consent.  Pursuant to Section 2.14(3) of the Credit Agreement, each Issuing Bank and each Swing Line Lender consents to the Amendment No. 1 Incremental Revolving Lenders constituting Additional Lenders.
ARTICLE III     
 
Amendments
Section 3.1.    Subject to the occurrence of the Amendment No. 1 Effective Date: 
(a)    The preliminary statements to the Credit Agreement are hereby amended by inserting the following new paragraphs at the end thereof: 
“The Borrower has requested that the Lenders extend credit to the Borrower in the form of $210,000,000 million in Amendment No. 1 Revolving Commitment Increase on the Amendment No. 1 Effective Date.”
(b)    Section 1.01 of the Credit Agreement is hereby amended by inserting in appropriate alphabetical order the following new definitions:
 “Amendment No. 1” means Incremental Amendment No. 1 to this Agreement dated as of December 20, 2019.
“Amendment No. 1 Arrangers” means Bank of America, N.A., Barclays Bank PLC, Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank, Credit Suisse Loan Funding LLC, Fifth Third Bank, Goldman Sachs Bank USA, HSBC Securities (USA) Inc., JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., MUFG Union Bank, N.A. and UBS Securities LLC.
“Amendment No. 1 Co-Managers” means Associated Bank, National Association, ING Capital LLC and U.S. Bank National Association.
 “Amendment No. 1 Effective Date” means December 20, 2019, the date of effectiveness of Amendment No. 1.
“Amendment No. 1 Revolving Commitment Increase” means the obligation of each Amendment No. 1 Incremental Revolving Lender (as defined in Amendment No. 1) to provide Incremental Revolving Commitments to the Borrower on the Amendment No. 1 Effective Date in an aggregate principal amount equal to $210,000,000.
“Co-Managers” means Associated Bank, National Association, ING Capital LLC, U.S and the Amendment No. 1 Co-Managers, in their capacity as Co-Managers under Amendment No. 1.
(c)    The definition of “Arrangers” in Section 1.01 is hereby amended by adding “, and the Amendment No. 1 Arrangers, in their capacity as arranger under Amendment No. 1.”
(d)    The definition of “Closing Date Revolving Facility” is hereby amended by replacing it in its entirety with the following: 
“Closing Date Revolving Facility” means the Revolving Facility made available by the Revolving Lenders as of the Closing Date, as increased by the Amendment No. 1 Revolving Commitment Increase on the Amendment No. 1 Effective Date and the Amendment No. 1 Revolving Commitment Increase on the Amendment No. 1 Effective Date.”
 
 
(1)
Conditions to Effectiveness
Section 3.2.    This Amendment shall become effective on the date (the “Amendment No. 1 Effective Date”) on which the following conditions are satisfied:
(a)    The Administrative Agent shall have received counterparts of this Amendment signed by Holdings, the Borrower, the Subsidiary Guarantors, the Amendment No. 1 Incremental Revolving Lenders and the Issuing Banks.
(b)    The Administrative Agent shall have received the legal opinion of (i) Cleary, Gottlieb, Steen & Hamilton LLP, New York counsel to the Loan Parties, (ii)  Allen & Overy LLP, England and Wales local counsel to Administrative Agent and (iii) Young Conway Stargatt & Taylor, LLP, Delaware local counsel to the Loan Parties, in each case, in form and substance reasonably satisfactory to the Administrative Agent.
(c)    The Administrative Agent shall have received a solvency certificate from a Financial Officer of the Borrower (after giving effect to this Amendment) substantially in the form attached as Exhibit I to the Credit Agreement, as adjusted to refer to the Incremental Revolving Increase and the use of proceeds thereof, rather than the Transactions.
(d)    The Administrative Agent shall have received certificates of good standing from the secretary of state of the state of organization of each Loan Party organized in the United States (to the extent such concept exists in such jurisdiction), customary certificates of resolutions or other action, incumbency certificates or other certificates of Responsible Officers of each Loan Party certifying true and complete copies of the Organizational Documents attached thereto and evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party or is to be a party on the Amendment No. 1 Effective Date; provided that in lieu of the attachments referred to above, such certificate may certify that (i) since the prior date of delivery thereof, there have been no amendments to the charter or other similar organizational document of such Loan Party and/or (ii) no changes have been made to the relevant information contained on the incumbency certificate of the Responsible Officer of such Loan Party previously delivered by such Loan Party.
(e)    The Administrative Agent shall have received from the Borrower, on behalf of each Lender that shall have provided a Revolving Commitment Increase pursuant to this Amendment No. 1, a fee (the “Commitment Fee”) in an amount equal to 0.15% of such Lender’s portion of the Amendment No. 1 Revolving Commitment Increase amount.
(f)    All fees and expenses required by the Credit Agreement to be paid hereunder shall have been paid in full or will be paid on the Amendment No. 1 Effective Date (in the case of expenses, to the extent invoiced at least three (3) Business Days prior to the Amendment No. 1 Effective Date (except as otherwise reasonably agreed by the Borrower)).
(g)     The Administrative Agent shall have received at least two (2) Business Days prior to the Amendment No. 1 Effective Date all documentation and other information about the Borrower and the Guarantors required under applicable “know your customer” and anti-money laundering rules and regulations (including the PATRIOT Act) that has been reasonably requested by the Administrative Agent in writing at least ten (10) Business Days prior to the Amendment No. 1 Effective.
(h)    The representations and warranties contained in Section 5.1(a) hereof shall be true and correct in all material respects on and as of the Amendment No. 1 Effective Date (unless such representations and warranties relate to an earlier date, in which case, such representations and warranties shall have been true and correct in all material respects as of such earlier date).
(i)    The Administrative Agent shall have received an officer’s certificate dated the Amendment No. 1 Effective Date from a Responsible Officer of the Borrower certifying to the items in clause (h) immediately above and clause (j) immediately below. 
(j)    At the time of and immediately after giving effect to this Amendment and the making of the Amendment No. 1 Revolving Commitment Increase as contemplated hereby, no Default or Event of Default under of the Credit Agreement exists.
The Administrative Agent shall notify the Borrower and the Lenders of the Amendment No. 1 Effective Date.  
ARTICLE IV     
 
Representation and Warranties
Section 4.1.    After giving effect to the amendments contained herein, on the Amendment No. 1 Effective Date the Borrower hereby confirms that:  
 (a) the representations and warranties contained herein and under the other Loan Documents are true and correct in all material respects on the Amendment No. 1 Effective Date (unless such representations and warranties relate to an earlier date, in which case, such representations and warranties shall have been true and correct in all material respects as of such earlier date); provided that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates; and 
(b) no Default or Event of Default under the Credit Agreement has occurred and is continuing.
ARTICLE V     
 
Miscellaneous
Section 5.1.    Continuing Effect; No Other Amendments or Waivers.  This Amendment shall not constitute an amendment or waiver of or consent to any provision of the Credit Agreement and the other Loan Documents except as expressly stated herein and shall not be construed as an amendment, waiver or consent to any action on the part of the Loan Parties that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein.  Except as expressly waived hereby, the provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect in accordance with their terms.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. This Amendment shall not constitute a novation of the Credit Agreement or any other Loan Document.
Section 5.2.    Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Article IV hereof.  Delivery of an executed counterpart to this Amendment by facsimile or other electronic transmission (e.g., “PDF” or “TIFF”) shall be as effective as delivery of a manually signed original.
Section 5.3.    WAIVER OF JURY TRIAL; GOVERNING LAW; JURISDICTION, ETC.  The provisions set forth in Sections 10.16 and 10.17 of the Credit Agreement are hereby incorporated herein mutatis mutandis with all references to “this Agreement” therein being deemed references to this Amendment.
Section 5.4.    Reaffirmation.  Each Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) its covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby and (ii) its guarantee of the Obligations under any Guaranty to which it is a party, and its grant of Liens on the Collateral to secure the Obligations pursuant to the Collateral Documents to which it is a party.
Section 5.5.    Effect of Amendment.  On and after the Amendment No. 1 Effective Date each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.
[Remainder of this page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the date first above written.
CUSHMAN & WAKEFIELD U.S. BORROWER, LLC, 
as the Borrower
By:    /s/ Sarah Winters    Name: Sarah Winters     
    Title: Treasurer
DTZ UK GUARANTOR LIMITED, 
as Holdings
By:    /s/ Duncan Palmer 
    Name: Duncan Palmer     
    Title: Director
    

With respect to the reaffirmation in Section 6.4 hereof only,

Cushman & Wakefield of Arizona, Inc.
Cassidy Turley Northern California, Inc.
Cassidy Turley, L.P.
Cushfield Maintenance Corp.
Cushfield Maintenance West Corp.
Cushman & Wakefield of California, Inc.
Cushman & Wakefield of San Diego, Inc.
Cushman & Wakefield Western, Inc.
Cushman & Wakefield of Colorado, Inc.
Cushman & Wakefield of Connecticut, Inc.
C&W Group, Inc.
C&W Secure Services Inc.
Cushman & Wakefield Capital Services, LLC
Cushman & Wakefield Eastern, Inc.
Cushman & Wakefield Global Services, Inc.
Cushman & Wakefield Global, Inc.
Cushman & Wakefield International Finance Subsidiary, LLC
Cushman & Wakefield International, LLC
Cushman & Wakefield Japan Holdco 2, LLC
Cushman & Wakefield Japan Holdco, LLC
Cushman & Wakefield Luxembourg Holdings, LLC
Cushman & Wakefield of Asia, Inc.
Cushman & Wakefield of Delaware, Inc.
Cushman & Wakefield of Minnesota, Inc.
Cushman & Wakefield of Nevada, Inc.
Cushman & Wakefield of North America, Inc.
Cushman & Wakefield of the Americas, Inc.
Cushman & Wakefield Realty of Brooklyn, LLC
Cushman & Wakefield Realty of Manhattan, LLC
Cushman & Wakefield Realty of New Jersey, LLC
Cushman & Wakefield Realty of Queens, LLC
Cushman & Wakefield Realty of the Bronx, LLC
Cushman & Wakefield Regional, Inc.
Cushman & Wakefield Solutions Holdings, LLC
Cushman & Wakefield Solutions Intermediate Holdings, LLC
DTZ Parent, LLC
DTZ US Holdco, Inc.
DTZ US Holdings, LLC
DTZ US NewCo, Inc.
Cushman & Wakefield of Washington, D.C., Inc.
Cushman & Wakefield of Florida, LLC
Cushman & Wakefield of Georgia, LLC
Cushman & Wakefield of Illinois, Inc.
DTZ Americas, Inc.
Cushman & Wakefield Solutions, LLC
Cushman & Wakefield of Maryland, LLC
Cushman & Wakefield of Massachusetts, Inc.
Cushman & Wakefield Real Estate Services LLC
NM Holdings LLC
Cassidy Turley, Inc.
Cushman & Wakefield Fiduciary, Inc.
Cushman & Wakefield U.S., Inc.
Commerce CRG of Nevada, LLC
Commerce Reno, LLC
Cushman & Wakefield of New Hampshire, Inc.
Cushman & Wakefield of New Jersey, LLC
Cushman & Wakefield National Corporation
Cushman & Wakefield of Long Island, Inc.
Cushman & Wakefield Ventures, LLC
Cushman & Wakefield, Inc.
Cushman & Wakefield of North Carolina, Inc.
Cushman & Wakefield of Ohio, Inc.
Cushman & Wakefield of Oregon, Inc.
Cushman & Wakefield of Pennsylvania, LLC
Cushman & Wakefield of Texas, Inc.
Commerce Consolidated, LLC
Commerce CRG Provo, LLC
Commerce CRG Utah, LLC
Commerce CRMG, L.C.
Cushman & Wakefield of Virginia, LLC
Commerce Real Estate Solutions, LLC
Cushman & Wakefield of Washington, Inc.
Casper UK Bidco Limited
DTZ Worldwide Limited
DTZ UK Bidco 2 Limited 
as Subsidiary Guarantors 

By:    /s/ Sarah Winters    
Name: Sarah Winters     
    Title: Treasurer

C&W Facility Services Inc.
C&W Government Services Inc.

By:    /s/ Sarah Winters
Name: Sarah Winters
Title: Senior Vice President and Chief Tax Officer

Cushman & Wakefield Global Services, Inc. 
Cushman & Wakefield Regional, Inc. 
Cushman & Wakefield Western, Inc. 

By:    /s/ Robert Skinner
Name: Robert Skinner 
Title: Vice President and Secretary 

C&W Secure Services Inc. 

By:    /s/ Roger Frischkorn 
Name: Roger Frischkorn
Title: President, Vice President, Treasurer and Secretary 

Casper UK Bidco Limited 
DTZ Worldwide Limited 
DTZ UK Bidco 2 Limited 

By:    /s/ Brett Soloway
Name: Brett Soloway 
Title: Director

JPMORGAN CHASE BANK, N.A. 
as Administrative Agent, Amendment No. 1 Incremental Revolving Lender, Swing Line Lender and Issuing Bank 
By:    /s/ Brian Smolowitz
Name: Brian Smolowitz 
                            Title: Vice President

HSBC Bank USA, N.A. 
as Amendment No. 1 Incremental Revolving Lender and Issuing Bank
By:    /s/ Patricia DelGrande    Name: Patricia DelGrande 
    Title: Managing Director
BARCLAYS BANK PLC 
as Amendment No. 1 Incremental Revolving Lender and Issuing Bank
By:    /s/ Criag Malloy    Name: Craig Malloy 
    Title: Director
GOLDMAN SACHS BANK USA 
as Issuing Bank
By:    /s/ Jamie Minieri    Name: Jamie Minieri 
    Title: Authorized Signatory
CITIBANK N.A. 
as Amendment No. 1 Incremental Revolving Lender and Issuing Bank
By:    /s/ Alvaro De Velasco    Name: Alvaro De Velasco 
    Title: Vice President

UBS AG, Stamford Branch 
as Amendment No. 1 Incremental Revolving Lender and Issuing Bank
By:    /s/ Kenneth Chin    Name: Kenneth Chin 
    Title: Director
By:    /s/ Robert Khan    Name: Robert Khan 
    Title: Associate Director
FIFTH THIRD BANK, National Association
as Amendment No. 1 Incremental Revolving Lender and Issuing Bank

By:    /s/ Chris Joseph    Name: Chris Joseph 
    Title: Director
CREDIT AGRICOLE AND INVESTMENT BANK
as Amendment No. 1 Incremental Revolving Lender and Issuing Bank

By:    /s/ Thibault Rosset    Name: Thibault Rosset 
    Title: Director
By:    /s/ Roger Klepper      
Name: Roger Klepper 
    Title: Managing Director

BANK OF AMERICA, N.A. 
as Issuing Bank
By:    /s/ John McDowell    Name: John McDowell 
    Title: Director

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 
as Issuing Bank
By:    /s/ Judith Smith    Name: Judith Smith 
    Title: Authorized Signatory
By:    /s/ Bastien Dayer    Name: Bastien Dayer 
    Title: Authorized Signatory

MUFG UNION BANK, N.A.
as Amendment No. 1 Incremental Revolving Lender

By:    /s/ Eric Hill    Name: Eric Hill 
    Title: Authorized Signatory

U.S. BANK NATIONAL ASSOCATION 
as Amendment No. 1 Incremental Revolving Lender and Issuing Bank

By:    /s/ Patrick McGraw    Name: Patrick McGraw 
    Title: Senior Vice President

ASSOCIATED BANK, NATIONAL ASSOCATION 
as Amendment No. 1 Incremental Revolving Lender and Issuing Bank

By:    /s/ Edward U. Notz, Jr.    Name: Edward U. Notz, Jr. 
    Title: Senior Vice President
ING CAPITAL LLC 
as Issuing Bank
By:    /s/ Michael Kim    Name: Michael Kim 
    Title: Director
By:    /s/ Naresh Purohit    Name: Naresh Purohit 
    Title: Director

Consented to by:
MORGAN STANLEY SENIOR FUNDING, INC. 
as Swing Line Lender and Issuing Bank
By:    /s/ Jack Kuhns  
    Name: Jack Kuhns 
    Title: Vice President

Schedule 2.01A
Commitments

	
		
	Lender
	Amendment No. 1 Incremental Revolving Commitment

	MUFG Union Bank, N.A.
	$50,000,000

	Barclays Bank PLC
	$35,000,000

	HSBC Bank USA, National Association
	$30,000,000

	Citibank, N.A.
	$25,000,000

	U.S. Bank National Association
	$20,000,000

	Crédit Agricole Corporate and Investment Bank
	$15,000,000

	Fifth Third Bank
	$15,000,000

	UBS AG, Stamford Branch
	$15,000,000

	Associated Bank, National Association
	$5,000,000

	Total
	$210,000,000

Schedule B
Revolving Credit Commitments of All Revolving Lenders 
After Giving Effect to Amendment No. 1 Revolving Credit Increase

	
		
	Lender
	Revolving Credit Commitment

	JPMorgan Chase Bank, N.A.
	$115,000,000

	Morgan Stanley Bank N.A.
	$100,000,000

	HSBC Bank USA, National Association
	$100,000,000

	Goldman Sachs Bank USA
	$85,000,000

	Barclays Bank PLC
	$85,000,000

	UBS AG, Stamford Branch
	$80,000,000

	Fifth Third Bank
	$75,000,000

	Citibank, N.A.
	$75,000,000

	Crédit Agricole Corporate and Investment Bank
	$65,000,000

	Bank of America, N.A.
	$50,000,000

	Credit Suisse AG, Cayman Islands Branch
	$50,000,000

	MUFG Union Bank, N.A.
	$50,000,000

	U.S. Bank National Association
	$30,000,000

	Associated Bank, National Association
	$25,000,000

	ING Capital LLC
	$20,000,000

	Morgan Stanley Senior Funding, Inc.
	$15,000,000

	Total
	$1,020,000,000

1

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