Document:

EX-4.2

 Exhibit 4.2 
  

 
  

HYATT HOTELS CORPORATION 
  

 
 ELEVENTH
SUPPLEMENTAL INDENTURE 
 Dated as of October 1, 2021 

to 
 INDENTURE 

Dated as of August 14, 2009 
  

 
 WELLS FARGO
BANK, National Association 
 Trustee 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE I	  

		
	 SECTION 1.01. Definitions
	  	 	1	
	 SECTION 1.02. Other Definitions
	  	 	8	
	
	ARTICLE II	  

	
	DESIGNATION AND TERMS OF THE SENIOR NOTES	 

		
	 SECTION 2.01. Title and Aggregate Principal Amount
	  	 	9	
	 SECTION 2.02. Execution
	  	 	9	
	 SECTION 2.03. Other Terms and Form of the Senior Notes
	  	 	9	
	 SECTION 2.04. Further Issues
	  	 	9	
	 SECTION 2.05. Interest and Principal
	  	 	9	
	 SECTION 2.06. Place of Payment
	  	 	15	
	 SECTION 2.07. Form and Dating
	  	 	15	
	 SECTION 2.08. Depositary; Registrar
	  	 	15	
	 SECTION 2.09. Optional Redemption
	  	 	16	
	
	ARTICLE III	  

	
	TRANSFER AND EXCHANGE	 

		
	 SECTION 3.01. Transfer and Exchange of Global Notes
	  	 	16	
	 SECTION 3.02. Transfer and Exchange of Beneficial Interests in the Global Notes
	  	 	17	
	 SECTION 3.03. Transfer or Exchange of Beneficial Interests for Definitive Notes
	  	 	18	
	 SECTION 3.04. Transfer and Exchange of Definitive Notes for Beneficial Interests in Global
Notes
	  	 	18	
	 SECTION 3.05. Transfer and Exchange of Definitive Notes for Definitive Notes
	  	 	18	
	 SECTION 3.06. Legends
	  	 	19	
	 SECTION 3.07. Cancellation and/or Adjustment of Global Notes
	  	 	19	
	 SECTION 3.08. General Provisions Relating to Transfers and Exchanges
	  	 	20	
	
	ARTICLE IV	  

	
	 LEGAL DEFEASANCE, COVENANT DEFEASANCE

AND SATISFACTION AND DISCHARGE
	  

		
	 SECTION 4.01. Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge
	  	 	21	

  
 i 

					
	ARTICLE V	  

	
	OFFER TO PURCHASE UPON CHANGE OF CONTROL	 

		
	 SECTION 5.01. Offer to Purchase upon Change of Control
	  	 	21	
	
	ARTICLE VI	  

	
	MISCELLANEOUS	 

		
	 SECTION 6.01. Ratification of Original Indenture; Supplemental Indentures Part of Original
Indenture
	  	 	23	
	 SECTION 6.02. Concerning the Trustee
	  	 	23	
	 SECTION 6.03. Counterparts
	  	 	24	
	 SECTION 6.04. GOVERNING LAW
	  	 	24	
		
	 Exhibit A          Form of Floating Rate
Senior Notes due 2023
	  			

  
 ii 

 ELEVENTH SUPPLEMENTAL INDENTURE, dated as of October 1, 2021 (this “Eleventh
Supplemental Indenture”), to the Indenture, dated as of August 14, 2009 (as supplemented by the Second Supplemental Indenture, dated as of August 4, 2011, and the Fourth Supplemental Indenture, dated as of May 10, 2013, the
“Original Indenture”), between HYATT HOTELS CORPORATION, a corporation organized under the laws of Delaware (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
organized under the laws of the United States, as trustee (the “Trustee”). 
 WHEREAS, the Company and the Trustee have
heretofore executed and delivered the Original Indenture to provide for the issuance from time to time of Notes of the Company; 
 WHEREAS,
Sections 2.02 and 9.01 of the Original Indenture provide, among other things, that the Company and the Trustee may enter into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the
designation, form, terms and conditions of Notes of any Series permitted by Sections 2.01 and 9.01 of the Original Indenture; 

WHEREAS, the Company (i) desires to issue the Senior Notes (as defined in Article II hereof), to be designated as hereinafter provided,
and (ii) has requested the Trustee to enter into this Eleventh Supplemental Indenture for the purpose of establishing the designation, form, terms and conditions of the Senior Notes; 

WHEREAS, the Company has duly authorized the creation of the Senior Notes; and 

WHEREAS, all action on the part of the Company necessary to authorize the issuance of the Senior Notes under the Original Indenture and this
Eleventh Supplemental Indenture (the Original Indenture, as supplemented by this Eleventh Supplemental Indenture, being hereinafter called the “Indenture”) has been duly taken. 

NOW, THEREFORE, THIS ELEVENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

That, in order to establish the designation, form, terms and conditions of, and to authorize the authentication and delivery of, the Senior
Notes and in consideration of the acceptance of the Senior Notes by the Holders thereof and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 SECTION 1.01.
Definitions. (a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Original Indenture. 

(b) The rules of interpretation set forth in the Original Indenture shall be applied hereto as if set forth in full herein. 

 

 (c) For all purposes of this Eleventh Supplemental Indenture, except as otherwise expressly
provided or unless the context otherwise requires, the following terms shall have the following meanings: 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange. 

“Benchmark” means, initially, Compounded SOFR; provided that if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company (or
its Designee) as of the Benchmark Replacement Date: 
 (1) the sum of: (A) an alternate rate of interest that has been selected or
recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (B) the Benchmark Replacement Adjustment; 

(2) the sum of: (A) the ISDA Fallback Rate and (B) the Benchmark Replacement Adjustment; or 

(3) the sum of: (A) the alternate rate of interest that has been selected by the Company (or its Designee) as the replacement for the
then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for Dollar-denominated notes at such time and (B) the Benchmark Replacement Adjustment. 

“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Company (or its Designee) as of the Benchmark Replacement Date: 
 (1) the spread adjustment (which may be a positive or negative value or
zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or 

(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company (or its Designee) giving
due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for
Dollar-denominated notes at such time. 

  
 2 

 “Benchmark Replacement Conforming Changes” means, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of Interest Period, the timing and frequency of determining rates and making payments of interest, the rounding of
amounts or tenors and other administrative matters) that the Company (or its Designee) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company (or
its Designee) decides that adoption of any portion of such market practice is not administratively feasible or if the Company (or its Designee) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as
the Company (or its Designee) determines is reasonably practicable). 
 “Benchmark Replacement Date” means the earliest to
occur of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof): 

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

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or
publication of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date
occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark (including the daily published component used in the calculation thereof): 
 (1) a public statement or publication of information
by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); 
 (2) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction
over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the
administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or 

  
 3 

 (3) a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark announcing that the Benchmark is no longer representative. 
 “Beneficial Ownership” shall
have the meaning provided in Rule 13d-3 of the SEC under the Exchange Act. 
 “Calculation
Agent” means Wells Fargo Bank, National Association or any successor thereto appointed by the Company. 
 “Change of
Control” means (i) any Person or two or more Persons acting in concert (other than, in either case, a Permitted Holder) shall have acquired Beneficial Ownership, directly or indirectly, of, or shall have acquired by contract or
otherwise, Voting Stock of the Company (or other securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of the Company, (ii) the direct or indirect sale, assignment, transfer,
lease, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s and its Subsidiaries’ properties or assets, taken as a whole,
to any “person” (individually and as that term is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), other than the Company or one of its Subsidiaries, or (iii) Continuing Directors shall cease for any reason to constitute a
majority of the members of the Board of Directors then in office. Notwithstanding the foregoing, a transaction effected to create a holding company for the Company will not, in and of itself, constitute a Change of Control if (i) pursuant to
such transaction the Company becomes a direct or indirect wholly owned subsidiary of such holding company and (ii) immediately following that transaction no Person (other than a Permitted Holder) is the Beneficial Owner, directly or indirectly,
of Voting Stock of such holding company (or other securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of such holding company. 

“Change of Control Triggering Event” means (i) the occurrence of a Change of Control and (ii) the Senior Notes
cease to be rated Investment Grade by each of the Rating Agencies (or in the absence of such rating for the Senior Notes, (x) the Company’s corporate rating, in the case of S&P, and (y) the Company’s corporate family rating,
in the case of Moody’s, for Dollar-denominated senior unsecured long-term debt each ceases to be rated Investment Grade) on any date during the Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed
to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

  
 4 

 “Compounded SOFR” means the rate, which shall be determined by the
Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point): 

 
 

 
 where: 
  

	 	(1)	 “SOFR IndexStart” means, for Interest Periods other than the initial Interest Period, the SOFR Index
value on the preceding Interest Payment Determination Date, and, for the initial Interest Period, the SOFR Index value on September 29, 2021; 

  

	 	(2)	 “SOFR IndexEnd” means the SOFR Index value on the Interest Payment Determination Date relating to the
applicable Interest Payment Date (or in the final Interest Period, relating to the maturity date, or in the case of the redemption of any Senior Notes, relating to the applicable redemption date); 

 

	 	(3)	 “dc” is the number of calendar days in the relevant Observation Period; and 

 

	 	(4)	 If a SOFR IndexStart or SOFR IndexEnd is not published on the associated Interest Payment Determination Date
and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded SOFR” means, for the applicable Interest Period for which such index is not available, the rate of return on a
daily compounded interest investment calculated in accordance with the formula for “SOFR Averages”, and definitions required for such formula, published on the SOFR Administrator’s Website, initially located at
https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For the purposes of this clause, references in the “SOFR Averages” compounding formula and related definitions to “calculation period” shall be
replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed.
If SOFR does not so appear for any day “i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the
SOFR Administrator’s Website. 

 “Continuing Directors” means, during any period of up to 24
consecutive months commencing after the date of the issuance of the Senior Notes, individuals who at the beginning of such 24 month period were directors of the Company (together with any new director whose election by the Board of Directors or
whose nomination for election by the Company’s stockholders was approved by a vote of (i) at least a majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination
for election was previously so approved or (ii) Permitted Holders representing not less than 50% of the combined voting power of all Voting Stock of the Company). 

“Definitive Note” means a certificated Senior Note registered in the name of the Holder thereof and issued in accordance with
Article III hereof substantially in the form of Exhibit A hereto, except that such Senior Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

  
 5 

 “Existing Shareholder” means any stockholder of the Company that, together
with such stockholder’s Affiliates, owned more than 5% of the Voting Stock of the Company as of August 14, 2009, so long as the Pritzker Affiliates continue to own more Voting Stock of the Company than such Existing Shareholder. 

“Global Note Legend” means the legend set forth in Section 3.06 hereof, which is required to be placed on all Global
Notes issued hereunder. 
 “Global Notes” means, individually and collectively, each of the
Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto, and that bears the Global Note Legend and that has the “Schedule of Exchanges of
Interests in the Global Note” attached thereto, issued in accordance with Section 2.15 of the Original Indenture and Section 2.07 hereof. 

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

“Interest Payment Determination Date” means the date that is two U.S. Government Securities Business Days before each
Interest Payment Date (or in the final Interest Period, before the maturity date), or in the case of the redemption of the Senior Notes, before the redemption date. 

“Interest Period” means (i) the period commencing on any Interest Payment Date (or, with respect to the initial Interest
Period only, commencing on October 1, 2021) to, but excluding, the next succeeding Interest Payment Date; (ii) in the case of the last such Interest Period, from, and including, the Interest Payment Date immediately preceding the maturity
date to but excluding such maturity date; or (iii) in the event of any redemption of the Senior Notes, from and including the Interest Payment Date immediately preceding the applicable redemption date to, but excluding, such redemption date.

 “Investment Grade” means: a rating equal to or higher than Baa3 by Moody’s (or its equivalent under any successor
rating category of Moody’s); a rating equal to or higher than BBB- by S&P (or its equivalent under any successor rating category of S&P); and an equivalent rating of any replacement agency,
respectively. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives
Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

  
 6 

 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of
Moody’s Corporation, and its successors. 
 “Observation Period” means, in respect of each Interest Period, the period
from, and including, the date that is two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date that is two U.S. Government Securities Business Days preceding the Interest Payment Date
for such Interest Period (or in the final Interest Period, preceding the maturity date, or in the case of the redemption of any Senior Notes, preceding the applicable redemption date). 

“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 Holder” means: (A) (i) all lineal descendants of Nicholas J. Pritzker, deceased, and all spouses and adopted
children of such descendants; (ii) all trusts for the benefit of any person described in clause (i) and trustees of such trusts; (iii) all legal representatives of any person or trust described in clauses (i) or (ii); and
(iv) all partnerships, corporations, limited liability companies or other entities controlled, directly and/or indirectly, by the persons or trusts described in clauses (i), (ii) or (iii) (such Persons referred to in this clause
(A) collectively, “Pritzker Affiliates”); or (B) any other Existing Shareholder. “Control”, for purposes of this definition, shall mean the ability to influence, direct or otherwise significantly affect
the major policies, activities or action of any person or entity. 
 “Rating Agency” means each of S&P and Moody’s
or if S&P or Moody’s or both shall not make publicly available a rating of the Senior Notes or a rating of the Company’s corporate credit for Dollar-denominated senior unsecured long-term debt generally, a Substitute Rating Agency.

 “Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR,
the SOFR Index Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company (or its Designee) in accordance with the Benchmark Replacement Conforming Changes. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“S&P” means S&P Global Ratings, a division of S&P Global, Inc., and its successors. 

“SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR
Administrator’s Website. 

  
 7 

 “SOFR Administrator” means the Federal Reserve Bank of New York (or any
successor administrator of SOFR). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of
New York, currently at http://www.newyorkfed.org, or any successor source. 
 “SOFR Index” means, with respect to any U.S.
Government Securities Business Day, the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the
“SOFR Index Determination Time”); provided, that if a SOFR Index value does not so appear at the SOFR Index Determination Time, then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred
with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to clause (4) of the definition of “Compounded SOFR” in this Section 1.01 or (ii) if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to Section 2.05(d) hereof. 

“Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act selected by the Company as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“Trigger Period” means, with respect to a Change of Control Triggering Event, the period commencing 60 days prior to the
first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following the consummation of a Change of
Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change). 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

SECTION 1.02. Other Definitions. 
  

					
	Term	  	Defined in Section	 
	 “Change of Control Offer”
	  	 	5.01	 
	 “Change of Control Payment”
	  	 	5.01	 
	 “Change of Control Payment Date”
	  	 	5.01	 
	 “Designee”
	  	 	2.05	 
	 “DTC”
	  	 	2.08	 
	 “Interest Payment Determination Date”
	  	 	2.05	 
	 “Interest Payment Date”
	  	 	2.05	 
	 “Margin”
	  	 	2.05	 
	 “Record Date”
	  	 	2.05	 

  
 8 

 ARTICLE II 

DESIGNATION AND TERMS OF THE SENIOR NOTES 

SECTION 2.01. Title and Aggregate Principal Amount. There is hereby created a Series of Notes designated: Floating Rate Senior
Notes due 2023 (the “Senior Notes”). 
 SECTION 2.02. Execution. The Senior Notes may forthwith be executed by the
Company and delivered to the Trustee for authentication and delivery by the Trustee in accordance with the provisions of Section 2.04 of the Original Indenture; provided that Section 2.04 of the Original Indenture is hereby amended
with respect to the Senior Notes by amending and restating the first paragraph thereof as follows: 
 One or more Officers shall sign the
Notes for the Company by manual, facsimile or electronic signature. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid. A Note shall not be valid until
authenticated by the manual, facsimile or electronic signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. The Notes may contain such notations,
legends or endorsements required by law, stock exchange rule or usage. 
 SECTION 2.03. Other Terms and Form of the Senior
Notes. The Senior Notes shall have and be subject to such other terms as provided in the Original Indenture and this Eleventh Supplemental Indenture and shall be evidenced by one or more Global Notes in the form of Exhibit A
hereto and as set forth in Section 2.07 hereof. 
 SECTION 2.04. Further Issues. The Company may from time to time,
without the consent of the Holders of the Senior Notes and in accordance with the Original Indenture and this Eleventh Supplemental Indenture, create and issue further notes having the same terms and conditions as the Senior Notes in all respects
(or in all respects except for the issue date, price to public, the initial Interest Payment Date (if applicable) and the payment of interest accruing prior to the issue date of the additional notes) so as to form a single series with the Senior
Notes. If any additional notes are not fungible with the Senior Notes for U.S. federal income tax purposes, the additional notes will have separate CUSIP and ISIN numbers. The expression “Senior Notes” shall include any such notes issued
pursuant to this Section 2.04 and forming a single series therewith. The Company may issue other series of debt securities under the Original Indenture from time to time in an amount authorized prior to issuance. 

SECTION 2.05. Interest and Principal. 

(a) The Senior Notes will mature on October 1, 2023. The per annum interest rate on the Senior Notes in effect for each day of an interest
period (as defined below) will be equal to Compounded SOFR, reset quarterly, plus 1.050%, subject to adjustment as described in 

  
 9 

 
Section 2.05(e) hereof. The minimum interest rate on the Senior Notes will be 0.000%. The interest rate will in no event be higher than the maximum rate permitted by New York law as the same
may be modified by United States laws of general application. 
 (b) The Company will pay interest on the Senior Notes on each
January 1, April 1, July 1 and October 1 (each an “Interest Payment Date”), beginning on January 1, 2022, to the holders of record on each December 15, March 15, June 15 and September 15
immediately preceding the relevant Interest Payment Date (each a “Record Date”), respectively. Interest on the Senior Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid,
from the date of issuance. Payments of the principal of and interest on the Senior Notes shall be made in Dollars, and the Senior Notes shall be denominated in Dollars. 

(c) On each Interest Payment Determination Date relating to the Interest Payment Date, the Calculation Agent will calculate the amount of
accrued interest payable on the Senior Notes for each Interest Period by multiplying: (i) the outstanding principal amount of the Senior Notes by (ii) the product of (A) the interest rate for the relevant Interest Period multiplied by
(B) the quotient of the actual number of calendar days in such Observation Period divided by 360. 
 Promptly upon determination that
an adjustment to the interest rate on the notes is required, the Company will inform the Trustee and the Calculation Agent, in writing of the occurrence of such adjustment and the interest rate or margin payable for the next interest period. Absent
manifest error, the determination of the interest rate or margin by the Company shall be binding and conclusive on the Holders of the Senior Notes, the Trustee, the Calculation Agent and the Company. 

If an Interest Payment Date, the Stated Maturity of the Senior Notes or a redemption date falls on a day that is not a Business Day, such date
shall be postponed to the next succeeding Business Day (unless, with respect to an Interest Payment Date other than the Stated Maturity of the Senior Notes or a redemption date, such next succeeding Business Day would be in the following month, in
which case, such Interest Payment Date shall be the immediately preceding Business Day) with the same force and effect as if made on, and with no additional interest accruing after, such Interest Payment Date. Interest on the Senior Notes will be
paid to, but excluding, the relevant Interest Payment Date. 
 (d) Notwithstanding anything to the contrary in the Original Indenture, this
Eleventh Supplemental Indenture and the Senior Notes, if the Company or another entity designated by the Company (any such other entity, a “Designee”) determines on or prior to the relevant Reference Time that a Benchmark Transition Event
and its related Benchmark Replacement Date have occurred with respect to determining Compounded SOFR, then the benchmark replacement provisions set forth in this Section 2.05(d) hereof will thereafter apply to all determinations of the rate of
interest payable on the Senior Notes. For the avoidance of doubt, in accordance with this Section 2.05(d), after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each Interest Period
on the Senior Notes will be an annual rate equal to the sum of the Benchmark Replacement and the Margin (as defined in Section 2.05(a) hereof). 

  
 10 

 If the Company (or its Designee) determines that a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Senior
Notes in respect of such determination on such date and all determinations on all subsequent dates. 
 In connection with the implementation
of a Benchmark Replacement, the Company (or its Designee) shall have the right to make Benchmark Replacement Conforming Changes from time to time. 

Any determination, decision or election that may be made by the Company (or its Designee) pursuant to this Section 2.05(d), including any
determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection:
(i) will be conclusive and binding absent manifest error; (ii) if made by the Company, will be made in its sole discretion; (iii) if made by the Company’s Designee, will be made after consultation with the Company and such
Designee will not make any such determination, decision or election to which the Company objects; and (iv) notwithstanding anything to the contrary in the Original Indenture, this Eleventh Supplemental Indenture or the Senior Notes, shall
become effective without consent from the Holders of the Senior Notes or any other party. 
 Any determination, decision or election
pursuant to the benchmark replacement provisions shall be made by the Company (or its Designee, which may be the Company’s affiliate) on the basis as described above, and in no event shall the Calculation Agent be responsible for making any
such determination, decision or election. 
 The interest rate and amount of interest to be paid on the Senior Notes for each Interest
Period will be determined by the Calculation Agent. Wells Fargo Bank, National Association will initially serve as the Calculation Agent; however, the Company may change the Calculation Agent at any time by providing written notice to the
Calculation Agent at least 30 days before the change is to become effective and Wells Fargo Bank, National Association may resign as Calculation Agent at any time with prior written notice to the Company. The Calculation Agent will, upon the request
of any holder of the Senior Notes, provide the interest rate then in effect with respect to the Senior Notes. All calculations made by the Calculation Agent shall in the absence of manifest error be conclusive for all purposes and binding on the
Company and the Holders of the Senior Notes. So long as Compounded SOFR is required to be determined with respect to the Senior Notes, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be
unable or unwilling to act, or that such Calculation Agent shall fail to duly establish Compounded SOFR for any Interest Period, or that the Company proposes to remove such Calculation Agent, the Company shall appoint another calculation agent. 

None of the Trustee, the Paying Agent and the Calculation Agent (unless the Company is acting in such capacity) shall be under any obligation
to: 
 (A)    monitor, determine or verify the unavailability or cessation of SOFR or the SOFR Index, or
whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark Replacement Date, 

  
 11 

 (B)    to select, determine or designate any Benchmark
Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, 

(C)    to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any
replacement or successor index, or 
 (D)     to determine whether or what Benchmark Replacement
Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing, including, but not limited to, adjustments as to any alternative spread thereon, the business day convention, interest determination dates or any other
relevant methodology applicable to such substitute or successor benchmark. 
 In connection with the foregoing, each of the Trustee, the
Paying Agent and the Calculation Agent shall be entitled to conclusively rely on any determinations made by the Company (or its Designee) without independent investigation, and none will have any liability for actions taken at the Company’s
direction in connection therewith. 
 None of the Trustee, the Paying Agent and the Calculation Agent shall be liable for any inability,
failure or delay on its part to perform any of its duties set forth herein as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of any failure, inability, delay, error or
inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of the Senior Notes and reasonably required for the performance of such duties. None of the
Trustee, the Paying Agent or the Calculation Agent shall be responsible or liable for the Company’s actions or omissions or for those of its Designee, or for any failure or delay in the performance by the Company (or its Designee), nor shall
any of the Trustee, the Paying Agent or the Calculation Agent be under any obligation to oversee or monitor the Company’s performance or that of its Designee. 

(e) The interest rate payable on the Senior Notes will be subject to adjustment from time to time if either Moody’s or S&P (or, in
either case, a Substitute Rating Agency) downgrades (or subsequently upgrades) its rating assigned to the Senior Notes, as set forth below. 

If the rating of the Senior Notes from one or both of Moody’s or S&P (or, if applicable, any Substitute Rating Agency) is decreased
to a rating set forth in either of the immediately following tables, the interest rate on the Senior Notes will increase from the interest rate set forth in Section 2.05(a) hereof by an amount equal to the sum of the percentages per annum set
forth in the following tables opposite those ratings: 
  

					
	 Moody’s Rating*
	  	Percentage	 
	 Ba1
	  	 	0.250	% 
	 Ba2
	  	 	0.500	% 
	 Ba3
	  	 	0.750	% 
	 B1 or below
	  	 	1.000	% 

  
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	 S&P Rating*
	  	Percentage	 
	 BB
	  	 	0.250	% 
	 BB-
	  	 	0.500	% 
	 B+
	  	 	0.750	% 
	 B or below
	  	 	1.000	% 

  

	*	 Including the equivalent ratings of any Substitute Rating Agency. 

For purposes of making adjustments to the interest rate on the Senior Notes pursuant to this Section 2.05(e), the following rules of
interpretation will apply: 
 (1) if at any time less than two Rating Agencies provide a rating on the Senior Notes for reasons not within
the Company’s control (i) the Company will use commercially reasonable efforts to obtain a rating on the Senior Notes from a Substitute Rating Agency for purposes of determining any increase or decrease in the interest rate on the Senior
Notes pursuant to the tables above, (ii) such Substitute Rating Agency will be substituted for the last Rating Agency to provide a rating on the Senior Notes but which has since ceased to provide such rating, (iii) the relative ratings
scale used by such Substitute Rating Agency to assign ratings to senior unsecured debt will be determined in good faith by an independent investment banking institution of national standing appointed by the Company and, for purposes of determining
the applicable ratings included in the applicable table above with respect to such Substitute Rating Agency, such ratings shall be deemed to be the equivalent ratings used by Moody’s or S&P, as applicable, in such table, and (iv) the
interest rate on the Senior Notes will increase or decrease, as the case may be, such that the interest rate equals the interest rate with respect to the Senior Notes set forth in Section 2.05(a) hereof plus the appropriate percentage, if any,
set forth opposite the rating from such Substitute Rating Agency in the applicable table above (taking into account the provisions of clause (iii) above) (plus any applicable percentage resulting from a decreased rating by the other Rating
Agency); 
 (2) for so long as only one Rating Agency (or Substitute Rating Agency, if applicable) provides a rating on the Senior Notes,
any increase or decrease in the interest rate on the Senior Notes necessitated by a reduction or increase in the rating by that Rating Agency shall be twice the applicable percentage set forth in the applicable table above; 

(3) if both Rating Agencies cease to provide a rating of the Senior Notes for any reason, and no Substitute Rating Agency has provided a
rating on the Senior Notes, the interest rate on the Senior Notes will increase to, or remain at, as the case may be, 2.000% per annum above the interest rate on the Senior Notes prior to any such adjustment; 

(4) if Moody’s or S&P ceases to rate the Senior Notes or make a rating of the Senior Notes publicly available for reasons within the
Company’s control, the Company will not be entitled to obtain a rating from a Substitute Rating Agency and the increase or decrease in the interest rate on the Senior Notes shall be determined in the manner described above as if either only one
or no Rating Agency provides a rating on the Senior Notes, as the case may be; 

  
 13 

 (5) each interest rate adjustment required by any decrease or increase in a rating as set
forth above, whether occasioned by the action of Moody’s or S&P (or, in either case, any Substitute Rating Agency), shall be made independently of (and in addition to) any and all other interest rate adjustments occasioned by the action of
the other Rating Agency; 
 (6) in no event will (i) the interest rate on the Senior Notes be reduced to below 0.000% or (ii) the
total increase in the interest rate on the Senior Notes pursuant to this Section 2.05(e) exceed 2.000% above the interest rate otherwise payable on the Senior Notes; and 

(7) subject to clauses (3) and (4) above, no adjustment in the interest rate on the Senior Notes shall be made solely as a result of a
Rating Agency ceasing to provide a rating of the Senior Notes. 
 If at any time the interest rate on the Senior Notes has been adjusted
upward and either of the Rating Agencies subsequently increases its rating of the Senior Notes, the interest rate on the Senior Notes will again be adjusted (and decreased, if appropriate) such that the interest rate on the Senior Notes equals the
original interest rate payable on the Senior Notes prior to any adjustment plus (if applicable) an amount equal to the sum of the percentages per annum set forth opposite the ratings in the tables above with respect to the ratings assigned to the
Senior Notes (or deemed assigned) at that time, all calculated in accordance with the rules of interpretation set forth above. If Moody’s or any Substitute Rating Agency subsequently increases its rating on the Senior Notes to “Baa3”
(or its equivalent if with respect to any Substitute Rating Agency) or higher and S&P or any Substitute Rating Agency subsequently increases its rating on the Senior Notes to “BB+” (or its equivalent if with respect to any Substitute
Rating Agency) or higher, the interest rate on the Senior Notes will be decreased to the interest rate on the Senior Notes prior to any adjustments made pursuant to this Section 2.05(e). 

Any interest rate increase or decrease described above will take effect from the first day of the interest period following the period in
which a rating change occurs requiring an adjustment in the interest rate. If either Rating Agency changes its rating of the Senior Notes more than once during any particular interest period, the last such change by such Rating Agency to occur will
control in the event of a conflict for purposes of any increase or decrease in the interest rate with respect to the Senior Notes. 
 The
interest rate on the Senior Notes will permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by either Rating Agency) if the Senior Notes become rated “Baa2” or higher by
Moody’s (or its equivalent if with respect to any Substitute Rating Agency) and “BBB” or higher by S&P (or its equivalent if with respect to any Substitute Rating Agency), in each case with a stable or positive outlook. 

If the interest rate on the Senior Notes is increased as described above, the term “interest,” as used with respect to the Senior
Notes, will be deemed to include any such additional interest unless the context otherwise requires. 

  
 14 

 (f) The Trustee shall not be responsible for and makes no representation as to any act or
omission of any Rating Agency or any rating with respect to the Senior Notes or the selection of a Substitute Rating Agency. The Trustee shall have no obligation to independently determine or verify if any event has occurred or notify the Holders of
any event dependent upon the rating of the Senior Notes, or if the rating on the Senior Notes has been changed, suspended or withdrawn by any Rating Agency. 

SECTION 2.06. Place of Payment. The place of payment where the Senior Notes issued in the form of Definitive Notes may be
presented or surrendered for payment, where the principal of and interest and any other payments due on the Senior Notes issued in the form of Definitive Notes are payable, where the Senior Notes may be surrendered for registration of transfer or
exchange and where notices and demands to and upon the Company in respect of the Senior Notes and this Indenture may be served shall be in the Borough of Manhattan, The City of New York, and the office or agency maintained by the Company for such
purpose shall initially be the Corporate Trust Office of the Trustee. All payments on Senior Notes issued in the form of Global Notes shall be made by wire transfer of immediately available funds to the Depositary and, at the option of the Company,
payment of interest on the Senior Notes issued in the form of Definitive Notes may be made by check mailed to registered Holders. 
 SECTION
2.07. Form and Dating. 
 (a) General. The Senior Notes and the Trustee’s certificate of authentication will be
substantially in the form of Exhibit A hereto. The terms and provisions contained in the Senior Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company 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. 
 (b) Global Notes. Senior Notes issued in global form will be substantially in the form of Exhibit A hereto
(including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Senior Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the
Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Senior Notes as will be specified therein and each shall provide
that it represents the aggregate principal amount of outstanding Senior Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Senior Notes represented thereby may from time to time be reduced or increased,
as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Senior Notes represented thereby will be made by the Trustee or
the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Article III hereof. 

SECTION 2.08. Depositary; Registrar. The Company initially appoints The Depository Trust Company (“DTC”)
to act as Depositary with respect to the Global Notes. The Company initially appoints the Trustee to act as the Registrar and the paying agent and designates the Trustee’s New York office as the office or agency referred to in
Section 2.05 of the Original Indenture. 

  
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 SECTION 2.09. Optional Redemption. 

(a) The Senior Notes will not be redeemable at any time prior to October 1, 2022 (the date that is the first anniversary of the issue date
thereof). 
 (b) The Senior Notes will be redeemable, in whole or in part, at the option of the Company, at any time on or after
October 1, 2022, at a redemption price equal to 100% of the principal amount of the Senior Notes being redeemed, plus, accrued and unpaid interest on the applicable Senior Notes to, but not including, the redemption date. 

(c) Solely with respect to the Senior Notes, Article III of the Original Indenture is hereby amended as follows: 

(A)     Section 3.01 of the Original Indenture is hereby amended with respect to the Senior Notes by
amending and restating the last sentence thereof as follows: 
 The Company shall give such written notice to the Trustee at least 20 but no
more than 60 days before the redemption date (or such shorter notice as may be acceptable to the Trustee). 

(B)     Section 3.02 of the Original Indenture is hereby amended with respect to the Senior Notes by
amending and restating the third sentence of the second paragraph thereof as follows: 
 The Trustee shall make the selection at least 15
days but not more than 60 days before the redemption date from outstanding Senior Notes not previously called for redemption. 

(C)     Section 3.03 of the Original Indenture is hereby amended with respect to the Senior Notes by
amending and restating the first sentence thereof as follows: 
 At least 15 days but not more than 60 days before a redemption date, the
Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. 

ARTICLE III 
 TRANSFER AND
EXCHANGE 
 SECTION 3.01. Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the
Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor

  
 16 

 
Depositary. All Global Notes shall be exchangeable pursuant to Section 2.08 of the Original Indenture for Definitive Notes if: 

(a) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it
is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; 

(b) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes
and delivers a written notice to such effect to the Trustee; or 
 (c) an Event of Default with respect to the Senior Notes represented by
such Global Note shall have occurred and be continuing. 
 Upon the occurrence of any of the preceding events in (a) or (b) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.09 and 2.12 of the Original Indenture. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Article III or Section 2.09 or 2.12 of the Original Indenture, shall be authenticated and delivered in the form of, and shall be,
a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 3.01; however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.02 or 3.03 hereof.

 SECTION 3.02. Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Eleventh Supplemental Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require
compliance with either subparagraph (a) or (b) below, as applicable: 
 (a) Transfer of Beneficial Interests in the Same Global
Note. Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 3.02(a). 
 (b) 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 3.02(a) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 
 (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 

  
 17 

 (2) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with such increase; or 
 (B) both: 

(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 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 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 Senior Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.07 hereof. 

SECTION 3.03. Transfer or Exchange of Beneficial Interests for Definitive Notes. Subject to the terms hereof, if any holder of a
beneficial interest in a 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 satisfaction of the
conditions set forth in Section 3.02(b) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.07 hereof, and the Company will execute and the Trustee
will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.03 will be registered
in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The
Trustee will deliver such Definitive Notes to the Persons in whose names such Senior Notes are so registered. 
 SECTION 3.04. Transfer
and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery
thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate
principal amount of one of the Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected
pursuant to the previous paragraph at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture, the Trustee will authenticate one or
more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 SECTION 3.05.
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 3.05, the Registrar will register the transfer or
exchange of Definitive Notes. 

  
 18 

 
Prior to such registration of transfer or exchange, the requesting Holder must 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 must provide any additional required certifications, documents and information, as
applicable. 
 SECTION 3.06. Legends. Each Global Note will 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 (1) the trustee may make such notations hereon as may be required pursuant to the Indenture, (2) this Global
Note may be exchanged in whole but not in part pursuant to Article III of the Eleventh Supplemental Indenture, (3) this Global Note may be delivered to the trustee for cancellation pursuant to section 2.13 of the Indenture and (4) this
Global Note may be transferred to a successor Depositary with the prior written consent of the Company. 

Unless and until it is exchanged in whole or in part for Notes in definitive form, this Global 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 (55 Water Street, New York, New York) (“DTC”) to the Company 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 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.” 
 SECTION 3.07. 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 will be returned to or retained and
canceled by the Trustee in accordance with Section 2.13 of the Original Indenture. 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, the principal amount of Senior Notes represented by such Global Note will be reduced accordingly and an endorsement will 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 will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

  
 19 

 SECTION 3.08. General Provisions Relating to Transfers and Exchanges. 

(a) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture or at the Registrar’s request. 

(b) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Sections 2.12, 3.06 and 9.04 of the Original Indenture and Section 5.01 hereof). 
 (c) The Registrar will not be
required to register the transfer of or exchange any Senior Note selected for redemption in whole or in part, except the unredeemed portion of any Senior Note being redeemed in part. 

(d) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the
valid obligations of the Company, 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. 

(e) The Company will not be required: 

(A) to issue, to register the transfer of or to exchange any Senior Notes during a period beginning at the opening of business
15 days before the day of any selection of Senior Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Senior Note selected for redemption in whole or in part, except the
unredeemed portion of any Senior Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Senior
Note between a Record Date and the next succeeding Interest Payment Date. 
 (f) Prior to due presentment for the registration of a transfer
of any Senior Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Senior Note is registered as the absolute owner of such Senior Note for the purpose of receiving payment of principal of and interest on such
Senior Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(g) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.04 of the Original
Indenture. 
 (h) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to Article III
of the Original Indenture to effect a registration of transfer or exchange may be submitted by facsimile. 

  
 20 

 (i) Each Holder of Senior Notes agrees to indemnify the Company and the Trustee against any
liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of the Original Indenture and/or applicable United States federal or state securities law. 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 Senior Note 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. 
 ARTICLE IV 

 LEGAL DEFEASANCE, COVENANT DEFEASANCE 

AND SATISFACTION AND DISCHARGE 

SECTION 4.01. Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge. Article VIII of the Original Indenture shall be
applicable to the Senior Notes; provided that the opinion with respect to the sufficiency of the deposits required by Sections 8.04(1) and 8.07 of the Original Indenture may be an opinion of a nationally recognized investment bank, expressed
in a written confirmation thereof delivered to the Trustee. The Company may defease the covenant contained in Section 5.01 hereof under the provisions of Section 8.03 of the Original Indenture. 

ARTICLE V 
 OFFER TO PURCHASE UPON
CHANGE OF CONTROL 
 SECTION 5.01. Offer to Purchase upon Change of Control. (a) If a Change of Control Triggering Event
occurs, unless the Company has exercised any right to redeem the Senior Notes, each Holder thereof will have the right to require that the Company repurchase all or a portion (in excess of $2,000 in integral multiples of $1,000) of such
Holder’s Senior Notes pursuant to an offer by the Company (a “Change of Control Offer”) at a repurchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, on the Senior
Notes repurchased, to, but not including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, or at the Company’s option, prior to any Change of Control but after
the public announcement of the pending Change of Control, the Company will mail a notice to each such Holder, with a copy to the Trustee, which terms will govern the terms of the Change of Control Offer. Such notice shall state, among other things:

 (i) that the Change of Control Offer is being made pursuant to this Section 5.01 and that all Senior Notes tendered
will be accepted for payment; 
 (ii) that a Change of Control Triggering Event has occurred and that such Holder has the
right to require the Company to repurchase all or a portion of such Holder’s Senior Notes at the Change of Control Payment; 

  
 21 

 (iii) the circumstances and relevant facts regarding such Change of Control
Triggering Event; 
 (iv) the repurchase date, which shall be no earlier than 30 days and no later than 60 days from the date
such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”); 
 (v)
the instructions, as determined by the Company, consistent with this Section 5.01; 
 (vi) that any Senior Note not
tendered will continue to accrue interest; 
 (vii) that, unless the Company defaults in the payment of the Change of Control
Payment, all Senior Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

(viii) that Holders electing to have any Senior Notes purchased pursuant to a Change of Control Offer will be required to
surrender the Senior Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Senior Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business
Day preceding the Change of Control Payment Date; 
 (ix) that each Holder will be entitled to withdraw its election if the
Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of
Senior Notes delivered for purchase, and a statement that such Holder is withdrawing its election to have the Senior Notes purchased; and 

(x) that Holders whose Senior Notes are being purchased only in part will be issued new Senior Notes equal in principal amount
to the unpurchased portion of the Senior Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Senior Notes as a result of a Change in Control Triggering Event. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Section 5.01, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 5.01
by virtue of such compliance. 
 (b) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(i) accept for payment all Senior Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

  
 22 

 (ii) deposit with the Paying Agent an amount equal to the Change of Control
Payment in respect of all Senior Notes or portions of Senior Notes properly tendered; and 
 (iii) deliver or cause to be
delivered to the Trustee the Senior Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Senior Notes or portions of Senior Notes being purchased by the Company. 

The Paying Agent will promptly mail to each Holder of Senior Notes properly tendered the Change of Control Payment for such Senior Notes, and
the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new Senior Note equal in principal amount to any unpurchased portion of the Senior Notes surrendered, if any; provided that each
new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 The Company will publicly announce
the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (c) 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 making of the Change of Control Offer. The Change of Control Offer, if
mailed prior to the date of consummation of the Change of Control, will state that the offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

(d) Notwithstanding anything to the contrary in this Section 5.01, the Company will not be required to make a Change of Control Offer
upon a Change of Control Triggering Event 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 5.01 and purchases all Senior Notes properly
tendered and not withdrawn under such Change of Control Offer. 
 ARTICLE VI 

MISCELLANEOUS 
 SECTION 6.01.
Ratification of Original Indenture; Supplemental Indentures Part of Original Indenture. Except as expressly amended hereby, the Original Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Eleventh Supplemental Indenture shall form a part of the Original Indenture for all purposes, and every Holder of the Senior Notes heretofore or hereafter authenticated and delivered shall be bound
hereby. 
 SECTION 6.02. Concerning the Trustee. The recitals contained herein and in the Senior Notes, except with respect to
the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of
this Eleventh Supplemental Indenture or of the Senior Notes. 

  
 23 

 SECTION 6.03. Counterparts. This Eleventh Supplemental Indenture may be
executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. The words “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to this Eleventh Supplemental Indenture or any document to be signed in connection with this Eleventh Supplemental Indenture, including by the Trustee, shall be
deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

SECTION 6.04. GOVERNING LAW. THIS INDENTURE AND EACH NOTE OF THE SERIES CREATED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

[Signature Pages Follow] 

  
 24 

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

					
	HYATT HOTELS CORPORATION
		
	By:	 	 /s/ Joan Bottarini

		 	Name:	 	Joan Bottarini
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Eleventh Supplemental
Indenture Signature Page] 

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Patrick Giordano

	Name:	 	Patrick Giordano
	Title:	 	Vice President

  
 [Eleventh Supplemental
Indenture Signature Page] 

 EXHIBIT A 

[Face of Note] 
  

 
  

CUSIP / ISIN: 448579AM4 / US448579AM48 

COMMON CODE: 238901839 
 Floating
Rate Senior Notes due 2023 
  

			
	No. [        ]	 	$[        ]                    

 HYATT HOTELS CORPORATION promises to pay to
[                ] or registered assigns, the principal sum of [                ] (United
States) Dollars on October 1, 2023 or such greater or lesser amount as may be indicated in Schedule A hereto. 
 Interest Payment Dates:
January 1, April 1, July 1 and October 1 
 Record Dates: Each December 15, March 15, June 15 and September 15
immediately preceding the relevant Interest Payment Date (whether or not a Business Day) 
 Additional provisions of this Note are set forth on the other
side of this Note. 

  
 A-1 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

					
	HYATT HOTELS CORPORATION
		
	By:	 	
                    

	Name:	 		 	Joan Bottarini
	Title:	 		 	Executive Vice President and Chief Financial Officer

  
 A-2 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 Dated:
                     
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
  

					
	        	 	By:	 	
                    

		 		 	Authorized Signatory

  
 A-3 

  

 
 [Reverse of Note] 

Floating Rate Senior Notes due 2023 
 [Insert
the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated. 

  
 A-4 

	1.	 Indenture 

This Note is one of a duly authorized issue of Notes of the Company, designated as its Floating Senior Notes due 2023 (herein called the
“Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the Eleventh Supplemental Indenture (as hereinafter defined) and forming a single series therewith), issued and to be issued under an
indenture, dated as of August 14, 2009 (herein called the “Original Indenture”), between HYATT HOTELS CORPORATION, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States, as trustee (the “Trustee”), as amended and
supplemented by the Second Supplemental Indenture, dated as of August 4, 2011 (the “Second Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of May 10, 2013 (the “Fourth Supplemental
Indenture”) and the Eleventh Supplemental Indenture, dated as of October 1, 2021 (the “Eleventh Supplemental Indenture,” and together with the Original Indenture, the Second Supplemental Indenture and the Fourth
Supplemental Indenture, the “Indenture”). Reference is hereby made to the Indenture, and all indentures supplemental thereto relevant to the Notes, for a complete description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to create or incur Liens and to enter
into Sale and Leaseback Transactions. The Indenture also imposes certain limitations on the ability of the Company to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all
or substantially all of the property of the Company in any one transaction or series of related transactions. 
 Each Note is subject to,
and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the extent that
there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 
  

	2.	 Interest 

(a) The Company promises to pay interest on the principal amount of this Note at a per annum rate, reset quarterly, equal to Compounded SOFR
plus 1.050%, subject to adjustment as set forth in Section 2(e) hereof. The minimum interest rate on the Senior Notes will be 0.000%. The interest rate will in no event be higher than the maximum rate permitted by New York law as the same may
be modified by United States laws of general application. The Company will pay interest quarterly on January 1, April 1, July 1 and October 1 of each year, commencing January 1, 2022. 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 October 1, 2021. Interest shall be computed on the basis of the actual number of days in an interest period and a
360-day year. 

  
 A-5 

 (b) On each Interest Payment Determination Date relating to the Interest Payment Date, the
Calculation Agent will calculate the amount of accrued interest payable on the Senior Notes for each Interest Period by multiplying: (i) the outstanding principal amount of the Senior Notes by (ii) the product of (A) the interest rate
for the relevant Interest Period multiplied by (B) the quotient of the actual number of calendar days in such Observation Period divided by 360. 

(c) Promptly upon determination that an adjustment to the interest rate on the notes is required, the Company will inform the Trustee and,
with respect to the Senior Notes, the Calculation Agent, in writing of the occurrence of such adjustment and the interest rate or margin payable for the next interest period. Absent manifest error, the determination of the interest rate or margin by
the Company shall be binding and conclusive on the Holders of the Senior Notes, the Trustee, the Calculation Agent and the Company. 
 If
an Interest Payment Date, the Stated Maturity of the Notes or a redemption date falls on a day that is not a Business Day, such date shall be postponed to the next succeeding Business Day (unless, with respect to an Interest Payment Date other than
the Stated Maturity of the Notes or a redemption date, such next succeeding Business Day would be in the following month, in which case, such Interest Payment Date shall be the immediately preceding Business Day) with the same force and effect as if
made on, and with no additional interest accruing after, such Interest Payment Date. Interest on the Notes will be paid to, but excluding, the relevant Interest Payment Date. 

Notwithstanding anything to the contrary in the documentation relating to the Senior Notes, if the Company or another entity designated by
the Company (any such other entity, a “Designee”) determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining Compounded SOFR,
then the benchmark replacement provisions set forth below will thereafter apply to all determinations of the rate of interest payable on the Senior Notes. For the avoidance of doubt, in accordance with this Section 2.05(d), after a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each Interest Period on the Senior Notes will be an annual rate equal to the sum of the Benchmark Replacement and the applicable margin. 

(d) If the Company (or its Designee) determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes in respect of such determination on such date and all
determinations on all subsequent dates. 
 In connection with the implementation of a Benchmark Replacement, the Company (or its Designee)
shall have the right to make Benchmark Replacement Conforming Changes from time to time. 
 Any determination, decision or election that
may be made by the Company (or its Designee) pursuant to Section 2.05(d) hereof, including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any action or any selection: (i) will be conclusive and 

  
 A-6 

 
binding absent manifest error; (ii) if made by the Company, will be made in its sole discretion; (iii) if made by the Company’s Designee, will be made after consultation with the
Company, and such Designee will not make any such determination, decision or election to which the Company objects; and (iv) notwithstanding anything to the contrary in the Original Indenture, this Eleventh Supplemental Indenture and herein,
shall become effective without consent from the Holders of the Senior Notes or any other party. 
 Any determination, decision or election
pursuant to the benchmark replacement provisions shall be made by the Company (or its Designee, which may be the Company’s affiliate) on the basis as described above, and in no event shall the Calculation Agent be responsible for making any
such determination, decision or election. 
 The interest rate and amount of interest to be paid on the Senior Notes for each Interest
Period will be determined by the Calculation Agent. Wells Fargo Bank, National Association will initially serve as the Calculation Agent; however, the Company may change the Calculation Agent at any time by providing written notice to the
Calculation Agent at least 30 days before the change is to become effective and Wells Fargo Bank, National Association may resign as Calculation Agent at any time with prior written notice to the Company. The Calculation Agent will, upon the request
of any holder of the Senior Notes, provide the interest rate then in effect with respect to the Senior Notes. All calculations made by the Calculation Agent shall in the absence of manifest error be conclusive for all purposes and binding on the
Company and the Holders of the Senior Notes. So long as Compounded SOFR is required to be determined with respect to the Senior Notes, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be
unable or unwilling to act, or that such Calculation Agent shall fail to duly establish Compounded SOFR for any Interest Period, or that the Company proposes to remove such Calculation Agent, the Company shall appoint another calculation agent. 

None of the Trustee, the Paying Agent and the Calculation Agent (unless the Company is acting in such capacity) shall be under any obligation
to: 
 (A)    monitor, determine or verify the unavailability or cessation of SOFR or the SOFR Index, or
whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark Replacement Date, 

(B)    to select, determine or designate any Benchmark Replacement, or other successor or replacement
benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, 

(C)    to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any
replacement or successor index, or 
 (D)     to determine whether or what Benchmark Replacement
Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing, including, but not limited to, adjustments as to any alternative spread thereon, the business day convention, interest determination dates or any other
relevant methodology applicable to such substitute or successor benchmark. 

  
 A-7 

 In connection with the foregoing, each of the Trustee, the Paying Agent and the Calculation
Agent shall be entitled to conclusively rely on any determinations made by the Company (or its Designee) without independent investigation, and none will have any liability for actions taken at the Company’s direction in connection therewith.

 None of the Trustee, the Paying Agent and the Calculation Agent shall be liable for any inability, failure or delay on its part to
perform any of its duties set forth herein as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of any failure, inability, delay, error or inaccuracy on the part of any other
transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of this Senior Note and reasonably required for the performance of such duties. None of the Trustee, the Paying Agent or the
Calculation Agent shall be responsible or liable for the Company’s actions or omissions or for those of its Designee, or for any failure or delay in the performance by the Company (or its Designee), nor shall any of the Trustee, the Paying
Agent or the Calculation Agent be under any obligation to oversee or monitor the Company’s performance or that of its Designee. 
 (e)
The interest rate payable on the Notes will be subject to adjustment from time to time if either Moody’s or S&P (or, in either case, a Substitute Rating Agency) downgrades (or subsequently upgrades) its rating assigned to the Notes, as set
forth below. 
 If the rating of the Notes from one or both of Moody’s or S&P (or, if applicable, any Substitute Rating Agency) is
decreased to a rating set forth in either of the immediately following tables, the interest rate on the Notes will increase from the interest rate set forth in Section 2(a) hereof by an amount equal to the sum of the percentages per annum set
forth in the following tables opposite those ratings: 
  

					
	 Moody’s Rating*
	  	Percentage	 
	 Ba1
	  	 	0.250	% 
	 Ba2
	  	 	0.500	% 
	 Ba3
	  	 	0.750	% 
	 B1 or below
	  	 	1.000	% 

  

					
	 S&P Rating*
	  	Percentage	 
	 BB
	  	 	0.250	% 
	 BB-
	  	 	0.500	% 
	 BB+
	  	 	0.750	% 
	 B or below
	  	 	1.000	% 

  

	*	 Including the equivalent ratings of any Substitute Rating Agency. 

  
 A-8 

 For purposes of making adjustments to the interest rate on the Notes pursuant to this
Section 2(e), the following rules of interpretation will apply: 
  

	 	(1)	 if at any time less than two Rating Agencies provide a rating on the Notes for reasons not within the
Company’s control (i) the Company will use commercially reasonable efforts to obtain a rating on the Notes from a Substitute Rating Agency for purposes of determining any increase or decrease in the interest rate on the Notes pursuant to
the tables above, (ii) such Substitute Rating Agency will be substituted for the last Rating Agency to provide a rating on the Notes but which has since ceased to provide such rating, (iii) the relative ratings scale used by such
Substitute Rating Agency to assign ratings to senior unsecured debt will be determined in good faith by an independent investment banking institution of national standing appointed by the Company and, for purposes of determining the applicable
ratings included in the applicable table above with respect to such Substitute Rating Agency, such ratings shall be deemed to be the equivalent ratings used by Moody’s or S&P, as applicable, in such table, and (iv) the interest rate on
the Notes will increase or decrease, as the case may be, such that the interest rate equals the interest rate with respect to the Notes set forth in Section 2(a) hereof plus the appropriate percentage, if any, set forth opposite the rating from
such Substitute Rating Agency in the applicable table above (taking into account the provisions of clause (iii) above) (plus any applicable percentage resulting from a decreased rating by the other Rating Agency); 

 

	 	(2)	 for so long as only one Rating Agency (or Substitute Rating Agency, if applicable) provides a rating on the
Notes, any increase or decrease in the interest rate on the Notes necessitated by a reduction or increase in the rating by that Rating Agency shall be twice the applicable percentage set forth in the applicable table above; 

 

	 	(3)	 if both Rating Agencies cease to provide a rating of the Notes for any reason, and no Substitute Rating Agency
has provided a rating on the Notes, the interest rate on the Notes will increase to, or remain at, as the case may be, 2.000% per annum above the interest rate on the Notes prior to any such adjustment; 

 

	 	(4)	 if Moody’s or S&P ceases to rate the Notes or make a rating of the Notes publicly available for
reasons within the Company’s control, the Company will not be entitled to obtain a rating from a Substitute Rating Agency and the increase or decrease in the interest rate on the Notes shall be determined in the manner described above as if
either only one or no Rating Agency provides a rating on the Notes, as the case may be; 

  

	 	(5)	 each interest rate adjustment required by any decrease or increase in a rating as set forth above, whether
occasioned by the action of Moody’s or S&P (or, in either case, any Substitute Rating Agency), shall be made independently of (and in addition to) any and all other interest rate adjustments occasioned by the action of the other Rating
Agency; 

  

	 	(6)	 in no event will (i) the interest rate on the Notes be reduced to below 0.000% or (ii) the total
increase in the interest rate on the Notes pursuant to this Section 2(e) exceed 2.000% above the interest rate otherwise payable on the Notes; and 

  
 A-9 

	 	(7)	 subject to clauses (3) and (4) above, no adjustment in the interest rate on the Notes shall be made solely
as a result of a Rating Agency ceasing to provide a rating of the Notes. 

 If at any time the interest rate on the Notes
has been adjusted upward and either of the Rating Agencies subsequently increases its rating of the Notes, the interest rate on the Notes will again be adjusted (and decreased, if appropriate) such that the interest rate on the Notes equals the
original interest rate payable on the Notes prior to any adjustment plus (if applicable) an amount equal to the sum of the percentages per annum set forth opposite the ratings in the tables above with respect to the ratings assigned to the Notes (or
deemed assigned) at that time, all calculated in accordance with the rules of interpretation set forth above. If Moody’s or any Substitute Rating Agency subsequently increases its rating on the Notes to “Baa3” (or its equivalent if
with respect to any Substitute Rating Agency) or higher and S&P or any Substitute Rating Agency subsequently increases its rating on the Notes to “BB+” (or its equivalent if with respect to any Substitute Rating Agency) or higher, the
interest rate on the Notes will be decreased to the interest rate on the Notes prior to any adjustments made pursuant to this Section 2(e). 

Any interest rate increase or decrease described above will take effect from the first day of the interest period following the period in
which a rating change occurs requiring an adjustment in the interest rate. If either Rating Agency changes its rating of the Notes more than once during any particular interest period, the last such change by such Rating Agency to occur will control
in the event of a conflict for purposes of any increase or decrease in the interest rate with respect to the Notes. 
 The interest rate on
the Notes will permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by either Rating Agency) if the Notes become rated “Baa2” or higher by Moody’s (or its equivalent
if with respect to any Substitute Rating Agency) and “BBB” or higher by S&P (or its equivalent if with respect to any Substitute Rating Agency), in each case with a stable or positive outlook. 

If the interest rate on the Notes is increased as described above, the term “interest,” as used with respect to the Notes, will be
deemed to include any such additional interest unless the context otherwise requires. 
  

	3.	 Paying Agent, Registrar, Calculation Agent and Service Agent 

Initially the Trustee will act as paying agent, registrar and Calculation Agent. Initially, the Company will act as service agent. The Company
may appoint and change any paying agent, registrar or co-registrar, Calculation Agent and service agent without notice. The Company or any of its Subsidiaries may act as paying agent, registrar, co-registrar or service agent. 
  

	4.	 Defaults and Remedies; Waiver 

If an Event of Default (other than an Event of Default described in clauses (6) and (7) of Section 6.01 of the Original Indenture)
with respect to the Notes shall occur and be continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes 

  
 A-10 

 
then outstanding by notice as provided in the Original Indenture may declare the principal amount of, premium, if any, and accrued and unpaid interest on the Notes to be due and payable
immediately. If an Event of Default described in clauses (6) and (7) of Section 6.01 of the Original Indenture occurs, the principal amount of, premium, if any, and accrued and unpaid interest on all Notes will automatically, and without
any declaration or other act on the part of the Trustee or any Holder, become immediately due and payable. After the principal amount of the Notes shall have been so declared due and payable (or shall have become immediately due and payable), and
before a judgment or decree for payment of moneys due shall have been obtained or entered as provided in the Original Indenture, the Holders of a majority in principal amount of the Notes then outstanding, by written notice to the Company and the
Trustee, may, under certain circumstances, rescind and annul such declaration of acceleration and its consequences if any and all Events of Default, other than the non-payment of accelerated principal (or
other specified amount) and interest, if any, on such Notes have been remedied or waived as provided in the Indenture. 
 Subject to the
provisions of the Indenture relating to the duties of the Trustee in case an Event of Default shall occur and be continuing, the Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or
direction of any of the Holders, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee. Subject to such provisions for the indemnification of the Trustee and applicable law, the Holders of
a majority in aggregate principal amount of Notes then outstanding will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the
Trustee with respect to the Notes. Except to enforce payment of the principal of or any premium or interest on a Note on or after the applicable due date specified in such Note, no Holder of a Note will have any right to pursue any remedy with
respect to the Indenture or the Notes, unless: (i) such Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes; (ii) the Holders of at least 25% in aggregate principal amount of
the Notes then outstanding have made written request, and such Holder or Holders have offered indemnity reasonably satisfactory to the Trustee to institute such proceeding; and (iii) the Trustee has failed to institute such proceeding, and has
not received from the Holders of a majority in aggregate principal amount of the Notes then outstanding a direction inconsistent with such request, within 60 days after such notice, request and offer. 

 

	5.	 Amendment 

Modifications and amendments of the Indenture may be made by the Company and the Trustee without notice to any Holder but with the written
consent of the Holders of at least a majority in aggregate principal amount of each affected series of Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for such Notes); provided,
however, that no such modification or amendment may, without the consent of the Holder of each Note affected thereby: (i) reduce the principal amount of any Notes whose Holders must consent to an amendment, supplement or waiver;
(ii) reduce the rate of or extend the time for payment of interest, including default interest, on any Note; (iii) reduce the principal of or change the Stated Maturity of any Note; (iv) reduce the amount payable upon the redemption
of any Note or change the time of any mandatory redemption or, in respect of an optional redemption, the times at which any Note may be redeemed (excluding, for the 

  
 A-11 

 
avoidance of doubt, the number of days before a redemption date that a notice of redemption may be mailed to the holders) or, once notice of redemption has been given to the holders, the time at
which it must thereupon be redeemed; (v) make any Note payable in money other than that stated in the Note; (vi) waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes (except a
rescission of acceleration of the securities by the Holders of at least a majority in aggregate principal amount of then outstanding Notes and a waiver of the payment default that resulted from such acceleration); (vii) make any change in the
provisions of the Indenture relating to waivers of past Defaults or the rights of Holders to receive payments of principal of, or premium, if any, or interest on the Notes; (viii) waive a redemption payment with respect to any Note; or
(ix) make any change in the sections of the Original Indenture captioned “Waiver of Past Defaults” and “Rights of Holders to Receive Payment” or in the provisions described in this sentence. 

The Holders of the Notes, through the written consent of a majority in principal amount of the Notes then outstanding, may waive compliance
by the Company with certain covenants of the Indenture with respect thereto. The Holders of the Notes, through the written consent of a majority in principal amount of the Notes then outstanding, may waive any past default under the Indenture with
respect thereto, except: (i) a default in the payment of principal, premium or interest; (ii) a default arising from the failure to redeem or purchase any such Notes when required pursuant to the terms of the Indenture; and
(iii) certain covenants and provisions of the Indenture which cannot be amended without the consent of the Holder of each outstanding Note. 

With respect to the Notes, notwithstanding the preceding paragraphs, without the consent of any Holder of such Notes, the Company and the
Trustee may amend or supplement the Indenture or the Notes: (i) to cure any ambiguity, defect, omission or inconsistency; (ii) to provide for uncertificated Notes in addition to or in place of certificated Notes; (iii) to provide for
the assumption of the Company’s obligations to Holders of such Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s assets; (iv) to make any change that would provide any additional
rights or benefits to the Holders of such Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; (v) to comply with requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act of 1939, as amended; (vi) to provide for the issuance of additional Notes in accordance with the limitations set forth in the Indenture; (vii) to appoint a successor Trustee with respect to the
Notes, (viii) to add or change any of the provisions of the Indenture necessary to provide for the administration of the trusts in the Indenture by more than one Trustee; or (ix) to conform the text of the Indenture or the Notes to any
provision of the section “Description of the Notes” in the prospectus supplement or the section “Description of Debt Securities” in the base prospectus relating to the initial offering of the Notes that is intended to be a
verbatim recitation of the terms of the Notes. 
  

	6.	 Change of Control 

If a Change of Control Triggering Event occurs, and the Company has not previously exercised its option to redeem the Notes, each Holder will
have the right to require that the Company repurchase all or a portion (in excess of $2,000 in integral multiples of $1,000) of such Holder’s Notes pursuant to a Change of Control Offer at a purchase price equal to 101%

  
 A-12 

 
of the principal amount thereof plus accrued and unpaid interest, if any, to, but not including, the date of repurchase (subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant Interest Payment Date). 
  

	7.	 Obligations Absolute 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

 

	8.	 Sinking Fund 

The Notes shall not be redeemable at the option of any Holder thereof, upon the occurrence of any particular circumstances or otherwise. The
Notes will not have the benefit of any sinking fund. 
  

	9.	 Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in denominations of $2,000 principal amount and any integral multiple of $1,000 in
excess thereof. When Notes are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes, the Registrar shall register the
transfer or make the exchange in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.12, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the Eleventh Supplemental
Indenture). 
 Neither the Company nor the Registrar shall be required: (a) to issue, register the transfer of or to exchange any
Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to
register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and
the next succeeding Interest Payment Date. 
  

	10.	 Further Issues 

The Company may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (except for the issue date, price to public, the initial Interest Payment Date (if applicable) and the payment of interest accruing prior to the issue date of the
additional notes) so as to form a single series with the Notes. If any additional notes are not fungible with the Notes for U.S. federal income tax purposes, the additional notes will have separate CUSIP and ISIN numbers. 

  
 A-13 

	11.	 Optional Redemption 

The Notes will not be redeemable at any time prior to October 1, 2022 (the date that is the first anniversary of the issue date thereof).

 The Notes will be redeemable, in whole or in part, at the option of the Company at any time on or after October 1, 2022, at a
redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued but unpaid interest on the Notes to, but not including, the redemption date. 

 

	12.	 Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

 

	13.	 No Recourse Against Others 

No director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the
Company under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. 
  

	14.	 Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes
and the Indenture if the Company deposits with the Trustee money and/or noncallable Government Securities for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

 

	15.	 Unclaimed Money 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, 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 Company on its request or, if then held by the Company, shall be discharged
from such trust. Thereafter the Holder of such Note shall look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall
Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Company. 

  
 A-14 

	16.	 Trustee Dealings with the Company 

Subject to certain limitations imposed by the Trust Indenture Act, the Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like
rights. 
  

	17.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	18.	 CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption 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 of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	19.	 Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 A-15 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

(Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint
                 agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

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-16 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 5.01 of the Eleventh Supplemental Indenture, check the box:☐

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 5.01 of the Eleventh Supplemental 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-17 

 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

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 Note or Definitive Note for an interest in this Global Note, have been made: 
  

																	
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of
this Global Note	 	  	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
Custodian	 
		  				  				  				  			

  
 A-18Exhibit 10.5 

 

[•], 2021

 

Avalon Acquisition Inc. 

2 Embarcadero Center, 8th Floor 

San Francisco, CA  94111

 

Maxim Group LLC 

300 Park Avenue, 16th Floor

New York, NY 10022

 

		Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (the “Letter Agreement”) is being
delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by
and between Avalon Acquisition Inc., a Delaware corporation (the “Company”) and Maxim Group LLC, as representative
(“Maxim”), relating to an underwritten initial public offering (the “IPO”) of the
Company’s units (the “Units”), each unit comprised of one share of the Company’s Class A common
stock, par value $0.0001 per share (the “Common Stock”), and three-fourths of one redeemable warrant, each whole
warrant exercisable for one share of Common Stock (each, a “Warrant”). Certain capitalized terms used herein
are defined in paragraph 11 hereof.

 

In order to induce the Company and Maxim to enter into the Underwriting
Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon the undersigned as a stockholder
of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
undersigned hereby agrees with the Company as follows:

 

		1.	If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common
Stock beneficially owned by it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

		2.	In the event that the Company does not complete a Business Combination within
the time period set forth in the Company’s amended and restated certificate of incorporation, as the same may be further amended
from time to time (the “Charter”), the undersigned will, as promptly as possible, take all necessary actions
to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible,
but not more than 10 business days thereafter, redeem the IPO Shares, at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the Trust Account not previously released to the Company to pay its
tax obligations, if any (less up to $100,000 of such net interest to pay dissolution expenses and which interest shall be net of taxes
payable), divided by the number of then outstanding IPO Shares, which redemption will completely extinguish public stockholders’
rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board
of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii) to the Company’s obligations under Delaware
law to provide for claims of creditors and other requirements of applicable law. The undersigned hereby waives any and all right, title,
interest or claim of any kind in or to any distribution of the Trust Account and any remaining net assets of the Company as a result of
such liquidation with respect to the Founder Shares owned by the undersigned. However, if the undersigned has acquired IPO Shares in or
after the IPO, it will be entitled to liquidating distributions from the Trust Account with respect to such IPO Shares in the event that
the Company does not complete a Business Combination within the time period set forth in the Charter. In the event of the liquidation
of the Trust Account, the undersigned agrees that it will be liable to the Company if and to the extent any claims by a third party (other
than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective
target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account
to below the lesser of (i) $10.15 per IPO Share and (ii) the actual amount per IPO Share held in the Trust Account as of the date
of the liquidation of the Trust Account, if less than $10.15 per IPO Share due to reductions in the value of the assets in the Trust Account,
in each case less interest that may be withdrawn to pay the Company’s tax obligations, if any; provided that such liability
will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies
held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s obligation
to indemnify Maxim against certain liabilities, including liabilities under the Securities Act of 1933, as amended, pursuant to the Underwriting
Agreement. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect to any Warrants
or Private Placement Warrants, all rights of which will terminate on the Company’s liquidation.

 

    1

     

    

 

		3.	The undersigned acknowledges and agrees that prior to entering into a definitive agreement for a Business Combination with
a target business that is affiliated with the undersigned or any other Insiders of the Company or their affiliates, such transaction
must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion
from an independent investment banking firm, which is a member of the Financial Industry Regulatory Authority, or an independent
accounting firm that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point
of view.

 

		4.	Neither the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation
or other cash payment from the Company prior to, or for services rendered in order to effectuate, the completion of the Business
Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement adjacent
to the caption “Prospectus Summary—The Offering—Limited payments to insiders.”

 

		5.(a)	The undersigned agrees that the Founder Shares may not be transferred, assigned or sold (except to certain permitted transferees
as described in the Registration Statement or herein) (the “Lockup”) until the earlier to occur of: (1) one
year after the completion of a Business Combination or (2) the date following the completion of the Company’s initial
Business Combination on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results
in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property. Notwithstanding the foregoing, if the closing price of the Company’s Common Stock equals or exceeds $12.00 per
share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the
Founder Shares will be released from the Lockup.

 

		(b)	Notwithstanding the provisions set forth in paragraphs 5(a) and 5(c), during the period commencing on the effective date of
the Underwriting Agreement and ending 180 days after such date, the undersigned will not, without the prior written consent of
Maxim pursuant to the Underwriting Agreement, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, hedge
or otherwise dispose of or agree to dispose of (or enter into any transaction that is designed to, or might reasonably be expected
to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)
by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned),
directly or indirectly, including the filing (or participation in the filing) of a registration statement with the Securities and
Exchange Commission (the “SEC”) in respect of, or establish or increase a put equivalent position or
liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934,
as amended, (the “Exchange Act”) and the rules and regulations of the SEC promulgated thereunder with
respect to, any Units, shares of Common Stock, Founder Shares or Warrants or any securities convertible into, or exercisable,
or exchangeable for, shares of Common Stock owned by it, him or her, (ii) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any Units, shares of Common Stock, Founder Shares,
Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce
any intention to effect any transaction, including the filing of a registration statement, specified in clause (i) or (ii).
The provisions of this paragraph will not apply (i) to the transfer of Founder Shares to any independent director appointed
or elected to the Company’s board of directors before or after the IPO or (ii) if the release or waiver is effected
solely to permit a transfer not for consideration and, in each case of (i) and (ii) the transferee has agreed in writing to
be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect
at the time of the transfer.

 

		(c)	The undersigned agrees that until the Company completes an initial Business Combination, the undersigned’s Private Placement
Warrants will be subject to the transfer restrictions described in the Private Placement Warrants Purchase Agreement relating to
the undersigned’s Private Placement Warrants.

 

		(d)	Notwithstanding the provisions set forth in paragraphs 5(a) and (c), transfers, assignments and sales by the undersigned of
the Founder Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise of the Private Placement
Warrants or conversion of the Founder Shares are permitted (i) to the Company’s officers or directors, any affiliates
or family members of any of the Company’s officers or directors, any members or partners of the undersigned or their affiliates,
any affiliates of the undersigned, or any employees of such affiliates; (ii) in the case of an individual, by gift to a member
of the individual’s immediate family or to a trust, the beneficiary of which is a member of one of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (iii) in the case of an individual, by virtue
of laws of descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified
domestic relations order; (v) by private sales or transfers made in connection with the completion of the Business Combination
at prices no greater than the price at which the Founder Shares, Private Placement Warrants or shares of Common Stock, as applicable,
were originally purchased; (vi) by virtue of the undersigned’s organizational documents upon liquidation or dissolution
of the undersigned; (vii) to the Company for no value for cancellation in connection with the completion of the Business Combination;
(viii) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (ix) in
the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the
completion of a Business Combination; provided, however, that in the case of clauses (i) through (vi) these
permitted transferees must enter into a written agreement agreeing to be bound by the restrictions herein. For the avoidance of
doubt, the transfers of Founder Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise
of the Private Placement Warrants or conversion of the Founder Shares shall be permitted regardless of whether a filing under Section 16(a)
of the Exchange Act shall be required or shall be voluntarily made with respect to such transfers.

 

    2

     

    

 

		6.	The undersigned agrees that it shall not transfer any Private Placement Warrants (or shares of Common Stock issued or issuable
upon the exercise or conversion of the Private Placement Warrants), until the completion of a Business Combination.

 

		7.	The undersigned has full right and power, without violating any agreement by which it is bound, to enter into this Letter Agreement.

 

		8.	The undersigned represents and warrants that:

 

(i)    it has never
been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities
license or registration denied, suspended or revoked.

 

(ii)    each questionnaire
furnished to the Company, if any, is true and accurate in all respects.

 

(iii)    it is not
subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or
refrain from any act or practice relating to the offering of securities in any jurisdiction; it has never been convicted of, or
pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person,
or (iii) pertaining to any dealings in any securities and it is not currently a defendant in any such criminal proceeding.

 

		9.	The undersigned hereby waives any right to exercise redemption rights with
respect to any of the Company’s shares of Common Stock owned or to be owned by the undersigned, directly or indirectly, whether
such shares be part of the Founder Shares or IPO Shares, and agrees not to seek redemption with respect to such shares (or sell such shares
to the Company in any tender offer) in connection with any stockholder vote to approve (x) a Business Combination or (y) an
amendment to the Charter that would affect the substance or timing of the Company’s obligation to allow redemption in connection
with the Business Combination or to redeem 100% of the shares of Common Stock if the Company has not completed a Business Combination
within such time set forth in the Charter.

 

		10.	The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Charter (i) to modify the substance or
                                                             timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or
                                                             to redeem 100% of the IPO Shares if the Company does not complete its initial Business Combination within the timeframe provided in
                                                             the Charter, or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination
                                                             activity unless the Company provides its public stockholders with the opportunity to redeem their IPO Shares upon approval of any
                                                             such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
                                                             interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding IPO Shares.

 

		11.	To the extent that Maxim does not exercise their over-allotment option to purchase up to an additional 3,000,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit,
at no cost, a number of Founder Shares in the aggregate equal to 750,000 multiplied by a fraction, (i) the numerator of which is
3,000,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the
denominator of which is 3,000,000.

 

		12.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to
this Letter Agreement shall be brought and enforced in the courts of the State of New York of the United States of America for
the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

		13.	As used herein, (i) a “Business Combination” shall mean a merger, stock exchange, asset
                                                             acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more
                                                             businesses or entities; (ii) “Insiders” shall mean all officers, directors and the sponsor of the
                                                             Company; (iii) “Founder Shares” shall mean all of the Class B Common Stock of the Company, par
                                                             value $0.0001 per share, acquired by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the
                                                             shares of Common Stock included in the Units issued in the Company’s IPO; (v) “Private Placement
                                                             Warrants” shall mean the warrants that are being sold privately by the Company simultaneously with the
                                                             consummation of the IPO; (vi) “Trust Account” shall mean the trust account into which the net
                                                             proceeds of the Company’s IPO and a portion of the proceeds from the sale of the Private Placement Warrants will be
                                                             deposited; and (vii) “Registration Statement” means the Company’s registration statement on
                                                             Form S-1 (SEC File No. 333-253654) filed with the SEC, as amended.

 

		14.	Our initial stockholders, including our sponsor and certain
of our directors and officers, shall agree to offer all suitable business combination opportunities within the industry specifically
identified in this prospectus for the offering to the Company before any other person or company until the consummation by the
Company of a business combination, subject to any pre-existing contractual or fiduciary obligations they may have, (which pre-existing
fiduciary duties and any potential conflicts of interest arising therefrom shall have been disclosed to the underwriters prior
to the initial filing of the registration statement of which this prospectus forms a part and disclosed herein), on customary
terms reasonably acceptable to the underwriters. This Letter Agreement constitutes the entire agreement and understanding of the
parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations
by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions
contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical
error) as to any particular provision, except by a written instrument executed by all parties hereto.

 

    3

     

    

 

		15.	The undersigned acknowledges and understands that Maxim and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO and further agrees that Maxim shall be a third party beneficiary of this
Letter Agreement. Nothing contained herein shall be deemed to render Maxim a representative of, or a fiduciary with respect to,
the Company, its stockholders or any creditor or vendor of the Company with respect to the subject matter hereof.

 

		16.	The undersigned hereby agrees and acknowledges that: (i) Maxim and the Company would be irreparably injured in the event of
a breach by such the undersigned of its obligations set forth in this Letter Agreement (ii) monetary damages may not be an adequate
remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any other
remedy that such party may have in law or in equity, in the event of such breach.

 

		17.	This Letter Agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
and assigns. This Letter Agreement shall terminate on the earlier of (i) the completion of a Business Combination and (ii) the
liquidation of the Company; provided, that such termination shall not relieve the undersigned from liability for any breach
of this agreement prior to its termination. The parties hereto may not assign either this Letter Agreement or any of their rights,
interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation
of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
assignee.

 

		18.	This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

		19.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall
be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile or other electronic transmission.

 

		20.	This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

[Signature Page Follows]

 

    4

     

    

 

	AVALON ACQUISITION HOLDINGS LLC	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	                	 

 

	Acknowledged and Agreed:	 
	 	 
	AVALON ACQUISITION INC.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	                	 

 

[Signature Page to Letter Agreement]

 

    5

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