Document:

Blueprint

 

Exhibit
10.1

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this
“Agreement”), dated as of October 5, 2017, is entered
into between SpendSmart Networks, Inc., a Delaware corporation
(“Seller”), and Eclipse Marketing LLC, a Delaware
limited liability company (“Buyer”).

 

 

RECITALS

 

WHEREAS, Seller owns all of the issued and
outstanding shares of stock (the “Shares”), of SpendSmart Networks, Inc., a
California corporation (the “Company”);

 

WHEREAS, prior to the Closing Date, the Seller
will assign and transfer to the Company the entire right, title and
interest in and to all of its operating assets which the Company
does not own as of the date hereof, including, without limitation,
those assets listed on Exhibit C attached hereto, and, in
connection therewith, will assign to the Company all related
Contracts, including, without limitation, those Contracts listed on
Exhibit C attached hereto (collectively, the
“Additional
Assets”).

 

WHEREAS,
Seller wishes to sell to Buyer, and Buyer wishes to purchase from
Seller, the Shares, subject to the terms and conditions set forth
herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

 

ARTICLE
I

DEFINITIONS

 

The
following terms have the meanings specified or referred to in this
ARTICLE I:

 

“Accounting
Firm” means a nationally
recognized or regionally recognized independent certified public
accountant selected by mutual agreement of the Buyer and the
Seller. If the Buyer and the Seller are unable to mutually agree
upon such an accountant within ten (10) days, then the Buyer and
the Seller shall each select a nationally recognized accountant and
within five (5) days after their selection, those two accountants
shall select a third nationally recognized accountant, which third
accountant shall act as the Accounting Firm.

 

“Acquisition
Proposal” has the meaning
set forth in Section 5.03(a).

 

“Action” means any claim, action, cause of action,
demand, lawsuit, arbitration, inquiry, audit, notice of violation,
proceeding, litigation, citation, summons, subpoena or
investigation of any nature, civil, criminal, administrative,
regulatory or otherwise, whether at law or in
equity.

 

“Additional
Assets” has the meaning
set forth in the preamble.

 

“Affiliate” of a Person means any other Person that
directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such
Person. The term “control” (including the terms
“controlled by” and “under common control
with”) means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

 

“Agreement” has the meaning set forth in the
preamble.

 

“Ancillary
Documents” means a
transition services agreement in form and substance reasonably
satisfactory to Buyer, and other documents, certificates and
agreements to be delivered in connection with this Agreement or
otherwise requested by Buyer, in form and substance satisfactory to
Buyer.

 

 

 

-1-

 

 

“Assumed
Liabilities” means those
ordinary course trade accounts payable relating to the
Company’s business, the Company’s deferred revenue and
the accrued paid time off for the Company’s employees, all as
and to the extent expressly listed in Exhibit A attached hereto, as
amended pursuant to Section 7.02(q).

 

“Balance
Sheet” has the meaning
set forth in Section 3.06.

 

“Balance Sheet
Date” has the meaning set
forth in Section 3.06.

 

“Benefit Plan” has the meaning set forth in Section
3.20(a).

 

“Bonuses” means (i) any bonuses, commissions or
similar amounts (whether or not accrued, contingent, discretionary
or otherwise) that are required to be or are customarily paid by
the Company to Seller or any of the Company’s officers,
directors, employees or service providers with respect to any
periods prior to the Closing, including, without limitation, all
bonuses at amounts consistent with calendar year 2016 (if any
discretionary bonuses have not been fixed) or the actual amount
payable (if any discretionary bonuses have been fixed) related to
any period prior to the Closing which have not been paid prior to
the Closing and (ii) any vacation or paid time off of any officer,
director or employee of the Company that accrued prior to the
Closing.

 

“Buyer” has the meaning set forth in the
preamble.

 

“Buyer
Indemnitees” has the
meaning set forth in Section 8.02.

 

“CERCLA” means the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, as amended by
the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C.
§§ 9601 et seq.

 

“Closing” has the meaning set forth in Section
2.04.

 

“Closing Date” has the meaning set forth in Section
2.04.

 

“Closing Date
Payment” has the meaning
set forth in Section 2.02.

 

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

 

“Common Stock” has the meaning set forth in Section
3.03(a).

 

“Company” has the meaning set forth in the
recitals.

 

“Company Intellectual
Property” means all
Intellectual Property that is owned by the
Company.

 

“Company IP
Agreements” means all
licenses, sublicenses, consent to use agreements, settlements,
coexistence agreements, covenants not to sue, waivers, releases,
permissions and other Contracts, whether written or oral, relating
to Intellectual Property to which the Company is a party,
beneficiary or otherwise bound.

 

“Company IP
Registrations” means all
Company Intellectual Property that is subject to any issuance,
registration or application by, to or with any Governmental
Authority or authorized private registrar in any jurisdiction,
including issued patents, registered trademarks, domain names and
copyrights, and pending applications for any of the
foregoing.

 

“Company
Systems” has the meaning
set forth in Section 3.12(h).

 

“Contracts” means all contracts, leases, deeds,
mortgages, licenses, instruments, notes, commitments, undertakings,
indentures, joint ventures and all other agreements, commitments
and legally binding arrangements, whether written or
oral.

 

“Direct Claim” has the meaning set forth in
Section
8.05(c).

 

“Disclosure
Schedules” means the
Disclosure Schedules delivered by Seller and Buyer concurrently
with the execution and delivery of this
Agreement.

 

 

-2-

 

 

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

 

“Encumbrance” means any charge, claim, community
property interest, pledge, condition, equitable interest, lien
(statutory or other), option, security interest, mortgage,
easement, encroachment, right of way, right of first refusal, or
restriction of any kind, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of
ownership.

 

“Environmental
Claim” means any Action,
Governmental Order, lien, fine, penalty, or, as to each, any
settlement or judgment arising therefrom, by or from any Person
alleging liability of whatever kind or nature (including liability
or responsibility for the costs of enforcement proceedings,
investigations, cleanup, governmental response, removal or
remediation, natural resources damages, property damages, personal
injuries, medical monitoring, penalties, contribution,
indemnification and injunctive relief) arising out of, based on or
resulting from: (a) the presence, Release of, or exposure to, any
Hazardous Materials; or (b) any actual or alleged non-compliance
with any Environmental Law or term or condition of any
Environmental Permit.

 

“Environmental
Law” means any applicable
Law, and any Governmental Order or binding agreement with any
Governmental Authority: (a) relating to pollution (or the cleanup
thereof) or the protection of natural resources, endangered or
threatened species, human health or safety, or the environment
(including ambient air, soil, surface water or groundwater, or
subsurface strata); or (b) concerning the presence of, exposure to,
or the management, manufacture, use, containment, storage,
recycling, reclamation, reuse, treatment, generation, discharge,
transportation, processing, production, disposal or remediation of
any Hazardous Materials. The term “Environmental Law”
includes, without limitation, the following (including their
implementing regulations and any state analogs): the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as
amended by the Superfund Amendments and Reauthorization Act of
1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal
Act, as amended by the Resource Conservation and Recovery Act of
1976, as amended by the Hazardous and Solid Waste Amendments of
1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water
Pollution Control Act of 1972, as amended by the Clean Water Act of
1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances
Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et
seq.; the Emergency Planning and Community Right-to-Know Act of
1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of
1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C.
§§ 7401 et seq.; and the Occupational Safety and Health
Act of 1970, as amended, 29 U.S.C. §§ 651 et
seq.

 

“Environmental
Notice” means any written
directive, notice of violation or infraction, or notice respecting
any Environmental Claim relating to actual or alleged
non-compliance with any Environmental Law or any term or condition
of any Environmental Permit.

 

“Environmental
Permit” means any Permit,
letter, clearance, consent, waiver, closure, exemption, decision or
other action required under or issued, granted, given, authorized
by or made pursuant to Environmental Law.

 

“ERISA” means the Employee Retirement Income
Security Act of 1974, as amended, and the regulations promulgated
thereunder.

 

“ERISA
Affiliate” means all
employers (whether or not incorporated) that would be treated
together with the Company or any of its Affiliates as a
“single employer” within the meaning of Section 414 of
the Code or Section 4001 of ERISA.

 

“Financial
Statements” has the
meaning set forth in Section 3.06.

 

“Final
Liabilities” has the
meaning set forth in Section 7.02(q)

 

“GAAP” means United States generally accepted
accounting principles in effect from time to
time.

 

“Governmental
Authority” means any
federal, state, local or foreign government or political
subdivision thereof, or any agency or instrumentality of such
government or political subdivision, or any self-regulated
organization or other non-governmental regulatory authority or
quasi-governmental authority (to the extent that the rules,
regulations or orders of such organization or authority have the
force of Law), or any arbitrator, court or tribunal of competent
jurisdiction.

 

“Governmental
Order” means any order,
writ, judgment, injunction, decree, stipulation, determination or
award entered by or with any Governmental
Authority.

 

 

-3-

 

 

“Hazardous
Materials” means: (a) any
material, substance, chemical, waste, product, derivative,
compound, mixture, solid, liquid, mineral or gas, in each case,
whether naturally occurring or manmade, that is hazardous, acutely
hazardous, toxic, or words of similar import or regulatory effect
under Environmental Laws; and (b) any petroleum or
petroleum-derived products, radon, radioactive materials or wastes,
asbestos in any form, lead or lead-containing materials, urea
formaldehyde foam insulation, and polychlorinated
biphenyls.

 

“Indebtedness” means, without duplication and with
respect to the Company, all: (a) all obligations for borrowed money
or accounts payable; (b) obligations evidenced by any note,
debenture or other similar instrument or debt security; (c)
obligations under swaps, hedges or similar instruments; (d)
obligations in respect of letters of credit and bankers’
acceptances issued for the account of the Company; (e) obligations
arising from checks in transit, uncleared checks or unreconciled
cash; (f) obligations for the deferred purchase price of property
or services or the acquisition of a business or portion thereof or
insurance premium financing, in each case, whether contingent or
otherwise, as obligor or otherwise (including any so called
“earn-out” or similar payments or obligations; (g)
obligations created or arising under any conditional sale or other
title retention agreement with respect to acquired property; (h)
obligations, contingent or otherwise, arising from deferred
compensation arrangements; (i) obligations under capitalized
leases; (j) obligations secured by any Encumbrance on any of the
Company’s assets; (k) any liability (whether accrued,
absolute, contingent, unliquidated or otherwise, whether due or to
become due and regardless of when or by whom asserted) for Taxes;
(l) obligations for Bonuses; (m) obligations to any Related Person;
(n) the amount of any deferred revenue and customer deposits; (o)
all accrued interest, prepayment premiums, penalties, expenses or
other amounts due related to any of the foregoing; and (p)
guarantees by the Company of any obligations of the types described
in clauses (a) through (o) above.

 

“Indemnified
Party” has the meaning
set forth in Section 8.05.

 

“Indemnifying
Party” has the meaning
set forth in Section 8.05.

 

“Insurance
Policies” has the meaning
set forth in Section 3.16.

 

“Intellectual
Property” means any and
all rights in, arising out of, or associated with any of the
following in any jurisdiction throughout the world: (a) issued
patents and patent applications (whether provisional or
non-provisional), including divisionals, continuations,
continuations-in-part, substitutions, reissues, reexaminations,
extensions, or restorations of any of the foregoing, and other
Governmental Authority-issued indicia of invention ownership
(including certificates of invention, petty patents, and patent
utility models) (“Patents”); (b) trademarks, service marks, brands,
certification marks, logos, trade dress, trade names, and other
similar indicia of source or origin, together with the goodwill
connected with the use of and symbolized by, and all registrations,
applications for registration, and renewals of, any of the
foregoing (“Trademarks”); (c) copyrights and works of authorship,
whether or not copyrightable, and all registrations, applications
for registration, and renewals of any of the foregoing
(“Copyrights”); (d) internet domain names and social
media account or user names (including “handles”),
whether or not Trademarks, all associated web addresses, URLs,
websites and web pages, social media accounts and pages, and all
content and data thereon or relating thereto, whether or not
Copyrights; (e) mask works, and all registrations, applications for
registration, and renewals thereof; (f) industrial designs, and all
Patents, registrations, applications for registration, and renewals
thereof; (g) trade secrets, know-how, inventions (whether or not
patentable), discoveries, improvements, technology, business and
technical information, databases, data compilations and
collections, tools, methods, processes, techniques, and other
confidential and proprietary information and all rights therein
(“Trade
Secrets”); (h) computer
programs, operating systems, applications, firmware, and other
code, including all source code, object code, application
programming interfaces, data files, databases, protocols,
specifications, and other documentation thereof; (i) rights of
publicity; and (j) all other intellectual or industrial property
and proprietary rights.

 

“Knowledge of
Seller”
or “Seller’s
Knowledge” or any other
similar knowledge qualification, means the actual or constructive
knowledge of any director or officer of Seller or the Company,
after due inquiry.

 

“Law” means any statute, law, ordinance,
regulation, rule, code, order, constitution, treaty, common law,
judgment, decree, other requirement or rule of law of any
Governmental Authority.

 

“Liabilities” has the meaning set forth in Section
3.07.

 

“Losses” means losses, damages, liabilities,
deficiencies, Actions, judgments, interest, awards, penalties,
fines, costs or expenses of whatever kind, including reasonable
attorneys’ fees and the cost of enforcing any right to
indemnification hereunder and the cost of pursuing any insurance
providers.

 

 

-4-

 

 

“Material Adverse
Effect” means any event,
occurrence, fact, condition or change that is, or could reasonably
be expected to become, individually or in the aggregate, materially
adverse to (a) the business, results of operations, condition
(financial or otherwise) or assets of the Company, or (b) the
ability of Seller to consummate the transactions contemplated
hereby on a timely basis.

 

“Material
Contracts” has the
meaning set forth in Section 3.09(a).

 

“Multiemployer
Plan” has the meaning set
forth in Section 3.20(c).

 

“Non-U.S. Benefit
Plan” has the meaning set
forth in Section 3.20(a).

 

“Permits” means all permits, licenses, franchises,
approvals, authorizations, registrations, certificates, variances
and similar rights obtained, or required to be obtained, from
Governmental Authorities.

 

“Person” means an individual, corporation,
partnership, joint venture, limited liability company, Governmental
Authority, unincorporated organization, trust, association or other
entity.

 

“Post-Closing Tax
Period” means any taxable
period beginning after the Closing Date and, with respect to any
taxable period beginning before and ending after the Closing Date,
the portion of such taxable period beginning after the Closing
Date.

 

“Post-Closing
Taxes” means Taxes of the
Company for any Post-Closing Tax Period.

 

“Pre-Closing Tax
Period” means any taxable
period ending on or before the Closing Date and, with respect to
any taxable period beginning before and ending after the Closing
Date, the portion of such taxable period ending on and including
the Closing Date.

 

“Pre-Closing
Taxes” means Taxes of the
Company for any Pre-Closing Tax Period.

 

“Purchase
Price” has the meaning
set forth in Section 2.02.

 

“Qualified Benefit
Plan” has the meaning set
forth in Section 3.20(c).

 

“Real
Property” means the real
property owned, leased or subleased by the Company, together with
all buildings, structures and facilities located
thereon.

 

“Related
Person” means, with
respect to the Company or Seller, (i) any Person that directly or
indirectly controls, is directly or indirectly controlled by, or is
directly or indirectly under common control with, such specified
Person; (ii) any Person that holds a Material Interest in such
specified Person; (iii) each Person that serves as a director,
officer, partner, manager, executor or trustee of such specified
Person (or in a similar capacity); (iv) any Person in which such
specified Person holds a Material Interest; and (v) any Person with
respect to which such specified Person serves as a general partner,
manager or a trustee (or in a similar capacity). For purposes of
this definition, (x) “control” (including
“controlling,” “controlled by,” and
“under common control with”) means the possession,
direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person, whether through the
ownership of voting securities, by contract, or otherwise, and
shall be construed as such term is used in the rules promulgated
under the Exchange Act, and (y) “Material Interest”
means direct or indirect beneficial ownership (as defined in Rule
13d-3 under the Exchange Act) of voting securities or other voting
interests representing at least ten percent (10%) of the
outstanding voting power of a Person or equity securities
representing at least ten percent (10%) of the outstanding equity
securities in a Person.

 

“Release” means any actual or threatened release,
spilling, leaking, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, leaching, dumping, abandonment,
disposing or allowing to escape or migrate into or through the
environment (including, without limitation, ambient air (indoor or
outdoor), surface water, groundwater, land surface or subsurface
strata or within any building, structure, facility or
fixture).

 

“Representative”
means, with respect to any Person, any and all directors, officers,
employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

 

-5-

 

 

“Restricted
Business” means
developing, selling, marketing or otherwise providing (a) loyalty
systems or digital engagement or marketing services to merchants,
including, without limitation, merchant funded rewards, loyalty
rewards tablets/kiosks, rewards management systems, mobile
marketing technology (including text and email messaging), customer
analytics and propensity marketing and other automated engagement
engines, sweepstakes and the like, (b) loyalty and mobile marketing
consulting , including, without limitation, periodic reviews,
campaign creation and optimization and localized support, and (c)
website building platforms, including, without limitation, software
that assists in the administration of websites, audits of websites
and integration of social media streams and consumer reviews into
websites.

 

“Restricted
Period” has the meaning
set forth in Section 5.07(a).

 

 “Seller” has the meaning set forth in the
preamble.

 

“Seller
Indemnitees” has the
meaning set forth in Section 8.03.

 

“Shares” has the meaning set forth in the
recitals.

 

“Single Employer
Plan” has the meaning set
forth in Section 3.20(c).

 

“Straddle
Period” has the meaning
set forth in Section 6.04.

 

“Taxes” means all federal, state, local, foreign
and other income, gross receipts, sales, use, production, ad
valorem, transfer, franchise, registration, profits, license,
lease, service, service use, withholding, payroll, employment,
unemployment, estimated, excise, severance, environmental, stamp,
occupation, premium, property (real or personal), real property
gains, windfall profits, customs, duties or other taxes, fees,
assessments or charges of any kind whatsoever, together with any
interest, additions or penalties with respect thereto and any
interest in respect of such additions or
penalties.

 

“Tax Claim” has the meaning set forth in Section
6.06.

 

“Tax Return” means any return, declaration, report,
claim for refund, information return or statement or other document
relating to Taxes, including any schedule or attachment thereto,
and including any amendment thereof.

 

“Territory” means North America

 

“Third Party
Claim” has the meaning
set forth in Section 8.05(a).

 

“Transaction
Expenses” means all fees
and expenses incurred by the Company or Seller at or prior to the
Closing in connection with the preparation, negotiation and
execution of this Agreement and the Ancillary Documents, and the
performance and consummation of the transactions contemplated
hereby and thereby.

 

“Union” has the meaning set forth in Section
3.21(b).

 

“WARN Act” means the federal Worker Adjustment and
Retraining Notification Act of 1988, and similar state, local and
foreign laws related to plant closings, relocations, mass layoffs
and employment losses.

 

 

 

-6-

 

 

ARTICLE II

PURCHASE AND
SALE

 

Section 2.01 Purchase and Sale.
Subject to the terms and conditions
set forth herein, at the Closing, Seller shall sell to Buyer, and
Buyer shall purchase from Seller, the Shares, free and clear of all
Encumbrances, for the consideration specified in Section
2.02.

 

Section 2.02 Purchase Price.
The aggregate purchase price for the
Shares shall be $2,150,000 (the “Purchase
Price”) and payable as
follows: at Closing, the Buyer shall pay $2,150,000 to Seller by
wire transfer of immediately available funds to an account
designated by Seller to Buyer in writing, less outstanding balances
of Company credit cards as reasonably determined by Buyer as of
Closing (the “Closing Date
Payment”). In the event
that a 338(h)(10) or 336(e) election is made, the parties agree to
allocate the Purchase Price for tax purposes as provided in Section
6.05.

 

Section 2.03 Transactions to be Effected at
the Closing. 

 

(a) At
the Closing, Buyer shall deliver to Seller the Closing Date Payment, and the Ancillary Documents and all other agreements,
documents, instruments or certificates required to be delivered by
Buyer at or prior to the Closing pursuant to Section 7.03 of this
Agreement.

 

(b) At
the Closing, Seller shall deliver to Buyer stock certificates evidencing the Shares, free
and clear of all Encumbrances, duly endorsed in blank or
accompanied by stock powers or other instruments of transfer duly
executed in blank, with all required stock transfer tax stamps
affixed thereto; and the
Ancillary Documents and all other agreements, documents,
instruments or certificates required to be delivered by Seller at
or prior to the Closing pursuant to Section 7.02 of this
Agreement.

 

Section 2.04 Closing. Subject to the terms and conditions of this
Agreement, the purchase and sale of the Shares contemplated hereby
shall take place at a closing (the “Closing”) to be held at 10:00 a.m., Eastern
Standard Time, no later than two business days after the last of
the conditions to Closing set forth in ARTICLE VII have been
satisfied or waived (other than conditions which, by their nature,
are to be satisfied on the Closing Date), at the offices of
Dickinson Wright PLLC, 2600 W. Big Beaver Rd., Suite 300, Troy, MI
48084, or at such other time or on such other date or at such other
place as Seller and Buyer may mutually agree upon in writing (the
day on which the Closing takes place being the
“Closing Date”).

 

Section 2.05 Withholding Tax.
Buyer and the Company shall be
entitled to deduct and withhold from the Purchase Price all Taxes
that Buyer and the Company may be required to deduct and withhold
under any provision of Tax Law. All such withheld amounts shall be
treated as delivered to Seller hereunder.

 

ARTICLE
III

REPRESENTATIONS AND
WARRANTIES OF SELLER

 

Except
as set forth in the correspondingly numbered Section of the
Disclosure Schedules and subject to the transfer of the Additional
Assets, Seller represents and warrants to Buyer that the statements
contained in this ARTICLE III are true and correct as of the date
hereof; it being understood that the following representations and
warranties assume and are based upon the assignment and transfer to
the Company of the Additional Assets as set forth in the Recitals
so that such Additional Assets are assets and Contracts of the
Company.

 

Section 3.01 Organization and Authority of
Seller. Seller is a corporation
duly organized, validly existing and in good standing under the
Laws of the state of Delaware. Seller has full corporate power and
authority to enter into this Agreement and the Ancillary Documents
to which Seller is a party, to carry out its obligations hereunder
and thereunder and to consummate the transactions contemplated
hereby and thereby. The execution and delivery by Seller of this
Agreement and any Ancillary Document to which Seller is a party,
the performance by Seller of its obligations hereunder and
thereunder, and the consummation by Seller of the transactions
contemplated hereby and thereby have been duly authorized by all
requisite corporate action on the part of Seller. This Agreement
has been duly executed and delivered by Seller, and (assuming due
authorization, execution and delivery by Buyer) this Agreement
constitutes a legal, valid and binding obligation of Seller
enforceable against Seller in accordance with its terms. When each
other Ancillary Document to which Seller is or will be a party has
been duly executed and delivered by Seller (assuming due
authorization, execution and delivery by each other party thereto),
such Ancillary Document will constitute a legal and binding
obligation of Seller enforceable against it in accordance with its
terms.

 

 

-7-

 

 

Section 3.02 Organization, Authority and
Qualification of the Company. The Company is a corporation duly organized,
validly existing and in good standing under the Laws of the state
of California and has full corporate power and authority to own,
operate or lease the properties and assets now owned, operated or
leased by it and to carry on its business as it has been and is
currently conducted. Section 3.02 of the Disclosure Schedules sets
forth each jurisdiction in which the Company is licensed or
qualified to do business, and the Company is duly licensed or
qualified to do business and is in good standing in each
jurisdiction in which the properties owned or leased by it or the
operation of its business as currently conducted makes such
licensing or qualification necessary. All corporate actions taken
by the Company in connection with this Agreement and the Ancillary
Documents will be duly authorized on or prior to the
Closing.

 

Section 3.03 Capitalization. 

 

(a) The
authorized capital stock of the Company consists of 30,000,000
shares of common stock (“Common Stock”), of which 7,720,000 shares are issued and
outstanding and constitute the Shares; and 20,000,000 shares of
Preferred Stock none of which are issued and outstanding. All of
the Shares have been duly authorized, are validly issued, fully
paid and non-assessable, and are owned of record and beneficially
by Seller, free and clear of all Encumbrances. Upon consummation of
the transactions contemplated by this Agreement, Buyer shall own
all of the Shares, free and clear of all
Encumbrances.

 

(b) All
of the Shares were issued in compliance with applicable Laws. None
of the Shares were issued in violation of any agreement,
arrangement or commitment to which Seller or the Company is a party
or is subject to or in violation of any preemptive or similar
rights of any Person.

 

(c) There
are no outstanding or authorized options, warrants, convertible
securities or other rights, agreements, arrangements or commitments
of any character relating to the capital stock of the Company or
obligating Seller or the Company to issue or sell any shares of
capital stock of, or any other interest in, the Company. The
Company does not have outstanding or authorized any stock
appreciation, phantom stock, profit participation or similar
rights. There are no voting trusts, stockholder agreements, proxies
or other agreements or understandings in effect with respect to the
voting or transfer of any of the Shares.

 

Section 3.04 No Subsidiaries.
The Company does not own, or have any
interest in any shares or have an ownership interest in any other
Person.

 

Section 3.05 No Conflicts; Consents.
The execution, delivery and
performance by Seller of this Agreement and the Ancillary Documents
to which it is a party, and the consummation of the transactions
contemplated hereby and thereby, do not and will not: (a) conflict
with or result in a violation or breach of, or default under, any
provision of the certificate of incorporation, by-laws or other
organizational documents of Seller or the Company; (b) conflict
with or result in a violation or breach of any provision of any Law
or Governmental Order applicable to Seller or the Company; (c)
require the consent, notice or other action by any Person under,
conflict with, result in a violation or breach of, constitute a
default or an event that, with or without notice or lapse of time
or both, would constitute a default under, result in the
acceleration of or create in any party the right to accelerate,
terminate, modify or cancel any Contract to which Seller or the
Company is a party or by which Seller or the Company is bound or to
which any of their respective properties and assets are subject
(including any Material Contract) or any Permit affecting the
properties, assets or business of the Company; or (d) result in the
creation or imposition of any Encumbrance on any properties or
assets of the Company. No consent, approval, Permit, Governmental
Order, declaration or filing with, or notice to, any Governmental
Authority is required by or with respect to Seller or the Company
in connection with the execution and delivery of this Agreement and
the Ancillary Documents and the consummation of the transactions
contemplated hereby and thereby.

 

Section 3.06 Financial Statements.
Complete copies of the Company’s
pro forma financial statements consisting of the balance sheet of
the Company as at December 31, 2016 and the related statements of
income and retained earnings, stockholders’ equity and cash
flow for the year then ended and the unaudited pro forma financial
statements consisting of the balance sheet of the Company (the
“Balance
Sheet”) as at June 30,
2017 (the “Balance Sheet
Date”) and the related
statements of income and retained earnings, stockholders’
equity and cash flow for the six-month period then ended
(collectively, the “Financial
Statements”) have been
delivered to Buyer. The Financial Statements are based on the books
and records of the Company, and fairly present the financial
condition of the Company as of the respective dates they were
prepared and the results of the operations of the Company for the
periods indicated.

 

 

-8-

 

 

Section 3.07 Undisclosed Liabilities.
The Company has no liabilities,
obligations or commitments of any nature whatsoever, asserted or
unasserted, known or unknown, absolute or contingent, accrued or
unaccrued, matured or unmatured or otherwise
(“Liabilities”), except (a) those which are adequately
reflected or reserved against in the Balance Sheet as of the
Balance Sheet Date, and (b) those which have been incurred in the
ordinary course of business consistent with past practice since the
Balance Sheet Date and which are not, individually or in the
aggregate, material in amount.

 

Section 3.08 Absence of Certain Changes,
Events and Conditions. Since
the Balance Sheet Date, and other than in the ordinary course of
business consistent with past practice and subject to the
assignment and transfer of the Additional Assets to the Company,
there has not been, with respect to the Company,
any:

 

(a) event,
occurrence or development that has had, or could reasonably be
expected to have, individually or in the aggregate, a Material
Adverse Effect;

 

(b) amendment
of the charter, by-laws or other organizational documents of the
Company;

 

(c) split,
combination or reclassification of any shares of its capital
stock;

 

(d) issuance,
sale or other disposition of any of its capital stock, or grant of
any options, warrants or other rights to purchase or obtain
(including upon conversion, exchange or exercise) any of its
capital stock;

 

(e) declaration
or payment of any dividends or distributions on or in respect of
any of its capital stock or redemption, purchase or acquisition of
its capital stock or repayment of any notes, loans or other
Indebtedness outside of the ordinary course of
business;

 

(f) material
change in any method of accounting or accounting practice of the
Company, except as required by GAAP or as disclosed in the notes to
the Financial Statements;

 

(g) material
change in the Company’s cash management practices and its
policies, practices and procedures with respect to collection of
accounts receivable, establishment of reserves for uncollectible
accounts, accrual of accounts receivable, inventory control,
prepayment of expenses, payment of trade accounts payable, accrual
of other expenses, deferral of revenue and acceptance of customer
deposits;

 

(h) entry
into any Contract that would constitute a Material
Contract;

 

(i) incurrence,
assumption or guarantee of any indebtedness for borrowed money
except unsecured current obligations and Liabilities incurred in
the ordinary course of business consistent with past
practice;

 

(j) transfer,
assignment, sale or other disposition of any of the assets shown or
reflected in the Balance Sheet or cancellation of any debts or
entitlements;

 

(k) transfer
or assignment of or grant of any license or sublicense under or
with respect to any Company Intellectual Property or Company IP
Agreements;

 

(l) abandonment
or lapse of or failure to maintain in full force and effect any
Company IP Registration, or failure to take or maintain reasonable
measures to protect the confidentiality or value of any Trade
Secrets included in the Company Intellectual Property;

 

(m) material
damage, destruction or loss (whether or not covered by insurance)
to its property;

 

(n) any
capital investment in, or any loan to, any other
Person;

 

 

-9-

 

 

(o) acceleration,
termination, material modification to or cancellation of any
material Contract (including, but not limited to, any Material
Contract) to which the Company is a party or by which it is
bound;

 

(p) any
material capital expenditures;

 

(q) imposition
of any Encumbrance upon any of the Company properties, capital
stock or assets, tangible or intangible;

 

(r) (i)
grant of any bonuses, whether monetary or otherwise, or increase in
any wages, salary, severance, pension or other compensation or
benefits in respect of its current or former employees, officers,
directors, independent contractors or consultants, other than as
provided for in any written agreements or required by applicable
Law, (ii) change in the terms of employment for any employee or any
termination of any employees for which the aggregate costs and
expenses exceed $5,000, or (iii) action to accelerate the vesting
or payment of any compensation or benefit for any current or former
employee, officer, director, independent contractor or
consultant;

 

(s) hiring
or promoting any person as or to (as the case may be) an officer or
hiring or promoting any employee below officer except to fill a
vacancy in the ordinary course of business;

 

(t) adoption,
modification or termination of any: (i) employment, severance,
retention or other agreement with any current or former employee,
officer, director, independent contractor or consultant, (ii)
Benefit Plan or (iii) collective bargaining or other agreement with
a Union, in each case whether written or oral;

 

(u) any
loan to (or forgiveness of any loan to), or entry into any other
transaction with, any of its stockholders or current or former
directors, officers and employees;

 

(v) entry
into a new line of business or abandonment or discontinuance of
existing lines of business;

 

(w) adoption
of any plan of merger, consolidation, reorganization, liquidation
or dissolution or filing of a petition in bankruptcy under any
provisions of federal or state bankruptcy Law or consent to the
filing of any bankruptcy petition against it under any similar
Law;

 

(x) purchase,
lease or other acquisition of the right to own, use or lease any
property or assets for an amount in excess of $5,000, individually
(in the case of a lease, per annum) or $12,000 in the aggregate (in
the case of a lease, for the entire term of the lease, not
including any option term), except for purchases of inventory or
supplies in the ordinary course of business consistent with past
practice;

 

(y) acquisition
by merger or consolidation with, or by purchase of a substantial
portion of the assets or stock of, or by any other manner, any
business or any Person or any division thereof;

 

(z) action
by the Company to make, change or rescind any Tax election, amend
any Tax Return or take any position on any Tax Return, take any
action, omit to take any action or enter into any other transaction
that would have the effect of increasing the Tax liability or
reducing any Tax asset of Buyer in respect of any Post-Closing Tax
Period; or

 

(aa) any
Contract to do any of the foregoing, or any action or omission that
would result in any of the foregoing.

 

 

 

-10-

 

 

Section 3.09 Material Contracts.

 

(a) Section
3.09(a) of the Disclosure Schedules lists each of the following
Contracts of the Company (such Contracts, together with all
Contracts concerning the occupancy, management or operation of any
Real Property (including without limitation, brokerage contracts)
listed or otherwise disclosed in Section 3.10(b) of the Disclosure
Schedules and all Company IP Agreements, being
“Material
Contracts”):

 

(i) each
Contract of the Company involving aggregate consideration in excess
of $15,000, monthly aggregate consideration in excess of $5,000
and/or a Contract term of more than three (3) months, all to the
extent, in each case, such Contract cannot be cancelled by the
Company without penalty or without more than 60 days’
notice;

 

(ii) all
Contracts that require the Company to purchase its total
requirements of any product or service from a third party or that
contain “take or pay” provisions;

 

(iii) all
Contracts that provide for the indemnification by the Company of
any Person or the assumption of any Tax, environmental or other
Liability of any Person;

 

(iv) all
Contracts that relate to the acquisition or disposition of any
business, a material amount of stock or assets of any other Person
or any real property (whether by merger, sale of stock, sale of
assets or otherwise);

 

(v) all
broker, distributor, dealer, manufacturer’s representative,
franchise, agency, sales promotion, market research, marketing
consulting and advertising Contracts to which the Company is a
party;

 

(vi) all
employment agreements and Contracts with independent contractors or
consultants (or similar arrangements) to which the Company is a
party and which are not cancellable without material penalty or
without more than 90 days’ notice;

 

(vii) except
for Contracts relating to trade receivables, all Contracts relating
to indebtedness (including, without limitation, guarantees) of the
Company;

 

(viii) all
Contracts with any Governmental Authority to which the Company is a
party;

 

(ix) all
Contracts that limit or purport to limit the ability of the Company
to compete in any line of business or with any Person or in any
geographic area or during any period of time;

 

(x) any
Contracts to which the Company is a party that provide for any
joint venture, partnership or similar arrangement by the
Company;

 

(xi) all
Contracts between or among the Company on the one hand and Seller
or any Affiliate of Seller (other than the Company) on the other
hand;

 

(xii) all
collective bargaining agreements or Contracts with any Union to
which the Company is a party; and

 

(xiii) any
other Contract that is material to the Company and not previously
disclosed pursuant to this Section 3.09.

 

(b) Each
Material Contract is valid and binding on the Company in accordance
with its terms and is in full force and effect. None of the Company
or, to Seller’s Knowledge, any other party thereto is in
breach of or default under (or is alleged to be in breach of or
default under), or has provided or received any notice of any
intention to terminate, any Material Contract. No event or
circumstance has occurred that, with notice or lapse of time or
both, would constitute an event of default under any Material
Contract or result in a termination thereof or would cause or
permit the acceleration or other changes of any right or obligation
or the loss of any benefit thereunder. Complete and correct copies
of each Material Contract (including all modifications, amendments
and supplements thereto and waivers thereunder) have been made
available to Buyer.

 

 

 

-11-

 

 

Section 3.10 Title to Assets; Real
Property. 

 

(a) The
Company has good and valid (and, in the case of owned Real
Property, good and marketable fee simple) title to, or a valid
leasehold interest in, all Real Property, Additional Assets and
personal property and other assets reflected in the Financial
Statements or acquired after the Balance Sheet Date, other than
properties and assets sold or otherwise disposed of in the ordinary
course of business consistent with past practice since the Balance
Sheet Date. All such properties and assets (including leasehold
interests) are free and clear of Encumbrances.

 

(b) Section
3.10(b) of the Disclosure Schedules lists (i) the street address of
each parcel of Real Property; (ii) if such property is leased or
subleased by the Company, the landlord under the lease, the rental
amount currently being paid, and the expiration of the term of such
lease or sublease for each leased or subleased property; and (iii)
the current use of such property. With respect to owned Real
Property, Seller has delivered or made available to Buyer true,
complete and correct copies of the deeds and other instruments (as
recorded) by which the Company acquired such Real Property, and
copies of all title insurance policies, opinions, abstracts and
surveys in the possession of Seller or the Company and relating to
the Real Property. With respect to leased Real Property, Seller has
delivered or made available to Buyer true, complete and correct
copies of any leases affecting the Real Property. The Company is
not a sublessor or grantor under any sublease or other instrument
granting to any other Person any right to the possession, lease,
occupancy or enjoyment of any leased Real Property. The use and
operation of the Real Property in the conduct of the
Company’s business do not violate in any material respect any
Law, covenant, condition, restriction, easement, license, permit or
agreement. No material improvements constituting a part of the Real
Property encroach on real property owned or leased by a Person
other than the Company. There are no Actions pending nor, to the
Seller’s Knowledge, threatened against or affecting the Real
Property or any portion thereof or interest therein in the nature
or in lieu of condemnation or eminent domain
proceedings.

 

(c) Section
3.10(c) of the Disclosure Schedules lists (i) each item of tangible
personal property owned by the Company with a value in excess of
$100 and (ii) the current use of such property.

 

Section 3.11 Condition and Sufficiency of
Assets. The buildings, plants,
structures, furniture, fixtures, machinery, equipment, vehicles and
other items of tangible personal property of the Company are
structurally sound, are in good operating condition and repair, and
are adequate for the uses to which they are being put, and none of
such buildings, plants, structures, furniture, fixtures, machinery,
equipment, vehicles and other items of tangible personal property
is in need of maintenance or repairs except for ordinary, routine
maintenance and repairs that are not material in nature or cost.
The buildings, plants, structures, furniture, fixtures, machinery,
equipment, vehicles and other items of tangible personal property
currently owned or leased by the Company, together with all other
properties and assets of the Company, are sufficient for the
continued conduct of the Company’s business after the Closing
in substantially the same manner as conducted prior to the Closing
and constitute all of the rights, property and assets necessary to
conduct the business of the Company as currently
conducted.

 

Section 3.12 Intellectual
Property. 

 

(a) Section
3.12(a) of the Disclosure Schedules contains a correct, current,
and complete list of all (i) Company IP Registrations, specifying
as to each, as applicable: the title, mark, or design; the record
owner and inventor(s), if any; the jurisdiction by or in which it
has been issued, registered, or filed; the patent, registration, or
application serial number; the issue, registration, or filing date;
and the current status, (ii) all unregistered Trademarks included
in the Company Intellectual Property, (iii) all proprietary
Software of the Company; and (iv) all other Company Intellectual
Property material to or used or held for use in the business as
currently conducted and as proposed to be conducted. All required
filings and fees related to the Company IP Registrations have been
timely filed with and paid to the relevant Governmental Authorities
and authorized registrars, and all Company IP Registrations are
otherwise in good standing. Seller has provided Buyer with true and
complete copies of file histories, documents, certificates, office
actions, correspondence and other materials related to all Company
IP Registrations.

 

 

-12-

 

 

(b) Section
3.12(b) of the Disclosure Schedules contains a correct, current,
and complete list of all Company IP Agreements, specifying for each
the date, title, and parties thereto. Seller has provided Buyer
with true and complete copies (or in the case of any oral
agreements, a complete and correct written description) of all such
Company IP Agreements, including all modifications, amendments and
supplements thereto and waivers thereunder. Each Company IP
Agreement is valid and binding on the Company in accordance with
its terms and is in full force and effect. Neither the Company nor
any other party thereto is, or is alleged to be, in breach of or
default under, or has provided or received any notice of breach of,
default under, or intention to terminate (including by
non-renewal), any Company IP Agreement..

 

(c) The
Company is the sole and exclusive legal and beneficial, and with
respect to the Company IP Registrations, record, owner of all
right, title, and interest in and to the Company Intellectual
Property, and has the valid and enforceable right to use all other
Intellectual Property used or held for use in or necessary for the
conduct of the Company’s business as currently conducted or
as proposed to be conducted, in each case, free and clear of
Encumbrances. The Company has entered into binding, valid and
enforceable, written Contracts with each current and former
employee and independent contractor who is or was involved in or
has contributed to the invention, creation, or development of any
Intellectual Property during the course of employment or engagement
with the Company whereby such employee or independent contractor
(i) acknowledges the Company’s exclusive ownership of all
Intellectual Property invented, created, or developed by such
employee or independent contractor within the scope of his or her
employment or engagement with the Company; (ii) grants to the
Company a present, irrevocable assignment of any ownership interest
such employee or independent contractor may have in or to such
Intellectual Property; and (iii) irrevocably waives any right or
interest, including any moral rights, regarding such Intellectual
Property, to the extent permitted by applicable Law. Seller has
provided Buyer with true and complete copies of all such
Contracts.

 

(d) Neither
the execution, delivery or performance of this Agreement, nor the
consummation of the transactions contemplated hereunder, will
result in the loss or impairment of or payment of any additional
amounts with respect to, nor require the consent of any other
Person in respect of, the Company’s right to own or use any
Company Intellectual Property or any Intellectual Property subject
to any Company IP Agreement.

 

(e) All
of the Company Intellectual Property is valid and enforceable, and
all Company IP Registrations are subsisting and in full force and
effect. The Company has taken all reasonable and necessary steps to
maintain and enforce the Company Intellectual Property and to
preserve the confidentiality of all Trade Secrets included in the
Company Intellectual Property, including by requiring all Persons
having access thereto to execute binding, written non-disclosure
agreements.

 

(f) The
conduct of the Company’s business as currently and formerly
conducted and as proposed to be conducted, and the products,
processes and services of the Company, have not infringed,
misappropriated or otherwise violated, and will not infringe,
misappropriate or otherwise violate, the Intellectual Property or
other rights of any Person. No Person has infringed,
misappropriated or otherwise violated any Company Intellectual
Property or Licensed Intellectual Property.

 

(g) There
are no Actions (including any opposition, cancellation, revocation,
review, or other proceeding) settled, pending or threatened
(including in the form of offers to obtain a license): (i) alleging
any infringement, misappropriation, or other violation by the
Company of the Intellectual Property of any Person; (ii)
challenging the validity, enforceability, registrability,
patentability, or ownership of any Company Intellectual Property;
or (iii) by the Company or any other Person alleging any
infringement, misappropriation, or violation by any Person of the
Company Intellectual Property. Neither Seller nor the Company is
aware of any facts or circumstances that could reasonably be
expected to give rise to any such Action. The Company is not
subject to any outstanding or prospective Governmental Order
(including any motion or petition therefor) that does or could
reasonably be expected to restrict or impair the use of any Company
Intellectual Property.

 

 

-13-

 

 

(h) The
computer hardware, servers, networks, platforms, peripherals, data
communication lines, and other information technology equipment and
related systems, including any outsourced systems and processes,
that are owned or used by the Company (“Company
Systems”) are reasonably
sufficient for the immediate and anticipated needs of the
Company’s business. In the past eighteen (18) months, there
has been no unauthorized access, use, intrusion, or breach of
security, or failure, breakdown, performance reduction, or other
adverse event affecting any Company Systems, that has caused or
could reasonably be expected to cause any: (i) substantial
disruption of or interruption in or to the use of such Company
Systems or the conduct of the Company’s business; (ii) loss,
destruction, damage, or harm of or to the Company or its
operations, personnel, property, or other assets; or (iii)
liability of any kind to the Company. The Company has taken all
reasonable actions, consistent with applicable industry best
practices, to protect the integrity and security of the Company
Systems and the data and other information stored or processed
thereon. The Company (i) maintains commercially reasonable backup
and data recovery, disaster recovery, and business continuity
plans, procedures, and facilities; (ii) acts in compliance
therewith; and (iii) tests such plans and procedures on a regular
basis, and such plans and procedures have been proven effective
upon such testing.

 

Section 3.13 Inventory. All inventory of the Company, whether or not
reflected in the Balance Sheet, consists of a quality and quantity
usable and salable in the ordinary course of business consistent
with past practice, except for obsolete, damaged, defective or
slow-moving items that have been written off or written down to
fair market value or for which adequate reserves have been
established. All such inventory is owned by the Company free and
clear of all Encumbrances, and no inventory is held on a
consignment basis. The quantities of each item of inventory
(whether raw materials, work-in-process or finished goods) are not
excessive, but are reasonable in the present circumstances of the
Company.

 

Section 3.14 Accounts Receivable.
The accounts receivable reflected on
the Balance Sheet and the accounts receivable arising after the
date thereof (a) have arisen from bona fide transactions entered
into by the Company involving the sale of goods or the rendering of
services in the ordinary course of business consistent with past
practice; (b) constitute only valid, undisputed claims of the
Company not subject to claims of set-off or other defenses or
counterclaims other than normal cash discounts accrued in the
ordinary course of business consistent with past practice; and (c)
subject to a reserve for bad debts shown on the Balance Sheet or,
with respect to accounts receivable arising after the Balance Sheet
Date, on the accounting records of the Company, are collectible in
full within 90 days after billing. The reserve for bad debts shown
on the Balance Sheet or, with respect to accounts receivable
arising after the Balance Sheet Date, on the accounting records of
the Company have been determined in accordance with GAAP,
consistently applied, subject to normal year-end adjustments and
the absence of disclosures normally made in
footnotes.

 

Section 3.15 Reserved.

 

Section 3.16 Insurance. Section 3.16 of the Disclosure Schedules sets
forth a true and complete list of all current policies or binders
of fire, liability, product liability, umbrella liability, real and
personal property, workers’ compensation, vehicular,
directors’ and officers’ liability, fiduciary liability
and other casualty and property insurance maintained by Seller or
its Affiliates (including the Company) and relating to the assets,
business, operations, employees, officers and directors of the
Company (collectively, the “Insurance
Policies”) and true and
complete copies of such Insurance Policies have been made available
to Buyer. Such Insurance Policies are in full force and effect and
shall remain in full force and effect following the consummation of
the transactions contemplated by this Agreement. Neither the Seller
nor any of its Affiliates (including the Company) has received any
written notice of cancellation of, premium increase with respect
to, or alteration of coverage under, any of such Insurance
Policies. All premiums due on such Insurance Policies have either
been paid or, if due and payable prior to Closing, will be paid
prior to Closing in accordance with the payment terms of each
Insurance Policy. The Insurance Policies do not provide for any
retrospective premium adjustment or other experience-based
liability on the part of the Company. All such Insurance Policies
(a) are valid and binding in accordance with their terms; (b) are
provided by carriers who are financially solvent; and (c) have not
been subject to any lapse in coverage. There are no claims related
to the business of the Company pending under any such Insurance
Policies as to which coverage has been questioned, denied or
disputed or in respect of which there is an outstanding reservation
of rights. None of Seller or any of its Affiliates (including the
Company) is in default under, or has otherwise failed to comply
with, in any material respect, any provision contained in any such
Insurance Policy. The Insurance Policies are of the type and in the
amounts customarily carried by Persons conducting a business
similar to the Company and are sufficient for compliance with all
applicable Laws and Contracts to which the Company is a party or by
which it is bound.

 

 

-14-

 

 

Section 3.17 Legal Proceedings; Governmental
Orders. 

 

(a) There
are no Actions pending or, to Seller’s Knowledge, threatened
(a) against or by the Company affecting any of its properties or
assets (or by or against Seller or any Affiliate thereof and
relating to the Company); or (b) against or by the Company, Seller
or any Affiliate of Seller that challenges or seeks to prevent,
enjoin or otherwise delay the transactions contemplated by this
Agreement. To Seller’s knowledge, no event has occurred or
circumstances exist that may give rise to, or serve as a basis for,
any such Action.

 

(b) There
are no outstanding Governmental Orders and no unsatisfied
judgments, penalties or awards against or affecting the Company or
any of its properties or assets. The Company is in compliance with
the terms of each Governmental Order set forth in Section 3.17(b)
of the Disclosure Schedules. To Seller’s knowledge, no event
has occurred or circumstances exist that may constitute or result
in (with or without notice or lapse of time) a violation of any
such Governmental Order.

 

Section 3.18 Compliance With Laws;
Permits. 

 

(a) The
Company has complied, and is now complying, with all Laws
applicable to it or its business, properties or
assets.

 

(b) All
Permits required for the Company to conduct its business have been
obtained by it and are valid and in full force and effect. All fees
and charges with respect to such Permits as of the date hereof have
been paid in full. Section 3.18(b) of the Disclosure Schedules
lists all current Permits issued to the Company, including the
names of the Permits and their respective dates of issuance and
expiration. No event has occurred that, with or without notice or
lapse of time or both, would reasonably be expected to result in
the revocation, suspension, lapse or limitation of any Permit set
forth in Section 3.18(b) of the Disclosure Schedules.

 

Section 3.19 Environmental
Matters. 

 

(a) The
Company is currently and has been in compliance with all
Environmental Laws and has not, and the Seller has not, received
from any Person any: (i) Environmental Notice or Environmental
Claim; or (ii) written request for information pursuant to
Environmental Law, which, in each case, either remains pending or
unresolved, or is the source of ongoing obligations or requirements
as of the Closing Date.

 

(b) The
Company has obtained and is in material compliance with all
Environmental Permits (each of which is disclosed in Section
3.19(b) of the Disclosure Schedules) necessary for the ownership,
lease, operation or use of the business or assets of the Company
and all such Environmental Permits are in full force and effect and
shall be maintained in full force and effect by Seller through the
Closing Date in accordance with Environmental Law, and neither
Seller nor the Company is aware of any condition, event or
circumstance that might prevent or impede, after the Closing Date,
the ownership, lease, operation or use of the business or assets of
the Company as currently carried out. With respect to any such
Environmental Permits, Seller has undertaken, or will undertake
prior to the Closing Date, all measures necessary to facilitate
transferability of the same, and neither the Company nor the Seller
is aware of any condition, event or circumstance that might prevent
or impede the transferability of the same, nor have they received
any Environmental Notice or written communication regarding any
material adverse change in the status or terms and conditions of
the same.

 

(c) No
real property currently or formerly owned, operated or leased by
the Company is listed on, or has been proposed for listing on, the
National Priorities List (or CERCLIS) under CERCLA, or any similar
state list.

 

 

-15-

 

 

(d) There
has been no Release of Hazardous Materials in contravention of
Environmental Law with respect to the business or assets of the
Company or any real property currently or formerly owned, operated
or leased by the Company, and neither the Company nor Seller has
received an Environmental Notice that any real property currently
or formerly owned, operated or leased in connection with the
business of the Company (including soils, groundwater, surface
water, buildings and other structure located on any such real
property) has been contaminated with any Hazardous Material which
could reasonably be expected to result in an Environmental Claim
against, or a violation of Environmental Law or term of any
Environmental Permit by, Seller or the Company.

 

(e) There
are no active or abandoned aboveground or underground storage tanks
owned or operated by the Company.

 

(f) There
are no off-site Hazardous Materials treatment, storage, or disposal
facilities or locations used by the Company or Seller or any
predecessors as to which the Company or Seller may retain
liability, and neither Seller nor the Company has received any
Environmental Notice regarding potential liabilities with respect
to an off-site Hazardous Materials treatment, storage, or disposal
facilities or locations used by the Company or Seller.

 

(g) Neither
Seller nor the Company has retained or assumed, by contract or
operation of Law, any liabilities or obligations of third parties
under Environmental Law.

 

(h) Seller
has provided or otherwise made available to Buyer: (i) any and all
environmental reports, studies, audits, records, sampling data,
site assessments, risk assessments, economic models and other
similar documents with respect to the business or assets of the
Company or any currently or formerly owned, operated or leased real
property which are in the possession or control of the Seller or
Company related to compliance with Environmental Laws,
Environmental Claims or an Environmental Notice or the Release of
Hazardous Materials; and (ii) any and all material documents
concerning planned or anticipated capital expenditures required to
reduce, offset, limit or otherwise control pollution and/or
emissions, manage waste or otherwise ensure compliance with current
or future Environmental Laws (including, without limitation, costs
of remediation, pollution control equipment and operational
changes).

 

(i) Neither
the Seller nor the Company is aware of or reasonably anticipates,
as of the Closing Date, any condition, event or circumstance
concerning the Release or regulation of Hazardous Materials that
might, after the Closing Date, prevent, impede or materially
increase the costs associated with the ownership, lease, operation,
performance or use of the business or assets of the Company as
currently carried out.

 

Section 3.20 Employee Benefit
Matters. 

 

(a) Section
3.20(a) of the Disclosure Schedules contains a true and complete
list of each pension, benefit, retirement, compensation,
employment, consulting, profit-sharing, deferred compensation,
incentive, bonus, performance award, phantom equity, stock or
stock-based, change in control, retention, severance, vacation,
paid time off (PTO), medical, vision, dental, disability, welfare,
Code Section 125 cafeteria, fringe benefit and other similar
agreement, plan, policy, program or arrangement (and any amendments
thereto), in each case whether or not reduced to writing and
whether funded or unfunded, including each “employee benefit
plan” within the meaning of Section 3(3) of ERISA, whether or
not tax-qualified and whether or not subject to ERISA, which is or
has been maintained, sponsored, contributed to, or required to be
contributed to by the Company for the benefit of any current or
former employee, officer, director, retiree, independent contractor
or consultant of the Company or any spouse or dependent of such
individual, or under which the Company or any of its ERISA
Affiliates has or may have any Liability, or with respect to which
Buyer or any of its Affiliates would reasonably be expected to have
any Liability, contingent or otherwise (as listed on Section
3.20(a) of the Disclosure Schedules, each, a
“Benefit Plan”). The Company has separately identified in
Section 3.20(a) of the Disclosure Schedules (i) each Benefit Plan
that contains a change in control provision and (ii) each Benefit
Plan that is maintained, sponsored, contributed to, or required to
be contributed to by the Company primarily for the benefit of
employees outside of the United States (a
“Non-U.S.
Benefit Plan”).

 

 

-16-

 

 

(b) With
respect to each Benefit Plan, Seller has made available to Buyer
accurate, current and complete copies of each of the following: (i)
where the Benefit Plan has been reduced to writing, the plan
document together with all amendments; (ii) where the Benefit Plan
has not been reduced to writing, a written summary of all material
plan terms; (iii) where applicable, copies of any trust agreements
or other funding arrangements, custodial agreements, insurance
policies and contracts, administration agreements and similar
agreements, and investment management or investment advisory
agreements, now in effect or required in the future as a result of
the transactions contemplated by this Agreement or otherwise; (iv)
copies of any summary plan descriptions, summaries of material
modifications, summaries of benefits and coverage, COBRA
communications, employee handbooks and any other written
communications (or a description of any oral communications)
relating to any Benefit Plan; (v) in the case of any Benefit Plan
that is intended to be qualified under Section 401(a) of the Code,
a copy of the most recent determination, opinion or advisory letter
from the Internal Revenue Service and any legal opinions issued
thereafter with respect to such Benefit Plan’s continued
qualification; (vi) in the case of any Benefit Plan for which a
Form 5500 must be filed, a copy of the two most recently filed
Forms 5500, with all corresponding schedules and financial
statements attached; (vii) actuarial valuations and reports related
to any Benefit Plans with respect to the two most recently
completed plan years; (viii) the most recent nondiscrimination
tests performed under the Code; and (ix) copies of material
notices, letters or other correspondence from the Internal Revenue
Service, Department of Labor, Department of Health and Human
Services, Pension Benefit Guaranty Corporation or other
Governmental Authority relating to the Benefit Plan.

 

(c) Each
Benefit Plan and any related trust (other than any multiemployer
plan within the meaning of Section 3(37) of ERISA (each a
“Multiemployer
Plan”)) has been
established, administered and maintained in accordance with its
terms and in compliance with all applicable Laws (including ERISA,
the Code and any applicable local Laws). Each Benefit Plan that is
intended to be qualified within the meaning of Section 401(a) of
the Code (a “Qualified Benefit
Plan”) is so qualified
and received a favorable and current determination letter from the
Internal Revenue Service with respect to the most recent five year
filing cycle, or with respect to a prototype or volume submitter
plan, can rely on an opinion letter from the Internal Revenue
Service to the prototype plan or volume submitter plan sponsor, to
the effect that such Qualified Benefit Plan is so qualified and
that the plan and the trust related thereto are exempt from federal
income taxes under Sections 401(a) and 501(a), respectively, of the
Code, and nothing has occurred that could reasonably be expected to
adversely affect the qualified status of any Qualified Benefit
Plan. Nothing has occurred with respect to any Benefit Plan that
has subjected or could reasonably be expected to subject the
Company or any of its ERISA Affiliates or, with respect to any
period on or after the Closing Date, Buyer or any of its
Affiliates, to a penalty under Section 502 of ERISA or to tax or
penalty under Sections 4975 or 4980H of the
Code.

 

No pension plan (other than a Multiemployer Plan)
which is subject to minimum funding requirements, including any
multiple employer plan, (each, a “Single Employer
Plan”) in which employees
of the Company or any ERISA Affiliate participate or have
participated has an “accumulated funding deficiency”,
whether or not waived, or is subject to a lien for unpaid
contributions under Section 303(k) of ERISA or Section 430(k) of
the Code. No Single Employer Plan covering employees of the Company
which is a defined benefit plan has an “adjusted funding
target attainment percentage,” as defined in Section 436 of
the Code, less than 80%. All benefits, contributions and premiums
relating to each Benefit Plan have been timely paid in accordance
with the terms of such Benefit Plan and all applicable Laws and
accounting principles, and all benefits accrued under any unfunded
Benefit Plan have been paid, accrued or otherwise adequately
reserved to the extent required by, and in accordance with, GAAP.
All Non-U.S. Benefit Plans that are intended to be funded and/or
book-reserved are funded and/or book-reserved, as appropriate,
based upon reasonable actuarial assumptions.

 

(d) Neither
the Company nor any of its ERISA Affiliates has (i) incurred or
reasonably expects to incur, either directly or indirectly, any
material Liability under Title I or Title IV of ERISA or related
provisions of the Code or applicable local Law relating to employee
benefit plans; (ii) failed to timely pay premiums to the Pension
Benefit Guaranty Corporation; (iii) withdrawn from any Benefit
Plan; (iv) engaged in any transaction which would give rise to
liability under Section 4069 or Section 4212(c) of ERISA; (v)
incurred taxes under Section 4971 of the Code with respect to any
Single Employer Plan; or (v) participated in a multiple employer
welfare arrangements (MEWAs).

 

 

-17-

 

 

(e) With
respect to each Benefit Plan (i) no such plan is a Multiemployer
Plan and (A) all contributions required to be paid by the Company
or its ERISA Affiliates have been timely paid to the applicable
Multiemployer Plan; (B) neither the Company nor any ERISA Affiliate
has incurred any withdrawal liability under Title IV of ERISA which
remains unsatisfied, and (C) a complete withdrawal from all such
Multiemployer Plans at the Effective Time would not result in any
material liability to the Company and no Multiemployer Plan is in
critical, endangered or seriously endangered status or has suffered
a mass withdrawal; (ii) no such plan is a “multiple employer
plan” within the meaning of Section 413(c) of the Code or a
“multiple employer welfare arrangement” (as defined in
Section 3(40) of ERISA); (iii) no Action has been initiated by the
Pension Benefit Guaranty Corporation to terminate any such plan or
to appoint a trustee for any such plan; (iv) no such plan or the
plan of any ERISA Affiliate maintained or contributed to within the
last six (6) years is a Single Employer Plan subject to Title IV of
ERISA; and (v) no “reportable event,” as defined in
Section 4043 of ERISA, with respect to which the reporting
requirement has not been waiver has occurred with respect to any
such plan.

 

(f) Each
Benefit Plan can be amended, terminated or otherwise discontinued
after the Closing in accordance with its terms, without material
liabilities to Buyer, the Company or any of their Affiliates other
than ordinary administrative expenses typically incurred in a
termination event. The Company has no commitment or obligation and
has not made any representations to any employee, officer,
director, independent contractor or consultant, whether or not
legally binding, to adopt, amend, modify or terminate any Benefit
Plan or any collective bargaining agreement, in connection with the
consummation of the transactions contemplated by this Agreement or
otherwise.

 

(g) Other
than as required under Sections 601 to 608 of ERISA or other
applicable Law, no Benefit Plan provides post-termination or
retiree health benefits to any individual for any reason, and
neither the Company nor any of its ERISA Affiliates has any
Liability to provide post-termination or retiree health benefits to
any individual or ever represented, promised or contracted to any
individual that such individual would be provided with
post-termination or retiree health benefits.

 

(h) There
is no pending or, to Seller’s Knowledge, threatened Action
relating to a Benefit Plan (other than routine claims for
benefits), and no Benefit Plan has within the three years prior to
the date hereof been the subject of an examination or audit by a
Governmental Authority or the subject of an application or filing
under or is a participant in, an amnesty, voluntary compliance,
self-correction or similar program sponsored by any Governmental
Authority.

 

(i) There
has been no amendment to, announcement by Seller, the Company or
any of their Affiliates relating to, or change in employee
participation or coverage under, any Benefit Plan or collective
bargaining agreement that would increase the annual expense of
maintaining such plan above the level of the expense incurred for
the most recently completed fiscal year (other than on a de minimis
basis) with respect to any director, officer, employee, independent
contractor or consultant, as applicable. None of Seller, the
Company, nor any of their Affiliates has any commitment or
obligation or has made any representations to any director,
officer, employee, independent contractor or consultant, whether or
not legally binding, to adopt, amend, modify or terminate any
Benefit Plan or any collective bargaining agreement.

 

(j) Each
Benefit Plan that is subject to Section 409A of the Code has been
administered in compliance with its terms and the operational and
documentary requirements of Section 409A of the Code and all
applicable regulatory guidance (including notices, rulings and
proposed and final regulations) thereunder. The Company does not
have any obligation to gross up, indemnify or otherwise reimburse
any individual for any excise taxes, interest or penalties incurred
pursuant to Section 409A of the Code.

 

(k) Each
individual who is classified by the Company as an independent
contractor has been properly classified for purposes of
participation and benefit accrual under each Benefit
Plan.

 

 

-18-

 

 

(l) Neither
the execution of this Agreement nor any of the transactions
contemplated by this Agreement will (either alone or upon the
occurrence of any additional or subsequent events): (i) entitle any
current or former director, officer, employee, independent
contractor or consultant of the Company to severance pay or any
other payment; (ii) accelerate the time of payment, funding or
vesting, or increase the amount of compensation (including
stock-based compensation) due to any such individual; (iii) limit
or restrict the right of the Company to merge, amend, or terminate
any Benefit Plan; (iv) increase the amount payable under or result
in any other material obligation pursuant to any Benefit Plan; (v)
result in “excess parachute payments” within the
meaning of Section 280G(b) of the Code; or (vi) require a
“gross-up” or other payment to any “disqualified
individual” within the meaning of Section 280G(c) of the
Code. Seller has made available to Buyer true and complete copies
of any Section 280G calculations prepared (whether or not final)
with respect to any disqualified individual in connection with the
transactions.

 

Section 3.21 Employment
Matters. 

 

(a) Section
3.21(a) of the Disclosure Schedules contains a list of all persons
who are employees, independent contractors or consultants of the
Company as of the date hereof, including any employee who is on a
leave of absence of any nature, paid or unpaid, authorized or
unauthorized, and sets forth for each such individual the
following: (i) name; (ii) title or position (including whether
full-time or part-time); (iii) hire or retention date; (iv) current
annual base compensation rate or contract fee; (v) commission,
bonus or other incentive-based compensation; and (vi) a description
of the fringe benefits provided to each such individual as of the
date hereof. As of the date hereof, all compensation, including
wages, commissions, bonuses, fees and other compensation, payable
to all employees, independent contractors or consultants of the
Company for services performed on or prior to the date hereof have
been paid in full and there are no outstanding agreements,
understandings or commitments of the Company with respect to any
compensation, commissions, bonuses or fees.

 

(b) The
Company is not, and has not been for the past five (5) years, a
party to, bound by, or negotiating any collective bargaining
agreement or other Contract with a union, works council or labor
organization (collectively, “Union”), and there is not, and has not been for
the past five (5) years, any Union representing or purporting to
represent any employee of the Company, and no Union or group of
employees is seeking or has sought to organize employees for the
purpose of collective bargaining. There has never been, nor has
there been any threat of, any strike, slowdown, work stoppage,
lockout, concerted refusal to work overtime or other similar labor
disruption or dispute affecting the Company or any of its
employees. The Company has no duty to bargain with any
Union.

 

(c) The
Company is and has been in material compliance with all applicable
Laws pertaining to employment and employment practices, including
all Laws relating to labor relations, equal employment
opportunities, fair employment practices, employment
discrimination, harassment, retaliation, reasonable accommodation,
disability rights or benefits, immigration, wages, hours, overtime
compensation, child labor, hiring, promotion and termination of
employees, working conditions, meal and break periods, privacy,
health and safety, workers’ compensation, leaves of absence,
paid sick leave and unemployment insurance. All individuals
characterized and treated by the Company as independent contractors
or consultants are properly treated as independent contractors
under all applicable Laws. All employees of the Company classified
as exempt under the Fair Labor Standards Act and state and local
wage and hour laws are properly classified. The Company is in
compliance with and has complied with all immigration laws,
including Form I-9 requirements and any applicable mandatory
E-Verify obligations. There are no Actions against the Company
pending, or to the Seller’s Knowledge, threatened to be
brought or filed, by or with any Governmental Authority or
arbitrator in connection with the employment of any current or
former applicant, employee, consultant, volunteer, intern or
independent contractor of the Company, including, without
limitation, any charge, investigation or claim relating to unfair
labor practices, equal employment opportunities, fair employment
practices, employment discrimination, harassment, retaliation,
reasonable accommodation, disability rights or benefits,
immigration, wages, hours, overtime compensation, employee
classification, child labor, hiring, promotion and termination of
employees, working conditions, meal and break periods, privacy,
health and safety, workers’ compensation, leaves of absence,
paid sick leave, unemployment insurance or any other employment
related matter arising under applicable Laws.

 

(d) The
Company has complied with the WARN Act, and it has no plans to
undertake any action in the future that would trigger the WARN
Act.

 

 

 

-19-

 

 

Section 3.22 Taxes. 

 

(a) All
Tax Returns required to be filed on or before the Closing Date by
the Company have been, or will be, timely filed. Such Tax Returns
are, or will be, true, complete and correct in all respects. All
Taxes due and owing by the Company (whether or not shown on any Tax
Return) have been, or will be, timely paid. The Company has withheld and paid each Tax
required to have been withheld and paid in connection with amounts
paid or owing to any employee, independent contractor, creditor,
customer, shareholder or other party, and complied with all
information reporting and backup withholding provisions of
applicable Law. No claim has
been made by any taxing authority in any jurisdiction where the
Company does not file Tax Returns that it is, or may be, subject to
Tax by that jurisdiction. No
extensions or waivers of statutes of limitations have been given or
requested with respect to any Taxes of the
Company.

 

(b) The
amount of the Company’s Liability for unpaid Taxes for all
periods ending on or before the Balance Sheet Date does not, in the
aggregate, exceed the amount of accruals for Taxes (excluding
reserves for deferred Taxes) reflected on the Financial Statements.
The amount of the Company’s Liability for unpaid Taxes for
all periods following the end of the recent period covered by the
Financial Statements shall not, in the aggregate, exceed the amount
of accruals for Taxes (excluding reserves for deferred Taxes) as
adjusted for the passage of time in accordance with the past custom
and practice of the Company (and which accruals shall not exceed
comparable amounts incurred in similar periods in prior
years).

 

(c) All
deficiencies asserted, or assessments made, against the Company as
a result of any examinations by any taxing authority have been
fully paid. The Company is not
a party to any Action by any taxing authority. There are no pending
or threatened Actions by any taxing authority. Seller has delivered to Buyer copies of all
federal, state, local and foreign income, franchise and similar Tax
Returns, examination reports, and statements of deficiencies
assessed against, or agreed to by, the Company for all Tax periods
ending after December 31, 2010. There are no Encumbrances for Taxes (other than
for current Taxes not yet due and payable) upon the assets of the
Company.

 

(d) The
Company is not a party to, or bound by, any Tax indemnity, Tax
sharing or Tax allocation agreement. No private letter rulings, technical advice
memoranda or similar agreement or rulings have been requested,
entered into or issued by any taxing authority with respect to the
Company. The Company has not
been a member of an affiliated, combined, consolidated or unitary
Tax group for Tax purposes. The Company has no Liability for Taxes
of any Person (other than the Company) under Treasury Regulations
Section 1.1502-6 (or any corresponding provision of state, local or
foreign Law), as transferee or successor, by contract or
otherwise.

 

(e) The
Company will not be required to include any item of income in, or
exclude any item or deduction from, taxable income for any taxable
period or portion thereof ending after the Closing Date as a result
of:

 

(i) any
change in a method of accounting under Section 481 of the Code (or
any comparable provision of state, local or foreign Tax Laws), or
use of an improper method of accounting, for a taxable period
ending on or prior to the Closing Date;

 

(ii) an
installment sale or open transaction occurring on or prior to the
Closing Date;

 

(iii) a
prepaid amount received on or before the Closing Date;

 

(iv) any
closing agreement under Section 7121 of the Code, or similar
provision of state, local or foreign Law; or

 

(v) any
election under Section 108(i) of the Code.

 

 

 

-20-

 

 

(f) Seller
is not a “foreign person” as that term is used in
Treasury Regulations Section 1.1445-2. The Company is not, nor has
it been, a United States real property holding corporation (as
defined in Section 897(c)(2) of the Code) during the applicable
period specified in Section 897(c)(1)(a) of the Code.
The Company has not been a
“distributing corporation” or a “controlled
corporation” in connection with a distribution described in
Section 355 of the Code. The
Company is not, and has not been, a party to, or a promoter of, a
“reportable transaction” within the meaning of Section
6707A(c)(1) of the Code and Treasury Regulations Section 1.6011
4(b). There is currently no
limitation on the utilization of net operating losses, capital
losses, built-in losses, tax credits or similar items of the
Company under Sections 269, 382, 383, 384 or 1502 of the Code and
the Treasury Regulations thereunder (and comparable provisions of
state, local or foreign Law).

 

(g) Section
3.22(g) of the Disclosure Schedules sets forth all foreign
jurisdictions in which the Company is subject to Tax, is engaged in
business or has a permanent establishment. The Company has not
entered into a gain recognition agreement pursuant to Treasury
Regulations Section 1.367(a)-8. The Company has not transferred an
intangible the transfer of which would be subject to the rules of
Section 367(d) of the Code.

 

(h) No
property owned by the Company is (i) required to be treated as
being owned by another person pursuant to the so-called “safe
harbor lease” provisions of former Section 168(f)(8) of the
Internal Revenue Code of 1954, as amended, (ii) subject to Section
168(g)(1)(A) of the Code, or (iii) subject to a disqualified
leaseback or long-term agreement as defined in Section 467 of the
Code.

 

Section 3.23 Books and Records.
The minute books and stock record
books of the Company, all of which have been made available to
Buyer, are complete and correct and have been maintained in
accordance with sound business practices. The minute books of the
Company contain accurate and complete records of all meetings, and
actions taken by written consent of, the stockholders, the board of
directors and any committees of the board of directors of the
Company, and no meeting, or action taken by written consent, of any
such stockholders, board of directors or committee has been held
for which minutes have not been prepared and are not contained in
such minute books. At the Closing, all of those books and records
will be in the possession of the Company.

 

Section 3.24 Brokers. No broker, finder or investment banker is entitled
to any brokerage, finder’s or other fee or commission in
connection with the transactions contemplated by this Agreement or
any other Ancillary Document based upon arrangements made by or on
behalf of Seller.

 

Section 3.25 Full Disclosure.
No representation or warranty by
Seller in this Agreement and no statement contained in the
Disclosure Schedules to this Agreement or any certificate or other
document furnished or to be furnished to Buyer pursuant to this
Agreement contains any untrue statement of a material fact, or
omits to state a material fact necessary to make the statements
contained therein, in light of the circumstances in which they are
made, not misleading.

 

ARTICLE
IV

REPRESENTATIONS AND
WARRANTIES OF BUYER

 

Buyer
represents and warrants to Seller that the statements contained in
this ARTICLE IV are true and correct as of the date
hereof.

 

Section 4.01 Organization and Authority of
Buyer. Buyer is a limited
liability company duly organized, validly existing and in good
standing under the Laws of the state of Delaware. Buyer has full
power and authority to enter into this Agreement and the Ancillary
Documents to which Buyer is a party, to carry out its obligations
hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. The execution and delivery by
Buyer of this Agreement and any Ancillary Document to which Buyer
is a party, the performance by Buyer of its obligations hereunder
and thereunder and the consummation by Buyer of the transactions
contemplated hereby and thereby have been duly authorized by all
requisite action on the part of Buyer. This Agreement has been duly
executed and delivered by Buyer, and (assuming due authorization,
execution and delivery by Seller) this Agreement constitutes a
legal, valid and binding obligation of Buyer enforceable against
Buyer in accordance with its terms. When each Ancillary Document to
which Buyer is or will be a party has been duly executed and
delivered by Buyer (assuming due authorization, execution and
delivery by each other party thereto), such Ancillary Document will
constitute a legal and binding obligation of Buyer enforceable
against it in accordance with its terms.

 

 

-21-

 

 

Section 4.02 No Conflicts; Consents.
The execution, delivery and
performance by Buyer of this Agreement and the Ancillary Documents
to which it is a party, and the consummation of the transactions
contemplated hereby and thereby, do not and will not: (a) conflict
with or result in a violation or breach of, or default under, any
provision of the certificate of formation, limited liability
company agreement or other organizational documents of Buyer; (b)
conflict with or result in a violation or breach of any provision
of any Law or Governmental Order applicable to Buyer; or (c)
require the consent, notice or other action by any Person under any
Contract to which Buyer is a party. No consent, approval, Permit,
Governmental Order, declaration or filing with, or notice to, any
Governmental Authority is required by or with respect to Buyer in
connection with the execution and delivery of this Agreement and
the Ancillary Documents and the consummation of the transactions
contemplated hereby and thereby.

 

Section 4.03 Investment Purpose.
Buyer is acquiring the Shares solely
for its own account for investment purposes and not with a view to,
or for offer or sale in connection with, any distribution thereof.
Buyer acknowledges that the Shares are not registered under the
Securities Act of 1933, as amended, or any state securities laws,
and that the Shares may not be transferred or sold except pursuant
to the registration provisions of the Securities Act of 1933, as
amended or pursuant to an applicable exemption therefrom and
subject to state securities laws and regulations, as
applicable.

 

 

ARTICLE
V

COVENANTS

 

Section 5.01 Conduct of Business Prior to
the Closing. From the date
hereof until the Closing, except as otherwise provided in this
Agreement or consented to in writing by Buyer (which consent shall
not be unreasonably withheld or delayed), Seller shall, and shall
cause the Company to, (x) conduct the business of the Company in
the ordinary course of business consistent with past practice; and
(y) use reasonable best efforts to maintain and preserve intact the
current organization, business and franchise of the Company and to
preserve the rights, franchises, goodwill and relationships of its
employees, customers, lenders, suppliers, regulators and others
having business relationships with the Company. Without limiting
the foregoing, from the date hereof until the Closing Date, Seller
shall:

 

(a) cause
the Company to preserve and maintain all of its
Permits;

 

(b) cause
the Company to pay its debts, Taxes and other obligations when
due;

 

(c) cause
the Company to maintain the properties and assets owned, operated
or used by the Company in the same condition as they were on the
date of this Agreement, subject to reasonable wear and
tear;

 

(d) cause
the Company to continue in full force and effect without
modification all Insurance Policies, except as required by
applicable Law;

 

(e) cause
the Company to defend and protect its properties and assets from
infringement or usurpation;

 

(f) cause
the Company to perform all of its obligations under all Contracts
relating to or affecting its properties, assets or
business;

 

(g) cause
the Company to maintain its books and records in accordance with
past practice;

 

(h) cause
the Company to comply in all material respects with all applicable
Laws; and

 

(i) cause
the Company not to take or permit any action that would cause any
of the changes, events or conditions described in Section 3.08 to
occur.

 

 

 

-22-

 

 

Section 5.02 Access to Information.
From the date hereof until the
Closing, Seller shall, and shall cause the Company to, (a) afford
Buyer and its Representatives full and free access to and the right
to inspect all of the Real Property, properties, assets, premises,
books and records, Contracts and other documents and data related
to the Company; (b) furnish Buyer and its Representatives with such
financial, operating and other data and information related to the
Company as Buyer or any of its Representatives may reasonably
request; and (c) instruct the Representatives of Seller and the
Company to cooperate with Buyer in its investigation of the
Company. Without limiting the foregoing, Seller shall permit Buyer
and its Representatives to conduct environmental due diligence of
the Company and the Real Property, including the collecting and
analysis of samples of indoor or outdoor air, surface water,
groundwater or surface or subsurface land on, at, in, under or from
the Company and the Real Property. Any investigation pursuant to
this Section 5.02 shall be conducted in such manner as not to
interfere unreasonably with the conduct of the business of Seller
or the Company. No investigation by Buyer or other information
received by Buyer shall operate as a waiver or otherwise affect any
representation, warranty or agreement given or made by Seller in
this Agreement.

 

Section 5.03 No Solicitation of Other
Bids. 

 

(a) Seller
shall not, and shall not authorize or permit any of its Affiliates
(including the Company) or any of its or their Representatives to,
directly or indirectly, (i) encourage, solicit, initiate,
facilitate or continue inquiries regarding an Acquisition Proposal;
(ii) enter into discussions or negotiations with, or provide any
information to, any Person concerning a possible Acquisition
Proposal; or (iii) enter into any agreements or other instruments
(whether or not binding) regarding an Acquisition Proposal. Seller
shall immediately cease and cause to be terminated, and shall cause
its Affiliates (including the Company) and all of its and their
Representatives to immediately cease and cause to be terminated,
all existing discussions or negotiations with any Persons conducted
heretofore with respect to, or that could lead to, an Acquisition
Proposal. For purposes hereof, “Acquisition
Proposal” shall mean any
inquiry, proposal or offer from any Person (other than Buyer or any
of its Affiliates) concerning (i) a merger, consolidation,
liquidation, recapitalization, share exchange or other business
combination transaction involving the Company; (ii) the issuance or
acquisition of shares of capital stock or other equity securities
of the Company; or (iii) the sale, lease, exchange or other
disposition of any significant portion of the Company’s
properties or assets.

 

(b) In
addition to the other obligations under this Section 5.03, Seller
shall promptly (and in any event within three business days after
receipt thereof by Seller or its Representatives) advise Buyer
orally and in writing of any Acquisition Proposal, any request for
information with respect to any Acquisition Proposal, or any
inquiry with respect to or which could reasonably be expected to
result in an Acquisition Proposal, the material terms and
conditions of such request, Acquisition Proposal or inquiry, and
the identity of the Person making the same.

 

(c) Seller
agrees that the rights and remedies for noncompliance with this
Section 5.03 shall include having such provision specifically
enforced by any court having equity jurisdiction, it being
acknowledged and agreed that any such breach or threatened breach
shall cause irreparable injury to Buyer and that money damages
would not provide an adequate remedy to Buyer.

 

Section 5.04 Notice of Certain
Events. 

 

(a) From
the date hereof until the Closing, Seller shall promptly notify
Buyer in writing of:

 

(i) any
fact, circumstance, event or action the existence, occurrence or
taking of which (A) has had, or could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect,
(B) has resulted in, or could reasonably be expected to result in,
any representation or warranty made by Seller hereunder not being
true and correct or (C) has resulted in, or could reasonably be
expected to result in, the failure of any of the conditions set
forth in Section 7.02 to be satisfied;

 

(ii) any
notice or other communication from any Person alleging that the
consent of such Person is or may be required in connection with the
transactions contemplated by this Agreement;

 

 

-23-

 

 

(iii) any
notice or other communication from any Governmental Authority in
connection with the transactions contemplated by this Agreement;
and

 

(iv) any
Actions commenced or, to Seller’s Knowledge, threatened
against, relating to or involving or otherwise affecting Seller or
the Company that, if pending on the date of this Agreement, would
have been required to have been disclosed pursuant to Section 3.17
or that relates to the consummation of the transactions
contemplated by this Agreement.

 

(b) Buyer’s
receipt of information pursuant to this Section 5.04 shall not
operate as a waiver or otherwise affect any representation,
warranty or agreement given or made by Seller in this Agreement
(including Section 8.02 and Section 9.01(b)) and shall not be
deemed to amend or supplement the Disclosure
Schedules.

 

Section 5.05 Resignations.
Seller shall deliver to Buyer written
resignations, effective as of the Closing Date, of the officers and
directors of the Company requested by Buyer at least five business
days prior to the Closing.

 

Section 5.06 Confidentiality.
From and after the Closing, Seller
shall, and shall cause its Affiliates to, hold, and shall use its
reasonable best efforts to cause its or their respective
Representatives to hold, in confidence any and all information,
whether written or oral, concerning the Company, except to the
extent that Seller can show that such information (a) is generally
available to and known by the public through no fault of Seller,
any of its Affiliates or their respective Representatives; or (b)
is lawfully acquired by Seller, any of its Affiliates or their
respective Representatives from and after the Closing from sources
which are not prohibited from disclosing such information by a
legal, contractual or fiduciary obligation. If Seller or any of its
Affiliates or their respective Representatives are compelled to
disclose any information by judicial or administrative process or
by other requirements of Law, Seller shall promptly notify Buyer in
writing and shall disclose only that portion of such information
which Seller is advised by its counsel in writing is legally
required to be disclosed, provided that
Seller shall use reasonable best
efforts to obtain an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded
such information.

 

Section 5.07 Non-Competition;
Non-Solicitation; Non-Disparagement. 

 

(a) For
a period of five years commencing on the Closing Date (the
“Restricted
Period”), Seller shall
not, and shall not permit any of its Affiliates to, directly or
indirectly, (i) engage in or assist others in engaging in the
Restricted Business in the Territory; (ii) have an interest in any
Person that engages directly or indirectly in the Restricted
Business in the Territory in any capacity, including as a partner,
shareholder, member, employee, principal, agent, trustee or
consultant; or (iii) intentionally interfere in any material
respect with the business relationships (whether formed prior to or
after the date of this Agreement) between the Company and customers
or suppliers of the Company. Notwithstanding the foregoing, Seller
may own, directly or indirectly, solely as an investment,
securities of any Person traded on any national securities exchange
if Seller is not a controlling Person of, or a member of a group
which controls, such Person and does not, directly or indirectly,
own 5% or more of any class of securities of such
Person.

 

(b) During
the Restricted Period, Seller shall not, and shall not permit any
of its Affiliates to, directly or indirectly, hire or solicit any
employee of the Company or encourage any such employee to leave
such employment or hire any such employee who has left such
employment, except pursuant to a general solicitation which is not
directed specifically to any such employees.

 

(c) During
the Restricted Period, Seller shall not, and shall not permit any
of its Affiliates to, directly or indirectly, solicit or entice, or
attempt to solicit or entice, any clients or customers of the
Company or potential clients or customers of the Company for
purposes of diverting their business or services from the
Company.

 

 

-24-

 

 

(d) Seller
agrees that it shall not, and shall cause its Affiliates and
Representatives to not, except as done in good faith in any claim,
suit, action or proceeding against Buyer (i) make any negative
statement or communication regarding Buyer, the Company or any of
their respective Affiliates or Representatives or employees, or
(ii) make any derogatory or disparaging statement or communication
regarding Buyer, the Company or any of their respective Affiliates
or Representatives or employees. Nothing in this Section shall
limit a Person’s ability to make true and accurate statements
of communications in connection with any disclosure such Person is
required to make and makes in good faith, in each case, pursuant to
applicable law.

 

(e) Seller
acknowledges that a breach or threatened breach of this Section
5.07 would give rise to irreparable harm to Buyer, for which
monetary damages would not be an adequate remedy, and hereby agrees
that in the event of a breach or a threatened breach by Seller of
any such obligations, Buyer shall, in addition to any and all other
rights and remedies that may be available to it in respect of such
breach, be entitled to equitable relief, including a temporary
restraining order, an injunction, specific performance and any
other relief that may be available from a court of competent
jurisdiction (without any requirement to post bond).

 

(f) Seller
acknowledges that the restrictions contained in this Section 5.07
are reasonable and necessary to protect the legitimate interests of
Buyer and constitute a material inducement to Buyer to enter into
this Agreement and consummate the transactions contemplated by this
Agreement. In the event that any covenant contained in this Section
5.07 should ever be adjudicated to exceed the time, geographic,
product or service, or other limitations permitted by applicable
Law in any jurisdiction, then any court is expressly empowered to
reform such covenant, and such covenant shall be deemed reformed,
in such jurisdiction to the maximum time, geographic, product or
service, or other limitations permitted by applicable Law. The
covenants contained in this Section 5.07 and each provision hereof
are severable and distinct covenants and provisions. The invalidity
or unenforceability of any such covenant or provision as written
shall not invalidate or render unenforceable the remaining
covenants or provisions hereof, and any such invalidity or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such covenant or provision in any other
jurisdiction.

 

Section 5.08 Release. Seller, knowingly, voluntarily and
unconditionally releases, forever discharges and covenants not to
sue the Company and its respective predecessors, successors,
parents, subsidiaries and other Affiliates and all of their current
and former managers, members, officers, directors, partners,
employees, agents and representatives from and for any and all
claims, causes of action, demands, suits, debts, obligations,
liabilities, damages, losses, costs, and expenses (including
attorney fees) of every kind or nature whatsoever, known or
unknown, actual or potential, suspected or unsuspected, fixed or
contingent, that Seller has or may have, now or in the future,
arising out of, relating to, or resulting from any act or omission,
errors, negligence, strict liability, breach of contract, tort,
violations of law, matter or cause whatsoever from the beginning of
time to the Closing Date; provided, however, that such release
shall not cover any claims, causes of action, demands, suits,
debts, obligations, liabilities, damages, losses, costs and
expenses (including attorney fees) of any kind or nature whatsoever
arising under this Agreement or any other documents contemplated by
this Agreement (collectively, the “Released Claims”).
The foregoing release shall be binding on Seller’s respective
heirs, successors, assigns, creditors, representatives, guardians,
trustees and any other Person claiming by, through or in right of
Seller. Seller represents and covenants that there has been, and
will be, no assignment or other transfer by Seller of any interest
in any Released Claim which Seller may be releasing as of Closing
or have had against the Company or any other Person released
hereunder. Seller covenants and agrees that it shall not commence,
join in, or in any manner seek relief through any suit arising out
of, based upon or relating to any Released Claim or in any manner
assert or cause or assist another to assert against the applicable
released parties any such Released Claim.

 

 

-25-

 

 

Section 5.09 Governmental Approvals and
Consents. 

 

(a) Each
party hereto shall, as promptly as possible, (i) make, or cause or
be made, all filings and submissions required under any Law
applicable to such party or any of its Affiliates; and (ii) use
reasonable best efforts to obtain, or cause to be obtained, all
consents, authorizations, orders and approvals from all
Governmental Authorities that may be or become necessary for its
execution and delivery of this Agreement and the performance of its
obligations pursuant to this Agreement and the Ancillary Documents.
Each party shall cooperate fully with the other party and its
Affiliates in promptly seeking to obtain all such consents,
authorizations, orders and approvals. The parties hereto shall not
willfully take any action that will have the effect of delaying,
impairing or impeding the receipt of any required consents,
authorizations, orders and approvals.

 

(b) Seller
and Buyer shall use reasonable best efforts to give all notices to,
and obtain all consents from, all third parties that are required
or otherwise requested by Buyer in connection with the transactions
contemplated by this Agreement.

 

(c) Without
limiting the generality of the parties’ undertakings pursuant
to subsections (a) and (b) above, each of the parties hereto shall
use all reasonable best efforts to:

 

(i) respond
to any inquiries by any Governmental Authority regarding antitrust
or other matters with respect to the transactions contemplated by
this Agreement or any Ancillary Document;

 

(ii) avoid
the imposition of any order or the taking of any action that would
restrain, alter or enjoin the transactions contemplated by this
Agreement or any Ancillary Document; and

 

(iii) in
the event any Governmental Order adversely affecting the ability of
the parties to consummate the transactions contemplated by this
Agreement or any Ancillary Document has been issued, to have such
Governmental Order vacated or lifted.

 

(d) If
any consent, approval or authorization necessary to preserve any
right or benefit under any Contract to which the Company is a party
is not obtained prior to the Closing, Seller shall, subsequent to
the Closing, cooperate with Buyer and the Company in attempting to
obtain such consent, approval or authorization as promptly
thereafter as practicable. If such consent, approval or
authorization cannot be obtained, Seller shall use its reasonable
best efforts to provide the Company with the rights and benefits of
the affected Contract for the term thereof, and, if Seller provides
such rights and benefits, the Company shall assume all obligations
and burdens thereunder.

 

(e) All
analyses, appearances, meetings, discussions, presentations,
memoranda, briefs, filings, arguments, and proposals made by or on
behalf of either party before any Governmental Authority or the
staff or regulators of any Governmental Authority, in connection
with the transactions contemplated hereunder (but, for the
avoidance of doubt, not including any interactions between Seller
or the Company with Governmental Authorities in the ordinary course
of business, any disclosure which is not permitted by Law or any
disclosure containing confidential information) shall be disclosed
to the other party hereunder in advance of any filing, submission
or attendance, it being the intent that the parties will consult
and cooperate with one another, and consider in good faith the
views of one another, in connection with any such analyses,
appearances, meetings, discussions, presentations, memoranda,
briefs, filings, arguments, and proposals. Each party shall give
notice to the other party with respect to any meeting, discussion,
appearance or contact with any Governmental Authority or the staff
or regulators of any Governmental Authority, with such notice being
sufficient to provide the other party with the opportunity to
attend and participate in such meeting, discussion, appearance or
contact.

 

(f) Notwithstanding
the foregoing, nothing in this Section 5.09 shall require, or be
construed to require, Buyer or any of its Affiliates to agree to
(i) sell, hold, divest, discontinue or limit, before or after the
Closing Date, any assets, businesses or interests of Buyer, the
Company or any of their respective Affiliates; (ii) any conditions
relating to, or changes or restrictions in, the operations of any
such assets, businesses or interests which, in either case, could
reasonably be expected to result in a Material Adverse Effect or
materially and adversely impact the economic or business benefits
to Buyer of the transactions contemplated by this Agreement; or
(iii) any material modification or waiver of the terms and
conditions of this Agreement.

 

 

 

-26-

 

 

Section 5.10 Books and Records.

 

(a) In
order to facilitate the resolution of any claims made against or
incurred by Seller prior to the Closing, or for any other
reasonable purpose, for a period of three years after the Closing,
Buyer shall:

 

(i) retain
the books and records (including personnel files) of the Company
relating to periods prior to the Closing in a manner reasonably
consistent with the prior practices of the Company;
and

 

(ii) upon
reasonable notice, afford the Representatives of Seller reasonable
access (including the right to make, at Seller’s expense,
photocopies), during normal business hours, to such books and
records;

 

provided,
however, that any books and
records related to Tax matters shall be retained pursuant to the
periods set forth in ARTICLE VI.

 

(b) In
order to facilitate the resolution of any claims made by or against
or incurred by Buyer or the Company after the Closing, or for any
other reasonable purpose, for a period of three (3) years following
the Closing, Seller shall:

 

(i) retain
the books and records (including personnel files) of Seller which
relate to the Company and its operations for periods prior to the
Closing; and

 

(ii) upon
reasonable notice, afford the Representatives of Buyer or the
Company reasonable access (including the right to make, at
Buyer’s expense, photocopies), during normal business hours,
to such books and records;

 

provided,
however, that any books and
records related to Tax matters shall be retained pursuant to the
periods set forth in ARTICLE VI.

 

(c) Neither
Buyer nor Seller shall be obligated to provide the other party with
access to any books or records (including personnel files) pursuant
to this Section 5.10 where such access would violate any
Law.

 

Section 5.11 Closing Conditions
From the date hereof until the
Closing, each party hereto shall, and Seller shall cause the
Company to, use reasonable best efforts to take such actions as are
necessary to expeditiously satisfy the closing conditions set forth
in ARTICLE VII hereof.

 

Section 5.12 Public Announcements.
Unless otherwise required by
applicable Law or stock exchange requirements (based upon the
reasonable advice of counsel), no party to this Agreement shall
make any public announcements in respect of this Agreement or the
transactions contemplated hereby or otherwise communicate with any
news media without the prior written consent of the other party
(which consent shall not be unreasonably withheld or delayed), and
the parties shall cooperate as to the timing and contents of any
such announcement.

 

Section 5.13 Further Assurances.
Following the Closing, each of the
parties hereto shall, and shall cause their respective Affiliates
to, execute and deliver such additional documents, instruments,
conveyances and assurances and take such further actions as may be
reasonably required to carry out the provisions hereof and give
effect to the transactions contemplated by this Agreement. In
addition, immediately following the Closing, the Seller shall
change its corporate name and amend its corporate documents
accordingly to discontinue use of the name “SpendSmart
Networks” and other similar names or any variations thereof,
except where legally required to identify the Seller until its name
has been changed to another name.

 

 

-27-

 

 

ARTICLE
VI

TAX
MATTERS

 

Section 6.01 Tax
Covenants. 

 

(a) Without
the prior written consent of Buyer, Seller (and, prior to the
Closing, the Company, its Affiliates and their respective
Representatives) shall not, to the extent it may affect, or relate
to, the Company, make, change or rescind any Tax election, amend
any Tax Return or take any position on any Tax Return, take any
action, omit to take any action or enter into any other transaction
that would have the effect of increasing the Tax liability or
reducing any Tax asset of Buyer or the Company in respect of any
Post-Closing Tax Period. Seller agrees that Buyer is to have no
liability for any Tax resulting from any action of Seller, the
Company, its Affiliates or any of their respective Representatives,
and agrees to indemnify and hold harmless Buyer (and, after the
Closing Date, the Company) against any such Tax or reduction of any
Tax asset.

 

(b) All
transfer, documentary, sales, use, stamp, registration, value added
and other such Taxes and fees (including any penalties and
interest) incurred in connection with this Agreement and the
Ancillary Documents (including any real property transfer Tax and
any other similar Tax) shall be borne and paid by Seller when due.
Seller shall, at its own expense, timely file any Tax Return or
other document with respect to such Taxes or fees (and Buyer shall
cooperate with respect thereto as necessary).

 

(c) Buyer
shall prepare, or cause to be prepared, all Tax Returns required to
be filed by the Company after the Closing Date with respect to a
Pre-Closing Tax Period. Any such Tax Return shall be prepared in a
manner consistent with past practice (unless otherwise required by
Law) and without a change of any election or any accounting method
and shall be submitted by Buyer to Seller (together with schedules,
statements and, to the extent requested by Seller, supporting
documentation) at least 45 days prior to the due date (including
extensions) of such Tax Return. If Seller objects to any item on
any such Tax Return, it shall, within ten days after delivery of
such Tax Return, notify Buyer in writing that it so objects,
specifying with particularity any such item and stating the
specific factual or legal basis for any such objection. If a notice
of objection shall be duly delivered, Buyer and Seller shall
negotiate in good faith and use their reasonable best efforts to
resolve such items. If Buyer and Seller are unable to reach such
agreement within ten days after receipt by Buyer of such notice,
the disputed items shall be resolved by the Accounting Firm and any
determination by the Accounting Firm shall be final. The Accounting
Firm shall resolve any disputed items within twenty days of having
the item referred to it pursuant to such procedures as it may
require. If the Accounting Firm is unable to resolve any disputed
items before the due date for such Tax Return, the Tax Return shall
be filed as prepared by Buyer and then amended to reflect the
Accounting Firm’s resolution. The costs, fees and expenses of
the Accounting Firm shall be borne equally by Buyer and Seller. The
preparation and filing of any Tax Return of the Company that does
not relate to a Pre-Closing Tax Period shall be exclusively within
the control of Buyer.

 

Section 6.02 Termination of Existing Tax
Sharing Agreements. Any and all
existing Tax sharing agreements (whether written or not) binding
upon the Company shall be terminated as of the Closing Date. After
such date none of the Company, Seller nor any of Seller’s
Affiliates and their respective Representatives shall have any
further rights or liabilities thereunder.

 

Section 6.03 Tax Indemnification.
Seller shall indemnify the Company,
Buyer, and each Buyer Indemnitee and hold them harmless from and
against (a) any Loss attributable to any breach of or inaccuracy in
any representation or warranty made in Section 3.22; (b) any Loss
attributable to any breach or violation of, or failure to fully
perform, any covenant, agreement, undertaking or obligation in
ARTICLE VI; (c) all Taxes of the Company or relating to the
business of the Company for all Pre-Closing Tax Periods; (d) all
Taxes of any member of an affiliated, consolidated, combined or
unitary group of which the Company (or any predecessor of the
Company) is or was a member on or prior to the Closing Date by
reason of a liability under Treasury Regulation Section 1.1502-6 or
any comparable provisions of foreign, state or local Law; and (e)
any and all Taxes of any person imposed on the Company arising
under the principles of transferee or successor liability or by
contract, relating to an event or transaction occurring before the
Closing Date. In each of the above cases, together with any
out-of-pocket fees and expenses (including attorneys’ and
accountants’ fees) incurred in connection therewith. Seller
shall reimburse Buyer for any Taxes of the Company that are the
responsibility of Seller pursuant to this Section 6.03 within ten
business days after payment of such Taxes by Buyer or the
Company.

 

 

-28-

 

 

Section 6.04 Straddle Period.
In the case of Taxes that are payable
with respect to a taxable period that begins before and ends after
the Closing Date (each such period, a “Straddle
Period”), the portion of
any such Taxes that are treated as Pre-Closing Taxes for purposes
of this Agreement shall be:

 

(a) in
the case of Taxes (i) based upon, or related to, income, receipts,
profits, wages, capital or net worth, (ii) imposed in connection
with the sale, transfer or assignment of property, or (iii)
required to be withheld, deemed equal to the amount which would be
payable if the taxable year ended with the Closing Date;
and

 

(b) in
the case of other Taxes, deemed to be the amount of such Taxes for
the entire period multiplied by a fraction the numerator of which
is the number of days in the period ending on the Closing Date and
the denominator of which is the number of days in the entire
period.

 

Section 6.05 Section 338(h)(10) or 336(e)
Election. At Buyer’s
option, the Company and Seller shall join with Buyer in making a
timely election under Section 338(h)(10) or 336(e) of the Code (and
any corresponding election under state, local and foreign law) with
respect to the purchase and sale of the Shares of the Company
hereunder. Seller shall pay any Tax attributable to the making of
such Section 338(h)(10) or 336(e) election and Seller shall
indemnify Buyer and the Company against any adverse consequences
arising out of any failure to pay any such Taxes. If a Section
338(h)(10) or 336(e) election is made, Seller and Buyer agree that
the Purchase Price and Liabilities of the Company (plus other
relevant items) shall be allocated among the assets of the Company
for all purposes (including Tax and financial accounting) as shown
on the allocation schedule to be prepared by Buyer and delivered to
Seller on or before the Closing Date. Buyer, the Company and Seller
shall file all Tax Returns (including amended returns and claims
for refund) and information reports in a manner consistent with the
allocation schedule.

 

Section 6.06 Contests. Buyer agrees to give written notice to Seller of
the receipt of any written notice by the Company, Buyer or any of
Buyer’s Affiliates which involves the assertion of any claim,
or the commencement of any Action, in respect of which an indemnity
may be sought by Buyer pursuant to this ARTICLE VI (a
“Tax
Claim”);
provided,
that failure to comply with
this provision shall not affect Buyer’s right to
indemnification hereunder. Buyer shall control the contest or
resolution of any Tax Claim; provided,
however, that Buyer shall
obtain the prior written consent of Seller (which consent shall not
be unreasonably withheld or delayed) before entering into any
settlement of a claim or ceasing to defend such claim; and,
provided
further, that Seller shall be
entitled to participate in the defense of such claim and to employ
counsel of its choice for such purpose, the fees and expenses of
which separate counsel shall be borne solely by
Seller.

 

Section 6.07 Cooperation and Exchange of
Information. Seller and Buyer
shall provide each other with such cooperation and information as
either of them reasonably may request of the other in filing any
Tax Return pursuant to this ARTICLE VI or in connection with any
audit or other proceeding in respect of Taxes of the Company. Such
cooperation and information shall include providing copies of
relevant Tax Returns or portions thereof, together with
accompanying schedules, related work papers and documents relating
to rulings or other determinations by tax authorities. Each of
Seller and Buyer shall retain all Tax Returns, schedules and work
papers, records and other documents in its possession relating to
Tax matters of the Company for any taxable period beginning before
the Closing Date until the expiration of the statute of limitations
of the taxable periods to which such Tax Returns and other
documents relate, without regard to extensions except to the extent
notified by the other party in writing of such extensions for the
respective Tax periods. Prior to transferring, destroying or
discarding any Tax Returns, schedules and work papers, records and
other documents in its possession relating to Tax matters of the
Company for any taxable period beginning before the Closing Date,
Seller or Buyer (as the case may be) shall provide the other party
with reasonable written notice and offer the other party the
opportunity to take custody of such materials.

 

Section 6.08 Tax Treatment of
Indemnification Payments. Any
indemnification payments pursuant to this ARTICLE VI shall be
treated as an adjustment to the Purchase Price by the parties for
Tax purposes, unless otherwise required by Law.

 

Section 6.09 Survival. Notwithstanding anything in this Agreement to the
contrary, the provisions of Section 3.22 and this ARTICLE VI shall
survive for the full period of all applicable statutes of
limitations (giving effect to any waiver, mitigation or extension
thereof) plus 60 days.

 

Section 6.10 Overlap. To the extent that any obligation or
responsibility pursuant to ARTICLE VIII may overlap with an
obligation or responsibility pursuant to this ARTICLE VI, the
provisions of this ARTICLE VI shall govern.

 

 

 

-29-

 

 

ARTICLE
VII

CONDITIONS TO
CLOSING

 

Section 7.01 Conditions to Obligations of
All Parties. The obligations of
each party to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment, at or prior to the
Closing, of each of the following conditions:

 

(a) No
Governmental Authority shall have enacted, issued, promulgated,
enforced or entered any Governmental Order which is in effect and
has the effect of making the transactions contemplated by this
Agreement illegal, otherwise restraining or prohibiting
consummation of such transactions or causing any of the
transactions contemplated hereunder to be rescinded following
completion thereof.

 

(b) Seller
shall have received all consents, authorizations, orders and
approvals from the Governmental Authorities referred to in Section
3.05 and Buyer shall have received all consents, authorizations,
orders and approvals from the Governmental Authorities referred to
in Section 4.02, in each case, in form and substance reasonably
satisfactory to Buyer and Seller, and no such consent,
authorization, order and approval shall have been
revoked.

 

Section 7.02 Conditions to Obligations of
Buyer. The obligations of Buyer
to consummate the transactions contemplated by this Agreement shall
be subject to the fulfillment or Buyer’s waiver, at or prior
to the Closing, of each of the following
conditions:

 

(a) Other
than the representations and warranties of Seller contained in
Section 3.01, Section 3.02, Section 3.03, Section 3.06 and Section
3.24, the representations and warranties of Seller contained in
this Agreement, the Ancillary Documents and any certificate or
other writing delivered pursuant hereto shall be true and correct
in all respects (in the case of any representation or warranty
qualified by materiality or Material Adverse Effect) or in all
material respects (in the case of any representation or warranty
not qualified by materiality or Material Adverse Effect) on and as
of the date hereof and on and as of the Closing Date with the same
effect as though made at and as of such date (except those
representations and warranties that address matters only as of a
specified date, the accuracy of which shall be determined as of
that specified date in all respects). The representations and
warranties of Seller contained in Section 3.01, Section 3.02,
Section 3.03, Section 3.06 and Section 3.24 shall be true and
correct in all respects on and as of the date hereof and on and as
of the Closing Date with the same effect as though made at and as
of such date (except those representations and warranties that
address matters only as of a specified date, the accuracy of which
shall be determined as of that specified date in all
respects).

 

(b) The
Additional Assets shall have been assigned and transferred to the
Company in form and substance satisfactory to the Buyer in its sole
discretion.

 

(c) Seller
shall have duly performed and complied in all material respects
with all agreements, covenants and conditions required by this
Agreement and each of the Ancillary Documents to be performed or
complied with by it prior to or on the Closing Date.

 

(d) No
Action shall have been commenced against Buyer, Seller or the
Company, which would prevent the Closing. No injunction or
restraining order shall have been issued by any Governmental
Authority, and be in effect, which restrains or prohibits any
transaction contemplated hereby.

 

(e) To
the extent requested by the Buyer, the Buyer shall have received
payoff and release letters in form and substance satisfactory to
the Buyer with respect to the complete payment and satisfaction of
all of the Indebtedness of the Company other than the Final
Liabilities and the release of all Encumbrances on the assets of
the Company (if any).

 

(f) All
approvals, consents and waivers from third parties that are
required for the consummation of the transactions contemplated
hereby or otherwise reasonably requested by the Buyer shall have
been received, and executed counterparts thereof shall have been
delivered to Buyer at or prior to the Closing.

 

 

-30-

 

 

(g) All
governmental and regulatory filings, authorizations and approvals
that are required for the consummation of the transactions
contemplated hereby will have been duly made and obtained, all on
terms satisfactory to the Buyer.

 

(h) From
the date of this Agreement, there shall not have occurred any
Material Adverse Effect, nor shall any event or events have
occurred that, individually or in the aggregate, with or without
the lapse of time, could reasonably be expected to result in a
Material Adverse Effect.

 

(i) There
shall have been no material adverse change from the date of this
Agreement in (i) the business, assets, financial or business
condition, operating results, earnings, the customer, or supplier,
employee and sales representative relations, or (ii) the ability of
the Seller to consummate the transactions contemplated
hereby.

 

(j) The
Ancillary Documents shall have been executed and delivered by the
parties thereto and true and complete copies thereof shall have
been delivered to Buyer.

 

(k) Buyer
shall have received resignations of the directors and officers of
the Company pursuant to Section 5.05.

 

(l) Seller
shall have delivered to Buyer a good standing certificate (or its
equivalent) for the Company from the secretary of state or similar
Governmental Authority of the jurisdiction under the Laws in which
the Company is organized.

 

(m) Seller
shall have delivered to Buyer a certificate pursuant to Treasury
Regulations Section 1.1445-2(b) that Seller is not a foreign person
within the meaning of Section 1445 of the Code.

 

(n) Seller
shall have delivered, or caused to be delivered, to Buyer stock
certificates evidencing the Shares, free and clear of Encumbrances,
duly endorsed in blank or accompanied by stock powers or other
instruments of transfer duly executed in blank and with all
required stock transfer tax stamps affixed.

 

(o) Buyer
shall have received a certificate, dated the Closing Date and
signed by a duly authorized officer of Seller, that each of the
conditions set forth in Section 7.02(a) and Section 7.02(b) have
been satisfied.

 

(p) Buyer
shall have received a certificate of the Secretary or an Assistant
Secretary (or equivalent officer) of Seller certifying that
attached thereto are true and complete copies of all resolutions
adopted by the board of directors of Seller authorizing the
execution, delivery and performance of this Agreement and Ancillary
Documents and the consummation of the transactions contemplated
hereby and thereby, and that all such resolutions are in full force
and effect and are all the resolutions adopted in connection with
the transactions contemplated hereby and thereby.

 

(q) Seller
shall have delivered to Buyer an amendment to Exhibit A setting
forth the Assumed Liabilities as of the Closing Date with such
Liabilities to include only those additional Liabilities incurred
in the ordinary course of business since the date hereof (the
“Final
Liabilities”).

 

(r) Reserved.

 

(s) Brett
Schnell shall have resigned as an employee of the Company, in form
and substance reasonably satisfactory to the Buyer, and Brett
Schnell shall have been hired as an employee of
Seller.

 

(t) The
entire right, title and interest in and to United States Patent No.
9,473,593 shall have been assigned by the inventors thereof to the
Company, in form and substance reasonably satisfactory to the
Buyer.

 

 

-31-

 

 

(u) Seller
shall have delivered to Buyer such other documents or instruments
as Buyer reasonably requests and are reasonably necessary to
consummate the transactions contemplated by this
Agreement.

 

Section 7.03 Conditions to Obligations of
Seller. The obligations of
Seller to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment or Seller’s
waiver, at or prior to the Closing, of each of the following
conditions:

 

(a) Other
than the representations and warranties of Buyer contained in
Section 4.01, the representations and warranties of Buyer contained
in this Agreement, the Ancillary Documents and any certificate or
other writing delivered pursuant hereto shall be true and correct
in all respects (in the case of any representation or warranty
qualified by materiality or Material Adverse Effect) or in all
material respects (in the case of any representation or warranty
not qualified by materiality or Material Adverse Effect) on and as
of the date hereof and on and as of the Closing Date with the same
effect as though made at and as of such date (except those
representations and warranties that address matters only as of a
specified date, the accuracy of which shall be determined as of
that specified date in all respects). The representations and
warranties of Buyer contained in Section 4.01 shall be true and
correct in all respects on and as of the date hereof and on and as
of the Closing Date with the same effect as though made at and as
of such date.

 

(b) Buyer
shall have duly performed and complied in all material respects
with all agreements, covenants and conditions required by this
Agreement and each of the Ancillary Documents to be performed or
complied with by it prior to or on the Closing Date.

 

(c) No
injunction or restraining order shall have been issued by any
Governmental Authority, and be in effect, which restrains or
prohibits any material transaction contemplated
hereby.

 

(d) The
Ancillary Documents shall have been executed and delivered by the
parties thereto and true and complete copies thereof shall have
been delivered to Seller.

 

(e) Seller
shall have received a certificate, dated the Closing Date and
signed by a duly authorized officer of Buyer, that each of the
conditions set forth in Section 7.03(a) and Section 7.03(b) have
been satisfied.

 

(f) Seller
shall have received a certificate of the Secretary or an Assistant
Secretary (or equivalent officer) of Buyer certifying that attached
thereto are true and complete copies of all resolutions adopted by
the board of directors of Buyer authorizing the execution, delivery
and performance of this Agreement and the Ancillary Documents and
the consummation of the transactions contemplated hereby and
thereby, and that all such resolutions are in full force and effect
and are all the resolutions adopted in connection with the
transactions contemplated hereby and thereby.

 

(g) Seller
shall have received an allocation schedule from Buyer in accordance
with Section 6.05 on or before the Closing Date.

 

(h) Buyer
shall have delivered to Seller such other documents or instruments
as Seller reasonably requests and are reasonably necessary to
consummate the transactions contemplated by this
Agreement.

 

 

 

-32-

 

 

ARTICLE
VIII

INDEMNIFICATION

 

Section 8.01 Survival. Subject to the limitations and other provisions of
this Agreement, the representations and warranties contained herein
(other than any representations or warranties contained in Section
3.22 which are subject to Article VI) shall survive the Closing and
shall remain in full force and effect until the date that is two
(2) years from the Closing Date; provided, that the representations
and warranties in (a) Sections 3.01, 3.03, 3.24 and 4.01 shall
survive indefinitely, (b) Section 3.19 shall survive for a period
of six (6) years after the Closing; and (c) Section 3.20 shall
survive for the full period of all applicable statutes of
limitations (giving effect to any waiver, mitigation or extension
thereof) plus 60 days. All covenants and agreements of the parties
contained herein (other than any covenants or agreements contained
in Article VI which are subject to Article VI) shall survive the
Closing indefinitely or for the period explicitly specified
therein. Notwithstanding the foregoing, any claims asserted in good
faith with reasonable specificity (to the extent known at such
time) and in writing by notice from the non-breaching party to the
breaching party prior to the expiration date of the applicable
survival period shall not thereafter be barred by the expiration of
the relevant representation or warranty and such claims shall
survive until finally resolved.

 

Section 8.02 Indemnification By
Seller. Subject to the other
terms and conditions of this ARTICLE VIII, Seller shall indemnify
and defend each of Buyer and its Affiliates (including the Company)
and their respective Representatives (collectively, the
“Buyer
Indemnitees”) against,
and shall hold each of them harmless from and against, and shall
pay and reimburse each of them for, any and all Losses incurred or
sustained by, or imposed upon, the Buyer Indemnitees based upon,
arising out of, with respect to or by reason
of:

 

(a) any
inaccuracy in or breach of any of the representations or warranties
of Seller contained in this Agreement or in any certificate or
instrument delivered by or on behalf of Seller pursuant to this
Agreement (other than in respect of Section 3.22, it being
understood that the sole remedy for any such inaccuracy in or
breach thereof shall be pursuant to ARTICLE VI), as of the date
such representation or warranty was made or as if such
representation or warranty was made on and as of the Closing Date
(except for representations and warranties that expressly relate to
a specified date, the inaccuracy in or breach of which will be
determined with reference to such specified date);

 

(b) any
breach or non-fulfillment of any covenant, agreement or obligation
to be performed by Seller pursuant to this Agreement (other than
any breach or violation of, or failure to fully perform, any
covenant, agreement, undertaking or obligation in ARTICLE VI, it
being understood that the sole remedy for any such breach,
violation or failure shall be pursuant to ARTICLE VI);

 

(c) any
Transaction Expenses or Indebtedness (other than the Final
Liabilities) of the Company outstanding as of the Closing;
or

 

(d) any
Action (whenever instituted) of any third party (including any
Governmental Authority) that, if successful, would give rise to or
evidence the existence of or relate to a misrepresentation or
breach of any of the representations and warranties (construed in
accordance with Section 8.04 below) or covenants or agreements to
be performed by the Seller or any of its Affiliates, in each case,
which are contained in this Agreement or in any other agreement
contemplated herein or in any writing delivered in connection
herewith (including any attachment, exhibit, schedule or
certificate)

 

Section 8.03 Indemnification By
Buyer. Subject to the other
terms and conditions of this ARTICLE VIII, Buyer shall indemnify
and defend each of Seller and its Affiliates and their respective
Representatives (collectively, the “Seller
Indemnitees”) against,
and shall hold each of them harmless from and against, and shall
pay and reimburse each of them for, any and all Losses incurred or
sustained by, or imposed upon, the Seller Indemnitees based upon,
arising out of, with respect to or by reason
of:

 

(a) any
inaccuracy in or breach of any of the representations or warranties
of Buyer contained in this Agreement or in any certificate or
instrument delivered by or on behalf of Buyer pursuant to this
Agreement, as of the date such representation or warranty was made
or as if such representation or warranty was made on and as of the
Closing Date (except for representations and warranties that
expressly relate to a specified date, the inaccuracy in or breach
of which will be determined with reference to such specified
date);

 

 

-33-

 

 

(b) any
breach or non-fulfillment of any covenant, agreement or obligation
to be performed by Buyer pursuant to this Agreement (other than
ARTICLE VI, it being understood that the sole remedy for any such
breach thereof shall be pursuant to ARTICLE VI); or

 

(c) any
Final Liability.

 

Section 8.04 Certain
Limitations. The
indemnification provided for in Section 8.02 and Section 8.03 shall
be subject to the following limitations:

 

(a) Seller
shall not be liable to the Buyer Indemnitees under Section 8.02(a)
until the aggregate amount of all Losses in respect of
indemnification under Section 8.02(a) exceeds $100,000 (the
“Basket”), in which event Seller shall be required
to pay or be liable for all such Losses in excess of the Basket.
The aggregate amount of all Losses for which Seller shall be liable
pursuant to Section 8.02(a) shall not exceed the Purchase Price
(the “Cap”).

 

(b) Buyer
shall not be liable to the Seller Indemnitees for indemnification
under Section 8.03(a) until the aggregate amount of all Losses in
respect of indemnification under Section 8.03(a) exceeds the
Basket, in which event Buyer shall be required to pay or be liable
for all such Losses from the first dollar. The aggregate amount of
all Losses for which Buyer shall be liable pursuant to Section
8.03(a) shall not exceed the Cap.

 

(c) Notwithstanding
the foregoing, the limitations set forth in Section 8.04(a) and
Section 8.04(b) shall not apply to Losses based upon, arising out
of, with respect to or by reason of any inaccuracy in or breach of
any representation or warranty in Section 3.01, Section 3.03,
Section 3.19, Section 3.20, Section 3.24 or Section 4.01 or any
Liability that is not included as a Final Liability.

 

(d) For
purposes of this ARTICLE VIII, any inaccuracy in or breach of any
representation or warranty shall be determined without regard to
any materiality, Material Adverse Effect or other similar
qualification contained in or otherwise applicable to such
representation or warranty.

 

(e) Any
indemnification obligation of the Seller pursuant to
Section 8.02 shall be effected by wire transfer of immediately
available funds from the Seller to an account designated in writing
by the applicable Buyer Indemnitee within fifteen (15) days after
the determination thereof.

 

Section 8.05 Indemnification
Procedures. The party making a
claim under this ARTICLE VIII is referred to as the
“Indemnified
Party”, and the party
against whom such claims are asserted under this ARTICLE VIII is
referred to as the “Indemnifying
Party”.

 

(a) Third
Party Claims. If any Indemnified Party receives notice of the
assertion or commencement of any Action made or brought by any
Person who is not a party to this Agreement or an Affiliate of a
party to this Agreement or a Representative of the foregoing (a
“Third
Party Claim”) against
such Indemnified Party with respect to which the Indemnifying Party
is obligated to provide indemnification under this Agreement, the
Indemnified Party shall give the Indemnifying Party reasonably
prompt written notice thereof, but in any event not later than 30
calendar days after receipt of such notice of such Third Party
Claim. The failure to give such prompt written notice shall not,
however, relieve the Indemnifying Party of its indemnification
obligations, except and only to the extent that the Indemnifying
Party forfeits rights or defenses by reason of such failure. Such
notice by the Indemnified Party shall describe the Third Party
Claim in reasonable detail, shall include copies of all material
written evidence thereof and shall indicate the estimated amount,
if reasonably practicable, of the Loss that has been or may be
sustained by the Indemnified Party. The Indemnifying Party shall
have the right to participate in, or by giving written notice to
the Indemnified Party, to assume the defense of any Third Party
Claim at the Indemnifying Party’s expense and by the
Indemnifying Party’s own counsel, and the Indemnified Party
shall cooperate in good faith in such defense; provided, that
if the Indemnifying Party is Seller,
such Indemnifying Party shall not have the right to defend or
direct the defense of any such Third Party Claim that (x) is
asserted directly by or on behalf of a Person that is a supplier or
customer of the Company, or (y) seeks an injunction or other
equitable relief against the Indemnified Party. In the event that
the Indemnifying Party assumes the defense of any Third Party
Claim, subject to Section 8.05(b), it shall have the right to take
such action as it deems necessary to avoid, dispute, defend, appeal
or make counterclaims

 

pertaining to any
such Third Party Claim in the name and on behalf of the Indemnified
Party. The Indemnified Party shall have the right to participate in
the defense of any Third Party Claim with counsel selected by it
subject to the Indemnifying Party’s right to control the
defense thereof. The fees and disbursements of such counsel shall
be at the expense of the Indemnified Party, provided, that if in the reasonable
opinion of counsel to the Indemnified Party, (A) there are legal
defenses available to an Indemnified Party that are different from
or additional to those available to the Indemnifying Party; or (B)
there exists a conflict of interest between the Indemnifying Party
and the Indemnified Party that cannot be waived, the Indemnifying
Party shall be liable for the reasonable fees and expenses of
counsel to the Indemnified Party in each jurisdiction for which the
Indemnified Party determines counsel is required. If the
Indemnifying Party elects not to compromise or defend such Third
Party Claim, fails to promptly notify the Indemnified Party in
writing of its election to defend as provided in this Agreement, or
fails to diligently prosecute the defense of such Third Party
Claim, the Indemnified Party may, subject to Section 8.05(b), pay,
compromise, defend such Third Party Claim and seek indemnification
for any and all Losses based upon, arising from or relating to such
Third Party Claim. Seller and Buyer shall cooperate with each other
in all reasonable respects in connection with the defense of any
Third Party Claim, including making available (subject to the
provisions of Section 5.06) records relating to such Third Party
Claim and furnishing, without expense (other than reimbursement of
actual out-of-pocket expenses) to the defending party, management
employees of the non-defending party as may be reasonably necessary
for the preparation of the defense of such Third Party
Claim.

 

(b) Settlement
of Third Party Claims. Notwithstanding any other provision of this
Agreement, the Indemnifying Party shall not enter into settlement
of any Third Party Claim without the prior written consent of the
Indemnified Party, except as provided in this Section 8.05(b). If a
firm offer is made to settle a Third Party Claim without leading to
liability or the creation of a financial or other obligation on the
part of the Indemnified Party and provides, in customary form, for
the unconditional release of each Indemnified Party from all
liabilities and obligations in connection with such Third Party
Claim and the Indemnifying Party desires to accept and agree to
such offer, the Indemnifying Party shall give written notice to
that effect to the Indemnified Party. If the Indemnified Party
fails to consent to such firm offer within ten days after its
receipt of such notice, the Indemnified Party may continue to
contest or defend such Third Party Claim and in such event, the
maximum liability of the Indemnifying Party as to such Third Party
Claim shall not exceed the amount of such settlement offer. If the
Indemnified Party fails to consent to such firm offer and also
fails to assume defense of such Third Party Claim, the Indemnifying
Party may settle the Third Party Claim upon the terms set forth in
such firm offer to settle such Third Party Claim. If the
Indemnified Party has assumed the defense pursuant to Section
8.05(a), it shall not agree to any settlement without the written
consent of the Indemnifying Party (which consent shall not be
unreasonably withheld or delayed).

 

(c) Direct
Claims. Any Action by an Indemnified Party on account of a Loss
which does not result from a Third Party Claim (a
“Direct Claim”) shall be asserted by the Indemnified
Party giving the Indemnifying Party reasonably prompt written
notice thereof, but in any event not later than 30 days after the
Indemnified Party becomes aware of such Direct Claim. The failure
to give such prompt written notice shall not, however, relieve the
Indemnifying Party of its indemnification obligations, except and
only to the extent that the Indemnifying Party forfeits rights or
defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Direct Claim in reasonable detail, shall
include copies of all material written evidence thereof and shall
indicate the estimated amount, if reasonably practicable, of the
Loss that has been or may be sustained by the Indemnified Party.
The Indemnifying Party shall have 30 days after its receipt of such
notice to respond in writing to such Direct Claim. The Indemnified
Party shall allow the Indemnifying Party and its professional
advisors to investigate the matter or circumstance alleged to give
rise to the Direct Claim, and whether and to what extent any amount
is payable in respect of the Direct Claim and the Indemnified Party
shall assist the Indemnifying Party’s investigation by giving
such information and assistance (including access to the
Company’s premises and personnel and the right to examine and
copy any accounts, documents or records) as the Indemnifying Party
or any of its professional advisors may reasonably request. If the
Indemnifying Party does not so respond within such 30 day period,
the Indemnifying Party shall be deemed to have rejected such claim,
in which case the Indemnified Party shall be free to pursue such
remedies as may be available to the Indemnified Party on the terms
and subject to the provisions of this
Agreement.

 

 

-34-

 

 

(d) Tax
Claims. Notwithstanding any other provision of this Agreement, the
control of any claim, assertion, event or proceeding in respect of
Taxes of the Company (including, but not limited to, any such claim
in respect of a breach of the representations and warranties in
Section 3.22 hereof or any breach or violation of or failure to
fully perform any covenant, agreement, undertaking or obligation in
ARTICLE VI) shall be governed exclusively by ARTICLE VI
hereof.

 

Section 8.06 Reserved.

 

Section 8.07 Tax Treatment of
Indemnification Payments. All
indemnification payments made under this Agreement shall be treated
by the parties as an adjustment to the Purchase Price for Tax
purposes, unless otherwise required by Law.

 

Section 8.08 Effect of Investigation.
The representations, warranties and
covenants of the Indemnifying Party, and the Indemnified
Party’s right to indemnification with respect thereto, shall
not be affected or deemed waived by reason of any investigation
made by or on behalf of the Indemnified Party (including by any of
its Representatives) or by reason of the fact that the Indemnified
Party or any of its Representatives knew or should have known that
any such representation or warranty is, was or might be inaccurate
or by reason of the Indemnified Party’s waiver of any
condition set forth in Section 7.02 or Section 7.03, as the case
may be.

 

ARTICLE
IX

TERMINATION

 

Section 9.01 Termination.
This Agreement may be terminated at
any time prior to the Closing:

 

(a) by
the mutual written consent of Seller and Buyer;

 

(b) by
Buyer by written notice to Seller if:

 

(i) Buyer
is not then in material breach of any provision of this Agreement
and there has been a breach, inaccuracy in or failure to perform
any representation, warranty, covenant or agreement made by Seller
pursuant to this Agreement that would give rise to the failure of
any of the conditions specified in ARTICLE VII and such breach,
inaccuracy or failure has not been cured by Seller within ten days
of Seller’s receipt of written notice of such breach from
Buyer; or

 

(ii) any
of the conditions set forth in Section 7.01 or Section 7.02 shall
not have been, or if it becomes apparent that any of such
conditions will not be, fulfilled by November 15, 2017, unless such
failure shall be due to the failure of Buyer to perform or comply
with any of the covenants, agreements or conditions hereof to be
performed or complied with by it prior to the Closing;

 

(c) by
Seller by written notice to Buyer if:

 

(i) Seller
is not then in material breach of any provision of this Agreement
and there has been a breach, inaccuracy in or failure to perform
any representation, warranty, covenant or agreement made by Buyer
pursuant to this Agreement that would give rise to the failure of
any of the conditions specified in ARTICLE VII and such breach,
inaccuracy or failure has not been cured by Buyer within ten days
of Buyer’s receipt of written notice of such breach from
Seller; or

 

(ii) any
of the conditions set forth in Section 7.01 or Section 7.03 shall
not have been, or if it becomes apparent that any of such
conditions will not be, fulfilled by November 15, 2017, unless such
failure shall be due to the failure of Seller to perform or comply
with any of the covenants, agreements or conditions hereof to be
performed or complied with by it prior to the Closing;
or

 

 

 

-35-

 

 

(d) by
Buyer or Seller in the event that (i) there shall be any Law that
makes consummation of the transactions contemplated by this
Agreement illegal or otherwise prohibited or (ii) any Governmental
Authority shall have issued a Governmental Order restraining or
enjoining the transactions contemplated by this Agreement, and such
Governmental Order shall have become final and
non-appealable.

 

Section 9.02 Effect of Termination.
In the event of the termination of
this Agreement in accordance with this Article, this Agreement
shall forthwith become void and there shall be no liability on the
part of any party hereto except:

 

(a) as
set forth in this ARTICLE IX and Section 5.06 and ARTICLE X hereof;
and

 

(b) that
nothing herein shall relieve any party hereto from liability for
any willful breach of any provision hereof.

 

ARTICLE
X

MISCELLANEOUS

 

Section 10.01 Expenses. Except as otherwise expressly provided herein, all
costs and expenses, including, without limitation, fees and
disbursements of counsel, financial advisors and accountants,
incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such costs
and expenses, whether or not the Closing shall have
occurred.

 

Section 10.02 Notices. All notices, requests, consents, claims, demands,
waivers and other communications hereunder shall be in writing and
shall be deemed to have been given (a) when delivered by hand (with
written confirmation of receipt); (b) when received by the
addressee if sent by a nationally recognized overnight courier
(receipt requested); (c) on the date sent by facsimile or e-mail of
a PDF document (with confirmation of transmission) if sent during
normal business hours of the recipient, and on the next business
day if sent after normal business hours of the recipient or (d) on
the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such
communications must be sent to the respective parties at the
following addresses (or at such other address for a party as shall
be specified in a notice given in accordance with this Section
10.02):

 

	

If to Seller:

	

SpendSmart Networks, Inc.805

Aerovista, Suite 205

San Luis Obispo, CA 93401

E-mail:   luke@smsmaster-minds.com

Attention: Luke
Wallace

 

	

with a copy to:

	

TroyGould

1801 Century Park East, Suite 1600

Los Angeles, CA 90067

Facsimile: (310) 789-1490

E-mail: dficksman@troygould.com

Attention: David L. Ficksman

 

	

If to Buyer:

	

Eclipse Marketing LLC

300 Park Street, Suite 400

Birmingham, MI 48009

Facsimile: (248) 723-6651

E-mail: mikes@senecapartners.com

Attention: Michael C. Skaff

 

	

with a copy to:

	

Dickinson Wright PLLC

2600 W. Big Beaver Rd., Suite 300

Troy, MI 48084

Attention: John P. Gonway

Facsimile: 844 670 6009

E-mail: jgonway@dickinsonwright.com

 

 

 

 

-36-

 

 

 Section
10.03  Interpretation.
For purposes of this Agreement, (a)
the words “include,” “includes” and
“including” shall be deemed to be followed by the words
“without limitation”; (b) the word “or” is
not exclusive; and (c) the words “herein,”
“hereof,” “hereby,” “hereto”
and “hereunder” refer to this Agreement as a whole.
Unless the context otherwise requires, references herein: (x) to
Articles, Sections, Disclosure Schedules and Exhibits mean the
Articles and Sections of, and Disclosure Schedules and Exhibits
attached to, this Agreement; (y) to an agreement, instrument or
other document means such agreement, instrument or other document
as amended, supplemented and modified from time to time to the
extent permitted by the provisions thereof and (z) to a statute
means such statute as amended from time to time and includes any
successor legislation thereto and any regulations promulgated
thereunder. This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation
against the party drafting an instrument or causing any instrument
to be drafted. The Disclosure Schedules and Exhibits referred to
herein shall be construed with, and as an integral part of, this
Agreement to the same extent as if they were set forth verbatim
herein.

 

Section 10.04 Headings. The headings in this Agreement are for reference
only and shall not affect the interpretation of this
Agreement.

 

Section 10.05 Severability.
If any term or provision of this
Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect
any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other
jurisdiction. Except as provided in Section 5.07(f), upon such
determination that any term or other provision is invalid, illegal
or unenforceable, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated hereby be consummated as
originally contemplated to the greatest extent
possible.

 

Section 10.06 Entire Agreement.
This Agreement and the Ancillary
Documents constitute the sole and entire agreement of the parties
to this Agreement with respect to the subject matter contained
herein and therein, and supersede all prior and contemporaneous
understandings and agreements, both written and oral, with respect
to such subject matter. In the event of any inconsistency between
the statements in the body of this Agreement and those in the
Ancillary Documents, the Exhibits and Disclosure Schedules (other
than an exception expressly set forth as such in the Disclosure
Schedules), the statements in the body of this Agreement will
control.

 

Section 10.07 Successors and Assigns.
This Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Neither party may
assign its rights or obligations hereunder without the prior
written consent of the other party, which consent shall not be
unreasonably withheld or delayed; provided,
however, that prior to the
Closing Date, Buyer may, without the prior written consent of
Seller, assign all or any portion of its rights under this
Agreement to one or more of its direct or indirect wholly-owned
subsidiaries. No assignment shall relieve the assigning party of
any of its obligations hereunder.

 

Section 10.08 No Third-party
Beneficiaries. Except as
provided in Section 6.03 and ARTICLE VIII, this Agreement is for
the sole benefit of the parties hereto and their respective
successors and permitted assigns and nothing herein, express or
implied, is intended to or shall confer upon any other Person or
entity any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this
Agreement.

 

Section 10.09 Amendment and Modification;
Waiver. This Agreement may only
be amended, modified or supplemented by an agreement in writing
signed by each party hereto. No waiver by any party of any of the
provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving. No waiver by any party
shall operate or be construed as a waiver in respect of any
failure, breach or default not expressly identified by such written
waiver, whether of a similar or different character, and whether
occurring before or after that waiver. No failure to exercise, or
delay in exercising, any right, remedy, power or privilege arising
from this Agreement shall operate or be construed as a waiver
thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power
or privilege.

 

 

-37-

 

 

Section 10.10 Governing Law; Arbitration;
Waiver of Jury Trial. 

 

(a) This
Agreement shall be governed by and construed in accordance with the
internal laws of the State of Michigan without giving effect to any
choice or conflict of law provision or rule (whether of the State
of Michigan or any other jurisdiction).

 

(b) Except
for claims seeking injunctive or other equitable relief, any
controversy or claim arising out of or relating to this Agreement
or a breach thereof, shall be settled by binding arbitration in
Detroit, Michigan (or such other location as may be agreed to by
the parties) to be administered by the American Arbitration
Association (“AAA”) in accordance with its then-prevailing
Commercial Rules of Arbitration. Buyer and Seller shall select an
arbitrator from a list provided by the AAA that is mutually
satisfactory to them. If Buyer and Seller are unable to agree on an
arbitrator, then each (i.e., Buyer on the one hand and Seller on
the other) shall choose an arbitrator from a list provided by the
AAA. The two arbitrators so selected shall then select a third
arbitrator mutually satisfactory to them from the list provided by
the AAA. The single arbitrator so selected by the aforesaid
procedure shall hear the dispute and decide it. The arbitrator
selected shall not be a present or former officer, employee,
consultant or representative of any of the parties or any of their
Affiliates. The arbitrator shall have a background and training in
the general areas of law covered by this Agreement. The arbitrator
shall have the right to award costs, fees and expenses including,
without limitation, the arbitrator’s fees and reasonable
attorneys’ fees, to the prevailing party. A party shall be
entitled to have a judgment entered on the determination or
decision of the arbitrator in any court of competent jurisdiction.
The award of the arbitrator shall be binding and final on all
parties.

 

(c) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT OR THE ANCILLARY DOCUMENTS IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH
PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR
RELATING TO THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS
AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE
EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 10.10(c).

 

Section 10.11 Specific Performance.
The parties agree that irreparable
damage would occur if any provision of this Agreement were not
performed in accordance with the terms hereof and that the parties
shall be entitled to specific performance of the terms hereof, in
addition to any other remedy to which they are entitled at law or
in equity.

 

Section 10.12 Counterparts.
This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of
which together shall be deemed to be one and the same agreement. A
signed copy of this Agreement delivered by facsimile, e-mail or
other means of electronic transmission shall be deemed to have the
same legal effect as delivery of an original signed copy of this
Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

-38-

 

 

 

            

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

            

 

            

 

	
 

	

SpendSmart Networks, Inc.

 

	
 

	

By_____________________

Name: Luke Wallace

Title: Chief Executive Officer

 

 

	
 

	

Eclipse Marketing LLC

 

	
 

	

By_____________________

Name: Michael C. Skaff

Title: Authorized Person

 

 

 

 

-39-EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

TIME INC., 
 THE GUARANTORS NAMED
ON SCHEDULE I HERETO 
 and 

CITIBANK, N.A., 
 as Trustee 

 
  

INDENTURE 
  

 
 Dated as of
October 11, 2017 
 7.50% SENIOR NOTES DUE 2025 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	 
	
	Definitions and Incorporation by Reference	 
			
	 SECTION 1.01
	 	 Definitions
	  	 	1	 
	 SECTION 1.02
	 	 Other Definitions
	  	 	38	 
	 SECTION 1.03
	 	 Rules of Construction
	  	 	38	 
	 SECTION 1.04
	 	 Acts of Holders
	  	 	39	 
	
	ARTICLE II	 
	
	The Notes	 
			
	 SECTION 2.01
	 	 Form and Dating; Terms
	  	 	41	 
	 SECTION 2.02
	 	 Execution and Authentication
	  	 	42	 
	 SECTION 2.03
	 	 Registrar and Paying Agent
	  	 	42	 
	 SECTION 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	43	 
	 SECTION 2.05
	 	 Holder Lists
	  	 	43	 
	 SECTION 2.06
	 	 Transfer and Exchange
	  	 	43	 
	 SECTION 2.07
	 	 Replacement Notes
	  	 	55	 
	 SECTION 2.08
	 	 Outstanding Notes
	  	 	56	 
	 SECTION 2.09
	 	 Treasury Notes
	  	 	56	 
	 SECTION 2.10
	 	 Temporary Notes
	  	 	56	 
	 SECTION 2.11
	 	 Cancellation
	  	 	56	 
	 SECTION 2.12
	 	 Defaulted Interest
	  	 	57	 
	 SECTION 2.13
	 	 CUSIP/ISIN Numbers
	  	 	57	 
	
	ARTICLE III	 
	
	Redemption	 
			
	 SECTION 3.01
	 	 Notices to Trustee
	  	 	58	 
	 SECTION 3.02
	 	 Selection of Notes to Be Redeemed or Purchased
	  	 	58	 
	 SECTION 3.03
	 	 Notice of Purchase or Redemption
	  	 	58	 
	 SECTION 3.04
	 	 Effect of Notice of Redemption
	  	 	59	 
	 SECTION 3.05
	 	 Deposit of Redemption or Purchase Price
	  	 	60	 
	 SECTION 3.06
	 	 Notes Redeemed or Purchased in Part
	  	 	60	 
	 SECTION 3.07
	 	 Optional Redemption
	  	 	60	 
	 SECTION 3.08
	 	 Sinking Fund
	  	 	61	 
	 SECTION 3.09
	 	 [Reserved]
	  	 	61	 
	 SECTION 3.10
	 	 Offers to Repurchase by Application of Excess Proceeds
	  	 	61	 

  
 i 

							
	ARTICLE IV	 
	
	Covenants	 
			
	 SECTION 4.01
	 	 Payment of Notes
	  	 	63	 
	 SECTION 4.02
	 	 Maintenance of Office or Agency
	  	 	64	 
	 SECTION 4.03
	 	 Reports and Other Information
	  	 	64	 
	 SECTION 4.04
	 	 Compliance Certificate
	  	 	65	 
	 SECTION 4.05
	 	 Taxes
	  	 	66	 
	 SECTION 4.06
	 	 Stay, Extension and Usury Laws
	  	 	66	 
	 SECTION 4.07
	 	 Limitation on Restricted Payments
	  	 	66	 
	 SECTION 4.08
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	72	 
	 SECTION 4.09
	 	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock
	  	 	74	 
	 SECTION 4.10
	 	 Asset Sales
	  	 	79	 
	 SECTION 4.11
	 	 Transactions with Affiliates
	  	 	82	 
	 SECTION 4.12
	 	 Liens
	  	 	85	 
	 SECTION 4.13
	 	 Offer to Repurchase Upon Change of Control
	  	 	85	 
	 SECTION 4.14
	 	 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries
	  	 	87	 
	 SECTION 4.15
	 	 Suspension of Certain Covenants
	  	 	88	 
	 SECTION 4.16
	 	 Limitation on Sale and Lease-Back Transactions
	  	 	90	 
	 SECTION 4.17
	 	 Limitations on Business Activities
	  	 	90	 
	
	ARTICLE V	 
	
	Successors	 
			
	 SECTION 5.01
	 	 Merger, Consolidation or Sale of All or Substantially All Assets
	  	 	90	 
	 SECTION 5.02
	 	 Successor Corporation Substituted
	  	 	92	 
	
	ARTICLE VI	 
	
	Defaults and Remedies	 
			
	 SECTION 6.01
	 	 Events of Default
	  	 	92	 
	 SECTION 6.02
	 	 Acceleration
	  	 	94	 
	 SECTION 6.03
	 	 Other Remedies
	  	 	94	 
	 SECTION 6.04
	 	 Waiver of Defaults
	  	 	95	 
	 SECTION 6.05
	 	 Control by Majority
	  	 	95	 
	 SECTION 6.06
	 	 Limitation on Suits
	  	 	95	 
	 SECTION 6.07
	 	 Rights of Holders of Notes to Receive Payment
	  	 	96	 
	 SECTION 6.08
	 	 Collection Suit by Trustee
	  	 	96	 
	 SECTION 6.09
	 	 Restoration of Rights and Remedies
	  	 	96	 
	 SECTION 6.10
	 	 Rights and Remedies Cumulative
	  	 	96	 
	 SECTION 6.11
	 	 Delay or Omission Not Waiver
	  	 	97	 
	 SECTION 6.12
	 	 Trustee May File Proofs of Claim
	  	 	97	 
	 SECTION 6.13
	 	 Priorities
	  	 	97	 
	 SECTION 6.14
	 	 Undertaking for Costs
	  	 	98	 

  
 ii 

							
	ARTICLE VII	 
	
	Trustee	 
			
	 SECTION 7.01
	 	 Duties of Trustee
	  	 	98	 
	 SECTION 7.02
	 	 Rights of Trustee
	  	 	99	 
	 SECTION 7.03
	 	 Individual Rights of Trustee
	  	 	100	 
	 SECTION 7.04
	 	 Trustee’s Disclaimer
	  	 	101	 
	 SECTION 7.05
	 	 Notice of Defaults
	  	 	101	 
	 SECTION 7.06
	 	 [Reserved]
	  	 	101	 
	 SECTION 7.07
	 	 Compensation and Indemnity
	  	 	101	 
	 SECTION 7.08
	 	 Replacement of Trustee
	  	 	102	 
	 SECTION 7.09
	 	 Successor Trustee by Merger, etc.
	  	 	103	 
	 SECTION 7.10
	 	 Eligibility; Disqualification
	  	 	103	 
	 SECTION 7.11
	 	 Email
	  	 	103	 
	
	ARTICLE VIII	 
	
	Legal Defeasance and Covenant Defeasance	 
			
	 SECTION 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	104	 
	 SECTION 8.02
	 	 Legal Defeasance and Discharge
	  	 	104	 
	 SECTION 8.03
	 	 Covenant Defeasance
	  	 	104	 
	 SECTION 8.04
	 	 Conditions to Legal or Covenant Defeasance
	  	 	105	 
	 SECTION 8.05
	 	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	106	 
	 SECTION 8.06
	 	 Repayment to Issuer
	  	 	106	 
	 SECTION 8.07
	 	 Reinstatement
	  	 	107	 
	
	ARTICLE IX	 
	
	Amendment, Supplement and Waiver	 
			
	 SECTION 9.01
	 	 Without Consent of Holders of Notes
	  	 	107	 
	 SECTION 9.02
	 	 With Consent of Holders of Notes
	  	 	108	 
	 SECTION 9.03
	 	 Revocation and Effect of Consents
	  	 	109	 
	 SECTION 9.04
	 	 Notation on or Exchange of Notes
	  	 	110	 
	 SECTION 9.05
	 	 Trustee to Sign Amendments, etc.
	  	 	110	 
	 SECTION 9.06
	 	 Payment for Consent
	  	 	110	 

  
 iii 

							
	ARTICLE X	 
	
	Guarantees	 
			
	 SECTION 10.01
	 	 Guarantee
	  	 	110	 
	 SECTION 10.02
	 	 Limitation on Guarantor Liability
	  	 	112	 
	 SECTION 10.03
	 	 Notation Not Required
	  	 	112	 
	 SECTION 10.04
	 	 Subrogation
	  	 	112	 
	 SECTION 10.05
	 	 Benefits Acknowledged
	  	 	113	 
	 SECTION 10.06
	 	 Release of Guarantees
	  	 	113	 
	
	ARTICLE XI	 
	
	Satisfaction and Discharge	 
			
	 SECTION 11.01
	 	 Satisfaction and Discharge
	  	 	114	 
	 SECTION 11.02
	 	 Application of Trust Money
	  	 	114	 
	
	ARTICLE XII	 
	
	Miscellaneous	 
			
	 SECTION 12.01
	 	 Notices
	  	 	115	 
	 SECTION 12.02
	 	 Communication by Holders of Notes with Other Holders of Notes
	  	 	116	 
	 SECTION 12.03
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	116	 
	 SECTION 12.04
	 	 Statements Required in Certificate or Opinion
	  	 	116	 
	 SECTION 12.05
	 	 Rules by Agents
	  	 	117	 
	 SECTION 12.06
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	117	 
	 SECTION 12.07
	 	 Governing Law
	  	 	117	 
	 SECTION 12.08
	 	 Waiver of Jury Trial
	  	 	117	 
	 SECTION 12.09
	 	 Force Majeure
	  	 	117	 
	 SECTION 12.10
	 	 Benefits of Indenture
	  	 	117	 
	 SECTION 12.11
	 	 No Adverse Interpretation of Other Agreements
	  	 	117	 
	 SECTION 12.12
	 	 Successors
	  	 	117	 
	 SECTION 12.13
	 	 Severability
	  	 	118	 
	 SECTION 12.14
	 	 Counterpart Originals
	  	 	118	 
	 SECTION 12.15
	 	 Table of Contents, Headings, etc.
	  	 	118	 
	 SECTION 12.16
	 	 U.S.A. Patriot Act
	  	 	118	 

  
 iv 

 Schedule 
  

			
	SCHEDULE I	  	List of Guarantors as of the Issue Date
		
	Exhibits	  	
		
	EXHIBIT A	  	 Form of Note

	EXHIBIT B	  	 Form of Certificate of Transfer

	EXHIBIT C	  	 Form of Certificate of Exchange

	EXHIBIT D	  	 Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
 v 

 INDENTURE, dated as of October 11, 2017, among Time Inc., a Delaware
corporation (the “Issuer”), the Guarantors (as defined herein) listed on Schedule I hereto and Citibank, N.A., as Trustee. 

W I T N E S S E T H 
 WHEREAS,
the Issuer has duly authorized the creation of an issue of $300,000,000 aggregate principal amount of 7.50% Senior Notes due 2025 (the “Initial Notes”); and 

WHEREAS, the Issuer and each of the Guarantors has duly authorized the execution and delivery of this Indenture. 

NOW, THEREFORE, the Issuer, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders of the Notes. 
 ARTICLE I 

Definitions and Incorporation by Reference 

SECTION 1.01    Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued to evidence Notes sold in reliance on Rule 144A. 

“Acquired Indebtedness” means, with respect to any specified Person, 

(1)    Indebtedness of any other Person existing at the time such other Person is merged with or into or
became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Restricted Subsidiary of such specified Person, and 

(2)    Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

The term “Acquired Indebtedness” does not include Indebtedness of a Person that is redeemed, discharged, defeased, retired or
otherwise repaid at the time of, or immediately upon consummation of, the transactions by which such Person became a Restricted Subsidiary or such asset acquisition. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in
accordance with Sections 2.02 and 4.09. 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the

 
terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

“Agent” means any Registrar, Paying Agent, Custodian or other agent appointed in accordance with this Indenture to perform
any function that this Indenture authorizes such agent to perform. 
 “Applicable Premium” means, with respect to any Note
on any Redemption Date, the greater of: 
 (1)    1.0% of the principal amount of such Note; and 

(2)    the excess, if any, of: 

(A)    the present value at such Redemption Date of (i) the redemption price of such Note at
October 15, 2020 (such redemption price being set forth in the table appearing in Section 3.07(b)), plus (ii) all required interest payments due on such Note through October 15, 2020 (excluding accrued but unpaid interest
to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over 

(B)    the principal amount of such Note, 

as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer may designate. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 
 “Asset
Sale” means: 
 (1)    the sale, conveyance, transfer or other disposition, whether in a single
transaction or a series of related transactions, of property or assets (including by way of a Sale and Lease-Back Transaction) of the Issuer or any of its Restricted Subsidiaries (each referred to in this definition as a
“disposition”); or 
 (2)    the issuance or sale of Equity Interests of any Restricted
Subsidiary (other than Preferred Stock of Restricted Subsidiaries issued in compliance with Section 4.09 and the issuance or sale of Equity Interests representing directors’ qualifying shares or shares or interests required to be held by
foreign nationals or other third parties to the extent required by applicable law), whether in a single transaction or a series of related transactions; 

  
 2 

 in each case, other than: 

(1)    any disposition of cash, Cash Equivalents or Investment Grade Securities, or of damaged,
unnecessary, obsolete or worn out equipment or other property or assets in the ordinary course of business, or of property or assets no longer used or useful or economically practicable to maintain in the business of the Issuer and its Restricted
Subsidiaries in the reasonable opinion of the Issuer, or of any disposition of inventory or goods (or other property or assets) in the ordinary course of business; 

(2)    the disposition of all or substantially all of the property or assets of the Issuer or any of its
Subsidiaries pursuant to the provisions described under Section 5.01 or any disposition that constitutes a Change of Control pursuant to this Indenture; 

(3)    the making of any Restricted Payment or Permitted Investment that is permitted to be made, and is
made, under Section 4.07; 
 (4)    any disposition of property or assets or issuance or sale of
Equity Interests of any Restricted Subsidiary in any transaction or series of transactions with an aggregate fair market value (as determined in good faith by the Issuer) not to exceed $10,000,000; 

(5)    any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the
Issuer or by the Issuer or a Restricted Subsidiary to another Restricted Subsidiary; 
 (6)    to the
extent allowable under Section 1031 of the Code, or any comparable or successor provision, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

(7)    the sale, lease, assignment, license, sublicense or
sub-lease of any real or personal property, assets or services in the ordinary course of business; 

(8)    any disposition of Equity Interests in, or Indebtedness or other securities of, an Unrestricted
Subsidiary; 
 (9)    any disposition of property or assets subject to a Lien held by the Issuer or a
Restricted Subsidiary in a foreclosure, eminent domain, seizure or similar proceeding or exercises of termination rights under any lease, license, concession or other agreement or dispositions of property or assets required by law, governmental
regulation or any order of any court, administrative agency or regulatory body; 
 (10)    sales of
accounts receivable, or participations therein, and related assets or rights customarily sold or assigned, in each case in connection with any Receivables Facility; 

(11)    (A) non-exclusive licenses, sublicenses or cross-licenses
of intellectual property or other general intangibles of, and (B) exclusive licenses, sublicenses or cross-licenses of intellectual property or other general intangibles in the ordinary course of business of, the Issuer or its Restricted
Subsidiaries; 

  
 3 

 (12)    sales, transfers and other dispositions of
Investments or other interests in joint ventures or similar entities to the extent required by, or made pursuant to, customary buy/sell arrangements or rights of first refusal between the parties set forth in joint venture arrangements and similar
binding arrangements; 
 (13)    the lapse or abandonment of intellectual property rights in the ordinary
course of business, which in the good faith determination of the Issuer is not material to the conduct of the business of the Issuer and its Restricted Subsidiaries, taken as a whole; 

(14)    the granting of Liens not prohibited by this Indenture; 

(15)    the unwinding of any Hedging Obligations; 

(16)    an issuance of Equity Interests pursuant to benefit plans, employment agreements, equity plans,
stock subscription or shareholder agreements, stock ownership plans and other similar plans, policies, contracts or arrangements established in the ordinary course of business or approved by the Issuer in good faith; 

(17)    any surrender or waiver of obligations of trade creditors or customers or contract rights or the
settlement, release or surrender of contractual rights, tort or other claims of any kind; 

(18)    dispositions or discounts of receivables in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(19)    any financing transaction (excluding by way of a Sale and Lease- Back Transaction) with respect to
property constructed, acquired, replaced, repaired or improved by the Issuer or any of its Restricted Subsidiaries after the Issue Date; 

(20)    dispositions of leasehold improvements or leased assets in connection with the termination of any
operating lease; 
 (21)    any swap of assets in the ordinary course of business in exchange for
services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business of the Issuer and its Restricted Subsidiaries, taken as a whole, as determined in good faith by an Issuer; and 

(22)    dispositions of Investments in joint ventures and, to the extent any joint venture constitutes a
Restricted Subsidiary, the property of such joint venture, so long as the aggregate fair market value (as determined in good faith by the Issuer) (determined, with respect to each such disposition, as of the time of such disposition) of all such
dispositions does not exceed $10,000,000. 
 “Attributable Debt” means, in respect of any Sale and Lease-Back Transaction,
at the time of determination, the present value of the total obligations of the lessee for net rental payments during the remaining term of the lease included in such Sale and Lease-Back Transaction, including any period for which such lease has
been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

  
 4 

 “Board of Directors” means (1) with respect to the Issuer or any
corporation, the board of directors or managers, as applicable, of the corporation, or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general partner of the
partnership or any duly authorized committee thereof; and (3) with respect to any other Person, the board or any duly authorized committee of such Person serving a similar function. Whenever any provision requires any action or determination to
be made by, or any approval of, a Board of Directors, such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on any such Board of Directors (whether or not such action or approval
is taken as part of a formal board meeting or as a formal board approval). 
 “Bankruptcy Law” means Title 11, U.S. Code or
any similar federal or state law for the relief of debtors as amended from time to time. 
 “Business Day” means any day
other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the State of New York or the place of payment. 

“Capital Stock” means: 

(1)    in the case of a corporation, corporate stock; 

(2)    in the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; 
 (3)    in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(4)    any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease Obligation” means, with
respect to any Person, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding
the footnotes thereto) in accordance with GAAP (for the avoidance of doubt, as in effect on the Issue Date). The amount of Indebtedness represented by such liability will be the capitalized amount of such liability at the time any determination
thereof is to be made as determined on the basis of GAAP. 
 “Cash Equivalents” means: 

(1)    United States dollars; 

  
 5 

 (2)    (A) Euros, Canadian dollars, Sterling or any national
currency of any member state of the European Union and (B) any other foreign currency held by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 

(3)    securities issued or directly and fully and unconditionally guaranteed or insured by the U.S.
government, Canadian government or any member state of the European Union or, in each case, any agency or instrumentality thereof (provided that full faith and credit obligation of such country or member state is pledged in support thereof),
with maturities of 24 months or less from the date of acquisition; 
 (4)    certificates of deposit,
time deposits, eurodollar deposits and dollar time deposits with maturities of one year or less from the date of acquisition thereof, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any
commercial bank having capital and surplus of not less than $500,000,000 in the case of U.S. banks and $100,000,000 (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S.
banks; 
 (5)    repurchase obligations for underlying securities of the types described in clauses
(3) and (4) above and clause (8) below entered into with any financial institution meeting the qualifications specified in clause (4) above; 

(6)    commercial paper rated at least (A) “P-1” by
Moody’s or at least “A-1” by S&P (or if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case
maturing within 24 months after the date of creation thereof and (B) “P-2” by Moody’s or at least “A-2” by S&P (or if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 12 months after creation thereof; 

(7)    marketable short-term money market and similar securities having a rating of at least “P-2” or “A-2” from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another Rating Agency), and in each case maturing within 24 months after the date of creation thereof; 

(8)    readily marketable direct obligations issued by any state, commonwealth or territory of the United
States, any province of Canada, any member state of the European Union or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or if at any time neither Moody’s nor S&P
shall be rating such obligations, an equivalent rating from another Rating Agency) with maturities of 24 months or less from the date of acquisition; 

(9)    Investments with average maturities of 24 months or less from the date of acquisition in money
market funds rated “AAA” (or the equivalent thereof) or better by S&P or “Aaa3” (or the equivalent thereof) or better by Moody’s (or reasonably equivalent ratings of another internationally recognized rating agency); and

  
 6 

 (10)    investment funds investing 95% of their assets in
securities of the types described in clauses (1) through (9) above. 
 Notwithstanding the foregoing, Cash Equivalents shall include
amounts denominated in currencies other than those set forth in clauses (1) and (2) above; provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within
ten Business Days following the receipt of such amounts. 
 “Change of Control” means the occurrence of any of the
following after the Issue Date: 
 (1)    the sale, lease or transfer (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, to any Person other than the Issuer or a Restricted Subsidiary; 

(2)    the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d)
of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the
Exchange Act), in a single transaction or in a related series of transactions, of “beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act, except that in calculating the
beneficial ownership of any particular Person or “group”, such Person or “group” will not be deemed to have beneficial ownership of any securities that such Person or “group” has the right to acquire or vote only upon
the happening of any future event or contingency, including the passage of time, that has not yet occurred) of 50% or more of the total voting power of the Voting Stock of the Issuer (determined on a fully diluted basis but without giving effect to
contingent voting rights that have not yet vested) (other than a transaction following which holders of securities that represented 100% of the Voting Stock of the Issuer immediately prior to such transaction (or other securities into which such
securities are converted as part of such transaction) own, directly or indirectly, at least a majority of the voting power of the Voting Stock of the surviving Person in such transaction immediately after such transaction); or 

(3)    the adoption of a plan of liquidation and dissolution of the Issuer. 

“Clearstream” means Clearstream Banking, Société Anonyme. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Consolidated Adjusted EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person
for such period: 
 (1)    increased (without duplication) by (to the extent the same were deducted (and
not added back) in computing such Consolidated Net Income (other than clause (J)): 
 (A)    provision
for taxes based on income or profits or capital gains, including federal, state, provincial, local, foreign, non-U.S. franchise, excise, value added and similar taxes, foreign withholding taxes and taxes
(whether paid in full or in installments) incurred as a result of or in order to consummate the 

  
 7 

 
Spin-Off Transactions, of such Person paid or accrued during such period, including any penalties and interest relating to such taxes or arising from any
tax examinations; plus 
 (B)    Consolidated Interest Expense of such Person for such period;
plus 
 (C)    Consolidated Depreciation and Amortization Expense of such Person for such period;
plus 
 (D)    any fees, premiums, expenses or charges related to the Spin-Off Transactions or the Spin-Off Documents, any actual, proposed or contemplated Equity Offering, Permitted Investment, acquisition, disposition, recapitalization, the
incurrence or repayment of Indebtedness permitted to be incurred by this Indenture (including a Refinancing thereof and the issuance of the Notes and the use of proceeds thereof) or any amendments, consents, waivers or other modifications relating
to the Notes, the Spin-Off Transactions, the Spin-Off Documents, the Existing Notes or the Credit Facilities (whether or not consummated or successful); plus 

(E)    the amount of any restructuring charge, accrual or reserve, integration cost or other business
optimization expense, including any restructuring costs incurred in connection with the Spin-Off Transactions, acquisitions, mergers or consolidations after the Reference Date and any other restructuring
expenses, severance expenses, one-time compensation charges, post-retirement employee benefits plans, any expenses relating to reconstruction, decommissioning or recommissioning fixed assets for alternate use,
expenses or charges relating to facility closing costs, acquisition integration costs and signing, retention or completion bonuses or expenses; plus 

(F)    any other non-cash charges or expenses, including any write-
offs or write-downs and non-cash compensation charges or expenses recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights (provided that if any such
non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated Adjusted EBITDA
in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period); plus 

(G)    the amount of any minority interest expense consisting of Subsidiary income attributable to minority
equity interests of third parties in any non-Wholly Owned Subsidiary; plus 

(H)    the amount of loss on sale of receivables and related assets to any Receivables Subsidiary in
connection with a Receivables Facility; plus 
 (I)    any costs or expenses incurred by the
Issuer or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any 

  
 8 

 
other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to
the capital of the Issuer or net cash proceeds of an issuance of Equity Interest of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation set forth in the second clause
(3) in Section 4.07(a); plus 
 (J)    the amount of cost savings, operating expense
reductions, other operating improvements and initiatives and synergies projected by the Issuer in good faith to result from actions taken or to be taken in connection with any Investment, acquisition, disposition, merger, amalgamation,
consolidation, discontinued operations, operational changes or other action being given pro forma effect (which will be added to Consolidated Adjusted EBITDA as so projected until fully realized and calculated on a pro forma basis as
though such cost savings, operating expense reductions, other operating improvements and initiatives and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such
actions; provided that (x) such actions have been taken or are expected to be taken within 12 months after the consummation of the Investment, acquisition, disposition, merger, amalgamation, consolidation, discontinued operations,
operational change or other action expected to result in such cost savings or other benefits, (y) such cost savings are reasonably identifiable and factually supportable (in the good faith determination of the Issuer) and (z) the aggregate
amount of cost savings, operating expense reductions, other operating improvements and initiatives and synergies added back pursuant to this clause (J) in any period of four consecutive fiscal quarters shall not exceed 10% of Consolidated
Adjusted EBITDA (prior to giving effect to such addbacks); 
 (2)    decreased by (without duplication)
the amount of non-cash gains increasing such Consolidated Net Income, excluding (A) any non-cash gains to the extent they represent the reversal of an accrual or
reserve for a potential cash item that reduced Consolidated Adjusted EBITDA in any prior period and (B) any non-cash gains in respect of which cash was actually received in a prior period so long as such
cash did not increase Consolidated Adjusted EBITDA in such prior period; and (C) the accrual of revenue in the ordinary course of business; and 

(3)    increased or decreased by (without duplication): 

(A)    any net loss or gain resulting in such period from Hedging Obligations and the application of
Financial Accounting Codification No. 815-Derivatives and Hedging; and 

(B)    any net loss or gain resulting in such period from currency translation gains or losses related to
currency remeasurements of Indebtedness (including any net loss or gain resulting from hedge agreements for currency exchange risk). 

  
 9 

 “Consolidated Depreciation and Amortization Expense” means, with respect to any
Person, for any period, the total amount of depreciation and amortization expense, including the amortization of intangibles and deferred financing fees or debt issuance costs, of such Person and its Restricted Subsidiaries for such period on a
consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated Indebtedness” means, as of any date
of determination, the sum, without duplication, of (1) the total amount of (A) Indebtedness for borrowed money, (B) Indebtedness evidenced by bonds, notes (other than notes in favor of trade creditors evidencing trade payables
incurred in the ordinary course of business), debentures or other similar instruments for the payment of which such Person is liable, (C) Capitalized Lease Obligations, (D) the Notes and (E) guarantees of the foregoing, in each case,
of the Issuer and its Restricted Subsidiaries (excluding (x) Indebtedness in respect of letters of credit (in an aggregate face amount of up to $100.0 million) and bankers’ acceptances (or, without duplication, reimbursement agreements in
respect thereof) and for the avoidance of doubt, performance and surety bonds not constituting bonds evidencing indebtedness for borrowed money, except to the extent of unreimbursed amounts drawn thereunder, (y) intercompany Indebtedness and
(z) Indebtedness in respect of Hedging Obligations not yet due and owing), outstanding on such date; minus (2) up to $250,000,000 of Eligible Cash included in the consolidated balance sheet of the Issuer and its Restricted
Subsidiaries, as of the most recently ended fiscal period for which Required Financial Statements have been delivered (with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth
in the definition of “Consolidated Net Leverage Ratio” as determined in good faith by the Issuer); plus (3) the greater of (i) the aggregate liquidation value and (ii) maximum fixed repurchase price without regard to
any change of control or redemption premiums of all Disqualified Stock of the Issuer and the Guarantors and all Preferred Stock of Restricted Subsidiaries, in each case determined on a consolidated basis in accordance with GAAP. For purposes of this
definition, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if
such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such
Disqualified Stock or Preferred Stock, such fair market value shall be the fair market value (as determined in good faith by the Issuer). 

“Consolidated Interest Expense” means, with respect to any Person for any period, without duplication, the sum of: 

(1)    consolidated interest expense of such Person and its Restricted Subsidiaries for such period to the
extent such expense was deducted (and not added back) in computing Consolidated Net Income of such Person (including (A) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (B) all
commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (C) non-cash interest expense (but excluding any
non-cash interest expense attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (D) the interest component of Capitalized Lease
Obligations, (E) imputed 

  
 10 

 
interest with respect to Attributable Debt and (F) net payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (X) amortization of
deferred financing fees, debt issuance costs, commissions, fees and expenses, (Y) any expensing of bridge, commitment and other financing fees and (Z) commissions, discounts, yield and other fees and charges (including any interest
expense) related to any Receivables Facility); plus 
 (2)    consolidated capitalized interest of
such Person and such Subsidiaries for such period, whether paid or accrued; plus 
 (3)    whether
or not treated as interest expense in accordance with GAAP, all cash dividends or other distributions accrued (excluding dividends payable solely in Equity Interests (other than Disqualified Stock) of the Issuer) on any series of Disqualified Stock
or any series of Preferred Stock during such period (other than dividends or distributions to the Issuer or a Restricted Subsidiary). 
 For
purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with
GAAP. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of
such Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that, without duplication: 

(1)    any after-tax effect of extraordinary, non-recurring or unusual gains or losses or expenses (including fees and expenses relating to (A) the Spin-Off Transactions, (B) severance, relocation and transition
costs and (C) any rebranding or corporate name change) shall be excluded; 
 (2)    the cumulative
effect of a change in accounting principles during such period shall be excluded; 
 (3)    any after-tax effect of income (or loss) from disposed or discontinued operations and any net after-tax gains (or losses) on disposal of disposed, abandoned or discontinued
operations shall be excluded; 
 (4)    any after-tax effect of
gains (or losses) (less all fees and expenses relating thereto) attributable to asset dispositions other than in the ordinary course of business, as determined in good faith by the Issuer, shall be excluded; 

(5)    any impairment charge or asset write-off or write-down,
including impairment charges, write-offs or write-downs related to goodwill, intangible assets, long-lived assets, investments in debt and equity securities, in accordance with GAAP or as a result of a change in law or regulation, and the
amortization of intangibles arising pursuant to GAAP shall be excluded; 

  
 11 

 (6)    the Net Income for such period of any Person that is
not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting shall be excluded; provided that Consolidated Net Income of the Issuer shall be increased by the amount of dividends or
distributions or other payments that are actually paid in cash (or to the extent converted into cash or Cash Equivalents) to the Issuer or a Restricted Subsidiary in respect of such period; 

(7)    the Net Income for such period of any Non-Guarantor
Subsidiary shall be excluded to the extent of any portion of its Net Income that may not be transferred (including by way of any one or more of the following (A) dividends or similar distributions, (B) returns of capital, (C) loans or
advances or the repayment thereof or (D) other conveyances) at the date of determination without any prior governmental approval (which has not been obtained) or without violating, directly or indirectly, the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction has been legally waived; provided that Consolidated Net Income of
the Issuer will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash or Cash Equivalents) to the Issuer or a Restricted Subsidiary thereof in respect of such
period; 
 (8)    any (A) non-cash compensation charge or
expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, employee benefit plans or agreements, stock options, restricted stock or other rights, and any
non-cash deemed finance charges or expenses in respect of any pension liabilities or other retiree provisions or on the revaluation of any benefit plan obligation and any
non-cash charges or expenses in respect of curtailments, discontinuations or modifications to pension plans and (B) income (loss) attributable to deferred compensation plans or trusts shall be excluded;

 (9)    any after-tax effect of income (or loss) from the early
extinguishment or cancellation of Indebtedness or Hedging Obligations or other derivative instruments shall be excluded; 

(10)    any unrealized foreign currency translation or transaction gains or losses (or similar
charges) (A) in respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person, (B) relating to translation of assets and liabilities denominated in foreign currencies and (C) in
respect of Indebtedness or other obligations of the Issuer or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary shall be excluded; 

(11)    [reserved]; 

(12)    any fees and expenses incurred during such period, or any amortization thereof for such period, in
connection with the Spin-Off Transactions and any acquisition, Investment, Asset Sale, issuance or repayment of Indebtedness (including the issuance of the Notes and the use of proceeds thereof), issuance of
Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including 

  
 12 

 
any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger
costs incurred during such period as a result of any such transaction shall be excluded; 

(13)    losses, charges and expenses that are covered by indemnification or other reimbursement provisions
in connection with any Investment, acquisition, sale, conveyance, transfer or other disposition of assets will be excluded to the extent actually reimbursed, or, so long as such Person has made a determination that a reasonable basis exists for
indemnification or reimbursement, but only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so
indemnified or reimbursed within such 365 days) shall be excluded; 
 (14)    losses, charges and
expenses with respect to liability or casualty events or business interruption, to the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that a reasonable basis exists for reimbursement by the
insurer and such amount (A) is not denied by the applicable carrier in writing and (B) is in fact reimbursed within 365 days of the date on which such liability was discovered or such casualty event or business interruption occurred (with
a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within 365 days) shall be excluded; 

(15)    the effects of purchase accounting, fair value accounting or recapitalization accounting
adjustments (including the effects of such adjustments pushed down to such Person and its Restricted Subsidiaries) resulting from the application of purchase accounting, fair value accounting or recapitalization accounting in relation to the Spin-Off Transactions or any acquisition consummated before or after the Issue Date, and the amortization, write-down or write-off of any amounts thereof, shall be excluded;

 (16)    all non-cash gains, losses, expenses or charges
attributable to the movement in the mark-to-market valuation of Hedging Obligations or other derivative instruments shall be excluded; and 

(17)    any deferred tax expense associated with tax deductions or net operating losses as a result of the Spin-Off Transactions, or the release of any valuation allowance related to such item shall be excluded. 

“Consolidated Net Leverage Ratio” means, as of any date of determination, the ratio of: 

(1)    the Consolidated Indebtedness of the Issuer and its Restricted Subsidiaries on such date, to 

(2)    Consolidated Adjusted EBITDA of the Issuer and its Restricted Subsidiaries for the most recently
ended four full fiscal quarters ending immediately prior to such date for which Required Financial Statements have been delivered. 
 In the
event that the Issuer or any of its Restricted Subsidiaries (i) incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness (other than Indebtedness repaid, 

  
 13 

 
redeemed, retired or extinguished under any revolving credit facility, except to the extent such revolving credit facility is permanently reduced and has not been replaced) or (ii) issues or
redeems Disqualified Stock or Preferred Stock, in each case subsequent to the period for which the Consolidated Net Leverage Ratio is being calculated but prior to or substantially simultaneously with the event for which the calculation of the
Consolidated Net Leverage Ratio is made (the “Consolidated Net Leverage Ratio Calculation Date”), then (x) the Consolidated Indebtedness shall be calculated giving pro forma effect to such incurrence, assumption,
guarantee, redemption, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred as of the date of determination of Consolidated Indebtedness referred to in
clause (1) above and (y) the Consolidated Adjusted EBITDA shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, retirement or extinguishment of Indebtedness, or such issuance or
redemption of Disqualified Stock or Preferred Stock, as if the same had occurred as of the beginning of the applicable four fiscal quarter period. 

For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and
discontinued operations in each case with respect to a business (as such term is used in Regulation S-X Rule 11-01), a company, a segment, an operating division or unit
or line of business that the Issuer or any of its Restricted Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Consolidated
Net Leverage Ratio Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers,
amalgamations, consolidations and discontinued operations had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or
into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made or effected any Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation, in each case with respect
to a business (as such term is used in Regulation S-X Rule 11-01), a company, a segment, an operating division or unit or line of business that would have required
adjustment pursuant to this definition, then the Consolidated Net Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, amalgamation, consolidation or
discontinued operation had occurred at the beginning of the applicable four-quarter period. 
 For purposes of this definition, whenever
pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments
appropriate, in the good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect reasonably identifiable and factually supportable operating expense reductions and other operating improvements or synergies
reasonably expected to result from any action taken or expected to be taken within 12 months after the date of any pro forma event; provided that (x) no such amounts shall be included pursuant to this paragraph to the extent
duplicative of any amounts that are otherwise added back in computing Consolidated Adjusted EBITDA with respect to such period and (y) such amounts shall be subject to the limitations contained in clause (J) of the definition of
Consolidated Adjusted EBITDA. 

  
 14 

 If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the
interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). 

“Consolidated Secured Net Leverage Ratio” means, as of the date of determination, the ratio of (1) the Consolidated
Indebtedness of the Issuer and its Restricted Subsidiaries that is secured by a Lien on any property or assets of the Issuer or any of its Restricted Subsidiaries as of such date, to (2) Consolidated Adjusted EBITDA of the Issuer and its
Restricted Subsidiaries for the most recently ended four full fiscal quarters ending immediately prior to such date for which Required Financial Statements have been delivered, in each case with such pro forma adjustments to the Consolidated
Indebtedness and Consolidated Adjusted EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Net Leverage Ratio as determined in good faith by the Issuer. 

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends
or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person,
whether or not contingent: 
 (1)    to purchase any such primary obligation or any property constituting
direct or indirect security therefor; 
 (2)    to advance or supply funds: 

(A)    for the purchase or payment of any such primary obligation, or 

(B)    to maintain working capital or equity capital of the primary obligor or otherwise to maintain the
net worth or solvency of the primary obligor; or 
 (3)    to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Corporate Trust Office of the Trustee” means the principal corporate trust office of the Trustee, currently located at
(a) for Note transfer purposes and presentment of the Notes for final payment thereon, Citibank, N.A., 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention: Securities Window - Time Inc. and (b) for all other
purposes, Citibank, N.A., 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Agency & Trust – Time Inc., email address: anthony.bausa@citi.com or call (888) 855-9695 to obtain
Citibank, N.A. account manager’s email address, or such other address as the Trustee may designate from time to time by notice to the Holders, and the Issuer or the principal corporate trust office of any successor Trustee. 

“Credit Facilities” means, with respect to the Issuer or any of its Restricted Subsidiaries, one or more debt facilities,
including the Senior Credit Facilities, or other financing arrangements (including commercial paper facilities, receivables financing or indentures) 

  
 15 

 
providing for revolving credit loans, term loans, letters of credit, bankers’ acceptances or other Indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments
and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities that replace, refund or
Refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount permitted to be borrowed thereunder (provided
that such increase in borrowings is permitted under Section 4.09), alters the maturity thereof, changes any other terms, covenants or other provisions or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether
by the same or any other agent, lender or group of lenders, in each case subsequent to the Issue Date. 
 “Custodian” means
the Trustee when serving as custodian for the Depositary with respect to the Global Notes, or any successor entity thereto. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.06(c), substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Increases or Decreases of Interests in the Global Note” attached thereto.

 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary under this Indenture and having become such pursuant to the applicable provision of this Indenture. 

“Designated Non-cash Consideration” means the fair market value (as determined in
good faith by the Issuer) of non-cash consideration received by the Issuer or any of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or conversion
of or collection on such Designated Non-cash Consideration. 
 “Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event: (1) matures or
is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant to a sinking fund obligation or otherwise, or (2) is redeemable at the option of the holder thereof (other than solely as a result of a
change of control or asset sale), in whole or in part, in each case prior to the date that is 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that only the
portion of Capital Stock which so matures or is mandatorily redeemable, is so putable, convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided
further, however, that if such Capital Stock is issued to any employee or any plan for the benefit of employees of the Issuer or its Subsidiaries or by 

  
 16 

 
any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to
satisfy applicable statutory or regulatory obligations or as a result of any such employee’s termination, death or disability; provided further, however, that any class of Capital Stock of such Person that by its terms authorizes
such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 

“Distribution” means Time Warner Inc.’s distribution of the shares of the Issuer’s common stock to Time Warner
Inc.’s stockholders on June 6, 2014. 
 “Domestic Subsidiary” means any Restricted Subsidiary that is organized
or existing under the laws of the United States, any state thereof or the District of Columbia. 
 “Eligible Cash” means
any cash and Cash Equivalents held by (A) the Issuer or a Guarantor or (B) any Non-Guarantor Subsidiary, but only to the extent that such cash and Cash Equivalents held by such Non-Guarantor Subsidiary in excess of the amount of Indebtedness of such Non-Guarantor Subsidiary included in Consolidated Indebtedness (before subtracting Eligible Cash) are
reduced by the amount of taxes (if any) that would be incurred (as determined assuming a tax rate of 35% or, if less, the highest U.S. corporate tax rate then in effect at that time) if such cash and Cash Equivalents were to be transferred to
(i) the Issuer or a Guarantor or (ii) another Non- Guarantor Subsidiary; provided that, in the case of clause (ii), any such after-tax cash and Cash
Equivalents will only qualify as “Eligible Cash” under this Indenture to the extent that the amount of cash and Cash Equivalents that would be held by such other Non- Guarantor Subsidiary after
giving effect to such deemed transfer is not in excess of the amount of its Indebtedness included in Consolidated Indebtedness (before subtracting Eligible Cash). In determining any taxes that would be incurred for these purposes, the Issuer may
select among the group of eligible transferees (and the manner in which transfers could be effected) so as to minimize any taxes that would be deemed incurred. 

“EMU” means economic and monetary union as contemplated in the Treaty on European Union. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock. 
 “Equity Offering” means any public or
private sale of common stock or Preferred Stock of the Issuer (excluding Disqualified Stock), other than 

(1)    public offerings with respect to any of the Issuer’s common stock registered on Form S-4 or Form S-8 (or any successor form); 

(2)    issuances to any Subsidiary of the Issuer; and 

(3)    Refunding Capital Stock. 

“Euro” means the single currency of participating member states of the EMU. 

  
 17 

 “Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system. 

“Event of Default” has the meaning set forth in Section 6.01(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Existing Notes” means the $700.0 million aggregate principal amount of 5.75% senior notes due 2022
issued by the Issuer on April 29, 2014 (of which approximately $575.0 million aggregate principal amount remained outstanding immediately prior to the issuance of the Notes on the Issue Date). 

“fair market value (as determined in good faith by the Issuer)” means the fair market value, as determined in good faith by
the Issuer, whose determination will be conclusive for all purposes under this Indenture and the Notes. 
 “Foreign
Subsidiary” means (1) any Subsidiary which is not a Domestic Subsidiary or (2) any Subsidiary of a Subsidiary described in the preceding clause (1). 

“Four Quarter EBITDA” means, as of any date of determination, Consolidated Adjusted EBITDA of the Issuer and its Restricted
Subsidiaries for the most recently ended four fiscal quarters for which Required Financial Statements have been delivered, in each case with such pro forma adjustments to Consolidated Adjusted EBITDA as are appropriate and consistent with the
pro forma adjustment provisions set forth in the definition of Consolidated Net Leverage Ratio as determined in good faith by the Issuer. 

“GAAP” means generally accepted accounting principles in the United States, which are in effect on the Issue Date. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(ii), which is required to be placed on all Global
Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A issued in accordance with Section 2.01, 2.06(b) or 2.06(d). 

“Government Securities” means securities that are: 

(1)    direct obligations of, or obligations guaranteed by, the United States for the timely payment of
which its full faith and credit is pledged; or 
 (2)    obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case, are not callable or redeemable at the
option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of
or interest on any such Government Securities held by 

  
 18 

 
such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt.

 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection or deposit in the
ordinary course of business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under the Notes and this Indenture. 

“Guarantor” means, collectively, each Restricted Subsidiary that executes this Indenture as a Guarantor on the Issue Date and
each other Restricted Subsidiary that incurs a Guarantee of the Notes; provided that upon the release or discharge of such Person from its Guarantee in accordance with the terms of this Indenture, such Person automatically ceases to be a
Guarantor. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person under any interest
rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for
the transfer or mitigation of interest rate or currency risks or commodity pricing risks either generally or under specific contingencies. 

“Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“Indebtedness” means, with respect to any Person on the day of determination, without duplication: 

(1)    the principal in respect of (A) any indebtedness of such Person for borrowed money and
(B) indebtedness evidenced by bonds, notes (other than notes in favor of trade creditors evidencing trade payables incurred in the ordinary course of business), debentures or other similar instruments for the payment of which such Person is
liable; 
 (2)    the net obligations under all Hedging Obligations of such Person (the amount of such
obligations to be equal at any time to the net payment under such agreements or arrangements giving rise to such obligation that would be payable by such Person at the termination of such agreement or arrangement); 

(3)    all Attributable Debt in respect of a Sale and Lease-Back Transaction entered into by such Person
and all Capitalized Lease Obligations of such Person; 
 (4)    the principal component of all
obligations of such Person to pay the deferred and unpaid purchase price of any property (excluding trade payables incurred in the ordinary course of business), to the extent the same would be required to be shown as a long-term liability on a
balance sheet prepared in accordance with GAAP; 

  
 19 

 (5)    the principal amount of all reimbursement obligations
of such Person in respect of letters of credit, performance or surety bonds, bankers’ acceptances or other similar instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such
letters of credit, bonds, acceptances or other similar instruments plus the aggregate amount of drawings thereunder that have not been reimbursed) (except to the extent such reimbursement obligations relate to trade payables incurred in the
ordinary course of business); 
 (6)    the principal component of Indebtedness of the type referred to
in clause (1) of a third Person secured by a Lien on any asset owned by the Person first referenced in this definition (other than Liens on Equity Interests of Unrestricted Subsidiaries securing Indebtedness of such Unrestricted Subsidiaries),
whether or not such Indebtedness is assumed by such first Person; provided, however, that the amount of such Indebtedness will be the lesser of (A) the Indebtedness so secured and (B) the fair market value (as determined in
good faith by the Issuer) of the assets of such first Person securing such Indebtedness; and 
 (7)    to
the extent not otherwise included, any obligation by the Person first referenced in this definition to be liable for, or to pay, as obligor, guarantor or otherwise, on Indebtedness of the type referred to in clause (1) of a third Person
(whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business; 

provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (A) Contingent Obligations
incurred in the ordinary course of business, (B) deferred or prepaid revenues, (C) trade payables, accrued expenses and intercompany liabilities arising in the ordinary course of business, (D) any
earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, (E) purchase price holdbacks arising in the ordinary course of business in
respect of a portion of the purchase price of an asset to satisfy underperformed obligations of the seller of such asset or (F) obligations under or in respect of Receivables Facilities. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons engaged in
Similar Businesses of nationally recognized standing that is, in the good faith determination of the Issuer, qualified to perform the task for which it has been engaged. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” has the meaning assigned to such term in the recitals hereto. 

  
 20 

 “Initial Purchasers” means Citigroup Global Markets Inc., Morgan
Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC. 

“Internal Reorganization” means the series of internal transactions, including those described in the Issuer’s
registration statement on Form 10, originally filed by the Issuer with the SEC on November 22, 2013, as amended and supplemented (including the payment by the Issuer of a special cash dividend to Time Warner Inc. and the acquisition by Time
Atlantic Europe Holdings Limited of the U.K. publishing business from Time Warner Limited), following which the Issuer held the business previously constituting Time Warner Inc.’s “Time Inc.” reporting segment consisting principally
of its magazine publishing business and related websites and operations, as described in Time Warner Inc.’s Annual Report on Form 10-K for the year ended December 31, 2013. 

“Interest Payment Date” means April 15 and October 15 of each year to stated maturity or, if any such date is not a
Business Day, the next succeeding Business Day. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3
(or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency, and in each such case with a “stable” or better outlook. 

“Investment Grade Securities” means: 

(1)    securities issued or directly and fully guaranteed or insured by the United States, United Kingdom
or Canadian government or any agency or instrumentality thereof (other than Cash Equivalents); 

(2)    debt securities or debt instruments with an Investment Grade Rating, but excluding any debt
securities or instruments constituting loans or advances among the Issuer and its Subsidiaries; 

(3)    investments in any fund that invests exclusively in investments of the type described in clauses
(1) and (2) which fund may also hold immaterial amounts of cash pending investment or distribution; and 

(4)    corresponding instruments in countries other than the United States, United Kingdom and Canada
customarily utilized for high quality investments. 
 “Investments” means, with respect to any Person, all investments by
such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, deposits, advances to customers, dealers, distributors and suppliers,
commission, payroll, travel and similar advances to directors, officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities
issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person in the same manner as the other investments included in this definition to the extent such
transactions involve the transfer of cash or other property; provided, however, that endorsements of negotiable instruments and documents in the ordinary 

  
 21 

 
course of business will not be deemed to be an Investment. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.07: 

(1)    “Investments” shall include the portion (proportionate to the Issuer’s direct
or indirect equity interest in such Subsidiary) of the fair market value (as determined in good faith by the Issuer) of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer or applicable Restricted Subsidiary shall be deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to: 
 (a)    the Issuer’s direct or indirect
“Investment” in such Subsidiary at the time of such redesignation; less 

(b)    the portion (proportionate to the Issuer’s direct or indirect equity interest in such
Subsidiary) of the fair market value (as determined in good faith by the Issuer) of the net assets of such Subsidiary at the time of such redesignation; and 

(2)    any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market
value (as determined in good faith by the Issuer) at the time of such transfer. 
 The amount of any Investment outstanding at any time
shall be the original cost of such Investment (determined, in the case of any Investment made with assets of the Issuer or any Restricted Subsidiary, based on the fair market value (as determined in good faith by the Issuer) at the time of such
Investment of the assets invested), reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Issuer or a Restricted Subsidiary in respect of such Investment. 

“Issue Date” means October 11, 2017. 

“Issuer” has the meaning set forth in the Preamble hereto. 

“Issuer Order” means a written request or order signed on behalf of the Issuer, by an Officer who must be (A) the
principal executive officer, the principal financial officer or the principal accounting officer of the Issuer or (B) an Executive Vice President, the Treasurer or the Controller of the Issuer, and delivered to the Trustee. 

“Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security
interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or similar agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction in respect of a
security interest; provided that in no event shall an operating lease be deemed to constitute a Lien. 

  
 22 

 “Moody’s” means Moody’s Investors Service, Inc. and any
successor to its rating agency business. 
 “Net Income” means, with respect to any Person, the net income (loss)
attributable to such Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Proceeds” means the aggregate cash proceeds and the fair market value (as determined in good faith by the Issuer) of any
Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Non-cash
Consideration received in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment
banking fees, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements),
amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness (other than Subordinated Indebtedness) required (other than required by Section 4.10(b)(1)) to be paid as a result of such transaction,
any costs associated with unwinding any related Hedging Obligations in connection with such transaction and any deduction of appropriate amounts to be provided by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance with GAAP
against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

“Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not a Guarantor.

 “Non-U.S. Person” means a Person who is not a U.S. Person. 

“Notes” means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term
“Notes” shall also include any Additional Notes that may be issued hereafter. The Initial Notes and the Additional Notes, if any, shall be treated as a single class for all purposes under this Indenture (including waivers,
amendments, redemptions and offers to purchase), except as specifically noted otherwise herein. 
 “Obligations” means any
principal (including any accretion), interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or
not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages
and other liabilities, and guarantees of payment of such principal (including any accretion), interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness.

  
 23 

 “Offering Memorandum” means the offering memorandum, dated October 4, 2017,
relating to the sale of the Initial Notes to potential purchasers. 
 “Officer” means the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer, the Controller, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Issuer.

 “Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer who must be
(A) the principal executive officer, the principal financial officer or the principal accounting officer of the Issuer or (B) an Executive Vice President, the Treasurer or the Controller of the Issuer. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may
be an employee of or counsel to the Issuer or any of its Subsidiaries. 
 “Pari Passu Indebtedness” means Indebtedness of
the Issuer or a Guarantor that ranks equally in right of payment with the Notes or such Guarantor’s Guarantee, as applicable. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Asset Swap” means the substantially concurrent purchase and sale or exchange of Related Business Assets or a
combination of Related Business Assets and cash or Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received must be applied in accordance with
Section 4.10. 
 “Permitted Investments” means: 

(1)    any Investment by the Issuer or any of its Restricted Subsidiaries in the Issuer or any of its
Restricted Subsidiaries; 
 (2)    any Investment in cash, the Notes, Cash Equivalents or Investment
Grade Securities and Investments that were Cash Equivalents or Investment Grade Securities when made; 

(3)    any Investment by the Issuer or any of its Restricted Subsidiaries in a Person if as a result of
such Investment: 
 (A)    such Person becomes a Restricted Subsidiary; or 

(B)    such Person, in one transaction or a series of related transactions, is merged, consolidated or
amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary, and, in each case, any Investment held by such Person at the time such Person becomes a Restricted
Subsidiary; 

  
 24 

 provided that such Investment was not acquired by such Person in contemplation of such
acquisition, merger, consolidation, amalgamation, transfer or conveyance; 
 (4)    any Investment in
securities or other assets not constituting cash or Cash Equivalents and received in connection with an Asset Sale made pursuant to the provisions of Section 4.10 or any other disposition of assets not constituting an Asset Sale; 

(5)    any Investment (i) existing on the Issue Date or made pursuant to binding commitments in effect
on the Issue Date, (ii) made pursuant to the Spin- Off Documents or (iii) consisting of any replacement, refinancing, extension, modification or renewal of any Investment existing on the Issue Date or made pursuant to the Spin-Off Documents; provided that the amount of any such Investment may only be increased (i) as required by the terms of such Investment as in existence on the Issue Date, or (ii) as otherwise
permitted under this Indenture; 
 (6)    any Investment acquired by the Issuer or any of its Restricted
Subsidiaries: 
 (a)    in exchange for any other Investment or accounts receivable held by the Issuer or
any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable; 

(b)    as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any
secured Investment or other transfer of title with respect to any secured Investment in default; or 

(c)    as a result of the settlement, compromise or resolution of litigation, arbitration or other disputes
with Persons who are not Affiliates of the Issuer; 
 (7)    Hedging Obligations permitted under
Section 4.09(b)(9); 
 (8)    Investments the payment for which consists of Equity Interests
(exclusive of Disqualified Stock) of the Issuer; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under the second clause (3) in Section 4.07(a); 

(9)    guarantees of Indebtedness permitted under Section 4.09; 

(10)    any transaction to the extent it constitutes an Investment that is permitted and made in accordance
with the provisions of Section 4.11(b) (except transactions described in clauses (2), (6), (8), (9), (11), (13) and (17) of Section 4.11(b)); 

(11)    Investments consisting of (A) purchases and acquisitions of inventory, supplies, material,
services or equipment, or other similar assets or purchases of contract 

  
 25 

 
rights or licenses or leases of intellectual property, in each case in the ordinary course of business or (B) the leasing or licensing of intellectual property in the ordinary course of
business or the leasing, licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 

(12)    additional Investments having an aggregate fair market value (as determined in good faith by the
Issuer) taken together with all other Investments made pursuant to this clause (12) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of
cash or marketable securities) not to exceed the greater of (x) $300,000,000 and (y) 50.0% of Four Quarter EBITDA at the time of such Investment (with the fair market value (as determined in good faith by the Issuer) of each Investment being
measured at the time made and without giving effect to subsequent changes in value); provided that if such Investment is in Capital Stock of a Person that subsequently becomes a Restricted Subsidiary, such Investment shall thereafter be
deemed permitted under clause (1) or (3) above and shall not be included as having been made pursuant to this clause (12); 

(13)    Investments in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any Person
that, in the good faith determination of the Issuer, are necessary or advisable to effect any Receivables Facility or any repurchases in connection therewith; 

(14)    advances to, or guarantees of Indebtedness of, officers, directors and employees of the Issuer or
its Subsidiaries not in excess of $5,000,000 outstanding at any one time, in the aggregate; 

(15)    loans and advances to officers, directors and employees of the Issuer or its Subsidiaries for
business-related travel expenses, moving expenses, payroll expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practice or to fund such Person’s direct or indirect purchase of
Equity Interests of the Issuer; 
 (16)    any Investment in any Subsidiary or joint venture in
connection with intercompany cash management arrangements or related activities arising in the ordinary course of business; 

(17)    endorsements for collection or deposit in the ordinary course of business; 

(18)    Investments resulting from pledges or deposits with respect to leases or utilities provided to
third parties in the ordinary course of business or that are made in connection with Permitted Liens; 

(19)    advances, prepayments, loans or extensions of credit to customers and suppliers in the ordinary
course of business; 

  
 26 

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

(21)    Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3
endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers. 

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

(1)    pledges, deposits or security by such Person under workmen’s compensation laws, unemployment
insurance, employers’ health tax, and other social security laws or similar legislation, or other insurance related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and
adjustments thereto) or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance, or good faith deposits in
connection with bids, tenders, trade contracts or government contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or agreements with utilities, or deposits to secure public or statutory obligations of
such Person or deposits of cash or U.S. government bonds to secure surety, stay, customs or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, performance and return
of money bonds and other similar obligations (including letters of credit issued in lieu of any such bonds or to support the issuance thereof and including those to secure health, safety and environmental obligations), in each case incurred in the
ordinary course of business; 
 (2)    Liens imposed by law or regulation, such as carriers’,
warehousemen’s, materialmen’s, repairmen’s, mechanics’, contractors’ and other similar Liens, in each case for sums not yet overdue for a period of more than 30 days or being contested in good faith by appropriate
proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on
the books of such Person in accordance with GAAP; 
 (3)    Liens for taxes, assessments or other
governmental charges not yet overdue for a period of more than 30 days or which are being contested in good faith by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with
GAAP, or for property taxes on property the Issuer or one of its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment or charge is to such property; 

(4)    Liens in favor of issuers of performance, surety bonds or bid, indemnity, warranty, release, appeal
or similar bonds or with respect to other regulatory requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

  
 27 

 (5)    survey exceptions, encumbrances, ground leases,
servitudes, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph, cable and telephone lines, utilities and
other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties that were not incurred in connection with Indebtedness
or other covenants, conditions, restrictions and minor defects or irregularities in title (“Other Encumbrances”), in each case which Liens and Other Encumbrances do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person; 

(6)    Liens securing Indebtedness permitted to be incurred pursuant to clause (4), (12) or (17) of
Section 4.09(b); provided that (x) Liens securing Indebtedness permitted to be incurred pursuant to clause (4) extend only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or
improvement of which is financed thereby and any replacements, additions and accessions thereto and any income or profits therefrom; provided that individual financings of equipment provided by one lender may be cross- collateralized to other
financings of equipment provided by such lender, (y) Liens securing Refinancing Indebtedness permitted to be incurred pursuant to clause (12) only secure Refinancing Indebtedness that serves to Refinance any Indebtedness secured by a Lien;
provided that such Liens are limited to all or part of the same property or assets (plus additions, accessions, improvements, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements
under which the original Lien arose, could secure) the Indebtedness being refinanced and (z) Liens securing Indebtedness permitted to be incurred pursuant to clause (17) extend only to the assets of
Non-Guarantor Subsidiaries; 
 (7)    Liens existing on the Issue
Date; 
 (8)    Liens on property or shares of stock of a Person at the time such Person becomes a
Restricted Subsidiary; provided, however, such Liens are not created or incurred in connection with, or in contemplation of, such Person becoming such a Restricted Subsidiary; provided further, however, that such Liens
may not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries other than pursuant to customary after-acquired property clauses; 

(9)    Liens on property at the time the Issuer or a Restricted Subsidiary acquired the property, including
any acquisition by means of a merger or consolidation with or into the Issuer or any of its Restricted Subsidiaries; provided, however, that such Liens are not created or incurred in connection with, or in contemplation of, such
acquisition, merger or consolidation; 
 (10)    Liens securing Indebtedness or other obligations of a
Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary permitted to be incurred in accordance with Section 4.09; 

(11)    Liens securing Hedging Obligations permitted under Section 4.09(b)(9); 

  
 28 

 (12)    Liens on specific items of inventory or other goods
and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances or trade letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods; 
 (13)    (A) leases, subleases, licenses or sublicenses (including of real property and
intellectual property) granted to others in the ordinary course of business and (B) with respect to any leasehold interest held by the Issuer or any of its Subsidiaries, the terms of the leases granting such leasehold interest and the rights of
lessors thereunder, which in the case of each of (A) and (B) do not materially interfere with the ordinary conduct of the business of the Issuer and its Restricted Subsidiaries, taken as a whole, and do not secure any Indebtedness; 

(14)    Liens arising from Uniform Commercial Code (or equivalent statute) financing statement filings
regarding operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 

(15)    Liens in favor of the Issuer or any Guarantor; 

(16)    Liens on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary
course of business; 
 (17)    Liens on accounts receivable and related assets incurred in connection
with a Receivables Facility; 
 (18)    Liens to secure any Refinancing (or successive Refinancings) as a
whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9) and this clause (18); provided, however, that (A) such new Lien shall be limited to all or part of the same
property that secured the original Lien (and additions, accessions, improvements, proceeds and replacements and customary deposits in connection therewith and proceeds and products therefrom) and assets that secured or, under the written agreements
pursuant to which the original Lien arose, could secure the original Indebtedness, and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount or,
if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9) and this clause (18) at the time the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to pay any fees and
expenses, including premiums, and accrued and unpaid interest related to such Refinancing; 

(19)    deposits made in the ordinary course of business to secure liability to insurance carriers; 

(20)    other Liens securing obligations that do not exceed $100,000,000 in aggregate amount at any one
time outstanding; 
 (21)    Liens securing judgments for the payment of money not constituting an Event
of Default under Section 6.01(a)(5) so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which
such proceedings may be initiated has not expired; 

  
 29 

 (22)    Liens in favor of customs and revenue authorities
arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

(23)    Liens (A) of a collection bank arising under
Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (B) attaching to commodity trading accounts or other commodity brokerage
accounts incurred in the ordinary course of business and (C) in favor of banking or other financial institutions arising as a matter of law or pursuant to customary depositary terms encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(24)    Liens deemed to exist in connection with Investments in repurchase agreements permitted under
Section 4.09; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 

(25)    Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens
attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(26)    banker’s liens, Liens that are statutory, common law or contractual rights of set-off and other similar Liens, in each case (A) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (B) relating to pooled deposit
or sweep accounts of the Issuer or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business or (C) relating to purchase orders and other agreements entered into
with customers of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 

(27)    Liens on assets of Non-Guarantor Subsidiaries securing
Indebtedness of Non-Guarantor Subsidiaries; 
 (28)    Liens on
the Equity Interests of Unrestricted Subsidiaries; 
 (29)    Liens deemed to exist by reason of
(A) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement or (B) any encumbrance or restriction
imposed under any contract for the sale by the Issuer or any of its Subsidiaries of the Capital Stock of any Subsidiary of the Issuer, or any business unit or division of the Issuer or any Subsidiary of the Issuer permitted by this Indenture; 

(30)    Liens on property or assets used to defease or to irrevocably satisfy and discharge Indebtedness;
provided that such defeasance or satisfaction and discharge is not prohibited by this Indenture; 

  
 30 

 (31)    Liens arising out of conditional sale, title
retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business; 

(32)    Liens incurred to secure cash management services or to implement cash pooling arrangements in the
ordinary course of business; 
 (33)    Liens solely on any cash earnest money deposits made by the
Issuer or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted under this Indenture; 

(34)    rights deemed to arise under revenue sharing or similar agreements entered into in the ordinary
course of business pursuant to which third parties are granted the right to receive a portion of the revenues, income or profits generated from specific assets or operations of the Issuer or any Restricted Subsidiary; 

(35)    Liens securing the Notes and the related Guarantees; 

(36)    Liens securing Indebtedness permitted to be incurred under Credit Facilities, including any letter
of credit facility relating thereto, that was permitted by the terms of this Indenture to be incurred pursuant to Section 4.09(b)(1); and 

(37)    Liens securing Pari Passu Indebtedness permitted to be incurred pursuant to Section 4.09;
provided that at the time of any incurrence of such Pari Passu Indebtedness and after giving pro forma effect thereto, the Consolidated Secured Net Leverage Ratio shall not be greater than 3.00 to 1.00. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Private Placement Legend” means the legend set forth in Section 2.06(g)(i) to be
placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating on the Notes
publicly available, a nationally recognized statistical rating organization or organizations, as the case may be, selected by the Issuer which shall be substituted for Moody’s or S&P or both, as the case may be. 

“Receivables Facility” means any of one or more receivables financing facilities as amended, supplemented, modified,
extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such
facilities) to the Issuer or any of its 

  
 31 

 
Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries sells its accounts receivable to either (A) a Person that is
not a Restricted Subsidiary or (B) a Receivables Subsidiary that in turn sells its accounts receivable to (or finances its accounts receivable with) one or more Persons that are not Restricted Subsidiaries. 

“Receivables Fees” means distributions or payments made directly or by means of discounts with respect to any accounts
receivable or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Facility. 

“Receivables Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in, one or more
Receivables Facilities and other activities reasonably related thereto. 
 “Record Date” for the interest payable on any
applicable Interest Payment Date means April 1 or October 1 (whether or not a Business Day) next preceding such Interest Payment Date. 

“Reference Date” means October 11, 2017. 

“Refinance” means, in respect of any Indebtedness, Disqualified Stock or Preferred Stock, to refinance, extend, renew,
refund, repay, prepay, redeem, defease or retire, or to issue other Indebtedness, Disqualified Stock or Preferred Stock in exchange or replacement for, such Indebtedness, Disqualified Stock or Preferred Stock. “Refinanced” and
“Refinancing” shall have correlative meanings. 
 “Refinancing Indebtedness” means Indebtedness, Disqualified
Stock or Preferred Stock (including any Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), accrued interest, defeasance costs and reasonable fees and expenses in connection therewith) that
Refinances any Indebtedness, Disqualified Stock or Preferred Stock existing on the Issue Date or incurred thereafter in compliance with this Indenture, including Indebtedness, Disqualified Stock or Preferred Stock that Refinances Refinancing
Indebtedness; provided that such Refinancing Indebtedness: 
 (1)    either (A) has a
Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being Refinanced or
(B) does not require payments of principal (other than any such payment that may arise as a result of an acceleration following default or pursuant to customary change of control or asset sale provisions) prior to the date that is 91 days
following the final scheduled maturity of the Notes; 
 (2)    to the extent such Refinancing
Indebtedness refinances (i) Indebtedness subordinated in right of payment to the Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated in right of payment to the Notes or the Guarantee, as applicable, at least to the
same extent as the Indebtedness being Refinanced, or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively; and 

  
 32 

 (3)    shall not include: 

(A)    Indebtedness, Disqualified Stock or Preferred Stock of a
Non- Guarantor Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Guarantor; or 

(B)    Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Restricted Subsidiary that
refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary. 
 “Regulation S” means
Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Global Note in the form of Exhibit
A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee. 

“Related Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business;
provided that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a
Person, unless upon receipt of the securities of such Person, such Person would be or become a Restricted Subsidiary. 
 “Required
Financial Statements” means the financial statements required to be delivered pursuant to Section 4.03. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Subsidiary” means, at any time, each direct and indirect Subsidiary of the Issuer that is not
then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary while such entity remains a Subsidiary of the Issuer, such Subsidiary
shall be included in the definition of “Restricted Subsidiary”. 

  
 33 

 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc., or any successor
to its rating agency business. 
 “Sale and Lease-Back Transaction” means any direct or indirect arrangement providing for
the leasing by the Issuer or any of its Restricted Subsidiaries of any real or tangible personal property (other than a lease for a term not exceeding 12 months), which property has been or is to be sold or transferred for value by the Issuer or
such Restricted Subsidiary to a third Person in contemplation of such leasing. 
 “SEC” means the U.S. Securities and
Exchange Commission. 
 “Secured Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries
secured by a Lien. For the avoidance of doubt, Attributable Debt will be considered to be secured by the assets that are the subject of the Sale and Lease- Back Transaction. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Senior Credit Facilities” means the credit facilities under the Amended and Restated Credit Agreement,
dated as of October 11, 2017, by and among Time Inc., the guarantors party thereto, the lenders party thereto in their capacities as lenders thereunder and Citibank, N.A., as Administrative Agent thereunder, including any guarantees, collateral
documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings or Refinancings thereof subsequent to the Issue Date (and for the avoidance of
doubt, after giving effect to the issuance of the Notes and the use of proceeds thereof) and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance
any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof
(provided that such increase in borrowings is permitted under Section 4.09). 
 “Significant Subsidiary” means
any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such regulation is in effect on the Issue Date. 
 “Similar Business” means any business, services or
activities conducted or proposed to be conducted by the Issuer or any of its Subsidiaries on the Issue Date or any business, services or activities that are similar, reasonably related, incidental, complementary or ancillary to any of the foregoing
or are extensions or developments of any thereof. 

  
 34 

 “Spin-Off” means the Internal
Reorganization and the Distribution. 
 “Spin-Off Documents” means the Separation
and Distribution Agreement dated as of June 6, 2014 between Time Warner Inc. and the Issuer, the Transition Services Agreement dated as of June 6, 2014 between Time Warner Inc. and the Issuer, the Tax Matters Agreement dated as of
June 6, 2014 between Time Warner Inc. and the Issuer, the Employee Matters Agreement dated as of June 6, 2014 between Time Warner Inc. and the Issuer, and any other instruments, assignments, documents and agreements executed in connection
with the implementation of the transactions contemplated by any of the foregoing. 

“Spin-Off Transactions” means (1) (A) the
Spin-Off, (B) any other transactions contemplated by, or pursuant to, the Spin-Off Documents or otherwise in connection with the
Spin-Off (including any cancellation or termination of Indebtedness, agreements, arrangements, commitments or understandings, including intercompany accounts payables, receivables or Indebtedness, between the
Issuer or any of its Restricted Subsidiaries, on the one hand, and Time Warner Inc. or any of its other Subsidiaries, on the other hand, and making certain intercompany contributions and dividend payments) and (C) any other transactions
pursuant to agreements or arrangements in effect on June 6, 2014, or any amendment, modification, addition or supplement thereto or replacement thereof, as long as the terms of such agreement or arrangement, as so amended, modified, added,
supplemented or replaced are not materially more disadvantageous to the Holders of the Existing Notes when taken as a whole compared to the applicable agreements as in effect on June 6, 2014 (as determined in good faith by the Issuer), (2) the
issuance of the Existing Notes, (3) the entering into of that certain Credit Agreement, dated as of April 24, 2014, among the Issuer, the guarantors party thereto, the lenders party thereto and Citibank, N.A., as administrative agent, and
the borrowing of the term loan thereunder and (4) the payment of fees and expenses in connection with the foregoing. 

“Sterling” means the lawful currency of the United Kingdom. 

“Subordinated Indebtedness” means: 

(1)    any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes,
and 
 (2)    any Indebtedness of a Guarantor which is by its terms subordinated in right of payment to
the Guarantee of such entity. 
 “Subsidiary” means, with respect to any Person: 

(1)    any corporation, association, or other business entity (other than a partnership, limited liability
company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time
of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and 

  
 35 

 (2)    any partnership, limited liability company or similar
entity of which 
 (x)    more than 50% of the voting interests or general partnership interests, as
applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership or otherwise,
and 
 (y)    such Person or any Restricted Subsidiary of such Person is a controlling general partner or
otherwise controls such entity. 
 “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days prior to the
Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to October 15, 2020; provided, however, that
if the period from the Redemption Date to October 15, 2020 is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 

“Trustee” Citibank, N.A., as trustee, until a successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter means the successor serving under this Indenture. 
 “Unrestricted Definitive Note” means one or
more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted Global
Note” means a permanent Global Note, substantially in the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Increases or Decreases of Interests in the Global Note” attached thereto,
and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear and are not required to bear the Private Placement Legend. 

“Unrestricted Subsidiary” means: 

(1)    any Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as
designated by the Issuer, as provided below); 
 (2)    any Subsidiary of an Unrestricted Subsidiary; and

 (3)    each of TI Mexico Holdings Inc. and its Subsidiaries (except to the extent TI Mexico Holdings
Inc. or any such Subsidiary is designated by the Issuer after the Issue Date to be a Restricted Subsidiary in accordance with the provisions below). 

  
 36 

 The Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary and any
newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary; provided that: 

(1)    such designation complies with Section 4.07; and 

(2)    each of: 

(A)    the Subsidiary to be so designated; and 

(B)    its Subsidiaries 

has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with
respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary except for Liens described in clause (28) of the definition of “Permitted Liens”. 

The Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to
such designation, no Default shall have occurred and be continuing and either: 
 (1)    the Issuer could
incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Net Leverage Ratio test described in Section 4.09(a); or 

(2)    the Consolidated Net Leverage Ratio for the Issuer and its Restricted Subsidiaries would be less
than or equal to such ratio immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 

Any such designation by the Issuer shall be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the resolution
of the Board of Directors of the Issuer or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions, whereupon such designation shall be
immediately effective. 
 “U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors or other governing body of such Person. 
 “Weighted Average Life to Maturity”
means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 

(1)    the sum of the products of the number of years from the date of determination to the date of each
successive scheduled principal payment of such Indebtedness or scheduled redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment; by 

  
 37 

 (2)    the sum of all such payments. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which
(other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) shall at the time be owned by such Person or by one or more Wholly Owned
Subsidiaries of such Person. 
 SECTION 1.02    Other Definitions. 

 

			
	 Term
	  	Defined in
Section
	“Acceptable Commitment”	  	4.10
	“Affiliate Transaction”	  	4.11
	“Asset Sale Offer”	  	4.10
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.13
	“Change of Control Payment”	  	4.13
	“Change of Control Payment Date”	  	4.13
	“Covenant Defeasance”	  	8.03
	“Covenant Suspension Event”	  	4.15
	“DTC”	  	2.03
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.10
	“incur”, “incurrence”	  	4.09
	“Legal Defeasance”	  	8.02
	“Note Register”	  	2.03
	“Offer Amount”	  	3.10
	“Offer Period”	  	3.10
	“Paying Agent”	  	2.03
	“Permitted Payments”	  	4.07
	“Purchase Date”	  	3.10
	“Redemption Date”	  	3.07
	“Refunding Capital Stock”	  	4.07
	“Registrar”	  	2.03
	“Restricted Payments”	  	4.07
	“Reversion Date”	  	4.15
	“Successor Company”	  	5.01
	“Successor Guarantor”	  	5.01
	“Suspended Covenants”	  	4.15
	“Suspension Period”	  	4.15
	“Tax Group”	  	4.07

 SECTION 1.03    Rules of Construction. Unless the context otherwise requires:

 (a)    a term has the meaning assigned to it; 

  
 38 

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

(d)    the words “including”, “include” or “includes” shall be deemed to be followed by the
words “without limitation”; 
 (e)    words in the singular include the plural, and in the plural include the
singular; 
 (f)    references to “shall” and “will” are intended to have the same
meaning; 
 (g)    references to sections of, or rules under, the Securities Act shall be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC from time to time; 
 (h)    unless the context otherwise
requires, any reference to an “Article”, “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; 

(i)    “furnish to the Trustee” shall be deemed to be followed by the words “or electronically
transmit”; 
 (j)    the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision; and 

(k)    Indebtedness that is unsecured shall not be deemed to be subordinated or junior to Secured Indebtedness merely
because it is unsecured, and Indebtedness shall not be deemed to be subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral. 

SECTION 1.04    Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing.
Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Proof of execution of any
such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuer, if made in
the manner provided in this Section 1.04. 
 (b)    The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing
the same. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

  
 39 

 (c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note
shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e)    The Issuer may, but
shall not be obligated to, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by
vote or consent authorized or permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such
vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. 

(f)    Without limiting the foregoing, a Holder entitled to take any action under this Indenture with regard to any
particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any
notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this Section 1.04 shall have the same effect as if given or taken by separate Holders of each such different part. 

(g)    Without limiting the generality of the foregoing, a Holder, including the Depositary, may make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and the Depositary may provide its proxy or proxies
to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

(h)    The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Persons who are
beneficial owners of interests in any Global Note held by the Depositary entitled under the procedures of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to
make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. 

  
 40 

 ARTICLE II 

The Notes 

SECTION 2.01    Form and Dating; Terms. (a) General. The Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage (provided that any such notation, legend or endorsement is in a form
acceptable to the Issuer). Each Note shall be dated the date of the Trustee’s authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. 

(b)    Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto
(including the Global Note Legend thereon and the “Schedule of Increases or Decreases of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but
without the Global Note Legend thereon and without the “Schedule of Increases or Decreases of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified therein and
each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as applicable, to reflect exchanges, repurchases and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made
by the Trustee as Custodian (or if the Trustee and the Custodian are not the same Person, by the Custodian at the direction of the Trustee), in accordance with instructions given by the Holder thereof as required by Section 2.06. 

(c)    [Reserved]. 

(d)    Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture
is unlimited. 
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture
and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to repurchase
by the Issuer pursuant to an Asset Sale Offer as provided in Section 4.10 or a Change of Control Offer as provided in Section 4.13. The Notes shall not be redeemable, other than as provided in Article III. 

Additional Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Issuer without notice to
or consent of the Holders and shall be consolidated with and form a single class with the other Notes (including any Initial Notes or other Additional Notes) and shall have the same terms as to status, redemption or otherwise as such Notes (other
than date of issue and, if applicable, the date from which interest shall accrue 

  
 41 

 
and the first date on which payment thereof shall be made); provided that the Issuer’s ability to issue Additional Notes shall be subject to the Issuer’s compliance with
Section 4.09. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture. 

(e)    Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the
Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of
beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 

SECTION 2.02    Execution and Authentication. At least one Officer shall execute the Notes by manual or
facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note
shall nevertheless be valid. 
 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose
until authenticated substantially in the form of Exhibit A attached hereto, by the manual signature of a Responsible Officer of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under
this Indenture. 
 On the Issue Date, the Trustee shall, upon receipt of an Issuer Order (an “Authentication Order”),
authenticate and deliver the Initial Notes. In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any Additional Notes for an aggregate principal amount specified in such
Authentication Order for such Additional Notes issued under this Indenture. 
 The Trustee may appoint an authenticating agent acceptable to
the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 
 SECTION 2.03    Registrar and Paying
Agent. The Issuer shall maintain (i) a registrar with an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and (ii) a paying agent with an office or agency where Notes may
be presented for payment (the “Paying Agent”). The Registrar shall maintain a register reflecting ownership of the Notes outstanding from time to time (“Note Register”) and upon written request from the Issuer, the
Registrar shall provide the Issuer with a copy of the Note Register. The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar. The term “Paying
Agent” includes any additional paying agents. The Issuer initially appoints the Trustee as (i) Registrar and Paying Agent and (ii) the Custodian with respect to the Global Notes. The Issuer may change the Paying Agents or the
Registrars without prior notice to the Holders. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying
Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as a Paying Agent or a Registrar. All Agents appointed under this Indenture shall be appointed pursuant to agency agreements among the Issuer, the Trustee and the
Agent, as applicable. 

  
 42 

 The Issuer initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes. 
 SECTION 2.04    Paying Agent to Hold Money in Trust. The
Issuer shall require the Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or
interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time
may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or one of its Subsidiaries) shall have no further liability for the money. If the Issuer or one of
its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee
shall serve as Paying Agent for the Notes. To the extent that the Paying Agent receives any amounts pursuant to this Section 2.04 and such amounts are remitted to the Holders, the Trustee and Paying Agent shall have no further obligations with
respect thereto. 
 SECTION 2.05    Holder Lists. The Registrar shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at
such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes. 

SECTION 2.06    Transfer and Exchange. (a) Transfer and Exchange of Global Notes. Except as otherwise set
forth in this Section 2.06, a Global Note may be transferred, in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor. A beneficial interest in a Global Note shall be exchangeable
for a Definitive Note if (A) (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (ii) the Depositary has ceased to be a clearing agency registered under the Exchange Act and, in
either case, a successor Depositary is not appointed by the Issuer within 120 days of such notice, (B) the Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes or (C) there shall have
occurred and be continuing an Event of Default with respect to the Notes and the Depositary has requested the issuance of Definitive Notes. Upon the occurrence of any of the preceding events in (A), (B) or (C) above, Definitive Notes delivered in
exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its Applicable Procedures). Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10,
shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in (A), (B) or (C) above and pursuant to Section 2.06(c). A Global Note 

  
 43 

 
may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged
as provided in Section 2.06(b) or (c). 
 (b)    Transfer and Exchange of Beneficial Interests in the Global
Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. None of the Issuer or any of its agents,
the Trustee or the Registrar shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note, or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act, or for
complying with or ensuring compliance with any Applicable Procedures. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes pursuant to this clause (b). Transfers of beneficial interests
in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as, if applicable, one or more of the other following subparagraphs: 

(i)    Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any
Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend. Beneficial
interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. Except as required pursuant to the Private Placement Legend, no written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

(ii)    All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection
with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i), the transferor of such beneficial interest must deliver to the Registrar (in each case in form and substance satisfactory to the Trustee and
the Issuer) either: 
 (A)    (1) a written order from a Participant or an Indirect Participant given to
the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and
(2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 

(B)    (1) if Definitive Notes are at such time permitted to be issued under this Indenture, a written
order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given by the 

  
 44 

 
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above.

 Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture
and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h). 

(iii)    Transfer of Beneficial Interests in a Restricted Global Note to Another Restricted Global
Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(ii) and the Registrar receives the following: 
 (A)    if the transferee will take
delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 

(B)    if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global
Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(iv)    Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note, if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) and the Registrar receives the following: 

(A)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(B)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and, in each case, if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act. 

  
 45 

 If any such transfer is effected pursuant to this Section 2.06(b)(iv) at a time when an
Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section 2.06(b)(iv). 

(v)    Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial
Interests in a Restricted Global Note Prohibited. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, beneficial interests in a Restricted Global Note.

 (c)    Transfer or Exchange of Beneficial Interests for Definitive Notes. Beneficial interests in Global Notes
shall be exchanged for Definitive Notes only pursuant to this clause (c). 
 (i)    Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events in clause (A), (B) or (C) of Section 2.06(a), subject to satisfaction of the conditions set forth
in Section 2.06(b)(ii) and receipt by the Registrar of the following documentation: 
 (A)    if the
holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications
in item (2)(a) thereof; 
 (B)    if such beneficial interest is being transferred to a QIB in accordance
with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(C)    if such beneficial interest is being transferred to a
Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(D)    if such beneficial interest is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E)    if such beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F)    if such beneficial interest is being transferred pursuant to an effective registration statement
under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

  
 46 

 
the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuer shall execute and the Trustee shall
authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant
or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(ii)    [Reserved]. 

(iii)    Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder
of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive
Note only upon the occurrence of any of the events in clause (A), (B) or (C) of Section 2.06(a), the satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof and if the Registrar receives the following: 

(A)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each case, if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (iv)    Beneficial Interests in
Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in clause (A), (B) or (C) of Section 2.06(a) and satisfaction of the conditions set forth in Section 2.06(b)(ii), the
Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly 

  
 47 

 
pursuant to Section 2.06(h), and the Issuer shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable
principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so
registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend. 

(d)    Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Restricted Definitive
Notes shall be exchanged for beneficial interests in Restricted Global Notes only pursuant to this clause (d). 

(i)    Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder
of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a
Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A)    if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item
(2)(b) thereof; 
 (B)    if such Restricted Definitive Note is being transferred to a QIB in accordance
with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(C)    if such Restricted Definitive Note is being transferred to a
Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(D)    if such Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E)    if such Restricted Definitive Note is being transferred to the Issuer or any of its Subsidiaries, a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F)    if such Restricted Definitive Note is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

  
 48 

 the Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the
aggregate principal amount of the applicable Global Note. 
 (ii)    Restricted Definitive Notes to
Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 

(A)    if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in
the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(B)    if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each case, if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii)    Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the
Unrestricted Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to
subparagraph (ii) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

  
 49 

 (e)    Transfer and Exchange of Definitive Notes for Definitive Notes.
Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Definitive Notes shall be exchanged for
Definitive Notes only pursuant to this clause (e). Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable,
required pursuant to the following provisions of this Section 2.06(e): 
 (i)    Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the
following: 
 (A)    if the transfer will be made to a QIB in accordance with Rule 144A, then the
transferor must deliver a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B)    if the transfer will be made to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904 then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 

(C)    if the transfer will be made pursuant to any other exemption from the registration requirements of
the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable. 

(ii)    Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note
may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A)    if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an
Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(B)    if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each case, if the Registrar or the Issuer so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar and the
Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act. 

  
 50 

 (iii)    Unrestricted Definitive Notes to Unrestricted
Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall
register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 

(f)    [Reserved]. 

(g)    Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued
under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(i)    Private Placement Legend. 

(A)    Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and
all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
HEREOF, AGREES, FOR THE BENEFIT OF THE COMPANY, ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE
OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS
THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT 

  
 51 

 
TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S.
PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. 

THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE FOREGOING RESALE
RESTRICTIONS. 
 [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S.
PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF
THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN,
ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER
LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY

  
 52 

 
SUCH PLAN, ACCOUNT OR OTHER ARRANGEMENT WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3- 103 AS MODIFIED BY SECTION 3(42) OF ERISA OR OTHERWISE OR
(2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON- EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE
SIMILAR LAW.” 
 (B)    Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii)    Global Note Legend. Each Global Note shall bear a legend in substantially the following
form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR
THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE,
(II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND
(IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED 

  
 53 

 
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(h)    Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular
Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance
with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes or a particular Global Note has been redeemed or repurchased in part, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or
by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note,
such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i)    General Provisions Relating to Transfers and Exchanges. 

(i)    To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall
authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 

(ii)    The Registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer
documents in connection with a transfer of Notes. 
 (iii)    No service charge shall be made to a holder
of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but Holders shall pay all taxes due on transfer (other than any such transfer taxes or similar governmental charge payable
upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.10, 4.10, 4.13 and 9.04). 
 (iv)    Neither
the Registrar nor the Issuer shall be required to register the transfer of or exchange of any Note selected for redemption. 

(v)    All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global
Notes or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or
exchange. 

  
 54 

 (vi)    Neither the Registrar nor the Issuer shall be
required (A) to issue, register the transfer of or exchange any Note for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed, (B) to register the transfer or exchange of any Note selected for
redemption, (C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date or (D) to register the transfer of or to exchange any Notes selected for redemption or tendered (and not
withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Sale Offer. 

(vii)    Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent
and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee,
any Agent or the Issuer shall be affected by notice to the contrary. 
 (viii)    The Trustee shall
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02. 

(ix)    [reserved]. 

(x)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global Notes)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 
 (xi)    Neither the Trustee nor any Agent
shall have any responsibility or liability for any actions taken or not taken by the Depositary. 

(xii)    The Trustee and the Registrar shall be entitled to receive such evidence as may be reasonably
requested to establish the identity and/or signature of any transferee or transferor. 
 SECTION 2.07    Replacement
Notes. If any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee,
upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s and the Issuer’s requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and
the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses (including the expenses of the Trustee) in replacing a
Note. 

  
 55 

 Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of
the benefits of this Indenture equally and proportionately with all other Notes duly issued under this Indenture. 

SECTION 2.08    Outstanding Notes. The Notes outstanding at any time are all the Notes authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not
outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a protected purchaser as such term is defined in Section 8-303 of the Uniform Commercial Code in effect in the State of New York. 

If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to
accrue from and after the date of such payment. 
 If the Paying Agent (other than the Issuer, a Subsidiary of the Issuer or an Affiliate of
any thereof) holds, on a Redemption Date, purchase date in connection with an offer to repurchase or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest. 
 SECTION 2.09    Treasury Notes. In determining whether
the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes beneficially owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notwithstanding the
foregoing, Notes that are to be acquired by the Issuer, any Subsidiary of the Issuer or an Affiliate of the Issuer pursuant to an exchange offer, tender offer or other similar agreement shall not be deemed to be owned by the Issuer, a Subsidiary of
the Issuer or an Affiliate of the Issuer until legal title to such Notes passes to the Issuer, such Subsidiary or such Affiliate, as the case may be. 

SECTION 2.10    Temporary Notes. Until certificates representing Notes are ready for delivery, the Issuer may
prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for
temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 

Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or
beneficial holders, respectively, of Notes under this Indenture. 
 SECTION 2.11 Cancellation.    The Issuer at
any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes 

  
 56 

 
surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes
surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled Notes in accordance with its customary procedures. Confirmation of the disposal of all cancelled Notes shall be delivered to the
Issuer upon its written request. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

SECTION 2.12    Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, it shall pay
the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest to Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. The
Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Issuer shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be
less than ten days prior to the related payment date for such defaulted interest. The Issuer shall promptly notify the Trustee of such special record date. At least 15 days before the special record date, the Issuer (or, upon the written request of
the Issuer, the Trustee, in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, (or otherwise deliver in accordance with the applicable procedures of the Depositary) to each Holder a notice at
his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid. 

Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Indenture upon
registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest, which were carried by such other Note. 

SECTION 2.13    CUSIP/ISIN Numbers. The Issuer in issuing the Notes may use CUSIP or ISIN numbers, as
applicable, (if then generally in use) and, if so, the Trustee may use CUSIP or ISIN numbers, as applicable, in notices to Holders as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or other action shall not be affected by
any defect in or omission of such numbers. The Issuer will as promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN Code numbers, as applicable. Additional Notes will not be issued with the same CUSIP, if any, as
any existing Notes unless such Additional Notes are fungible with such existing Notes for U.S. federal income tax purposes. 

  
 57 

 ARTICLE III 

Redemption 

SECTION 3.01    Notices to Trustee. If the Issuer elects to redeem Notes pursuant to Section 3.07, it
shall furnish to the Trustee, at least five Business Days (or such later date acceptable to the Trustee) before notice of redemption is required to be mailed or caused to be mailed (or otherwise sent in accordance with the applicable procedures of
the Depositary) to the applicable Holders pursuant to Section 3.03, an Officer’s Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur,
(ii) the Redemption Date (subject to any conditions precedent applicable thereto), (iii) the principal amount of the Notes to be redeemed and (iv) the redemption price (or manner of calculation if not then known). If the redemption price
is not known at the time such notice is to be given, the actual redemption price, calculated as described in the terms of the Notes, will be set forth in an Officer’s Certificate delivered to the Trustee no later than one Business Day prior to
the Redemption Date. 
 SECTION 3.02    Selection of Notes to Be Redeemed or Purchased. If the Issuer is
redeeming or repurchasing less than all of the Notes at any time, the Trustee shall select the Notes to be redeemed on a pro rata basis (or as nearly pro rata as practicable) or by such method as the Trustee shall deem fair and
appropriate, unless otherwise required by law or the rules of the principal national securities exchange, if any, on which the Notes are listed or by lot or such other similar method in accordance with the applicable procedures of the Depositary;
provided that no Notes of $2,000 or less shall be redeemed or repurchased in part. 
 The Trustee shall promptly notify the Issuer in
writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of
$2,000 or whole multiples of $1,000 in excess thereof; no Notes of $2,000 or less can be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even
if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or
purchase. 
 SECTION 3.03    Notice of Purchase or Redemption. The Issuer shall mail or cause to be mailed by
first-class mail (or otherwise delivered in accordance with the applicable procedures of the Depositary), notices of purchase or redemption at least 30 days but not more than 60 days before the purchase date or Redemption Date to each Holder at such
Holder’s registered address or otherwise in accordance with the applicable procedures of the Depositary, except that redemption notices may be mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) more than
60 days prior to a Redemption Date if the notice is issued in connection with Article VIII or Article XI. If any Note is to be purchased or redeemed in part only, any notice of purchase or redemption that relates to such Note shall state the portion
of the principal amount thereof that is to be purchased or redeemed. The Issuer shall issue a new Note in a principal amount equal to the unredeemed portion of the original Note in 

  
 58 

 
the name of the Holder upon cancellation of the original Note. The notice shall identify the Notes (including the CUSIP or ISIN number) to be purchased or redeemed and shall state: 

(A)    subject to clause (I) below, the purchase date or Redemption Date; 

(B)    the purchase or redemption price (or manner of calculation if not then known); 

(C)    if any Note is to be redeemed in part only, the portion of the principal amount of that Note that
has been or is to be purchased or redeemed and that, after the Redemption Date upon surrender of such Note, the Issuer will issue a new Note or Notes in principal amount equal to the unredeemed portion of the original Note in the name of the Holder
upon cancellation of the original Note; 
 (D)    the name and address of the Paying Agent; 

(E)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price; 
 (F)    that, unless the Issuer defaults in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the Redemption Date; 
 (G)    the paragraph or
subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for purchase or redemption are being redeemed; 

(H)    that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, as
applicable, if any, listed in such notice or printed on the Notes; and 
 (I)    any condition to such
redemption. 
 At the Issuer’s request, the Trustee shall give the notice of purchase or redemption in the Issuer’s name and at
its expense; provided that the Issuer shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be mailed or caused to be mailed (or sent or caused to be sent in accordance with the applicable
procedures of the Depositary) to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to
be stated in such notice as provided in this Section 3.03. 
 Any redemption, notice of purchase or notice of redemption may, at the
Issuer’s direction, be subject to the satisfaction of one or more conditions precedent (including in the case of a redemption related to an Equity Offering, the consummation of such Equity Offering). 

SECTION 3.04    Effect of Notice of Redemption. Subject to the last paragraph of Section 3.03 and the terms of the
applicable redemption notice (including any conditions contained therein) once notice of redemption is mailed in accordance with Section 3.03, Notes 

  
 59 

 
called for redemption become irrevocably due and payable on the Redemption Date at the redemption price, subject to the satisfaction of any conditions precedent to the redemption. The notice, if
provided in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of the Notes
designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Notes. Subject to Section 3.05, on and after the Redemption Date, interest ceases to accrue on Notes or portions of
Notes called for redemption. 
 SECTION 3.05    Deposit of Redemption or Purchase Price. Prior to 11:00 a.m.
(New York City time) on the purchase date or Redemption Date, the Issuer shall deposit with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that
date. The Paying Agent shall promptly return to the Issuer any money deposited with the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or
purchased. 
 If the Issuer complies with the provisions of this Section 3.05, on and after the purchase date or Redemption Date, interest
shall cease to accrue on the Notes or the portions of the Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid
interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase shall not be so paid upon surrender for
redemption or purchase because of the failure of the Issuer to comply with this Section 3.05, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest
accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01. 

SECTION 3.06    Notes Redeemed or Purchased in Part. Upon surrender of a Note that is redeemed or purchased in
part, the Issuer shall issue and the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to
the extent not redeemed or purchased; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary,
only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note. 

SECTION 3.07    Optional Redemption. (a) Prior to October 15, 2020, the Issuer may redeem the Notes, in
whole at any time or in part from time to time, upon notice as described in Section 3.03, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon,
if any, to, but excluding, the date of redemption (the “Redemption Date”), subject to the rights of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

(b)    On and after October 15, 2020, the Issuer may redeem the Notes, in whole at any time or in part from time to
time, upon notice as described in Section 3.03, at the redemption 

  
 60 

 
prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable
Redemption Date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve month period beginning on October 15 of each of the years
indicated below: 
  

					
	 Year
	  	Percentage	 
	 2020
	  	 	105.625	% 
	 2021
	  	 	103.750	% 
	 2022
	  	 	101.875	% 
	 2023 and thereafter
	  	 	100.000	% 

 (c)    Until October 15, 2020, the Issuer may, at any time and from time to time,
upon notice as described in Section 3.03, redeem up to 40.0% of the aggregate principal amount of Notes at a redemption price equal to 107.50% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any,
to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, in an amount no greater than the aggregate cash proceeds received
from one or more Equity Offerings; provided that (1) at least 50.0% of the aggregate principal amount of Notes (including any Additional Notes) remains outstanding immediately after the occurrence of each such redemption and
(2) each such redemption occurs within 90 days of the closing of such Equity Offering. 

SECTION 3.08    Sinking Fund. The Issuer shall not be required to make any mandatory redemption or sinking
fund payments with respect to the Notes. 
 SECTION 3.09    [Reserved]. 

SECTION 3.10    Offers to Repurchase by Application of Excess Proceeds. 

(a) In the event that, pursuant to Section 4.10, the Issuer shall be required to commence an Asset Sale Offer, it shall follow the
procedures specified below. 
 (b)    The Asset Sale Offer shall remain open for a period of 20 Business Days following
its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase
Date”), the Issuer shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and, if required by the terms of any Pari Passu Indebtedness, such Pari Passu Indebtedness (on a pro rata basis, if
applicable), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made.

 (c)    If the Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any
accrued and unpaid interest, if any, up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders who
tender Notes pursuant to the Asset Sale Offer. 

  
 61 

 (d)    Upon the commencement of an Asset Sale Offer, the Issuer shall send,
by first-class mail (or otherwise sent in accordance with the applicable procedures of the Depositary), a notice to each of the Holders, with a copy mailed or electronically transmitted to the Trustee and Agents. The notice shall contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and, if required by the terms of any Pari Passu Indebtedness, holders of such Pari Passu
Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 

(i)    that the Asset Sale Offer is being made pursuant to this Section 3.10 and Section 4.10 and
the length of time the Asset Sale Offer shall remain open; 
 (ii)    the Offer Amount, the purchase
price and the Purchase Date; 
 (iii)    that any Note not tendered or accepted for payment shall
continue to accrue interest; 
 (iv)    that, unless the Issuer defaults in making such payment, any Note
accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; 

(v)    that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have
Notes purchased in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000; 

(vi)    that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required
to surrender the Note to the Paying Agent at the address specified in the notice, with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book- entry transfer, to the Issuer, the
Depositary, if appointed by the Issuer at least three days before the Purchase Date; 
 (vii)    that
Holders shall be entitled to withdraw their election if the Issuer, the Depositary or the Paying Agent, as the case may be, receive, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the
Holder (or otherwise in accordance with the applicable procedures of the Depositary), the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(viii)    that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the
Holders thereof exceeds the Offer Amount, the Trustee shall select the Notes and the Issuer or the agent for such Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased on a pro rata basis (or as nearly pro rata as
practicable) based on the amount of the Notes and such Pari Passu Indebtedness tendered, unless otherwise required by law or the rules of the principal national securities exchange, if any, on which the Notes or such Pari Passu Indebtedness are
listed or by lot or such other similar method in accordance with the applicable procedures of the Depositary; provided that no notes of $2,000 or less shall be repurchased in part; and 

  
 62 

 (ix)    that Holders whose Notes were purchased only in part
shall be issued new Notes (or their interests shall otherwise be adjusted in accordance with the applicable procedures of the Depositary) equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry
transfer) representing the same indebtedness to the extent not repurchased. 
 (e)    On or before the Purchase Date,
the Issuer shall, to the extent lawful, (1) accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer, or if less than the Offer
Amount has been tendered, all Notes tendered and (2) deliver or cause to be delivered to the Trustee the Notes (or portions thereof in accordance with the applicable procedures of the Depositary) properly accepted together with an
Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof so tendered. 

(f)    The Issuer shall cause an amount equal to the purchase price of the Notes properly tendered by such Holder and
accepted by the Issuer for purchase to be remitted to each tendering Holder, and the Issuer shall, if the Notes are issued in definitive form, promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate
and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate is required for
the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered representing the same indebtedness to the extent not repurchased; provided that each such new Note
shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of the
Asset Sale Offer on or as soon as practicable after the Purchase Date. 
 Other than as specifically provided in this Section 3.10 and
Section 4.10, any purchase pursuant to this Section 3.10 shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06. 

ARTICLE IV 
 Covenants 

SECTION 4.01 Payment of Notes. The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on
the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Issuer or a Subsidiary, holds as of 11:00 a.m. (New York City time) on the
due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. In any case where an Interest Payment Date, Redemption Date or any other stated
maturity of any payment required to be made on the Notes shall not be a Business Day, then each such payment 

  
 63 

 
need not be made on such date, but shall be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, Redemption Date or stated maturity of
such payment and no additional interest shall be payable as a result of such delay in payment. 
 The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest at the same rate to the extent lawful. 

SECTION 4.02    Maintenance of Office or Agency. The Issuer shall maintain the office or agency required under
Section 2.03 (which may be an office of the Trustee or an Affiliate of the Trustee) where Notes may be surrendered for registration of transfer or for exchange. The Issuer shall give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made or
served at the Corporate Trust Office of the Trustee. 
 The Issuer may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain an office or agency required under Section 2.03. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with
Section 2.03. 
 SECTION 4.03 Reports and Other Information. (a) If, at any time, the Issuer is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, the Issuer shall file with the SEC, subject to the following sentence, and provide the Trustee (to the extent not publicly available on the SEC’s EDGAR system (or any successor system) or
the Issuer’s website) (and, upon written request, the Holders, to the extent not publicly available on the SEC’s EDGAR system (or any successor system) or the Issuer’s website) such annual and other reports as are specified in
Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such reports to be so filed and provided at the times specified for the filings by the Issuer of such reports under such Sections and
containing, in all material respects, the information and audit reports required for such reports. If, at any time, the Issuer is not subject to the periodic reporting requirements of the Exchange Act for any reason, the Issuer shall provide the
Trustee and make available to Holders, prospective investors, market makers affiliated with any Initial Purchaser and securities analysts the reports specified in the preceding sentence by posting such reports to its website or on IntraLinks or any
comparable password-protected online data system, in each case, within 15 days after the time the Issuer would be required to file such information with the SEC if it were a non-accelerated filer subject to Section 13 or 15(d) of the Exchange Act.

  
 64 

 Notwithstanding the foregoing, (1) none of the foregoing reports (A) shall be required
to comply with Section 302, Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, (B) shall be required to
comply with Regulation G or Item 10(e) of Regulation S-K promulgated by the SEC (with respect to any non-GAAP financial measures contained therein), (C) shall be
required to contain the separate financial information for Guarantors and non-guarantor subsidiaries contemplated by Rule 3-10 of Regulation S-X promulgated by the SEC, (D) shall be required to present compensation or beneficial ownership information and (E) shall be required to contain information required by Item 601 of Regulation S-K and (2) if any parent of the Issuer becomes a guarantor of the Notes, the reports, information and other documents required to be filed and provided as described above may be those of the parent, rather
than those of the Issuer, so long as such filings would satisfy the SEC’s requirements; provided that such reports include a reasonable explanation of the material differences between the assets, liabilities and results of operations of
such parent and its consolidated Subsidiaries, on the one hand, and the Issuer and its Restricted Subsidiaries on the other hand. 

(b)    Notwithstanding anything in this Indenture to the contrary, the Issuer shall not be deemed to have failed to comply
with any of its obligations described under this Section 4.03 for purposes of Section 6.01(a)(3) until 120 days after the date any report under this Section 4.03 is due. To the extent any such information is not so filed or provided,
as applicable, within the time periods specified in Section 4.03(a) and such information is subsequently filed or provided, as applicable, the Issuer shall be deemed to have satisfied its obligations with respect thereto at such time and any
Default or Event of Default with respect thereto shall be deemed to have been cured at such time; provided that such cure shall not otherwise affect the rights of the Holders under Article VI if Holders of at least 25% in principal amount of the
then total outstanding Notes have declared the principal of accrued but unpaid and interest on all the then outstanding Notes to be due and payable immediately and such declaration shall not have been rescinded or cancelled prior to such cure. 

(c)    At any time when the Issuer is not subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, the Issuer shall, for so long as any Notes remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, furnish to the Holders and to prospective investors, upon their
written request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(d)    Delivery of reports, information and documents to the Trustee under this Indenture is for informational purposes
only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including the Issuer’s compliance with
any of the covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee shall have no responsibility whatsoever to determine whether any filing or posting referred to in this
Section 4.03 has occurred. 
 SECTION 4.04 Compliance Certificate. (a) The Issuer shall deliver to the Trustee, within 120 days
after the end of each fiscal year ending after the Issue Date, an Officer’s Certificate that, as to such Officer signing such certificate, to the best of his or her knowledge the Issuer has kept, observed, performed and fulfilled each and every
condition and covenant 

  
 65 

 contained in this Indenture and is not in default in the performance or observance of any of the terms,
provisions, covenants and conditions of this Indenture (or, if a Default shall have occurred and is continuing, describing all such Defaults of which he or she may have knowledge). 

(b)    The Issuer shall, within 30 days after becoming aware of any Default, deliver to the Trustee by registered or
certified mail or by electronic transmission an Officer’s Certificate specifying such Default. 

SECTION 4.05    Taxes. The Issuer shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior
to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to effect such payment is not adverse in any material respect to
the Holders of the Notes. 
 SECTION 4.06 Stay, Extension and Usury Laws. The Issuer and each of the Guarantors covenant (to the
extent that they may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the Issuer and each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall
not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

SECTION 4.07    Limitation on Restricted Payments. (a) The Issuer shall not, and shall not permit any of
its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any other payment or distribution on
account of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests, including any dividend, payment or distribution payable in connection with any merger or consolidation, other than: 

(A)    dividends, payments or distributions payable in Equity Interests (other than Disqualified Stock) of
the Issuer; or 
 (B)    dividends, payments or distributions by a Restricted Subsidiary so long as, in
the case of any dividend, payment or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro
rata share of such dividend, payment or distribution in accordance with its Equity Interests in such class or series of securities; 

(2)    purchase, redeem, repurchase, defease or otherwise acquire or retire for value any Equity Interests of the Issuer
(including in connection with any merger or consolidation), to the extent held by a Person other than the Issuer or a Restricted Subsidiary; 

(3)    make any principal payment on, or purchase, redeem, repurchase, defease or otherwise acquire or retire for value,
in each case prior to any scheduled repayment, sinking fund 

  
 66 

 
payment or maturity, any Subordinated Indebtedness of the Issuer or a Guarantor other than the payment, purchase, redemption, repurchase, defeasance, acquisition or retirement of: 

(A)    Indebtedness permitted under Section 4.09(b)(7); or 

(B)    Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal
installment or final maturity, in each case due within one year of the date of purchase, redemption, repurchase, defeasance, acquisition or retirement; or 

(4)    make any Restricted Investment 

(all such payments and other actions set forth in clauses (1) through (4) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1)    no Default shall have
occurred and be continuing or would occur as a consequence thereof; 
 (2)    immediately after giving
effect to such transaction on a pro forma basis, the Issuer could incur $1.00 of additional Indebtedness pursuant to the Consolidated Net Leverage Ratio test set forth in Section 4.09(a); and 

(3)    such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by
the Issuer and its Restricted Subsidiaries (and not rescinded or refunded) after the Issue Date (including Restricted Payments permitted by clauses (1) and (16) of Section 4.07(b), but excluding all other Restricted Payments permitted by
Section 4.07(b)), is less than the sum of (without duplication): 
 (A)    (i) 100% of Consolidated
Adjusted EBITDA of the Issuer for the period (taken as one accounting period) beginning on the first day of the fiscal quarter during which the Reference Date occurs to the end of the Issuer’s most recently completed fiscal quarter for which
Required Financial Statements have been delivered at the time of such Restricted Payment, minus 

(ii)    the product of 

(x)    1.4 and 

(y)    Consolidated Interest Expense of the Issuer for the same period (taken as one accounting period);
plus 
 (B)    100% of the aggregate net cash proceeds and the fair market value (as determined in
good faith by the Issuer) of marketable securities or other property received by the Issuer from the issuance or sale of Equity Interests of the Issuer (other than Disqualified Stock or Refunding Capital Stock) or otherwise contributed to the equity
(other than through an issuance of Disqualified Stock) of the Issuer after the Reference Date (other than an issuance or sale to a Subsidiary of the Issuer or an issuance or sale to an employee stock ownership plan or other trust established by the
Issuer or its Restricted Subsidiaries to the extent funded by the Issuer or its Subsidiaries); plus 

  
 67 

 (C)    100% of the aggregate net cash proceeds and the fair
market value (as determined in good faith by the Issuer) of marketable securities or other property received by the Issuer or any Restricted Subsidiary from the issuance or sale (other than to the Issuer or a Restricted Subsidiary of the Issuer or
to an employee stock ownership plan or other trust established by the Issuer or its Restricted Subsidiaries to the extent funded by the Issuer or its Subsidiaries) by the Issuer or any Restricted Subsidiary after the Reference Date of any
Indebtedness or Disqualified Stock that has been converted into or exchanged for Equity Interests of the Issuer (other than Disqualified Stock), plus, without duplication, any cash proceeds and the fair market value (as determined in good
faith by the Issuer) of marketable securities or other property received by the Issuer or any Restricted subsidiary upon such conversion or exchange; plus 

(D)    100% of the aggregate amount received in cash and the fair market value (as determined in good faith
by the Issuer) of marketable securities or other property received by the Issuer or any Restricted Subsidiary from: (i) the sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of and the receipt of any dividends or
distributions from Restricted Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer or its Restricted Subsidiaries and repayments of loans or advances, and
releases of guarantees, which constituted Restricted Investments by the Issuer or its Restricted Subsidiaries, in each case after the Reference Date; or (ii) the sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an
Unrestricted Subsidiary or a distribution from an Unrestricted Subsidiary (other than to the extent of the amount of the Investment in such Unrestricted Subsidiary that constituted a Permitted Investment) or a dividend from an Unrestricted
Subsidiary, in each case after the Reference Date; plus 
 (E)    in the case of the redesignation
of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger or consolidation of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary
to the Issuer or a Restricted Subsidiary, in each case after the Reference Date, the fair market value (as determined in good faith by the Issuer) or if such fair market value exceeds $150,000,000, the fair market value as specified in writing by an
Independent Financial Advisor, of the Investment in such Unrestricted Subsidiary at the time of such redesignation, merger, consolidation or transfer (other than to the extent of the amount of the Investment in such Unrestricted Subsidiary that
constituted a Permitted Investment); plus 
 (F)    in the event that the Issuer or any Restricted
Subsidiary has made or makes any Investment in a Person subsequent to the Reference Date that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary, an amount equal to the existing Investment of the Issuer or any
Restricted Subsidiary in such Person to the extent it was previously treated as a Restricted Payment. 

  
 68 

 (b)    Section 4.07(a) shall not prohibit any of the following (collectively,
“Permitted Payments”): 
 (1)    the payment of any dividend or distribution or the consummation of any
irrevocable redemption within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of
this Indenture; 
 (2)    the purchase, redemption, defeasance, repurchase, retirement or other acquisition of any
Equity Interests of the Issuer or of Subordinated Indebtedness of the Issuer or any Guarantor, in exchange for, or out of the proceeds of the substantially concurrent issuance or sale (other than to a Restricted Subsidiary or to an employee stock
ownership plan or other trust established by the Issuer or its Restricted Subsidiaries to the extent funded by the Issuer or its Restricted Subsidiaries) of, Equity Interests (other than Disqualified Stock) of the Issuer (collectively, the
“Refunding Capital Stock”); 
 (3)    the purchase, redemption, defeasance, repurchase, retirement or
other acquisition of (i) Subordinated Indebtedness of the Issuer or a Guarantor made by, in exchange for, or out of the proceeds of the substantially concurrent incurrence of, Indebtedness of the Issuer or a Guarantor or (ii) Disqualified
Stock of the Issuer or any Guarantor made in exchange for, or out of the proceeds of the substantially concurrent incurrence of Disqualified Stock of the Issuer or any Guarantor, in each case that is incurred in compliance with Section 4.09 so
long as: 
 (A)    the principal amount (or accreted value, if applicable) of such new Indebtedness or
the liquidation preference of such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Subordinated Indebtedness or the liquidation preference of,
plus any accrued and unpaid dividends on, the Disqualified Stock, as applicable, being so purchased, redeemed, defeased, repurchased, retired or acquired for value, plus the amount of any premium required to be paid under the terms of
the instrument governing the Subordinated Indebtedness or Disqualified Stock being so purchased, redeemed, defeased, repurchased, retired or acquired and any fees and expenses incurred in connection with the issuance of such new Indebtedness or
Disqualified Stock; 
 (B)    such new Indebtedness is subordinated to the Notes or the applicable
Guarantee at least to the same extent as such Subordinated Indebtedness so purchased, redeemed, defeased, repurchased, retired or acquired; 

(C)    such new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later
than the final scheduled maturity date of the Subordinated Indebtedness or Disqualified Stock being so purchased, redeemed, defeased, repurchased, retired or acquired; and 

  
 69 

 (D)    such new Indebtedness or Disqualified Stock has a
Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so purchased, redeemed, defeased, repurchased, retired or acquired; 

(4)    a Restricted Payment to pay for the purchase, repurchase, retirement or other acquisition for value of Equity
Interests (other than Disqualified Stock) of the Issuer held by any future, present or former member of management, employee, director or consultant of the Issuer or any of its Subsidiaries pursuant to any management equity plan or stock option plan
or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement or upon the termination of such member’s, employee’s, director’s or consultant’s employment or directorship;
provided, however, that the aggregate Restricted Payments made under this clause (4) do not exceed in any calendar year $25,000,000 (with unused amounts in any calendar year being carried over for one additional calendar year);
provided further that such amount in any calendar year may be increased by an amount not to exceed: 

(A)    the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer to
future, present or former members of management, employees, directors or consultants of the Issuer or any of its Subsidiaries that occurs after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise
been applied to the payment of Restricted Payments by virtue of the second clause (3) of Section 4.07(a); plus 

(B)    the cash proceeds of key man life insurance policies received by the Issuer or any of its Restricted
Subsidiaries after the Issue Date; less 
 (C)    the amount of any Restricted Payments previously
made with the cash proceeds described in clauses (A) and (B) of this clause (4); 
 and; provided further that cancellation of
Indebtedness owing to the Issuer or any Restricted Subsidiary from any future, present or former members of management, employees, directors or consultants of the Issuer or any of the Issuer’s Restricted Subsidiaries in connection with a
repurchase of Equity Interests of the Issuer will not be deemed to constitute a Restricted Payment for purposes of this Section 4.07 or any other provision of this Indenture; 

(5)    purchases, redemptions, defeasances, repurchases or other acquisitions of Equity Interests deemed to occur
(i) upon exercise of stock options, stock appreciation rights or warrants if such Equity Interests represent a portion of the exercise price of such options, stock appreciation rights or warrants or (ii) for purposes of satisfying any
required tax withholding obligation upon the exercise or vesting of a grant or award that was granted or awarded to an employee; 

(6)    other Restricted Payments in an aggregate amount taken together with all other outstanding Restricted Payments made
pursuant to this clause (6) not to exceed $200,000,000; 
 (7)    distributions or payments of Receivables Fees;

  
 70 

 (8)    any Restricted Payment attributable to, or arising or made in
connection with, the Spin-Off Transactions and the fees and expenses related thereto; 

(9)    the repurchase, redemption, defeasance or other acquisition or retirement of any Subordinated Indebtedness pursuant
to the provisions similar to those under Section 4.10 and Section 4.13; provided that prior to any such repurchase, redemption, defeasance or other acquisition or retirement, all Notes tendered by Holders in connection with a Change
of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed, defeased, acquired or retired; 

(10)    the repurchase, redemption or other acquisition for value of Equity Interests of the Issuer deemed to occur in
connection with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Issuer or
its Subsidiaries, in each case, permitted under this Indenture; 
 (11)    the distribution, by dividend or otherwise,
of shares of Capital Stock of, or Indebtedness owed to, the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents); 

(12)    for any taxable period in which the taxable income of the Issuer or any of its Subsidiaries is included in a
consolidated, combined or similar income tax group of which a direct or indirect parent of the Issuer is the common parent (a “Tax Group”), an amount not to exceed the tax liabilities that the Issuer and the applicable Subsidiaries,
in the aggregate, would have been required to pay in respect of such taxable income if such entities were a standalone group of corporations separate from such Tax Group (it being understood and agreed that, if the Issuer or any Subsidiary pays any
portion of such tax liabilities directly to any taxing authority, a Restricted Payment in duplication of such amount shall not be permitted to be made pursuant to this clause (12)); 

(13)    the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of
Disqualified Stock of the Issuer or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiaries issued or incurred in accordance with Section 4.09; 

(14)    payments of cash, or dividends, distributions or advances by the Issuer or any Restricted Subsidiary to allow the
payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(15)    mandatory redemptions or repurchases of Disqualified Stock the issuance of which itself constituted a Restricted
Payment or Permitted Investment otherwise permissible under this Indenture; or 
 (16)    any additional Restricted
Payments so long as, immediately after giving pro forma effect to the making of such Restricted Payment (with such pro forma adjustments as are appropriate and consistent with the pro forma adjustments set forth in the
definition of “Consolidated Net Leverage Ratio” as determined in good faith by the Issuer), the Issuer’s Consolidated Net Leverage Ratio is no greater than 3.00 to 1.00; 

  
 71 

 provided, however, that at the time of, and after giving effect to, any Restricted Payment
permitted under clauses (6), (11) or (16), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 

(c)    The Issuer shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the
last sentence of the definition of “Unrestricted Subsidiary”. For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the
extent repaid) in the Subsidiary so designated shall be deemed to be an Investment in an amount determined as set forth in the definition of “Investment”. Such designation shall be permitted only if an Investment in such amount would be
permitted at such time, whether as a Restricted Payment or a Permitted Investment, and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the covenants set forth
in this Indenture. 
 (d)    For purposes of clauses (2) and (3) of Section 4.07(b), a Restricted Payment
shall be deemed to have been made substantially concurrently with the applicable event if made or irrevocably committed to be made within 90 days of such event. 

(e)    The amount of all Restricted Payments (other than cash) shall be the fair market value (as determined in good faith
by the Issuer) on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. 

SECTION 4.08    Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. (a) The Issuer
shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted
Subsidiary to: 
 (1)    (A) pay dividends or make any other distributions to the Issuer or any of its Restricted
Subsidiaries on its Capital Stock, or with respect to any other interest or participation in, or measured by, its profits, or 

(B)    pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; 

(2)    make loans or advances to the Issuer or any of its Restricted Subsidiaries; or 

(3)    sell, lease or transfer any of its properties or assets to the Issuer or any of its Restricted Subsidiaries. 

(b)    The restrictions in Section 4.08(a) shall not apply to encumbrances or restrictions existing under or by
reason of: 
 (1)    contractual encumbrances or restrictions in effect on the Issue Date; 

  
 72 

 (2)    (i) this Indenture, the Notes and the Guarantees and (ii) any
agreement governing Indebtedness permitted to be incurred pursuant to Section 4.09; provided that the provisions relating to restrictions of the type described in clauses (1) through (3) of Section 4.08(a) contained in such
agreement, taken as a whole, are (in the good faith determination of the Issuer) not materially more restrictive than the provisions contained in the Senior Credit Facilities, or in this Indenture, in each case as in effect when initially executed;

 (3)    purchase money obligations for property acquired in the ordinary course of business and Capitalized Lease
Obligations that impose restrictions of the nature discussed in Section 4.08(a)(3) on the property so acquired or leased; 

(4)    applicable law or any applicable rule, regulation or order; 

(5)    any agreement or other instrument of a Person (including an Unrestricted Subsidiary that becomes a Restricted
Subsidiary whether by redesignation or otherwise) acquired by or merged or consolidated with or into the Issuer or any of its Restricted Subsidiaries in existence at the time of such transaction (but not created in contemplation thereof), which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired; 

(6)    contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of the Issuer that
impose restrictions solely on the assets to be sold; 
 (7)    any Hedging Obligations; 

(8)    Secured Indebtedness otherwise permitted to be incurred pursuant to Section 4.09 and Section 4.12 that
limit the right of the debtor to dispose of the assets securing such Indebtedness; 
 (9)    restrictions on cash or
other deposits or net worth imposed by leases, customers under contracts or other contracts or agreements entered into in the ordinary course of business; 

(10)    other Indebtedness, Disqualified Stock or Preferred Stock of Non-
Guarantor Subsidiaries permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09; 

(11)    customary provisions in joint venture agreements or arrangements and other similar agreements or arrangements
relating solely to such joint venture; 
 (12)    customary provisions contained in leases, sub-leases, licenses or sub-licenses, permits, contracts and other agreements, in each case, entered into in the ordinary course of business; 

(13)    any agreements entered into in the ordinary course of business, not relating to Indebtedness and that do not,
individually or in the aggregate, materially impair (in the good faith determination of the Issuer) the ability of the Issuer or the Guarantors to pay the principal and interest on the Notes; 

  
 73 

 (14)    any agreement for the sale or other disposition of all or
substantially all the Capital Stock or the assets of a Restricted Subsidiary to the extent it restricts distributions by that Restricted Subsidiary pending such sale or other disposition; 

(15)    customary provisions imposed on the transfer of copyrighted or patented materials; 

(16)    encumbrances or restrictions relating to the IPC Media Ltd. pension scheme; 

(17)    any encumbrances or restrictions of the type referred to in clauses (1), (2) and (3) of Section 4.08(a)
imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (16) of this
Section 4.08(b); provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith determination of the Issuer, no more restrictive in any
material respect with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; and 

(18)    restrictions created in connection with any Receivables Facility that, in the good faith determination of the
Issuer, are necessary or advisable to effect such Receivables Facility; provided that such restrictions apply only to the applicable Receivables Subsidiary. 

(c)    For purposes of determining compliance with this Section 4.08, (1) the priority of any Preferred Stock in
receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock will not be deemed a restriction on the ability to make distributions on Capital Stock and (2) the subordination of
loans or advances made to the Issuer or any Restricted Subsidiary to other Indebtedness Incurred by the Issuer or any Restricted Subsidiary will not be deemed a restriction on the ability to make loans or advances. 

SECTION 4.09    Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.
(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable for (collectively, “incur” and
collectively, an “incurrence”) any Indebtedness (including Acquired Indebtedness) and the Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified
Stock or Preferred Stock; provided, however, that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired
Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred Stock, if the Consolidated Net Leverage Ratio at the time such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have
been no greater than 3.50 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom); provided further, however, that Restricted Subsidiaries that are not Guarantors may not
incur Indebtedness or issue Disqualified Stock or Preferred Stock if, after giving pro forma effect to such incurrence or issuance, more than an aggregate of $300,000,000 at the time of incurrence of such Indebtedness or Disqualified Stock or
Preferred Stock of such Restricted Subsidiaries that are not Guarantors is outstanding pursuant to this Section 4.09(a) and clause (17) of Section 4.09(b). 

  
 74 

 (b)    The provisions of Section 4.09(a) shall not apply to: 

(1)    the incurrence of Indebtedness under Credit Facilities by the Issuer or any of its Restricted Subsidiaries and the
issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof); provided,
however, that immediately after giving effect to any such incurrence, the then outstanding aggregate principal amount of all Indebtedness under this clause (1) does not exceed at any one time $1,500,000,000; 

(2)    Indebtedness represented by the Notes (including any Guarantee) (other than any Additional Notes or Guarantees with
respect thereto); 
 (3)    Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date
(other than Indebtedness described in clauses (1) and (2) of this Section 4.09(b)), including the Existing Notes; 

(4)    (A) Indebtedness (including Capitalized Lease Obligations and Attributable Debt), Disqualified Stock and Preferred
Stock incurred by the Issuer or any of its Restricted Subsidiaries to finance the purchase, lease, construction or improvement of property (real or personal) or equipment, whether through the direct purchase of assets or the Capital Stock of any
Person owning such assets, and any Indebtedness incurred to Refinance any such Indebtedness (and successive Refinancings thereof), in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount of all
other Indebtedness, Disqualified Stock and Preferred Stock then outstanding under this clause (4)(A), together with the aggregate principal amount of Indebtedness outstanding pursuant to clause (B) of this clause (4), does not exceed the
greater of (x) $150,000,000 and (y) 25% of Four Quarter EBITDA at the time of incurrence and (B) any Indebtedness incurred to Refinance Indebtedness incurred under clause (A) of this clause (4) (or successive Refinancings of Indebtedness
incurred under this clause (B)); 
 (5)    Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries
constituting reimbursement obligations with respect to letters of credit, bankers’ acceptances, bank guarantees, warehouse receipts or similar facilities issued or entered into in the ordinary course of business, including letters of credit in
respect of workers’ compensation claims, performance or surety bonds, health, disability or other employee benefits, property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement type
obligations regarding workers’ compensation claims, performance or surety bonds, health, disability or other employee benefits, or property, casualty or liability insurance or self-insurance; 

(6)    Indebtedness arising from agreements of the Issuer or its Restricted Subsidiaries providing for indemnification, earn-out, holdback, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than
guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 

  
 75 

 (7)    Indebtedness of the Issuer to a Restricted Subsidiary or a Restricted
Subsidiary to the Issuer or another Restricted Subsidiary; provided that any such Indebtedness (other than such as may arise from ordinary course intercompany cash management obligations) owing by the Issuer or a Guarantor to a Non- Guarantor Subsidiary is expressly subordinated in right of payment to the Notes or the applicable Guarantee, as applicable; and provided further that any subsequent issuance or transfer of any Capital
Stock or any other event which results in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such
Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this clause (7); 

(8)    shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary;
provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in such Preferred Stock being beneficially owned by a Person other than the Issuer or any Restricted Subsidiary or any other subsequent
transfer of any such shares of Preferred Stock (except to the Issuer or another of its Restricted Subsidiaries) shall be deemed in each case to be an issuance of such shares of Preferred Stock not permitted by this clause (8); 

(9)    Hedging Obligations not entered into for speculative purposes; 

(10)    obligations in respect of workers’ compensation claims, self- insurance, performance, bid, appeal and surety
bonds and performance or completion guarantees and similar obligations provided by the Issuer or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bankers’ acceptances, bank guarantees or similar instruments
related thereto, in each case in the ordinary course of business; 
 (11)    (A) Indebtedness or Disqualified Stock of
the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of any Guarantor not otherwise permitted under this Indenture in an aggregate principal amount or liquidation preference, which when aggregated with the outstanding principal amount
and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred pursuant to this clause (11)(A), together with the aggregate principal amount of Indebtedness outstanding pursuant to clause
(B) of this clause (11), does not exceed the greater of (x) $200,000,000 and (y) 33% of Four Quarter EBITDA at the time of incurrence and (B) any Indebtedness incurred to Refinance Indebtedness incurred under clause (A) of this clause
(11) (or successive Refinancings of Indebtedness incurred under this clause (B)); 
 (12)    the incurrence by the
Issuer or any Restricted Subsidiary of Refinancing Indebtedness that serves to Refinance: 
 (A)    any
Indebtedness, Disqualified Stock or Preferred Stock incurred as permitted under Section 4.09(a) and clauses (2), (3) and/or (13) of this Section 4.09(b), or 

  
 76 

 (B)    any Indebtedness, Disqualified Stock or Preferred
Stock incurred to so Refinance the Indebtedness, Disqualified Stock or Preferred Stock described in clause (A) of this Section 4.09(b)(12), 

including, in each case, additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), accrued
interest, defeasance costs and reasonable fees and expenses in connection therewith; 
 (13)    Indebtedness,
Disqualified Stock or Preferred Stock of (x) the Issuer or a Restricted Subsidiary incurred to finance an acquisition of any assets, business or Person or (y) Persons that are acquired by the Issuer or any Restricted Subsidiary or merged
into or consolidated with the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that, after giving effect to such acquisition, merger or consolidation, either: 

(A)    the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Consolidated Net Leverage Ratio test set forth in Section 4.09(a), or 
 (B)    the Consolidated Net
Leverage Ratio is less than or equal to the Consolidated Net Leverage Ratio immediately prior to such acquisition, merger or consolidation; 

(14)    Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; provided that such Indebtedness is extinguished within ten Business Days of notice of its
incurrence; 
 (15)    Indebtedness of the Issuer or any of its Restricted Subsidiaries supported by a letter of credit
or bank guarantee issued pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 

(16)    (A) any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted
Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture, 

(B)    any guarantee by a Restricted Subsidiary of Indebtedness of the Issuer; provided that such
guarantee is incurred in accordance with Section 4.14, or 
 (C)    any guarantee by the Issuer or a
Restricted Subsidiary in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors and licensees of the Issuer or any Restricted Subsidiary; 

(17)    (A) Indebtedness of Non-Guarantor Subsidiaries in an aggregate principal
amount, which when aggregated with the principal amount of all other Indebtedness then outstanding and incurred pursuant to this clause (17)(A) and incurred by Non-Guarantor Subsidiaries pursuant to
Section 4.09(a), together with the aggregate principal amount of Indebtedness outstanding pursuant to clause (B) of this clause (17), does not exceed the greater of (x) $300,000,000 and (y) 50% of Four Quarter EBITDA at the time of
incurrence and (B) any Indebtedness incurred to Refinance Indebtedness incurred under clause (A) of this clause (17) (or successive Refinancings of Indebtedness incurred under this clause (B)); 

  
 77 

 (18)    Indebtedness of the Issuer or any of its Restricted Subsidiaries
consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary
course of business; 
 (19)    Indebtedness of the Issuer or any of its Restricted Subsidiaries undertaken in connection
with cash management, overdraft protection and related activities with respect to any Subsidiary or joint venture in the ordinary course of business; and 

(20)    Indebtedness consisting of Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to current or
former officers, directors and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Issuer to the extent permitted under Section 4.07(b)(4). 

(c)    For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through (20) of Section 4.09(b)
or is permitted to be incurred pursuant to Section 4.09(a), the Issuer, in its sole discretion, may divide and/or classify on the date of incurrence such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in
any manner that complies with this Section 4.09 and may later redivide and/or reclassify (based on circumstances existing at the time of such redivision or reclassification) such item of Indebtedness, Disqualified Stock or Preferred Stock (or
any portion thereof) in any manner that complies with this Section 4.09; provided that all Indebtedness outstanding under the Senior Credit Facilities on the Issue Date (immediately after the issuance of the Notes and the use of proceeds
thereof) will be treated as incurred on the Issue Date under clause (1) of Section 4.09(b) and will not later be reclassified. 

(d)    Accrual of interest or dividends, the accretion of accreted value and the payment of interest in the form of
additional Indebtedness with the same terms, the payment of dividends in the form of additional shares of Disqualified Stock or Preferred Stock, as applicable, of the same class, and accretion of original issue discount or liquidation preference
will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.09. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included
in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the incurrence of the Indebtedness represented by such guarantee or letter of credit, as the
case may be, was in compliance with this Section 4.09. 
 (e)    For purposes of determining compliance with any
U.S. dollar- denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated by the Issuer based on the relevant currency exchange rate in
effect on the date such Indebtedness was incurred, in the case of term debt, or first committed or first incurred (whichever is lower), in the case of revolving credit debt; provided that if such Indebtedness is incurred to Refinance other
Indebtedness 

  
 78 

 
denominated in a foreign currency, and such Refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in
effect on the date of such Refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Indebtedness does not exceed the principal amount of such Indebtedness being
Refinanced. For the avoidance of doubt and notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that may be incurred pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a
result of fluctuations in the exchange rate of currencies. 
 (f)    The principal amount of any Indebtedness incurred
to Refinance other Indebtedness, if incurred in a different currency from the Indebtedness being Refinanced, shall be calculated by the Issuer based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated as in effect on the date of such Refinancing. 
 (g)    The Issuer shall not, and shall not permit any
Guarantor to, directly or indirectly, incur Indebtedness (including Acquired Indebtedness) that is contractually subordinated in right of payment to any Indebtedness of the Issuer or such Guarantor, as the case may be, unless such Indebtedness is
contractually subordinated in right of payment to the Notes or such Guarantor’s Guarantee, in all material respects, to the extent and in the manner as such Indebtedness is so subordinated to other Indebtedness of the Issuer or such Guarantor,
as the case may be. 
 SECTION 4.10    Asset Sales. (a) The Issuer shall not, and shall not permit any
of its Restricted Subsidiaries to, consummate an Asset Sale, unless: 
 (1)    the Issuer or any such Restricted
Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market value (as determined in good faith by the Issuer) of the assets sold or otherwise disposed of; and 

(2)    except in the case of a Permitted Asset Swap, in the Issuer’s good faith determination, at least 75% of the
consideration therefor received by the Issuer or any such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of: 

(A)    any liabilities (as shown on the Issuer’s most recent consolidated balance sheet or in the
footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Issuer’s consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had
taken place on or prior to the date of such balance sheet, as determined in good faith by the Issuer) of the Issuer or such Restricted Subsidiary (other than Contingent Obligations and liabilities that are by their terms subordinated to the Notes or
any Guarantee) that are assumed by the transferee of any such assets (or are otherwise extinguished by the transferee in connection with the transactions relating to such Asset Sale) and for which the Issuer and all such Restricted Subsidiaries have
been released, 
 (B)    any notes or other obligations or securities received by the Issuer or such
Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash
Equivalents received), in each case, within 180 days following the closing of such Asset Sale, and 

  
 79 

 (C)    any Designated
Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value (as determined in good faith by the Issuer taken together with all other
Designated Non-cash Consideration received pursuant to this clause (C) that is at that time outstanding (but, to the extent that any such Designated Non-Cash
Consideration is sold or otherwise liquidated for cash, minus the lesser of (i) the amount of the cash received (less the cost of disposition, if any) and (ii) the initial amount of such Designated
Non-Cash Consideration) not to exceed $100,000,000 at the time of receipt, with the fair market value (as determined in good faith by the Issuer) of each item of Designated
Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value, 

shall be deemed to be cash for purposes of this provision and for no other purpose. 

(b)    Within 450 days after the receipt of any Net Proceeds of any Asset Sale, the Issuer or such Restricted Subsidiary,
at its option, may apply the Net Proceeds from such Asset Sale, 
 (1)    to permanently reduce: 

(A)    Obligations under the Senior Credit Facilities and to correspondingly reduce commitments with
respect thereto, 
 (B)    Obligations under Pari Passu Indebtedness that are secured by a Lien, which
Lien is permitted by this Indenture, and to correspondingly reduce commitments with respect thereto, 

(C)    Obligations under the Notes (provided that such purchases are at or above 100% of the
principal amount thereof) or any other Pari Passu Indebtedness of the Issuer or a Guarantor (and to correspondingly reduce commitments with respect thereto, if applicable); provided that if such Net Proceeds are applied to other Pari Passu
Indebtedness (other than the Senior Credit Facilities or other Secured Indebtedness) then the Issuer shall (i) equally and ratably reduce Obligations under the Notes (x) as provided under Section 3.07 or (y) through open market
purchases (provided that such purchases are at or above 100% of the principal amount thereof) or (ii) make an offer (in accordance with clauses (c), (d) and (e) of this Section 4.10) to all Holders of Notes to purchase their
Notes at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the principal amount of Notes that would otherwise be redeemed under clause (i) of this clause (C), or 

(D)    Indebtedness of a Non-Guarantor Subsidiary, other than
Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; or 
 (2)    to (A) make an Investment in
any one or more businesses; provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the 

  
 80 

 
Issuer or any of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (B) make capital
expenditures or (C) acquire, maintain, develop, construct, improve, upgrade or repair businesses, properties and/or assets (other than Equity Interests in a Person that is not, or does not as a result of any such acquisition become, a
Restricted Subsidiary) that, in the case of each of (A), (B) and (C) are either (x) used or useful in a Similar Business or (y) replace the businesses, properties and/or assets that are the subject of such Asset Sale; 

provided that, in the case of clause (2) above, a binding commitment shall be treated as a permitted application of the Net Proceeds from the date
of such commitment so long as the Issuer or such other Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment within 180 days of such commitment (an
“Acceptable Commitment”); and provided further that if any Acceptable Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds if
not otherwise applied as provided above within 450 days of the receipt of such Net Proceeds; or 
 (3)    any
combination of the foregoing. 
 (c)    Any Net Proceeds from an Asset Sale that are not invested or applied as provided
and within the time period set forth in Section 4.10(b) will be deemed to constitute “Excess Proceeds”. When the aggregate amount of Excess Proceeds exceeds $50,000,000, the Issuer or any Restricted Subsidiary shall make an
offer to all Holders of the Notes and, if required by the terms of any Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”) to purchase the maximum aggregate principal amount of the Notes
in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount
thereof, plus accrued and unpaid interest, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed for the closing
of such offer, in accordance with the procedures set forth in this Indenture. 
 (d)    The Issuer shall commence an
Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $50,000,000 by mailing (or otherwise delivering in accordance with the applicable procedures of the Depositary) the notice required
pursuant to the terms of this Indenture, with a copy mailed or electronically transmitted to the Trustee. 
 (e)    To
the extent that the aggregate principal amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes,
subject to the other covenants contained in this Indenture. If the aggregate amount (determined as above) of Notes and the Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the
Notes and the Issuer or the agent for such Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased on a pro rata basis (or as nearly pro rata as practicable) based on the amount (determined as set forth above) of the Notes
and such Pari Passu Indebtedness tendered, unless otherwise required by law or the rules of the 

  
 81 

 
principal national securities exchange, if any, on which the Notes or such Pari Passu Indebtedness are listed or by lot or such other similar method in accordance with the applicable procedures
of the Depositary; provided that no Notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. The Issuer and its Restricted Subsidiaries, at its
option in its sole discretion, may make an Asset Sale Offer and satisfy the obligations described under this Section 4.10 with respect to any Excess Proceeds prior to the amount of Excess Proceeds exceeding $50,000,000, in which case, upon
completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reduced by the amounts of such Excess Proceeds. If any Excess Proceeds remain after the completion of an Asset Sale Offer, the Issuer and its Restricted Subsidiaries may
use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. 
 (f)    Pending the final
application of any Net Proceeds pursuant to this Section 4.10, the holder of such Net Proceeds may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Proceeds in
any manner not prohibited by this Indenture. 
 (g)    The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations described in this Indenture by virtue thereof. 
 SECTION 4.11    Transactions with Affiliates.
(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter
into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate
payments or consideration in excess of $25,000,000, unless: 
 (1)    such Affiliate Transaction is on terms, taken as a
whole, that are not materially less favorable to the Issuer or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction at the time of such transaction by the Issuer or such Restricted Subsidiary with
an unrelated Person on an arm’s-length basis; 
 (2)    any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $50,000,000 is approved by a majority of the Board of Directors of the Issuer; and 

(3)    the Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate payments or consideration in excess of $150,000,000, an opinion as to the fairness to the Issuer or such Restricted Subsidiary of such Affiliate Transaction from a financial point of view issued by an Independent
Financial Advisor. 

  
 82 

 (b)    Section 4.11(a) shall not apply to the following: 

(1)    transactions between or among the Issuer and any of its Restricted Subsidiaries (including transactions between or
among the Issuer’s Restricted Subsidiaries) (or an entity that becomes a Restricted Subsidiary as a result of, or in connection with, such transaction, so long as neither such entity nor the selling entity was an Affiliate of the Issuer or any
Restricted Subsidiary prior to such transaction); 
 (2)    Restricted Payments permitted by Section 4.07 or
Permitted Investments; 
 (3)    the payment of reasonable fees and compensation paid to, and indemnities and
reimbursements and employment, benefit and severance arrangements and agreements provided on behalf of, or entered into with, officers, directors, employees or consultants of the Issuer or any of its Restricted Subsidiaries; 

(4)    (A) any agreement or arrangement as in effect as of the Issue Date (or transactions pursuant thereto), (B) any
other agreements or arrangements pursuant to or in connection with the Spin-Off Documents (including the Spin-Off Transactions) or (C) any amendment, modification
or supplement to the agreements referenced in clause (A) or (B) above or any replacement thereof, as long as the terms of such agreement or arrangement, as so amended, modified, supplemented or replaced are not materially more disadvantageous
to the Holders when taken as a whole compared to the applicable agreements or arrangements as in effect on the Issue Date or as described in the Offering Memorandum, as applicable, as determined in good faith by the Issuer; 

(5)    [reserved]; 

(6)    transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, or transactions
otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Issuer and its Restricted Subsidiaries, in the
reasonable determination of the Board of Directors of the Issuer or the senior management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(7)    the issuance or transfer of Equity Interests (other than Disqualified Stock) of the Issuer and the granting of
registration and other customary rights in connection therewith; 
 (8)    sales of accounts receivable, or
participations therein, in connection with any Receivables Facility; 
 (9)    payments or loans (or cancellation of
loans) to employees, directors or consultants of the Issuer or any of its Restricted Subsidiaries and employment agreements, benefit plans, equity plans, stock option and stock ownership plans and other similar arrangements with such employees,
directors or consultants which, in each case, are approved by the Issuer in good faith; 
 (10)    transactions with
joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business; 

  
 83 

 (11)    transactions in which the Issuer or any Restricted Subsidiary, as the
case may be, has delivered to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (1) of
Section 4.11(a); 
 (12)    the issuances of securities or other payments, loans (or cancellation of loans), awards
or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, benefit plans, equity plans, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the
Issuer in good faith; 
 (13)    any transaction with a Person (other than an Unrestricted Subsidiary) that would
constitute an Affiliate Transaction solely because the Issuer or any of its Restricted Subsidiaries owns an Equity Interest in or otherwise controls such Person; 

(14)    any transaction in which the only consideration paid by the Issuer or any of its Restricted Subsidiaries is in the
form of Equity Interest (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer or any contribution to the capital of the Issuer or any Restricted Subsidiary (other than in consideration of Disqualified Stock); 

(15)    the provision to Unrestricted Subsidiaries of cash management, accounting, business and strategic management,
legal, human resources, centralized purchasing, leasing and other overhead services (including any necessary or incidental use of equipment, goods or services involving intellectual property that are related to the foregoing) in the ordinary course
of business undertaken in good faith and not for the purpose of circumventing any covenant set forth in this Indenture; 

(16)    intellectual property licenses in the ordinary course of business; 

(17)    transactions between the Issuer or any of its Restricted Subsidiaries and any Person that would constitute an
Affiliate Transaction solely because a director of which is also a director of the Issuer or any other direct or indirect parent of the Issuer; provided, however, that such director abstains from voting as a director of the Issuer or
such direct or indirect parent of the Issuer, as the case may be, on any matter involving such other Person; 

(18)    payments by the Issuer or any of its Restricted Subsidiaries pursuant to tax sharing agreements among the Issuer
or any of its Restricted Subsidiaries; 
 (19)    intercompany transactions undertaken in good faith for the purpose of
improving the consolidated tax efficiency of the Issuer and its Restricted Subsidiaries and not for the purpose of circumventing any covenant set forth herein; and 

(20)    (A) the guarantee by the Issuer or any Restricted Subsidiary of the Indebtedness of any parent company of the
Issuer that becomes the parent company of the Issuer in a Change of Control transaction consummated in accordance with this Indenture, or of any Indebtedness of Subsidiaries of such parent company; provided that such guarantee was permitted
by the terms of this Indenture to be incurred and (B) the granting by the Issuer or any of its Restricted Subsidiaries of any Liens to secure such Indebtedness or such guarantee; provided that such Liens are permitted to be incurred
under this Indenture. 

  
 84 

 SECTION 4.12    Liens. The Issuer shall not, and shall not permit
any Restricted Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien (except Permitted Liens) that secures obligations under any Indebtedness or any related guarantee, on any asset or property of the Issuer or such
Restricted Subsidiary whether now owned or hereafter acquired, unless: 
 (1)    in the case of Liens securing
Subordinated Indebtedness, the Notes are (or in the case of a Lien on any asset or property of such Guarantor, its Guarantee is) secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; or 

(2)    in the case of Liens securing any other Indebtedness, the Notes are (or in the case of a Lien on any asset or
property of such Guarantor, its Guarantee is) secured by an equal and ratable (or prior ranking) Lien on such property, assets or proceeds. 

Any Lien created for the benefit of the Holders of the Notes pursuant to this Section 4.12 shall be deemed automatically and
unconditionally released and discharged upon the release and discharge of the applicable Lien described in clauses (1) and (2) of this Section 4.12. 

For purposes of determining compliance with this Section 4.12, a Lien securing an item of Indebtedness need not be permitted solely by
reference to the second preceding paragraph of this Section 4.12 or to one category (or portion thereof) of the Permitted Liens described in clauses (1) through (37) of the definition of “Permitted Liens” but may be permitted in
part under any combination thereof. 
 With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the
time of the incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in
connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms or in the form of common equity of a Restricted
Subsidiary or any direct or indirect parent of a Restricted Subsidiary, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference
and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in the definition of “Indebtedness”. 

SECTION 4.13    Offer to Repurchase Upon Change of Control. (a) If a Change of Control occurs after the Issue
Date, unless the Issuer has previously or concurrently mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) a redemption notice with respect to all the outstanding Notes as described under Section 3.07, the
Issuer shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate
principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, subject to the right of Holders of the Notes of record on the relevant Record Date to receive interest due on the relevant Interest
Payment Date. Within 30 days following any Change of Control, unless the Issuer has previously or concurrently mailed (or otherwise sent in 

  
 85 

 
accordance with the applicable procedures of the Depositary) a redemption notice with respect to all the outstanding Notes as described in Section 3.07 or the Issuer has previously made a
Change of Control Offer in connection with such Change of Control, the Issuer shall send notice of such Change of Control Offer by first-class mail, with a copy mailed or electronically transmitted to the Trustee, to each Holder of Notes to the
address of such Holder appearing in the security register or otherwise in accordance with the applicable procedures of the Depositary, with the following information: 

(1)    that a Change of Control Offer is being made pursuant to this Section 4.13 and that, subject to
Section 4.13(a)(7), all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Issuer; 

(2)    the purchase price and the purchase date, which will, subject to Section 4.13(a)(7), be no earlier than 30
days nor later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 

(3)    that any Note not properly tendered will remain outstanding and continue to accrue interest; 

(4)    that unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 

(5)    that Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase
such Notes; provided that the paying agent receives, not later than the expiration time of the Change of Control Offer, a facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes
tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(6)    that if the Holders tender less than all of the Notes, the Holders of the remaining Notes will be issued new Notes
and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof; 

(7)    if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control
Offer is conditional on the occurrence of such Change of Control, and if applicable, shall state that, in the Issuer’s discretion, the Change of Control Payment Date may be delayed until such time as the Change of Control shall occur, or that
such redemption may not occur and such notice may be rescinded in the event that the Issuer shall determine that such condition will not be satisfied by the Change of Control Payment Date or by the Change of Control Payment Date as so delayed; and

 (8)    the other instructions, as determined by the Issuer, consistent with this Section 4.13, that a Holder
must follow. 
 The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such laws or regulations are 

  
 86 

 
applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions
of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture by virtue thereof. 

(b)    On the Change of Control Payment Date, the Issuer will, to the extent permitted by law, 

(1)    accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, and

 (2)    deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all
Notes or portions thereof so tendered. 
 (c)    If Holders of not less than 90% in aggregate principal amount of the
outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as described below, purchases all of the Notes validly tendered
and not withdrawn by such Holders, the Issuer or such third party will have the right to redeem all Notes that remain outstanding following such purchase upon not less than 15 days’ nor more than 60 days’ prior notice, given not more than
30 days’ following such purchase pursuant to the Change of Control Offer described above, at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but excluding the
Redemption Date, subject to the right of Holders of the Notes of record on the relevant record date to receive interest due on the relevant interest payment date. 

(d)    The Issuer shall not be required to make a Change of Control Offer following a Change of Control if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.13 and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.
Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of the
making of the Change of Control Offer. 
 (e)    Notes repurchased by the Issuer pursuant to a Change of Control Offer
will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Issuer. Notes purchased by a third party pursuant to Section 4.13(d) will have the status of Notes issued and outstanding unless
transferred to the Issuer. 
 SECTION 4.14    Limitation on Guarantees of Indebtedness by Restricted
Subsidiaries. The Issuer shall not permit any Subsidiary that is a Restricted Subsidiary other than a Guarantor to guarantee the payment of any Indebtedness of the Issuer or a Guarantor unless (x) the aggregate amount of all such
Indebtedness guaranteed by Restricted Subsidiaries that are not Guarantors does not exceed $25,000,000 or (y): 

(1)    the aggregate amount of all such Indebtedness guaranteed by Restricted Subsidiaries that are not Guarantors exceeds
$25,000,000; 

  
 87 

 (2)    within 20 days after the date that such Indebtedness is guaranteed,
such Restricted Subsidiary executes and delivers a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of
Indebtedness of the Issuer or any Guarantor: 
 (A)    if the Notes or such Guarantor’s Guarantee is
subordinated in right of payment to such Indebtedness, the Guarantee under the supplemental indenture shall be subordinated to such Restricted Subsidiary’s guarantee with respect to such Indebtedness substantially to the same extent as the
Notes or such Guarantor’s Guarantee is subordinated to such Indebtedness; and 
 (B)    if such
Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to
such Restricted Subsidiary’s Guarantee of the Notes substantially to the same extent as such Indebtedness is subordinated to the Notes or such Guarantor’s Guarantee; and 

(3)    the Issuer shall within such 20 days deliver to the Trustee an Opinion of Counsel stating that (A) such
Guarantee has been duly executed and authorized and (B) such Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or
similar laws (including all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principles of equity; 

provided that this Section 4.14 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became
a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a
Guarantor to become a Guarantor, in which case such Subsidiary shall not be required to comply with the 20 day periods described in this Section 4.14. 

SECTION 4.15    Suspension of Certain Covenants. (a) If at any date following the Issue Date,
(1) the Notes have Investment Grade Ratings from both Rating Agencies and (2) no Default has occurred and is continuing under this Indenture a “Covenant Suspension Event” shall be deemed to have occurred. Beginning on the
day of a Covenant Suspension Event and ending on a Reversion Date (such period a “Suspension Period”) with respect to the Notes, the Issuer and its Restricted Subsidiaries shall not be subject to Section 4.07,
Section 4.08, Section 4.09, Section 4.10, Section 4.11, Section 4.14, Section 4.16, Section 4.17 and clause (4) of Section 5.01(a) (collectively, the “Suspended Covenants”). 

(b)    If on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its
Investment Grade Rating or downgrades the rating assigned to the Notes below an Investment Grade Rating, the Issuer and its Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events. The
period of time beginning on the day of a Covenant Suspension Event and ending on a Reversion Date is referred to herein as a “Suspension Period”. 

  
 88 

 (c)    During any Suspension Period, the Guarantees of the Guarantors will be
suspended, and such Guarantees will be reinstated on each Reversion Date. On each Reversion Date, all Indebtedness, Disqualified Stock or Preferred Stock incurred during the Suspension Period will be classified as having been incurred pursuant to
Section 4.09(a) or one of the clauses set forth in Section 4.09(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be incurred thereunder as of the Reversion Date and after giving effect to
Indebtedness or Disqualified Stock or Preferred Stock incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not be so permitted to be incurred
pursuant to Section 4.09(a) or 4.09(b), such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.09(b)(3). 

(d)    Calculations made after the Reversion Date of the amount available to be made as Restricted Payments in
Section 4.07 will be made as though Section 4.07 had been in effect since the Issue Date (but not during the Suspension Period); provided that, during the Suspension Period the Issuer shall not designate any of its Restricted
Subsidiaries to be Unrestricted Subsidiaries unless the Issuer would have been permitted to designate such Subsidiary as an Unrestricted Subsidiary if a Suspension Period had not been in effect for any period. In addition, for purposes of
Section 4.11, all agreements, arrangements and transactions entered into by the Issuer or any of its Restricted Subsidiaries with an Affiliate of the Issuer during the applicable Suspension Period prior to such Reversion Date will be deemed to
have been entered into on or prior to the Issue Date, and for purposes of Section 4.08, all contracts entered into during the applicable Suspension Period prior to such Reversion Date that contain any of the restrictions contemplated by such
covenant will be deemed to have been existing on the Issue Date. For purposes of Section 4.10, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero. 

(e)    The Issuer shall deliver promptly to the Trustee an Officer’s Certificate notifying it of any Covenant
Suspension Event and reinstatement of Suspended Covenants on a Reversion Date under this Section 4.15. 

(f)    Notwithstanding the reinstatement of the Suspended Covenants on a Reversion Date, no Default or Event of Default or
breach of any kind under this Indenture, the Notes or the Guarantees shall be deemed to have occurred on such Reversion Date as a result of any actions taken by the Issuer or its Restricted Subsidiaries during the Suspension Period (or upon the
termination of the Suspension Period or thereafter based solely on events that occurred during the Suspension Period) to the extent such actions were permitted under this Indenture during the Suspension Period, and none of the Issuer or any of its
Subsidiaries shall bear any liability for any actions taken or events occurring during the applicable Suspension Period to the extent such actions were permitted under this Indenture during the Suspension Period, regardless of whether such actions
or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. On and after each Reversion Date, the Issuer and its Subsidiaries shall be permitted to consummate the transactions contemplated by any
contract entered into during any Suspension Period so long as such contract and such consummation would have been permitted during such Suspension Period. 

  
 89 

 SECTION 4.16    Limitation on Sale and Lease-Back Transactions.
The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into any Sale and Lease-Back Transaction; provided, that the Issuer or any Restricted Subsidiary may enter into a Sale and Lease-Back Transaction
if: 
 (1)    the Issuer or such Restricted Subsidiary, as applicable, could have (a) incurred Indebtedness in an
amount equal to the Attributable Debt relating to such Sale and Lease-Back Transaction under Section 4.09 and (b) incurred a Lien to secure such Indebtedness without equally and ratably securing the Notes pursuant to Section 4.12; and

 (2)    the transfer of assets in such Sale and Lease-Back Transaction is permitted by, and the Issuer or such
Restricted Subsidiary applies the proceeds of such transaction in compliance with, Section 4.10. 

SECTION 4.17    Limitations on Business Activities. The Issuer shall not, and shall not permit any Restricted
Subsidiary to, engage in any business other than Similar Businesses, except as would not be material to the Issuer and its Restricted Subsidiaries, taken as a whole. 

ARTICLE V 
 Successors 

SECTION 5.01    Merger, Consolidation or Sale of All or Substantially All Assets. (a) The Issuer shall
not consolidate or merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 

(1)    the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, merger or wind up
(if other than the Issuer) or the Person to whom such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership (including a limited partnership), trust or limited liability company
organized or existing under the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (such Person, as the case may be, being herein called the “Successor Company”);
provided that, if such Person is not a corporation, another Person that is a corporation organized or existing under such laws becomes a co-obligor of the Notes; 

(2)    the Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under this
Indenture and the Notes pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; 

(3)    immediately after such transaction, no Default exists; 

  
 90 

 (4)    immediately after giving pro forma effect to such transaction
and any related financing transactions: 
 (A)    the Successor Company would be permitted to incur at
least $1.00 of additional Indebtedness pursuant to the Consolidated Net Leverage Ratio test set forth in Section 4.09(a); or 

(B)    the Consolidated Net Leverage Ratio for the Successor Company and its Restricted Subsidiaries would
be less than or equal to such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such transaction; and 

(5)    the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture; provided that in giving an Opinion of Counsel, counsel may rely on an Officer’s Certificate as to any matters of
fact, including as to satisfaction of clauses (3) and (4) above. 
 The Successor Company shall succeed to, and be substituted for, the
Issuer under this Indenture and the Notes and the Issuer shall automatically be released and discharged from its obligations under this Indenture and the Notes except in the case of a lease. Notwithstanding the foregoing clauses (3), (4) and (5),
which do not apply to transactions referred to in this sentence: 
 (A)    any Restricted Subsidiary may
consolidate with, merge into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, the Issuer or any Restricted Subsidiary, and

 (B)    the Issuer may merge with an Affiliate of the Issuer solely for the purpose or effect of
reorganizing the Issuer in a state or commonwealth of the United States, the District of Columbia or any territory thereof. 

(b)    No Guarantor shall, and the Issuer shall not permit any such Guarantor to, consolidate or merge with or into or
wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless: 

(1)    (A) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, merger or
wind up (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the laws of the jurisdiction of organization of such Guarantor, as
the case may be, or the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor
Guarantor”); 
 (B)    the Successor Guarantor, if other than such Guarantor or another
Guarantor, expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;
and 

  
 91 

 (C)    immediately after such transaction, no Default exists;
or 
 (2)    the consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition complies with
Section 4.10. 
 In the case of clause (1) above, the Successor Guarantor will succeed to, and be substituted for, such Guarantor
under this Indenture and such Guarantor’s Guarantee and, except in the case of a lease, such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding
the foregoing, (A) any Guarantor may merge into or transfer all or substantially all of its properties or assets to another Guarantor or the Issuer and (B) any Guarantor may merge with an Affiliate of the Guarantor solely for the purpose
or effect of reorganizing the Guarantor in a state or commonwealth of the United States, the District of Columbia or any territory thereof. 

SECTION 5.02    Successor Corporation Substituted. Upon any consolidation or merger, or any sale, assignment,
transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer, in accordance with Section 5.01, the successor Person formed by such consolidation or with which the Issuer is merged or to which such
sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this
Indenture referring to the Issuer shall refer instead to the successor Person and not to the Issuer), and may exercise every right and power of the Issuer under this Indenture with the same effect as if such successor Person had been named as the
Issuer herein; provided that the predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest, if any, on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of
the assets of the predecessor Issuer (except in the case of a lease), that meets the requirements of Section 5.01. 
 ARTICLE VI 

Defaults and Remedies 

SECTION 6.01    Events of Default. (a) An “Event of Default” wherever used herein means
any one of the following events with respect to the Notes: 
 (1)    default in payment when due and payable, upon
redemption, acceleration or otherwise, of principal of the Notes; 
 (2)    default for 30 days or more in the payment
when due of interest on or with respect to the Notes; 
 (3)    failure by the Issuer or any Restricted Subsidiary for
60 days after receipt of written notice given by the Trustee or the Holders of not less than 25% in principal amount of the Notes then outstanding to comply with any of its other obligations, covenants or agreements (other than a default referred to
in clause (1) or (2) of this Section 6.01(a)) contained in this Indenture or the Notes; 

  
 92 

 (4)    default under any mortgage, indenture or instrument under which there
is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any of its Restricted Subsidiaries or the payment of which is guaranteed by the Issuer or any of its Restricted Subsidiaries, other than
Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both: 

(A)    such default either results from the failure to pay any principal of such Indebtedness at its stated
final maturity (after giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such
Indebtedness causing such Indebtedness to become due prior to its stated maturity; and 
 (B)    the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which
has been so accelerated, aggregate $50,000,000 or more; 
 (5)    failure by the Issuer or any Significant Subsidiary to
pay final judgments aggregating in excess of $50,000,000 (other than any judgments covered by indemnities provided by, or insurance policies issued by, reputable and creditworthy companies), which final judgments remain unpaid, undischarged and
unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is not covered by an indemnity or insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which
is not promptly stayed; 
 (6)    the Issuer or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law: 
 (i)    commences proceedings to be adjudicated bankrupt or insolvent; 

(ii)    consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under applicable Bankruptcy Law; 

(iii)    consents to the appointment of a receiver, liquidator, assignee, trustee or other similar official
of it or for all or substantially all of its property; 
 (iv)    makes a general assignment for the
benefit of its creditors; or 
 (v)    makes an admission in writing of its inability generally to pay
its debts as they become due; 

  
 93 

 (7)    a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: 
 (i)    is for relief against the Issuer or any Significant Subsidiary in a
proceeding in which the Issuer or any Significant Subsidiary is to be adjudicated bankrupt or insolvent; 

(ii)    appoints a receiver, liquidator, assignee, trustee or other similar official of the Issuer or any
Significant Subsidiary or for all or substantially all of the property of the Issuer or any Significant Subsidiary; or 

(iii)    orders the liquidation of the Issuer or any Significant Subsidiary; 

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

(8)    the Guarantee of any Significant Subsidiary shall for any reason cease to be in full force and effect (except as
otherwise not prohibited by this Indenture) or be declared null and void or any responsible officer of such Guarantor that is a Significant Subsidiary denies that it has any further liability under its Guarantee or gives notice to such effect, in
each case other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture. 

(b)    The Trustee may withhold from the Holders notice of any continuing Default or Event of Default, except a Default or
Event of Default relating to the payment of principal or interest, if it determines that withholding notice is in their interest. 

SECTION 6.02    Acceleration. (a) If any Event of Default (other than of a type specified in clause
(6) or (7) of Section 6.01(a)) occurs and is continuing under this Indenture, the Trustee (acting at the direction of the Holders of at least 25% in principal amount of the then total outstanding Notes) or the Holders of at least 25% in
principal amount of the then total outstanding Notes may declare the principal of, and accrued but unpaid interest, if any, on, all the then outstanding Notes to be due and payable immediately. 

Upon the effectiveness of such declaration, such principal and any accrued and unpaid interest on all the then outstanding Notes will be due
and payable immediately. The Trustee shall have no obligation to accelerate the Notes if in the reasonable judgment of the Trustee acceleration is not in the best interest of the Holders of the Notes. 

(b)    Notwithstanding the foregoing, in the case of an Event of Default arising under clause (6) or (7) of
Section 6.01(a), the principal of, and accrued but unpaid interest, if any, on, all the then outstanding Notes shall become due and payable without further action or notice. 

SECTION 6.03    Other Remedies. Subject to the duties of the Trustee as provided for in Article VII, if an Event of
Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

  
 94 

 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. All remedies are cumulative to the extent permitted by law. 
 SECTION 6.04    Waiver of
Defaults. (a) Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences
under this Indenture, except a continuing Default or Event of Default in the payment of interest on or the principal of any Note held by a non- consenting Holder, and rescind any acceleration and its
consequences with respect to the Notes (except if such recession would conflict with any judgment of a court of competent jurisdiction). 

(b)    In the event of any Event of Default specified in clause (4) of Section 6.01(a), such Event of Default
and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20
days after such Event of Default arose: 
 (1)    the Indebtedness or guarantee that is the basis for such Event of
Default has been discharged; or 
 (2)    the holders thereof have rescinded or waived the acceleration, notice or
action (as the case may be) giving rise to such Event of Default; or 
 (3)    the default that is the basis for such
Event of Default has been cured. 
 SECTION 6.05    Control by Majority. Holders of a majority in principal
amount of the total outstanding Notes may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may
refuse to follow any direction that conflicts with law or this Indenture or the Notes or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability. Except
during the continuance of an Event of Default, the Trustee will perform only such duties as are specifically set forth in this Indenture. 

SECTION 6.06    Limitation on Suits. Subject to the provisions of this Indenture relating to the duties of the
Trustee hereunder, in case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders of the Notes unless the
Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense. Except to enforce the right to receive payment of principal or interest when due, no Holder of a Note may pursue any remedy
with respect to this Indenture or the Notes unless: 
 (1)    such Holder has previously given the Trustee written
notice that an Event of Default is continuing with respect to the Notes; 

  
 95 

 (2)    Holders of at least 25% in principal amount of the total outstanding
Notes have requested the Trustee in writing to pursue the remedy; 
 (3)    Holders of the Notes have offered the
Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4)    the Trustee
has not complied with such written request within 60 days after the receipt thereof and the offer of security or indemnity against any loss, liability or expense; and 

(5)    Holders of a majority in principal amount at maturity of the total outstanding Notes have not given the Trustee a
direction inconsistent with such request within such 60-day period. 

SECTION 6.07    Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this
Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an Asset Sale Offer or a Change of
Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.08    Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a)(1)or
(2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer and any other obligor on the Notes for the whole amount of principal of, premium, if any, and
interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation of the
Trustee and the reasonable and documented out-of- pocket expenses, disbursements and advances of the Trustee, its agents and counsel, in each case as set forth in
Section 7.07. 
 SECTION 6.09    Restoration of Rights and Remedies. If the Trustee or any Holder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case,
subject to any determination in such proceedings, the Issuer, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions under this Indenture and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding has been instituted. 
 SECTION 6.10    Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under this Indenture or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy under this Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 96 

 SECTION 6.11    Delay or Omission Not Waiver. No delay or
omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

SECTION 6.12    Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders
allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including the Guarantors), its creditors or its property and shall be entitled and empowered to participate as a member in any official committee of
creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation and the reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that
the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under
any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.13    Priorities. If the Trustee or any Agent collects any money pursuant to this Article VI, it
shall pay out the money in the following order: 
 (i)    to the Trustee, the Agents, their agents and
attorneys for amounts due under Section 7.07, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee or any Agent and the costs and expenses of collection; 

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

(iii)    to the Issuer or to such party as a court of competent jurisdiction shall direct including a
Guarantor, if applicable. 

  
 97 

 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.13. Promptly after any record date is set pursuant to this Section 6.13, the Trustee shall cause notice of such record date and payment date to be given to the Company and to each Holder. 

SECTION 6.14    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

ARTICLE VII 
 Trustee 

SECTION 7.01    Duties of Trustee. (a) During the continuance of an Event of Default, the Trustee shall
exercise such rights and powers vested in it by this Indenture, and use the same degree of care and skill as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs under the circumstances.

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

(i)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture and
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates, opinions or other
instruments that by any provision are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates, opinions or other such instruments to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculation or other facts stated therein). 

(c)    The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or
its own willful misconduct, except that: 
 (i)    this clause (c) does not limit the effect of
clause (b) of this Section 7.01; 
 (ii)    the Trustee shall not be liable in its individual
capacity for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

  
 98 

 (iii)    the Trustee shall not be liable in its individual
capacity with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

(d)    Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the
Trustee is subject to clauses (a), (b) and (c) of this Section 7.01. 
 (e)    Subject to this Article VII,
whether or not an Event of Default has occurred and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture or the Notes at the request or direction of any Holder or Holders of the Notes
unless such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense (including any actions in respect thereof). 

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

SECTION 7.02    Rights of Trustee. (a) The Trustee may conclusively rely upon and shall be protected in
acting or refraining from acting upon any resolution, Officer’s Certificate, Opinion of Counsel, statement, certificate, instrument, opinion, report, notice, request, consent order, appraisal, bond or any other document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney at the sole cost of the
Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificates or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it under this Indenture in good faith and in accordance with the advice or opinion of
such counsel. 
 (c)    The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent or attorney appointed with due care. 
 (d)    The Trustee shall not be liable for
any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture or the Notes; provided, however, that the Trustee’s conduct does not
constitute willful misconduct or gross negligence. 

  
 99 

 (e)    Unless otherwise specifically provided in this Indenture, any demand,
request, direction or notice from the Issuer shall be sufficient if signed by an Officer. 
 (f)    None of the
provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties under this Indenture, or in the exercise of any of its rights
or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. 

(g)    The Trustee shall not be deemed to have notice or knowledge of any Default or Event of Default unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of any event that is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this
Indenture. 
 (h)    In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i)    The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities under this Indenture, and each agent, custodian and other Person employed to act under this Indenture. 

(j)    The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
under this Indenture. 
 (k)    The Trustee may request that the Issuer delivers a certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

(l)    The right of the Trustee to perform any discretionary or permissive act enumerated in this Indenture shall not be
construed as a duty, and the Trustee shall not be answerable for other than its negligence or willful misconduct in performance of such act. 

(m)    Delivery of reports, information and documents to the Trustee and the Paying Agent is for information purposes only
and their respective receipt of such reports shall not constitute constructive notice of any information contained therein, including the Issuer’s, any Guarantor’s or any other Person’s compliance with any of its covenants under this
Indenture or the Notes (as to which the Trustee and the Paying Agent are entitled to rely exclusively on Officer’s Certificates). Neither the Trustee nor the Paying Agent shall be obligated to monitor or confirm, on a continuing basis or
otherwise, the Issuer’s, any Guarantor’s or any other Person’s compliance with the covenants described herein or with respect to any reports or other documents filed under this Indenture. 

SECTION 7.03    Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections
7.10 and 7.11. 

  
 100 

 SECTION 7.04    Trustee’s Disclaimer. The Trustee shall not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the
Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital
herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

SECTION 7.05    Notice of Defaults. If a Default occurs and is continuing and is actually known to the Trustee, the
Trustee shall mail to Holders of Notes a notice of the Default within 90 days after it occurs. Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders
notice of any continuing Default if it determines that withholding notice is in the interest of the Holders of the Notes. The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof
or unless written notice of any event that is such a Default is received by the Trustee at the Corporate Trust Office of the Trustee. 

SECTION 7.06    [Reserved]. 

SECTION 7.07    Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time such
compensation for its acceptance of this Indenture and services under this Indenture as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall reimburse the Trustee promptly upon request for all reasonable and documented out-of-pocket disbursements, advances and expenses incurred or made
by it in addition to the compensation for its services. Such expenses shall include the reasonable and documented out-of-pocket compensation, disbursements and expenses
of the Trustee’s agents and counsel. 
 The Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee for, and hold
the Trustee harmless against, any and all loss, damage, claims, liability or expense (including reasonable and documented out-of-pocket attorneys’ fees and
expenses) incurred by it (as evidenced in an invoice from the Trustee) in connection with the acceptance or administration of this trust and the performance of its duties under this Indenture (including the costs and expenses of enforcing this
Indenture against the Issuer or any of the Guarantors (including this Section 7.07) or defending itself against any claim whether asserted by any Holder, the Issuer or any Guarantor, or liability in connection with the acceptance, exercise or
performance of any of its powers or duties under this Indenture). The Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its
obligations under this Indenture. The Issuer shall defend the claim and the Trustee shall provide reasonable cooperation at the Issuer’s expense in the defense. The Trustee may have separate counsel and the Issuer shall pay the fees and
expenses of such counsel. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence or any settlement made without its
consent, which consent shall not be unreasonably withheld. 

  
 101 

 The obligations of the Issuer under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the Trustee. 
 To secure the payment obligations of the Issuer and the
Guarantors in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive
the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(a)(6) or (7) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 SECTION 7.08    Replacement of Trustee. A resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so
notifying the Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(a)    the Trustee fails to comply with Section 7.10; 

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

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the
Issuer’s expense), the Issuer or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
 102 

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee
and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee under this Indenture have been paid and subject to the Lien
provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

SECTION 7.09    Successor Trustee by Merger, etc. If the Trustee consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the successor corporation or national banking association without any further act shall be the successor Trustee. 

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor under this Indenture or in the name of the successor to the Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10    Eligibility; Disqualification. There shall at all times be a Trustee under this Indenture that
is a corporation or national banking association organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to
supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. 

SECTION 7.11    Email. Citibank, N.A. (in each of its capacities, “Citibank”) agrees to accept and act
upon instructions or directions pursuant to this Indenture or any documents executed in connection herewith sent by unsecured email, facsimile transmission or other similar unsecured electronic methods, provided, however, that any person providing
such instructions or directions shall provide to Citibank an incumbency certificate listing persons designated to provide such instructions or directions (including the email addresses of such persons), which incumbency certificate shall be amended
whenever a person is added or deleted from the listing. If such person elects to give Citibank email (of .pdf or similar files) or facsimile instructions (or instructions by a similar electronic method) and Citibank in its discretion elects to act
upon such instructions, Citibank’s reasonable understanding of such instructions shall be deemed controlling. Citibank shall not be liable for any losses, costs or expenses arising directly or indirectly from Citibank’s reliance upon and
compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions or directions agrees to assume all risks arising out of the use
of such electronic methods to submit instructions and directions to Citibank, including without limitation the risk of Citibank acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

  
 103 

 ARTICLE VIII 

Legal Defeasance and Covenant Defeasance 

SECTION 8.01    Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option and at
any time, elect to have either Section 8.02 or 8.03 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

SECTION 8.02    Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 8.01 of the
option applicable to this Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding
Notes and Guarantees and to have cured all then existing Events of Default on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in
(a) and (b) below, to have satisfied all their other obligations under the Notes and this Indenture including that of the Guarantors and to have cured all then existing Events of Default (and the Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged under this Indenture: 

(a)    the rights of Holders of Notes to receive payments in respect of the principal of, premium, if any, and interest on
the Notes when such payments are due solely out of the trust created pursuant to Section 8.05; 
 (b)    the
Issuer’s obligations pursuant to Sections 2.03, 2.04, 2.07, 2.08, 2.10 and 4.02; 
 (c)    the rights, powers,
trusts, duties and immunities of the Trustee, and the Issuer’s obligations in connection therewith; and 

(d)    the provisions of this Section 8.02. 

Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03. 
 SECTION 8.03    Covenant Defeasance. Upon the
Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations
under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.16 and 4.17 and clauses (4) and (5) of Section 5.01(a), Sections 5.01(b) and 5.01(c) with respect to the outstanding Notes on and
after the date the conditions set forth in Section 8.04 are 

  
 104 

 
satisfied (“Covenant Defeasance”), and such Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes under this Indenture (it being understood that such Notes shall not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to such outstanding Notes, the Issuer or any Guarantor, as applicable, may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby. In addition, upon the
Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (solely with
respect to Significant Subsidiaries), 6.01(a)(7) (solely with respect to Significant Subsidiaries) and 6.01(a)(8) shall not constitute Events of Default. 

SECTION 8.04    Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the
application of either Section 8.02 or 8.03 to the outstanding Notes: 
 In order to exercise either Legal Defeasance or Covenant
Defeasance with respect to the Notes: 
 (1)    the Issuer must irrevocably deposit with the Trustee, in trust, for the
benefit of the Holders of the Notes, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal
amount of, premium, if any, and interest due on the Notes on the stated maturity date or on the Redemption Date, as the case may be, of such principal amount, premium, if any, or interest on such Notes and the Issuer must specify whether the Notes
are being defeased to maturity or to a particular Redemption Date; 
 (2)    in the case of Legal Defeasance, the Issuer
shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, 

(a)    the Issuer has received from, or there has been published by, the United States Internal Revenue
Service a ruling, or 
 (b)    since the issuance of the Notes, there has been a change in the applicable
U.S. federal income tax law, 
 in either case to the effect that, and based thereon, such Opinion of Counsel shall confirm that, subject to customary
assumptions and exclusions, the Holders of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

  
 105 

 (3)    in the case of Covenant Defeasance, the Issuer shall have delivered to
the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such Covenant Defeasance and will be subject to such tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4)    no Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and
simultaneous deposit relating to other Indebtedness, and, in each case the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit with respect to the Notes; 

(5)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default
under the Senior Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than that resulting from borrowing
of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); 

(6)    the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made
by the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and 

(7)    the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which
Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

SECTION 8.05    Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.
Subject to the provisions of Section 8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 shall be held in trust and applied by the Trustee in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or a Guarantor acting as Paying Agent) to the Holders of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee. 
 The Issuer shall pay and indemnify the Trustee and any Paying Agent against any tax, fee
or other charge imposed on or assessed against Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Notes. 
 SECTION 8.06    Repayment to Issuer. Anything in this Article VIII
or Article XI to the contrary notwithstanding, each of the Trustee and each Paying Agent shall promptly deliver or pay to the Issuer upon request any money or Government Securities held by it in accordance with 

  
 106 

 
this Article VIII or Article XI which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee and
Paying Agent (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance, Covenant Defeasance or discharge in accordance
with Article XI. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the
principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Issuer on its written request or (if then held by the
Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuer for payment thereof, and all liability of the Trustee or any Paying Agent with respect to such trust money, and all liability of the
Issuer as trustee thereof, shall thereupon cease. 
 SECTION 8.07    Reinstatement. If the Trustee or the
Paying Agent is unable to apply any United States dollars or Government Securities in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Issuer’s and the Guarantors’ obligations under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or
8.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided that, if the Issuer makes any payment of principal of, premium or interest on
any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or the Paying Agent. 

ARTICLE IX 
 Amendment,
Supplement and Waiver 
 SECTION 9.01    Without Consent of Holders of Notes. Notwithstanding
Section 9.02, the Issuer, any Guarantor (with respect to a Guarantee or this Indenture) and the Trustee may amend or supplement this Indenture and any Guarantee or the Notes without the consent of any Holder: 

(1)    to cure any ambiguity, omission, mistake, defect or inconsistency; 

(2)    to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3)    to comply with Section 5.01; 

(4)    to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders; 

(5)    to make any change that would provide any additional rights or benefits to the Holders or that in the good faith
judgment of the Issuer does not materially adversely affect the legal rights under this Indenture of any such Holder; 

  
 107 

 (6)    to add covenants for the benefit of the Holders or to surrender any
right or power conferred upon the Issuer or any Guarantor; 
 (7)    to comply with requirements of the SEC or to comply
with the rules of any applicable securities depository; 
 (8)    to evidence and provide for the acceptance and
appointment under this Indenture of a successor Trustee thereunder pursuant to the requirements thereof; 
 (9)    to
add or release a Guarantor under this Indenture or to secure the Obligations under this Indenture; 
 (10)    to make
such provisions as necessary for the issuance of Additional Notes otherwise permitted to be issued under this Indenture; 

(11)    to conform the text of this Indenture, the Guarantees or the Notes to any provision of the “Description of
Notes” section of the Offering Memorandum; or 
 (12)    to make any amendment to the provisions of this
Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with this Indenture as
so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment in the good faith judgment of the Issuer does not materially and adversely affect the rights of
Holders to transfer Notes. 
 SECTION 9.02    With Consent of Holders of Notes. Except as provided in
Section 9.01 or below in this Section 9.02, the Issuer and the Trustee may amend or supplement this Indenture, any Guarantee and the Notes with the consent of the Holders of at least a majority in principal amount of the Notes then
outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a continuing Default in the
payment of interest on, premium, if any, or the principal of, any Note, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes issued under this Indenture may
be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). Sections 2.08 and 2.09 shall
determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02. 
 The consent of the
Holders of Notes under this Section 9.02 is not necessary under this Indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed amendment. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall deliver electronically or mail to
the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
amendment, supplement or waiver. 

  
 108 

 Without the consent of each affected Holder of Notes, an amendment or waiver may not, with
respect to Notes held by a non-consenting Holder: 
 (1)    reduce the principal
amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2)    reduce the principal amount
of or change the fixed final maturity of any Note or reduce the premium payable upon redemption or change the time at which such Note may be redeemed (excluding any amendment or waiver of any minimum notice period for redemption which may be amended
with the consent of the Holders of at least a majority of the Notes then outstanding) as described under Section 3.07; 

(3)    reduce the rate of or change the time for payment of interest on any Note; 

(4)    waive a Default or Event of Default in the payment of principal of or interest on the Notes, except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of Notes and a waiver of the payment default that resulted from such acceleration; 

(5)    make any Note payable in money other than that stated therein; 

(6)    make any change in the provisions of this Indenture relating to waivers of past Defaults or Events of Default or
the rights of Holders to receive payments of principal of or interest on the Notes; 
 (7)    make any change in these
amendment and waiver provisions as it relates to the Notes; 
 (8)    impair the contractual right of any Holder to
receive payment of principal of, or interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; 

(9)    make any change to or modify the ranking as to contractual right of payment of the Notes that would adversely
affect the Holders; or 
 (10)    except as expressly permitted by this Indenture, modify the terms of the Guarantees of
any Significant Subsidiary in any manner adverse to the Holders of the Notes. 
 SECTION 9.03    Revocation and
Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the
same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice
of revocation before the earlier of the date the waiver, supplement or amendment becomes effective and the date on which the Trustee receives an Officer’s Certificate from the Issuer certifying that the requisite principal amount of Notes have
consented. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

  
 109 

 The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining
the Holders entitled to consent to any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such
Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. 

SECTION 9.04    Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may
require the Holder of the Note to deliver it to the Trustee so an appropriate notation may be reflected therein. The Trustee may also place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
Alternatively, the Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 SECTION 9.05    Trustee to Sign Amendments, etc. Upon the request of the Issuer, the Trustee shall sign
any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In executing any amendment, supplement or waiver, the Trustee (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03, an Officer’s Certificate and an
Opinion of Counsel stating that the execution of such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and any
Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary exceptions. No Opinion of Counsel will be required by the immediately preceding sentence for the Trustee to execute any amendment or supplement
adding a new Guarantor under this Indenture. 
 SECTION 9.06    Payment for Consent. The Issuer will not,
and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of this Indenture or the Notes unless such consideration is offered to be paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver
or agreement. 
 ARTICLE X 

Guarantees 

SECTION 10.01    Guarantee. Subject to this Article X, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the 

  
 110 

 
validity and enforceability of this Indenture, the Notes or the obligations of the Issuer under this Indenture or thereunder: (a) the performance and full and punctual payment when due,
whether at maturity, by acceleration or otherwise, of all obligations of the Issuer under this Indenture and the Notes, whether for payment of principal of or interest on the Notes, expenses, indemnification or otherwise, on the terms set forth in
this Indenture; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 The Guarantors hereby agree
that their obligations under this Indenture shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the
Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and
all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 Each Guarantor also agrees to pay any and all reasonable and documented
out-of-pocket costs and expenses (including reasonable and documented out-of-pocket
attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 
 Each
Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes
of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided
in Article VI, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee. Any Guarantor that makes a payment under its Guarantee shall be entitled, upon payment in
full of all guaranteed obligations under this Indenture, to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the
time of such payment determined in accordance with GAAP. 
 Each Guarantee shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer 

  
 111 

 
become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the
fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or
returned by any obligee on the Notes or Guarantees, whether as a voidable preference, fraudulent transfer or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded,
reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 Each payment to be made by a Guarantor in respect of its Guarantee shall
be made without set-off, counterclaim, reduction or diminution of any kind or nature. 

SECTION 10.02    Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor
shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to
receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article X, result in the obligations of such Guarantor under its Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under applicable law. 
 SECTION 10.03    Notation Not
Required. Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

The delivery of any Note by the Trustee, after the authentication thereof under this Indenture, shall constitute due delivery of the Guarantee
set forth in this Indenture on behalf of the Guarantors. 
 SECTION 10.04    Subrogation. Each Guarantor
shall be subrogated to all rights of Holders of Notes against the Issuer in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01; provided that, no Guarantor shall be entitled to enforce or receive any
payments arising out of, or based upon, such right of subrogation until all obligations of the Issuer under this Indenture and the Notes shall have been paid in full. 

  
 112 

 SECTION 10.05    Benefits Acknowledged. Each Guarantor
acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such
benefits. 
 SECTION 10.06    Release of Guarantees. A Guarantee by a Guarantor shall be automatically and
unconditionally released and discharged, and no further action by such Subsidiary Guarantor, the Issuer or the Trustee is required for the release of such Guarantor’s Guarantee upon (a) receipt by the Trustee of a notification from the
Issuer that such Guarantee be released and (b) the occurrence of any of the following: 
 (1)    any direct or
indirect sale, exchange, disposition or other transfer (including by merger, consolidation or otherwise) of (A) the Capital Stock of such Guarantor, after which such Guarantor is no longer a Restricted Subsidiary or (B) all or
substantially all the assets of such Guarantor which sale, exchange, disposition or other transfer is made in a manner not in violation of the applicable provisions of this Indenture; 

(2)    (A) the release or discharge of the guarantee by such Guarantor of the Senior Credit Facilities or (B) the
release or discharge of the guarantee which resulted in the creation of such Guarantee, in each case except a release or discharge by or as a result of payment under such guarantee; 

(3)    designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with the
provisions set forth under Section 4.07 and the definition of “Unrestricted Subsidiary” in this Indenture; 

(4)    the Issuer’s exercise of its legal defeasance option or covenant defeasance option as described under Article
VIII or the Issuer’s obligations under this Indenture being discharged in a manner not in violation of Article XI; or 

(5)    the occurrence of a Covenant Suspension Event as described in Section 4.15; provided that such
Guarantee will be reinstated upon the applicable Reversion Date in accordance with Section 4.15(c). 
 A Guarantee by a Guarantor shall
also be automatically and unconditionally released and discharged pursuant to Section 4.15(c). 
 If any Guarantor is released from its
Guarantee, any of its Subsidiaries that are Guarantors will also be released from their Guarantees, if any. 
 Upon request of the Issuer,
the Trustee shall evidence such release by its execution of a supplemental indenture or other instrument which may be executed by the Trustee and the Issuer without the consent of any Holder. 

  
 113 

 ARTICLE XI 

Satisfaction and Discharge 

SECTION 11.01    Satisfaction and Discharge. This Indenture shall be discharged and shall cease to be of
further effect as to all of the Notes (except as provided in the last sentence of this Section), when either: 

(1)    all Notes theretofore authenticated and delivered, except mutilated, lost, stolen or destroyed Notes which have
been replaced or paid and the Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

(2)    (a) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of
the making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption and redeemed within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by
the Trustee in the name, and at the expense, of the Issuer, and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes cash in U.S.
dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee
for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(b)    the Issuer has paid or caused to be paid all other sums payable by it under this Indenture; and 

(c)    the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward
the payment of the Notes at maturity or the Redemption Date, as the case may be. 
 In addition, the Issuer must deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause
(a) of clause (2) of this Section 11.01, the provisions of Section 11.02 and Section 8.06 shall survive. 

SECTION 11.02    Application of Trust Money. Subject to the provisions of Section 8.06, all money and
Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer or any Guarantor acting as the Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money
has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

  
 114 

 If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any
Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 until such time as the Trustee or any Paying Agent is permitted to apply all such money
or Government Securities in accordance with Section 11.01; provided that if the Issuer has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE XII 
 Miscellaneous

 SECTION 12.01    Notices. Any notice or communication by the Issuer, any Guarantor, the Trustee or
any Paying Agent to the others is duly given if in writing and delivered in person, electronically transmitted (in the form of a .pdf or other similar file of a signed document and only in the case of notices or communications to the Trustee) or
mailed by first-class mail (registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Issuer and/or any Guarantor: 

Time Inc. 
 1271 Avenue of the
Americas 
 New York, New York 10020 

Attention: General Counsel 
 If
to the Trustee, at the applicable Corporate Trust Office. 
 The Issuer, any Guarantor, the Trustee or any Paying Agent, by notice to the
others, may designate additional or different addresses for subsequent notices or communications. 
 All notices and communications (other
than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first- class mail (or in the case of
Notes in global form, on the date the notice is sent pursuant to the applicable procedures of the Depositary); the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; and on the
first date of which publication is made, if given by publication; and when sent, if sent electronically; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof. 

Any notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return receipt requested) or by
overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar or otherwise in accordance with the procedures of the Depositary. Failure to mail a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders. 

  
 115 

 If a notice or communication is mailed in the manner provided above within the time prescribed,
it is duly given, whether or not the addressee receives it. 
 If the Issuer mails a notice or communication to Holders, it shall mail a
copy to the Trustee and each Agent at the same time. 
 SECTION 12.02    Communication by Holders of Notes with
Other Holders of Notes. Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

SECTION 12.03    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Issuer or any of the Guarantors to the Trustee to take any action under this Indenture (except in connection with the original issuance of the Notes), the Issuer or such Guarantor, as the case may be, shall furnish to the Trustee (except as set
forth in Section 9.05): 
 (a)    an Officer’s Certificate in form and substance reasonably satisfactory to
the Trustee (which shall include the statements set forth in Section 12.04) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been
satisfied; and 
 (b)    an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall
include the statements set forth in Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

In giving any Opinion of Counsel under this Indenture, counsel may rely as to factual matters on an Officer’s Certificate or certificates
of public officials. 
 SECTION 12.04    Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04) shall include: 

(a)    a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (c)    a statement that, in the opinion of such Person,
he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (which examination or investigation, in the case of an Opinion
of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact or certificates of public officials); and 

  
 116 

 (d)    a statement as to whether or not, in the opinion of such Person, such
condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

SECTION 12.05    Rules by Agents. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions. 
 SECTION 12.06    No Personal Liability of Directors, Officers, Employees and
Stockholders. No director, officer, employee, incorporator, member or stockholder of the Issuer or any Guarantor, in their capacity as such, shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, the
Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. 
 SECTION 12.07    Governing Law. THIS INDENTURE, THE NOTES AND ANY GUARANTEE
WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 12.08    Waiver of Jury Trial. THE ISSUER, EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 12.09    Force Majeure. In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services; it being understood that the Trustee shall use reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 12.10    Benefits of Indenture. Nothing in this Indenture or the Notes shall give to any Person, other
than the parties hereto, any Paying Agent, any Registrar and its successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 12.11    No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Issuer or any of the Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 12.12    Successors. All agreements of the Issuer in this Indenture and the Notes shall bind their
successors. All agreements of the Trustee or any Agent in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.05. 

  
 117 

 SECTION 12.13    Severability. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 12.14    Counterpart Originals. The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes. 

SECTION 12.15    Table of Contents, Headings, etc. The Table of Contents, Cross-Reference Table and headings
of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 12.16    U.S.A. Patriot Act. The parties hereto acknowledge that in order to help the United States
government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act), all financial institutions are required to obtain, verify,
record and update information that identifies each person establishing a relationship or opening an account. The parties to this agreement agree that it will provide to the Trustee such information as they may request, from time to time, in order
for the Trustee to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the
relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

[Signatures on following page] 

  
 118 

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

							
	TIME INC., as Issuer
			
		 	By	 	 /s/ Susana D’Emic 

		 		 	Name:	 	Susana D’Emic
		 		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

	
	EACH OF THE GUARANTORS LISTED ON SCHEDULE I
			
		 	By	 	 /s/ Susana D’Emic

		 		 	Name:	 	Susana D’Emic
		 		 	Title:	 	Authorized Officer

  

 
					
	CITIBANK, N.A., as Trustee
			
		 	By	 	 /s/ Anthony Bausa

		 		 	Name:  Anthony Bausa
		 		 	Title:    Vice President

  

 SCHEDULE I 

LIST OF GUARANTORS AS OF THE ISSUE DATE 
 Bizrate
Insights Inc.     

Book-of-The-Month Club,
Inc.     
 Business 2.0 Media Inc.     

Cozi Inc.     
 ECI Publishing,
Inc.     
 Entertainment Weekly Inc.     

Essence Communications Inc.     
 Essence
Festivals Investments LLC     
 Essence Festivals LLC     

Essence Festivals Productions LLC     

FanSided Inc.     
 Fundraising.com,
Inc.     
 Gift Services, Inc.     

Health Media Ventures Inc.     
 Healthy
Living, Inc.     
 Hello Giggles, Inc.     

HP Holdings Inc.     
 LeagueAthletics.com
LLC     
 League Sports Services LLC     

Life Inc.      
 Loyalty Extras,
Inc.     
 LSS Football LLC     

Magazine Value Partners, Inc.     
 Maghound
Enterprises Inc.     
 Media Services, Inc.     

MNI Targeted Media Inc.     
 NewSub Magazine
Services LLC     
 NSSI Holdings Inc.     

Oxmoor House, Inc.     
 QSP Distribution
Services, LLC     
 Real Simple Productions, Inc.     

SI Digital Games, Inc.     
 SI Features
Inc.     
 SI Play LLC     

SI Productions Inc.     
 SI Ventures
Inc.     
 SirenServ, Inc.     

Southern Progress Corporation     
 Southern
Progress Custom Publishing, Inc.     
 SPC Retail Publishing, Inc.     

StyleFeeder Inc.     
 Sunset Publishing
Corporation     
 Synapse Direct, Inc.     

  
 S-I-1 

 Synapse Group, Inc.     

Synapse Retail Ventures, Inc.     
 Synapse
Services, Inc.     
 Synapse Ventures, Inc.     

SynapseConnect, Inc.     
 The Picture
Collection, Inc.     
 TI Administrative Holdings LLC     

TI Asia Holdings Inc.     
 TI Books Holdings
LLC     
 TI Business Ventures Inc.     

TI Circulation Holdings LLC     
 TI Corporate
Holdings LLC     
 TI Distribution Holdings LLC     

TI Experiential Inc.     
 TI Golf Holdings
Inc.     
 TI International Holdings Inc.     

TI Live Events Inc.     
 TI Magazine Holdings
LLC     
 TI Magazine Services LLC     

TI Marketing Services Inc.     
 TI Media
Solutions Inc.     
 TI Paperco Inc.     

TI Parsippany Inc.     
 TI Real Estate
Services Inc.     
 TI Retail Service Group Inc.     

TI Sales Holdings LLC     
 TI Shared Services
Inc.     
 TI Trade Books Holdings LLC     

Time Consumer Marketing, Inc.     
 Time
Customer Service, Inc.     
 Time Direct Ventures LLC     

Time Distribution Services Inc.     
 Time
Inc. Affluent Media Group     
 Time Inc. Books     

Time Inc. Domestic Licensing     
 Time Inc.
Food Studio Productions LLC     
 Time Inc. Interactive     

Time Inc. Lifestyle Group     
 Time Inc.
Play     
 Time Inc. Productions     

Time Inc. Retail     
 Time Inc.
Ventures     
 Time Mailing Services LLC     

Time Publishing Ventures, Inc.     
 Time TV
Corporation      
 Vertical Media Solutions Inc.      

Viant Technology Holding Inc.     
 WD
Productions LLC     

  
 S-I-2 

 EXHIBIT A 

[FACE OF NOTE] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture] 

  
 A-1 

 CUSIP [        ] 

ISIN [        ] 

[[RULE 144A][REGULATION S] GLOBAL NOTE 

7.50% Senior Notes due 2025 
  

			
	No.     	  	[$        ]

 TIME INC. 

promises to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Increases and Decreases of Interests in the
Global Note attached hereto] [of United States Dollars] on October 15, 2025. 
 Interest Payment Dates: April 15 and October 15; Record Dates:
April 1 and October 1 
 IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed. 

 

					
	TIME INC.
			
		 	By	 	
                     
                    

		 		 	Name:
		 		 	Title:

  
 A-2 

 This is one of the Notes referred to in the within-mentioned Indenture: 

Dated:                      

 

					
	CITIBANK, N.A., as Trustee
			
		 	By	 	
                     
                    

		 		 	Authorized Signatory

  
 A-3 

 [Back of Note] 

7.50% Senior Notes due 2025 

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

1.    Interest. TIME INC., a Delaware corporation, promises to pay interest on the principal amount of this Note at
7.50% per annum from October 11, 20171 until maturity. The Issuer will pay interest semi-annually in arrears on April 15 and October 15 of each year to stated maturity, or if any
such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The first Interest Payment Date shall be April 15, 20182. Interest on
the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at
the same rate to the extent lawful. At maturity, the Issuer will pay accrued and unpaid interest from the most recent date to which interest has been paid or provided for. Interest will be computed on the basis of a
360-day year comprised of twelve 30-day months. 

2.    Method of Payment. The Issuer will pay interest on the Notes to the Persons who are registered Holders of
Notes at the close of business on the April 1 or October 1 (whether or not a Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such
Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that
payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to
the Issuer or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3.    Paying Agent and Registrar. Initially, Citibank, N.A. will act as Paying Agent and Registrar. The Issuer may
change the Paying Agent or the Registrar without prior notice to the Holders. The Issuer or any of its Subsidiaries may act as a Paying Agent or Registrar. 

4.    Indenture. The Issuer issued the Notes under an Indenture, dated as of October 11, 2017 (the
“Indenture”), among Time Inc., the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Issuer designated as its 7.50% Senior Notes due 2025. The Issuer shall be entitled to issue
Additional Notes pursuant to Sections 2.01 and 4.09 of the Indenture. The terms of the Notes include those stated in the Indenture. The 

 

	1 	With respect to the Initial Notes. 

	2 	 With respect to the Initial Notes. 

  
 A-4 

 
Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. 
 5.    Optional Redemption. 

(a)    Prior to October 15, 2020, the Issuer may redeem the Notes, in whole at any time or in part from time to time,
upon notice as described in Section 3.03 of the Indenture, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but
excluding, the Redemption Date, subject to the rights of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

(b)    On and after October 15, 2020, the Issuer may redeem the Notes, in whole at any time or in part from time to
time, upon notice as described in Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below plus accrued and unpaid interest thereon, if any, to,
but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve month period beginning on
October 15 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	2020	  	 	105.625	% 
	2021	  	 	103.750	% 
	2022	  	 	101.875	% 
	2023 and thereafter	  	 	100.000	% 

 (c)    Until October 15, 2020, the Issuer may, at any time and from time to time,
upon notice as described in Section 3.03 of the Indenture, redeem up to 40.0% of the aggregate principal amount of Notes at a redemption price equal to 107.50% of the aggregate principal amount thereof plus accrued and unpaid interest
thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, in an amount no greater than the aggregate cash
proceeds received from one or more Equity Offerings; provided that (1) at least 50.0% of the aggregate principal amount of Notes (including any Additional Notes) remains outstanding immediately after the occurrence of each such
redemption and (2) each such redemption occurs within 90 days of the closing of such Equity Offering. 

6.    Mandatory Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments
with respect to the Notes. 
 7.    Notice of Redemption. Notice of redemption will be mailed by first-class mail
(or otherwise delivered in accordance with the applicable procedures of the Depositary) at least 30 days but not more than 60 days before the Redemption Date to each Holder at such Holder’s registered address or otherwise in accordance with the
applicable procedures of the Depositary, except that redemption notices may be mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) more than 60 days prior to a Redemption Date if the

  
 A-5 

 
notice is issued in connection with Article VIII or Article XI of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless
all of the Notes held by a Holder are to be redeemed. On and after the Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption. 

8.    Offers to Repurchase. 

(a)    Upon the occurrence of a Change of Control after the Issue Date, unless the Issuer has previously or concurrently
mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) a redemption notice with respect to all the outstanding Notes as described under Section 3.07 of the Indenture, the Issuer shall make an offer (a
“Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest thereon, if any, to, but excluding, the date of purchase (the “Change of Control Payment”). The Change of Control Offer shall be made in accordance with Section 4.13 of the
Indenture. 
 (b)    When the aggregate amount of Excess Proceeds exceeds $50,000,000, the Issuer or any Restricted
Subsidiary shall make an offer to all Holders of the Notes and, if required by the terms of any Indebtedness that is pari passu with the Notes (“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness (an
“Asset Sale Offer”), to purchase the maximum aggregate principal amount of Notes and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal
amount thereof plus accrued and unpaid interest thereon, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed
for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate principal amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in the Indenture. If the aggregate amount of Notes and the Pari Passu Indebtedness surrendered in an Asset Sale Offer
exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuer or the agent for such Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased on a pro rata basis (or as nearly pro rata as
practicable) based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness tendered, unless otherwise required by law or the rules of the principal national securities exchange, if any, on which the Notes or such
Pari Passu Indebtedness are listed or by lot or such similar method in accordance with the procedures of the Depositary; provided that no Notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the
amount of Excess Proceeds shall be reset at zero. 
 9.    Denominations, Transfer, Exchange. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require
a Holder to furnish appropriate endorsements and transfer documents in connection with a transfer of the Notes. Holders shall pay all taxes due on transfer. The Issuer is not required to transfer or exchange any Note selected for redemption, except
for the unredeemed portion of any Note being redeemed in part. Also, the Issuer is not required to issue, transfer or exchange any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed or within 15 days
of an Interest Payment Date. 

  
 A-6 

 10.    Persons Deemed Owners. The registered Holder of a Note shall be
treated as the owner of it for all purposes. Only registered Holders shall have rights under the Indenture and this Note. 

11.    Amendment, Supplement and Waiver. The Indenture, the Guarantees or the Notes may be amended or supplemented
as provided in the Indenture. 
 12.    Defaults and Remedies. The Events of Default relating to the Notes are
defined in Section 6.01 of the Indenture. If any Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency) occurs under the Indenture and is continuing, the Trustee (acting at the direction of the
Holders of at least 25% in principal amount of the then total outstanding Notes) or the Holders of at least 25% in principal amount of the then total outstanding Notes may declare the principal of, and accrued but unpaid interest, if any, on, all
the then outstanding Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, the principal of, and accrued but unpaid interest, if any, on,
all the then outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture, the Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a
majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default, except a
Default or Event of Default relating to the payment of principal or interest, if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except, a continuing Default or Event of Default in payment of the interest on or the principal of any
Note held by a non-consenting Holder. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required within 30 days after becoming
aware of any Default, to deliver to the Trustee a statement specifying such Default. 
 13.    Authentication.
This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

14.    Governing Law. THE INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 15.    CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices to Holders as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-7 

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to the Issuer at the following address: 
 Time Inc. 

225 Liberty Street 
 New York, New
York 10281 
 Attention: General Counsel 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

		 	(Insert assignee’ legal name)

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 

and irrevocably appoint                    
                                         
                                         
                                         
                                    

to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Date:
                                     

Your Signature:
                                         
            
 (Sign exactly as your name appears on the face of this Note) 

Signature Guarantee*:
                                        

  
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.13 of the Indenture, check the appropriate
box below: 
 ☐  Section 4.10    ☐  Section 4.13 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.13 of the
Indenture, state the amount you elect to have purchased: 
 $        . 

Date:
                                         
    
 Your Signature:
                                         
            
 (Sign exactly as your name appears on the face of this Note) 

Tax Identification No.:      

Signature Guarantee*:
                                         
    
  
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 SCHEDULE OF INCREASES AND DECREASES OF INTERESTS 

IN THE GLOBAL NOTE* 
 The initial
outstanding principal amount of this Global Note is $        . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of
another Global or Definitive Note for an interest in this Global Note or increases or decreases in the outstanding principal amount of this Global Note, have been made: 
  

									
	 Date
	  	 Amount of

decrease 
in Principal

Amount
	  	 Amount of increase

in Principal

Amount of this

Global Note
	  	 Principal Amount

of

this Global Note

following such

decrease or

increase
	  	 Signature of

authorized

signatory of

Trustee or Note

Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-11 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Time Inc. 

225 Liberty Street 
 New York, New York 10281 

Attention: General Counsel 
 Citibank, N.A., 

as Trustee and Registrar 
 480 Washington Boulevard, 30th Floor

 Jersey City, New Jersey 07310 
 Attention: Securities Window
– Time Inc. 
 Telephone No.: (212) 816-9682 

Email: anthony.bausa@citi.com or call (888) 855-9695 to obtain Citibank, N.A. account manager’s email address 

 

	Re:	7.50% Senior Notes due 2025 

 Reference is hereby made to the Indenture, dated as of
October 11, 2017 (the “Indenture”), among Time Inc., the Guarantors listed on Schedule I thereto and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or interests (the
“Transfer”), to                      (the “Transferee”), as further specified in Annex A hereto. In connection with
the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.    ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE
OR A RELEVANT DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor
hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more
accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule
144A, and such Transfer is in compliance with all applicable securities laws of the states of the United States and other jurisdictions. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note shall be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

  
 B-1 

 2.    ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor
hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on
its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any
Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under
the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the
transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

3.    ☐  CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT
DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)    ☐  such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities
Act; 
 or 

(b)    ☐  such Transfer is being effected to the Issuer or a subsidiary thereof; 

or 

(c)    ☐  such Transfer is being effected pursuant to an effective registration statement under the
Securities Act and in compliance with the prospectus delivery requirements of the Securities Act. 

  
 B-2 

 4.    ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 

(a)    ☐  CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in
accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(b)    ☐  CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant
to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 (c)    ☐  CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue
sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes or Restricted Definitive Notes and in the Indenture. 
 This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuer. 
  

					
	[INSERT NAME OF TRANSFEROR],
			
		 	By	 	  

		 		 	Name:

		 		 	Title:

 Dated:
                     

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	 	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)]

  

	 	(a)	☐ a beneficial interest in the: 

  

	 	(i)	    ☐   144A Global Note (CUSIP/ISIN:                    ), or 

 

	 	(ii)	    ☐   Regulation S Global Note (CUSIP/ISIN:                    ), or

  

	 	(b)	☐   a Restricted Definitive Note. 

  

	 	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

 

	 	(a)	☐   a beneficial interest in the: 

  

	 	(i)	    ☐   144A Global Note (CUSIP/ISIN:                    ), or 

 

	 	(ii)	    ☐   Regulation S Global Note (CUSIP/ISIN:                    ), or

  

	 	(iii)	    ☐   Unrestricted Global Note (CUSIP/ISIN:                    ), or

  

	 	(b)	☐   a Restricted Definitive Note; or 

  

	 	(c)	☐   an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Time Inc. 

225 Liberty Street 
 New York, New York 10281 

Attention: General Counsel 
 Citibank, N.A., 

as Trustee and Registrar 
 480 Washington Boulevard, 30th Floor

 Jersey City, New Jersey 07310 
 Attention: Securities Window
– Time Inc. 
 Telephone No.: (212) 816-9682 

Email: anthony.bausa@citi.com or call (888) 855-9695 to obtain Citibank, N.A. account manager’s email address 

 

	Re:	7.50% Senior Notes due 2025 

 Reference is hereby made to the Indenture, dated as of
October 11, 2017 (the “Indenture”), among Time Inc., the Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 (1)    EXCHANGE OF
RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

(a)    ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST
IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)    ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection 

  
 C-1 

 
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 (c)    ☐  CHECK IF EXCHANGE IS
FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(d)    ☐  CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In
connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States. 
 (2)    EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED
GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 

(a)    ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED
DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is
being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b)    ☐  CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE. In connection with the 

  
 C-2 

 
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] 144A Global Note Regulation S Global Note, with an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer and are dated
                    . 
  

					
	[INSERT NAME OF TRANSFEROR],
			
		 	By	 	
                     
                    

		 		 	Name:
		 		 	Title:

Dated:                     

  
 C-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY 

SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among                     
(the “Guaranteeing Subsidiary”), an affiliate of Time Inc., a Delaware corporation (the “Issuer”), and Citibank, N.A., as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuer and the Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of October 11, 2017, providing for the issuance of an
unlimited aggregate principal amount of 7.50% Senior Notes due 2025 (the “Notes”); 
 WHEREAS, the Indenture provides that
under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

(1)    Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 (2)    Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 

(a)    Along with all Guarantors named in the Indenture, to jointly and severally unconditionally guarantee
to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuer hereunder or
thereunder, that: 
 (i)    the performance and full punctual payment when due, whether at maturity, by
acceleration or otherwise, of all obligations of the Issuer under the Indenture and the Notes, whether for payment of principal of or interest on the Notes, expenses, indemnification or otherwise will be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and 

  
 D-1 

 (ii)    in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment
when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately. This is a guarantee of payment and not a
guarantee of collection. 
 (b)    The obligations hereunder shall be unconditional, irrespective of the
validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuer, any action to enforce the same or any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a guarantor. 

(c)    The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever. 

(d)    This Guarantee shall not be discharged except by complete performance of the obligations contained
in the Notes, the Indenture and this Supplemental Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 

(e)    If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the
Guarantors (including the Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to
the extent theretofore discharged, shall be reinstated in full force and effect. 
 (f)    The
Guaranteeing Subsidiary also agrees to pay any and all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented out-of-pocket attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under Section 10.01 of the Indenture and Section 2
hereof. 
 (g)    As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the
Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article VI of the Indenture, such obligations (whether or not due and
payable) shall forthwith become due and payable by the Guaranteeing Subsidiary for the purpose of this Guarantee. 

  
 D-2 

 (h)    To the extent that the Guaranteeing Subsidiary makes a
payment under its Guarantee, the Guaranteeing Subsidiary shall be entitled upon payment in full of all guaranteed obligations under the Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary
Guarantor’s pro rata portion of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP. 

(i)    Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and
fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under Article X of the Indenture, this new Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Guarantee will not
constitute a fraudulent transfer or conveyance. 
 (j)    This Guarantee shall remain in full force and
effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes and Guarantee, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as
though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by
such amount paid and not so rescinded, reduced, restored or returned. 
 (k)    In case any provision of
this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(l)    This Guarantee shall be a general unsecured senior obligation of such Guaranteeing Subsidiary. 

(m)    Each payment to be made by the Guaranteeing Subsidiary in respect of this Guarantee shall be made
without set-off, counterclaim, reduction or diminution of any kind or nature. 

(3)    Execution and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and
effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

  
 D-3 

 (4)    Merger, Consolidation or Sale of All or Substantially All
Assets. 
 (a)    Except as otherwise provided in Section 5.01(c) of the Indenture, the
Guaranteeing Subsidiary may not consolidate or merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any
Person unless: 
 (i)    (A) the Guaranteeing Subsidiary is the surviving Person or the Person formed by
or surviving any such consolidation, merger or wind up (if other than the Guaranteeing Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the
laws of the jurisdiction of organization of the Guaranteeing Subsidiary, as the case may be, or the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (the Guaranteeing Subsidiary or such
Person, as the case may be, being herein called the “Successor Person”); 
 (B)    the
Successor Person, if other than the Guaranteeing Subsidiary, expressly assumes all the obligations of the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s related Guarantee pursuant to supplemental indentures or
other documents or instruments in form reasonably satisfactory to the Trustee; and 
 (C)    immediately
after such transaction, no Default exists; or 
 (ii)    the transaction is made in compliance with
Section 4.10 of the Indenture; 
 (b)    Subject to certain limitations described in the Indenture,
the Successor Person will succeed to, and be substituted for, the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s Guarantee. Notwithstanding the foregoing, (i) the Guaranteeing Subsidiary may merge into or
transfer all or part of its properties and assets to another Guarantor or the Issuer and (ii) the Guaranteeing Subsidiary may merge with an Affiliate solely for the purpose or effect of reorganizing the Guaranteeing Subsidiary in a state or
commonwealth of the United States, the District of Columbia or any territory thereof. 
 (5)    Releases. The
Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuer or the Trustee is required for the release of the Guaranteeing
Subsidiary’s Guarantee, upon (a) receipt by the Trustee of a notification from the Issuer that such Guarantee be released and (b) the occurrence of any of the following: 

(a)    any direct or indirect sale, exchange, disposition or other transfer (including by merger,
consolidation or otherwise) of the Capital Stock of the Guaranteeing Subsidiary, after which the Guaranteeing Subsidiary is no longer a Restricted Subsidiary, or all or substantially all the assets of the Guaranteeing Subsidiary which sale,
exchange, disposition or other transfer is made in a manner not in violation of the applicable provisions of the Indenture; 

  
 D-4 

 (b)    the release or discharge of the guarantee by the
Guaranteeing Subsidiary of the Senior Credit Facilities or the guarantee which resulted in the creation of such Guarantee, in each case except a release or discharge by or as a result of payment under such guarantee; 

(c)    designation of Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the
provisions set forth under Section 4.07 of the Indenture and the definition of “Unrestricted Subsidiary”; 

(d)    the Issuer’s exercise of its legal defeasance option or covenant defeasance option as described
under Article VIII of the Indenture or the Issuer’s obligations under the Indenture being discharged in a manner not in violation of Article XI; or 

(e)    the occurrence of a Covenant Suspension Event as described in Section 4.15 of the Indenture;
provided that such Guarantee will be reinstated upon the applicable Reversion Date in accordance with Section 4.15(c) of the Indenture. 

(6)    No Recourse Against Others. No director, officer, employee, incorporator, member or stockholder of the
Guaranteeing Subsidiary, in their capacity as such, shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, the Guarantees, the Indenture or this Supplemental Indenture or
for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

(7)    Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
 (8)    Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes. 

(9)    Effect of Headings. The Section headings herein are for convenience of reference only, and are not to be
considered part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions. 

(10)    The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 

  
 D-5 

 (11)    Subrogation. The Guaranteeing Subsidiary shall be subrogated
to all rights of Holders of Notes against the Issuer in respect of any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that the Guaranteeing
Subsidiary shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all obligations of the Issuer under the Indenture and the Notes shall have been paid in full. 

(12)    Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions
set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers
made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits. 

(13)    Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its
Successors, except as otherwise provided in Section 2(k) hereof or elsewhere in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

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

  

					
	[GUARANTEEING SUBSIDIARY],
			
		 	By	 	  

		 		 	Name:
		 		 	Title:

  
 D-6 

 
					
	CITIBANK, N.A., as Trustee
			
		 	By	 	  

		 		 	Name:
		 		 	Title:

  
 D-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]