Document:

Supplemental Indenture No. 4 dated January 11, 2011

 Exhibit 4.4 
 MASTEC, INC. 
 TO 

U.S. BANK NATIONAL ASSOCIATION, 
 As Trustee 
 GUARANTEED TO THE EXTENT SET FORTH HEREIN BY THE GUARANTORS

 NAMED HEREIN 
 FOURTH SUPPLEMENTAL INDENTURE 
 Dated as of January 11, 2011

 to the 
 INDENTURE 
 Dated as of June 5, 2009 

4.25% SENIOR CONVERTIBLE NOTES DUE 2014 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
	 Section 1.01.
	  	Relation to Base Indenture	  	 	2	  
			
	 Section 1.02.
	  	Definitions	  	 	2	  
	
	ARTICLE II	  
	
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  
			
	 Section 2.01.
	  	Designation and Amount	  	 	10	  
			
	 Section 2.02.
	  	Form of Notes	  	 	10	  
			
	 Section 2.03.
	  	Date and Denomination of Notes; Payments of Interest	  	 	10	  
			
	 Section 2.04.
	  	Intentionally Omitted	  	 	11	  
			
	 Section 2.05.
	  	Intentionally Omitted	  	 	11	  
			
	 Section 2.06.
	  	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	11	  
			
	 Section 2.07.
	  	Additional Notes; Repurchases	  	 	12	  
			
	 Section 2.08.
	  	No Sinking Fund	  	 	12	  
			
	 Section 2.09.
	  	Ranking	  	 	12	  
	
	ARTICLE III	  
	
	REDEMPTION	  
			
	 Section 3.01.
	  	No Right to Redeem	  	 	13	  
	
	ARTICLE IV	  
	
	PARTICULAR COVENANTS OF THE COMPANY	  
			
	 Section 4.01.
	  	Payment of Principal and Interest	  	 	13	  
			
	 Section 4.02.
	  	Maintenance of Office or Agency for Conversion Agent	  	 	14	  

  

							
	 Section 4.03.
	  	Reports by Company	  	 	14	  
			
	 Section 4.04.
	  	Subsidiary Guarantors	  	 	15	  
			
	 Section 4.05.
	  	Exclusion of Certain Provisions From Base Indenture	  	 	15	  
	
	ARTICLE V	  
	
	DEFAULTS AND REMEDIES	  
	 Section 5.01.
	  	Events of Default	  	 	15	  
			
	 Section 5.02.
	  	Additional Interest	  	 	16	  
			
	 Section 5.03.
	  	Waiver of Past Defaults	  	 	17	  
			
	 Section 5.04.
	  	Article Five of Base Indenture	  	 	17	  
	
	ARTICLE VI	  
	
	SUPPLEMENTAL INDENTURES	  
			
	 Section 6.01.
	  	Supplemental Indentures Without Consent of Noteholders	  	 	17	  
			
	 Section 6.02.
	  	Modification and Amendment with Consent of Noteholders	  	 	18	  
			
	 Section 6.03.
	  	Effect of Supplemental Indentures	  	 	18	  
			
	 Section 6.04.
	  	Article Nine of Base Indenture	  	 	18	  
	
	ARTICLE VII	  
	
	CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE	  
			
	 Section 7.01.
	  	Consolidation, Merger and Sale of Assets	  	 	18	  
	
	ARTICLE VIII	  
	
	CONVERSION OF NOTES	  
			
	 Section 8.01.
	  	Conversion Privilege	  	 	19	  
			
	 Section 8.02.
	  	Settlement Upon Conversion; Conversion Procedures	  	 	22	  
			
	 Section 8.03.
	  	Adjustment of Conversion Rate	  	 	26	  
			
	 Section 8.04.
	  	Shares to be Fully Paid	  	 	34	  
			
	 Section 8.05.
	  	Effect of Reclassification, Consolidation, Merger or Sale	  	 	34	  

  
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	 Section 8.06.
	  	Intentionally Omitted	  	 	35	  
			
	 Section 8.07.
	  	Intentionally Omitted	  	 	35	  
			
	 Section 8.08.
	  	Notice to Holders Prior to Certain Actions	  	 	35	  
			
	 Section 8.09.
	  	Shareholder Rights Plans	  	 	36	  
	
	ARTICLE IX	  
	
	REPURCHASE OF NOTES AT OPTION OF HOLDERS	  
			
	 Section 9.01.
	  	Repurchase of Securities at Option of the Holder on Specified Dates	  	 	36	  
			
	 Section 9.02.
	  	Repurchase at Option of Holders Upon a Fundamental Change	  	 	36	  
			
	 Section 9.03.
	  	No Payment Following Acceleration of the Notes	  	 	40	  
			
	 Section 9.04.
	  	Compliance with Tender Offer Rules	  	 	40	  
	
	ARTICLE X	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 Section 10.01.
	  	Ratification of Base Indenture	  	 	40	  
			
	 Section 10.02.
	  	Provisions Binding on Company’s Successors	  	 	40	  
			
	 Section 10.03.
	  	Official Acts by Successor Corporation	  	 	40	  
			
	 Section 10.04.
	  	Addresses for Notices, Etc.	  	 	40	  
			
	 Section 10.05.
	  	Governing Law	  	 	41	  
			
	 Section 10.06.
	  	Non-Business Day	  	 	41	  
			
	 Section 10.07.
	  	Benefits of Indenture	  	 	41	  
			
	 Section 10.08.
	  	Table of Contents, Headings, Etc.	  	 	41	  
			
	 Section 10.09.
	  	Counterparts	  	 	41	  
			
	 Section 10.10.
	  	Trustee	  	 	42	  
			
	 Section 10.11.
	  	Further Instruments and Acts	  	 	42	  
			
	 Section 10.12.
	  	Waiver of Jury Trial	  	 	42	  
			
	 Section 10.13.
	  	Force Majeure	  	 	42	  
			
	 Section 10.14.
	  	Calculations	  	 	42	  

  
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	ARTICLE XI	  
	
	GUARANTEES	  
			
	 Section 11.01.
	  	Guarantee	  	 	42	  
			
	 Section 11.02.
	  	Limitation on Guarantor Liability	  	 	44	  
			
	 Section 11.03.
	  	Execution and Delivery of Guarantees	  	 	44	  
			
	 Section 11.04.
	  	Contribution	  	 	44	  
			
	 Section 11.05.
	  	Releases	  	 	45	  
			
	 Schedule A
	  	Additional Share Table	  			
	 Schedule B
	  	List of Guarantors	  			
	 Exhibit A
	  	Form of Notes	  			
	 Exhibit B
	  	Form of Conversion Notice	  			
	 Exhibit C
	  	Form of Fundamental Change Repurchase Notice	  			
	 Exhibit D
	  	Form of Assignment and Transfer	  			

  
 iv 

 FOURTH SUPPLEMENTAL INDENTURE 

4.25% Senior Convertible Notes due 2014 
 THIS FOURTH SUPPLEMENTAL INDENTURE, dated as of January 11, 2011 (this “Supplemental Indenture”), by and among MASTEC, INC., a Florida Corporation (the
“Company”), the guarantors listed on Schedule B hereto, as such schedule may be amended form time to time (collectively, the “Guarantors” and each, a “Guarantor”), and U.S. BANK NATIONAL
ASSOCIATION, a national association, as Trustee hereunder (the “Trustee”). 
 RECITALS OF THE COMPANY:

 WHEREAS, the Company, the Guarantors and the Trustee have heretofore entered into an Indenture dated as of June 5,
2009 (the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”) providing for (i) the issuance by the Company from time to time of its senior debt securities evidencing its unsecured
and unsubordinated indebtedness, in an unlimited aggregate principal amount, in one or more series (collectively, the “Securities” and each, a “Security”) and (ii) the guarantee of such Securities by the
Guarantors (collectively, the “Guarantees” and each, a “Guarantee”); 
 WHEREAS,
Section 901(7) of the Base Indenture provides for the Company, the Guarantors and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the form and terms of Securities of any series as provided by
Sections 201 and 301 of the Base Indenture and the form and terms of Guarantees as provided by Sections 1701 and 301 of the Base Indenture, without the consent of the Holders of any Securities; 

WHEREAS, the Company has previously issued $100,000,000 aggregate principal amount of its 4.25% Senior Convertible Notes due 2014 (the
“Original Notes”) under that certain Second Supplemental Indenture, dated as of November 10, 2009, to the Base Indenture by and among the Company, the Guarantors party thereto and the Trustee; 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issue of up to $100,000,000 aggregate principal amount of
its 4.25% Senior Convertible Notes due 2014 (together with the Guarantees thereof, the “Notes”), in exchange for an equal principal amount of Original Notes as described in the Company’s registration statement on Form S-4
(Commission file no. 333-170834); 
 WHEREAS, in order to provide the terms and conditions upon which the Notes are to be
authenticated, issued and delivered, the Board of Directors of the Company and each of the Guarantors has duly authorized the execution and delivery of this Supplemental Indenture; and 

WHEREAS, the Notes, the certificate of authentication to be borne by the Notes, a form of assignment, a form of the Fundamental Change
Repurchase Notice, a form of conversion notice and certificate of assignment and transfer to be borne by the Notes are to be substantially in the forms hereinafter provided for; 

 WHEREAS, all acts and things necessary to make this Supplemental Indenture a valid agreement
of each of the Company and the Guarantors according to its terms have been done and performed; and 
 WHEREAS, all acts and
things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee as provided in the Indenture and this Supplemental Indenture, the valid and binding obligations of the Company have been done and
performed. 
 NOW THEREFORE, SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and of the covenants contained herein and in the Base Indenture, the Company, the Guarantors and
the Trustee covenant and agree, for the equal and proportionate benefit of all Holders of the Notes issued on or after the date of this Supplemental Indenture, as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.01. Relation to Base Indenture The changes, modifications and supplements to the Base Indenture effected by this
Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes, which may be issued from time to time, and shall not apply to any other Securities that may be issued under the Base Indenture unless a
supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. The provisions of this Supplemental Indenture shall supersede any corresponding or conflicting provisions and
definitions in the Base Indenture. 
 Section 1.02. Definitions For all purposes of this Supplemental Indenture,
except as otherwise expressly provided for or unless the context otherwise requires: 
 (a) Capitalized terms
used but not defined herein shall have the respective meanings assigned to them in the Base Indenture; 
 (b)
Terms defined both herein and in the Base Indenture shall have the meanings assigned to them herein; 
 (c) All
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture; and 
 (d) All other terms used in this Supplemental Indenture, which are defined in the Trust Indenture Act or which are by reference therein defined in the Securities Act (except as herein otherwise expressly
provided or unless the context otherwise requires) shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this Supplemental Indenture. The words
“herein,” “hereof,” “hereunder,” and words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this
Article Include the plural as well as the singular. 

  
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 “Additional Interest” shall have the meaning specified in
Section 5.02. 
 “Additional Notes” shall have the meaning specified in Section 2.07. 

“Additional Shares” shall have the meaning specified in Section 8.01(f). 

“Bid Solicitation Agent” means the Person appointed by the Company to solicit bids for the Trading Price of the Notes in
accordance with Section 8.01(c). The Company shall initially act as the Bid Solicitation Agent. 
 “Business
Day” means any day, other than a Saturday or Sunday, or legal holidays on which banks in The City of New York are not required or authorized by law or executive order to be closed. 

“Cash Settlement” shall have the meaning specified in Section 8.02(a). 

“Close of Business” means 5:00 p.m. (New York City time). 

“Combination Settlement” shall have the meaning specified in Section 8.02(a). 

“Common Stock” means, subject to Section 8.05, shares of common stock of the Company, par value $0.10 per
share, at the date of this Supplemental Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof and that have no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company and that are not subject to redemption by the Company; provided that if at any time there shall be more than one such resulting class, the shares of each such
class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such
reclassifications. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Company” means the Person named as the “Company” in the first paragraph of this Supplemental Indenture until
a successor corporation shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Company” shall mean such successor corporation. 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors who: 

(a) was a member of the board of directors on the date of this Supplemental Indenture; or 

  
 3 

 (b) was nominated for election or elected to the Board of Directors with the
approval of a majority of the Continuing Directors who were members of the Board of Directors at the time of the new director’s nomination or election. 
 “Conversion Agent” shall mean the Trustee or any successor office or agency where the Notes may be surrendered for exchange. 

“Conversion Date” shall have the meaning specified in Section 8.02(e). 

“Conversion Obligation” shall have the meaning specified in Section 8.01(a). 

“Conversion Price” means as of any date $1,000 divided by the Conversion Rate as of such date. 

“Conversion Notice” shall have the meaning specified in Section 8.02(c)(i). 

“Conversion Rate” shall have the meaning specified in Section 8.01(a). 

“Daily Conversion Value” means, for each of the Trading Days during the applicable Observation Period, the quotient
equal to (A) the product of (i) the Conversion Rate on such Trading Day and (ii) the Daily VWAP of the Common Stock on such Trading day divided by (B) the number of Trading Days during the applicable Observation Period.

 “Daily Measurement Value” means the Specified Dollar Amount (if any), divided by the number of
Trading Days in the applicable Observation Period. 
 “Daily Settlement Amount,” for each of the Trading Days
during the applicable Observation Period, shall consist of: 
 (a) cash equal to the lesser of (i) the Daily
Measurement Value and (ii) the Daily Conversion Value; and 
 (b) if the Daily Conversion Value exceeds the
Daily Measurement Value, a number of shares of Common Stock equal to (i) the difference between the Daily Conversion Value and the Daily Measurement Value divided by (ii) the Daily VWAP for such Trading Day. 

“Daily VWAP” means, for each of the Trading Days during the applicable Observation Period, the per share volume-weighted
average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “MTZ.N <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading
until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such Trading Day determined, using a volume-weighted
average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the
regular trading session trading hours. 

  
 4 

 “Depositary” means, with respect to the Notes issuable or issued in whole
or in part in global form, the person specified in the Base Indenture as the Depositary with respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Supplemental Indenture, and
thereafter, “Depositary” shall mean or include such successor. 
 “Distributed Property” shall
have the meaning specified in Section 8.03(c). 
 “Effective Date” shall have the meaning specified in
Section 8.01(f). 
 “Event of Default” means, with respect to the Notes, any event specified in
Section 5.01, continued for the period of time, if any, and after the giving of notice, if any, therein designated. 

“Ex-Dividend Date” means the first date upon which a sale of the Common Stock does not automatically transfer the right
to receive the relevant dividend from the seller of the Common Stock to its buyer. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Filing
Failure” shall have the meaning specified in Section 5.02. 
 “Fundamental Change” will be deemed
to have occurred when any of the following has occurred: 
 (a) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any “person” becomes the “beneficial owner” (as these terms are defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act) of more than 50%
of the Capital Stock of the Company that is at that time entitled to vote by the holder thereof in the election of the Board of Directors (or comparable body); 
 (b) the first day on which a majority of the members of the Board of Directors are not Continuing Directors; 
 (c) the adoption of a plan relating to the liquidation or dissolution of the Company; 
 (d) the consolidation or merger of the Company with or into any other Person, or the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or
substantially all of the assets of the Company and those of its Subsidiaries taken as a whole to any “person” (as this term is used in Section 13(d)(3) of the Exchange Act); other than: 

(i) any transaction (x) that does not result in any reclassification, conversion, exchange or cancellation of
outstanding shares of Capital Stock of the Company; and (y) pursuant to which the holders of 50% or more of the total voting power of all shares of Capital Stock of the Company entitled to vote

  
 5 

 
generally in elections of directors immediately prior to such transaction have the right to exercise, directly or indirectly, 50% or more of the total voting power of all shares of Capital Stock
of the Company entitled to vote generally in elections of directors of the continuing or surviving Person immediately after giving effect to such transaction; or 

(ii) any merger primarily for the purpose of changing the jurisdiction of incorporation of the Company and resulting in a
reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of common stock of the surviving entity; or 
 (e) the termination of trading of Common Stock, which will be deemed to have occurred if the Common Stock or other common stock into which the Notes are convertible is not listed on the New York Stock
Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market. 
 Notwithstanding the foregoing, any transaction or
event described above will not constitute a Fundamental Change if, in connection with such transaction or event, or as a result therefrom, a transaction described in clauses (a), (d) or (e) above occurs (without regard to any
exclusion in clauses (d)(i)(x) and (y) thereunder) and at least 90% of the consideration paid for Common Stock (excluding cash payments for fractional shares, cash payments made pursuant to dissenters’ appraisal rights and cash dividends)
consist of shares of common stock (or depositary receipts in respect thereof) traded on any of the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select Market (or any of their respective successors) (or will be so traded or
quoted immediately following the completion of the merger or consolidation or such other transaction) and, as a result of such transaction, the Notes become convertible under Section 8.05 hereof. 

“Fundamental Change Company Notice” shall have the meaning specified in Section 9.02(b). 

“Fundamental Change Repurchase Date” shall have the meaning specified in Section 9.02(a). 

“Fundamental Change Repurchase Notice” shall have the meaning specified in Section 9.02(a)(i). 

“Fundamental Change Repurchase Price” shall have the meaning specified in Section 9.02(a). 

“Global Note” shall have the meaning specified in Section 2.06(e). 

“Guaranteed Indebtedness” shall have the meaning specified in Section 4.04(a). 

“Initial Notes” means the Notes issued on the date of this Supplemental Indenture. 

  
 6 

 “interest” means, when used with reference to the Notes, any interest
payable under the terms of the Notes. 
 “Interest Payment Date” means June 15 and December 15 of
each year, beginning on June 15, 2011. 
 “Last Reported Sale Price” means, with respect to Common Stock
or any other security for which a Last Reported Sale Price must be determined, on any date, the closing sale price per share of Common Stock or unit of such other security (or, if no closing sale price is reported, the average of the bid and ask
prices or, if more than one in either case, the average of the average bid and the average ask prices) on such date as reported in composite transactions for the principal U.S. national or regional securities exchange on which Common Stock or such
other security are traded. If the Common Stock or such other security are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the Last Reported Sale Price shall be the average of the last quoted bid and
ask prices per share of Common Stock or such other security in the over-the-counter market on the relevant date, as reported by OTCBB, Pink OTC Markets Inc. or a similar organization. If the Common Stock or such other security are not so quoted, the
Last Reported Sale Price shall be the average of the mid-point of the last bid and ask prices per share of Common Stock or such other security on the relevant date from each of at least three nationally recognized independent investment banking
firms selected from time to time by the Board of Directors of the Company for that purpose. The Last Reported Sale Price shall be determined without reference to after-hours or extended market trading. 

“Market Disruption Event” means (a) a failure by the principal U.S. national or regional securities exchange or
market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common
Stock for a period of more than one half-hour in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise)
in the Common Stock or in any options contracts or future contracts relating to the Common Stock. 
 “Maturity
Date” means December 15, 2014. 
 “Measurement Period” shall have the meaning specified in
Section 8.01(c). 
 “Merger Event” shall have the meaning specified in Section 8.05(a). 

“Non-Stock Change of Control” shall have the meaning specified in Section 8.01(f). 

“Note” or “Notes” shall have the meaning specified in the recitals of this Supplemental Indenture, and
shall include any Additional Notes issued pursuant to Section 2.07. 
 “Noteholder” or
“Holder” or “holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any person in whose name at the time a particular Note is registered on the Security
Register. 

  
 7 

 “Observation Period” with respect to any Note
surrendered for conversion means: (a) if the relevant Conversion Date occurs prior to September 15, 2014, the 40 consecutive Trading Day period beginning on, and including, the second Trading Day after such Conversion Date; and (b) if
the relevant Conversion Date occurs on or after September 15, 2014, the 10 consecutive Trading Days beginning on, and including, the 12th Scheduled Trading Day immediately preceding the Maturity Date. 

“Opening of Business” means 9:00 a.m. (New York City time). 

“Original Notes” shall have the meaning specified in the recitals of this Supplemental Indenture. 

“Physical Settlement” shall have the meaning specified in Section 8.02(a). 

“Record Date,” with respect to the payment of interest on any Interest Payment Date, shall have the meaning specified in
Section 2.03. 
 “Reference Property” shall have the meaning specified in Section 8.05(a).

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S.
national or regional securities exchange or market on which the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day. 

“Settlement Amount” shall have the meaning specified in Section 8.02(a)(ii). 

“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination
Settlement, as elected (or deemed to have been elected) by the Company. 
 “Settlement Notice” shall have the
meaning specified in Section 8.02(a)(i). 
 “Specified Dollar Amount” means the maximum cash amount per
$1,000 principal amount of Notes to be received upon conversion as specified in the Settlement Notice specifying the Company’s chosen settlement method with respect to such converted Notes. 

“Spin-Off” shall have the meaning specified in Section 8.03(c). 

“Stock Price” means the price paid per share of Common Stock in connection with a Fundamental Change pursuant to which
Additional Shares shall be added to the Conversion Rate as set forth in Section 8.01(f) hereof. If holders of Common Stock receive only cash in such Fundamental Change transaction, then the Stock Price shall be the cash amount paid per share.
Otherwise, the Stock Price shall be equal to the average of the Last Reported Sale Prices of the Common Stock over the five consecutive Trading Day period ending on the Trading Day immediately preceding the Effective Date of the Fundamental Change.

  
 8 

 “Trading Day” means a day during which (i) trading in Common Stock
generally occurs on the New York Stock Exchange or, if the Common Stock is not then listed on the New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the
Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded, and (ii) a Last Reported Sale Price for Common Stock is available for such day on such
securities exchange or market; provided that if the Common Stock is not so listed or traded, Trading Day shall mean a Business Day; provided, that, for purposes of determining amounts due upon conversion only, “Trading
Day” means a day on which (i) trading in Common Stock generally occurs on the New York Stock Exchange or, if the Common Stock is not then listed on the New York Stock Exchange, on the principal other U.S. national or regional
securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for
trading and (ii) there is no Market Disruption Event. If the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day. 
 “Trading Price” of the Notes on any Trading Day means the average of the secondary market bid quotations obtained by the Bid Solicitation Agent for $2.0 million principal amount of Notes
at approximately 3:30 p.m., New York City time, on such Trading Day from three independent nationally recognized securities dealers selected by the Bid Solicitation Agent; provided that if three such bids cannot reasonably be obtained by the Bid
Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent, then that one bid shall be used. If the Bid Solicitation Agent
cannot reasonably obtain at least one bid for $2.0 million principal amount of Notes from a nationally recognized securities dealer on any Trading Day, then the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98%
of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on such Trading Day. If (i) the Company is not acting as the Bid Solicitation Agent, and the Company does not, when it is required to do so, instruct the
Bid Solicitation Agent to obtain bids, or if the Company gives such instruction to the Bid Solicitation Agent and the Bid Solicitation Agent fails to make such determination; or (ii) if the Company is acting as Bid Solicitation Agent and it
fails to make such determination, then, in either case, the Trading Price per $1,000 principal amount of Notes will be deemed to be less than 98% of the product of the Last Reported Sale Price of Common Stock and the applicable Conversion Rate for
each Trading Day on which such failure continues. 
 “Trading Price Condition” shall have the meaning specified
in Section 8.01(c). 
 “Trigger Event” shall have the meaning specified in Section 8.03(c).

 “Wholly Owned Domestic Subsidiary” means, with respect to any Person, any corporation or other entity which
is not a controlled foreign corporation under Section 957 of the Internal Revenue Code of which 100% of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests of which are owned, directly or
indirectly, by such Person. For the purposes of this definition, “voting equity securities” means equity securities having voting power for the election of directors, whether at all times or only so long as no senior class of security has
such voting power by reason of any contingency. 

  
 9 

 ARTICLE II 
 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount The Notes shall be designated as the “4.25% Senior Convertible Notes due
2014.” The aggregate principal amount of Notes that may be authenticated and delivered under this Supplemental Indenture is initially limited to $100,000,000, subject to Section 2.07 and except for Notes authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section 2.06, Section 8.02 and Section 9.02 hereof and Section 306 of the Base Indenture. 

Section 2.02. Form of Notes The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be
substantially in the form set forth in Exhibit A hereto. 
 Any of the Notes may have such letters, numbers or other marks
of identification and such notations, legends or endorsements as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental
Indenture, or as may be required by the Depositary, as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the
Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject. 
 A Global Note shall represent such principal amount of the Outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of Outstanding Notes
from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be increased or reduced to reflect repurchases, conversions, transfers or exchanges permitted hereby. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon
instructions given by the Holder of such Notes in accordance with this Supplemental Indenture. Payment of principal and accrued and unpaid interest on a Global Note shall be made to the Holder of such Note on the date of payment, unless a Record
Date or other means of determining Holders eligible to receive payment is provided for herein. 
 The terms and provisions
contained in the form of Note attached as Exhibit A hereto are incorporated herein and shall constitute, and are hereby expressly made, a part of this Supplemental Indenture and to the extent applicable, the Company and the Trustee, by their
execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 2.03. Date and Denomination of Notes; Payments of Interest The Notes shall be issuable in registered form without
coupons in denominations of $1,000 principal 

  
 10 

 
amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Note attached as
Exhibit A hereto. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 The Person in whose name any Note (or its Predecessor Security) is registered on the Security Register at the Close of Business on any Record Date with respect to any Interest Payment Date shall be
entitled to receive the accrued and unpaid interest payable on such Interest Payment Date, subject to Section 4.01(b) hereof. Interest shall be payable at the office of the Company maintained by the Company for such purposes in the Borough of
Manhattan, City of New York, which shall initially be an office or agency of the Trustee. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the
Security Register (or upon written application by such Person to the Security Registrar not later than the fifth Business Day prior to the relevant Interest Payment Date, by wire transfer in immediately available funds to such Person’s account
within the United States, if such Person is entitled to interest on an aggregate principal amount of Notes in excess of $2,000,000); provided, that, at maturity, interest shall be payable on any Notes in certificated form at the office
of the Company maintained by the Company for such purposes in the Borough of Manhattan, City of New York, which shall initially be an office or agency of the Trustee, or (ii) on any Global Note by wire transfer of immediately available funds to
the account of the Depositary or its nominee. The term “Record Date” with respect to any Interest Payment Date shall mean the June 1 or December 1 preceding the applicable June 15 or December 15 Interest Payment
Date, respectively. 
 Section 2.04. Intentionally Omitted 

Section 2.05. Intentionally Omitted 
 Section 2.06. Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary 
 (a) Intentionally Omitted. 
 (b) Intentionally Omitted. 

(c) Intentionally Omitted. 
 (d) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this instrument or under applicable law with respect to
any transfer of any interest in any 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 instrument, and to
examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (e) So long as the
Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the
Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note, 

  
 11 

 
which does not involve the issuance of a definitive Note, shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Supplemental Indenture (including
the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. 
 Section 2.07.
Additional Notes; Repurchases The Company may, without the consent of the Noteholders and notwithstanding Section 2.01, increase the principal amount of the Notes by issuing additional Notes (“Additional Notes”) of the
same series as the Initial Notes in the future in an unlimited aggregate principal amount on the same terms and conditions, except for any differences in the issue price and interest accrued prior to the issue date of the Additional Notes and, at
the option of the Company, the first payment of interest following the issue date of such Additional Notes; provided that such differences do not cause the Additional Notes to constitute a different class of securities than the Notes for U.S.
federal income tax purposes; provided further, that the Additional Notes have the same CUSIP number as the Initial Notes; and provided further, however, that the Additional Notes may have a different CUSIP number on a temporary basis
if necessary to comply with applicable U.S. securities laws. The Notes and any Additional Notes shall rank equally and ratably and shall be treated as a single class for all purposes under the Base Indenture and this Supplemental Indenture
including, without limitation, for purposes of any waivers, supplements or amendments to the Indenture requiring the approval of Holders of the Notes and any offers to purchase the Notes. All provisions of the Indenture shall be construed and
interpreted to permit the issuance of such Additional Notes and to allow such Additional Notes to become fungible and interchangeable with the Initial Notes issued under the Indenture. No Additional Notes may be issued if an Event of Default has
occurred with respect to the Notes and is continuing. 
 Section 2.08. No Sinking Fund The provisions of
Article Twelve of the Base Indenture shall not be applicable to the Notes. No sinking fund is provided for the Notes. 

Section 2.09. Ranking The Notes constitute a senior general unsecured obligation of the Company, ranking equally in right of
payment with all of the existing and future senior indebtedness of the Company and ranking senior in right of payment to any future indebtedness of the Company that is expressly made subordinate to the Notes by the terms of such indebtedness.

  
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 ARTICLE III 
 REDEMPTION 
 Section 3.01. No Right to Redeem The provisions of
Article Eleven of the Base Indenture shall not be applicable to the Notes. The Notes shall not be redeemable before their Stated Maturity at the option of the Company. 
 ARTICLE IV 
 PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal and Interest 
 (a) Section 307, Section 1001 and Section 1003 of the Base Indenture shall apply to the Notes, subject to Section 8.02 hereof; provided, however, that, with respect to
any Noteholder with an aggregate principal amount in excess of $2,000,000, at the application of such Holder in writing to the Security Registrar not later than the relevant Record Date, accrued and unpaid interest on such Holder’s Notes shall
be paid on the corresponding Interest Payment Date by wire transfer in immediately available funds to such Holder’s account in the United States supplied by such Holder from time to time to the Trustee and Paying Agent (if different from
Trustee); provided further that payment of accrued and unpaid interest made to the Depositary shall be paid by wire transfer in immediately available funds in accordance with such wire transfer instructions and other procedures provided by
the Depositary from time to time. 
 (b) Except as otherwise provided in this Section 4.01, a Holder of any Notes at
5:00 p.m. New York City time, on a Record Date shall be entitled to receive interest on such Notes on the corresponding Interest Payment Date. A Holder of any Notes as of a Record Date that are converted after 5:00 p.m. New York City time
on such Record Date and prior to the Opening of Business on the corresponding Interest Payment Date shall be entitled to receive accrued and unpaid interest (including Additional Interest, if any) on the principal amount of such Notes,
notwithstanding the conversion of such Notes prior to such Interest Payment Date. However, a Holder that surrenders any Notes for conversion after 5:00 p.m. New York City time on a Record Date and prior to the Opening of Business on the
corresponding Interest Payment Date shall be required to pay the Company an amount equal to the accrued and unpaid interest (excluding Additional Interest, if any) payable by the Company with respect to such Notes on such Interest Payment Date at
the time such Holder surrenders such Notes for conversion, provided, however, that this sentence shall not apply to a Holder that converts Notes: 
 (i) to the extent of any overdue interest (including overdue Additional Interest, if any), if any overdue interest (or overdue Additional Interest) exists at the time of conversion with respect to such
Notes; 
 (ii) in connection with a Fundamental Change in which the Company has specified a Fundamental Change
Repurchase Date that is after a Record Date and on or prior to the next Interest Payment Date; or 

  
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 (iii) after 5:00 p.m., New York City time on the Record Date
immediately preceding the Maturity Date. 
 Accordingly, a Holder that converts Notes under any of the circumstances described in
clauses (i), (ii) or (iii) above will not be required to pay to the Company an amount equal to (x) the accrued and unpaid interest in the case of (ii) or (iii) or (y) the amount of overdue interest (including
overdue Additional Interest, if any) in the case of (i), payable by the Company with respect to such Notes on the relevant Interest Payment Date. 
 (c) Notwithstanding anything to the contrary in the Indenture, the Company may pay accrued and unpaid interest (including Additional Interest, if any) to a Person other than the Holder of record on the
Record Date immediately prior to the Maturity Date. On the Maturity Date, the Company shall pay accrued and unpaid interest only to the Person to whom the Company pays the principal amount of the Notes. 

Section 4.02. Maintenance of Office or Agency for Conversion Agent If at any time the Conversion Agent is not the Trustee or
an office or agency designated or appointed by the Trustee, the Company will give prompt written notice to the Trustee of the location of such Conversion Agent. If at any time the Company shall fail to maintain an office or agency for the Conversion
Agent, presentations, surrenders, notices and demands related to conversions of Notes may be made or served at the Corporate Trust Office or the office or agency of the Trustee in the Borough of Manhattan, the City of New York. 

Section 4.03. Reports by Company 
 (a) The provisions of Section 1005 of the Base Indenture shall not be applicable to the Notes. 
 (b) The Company shall deliver to the Trustee copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may by
rules and regulations prescribe) that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act with the Trustee within 15 days after the Company is required to file such reports, information and documents
with the Commission. All required reports, information and documents referred to in this Section 4.03(b) shall be deemed to be delivered to the Trustee at the time such reports, information and documents are publicly filed with the Commission
via the Commission’s EDGAR filing system (or any successor system). 
 (c) Delivery of such reports, information and
documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officers’ Certificate). Notwithstanding anything to the contrary in this Section 4.03, the Company,
to the extent permitted under the Trust Indenture Act, shall not be required to deliver to the Trustee or the Holders any material for which the Company has sought and received confidential treatment by the Commission. 

  
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 Section 4.04. Subsidiary Guarantors 

(a) The Company shall cause each Wholly Owned Domestic Subsidiary that guarantees any unsecured indebtedness of the Company
(“Guaranteed Indebtedness”) to, within 10 Business Days of becoming a guarantor of such Guaranteed Indebtedness (a) execute and deliver a supplemental indenture to the Base Indenture providing for a Guarantee of payment of the
Notes by such Wholly Owned Domestic Subsidiary, and (b) waive, and not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any
other Subsidiary as a result of any payment by such Subsidiary under its Guarantee until the Notes have been paid in full. 

(b) After the execution of a supplemental indenture pursuant to this Section 4.04, such new Wholly Owned Domestic Subsidiary party
thereto shall be a Guarantor of the Notes for all purposes of this Indenture. 
 (c) If the Guaranteed Indebtedness is
(A) pari passu in right of payment with the Notes or any Guarantee, then the guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Guarantee of the Notes or
(B) subordinated in right of payment to the Notes or any Guarantee, then the guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Guarantee of the Notes at least to the extent that the Guaranteed
Indebtedness is subordinated to the Notes or the Guarantee. 
 (d) Notwithstanding the foregoing, any Guarantee of the Notes
pursuant to this Section 4.04 shall be automatically and unconditionally released and discharged in accordance with Section 11.05 hereof. 
 Section 4.05. Exclusion of Certain Provisions From Base Indenture Article Fourteen of the Base Indenture shall not apply to the Notes. 

ARTICLE V 

DEFAULTS AND REMEDIES 
 Section 5.01. Events of Default The provisions of Section 501(1), Section 501(2), Section 501(3) and Section 501(5) of the Base Indenture shall not be applicable to the
Notes. As contemplated under Section 301 and Section 501(9) of the Base Indenture, the following events, in addition to the events described in clauses (4), (6), (7) and (8) of the Base Indenture, shall be Events of Default
with respect to the Notes: 
 (a) failure by the Company to pay any interest (including Additional Interest, if
any) on the Notes when due and such failure continues for a period of 30 calendar days; 
 (b) failure by the
Company to pay principal of the Notes when due at the Maturity Date, or failure by the Company to pay the repurchase price payable, in respect of any Notes when due; 

  
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 (c) failure by the Company to deliver, or cause the Conversion Agent to
deliver, to a Holder upon exercise of such Holder’s conversion right the full amount of the conversion consideration deliverable in respect of any Notes surrendered for conversion when due, in accordance with this Supplemental Indenture, and
such failure continues for five calendar days following the scheduled settlement date for such conversion; 
 (d)
failure by the Company for a period of five calendar days to issue a Fundamental Change Company Notice in accordance with Section 9.02 when due; 
 (e) any Guarantee provided by any Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any
Guarantor, or any person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under any Guarantee; and 
 (f) a failure to pay when due (whether at stated maturity or otherwise), or a default that results in the acceleration of maturity, of any indebtedness for borrowed money of the Company or any of its
Significant Subsidiaries in an aggregate amount in excess of $20,000,000 (or its foreign currency equivalent), unless such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after
written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding. 

The Company shall be required to notify the Trustee within five (5) Business Days of it becoming aware of the occurrence of any
default under the Indenture with respect to the Notes. 
 Section 5.02. Additional Interest 

(a) Notwithstanding anything to the contrary in the Indenture, the failure by the Company to comply with Section 4.03, and for any
failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act (each, a “Filing Failure”), will not constitute an Event of Default for the 365 days after the occurrence of such Filing Failure provided
the Company pays additional interest on the Notes (“Additional Interest”) at an annual rate equal to 0.50% of the principal amount of the Notes. In the event the Company does not elect to pay the Additional Interest upon a Filing
Failure in accordance with this Section 5.02, such Filing Failure will constitute an Event of Default under the Indenture and the Notes will be subject to acceleration in accordance with Section 502 of the Base Indenture. The Additional
Interest will accrue on all Outstanding Notes from and including the date on which a Filing Failure first occurs to but not including the 365th day thereafter (or such earlier date on which the Filing Failure shall have been cured or waived). On
such 365th day, the Notes will be subject to acceleration in accordance with Section 502 of the Base Indenture if the Filing Failure is continuing. 
 (b) For the avoidance of doubt, this Section 5.02 will not affect the rights of Holders of Notes in the event of the occurrence of any other Event of Default. 

  
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 Section 5.03. Waiver of Past Defaults 

Section 513 of the Base Indenture is deleted in its entirety and replaced with the following: 

The Holders of not less than a majority in principal amount of the Notes Outstanding may, on behalf of the Holders of all the Notes,
consent to the waiver of any past default or Event of Default under the Indenture and its consequences, except: 
  

	 	(1)	failure by the Company to pay principal of or interest (including Additional Interest, if any) on the Notes when due; 

 

	 	(2)	failure by the Company to convert any Notes as required by the Indenture; 

  

	 	(3)	failure by the Company to pay the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date in connection with a Holder of Notes exercising its
repurchase rights in accordance with the Indenture; or 

  

	 	(4)	failure of the Company to comply with a covenant or provision of the Indenture which under Article Nine cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected. 

 Upon any such waiver, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture and the Notes; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

 Section 5.04. Article Five of Base Indenture Except as amended, supplemented or modified by Sections 5.01
and 5.03 hereof, all of the provisions of Article Five of the Base Indenture shall be applicable to the Notes. 
 ARTICLE VI

 SUPPLEMENTAL INDENTURES 
 Section 6.01. Supplemental Indentures Without Consent of Noteholders 

(a) Without the consent of any Holders of the Notes, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee,
at any time and from time to time, may enter into one or more indentures supplemental to the Indenture, in form satisfactory to the Trustee, for any of the following purposes: 

 

	 	(1)	the purposes set forth in Clauses (1) through (9) and (11) to (13) of Section 901 of the Base Indenture; 

 

	 	(2)	to provide for conversion rights of Holders of Notes and the Company’s repurchase obligations in connection with a Fundamental Change in the event of any
reclassification of the Common Stock, merger or consolidation, or sale, conveyance, transfer or lease of the Company’s property and assets substantially as an entirety; 

  
 17 

  

	 	(3)	to conform the provisions of the Indenture to the “Description of the New 4.25% Notes” section contained in the Company’s final prospectus related to the
Notes dated January 6, 2011; and 

  

	 	(4)	to increase the Conversion Rate. 

(b) Solely with respect to the Notes, clause 901(10) of the Base Indenture is hereby deleted in its entirety and replaced with the
following: 
 “(10) to (a) cure any ambiguity or correct or supplement any inconsistent or otherwise defective
provision contained in the Indenture or (b) make any provision with respect to matters or questions arising under this Indenture that the Company may deem necessary or desirable and that shall not be inconsistent with provisions of the
Indenture.” 
 Section 6.02. Modification and Amendment with Consent of Noteholders 

Section 902 of the Base Indenture shall be applicable to the Notes. In addition, as contemplated by Sections 301 and 902 of the
Base Indenture, no supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (a) make any change that adversely affects the right of the Holders to convert their Notes in accordance with the Indenture or reduce the amount of consideration due upon conversion pursuant to the terms
of the Indenture; 
 (b) change the Company’s obligation to repurchase any Notes upon a Fundamental Change
in a manner adverse to the Holders after the occurrence of a Fundamental Change. 
 Section 6.03. Effect of Supplemental
Indentures Upon the execution of any supplemental indenture under this Article, the Base Indenture and this Supplemental Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of the Indenture for
all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder and of any coupon appertaining thereto shall be bound thereby. 
 Section 6.04. Article Nine of Base Indenture Except as amended by this Article VI, all of the provisions of Article Nine of the Base Indenture shall be applicable to the Notes.

 ARTICLE VII 
 CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE 
 Section 7.01.
Consolidation, Merger and Sale of Assets. Section 801 of the Base Indenture is deleted in its entirety and replaced with the following: 
 Section 801. Consolidation, Merger and Sale of Assets. The Company will not, in a single transaction or a series of related transactions, consolidate with or merge with or into any other Person, or
sell, convey, transfer or lease its property and assets substantially as an entirety to another Person, unless: 
  

	 	(1)	either (a) the Company shall be the continuing corporation or (b) the resulting, surviving or transferee person (if other than the Company) shall be a
corporation or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia (the “Successor Company”), and such Successor Company shall expressly
assume, by an indenture supplemental to the Indenture in a form reasonably satisfactory to the Trustee, executed and delivered to the Trustee, and a supplemental agreement, all the obligations of the Company under the Notes and the Indenture;

  
 18 

  

	 	(2)	immediately after giving effect to such transaction, no default or Event of Default has occurred and is continuing; 

 

	 	(3)	if as a result of such transaction the Notes become convertible into common stock or other securities issued by a third party, such third party fully and
unconditionally guarantees all obligations of the Company or the Successor Company, as the case may be, under the Notes and the Indenture; and 

  

	 	(4)	the Company shall have delivered to the Trustee any Officers’ Certificate and Opinion of Counsel required by Section 803 of the Base Indenture.

 ARTICLE VIII 
 CONVERSION OF NOTES 
 Section 8.01. Conversion Privilege

 (a) Subject to and upon compliance with the provisions of this Article VIII, each Holder of a Note shall have the right, at
such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of one or more of the conditions described in
subsections (b) through (e) of this Section 8.01, at any time prior to the Close of Business on the Business Day immediately preceding September 15, 2014 under the circumstances and during the periods set forth in subsections
(b) through (e) of this Section 8.01, and (ii) irrespective of the conditions set forth in subsections (b) through (e) of this Section 8.01, on or after September 15, 2014 and prior to the Close of Business on
the Business Day immediately preceding the Maturity Date, in each case at a rate (the “Conversion Rate”) of 64.6162 shares of Common Stock (subject to adjustment by the Company as provided in Section 8.03) per $1,000
principal amount of Notes (subject to the settlement provisions of Section 8.02, the “Conversion Obligation”). 

  
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 (b) Prior to the Close of Business on the Business Day immediately preceding
September 15, 2014, a Holder may surrender all or a portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of its Notes for conversion during any calendar quarter commencing after the calendar
quarter ending on March 31, 2011 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on,
and including, the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day. 
 (c) Prior to the Close of Business on the Business Day immediately preceding September 15, 2014, a Holder of Notes may surrender all or a portion (if the portion to be converted is $1,000 principal
amount or an integral multiple thereof) of such Notes for conversion during the five Business Day period after any five consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount
of the Notes, as determined following a request by a Holder of Notes in accordance with the procedures described in this Section 8.01(c), for each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale
Price of Common Stock and the Conversion Rate on each such Trading Day (the “Trading Price Condition”). The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000
principal amount of Notes unless the Company has requested such determination; and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, it shall have no obligation to determine the
Trading Price) unless a Holder of Notes requests in writing that the Company make such a determination and provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than 98% of the
product of the Last Reported Sale Price of Common Stock and the Conversion Rate. At such time, the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or if the Company is acting as Bid Solicitation Agent, the
Company shall determine, the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the
product of the Last Reported Sale Price of Common Stock and the Conversion Rate. If the Trading Price Condition has been met, the Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) within one Business
Day. If, at any time after the Trading Price Condition has been met, the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of Common Stock and the Conversion Rate for
such date, the Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) within one Business Day. 
 (d) If, prior to the Close of Business on the Business Day immediately preceding September 15, 2014, the Company elects to: 

(i) distribute to all or substantially all holders of Common Stock any rights or warrants (other than rights issued
pursuant to a shareholders’ right plan) entitling them, for a period of not more than 45 calendar days after the issuance date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the
Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the declaration date of such distribution; or 

  
 20 

 (ii) distribute to all or substantially all holders of Common Stock the
Company’s assets, debt securities or rights to purchase the Company’s securities, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Price of the Common
Stock on the Trading Day preceding the date of announcement of such distribution, 
 then, in either case, the Company shall notify the Holders
of the Notes at least 45 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such notice, Holders may surrender their Notes for conversion at any time until the earlier of (x) 5:00
p.m., New York City time, on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (y) the time the Company announces that such issuance or distribution will not take place. 

Holders of Notes may not exercise the conversion right set forth in this Section 8.01(d) if each Holder has or will have the right
to participate (as a result of holding Notes, and at the same time and on the same terms as holders of Common Stock participate) in any of the transactions described in this Section 8.01(d) as if such Holder of Notes held a number of shares of
Common Stock equal to (i) the Conversion Rate, multiplied by (ii)(x) the principal amount of Notes held by such Holder divided by (y) $1,000, without having to convert such Holder’s Notes. 

(e) If a transaction or event that constitutes a Fundamental Change or Non-Stock Change of Control occurs prior to the Close of Business
on the Business Day immediately preceding September 15, 2014, or if the Company is a party to a consolidation, merger, binding share exchange, or sale, transfer, lease or other conveyance of all or substantially all of the Company’s
assets, pursuant to which Common Stock would be converted into or exchanged for, or would constitute solely the right to receive cash, securities or other assets, then, in either case, the Notes may be surrendered for conversion at any time from or
after the date that is 45 Scheduled Trading Days prior to the initial anticipated effective date of the transaction (or, if the Company does not have knowledge of such transaction on or before such date, the Business Day after the Company is
required to give notice of such transaction) until 35 Trading Days after the actual effective date of such transaction or, if such transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase Date. The Company
shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) (i) as promptly as practicable following the date the Company publicly announces such transaction but in no event less than 45 Scheduled Trading Days
prior to the initial anticipated effective date of such transaction; or (ii) if the Company does not have knowledge of such transaction at least 45 Scheduled Trading Days prior to the initial anticipated effective date of such transaction, then
within one Business Day of the date upon which the Company receives notice, or otherwise becomes aware, of such transaction but in no event later than the actual effective date of such transaction. 

(f) (1) If and only to the extent a Noteholder elects to convert Notes at any time prior to the Maturity Date in connection with a
transaction described in clause (a) or (d) of the definition of Fundamental Change pursuant to which 10% or more of the consideration for the Common Stock (other than cash payments for fractional shares and cash payments made in respect of
dissenters’ appraisal rights) in such transaction consists of cash or securities (or other property) that are not shares of common stock traded or scheduled to be traded immediately 

  
 21 

 
following such transaction on a U.S. national securities exchange (a “Non-Stock Change of Control”), then the Conversion Rate applicable to each $1,000 principal amount of Notes
so converted shall be increased by an additional number of shares of Common Stock (the “Additional Shares”) as described below. The Company shall notify Holders of the anticipated effective date of a Non-Stock Change of Control at
least 20 calendar days prior to the anticipated effective date of such Non-Stock Change of Control. Settlement of Notes tendered for conversion to which Additional Shares shall be added to the Conversion Rate as provided in this subsection shall be
settled pursuant to Section 8.02 below, as applicable. For purposes of this Section 8.01(f), a conversion of Notes shall be deemed to be “in connection with” a Non-Stock Change of Control to the extent that the related conversion
notice is received by the Conversion Agent following the effective date of the Non-Stock Change of Control but before the Close of Business on the Business Day immediately preceding the related Fundamental Change Repurchase Date. Such conversion
notice shall indicate that the Holder of Notes has elected to convert Notes in connection with a Non-Stock Change of Control; provided, however, that the failure to so indicate shall not in any way affect the Conversion Obligation or
the right of such Holder to receive Additional Shares in connection with such conversion. 
 (2) The number of Additional Shares
by which the Conversion Rate will be increased shall be determined by reference to the table attached as Schedule A hereto, based on the date on which the Non-Stock Change of Control occurs or becomes effective (the “Effective
Date”), and the Stock Price; provided, that if the Stock Price is between two Stock Price amounts in the table attached as Schedule A hereto or the Effective Date is between two Effective Dates in the table attached as Schedule A
hereto, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Price amounts and the two dates, as applicable, based on a 360-day year;
provided further that if (x) the Stock Price is in excess of $125.00 per share of Common Stock (subject to adjustment in the same manner as set forth in Section 8.03), no Additional Shares will be added to the Conversion Rate, and
(y) the Stock Price is less than $11.68 per share of Common Stock (subject to adjustment in the same manner as set forth in Section 8.03), no Additional Shares will be added to the Conversion Rate. Notwithstanding the foregoing, in no
event will the total number of shares of Common Stock issuable upon conversion exceed 85.6164 per $1,000 principal amount of Notes (subject to adjustment in the same manner as set forth in Section 8.03). 

The number of Additional Shares within the table in Schedule A hereto shall be adjusted in the same manner as and as of any date on which
the Conversion Rate of the Notes is adjusted as set forth in Section 8.03 (other than by operation of an adjustment to the Conversion Rate by adding Additional Shares). The Stock Prices set forth in the first row of the table attached as
Schedule A hereto (i.e., the column headers) shall be simultaneously adjusted as of any date on which the Conversion Rate of the Notes is adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such
adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate in effect immediately prior to the adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted.

 Section 8.02. Settlement Upon Conversion; Conversion Procedures (a) Subject to this Section 8.02,
Section 8.01(f) and Section 8.05, upon conversion of any Note, the Company 

  
 22 

 
may choose to pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted either cash (“Cash Settlement”),
shares of Common Stock, together with cash, if applicable, in lieu of any fractional share of Common Stock in accordance with subsection (i) of this Section 8.02(a) (“Physical Settlement”) or a combination of cash and
shares of Common Stock, together with cash, if applicable, in lieu of any fractional share of Common Stock in accordance with subsection (i) of this Section 8.02(a) (“Combination Settlement”), at its election, as set forth
in this Section 8.02. 
 (i) All conversions occurring on or after September 15, 2014 shall be settled
using the same Settlement Method. Prior to September 15, 2014, the Company shall use the same Settlement Method for all conversions occurring on the same Conversion Date, but the Company shall not have any obligation to use the same Settlement
Method with respect to conversions that occur on different Trading Days. If, in respect of any Conversion Date (or with respect to the period beginning on, and including, September 15, 2014 and ending on, and including, the Business Day
immediately preceding the Maturity Date, as the case may be), the Company elects a Settlement Method, the Company shall deliver a notice (the “Settlement Notice”) of such Settlement Method in respect of such Conversion Date (or such
period, as the case may be), through the Trustee (upon request of the Company) to the Holders so converting, no later than the Close of Business on the Trading Day immediately following the relevant Conversion Date (or, in the case of any
conversions occurring on or after September 15, 2014, no later than September 15, 2014). If the Company does not elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence, the Company shall no longer
have the right to elect Cash Settlement or Physical Settlement, and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes
shall be deemed to be $1,000. Such Settlement Notice shall be prepared by the Company and shall specify the relevant Settlement Method and, in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate the
Specified Dollar Amount. If the Company elects Combination Settlement but does not timely notify converting Holders of the Specified Dollar Amount per $1,000 principal amount of Notes, such Specified Dollar Amount will be deemed to be $1,000.

 (ii) The cash, shares of Common Stock or combination of cash and shares of Common Stock in respect of any
conversion of Notes (the “Settlement Amount”) shall be computed as follows: 
 (A) if the
Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of
Common Stock equal to the Conversion Rate; 
 (B) if the Company elects to satisfy its Conversion Obligation in
respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for each of the
Trading Days during the applicable Observation Period; and 

  
 23 

 (C) if the Company elects (or is deemed to have elected) to satisfy its
Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, to the converting Holder in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount
equal to the sum of the Daily Settlement Amounts for each of the Trading Days during the applicable Observation Period. 
 (iii) The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company promptly following the last day of the applicable Observation Period.
Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of any fractional share, the Company shall notify the Trustee and the Conversion Agent (if
other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of fractional shares of Common Stock. 

(b) Each Note shall be convertible at the office of the Conversion Agent and, if applicable, in accordance with the procedures of the
Depositary. 
 (c) In order to exercise the conversion privilege with respect to any interest in a Global Note, the Holder must
complete the appropriate instruction form for conversion pursuant to the Depositary’s book-entry conversion program, furnish appropriate endorsements and transfer documents if required by the Company or the Conversion Agent, pay the funds, if
any, required by Section 4.01(b) and all taxes or duties, if any, for which the Holder is responsible pursuant to Section 1605 of the Base Indenture, and the Conversion Agent must be informed of the conversion in accordance with the
customary practice of the Depositary. In order to exercise the conversion privilege with respect to any certificated Notes, the Holder of any such Notes to be converted, in whole or in part, shall: 

(i) complete and manually sign the conversion notice provided on the back of the Note and attached hereto as Exhibit B
(the “Conversion Notice”) or a facsimile of the Conversion Notice; 
 (ii) deliver the completed
Conversion Notice, which is irrevocable, and the Note to the Conversion Agent; 
 (iii) if required, furnish
appropriate endorsements and transfer documents; 
 (iv) if required, pay the funds required by
Section 4.01(b); and 
 (v) if required, pay all taxes or duties pursuant to Section 1605 of the Base
Indenture. 

  
 24 

 (d) Each Conversion Notice shall state the name or names (with address or addresses) in
which any certificate or certificates for shares of Common Stock (if any) which shall be issuable upon such conversion shall be issued. All such Notes surrendered for conversion shall, unless the shares of Common Stock (if any) issuable upon
conversion are to be issued in the same name as the registration of such Notes, be duly endorsed by, or be accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the Holder or his duly authorized attorney.

 (e) A Note shall be deemed to have been converted immediately prior to the Close of Business on the date (the
“Conversion Date”) that the Holder has complied with the requirements set forth in subsection (c) above. The Company shall pay or deliver, as the case may be, the consideration due in respect of the Conversion Obligation on the
third Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement, or on the third Business Day immediately following the last Trading Day of the applicable Observation Period in the case of any other
Settlement Method. If any shares of Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a
book-entry transfer through the Depositary for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation. 

(f) In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and
deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service
charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the
name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such conversion. 
 (g) If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue of any shares of Common Stock upon the conversion, unless the
tax is due because the Holder requests any shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Company or its stock transfer agent may refuse to deliver the certificates representing the
shares of Common Stock being issued in a name other than the Holder’s name until the Company or its representative receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence.

 (h) Upon the conversion of an interest in Global Notes, the Trustee (or other Conversion Agent appointed by the Company)
shall make a notation on such Global Notes as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversions of Securities effected through any Conversion Agent other than the
Trustee. 
 (i) Except as set forth in Section 4.01, the Company shall not make any separate cash payment for accrued and
unpaid interest (excluding any Additional Interest), if 

  
 25 

 
any, upon conversion of Notes. The Company’s settlement of the Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Notes so converted
and accrued and unpaid interest (excluding any Additional Interest), if any, attributable to the period from, and including, the most recent Interest Payment Date to, but excluding, the Conversion Date. As a result, accrued and unpaid interest
(excluding any Additional Interest), if any, to, but excluding, the Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. 
 (j) The Company shall not issue any fractional share of Common Stock upon conversion of Notes and shall instead pay cash in lieu of any fractional share of Common Stock issuable upon conversion based on
the Daily VWAP on the relevant Conversion Date (in the case of Physical Settlement) or based on the Daily VWAP on the last Trading Day of the applicable Observation Period (in the case of Combination Settlement). For each Note surrendered for
conversion, if the Company has elected (or is deemed to have elected) Combination Settlement, the full number of shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the
applicable Observation Period and any fractional shares remaining after such computation shall be paid in cash. If multiple Notes shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such
Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted hereby) so surrendered. 
 (k) Each conversion shall be deemed to have been effected as to any Note surrendered for conversion on the Conversion Date; provided, however, that the Person in whose name any shares of
Common Stock shall be issuable upon such conversion shall become the holder of record of such shares as of the Close of Business on the Conversion Date (in the case of Physical Settlement) or the last Trading Day of the applicable Observation Period
(in the case of Combination Settlement). Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion. 
 (l) Notwithstanding the foregoing, a Note in respect of which a Holder has delivered a Fundamental Change Repurchase Notice exercising such Holder’s option to require the Company to purchase such
Note may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with Article IX hereof prior to the Close of Business on the Business Day immediately preceding the Fundamental Change Purchase Date. 

Section 8.03. Adjustment of Conversion Rate The Conversion Rate shall be adjusted from time to time by the Company as
follows: 
 (a) If the Company issues shares of Common Stock as a dividend or distribution on shares of Common
Stock, or effects a share split or share combination, then the Conversion Rate shall be adjusted based on the following formula: 

 

 

  
 26 

 where 

 

					
	 CR’
	 	=	  	the Conversion Rate in effect immediately prior to the Opening of Business on the record date for such dividend or distribution or the effective date of such share split or
combination, as the case may be;
			
	
CR0
	 	=	  	the Conversion Rate in effect at 5:00 p.m., New York City time, on the Trading Day immediately preceding the record date for such dividend or distribution or the effective date
of such share split or combination, as the case may be;
			
	
OS0
	 		  	the number of shares of Common Stock outstanding at 5:00 p.m., New York City time, on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or
distribution or the effective date of such share split or combination; and
			
	 OS’
	 	=	  	the number of shares of Common Stock that would be outstanding immediately after giving effect to such dividend, distribution, share split or combination, as the case may
be.

 Such adjustment shall become effective immediately prior to the Opening of Business on the record date for such dividend or
distribution or the effective date of such share split or combination, as the case may be. If any dividend or distribution of the type described in this Section 8.03(a) is declared but not so paid or made, or the outstanding shares of Common
Stock are not subdivided or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or subdivide or combine the
outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend, distribution, subdivision or combination had not been declared. 

(b) In case the Company shall issue to all or substantially all holders of its Common Stock any rights or warrants (other than rights
issued pursuant to a shareholders’ rights plan) entitling them for a period of not more than 45 days from the issuance date for such distribution to subscribe for or purchase shares of Common Stock, at a price per share less than the Last
Reported Sale Price of the Common Stock on the Trading Day immediately preceding the declaration date of such distribution, then the Conversion Rate shall be adjusted based on the following formula: 

 

 

 where 
  

					
	CR’	 	=	  	the Conversion Rate in effect immediately prior to the Opening of Business on the record date for such
distribution;

  
 27 

					
	CR0	 	=	  	the Conversion Rate in effect at 5:00 p.m., New York City time, on the Trading Day immediately preceding the record date for such distribution;
			
	OS0	 	=	  	the number of shares of Common Stock outstanding at 5:00 p.m., New York City time, on the Trading Day immediately preceding the Ex-Dividend Date for such
distribution;
			
	X	 	=	  	the total number of shares of Common Stock issuable pursuant to such rights or warrants; and
			
	Y	 	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights or warrants, divided by the average of the Last Reported Sale Prices of Common
Stock over the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the record date for such distribution.

 Such adjustment shall be successively made whenever any such rights or warrants are issued and shall become effective immediately prior to the Opening of Business on the record date for such distribution.
If such rights or warrants are not so exercised prior to their expiration, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such record date for such distribution had not been fixed. 

In determining whether any rights or warrants entitle the holder thereof to subscribe for or purchase shares of Common Stock at a price
per share less than the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the declaration date of such distribution, and in determining the aggregate offering price of such Common Stock, there shall be taken into
account any consideration received by the Company for such rights or warrants and any amount payable on exercise or conversion thereof, where the value of such consideration, if other than cash, shall be determined by the Board of Directors.

 (c) In case the Company shall distribute shares of Capital Stock, evidences of indebtedness or other assets or property to
all or substantially all holders of its Common Stock (excluding dividends and distributions covered by Section 8.03(a), Section 8.03(b), Section 8.03(d), and distributions described below in this Section 8.03(c) with respect
to Spin-Offs (as defined below)) (any of such shares of Capital Stock, evidences of indebtedness or other asset or property hereinafter in this Section 8.03(c) called the “Distributed Property”), then, in each such case the
Conversion Rate shall be adjusted based on the following formula: 

 

 

 where 
  

					
	CR’	 	=	  	the Conversion Rate in effect immediately prior to the Opening of Business on the record date for such
distribution;

  
 28 

  

					
	CR0	 	=	  	the Conversion Rate in effect at 5:00 p.m., New York City time, on the Trading Day immediately preceding the record date for such distribution;
			
	SP0	 	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the record date for such
distribution; and
			
	FMV	 	=	  	the fair market value (as determined by the Board of Directors or a committee thereof) of the Distributed Property distributed with respect to each outstanding share of Common Stock
as of the Opening of Business on the record date for such distribution.

 Such adjustment shall become
effective immediately prior to the Opening of Business on the record date for shareholders entitled to receive such distribution; provided that (1) if the then fair market value (as so determined) of the portion of the Distributed Property so
distributed applicable to one share of Common Stock is equal to or greater than SP0 as set forth above or (2) if SP0 exceeds the fair market value of the Distributed Property by less than $1.00, in lieu of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall have the right to
receive, for each $1,000 principal amount of Notes upon conversion, the amount of Distributed Property such Holder would have received had such Holder converted such Notes immediately prior to the record date for determining the shareholders of the
Company entitled to receive the Distributed Property. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had
not been declared. If the Board of Directors determines the fair market value of any distribution for purposes of this Section 8.03(c) by reference to the actual or when issued trading market for any securities, it must in doing so consider the
prices in such market over the same period used in determining SP0 above. 
 With respect to an adjustment pursuant to this Section 8.03(c)
where there has been a payment of a dividend or other distribution on the Common Stock in shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company that are
listed on a national or regional securities exchange (a “Spin-Off”), then the Conversion Rate will be increased based on the following formula: 

 

 

 where 
  

					
	CR’	 	=	  	the Conversion Rate in effect immediately prior to the Opening of Business on the record date for the Spin-Off;
			
	CR0	 	=	  	the Conversion Rate in effect at 5:00 p.m., New York City time, on the Trading Day immediately preceding the record date for the
Spin-Off;

  
 29 

					
	FMV	 	=	  	the average of the Last Reported Sale Prices of the Capital Stock or other similar equity interest distributed to holders of Common Stock applicable to one share of Common Stock
over the first ten consecutive Trading Day period immediately following, and including, the third Trading Day after the record date for such Spin-Off (such period, the “Valuation Period”); and
			
	MP0	 	=	  	the average of the Last Reported Sale Prices of Common Stock over the Valuation Period.

 Such adjustment shall occur immediately after the Opening of Business on the day after the last day of the Valuation Period but will be given effect as of the Opening of Business on the record date for
the Spin-Off; provided that in respect of any conversion within the ten Trading Days following any Spin-Off, references within this Section 8.03(c) to ten Trading Days shall be deemed replaced with such lesser number of Trading Days as
have elapsed between such Spin-Off and the Conversion Date in determining the applicable Conversion Rate. Because the Company will make the adjustment to the Conversion Rate at the end of the Valuation Period with retroactive effect, the Company
will delay the settlement of any Notes where the final day of the applicable observation period occurs during the Valuation Period. In such event, the Company will deliver shares of Common Stock (based on the adjusted Conversion Rate) on the third
Business Day following the last day of the Valuation Period. 
 Rights or warrants distributed by the Company to all holders of
Common Stock, entitling the holders thereof to subscribe for or purchase Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger
Event”): (i) are deemed to be transferred with such Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Common Stock, shall be deemed not to have been distributed for purposes
of this Section 8.03(c) (and no adjustment to the Conversion Rate under this Section 8.03(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed
and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 8.03(c). If any such right or warrant, including any such existing rights or warrants distributed prior to the date of this Supplemental
Indenture, are subject to events, upon the occurrence of which such rights or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall
be deemed to be the date of distribution and record date with respect to new rights or warrants with such rights (and a termination or expiration of the existing rights or warrants without exercise by any of the holders thereof). In addition, in the
event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount
for which an adjustment to the Conversion Rate under this Section 8.03 was made, (1) in the case of any such rights or warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Rate
shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder
or holders of Common Stock with respect to such rights or warrants (assuming such holder had retained such rights or 

  
 30 

 
warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights or warrants that shall have expired or been terminated
without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights and warrants had not been issued. 
 For purposes of this Section 8.03(c) and Section 8.03(a) and Section 8.03(b), any dividend or distribution to which this Section 8.03(c) is applicable that also includes a dividend or
distribution of Common Stock to which Section 8.03(a) applies or a dividend or distribution of rights or warrants to subscribe for or purchase Common Stock to which Section 8.03(a) or Section 8.03(b) applies (or both), shall be deemed
instead to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of Capital Stock other than such Common Stock or rights or warrants to which this Section 8.03(c) applies, and any Conversion Rate adjustment
required by this Section 8.03(c) with respect to such dividend or distribution shall then be made, immediately followed by (2) a dividend or distribution of such Common Stock or such rights or warrants (and any further Conversion Rate
adjustment required by Section 8.03(a) and Section 8.03(b) with respect to such dividend or distribution shall then be made), except (A) the record date of such dividend or distribution shall be substituted as “the record
date” and “the date fixed for such determination” within the meaning of Section 8.03(a) and Section 8.03(b) and (B) any Common Stock included in such dividend or distribution shall not be deemed outstanding “at
5:00 p.m., New York City time, on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution or the effective date of such share split or combination” within the meaning of Section 8.03(a) or “at 5:00
p.m., New York City time, on the Trading Day immediately preceding the Ex-Dividend Date for such distribution” within the meaning of Section 8.03(b). 
 (d) In case the Company shall pay any cash dividends or distributions paid exclusively in cash to all or substantially all holders of Common Stock (other than dividends or distributions to which
Section 8.05 applies), then the Conversion Rate will be increased based on the following formula: 

 

 

 where 
  

					
	CR’	 	=	  	the Conversion Rate in effect immediately prior to the Opening of Business on the record date for such dividend or distribution;
			
	CR0	 	=	  	the Conversion Rate in effect at 5:00 p.m., New York City time, on the Trading Day immediately preceding the record date for such distribution;
			
	SP0	 	=	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the record date for such
distribution;

  
 31 

					
	C	 	=	  	the amount in cash per share that the Company distributes to holders of Common Stock.

Such adjustment shall become effective immediately prior to the Opening of Business on the record date for such dividend or distribution. 

For the avoidance of doubt, for purposes of this Section 8.03(d), in the event of any reclassification of the Common Stock, as a
result of which the Notes become convertible into more than one class of Common Stock, if an adjustment to the Conversion Rate is required pursuant to this Section 8.03(d), references in this Section to one share of Common Stock or Last
Reported Sale Price of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit consisting of the number of shares of each class of Common Stock into which the Notes are then convertible equal to the number of shares of
such class issued in respect of one share of Common Stock in such reclassification. The above provisions of this paragraph shall similarly apply to successive reclassifications. 

(e) In case the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for Common Stock, to
the extent that the cash and value of any other consideration included in the payment per share of Common Stock exceeds the Last Reported Sale Price of the Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges
may be made pursuant to such tender or exchange offer, then the Conversion Rate shall be increased based on the following formula: 

 

 

 where 
  

					
	CR’	 	=	  	the Conversion Rate in effect immediately prior to the Opening of Business on the Trading Day next succeeding the date such tender offer or exchange offer expires;
			
	CR0	 	=	  	the Conversion Rate in effect at 5:00 p.m., New York City time on the day such tender offer or exchange offer expires;
			
	AC	 	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors or a committee thereof) paid or payable for shares purchased in such tender or
exchange offer;
			
	SP’	 	=	  	the average of the Last Reported Sale Prices of Common Stock over the ten consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such
tender or exchange offer expires (the “Averaging Period”);
			
	OS’	 	=	  	the number of shares of Common Stock outstanding immediately after the Close of Business on the date such tender or exchange offer expires (after giving effect to such tender offer
or exchange offer); and

  
 32 

					
	OS0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to such tender offer or exchange
offer).

 Such adjustment shall become effective immediately prior to the Opening of
Business on the day following the last day of the Averaging Period, but will be given effect as of the Opening of Business on the Trading Day next succeeding the date such tender offer or exchange offer expires. Because the Company will make the
adjustment to the Conversion Rate at the end of the Averaging Period with retroactive effect, the Company will delay the settlement of any Notes where the final day of the applicable observation period occurs during the Averaging Period. In such
event, the Company will deliver shares of Common Stock, if any, (based on the adjusted Conversion Rate) on the third Business Day immediately following the last day of the Averaging Period. 

(f) For purposes of this Section 8.03 the term “record date” shall mean, with respect to any dividend, distribution
or other transaction or event in which the holders of shares of Common Stock have the right to receive any cash, securities or other property or in which the shares of Common Stock (or other applicable security) is exchanged for or converted into
any combination of cash, securities or other property, the date fixed for determination of shareholders of the Company entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute,
contract or otherwise). 
 (g) All calculations and other determinations under this Article VIII shall be made by the
Company in accordance with Section 10.14 hereof and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of a share, as the case may be. No adjustment shall be made for the Company’s issuance of Common
Stock or any securities convertible into or exchangeable for Common Stock, or the right to purchase Common Stock or such convertible or exchangeable securities, other than as provided in this Section 8.03. No adjustment shall be made to the
Conversion Rate unless such adjustment would require a change of at least 1% in the Conversion Rate then in effect at such time. The Company shall carry forward any adjustments that are less than 1% of the Conversion Rate, take such carried-forward
adjustments into account in any subsequent adjustment, and make such carried forward adjustments, regardless of whether the aggregate adjustment is less than 1%, (i) annually on the anniversary of the first date of issue of the Notes and
otherwise (ii)(1) five Business Days prior to the first day of the conversion period related to the Maturity of the Notes (whether at Stated Maturity or otherwise) or (2) prior to any Fundamental Change Repurchase Date, unless such adjustment
has already been made. 
 (h) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with
the Trustee and any Conversion Agent other than the Trustee an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. The Trustee and Conversion
Agent may conclusively rely on the accuracy of the Conversion Rate adjustment provided by the Company. Unless and until a Responsible Officer of the Trustee shall have received such Officers’

  
 33 

 
Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is
still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall
issue a press release containing the relevant information and make the information available on the Company’s website or through another public medium as the Company may use at such time. 

(i) For purposes of this Section 8.03, the number of shares of Common Stock at any time outstanding shall not include shares held in
the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 
 Section 8.04. Shares to be Fully Paid Subject to Section 8.02(j), the Company shall provide, free from preemptive rights, sufficient Common Stock to provide for conversion of the Notes
from time to time as such Notes are presented for conversion. 
 Section 8.05. Effect of Reclassification,
Consolidation, Merger or Sale 
 (a) If the Company: 

(i) reclassifies or changes its Common Stock (other than changes resulting from a subdivision or combination); or

 (ii) consolidates or merges with or into any person or sells, leases, transfers, conveys or otherwise disposes
of all or substantially all of its assets and those of its Subsidiaries taken as a whole to another Person; 
 and in either case holders of
Common Stock receive stock, other securities or other property or assets (including cash or any combination thereof) with respect to or in exchange for their Common Stock (any such event, a “Merger Event”), then from and after the
effective date of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution
of such supplemental indenture) providing that at and after the effective time of such Merger Event, each Outstanding Note will, without the consent of Holders of the Notes, become convertible in accordance with the Indenture into the consideration
the holders of Common Stock received in such reclassification, change, consolidation, merger, sale, lease, transfer, conveyance or other disposition (such consideration, the “Reference Property”). If the transaction causes the
Common Stock to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of shareholder election), the Reference Property into which the Notes will become convertible will be deemed to
be the kind and amount of consideration elected to be received by a majority of Common Stock which voted for such election (if electing between two types of consideration) or a plurality of Common Stock which voted for such an election (if electing
between more than two types of consideration), as the case may be. The Company shall not become a party to any such Merger Event unless its terms are consistent with this Section 8.05 in all material respects. 

  
 34 

 (b) The Company shall cause notice of the execution of such supplemental indenture to be
mailed to each Holder, at the address of such Holder as it appears on the register of the Notes maintained by the Security Registrar, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
such supplemental indenture. The above provisions of this Section 8.05 shall similarly apply to successive reclassifications, changes, consolidations, mergers, combinations, sales and conveyances. If this Section 8.05 applies to any Merger
Event, Section 8.03 shall not apply. 
 Section 8.06. Intentionally Omitted 

Section 8.07. Intentionally Omitted 
 Section 8.08. Notice to Holders Prior to Certain Actions 
 In case:

 (a) the Company shall declare a dividend (or any other distribution) on its Common Stock that would require an adjustment in
the Conversion Rate pursuant to Section 8.03; or 
 (b) the Company shall authorize the granting to all of the holders of
its Common Stock of rights or warrants to subscribe for or purchase any share of any class or any other rights or warrants; 

(c) of any reclassification of Common Stock (other than a subdivision or combination of the outstanding Common Stock, or a change in par
value, or from par value to no par value, or from no par value to par value), or of any consolidation or merger to which the Company is a party and for which approval of any shareholders of the Company is required, or of the sale or transfer of all
or substantially all of the assets of the Company; or 
 (d) of the voluntary or involuntary dissolution, liquidation or
winding-up of the Company, 
 the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at his address appearing
on the Security Register as promptly as possible but in any event at least thirty (30) days prior to the applicable date specified in clause (x) or (y) below, as the case may be, a notice stating (x) the date on which a
record is to be taken for the purpose of such dividend, distribution or rights or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution or rights are to
be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of
Common Stock of record shall be entitled to convert their Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. 

  
 35 

 Section 8.09. Shareholder Rights Plans To the extent that any future
shareholders’ rights plan adopted by the Company is in effect upon conversion of the Notes into Common Stock, Holders shall receive, in addition to any Common Stock issuable upon such conversion, the rights under the applicable rights agreement
unless the rights have separated from the Common Stock at the time of conversion of the Notes, in which case, the Conversion Rate will be adjusted as if the Company distributed to all holders of its Common Stock shares of its Capital Stock,
evidences of indebtedness or assets as described in Section 8.03(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. If, and only if, the Holders receive rights under such shareholders’
rights plan as described in the preceding sentence upon conversion of their Notes, then no other adjustment pursuant to this Article VIII shall be made in connection with such shareholders’ rights plan. 

ARTICLE IX 

REPURCHASE OF NOTES AT OPTION OF HOLDERS 
 Section 9.01. Repurchase of Securities at Option of the Holder on Specified Dates The provisions of Article Thirteen of the Base Indenture shall not be applicable to the Notes.

 Section 9.02. Repurchase at Option of Holders Upon a Fundamental Change 

(a) If a Fundamental Change occurs at any time prior to the Maturity Date, then each Noteholder shall have the right, at such
Holder’s option, to require the Company to repurchase all of such Holder’s Notes or any portion thereof that is a multiple of $1,000 principal amount, for cash on or after the Close of Business on the date (the “Fundamental Change
Repurchase Date”) specified by the Company that is not less than twenty (20) calendar days and not more than thirty-five (35) calendar days after the date of the Fundamental Change Company Notice (as defined below) at a repurchase
price equal to 100% of the principal amount thereof, together with accrued and unpaid interest thereon (including Additional Interest, if any) to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase
Price”); provided, however, if the Fundamental Change Repurchase Date is after a Record Date and on or prior to the corresponding Interest Payment Date, the accrued and unpaid interest (including Additional Interest, if any) will be paid on
the Fundamental Change Repurchase Date to the Holder of record on the Record Date. 
 Repurchases of Notes under this
Section 9.02 shall be made, at the option of the Holder thereof, upon: 
 (i) delivery to the Trustee (or
other Paying Agent appointed by the Company) by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form set forth on the reverse of the Note at any time prior 5:00 p.m., New York City Time,
on the Fundamental Change Repurchase Date; and 
 (ii) delivery or book-entry transfer of the Notes to the
Trustee (or other Paying Agent appointed by the Company) at any time after delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements) at the Corporate 

  
 36 

 
Trust Office of the Trustee (or other Paying Agent appointed by the Company) in the Borough of Manhattan, such delivery being a condition to receipt by the Holder of the Fundamental Change
Repurchase Price therefor; provided that such Fundamental Change Repurchase Price shall be so paid pursuant to this Section 9.02 only if the Note so delivered to the Trustee (or other Paying Agent appointed by the Company) shall conform
in all respects to the description thereof in the related Fundamental Change Repurchase Notice. 
 The Fundamental Change
Repurchase Notice shall state: 
 (A) if certificated, the certificate numbers of Notes to be delivered for
repurchase; 
 (B) the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an
integral multiple thereof; 
 (C) that the Notes are to be repurchased by the Company pursuant to the applicable
provisions of the Notes and the Indenture; and 
 (D) if such Fundamental Change Repurchase Notice is delivered
prior to the occurrence of a Fundamental Change pursuant to a definitive agreement giving rise to a Fundamental Change, that the Holder acknowledges that the Company’s offer is conditioned on the occurrence of such Fundamental Change.

 provided, however, that if the Notes are not in certificated form, the Fundamental Change Repurchase Notice must comply with
appropriate procedures of the Depositary. 
 Any repurchase by the Company contemplated pursuant to the provisions of this
Section 9.02 shall be consummated by the delivery of the consideration to be received by the Holder promptly following the later of the Fundamental Change Repurchase Date and the time of the book-entry transfer or delivery of the Note.

 The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company of the receipt by it of any
Fundamental Change Repurchase Notice or written notice of withdrawal thereof in accordance with the provisions of Section 9.02(c). 
 Any Note that is to be repurchased only in part shall be surrendered to the Trustee (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of such Note
without service charge, a new Note or Notes, containing identical terms and conditions, each in an authorized denomination in aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal of the Note so
surrendered. 
 (b) At any time following the Company entering into a definitive agreement that, if consummated, would give rise
to a Fundamental Change, but in any event not later than 

  
 37 

 
the fifth (5th) calendar day after the occurrence of a Fundamental Change, the Company shall provide to all Holders of record of the Notes as of the date of the Fundamental Change Company Notice at their addresses
shown in the Security Register (and to beneficial owners to the extent required by applicable law) and the Trustee and Paying Agent a written notice (the “Fundamental Change Company Notice”) of the occurrence of such Fundamental
Change and of the repurchase right at the option of the Holders arising as a result thereof. Such mailing shall be by first class mail. Simultaneously with providing such Fundamental Change Company Notice, the Company shall publish a notice
containing the information included therein once in a newspaper of general circulation in The City of New York or publish such information on the Company’s website or through such other public medium as the Company may use at such time.

 Each Fundamental Change Company Notice shall specify: 

(i) the events causing the Fundamental Change; 

(ii) the date of the Fundamental Change; 

(iii) if such Fundamental Change Company Notice is delivered prior to the occurrence of a Fundamental Change pursuant to a
definitive agreement giving rise to a Fundamental Change, that the offer is conditioned on the occurrence of such Fundamental Change; 
 (iv) that the Holder must exercise the repurchase right prior to the Close of Business on the Fundamental Change Repurchase Date; 

(v) the Fundamental Change Repurchase Price; 

(vi) the Fundamental Change Repurchase Date; 

(vii) the name and address of the Paying Agent and the Conversion Agent; 

(viii) the applicable Conversion Rate and any adjustments to the applicable Conversion Rate; 

(ix) that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be
converted only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of the Indenture; and 
 (x) the procedures that Holders must follow to require the Company to repurchase their Notes. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes
pursuant to this Section 9.02. 

  
 38 

 (c) A Fundamental Change Repurchase Notice may be withdrawn by delivering a written notice
of withdrawal to the Paying Agent in accordance with the Fundamental Change Company Notice at any time prior to the 5:00 p.m., New York City time, on the Fundamental Change Repurchase Date, specifying: 

(i) the principal amount of the Notes with respect to which such notice of withdrawal is being submitted; 

(ii) the principal amount, if any, of such Notes that remains subject to the original Fundamental Change Repurchase
Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; and 
 (iii) if
certificated Notes have been issued, the certificate numbers of the withdrawn Notes; and 
 provided, however, that if the Notes
are not in certificated form, the notice must comply with appropriate procedures of the Depositary. The Paying Agent will promptly return to the respective Holders thereof any certificated Notes with respect to which a Fundamental Change Repurchase
Notice has been withdrawn in compliance with the provisions of this Section 9.02(c). If the Notes are not in certificated form, such return must comply with the appropriate procedures of the Depositary. If a Fundamental Change Repurchase Notice
is given and then subsequently withdrawn in accordance with this Section 9.02(c), then the Company shall not be obligated to repurchase any Notes listed in such Fundamental Change Repurchase Notice. 

(d) On or prior to 11:00 a.m. (local time in The City of New York) on the Business Day following the Fundamental Change Repurchase
Date, the Company will deposit with the Trustee (or other Paying Agent appointed by the Company) or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust in accordance with the Indenture an amount of money or
securities sufficient to repurchase as of the Fundamental Change Repurchase Date all of the Notes to be repurchased as of such date at the Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying
Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn) prior to the Close of Business on the Fundamental Change Repurchase Date will be made promptly after the later of (x) the Fundamental Change
Repurchase Date with respect to such Note (provided the Holder has satisfied the conditions to the payment of the Fundamental Change Repurchase Price in this Section 9.02), and (y) the time of book-entry transfer or the delivery of
such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by this Section 9.02 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall
appear in the Security Register (in the case of certificated Notes) by wire transfer of immediately available funds to the account of the Depositary or its nominee (if the Notes are not in certificated form). The Trustee shall, promptly after such
payment return to the Company any funds in excess of the Fundamental Change Repurchase Price. 
 (e) If the Trustee (or other
Paying Agent appointed by the Company) holds money or securities sufficient to repurchase as of the Fundamental Change Repurchase Date all the Notes or portions thereof that are to be purchased as of the Business Day following the

  
 39 

 
Fundamental Change Repurchase Date, then on and after the Fundamental Change Repurchase Date (i) such Notes will cease to be Outstanding, (ii) interest (including Additional Interest,
if any) will cease to accrue on such Notes, whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent, as the case may be, and (iii) all other rights of the Holders of such
Notes will terminate other than the right to receive the Fundamental Change Repurchase Price upon delivery or transfer of such Notes. 
 Section 9.03. No Payment Following Acceleration of the Notes. 
 There
shall be no purchase of any Notes pursuant to this Article IX if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded on or prior to the Fundamental Change Purchase Date. The Trustee (or other Paying
Agent appointed by the Company) will promptly return to the respective Holders thereof any certificated Notes held by it following acceleration of the Notes and shall deem canceled any instructions for book-entry transfer of the Notes in compliance
with the procedures of the Depositary, in which case, upon such return and cancellation, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

Section 9.04. Compliance with Tender Offer Rules. 
 In connection with any offer to purchase Notes under Section 9.02 hereof, the Company shall, in each case if required, (a) comply with Rule 13e-4, Rule 14e-1 and any other tender offer rules
under the Exchange Act that may then be applicable, (b) file a Schedule TO or any other required schedule under the Exchange Act and (c) otherwise comply with all federal and state securities laws so as to permit the rights and obligations
under Section 9.02 to be exercised in the time and in the manner specified in Section 9.02. 
 ARTICLE X

 MISCELLANEOUS PROVISIONS 
 Section 10.01. Ratification of Base Indenture Except as expressly modified or amended hereby, the Base Indenture continues in full force and effect and is in all respects confirmed, ratified
and preserved and the provisions thereof shall be applicable to the Notes and this Supplemental Indenture. 

Section 10.02. Provisions Binding on Company’s Successors All the covenants, stipulations, promises and agreements of
the Company contained in this Supplemental Indenture shall bind its successors and assigns whether so expressed or not. 

Section 10.03. Official Acts by Successor Corporation Any act or proceeding by any provision of this Supplemental Indenture
authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or entity that shall at the
time be the lawful sole successor of the Company. 
 Section 10.04. Addresses for Notices, Etc Any notice or
demand which by any provision of this Supplemental Indenture is required or permitted to be given or served by the 

  
 40 

 
Trustee or by the Noteholders on the Company or the Guarantors shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by
registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to the Company, 800 S. Douglas Road, 12th Floor, Coral Gables, Florida, Attention: Albert de Cardenas Esq. Any notice, direction, request or demand
hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to U.S. Bank
National Association, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, Minnesota, 55107, Attention: Corporate Trust Services/MasTec. 

The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication mailed to a Noteholder shall be mailed to him by first class mail, postage prepaid, at his
address as it appears on the Security Register and shall be sufficiently given to him if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other
Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 Section 10.05. Governing Law THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES OF SUCH STATE OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401. THIS SUPPLEMENTAL INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TIA THAT ARE REQUIRED TO BE A PART OF THIS SUPPLEMENTAL INDENTURE AND SHALL, TO THE EXTENT
APPLICABLE, BE GOVERNED BY SUCH PROVISIONS. 
 Section 10.06. Non-Business Day Section 113 of the Base
Indenture shall also apply to any Fundamental Change Purchase Date or Conversion Date in respect of the Notes. 

Section 10.07. Benefits of Indenture Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall give
to any person, other than the parties hereto, any Paying Agent, any authenticating agent, any Security Registrar and their successors hereunder, the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Supplemental
Indenture. 
 Section 10.08. Table of Contents, Headings, Etc. The table of contents and the titles and headings of
the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.09. Counterparts This Supplemental Indenture may be executed and delivered in any number of counterparts, each of
which when so executed and delivered shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

  
 41 

 Section 10.10. Trustee The Trustee makes no representations as to the validity
or sufficiency of this Supplemental Indenture. The statements and recitals herein are deemed to be those of the Company and not of the Trustee. 
 Section 10.11. Further Instruments and Acts Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary
or proper to carry out more effectively the purposes of this Supplemental Indenture. 
 Section 10.12. Waiver of Jury
Trial EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 10.13. Force Majeure In no event shall the Trustee or
Conversion Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or other acts of God, and interruptions, loss or malfunction of utilities, communications or computer (software or hardware) services; it
being understood that the Trustee and the Conversion Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 10.14. Calculations 
 Except as otherwise provided in this Supplemental Indenture, the Company shall be responsible for making all calculations called for under the Notes. These calculations include, but are not limited to,
determinations of the Last Reported Sale Price of Common Stock, accrued interest payable on the Notes and the Conversion Rate and Conversion Price. The Company or its agents shall make all these calculations in good faith and, absent manifest error,
such calculations will be final and binding on Holders of the Notes. The Company shall provide a schedule of these calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely upon
the accuracy of the Company’s calculations without independent verification. The Trustee will forward these calculations to any Holder of the Notes upon the request of that Holder. 

ARTICLE XI 

GUARANTEES 
 Section 11.01. Guarantee (a) Subject to this Article XI, each of the Guarantors hereby, jointly and severally, unconditionally guarantees on an unsecured, unsubordinated basis, to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Supplemental Indenture or the Base Indenture, the Notes or the obligations of the
Company hereunder or thereunder, that: 
 (i) the principal of, premium and Additional Interest, if any, and
interest on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration or otherwise, and interest on the overdue principal and interest on the Notes, if any, if lawful, and all other obligations of the Company to the
Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

  
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 (ii) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for any whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of this Supplemental Indenture or the Base Indenture, the
Notes, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of bankruptcy or insolvency of
the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and
the Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the
Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall
be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it shall not be entitled to any right of subrogation
in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations under the Notes guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders
and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five of the Base Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article Five of the Base Indenture, such obligations
(whether or not due and payable) 

  
 43 

 
will forthwith become due and payable by the Guarantors for purposes of this Guarantee. The Guarantors will have the right to seek contribution from any other Guarantor, or the Company, as the
case may be, so long as the exercise of such right does not impair the rights of the Holders under the Guarantee. 

Section 11.02. Limitation on Guarantor Liability Each Guarantor, and by its acceptance of the Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer, fraudulent conveyance or fraudulent obligation for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act,
the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of
such Guarantor shall be limited to the maximum amount that shall, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any
collections from, rights to receive contributions from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article XI that are relevant under such laws, result in the
obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer, fraudulent conveyance or fraudulent obligation. 
 Section 11.03. Execution and Delivery of Guarantees (a) To evidence its Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that this Supplemental Indenture shall be
executed on behalf of such Guarantor by one of its authorized officers. 
 (b) Each Guarantor hereby agrees that its Guarantee
set forth in Section 11.01 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee. 
 (c) If an officer whose signature is on this Supplemental Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless. 

(d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute delivery of the Guarantee set
forth in the Indenture on behalf of the Guarantors. 
 (e) If required by Section 4.04 hereof, the Company shall cause any
Subsidiary that is not a Guarantor to comply with the provisions of Section 4.04 hereof and this Article XI, to the extent applicable. 
 Section 11.04. Contribution Each Guarantor that makes a payment or distribution under its Guarantee shall be entitled to contribution from any other Guarantor or the Company, as the case may
be. 

  
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 Section 11.05. Releases The Guarantee issued by any Guarantor shall be
automatically and unconditionally released and discharged upon: 
 (a) any sale, exchange or transfer to any Person (other than
an Affiliate of the Company) of (i) the Capital Stock of such Guarantor so that such Guarantor is no longer a Subsidiary of the Company or (ii) all or substantially all the assets of such Guarantor; 

(b) the release or discharge of the guarantee which resulted in the creation of such Guarantee, except a discharge or release by or as a
result of payment under such guarantee; or 
 (c) the release or discharge of any and all guarantees of all other unsecured
indebtedness of the Company provided by such Guarantor to the holders of other unsecured indebtedness (including any deemed release upon payment in full of all obligations under such other unsecured indebtedness); provided, however, to
the extent that any Wholly Owned Domestic Subsidiary of the Company provides a guarantee of any unsecured indebtedness of the Company in the future, such Wholly Owned Domestic Subsidiary shall be required to guarantee the Notes in accordance with
Section 4.04 hereof. 
 Provided, in each case, that such release or discharge shall not become effective until the receipt by the
Trustee of an Officers’ Certificate stating that all conditions precedent to the release and discharge of the Guarantee have been complied with. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture
to be duly executed by their respective officers hereunto duly authorized, all as of the day and year first above written. 
  

					
	COMPANY:
		
	By:	 	             /s/ C. Robert
Campbell

		 	Name:	 	C. Robert Campbell
		 	Title:	 	Executive Vice President and Chief
		 		 	Financial Officer
	
	 GUARANTORS:
  

Church & Tower, Inc.
 MasTec
Brazil I, Inc.
 MasTec Brazil II, Inc.
 MasTec Contracting Company, Inc.
 MasTec Latin America, Inc.

MasTec North America, Inc.
 MasTec
Services Company, Inc.
 MasTec Spain, Inc.
 MasTec Venezuela, Inc.
 Nsoro MasTec International, Inc.

		
	By:	 	             /s/ C. Robert
Campbell

		 	Name:	 	C. Robert Campbell
		 	Title:	 	Executive Vice President and Chief
		 		 	Financial Officer

  
 Signature
Page to Fourth Supplemental Indenture 

  

					
	 Direct Star TV, LLC

GlobeTec Construction, LLC.

MasTec Residential Services, LLC

MasTec Property Holdings, LLC

MasTec Wireless Services, LLC (f/k/a MasTec

        North America AC, LLC)

MasTec Property Holdings, LLC

Nsoro MasTec, LLC

Power Partners MasTec, LLC

 
 By their sole member or manager, as applicable:

MasTec North America, Inc.,

		
	By:	 	             /s/ C. Robert
Campbell

		 	 Name:
	 	C. Robert Campbell
		 	 Title:
	 	Executive Vice President and Chief
		 		 	Financial Officer
	
	 Precision Acquisition LLC
  

By its sole member:
 MasTec,
Inc.

		
	By:	 	             /s/ C. Robert
Campbell

		 	 Name:
	 	C. Robert Campbell
		 	 Title:
	 	Executive Vice President and Chief
		 		 	Financial Officer
	
	 Precision Pipeline LLC
 Precision Transport Company, LLC

		
	By:	 	             /s/ Michael D.
Murphy

		 	 Name:
	 	Michael D. Murphy
		 	 Title:
	 	President
	
	Pumpco, Inc.
		
	By:	 	             /s/ C. Robert
Campbell

		 	 Name:
	 	C. Robert Campbell
		 	 Title:
	 	Vice President

  
 Signature
Page to Fourth Supplemental Indenture 

  

					
	Three Phase Acquisition Corp.
		
	By:	 	             /s/ C. Robert
Campbell

		 	Name:	 	C. Robert Campbell
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	Three Phase Line Construction, Inc.
		
	By:	 	             /s/ Stanley
Tedder

		 	Name:	 	Stanley Tedder
		 	Title:	 	Chief Executive Officer
	
	Wanzek Construction, Inc.
		
	By:	 	             /s/ C. Robert
Campbell

		 	Name:	 	C. Robert Campbell
		 	Title:	 	Vice President

  
 Signature
Page to Fourth Supplemental Indenture 

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Laurie A. Howard

		 	Name: Laurie A. Howard
		 	Title: Vice President

  
 Signature
Page to Fourth Supplemental Indenture 

 SCHEDULE A 

 

																																																									
	 Stock Price
	 
	 Effective Date
	  	$11.68	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$17.50	 	  	$20.00	 	  	$25.00	 	  	$30.00	 	  	$40.00	 	  	$50.00	 	  	$75.00	 	  	$100.00	 	  	$125.00	 
	 November 4, 2009
	  	 	21.0002	  	  	 	20.4402	  	  	 	18.8679	  	  	 	17.5202	  	  	 	16.3317	  	  	 	12.5486	  	  	 	10.0607	  	  	 	7.0860	  	  	 	5.4162	  	  	 	3.6304	  	  	 	2.6813	  	  	 	1.5050	  	  	 	0.9436	  	  	 	0.6191	  
	 December 15, 2010
	  	 	21.0002	  	  	 	20.4402	  	  	 	18.8679	  	  	 	17.4310	  	  	 	15.2553	  	  	 	11.3782	  	  	 	8.9100	  	  	 	6.0889	  	  	 	4.5871	  	  	 	3.0527	  	  	 	2.2593	  	  	 	1.2790	  	  	 	0.8067	  	  	 	0.5310	  
	 December 15, 2011
	  	 	21.0002	  	  	 	20.4402	  	  	 	18.8679	  	  	 	16.1758	  	  	 	13.8765	  	  	 	9.8910	  	  	 	7.4695	  	  	 	4.8794	  	  	 	3.6081	  	  	 	2.3903	  	  	 	1.7783	  	  	 	1.0180	  	  	 	0.6467	  	  	 	0.4274	  
	 December 15, 2012
	  	 	21.0002	  	  	 	20.4402	  	  	 	17.5776	  	  	 	14.4261	  	  	 	11.9700	  	  	 	7.8890	  	  	 	5.5925	  	  	 	3.4027	  	  	 	2.4687	  	  	 	1.6490	  	  	 	1.2402	  	  	 	0.7189	  	  	 	0.4603	  	  	 	0.3060	  
	 December 15, 2013
	  	 	21.0002	  	  	 	19.9495	  	  	 	15.2623	  	  	 	11.7041	  	  	 	9.0280	  	  	 	4.9536	  	  	 	3.0367	  	  	 	1.6548	  	  	 	1.2198	  	  	 	0.8511	  	  	 	0.6483	  	  	 	0.3792	  	  	 	0.2447	  	  	 	0.1640	  
	 December 15, 2014
	  	 	21.0002	  	  	 	18.7171	  	  	 	12.3069	  	  	 	6.8124	  	  	 	2.0505	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

  
 Sch. A-1

 SCHEDULE B 
 Church & Tower, Inc. 
 Direct Star TV, LLC 

GlobeTec Construction, LLC 
 MasTec Brazil I,
Inc. 
 MasTec Brazil II, Inc. 
 MasTec
Contracting Company, Inc. 
 MasTec Latin America, Inc. 
 MasTec North America, Inc. 
 MasTec Wireless Services, LLC (f/k/a MasTec North America AC, LLC)

 MasTec Property Holdings, LLC 

MasTec Residential Services, LLC 
 MasTec
Services Company, Inc. 
 MasTec Spain, Inc. 
 MasTec Venezuela, Inc. 
 Nsoro MasTec, LLC 
 Nsoro MasTec International, Inc. 
 Power Partners MasTec, LLC 

Precision Acquisition, LLC 
 Precision Pipeline
LLC 
 Precision Transport Company, LLC 

Pumpco, Inc. 
 Three Phase Line Construction,
Inc. 
 Three Phase Acquisition Corp. 

Wanzek Construction, Inc. 

  
 Sch. B-1

 EXHIBIT A 
 [FORM OF FACE OF NOTE] 
 [Include only for Global Notes] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS 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. 

  
 Exh. A-1

 MasTec, Inc. 
 4.25% Senior Convertible Notes due 2014 
  

					
	
No.             
	  		  	$                     
			
	 CUSIP No. 576323AM1
	  	ISIN No. US576323AM11	  	

 MasTec, Inc., a Florida corporation (herein called the “Company,” which term
includes any successor corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.], or registered assigns, the principal sum of
[            ] ($[            ]) or such other principal amount as shall be set forth on the Schedule I hereto on
December 15, 2014, unless earlier converted or repurchased. The Company’s obligations under this Security are fully and unconditionally guaranteed, jointly and severally, by the Guarantors. 

This Security shall bear interest at the rate of 4.25% per year from the last interest payment date on which interest was paid on
the Original Notes or from the most recent date to which interest has been paid or provided. Except as otherwise provided in the Indenture, interest is payable semi-annually in arrears on each June 15 and December 15, commencing
June 15, 2011, to Holders of record at the Close of Business on the preceding June 1 and December 1, respectively. Interest payable on each Interest Payment Date shall equal the amount of interest accrued from, and including the
immediately preceding Interest Payment Date (or from and including December 15, 2010, if no interest has been paid hereon) to but excluding such Interest Payment Date. To the extent lawful, payments of principal or interest (including
Additional Interest, if any) on the Securities that are not made when due will accrue interest at the annual rate of 1.0% above the then applicable interest rate borne by the Securities from the required payment date in accordance with the
provisions of the Indenture. 
 Payment of the principal and interest, on this Security will be made at the office or agency of
the Company maintained for that purpose in the Borough of Manhattan, City of New York, or elsewhere as provided in the Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company, payment of interest, may be made by (i) check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register or (ii) wire transfer to an account of the Person entitled thereto located inside the United States; provided further, however, that, with respect to any Holder of Securities with an aggregate principal amount in excess
of $2,000,000, at the application of such Holder in writing to the Company, interest on such Holder’s Securities shall be paid by wire transfer in immediately available funds to such Holder’s account in the United States supplied by such
Holder from time to time to the Trustee and Paying Agent (if different from the Trustee) not later than the applicable Record Date. Notwithstanding the foregoing, payment of interest in respect of Securities held in global form shall be made in
accordance with procedures required by the Depositary. 
 Reference is made to the further provisions of this Security set forth
on the reverse hereof, including, without limitation, provisions giving the Holder of this Security the 

  
 Exh. A-2

 
right to convert this Security on the terms and subject to the limitations referred to on the reverse hereof and as more fully specified in the Indenture. Such further provisions shall for all
purposes have the same effect as though fully set forth at this place. 
 This Security shall be governed by and construed in
accordance with the laws of the State of New York. 
 This Security shall not be valid or become obligatory for any purpose
until the certificate of authentication hereon shall have been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
 [Remainder of page intentionally left blank] 

  
 Exh. A-3

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the
undersigned officer. 
  

					
	MASTEC, INC.
		
	By:	 	  

		 	Name:	 	[            ]
		 	Title:	 	[            ]

 Attest 
  

					
	By:	 	  

		 	Name:	 	[            ]
		 	Title:	 	Secretary

 Dated:
[            ], 20[    ] 

  
 Exh. A-4

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	as trustee
		
	BY:	 	  

		 	Authorized Officer

  
 Exh. A-5

 [FORM OF REVERSE OF NOTE] 

MasTec, Inc. 

4.25% Senior Convertible Notes due 2014 
 This Security is one of a duly authorized issue of Securities of the Company, designated as its 4.25% Senior Convertible Notes due 2014 (herein called the “Securities”), issued under and
pursuant to an Indenture dated as of June 5, 2009 (herein called the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture, dated as of January 11, 2011 (the “Supplemental Indenture” and
the Base Indenture as so supplemented by the Supplemental Indenture, the “Indenture”), between the Company, the Guarantors listed in Schedule B to the Supplemental Indenture and U.S. Bank National Association (herein called the
“Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the
Guarantors and the Holders of the Securities. Additional Securities may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used but not defined in this Security shall
have the respective meanings ascribed to them in the Indenture. 
 The Company’s obligations under this Security are fully
and unconditionally guaranteed, jointly and severally, by the Guarantors. 
 In case an Event of Default, as defined in the
Indenture, shall have occurred and be continuing, the principal of and interest on all Securities may be declared, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the
Indenture. 
 Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect
of the Fundamental Change Repurchase Price and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Security to a Paying Agent to collect such payments in respect of the Security. The Company will pay cash
amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of
the Securities, and in other circumstances, with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding, evidenced as in the Indenture provided, to execute supplemental indentures adding
any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities; provided, however, that no such
supplemental indenture shall make any of the changes set forth in Section 6.02 of the Supplemental Indenture and Section 902 of the Base Indenture, without the consent of each Holder of an Outstanding Security affected thereby. It is also
provided in the Indenture that the Holders of a majority in principal amount of the Securities at the time Outstanding may on behalf of the Holders of all of the Securities waive any past default or Event of Default under the Indenture and its
consequences except as provided in the Indenture. Any such consent or waiver by the Holder of 

  
 Exh. A-6

 
this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may
be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
and accrued and unpaid interest on this Security at the place, at the respective times, at the rate and in the lawful money herein prescribed. 
 The Securities are issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company referred to on the face
hereof, and 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 tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities (except as otherwise provided in the Base Indenture), Securities may be exchanged for a like aggregate principal amount of Securities of other authorized denominations. 

The Securities are not subject to redemption and will not be entitled to the benefit of any sinking fund. 

Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the
Company to repurchase all of such Holder’s Securities or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) in accordance with the provisions of the Indenture on the Fundamental Change Repurchase Date at a price
equal to 100% of the principal amount of the Securities such holder elects to require the Company to repurchase, together with accrued and unpaid interest (including Additional Interest, if any) to but excluding the Fundamental Change Repurchase
Date, except as otherwise provided in the Indenture. The Company shall mail to all Holders of record of the Securities a notice of the occurrence of a Fundamental Change and of the repurchase right arising as a result thereof at any time following
the Company entering into a definitive agreement that, if consummated, would give rise to a Fundamental Change, but in any event not later than the fifth (5th) calendar day after the occurrence of a Fundamental Change. 

Subject to and upon compliance with the provisions of the Indenture, the Holder has the right, at its option, prior to the Close of
Business on the Business Day immediately preceding September 15, 2014 only upon the occurrence of certain conditions specified in the Indenture, and on and after September 15, 2014 until the Close of Business on the Business Day
immediately preceding the Maturity Date regardless of the occurrence of such conditions, to surrender this Security (or portion thereof that is $1,000 or an integral multiple thereof) for conversion into cash, shares of Common Stock or a combination
of cash and shares of Common Stock, at the Company’s election, at the Conversion Rate specified in the Indenture, as adjusted from time to time, all in accordance with the terms and conditions of the Indenture. 

The initial Conversion Rate shall be 64.6162 shares of Common Stock per $1,000 principal amount of Securities, subject to adjustment in
accordance with the provisions of the 

  
 Exh. A-7

 
Indenture. If a Holder converts all or a part of this Security in connection with the occurrence of certain Fundamental Change transactions, the Conversion Rate shall be increased in the manner
and to the extent described in the Indenture. 
 Upon due presentment for registration of transfer of this Security at the
office or agency of the Company in the Borough of Manhattan, City of New York, a new Security or Securities of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange thereof, subject to the
limitations provided in the Indenture, without charge except for any tax, assessments or other governmental charge imposed in connection with any registration of transfer or exchange of Securities (except as otherwise set forth in the Base
Indenture). 
 The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Security
Registrar may deem and treat the registered Holder hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving
payment hereof, or on account hereof, for the conversion hereof and for all other purposes, and neither the Company nor the Trustee nor any other authenticating agent nor any Paying Agent nor any other Conversion Agent nor any Security Registrar
shall be affected by any notice to the contrary. All payments made to or upon the order of such registered Holder shall, to the extent of the sum or sums paid, satisfy and discharge liability for monies payable on this Security. 

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

  
 Exh. A-8

 Schedule I 
 MasTec, Inc. 
 4.25% Senior Convertible Notes due 2014 

No.                      
    
  

							
	 Date
	  	 Principal Amount
	  	 Notation Explaining

Principal Amount
 Recorded
	  	 Authorized

Signature of Trustee
 or Custodian

		  		  		  	

  
 Exh. A-9

 Exhibit B 
 FORM OF CONVERSION NOTICE 
 To: MasTec, Inc. 

To convert this Security into cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s
election in accordance with the terms and conditions of the Indenture, check this box:   ̈ 
 To convert only a part of this Security, state the principal amount to be converted (which must be $1,000 or an integral multiple of $1,000):
$             
 If you want the stock certificate if to be
issued, and Securities if to be delivered, to a Person other than to and in the name of the registered holder, fill in the form below: 
  

	
	  

	(Insert assignee’s social security or tax I.D. number)
	
	  

	
	  

	
	  

	
	  

	
	  

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

  

			
	 Dated:
                    
  
	  	 
	 	  	 Signature(s)

 

	 	 
	 	  	 
	 Signature
Guarantee
  
	  	 

 Signature(s) must be guaranteed by an eligible 
 Guarantor Institution (banks, stock brokers,

 savings and loan associations and credit 
 unions) with membership in an approved 
 signature guarantee medallion program 

pursuant to Rule 17Ad-15 under the Securities 
 Exchange Act of 1934, as amended, if shares 
 of Common Stock is to be issued, or Securities

 to be delivered, other than to and in the name 
 of the registered holder. 

  
 Exh. B-1

 Exhibit C 
 FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE 
 To: MasTec, Inc. 

The undersigned registered owner of this Security hereby acknowledges receipt of a notice from MasTec, Inc. (the
“Company”) as to the occurrence of a Fundamental Change with respect to the Company and requests and instructs the Company to repay the entire principal amount of this Security, or the portion thereof (which is $1,000 principal
amount or an integral multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Security, to the registered holder hereof. 
  

			
	
Dated:                        
            
  
	  	 
	 	 
	 	  	 
	 	  	 Signature(s)

 

	 	 
	 	  	 
	 	  	 Social Security or Other Taxpayer
Identification Number Principal amount to be repaid (if less than all): $        ,000

NOTICE:
 The above signatures of the holder(s)
hereof must correspond with the name as written upon the face of the Security in every particular without alteration or enlargement or any change whatever.

 

  
 Exh. C-1

 Exhibit D 
 FORM OF ASSIGNMENT AND TRANSFER 
 For value received
             hereby sell(s), assign(s) and transfer(s) unto              (Please insert social security or Taxpayer
Identification Number of assignee) the within Security, and hereby irrevocably constitutes and appoints              attorney to transfer the said Security on the books of the
Company, with full power of substitution in the premises. 
  

			
	Dated:
                    	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 Signature(s)

 
	 	 
	 	 
	 	 	 
	Signature Guarantee	 	 

Signature(s) must be guaranteed by an eligible 

Guarantor Institution (banks, stock brokers, 

savings and loan associations and credit 

unions) with membership in an approved 

signature guarantee medallion program 
 pursuant
to Rule 17Ad-15 under the Securities 
 Exchange Act of 1934, as amended, if 
 Common Stock is to be issued, or Securities to 
 be delivered, other than to and in the name of

 the registered holder. 
 NOTICE: The
signature on the conversion notice, the option to elect repurchase upon a Fundamental Change, or the assignment must correspond with the name as written upon the face of the Security in every particular without alteration or enlargement or any
change whatever. 

  
 Exh. D-1Form of Amended & Restated Limited Liability Co. Agreement of Viridian Partners

 Exhibit 10.17 

 
  

 
  
 VIRIDIAN PARTNERS, LLC 
 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 
  

Dated as of [            ], 2010 

 
  

 

 Table of Contents 

 

							
	 	  	 	  	Page	 
		
	Article I Definitions	  	 	1	  
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Terms Generally	  	 	9	  
		
	 Article II General Provisions
	  	 	10	  
	 Section 2.1
	  	Continuation	  	 	10	  
	 Section 2.2
	  	Members and Interests	  	 	10	  
	 Section 2.3
	  	Name	  	 	10	  
	 Section 2.4
	  	Limitation of Liability	  	 	10	  
	 Section 2.5
	  	Term	  	 	11	  
	 Section 2.6
	  	Purpose; Powers	  	 	11	  
	 Section 2.7
	  	Registered Office and Registered Agent; Places of Business	  	 	13	  
		
	 Article III Management and Operation of the Company
	  	 	13	  
	 Section 3.1
	  	Management	  	 	13	  
	 Section 3.2
	  	Certain Duties and Obligations of the Managing Member	  	 	14	  
	 Section 3.3
	  	Exculpation and Indemnification	  	 	21	  
		
	Article IV Capital Contributions; Interests; Loans; Allocations; Distributions; Expenses	  	 	23	  
	 Section 4.1
	  	Capital Contributions	  	 	23	  
	 Section 4.2
	  	Additional Capital Contributions	  	 	23	  
	 Section 4.3
	  	Non-Managing Member Sharing Ratios	  	 	23	  
	 Section 4.4
	  	Additional Classes of Interests	  	 	23	  
	 Section 4.5
	  	Fund Contributions	  	 	23	  
	 Section 4.6
	  	Capital Accounts; Subaccounts	  	 	23	  
	 Section 4.7
	  	Allocations in General	  	 	24	  
	 Section 4.8
	  	Special Allocations	  	 	26	  
	 Section 4.9
	  	Allocation for Income Tax Purposes	  	 	27	  
	 Section 4.10
	  	Distributions	  	 	27	  
	 Section 4.11
	  	Withholding	  	 	28	  
	 Section 4.12
	  	Expenses	  	 	29	  
	 Section 4.13
	  	Profits Interest	  	 	29	  
		
	 Article V Books and Reports; Tax Matters
	  	 	29	  
	 Section 5.1
	  	General Accounting Matters	  	 	29	  
	 Section 5.2
	  	Fiscal Year	  	 	30	  
	 Section 5.3
	  	Certain Tax Matters	  	 	30	  
	 Section 5.4
	  	Section 754 Election	  	 	31	  
	 Section 5.5
	  	Inspection Rights	  	 	31	  
		
	 Article VI Dissolution
	  	 	31	  

  
 i 

							
	 Section 6.1
	    	Dissolution	  	 	31	  
	 Section 6.2
	    	Winding-up	  	 	32	  
	 Section 6.3
	    	Final Distribution	  	 	32	  
	 Section 6.4
	    	No Obligation to Restore Capital Accounts	  	 	32	  
		
	 Article VII Transfer of Members’ Interests
	  	 	33	  
	 Section 7.1
	    	Transfer of Members’ Interests	  	 	33	  
	 Section 7.2
	    	Other Transfer Provisions	  	 	34	  
		
	 Article VIII Additional Members; Withdrawal of Members
	  	 	34	  
	 Section 8.1
	    	Admission of Additional Members	  	 	34	  
	 Section 8.2
	    	Withdrawals by Members	  	 	34	  
	 Section 8.3
	    	Withdrawal Rights and Obligations if IMA Terminated	  	 	34	  
	 Section 8.4
	    	Withdrawal of the Managing Member	  	 	35	  
	 Section 8.5
	    	Withdrawal of the Non-Managing Members	  	 	36	  
	 Section 8.6
	    	 Calculation of Capital Account Balance and Payment; Consequence of a Member’s Withdrawal
	  	 	37	  
		
	 Article IX Miscellaneous
	  	 	38	  
	 Section 9.1
	    	Jurisdiction	  	 	38	  
	 Section 9.2
	    	Governing Law	  	 	38	  
	 Section 9.3
	    	Successors and Assigns	  	 	38	  
	 Section 9.4
	    	Confidentiality	  	 	38	  
	 Section 9.5
	    	Notices	  	 	40	  
	 Section 9.6
	    	Counterparts	  	 	40	  
	 Section 9.7
	    	Entire Agreement	  	 	40	  
	 Section 9.8
	    	Amendments	  	 	40	  
	 Section 9.9
	    	Titles	  	 	41	  
	 Section 9.10
	    	Representations, Warranties and Covenants	  	 	41	  
	 Section 9.11
	    	Division of Property	  	 	42	  
	 Section 9.12
	    	Irreparable Harm	  	 	43	  
	 Section 9.13
	    	Partnership Tax Treatment	  	 	43	  
	 Section 9.14
	    	Severability	  	 	43	  
	 Section 9.15
	    	Survival	  	 	43	  

  
 ii 

 VIRIDIAN PARTNERS, LLC 

This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Viridian Partners,
LLC (the “Company”), dated as of [            ], 2010 is entered into by and among Aveon Holdings II L.P. (“Aveon”), the other Members
(as hereinafter defined) who executed this Agreement on the date hereof and such other Persons as may be admitted as Members after the date hereof in accordance with the terms of this Agreement. 

WHEREAS, the Company was formed on April 22, 2005 pursuant to a Certificate of Formation, which was filed in the
office of the Secretary of State of the State of Delaware (the “Certificate of Formation”); 

WHEREAS, Aveon and VAM have entered into that certain Admission Letter dated as of the date hereof (the
“Admission Letter”) as a condition to VAM’s admission to the Company as a Member; and 

WHEREAS, the parties hereto desire to amend and restate the Company’s existing Limited Liability Company Agreement
to reflect certain agreed upon changes thereto and the parties hereto wish to enter into this Amended and Restated Limited Liability Company Agreement as hereinafter set forth. 

NOW, THEREFORE, in consideration of the mutual covenants herein expressed, and for other good and valuable consideration,
the receipt and sufficiency of which hereby is acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 
 Section 1.1      Definitions.  Unless the context otherwise requires, the following terms shall have the following meanings for purposes of this
Agreement: 
     “15 Tranche” means AUM not to exceed fifteen million
dollars ($15,000,000) that is Aveon AUM and is contributed to the Funds (whether directly or indirectly through the Company) pursuant to the terms of the Purchase Agreement. Five million dollars ($5,000,000) related to the 15 Tranche shall be
contributed to the Funds directly or indirectly through the Company by the date set forth in, and in accordance with the other terms of, the Purchase Agreement, and the remaining ten million dollars ($10,000,000) of the 15 Tranche (such $10,000,000
AUM, the “10 Subtranche”) shall be contributed to the Funds directly or through the Company by the date set forth in, and in accordance with the other terms of, the Purchase Agreement. 

    “450 Tranche” means all AUM of the Funds, but not to exceed four hundred fifty
million dollars ($450,000,000) and only to the extent that such AUM is not otherwise included in the 50 Tranche, the 15 Tranche or the 135 Tranche. 

     “50 Tranche” means New Investment
AUM not to exceed fifty million dollars ($50,000,000). 
     “135
Tranche” means Aveon AUM not to exceed one hundred thirty five million dollars ($135,000,000). 

    “Act” means the Delaware Limited Liability Company Act, 6 Del. C. §
18-101 et seq., as it may be amended from time to time, and any successor to such statute. 

    “Adjusted Basis” has the meaning given such term in Section 1011 of the
Code. 
     “Adjusted Capital Account Deficit” means, with respect to any
Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant taxable year or other period, after giving effect to the following adjustments: 

    (a)      credit such Capital Account by any amounts
which such Member is obligated to restore pursuant to this Agreement (including any note obligations) or is deemed to be obligated to restore pursuant to the penultimate sentence of each of Regulations Sections 1.704-2(i)(5) and 1.704-2(g); and

     (b)      debit such Capital Account by
the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

    The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the
provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

    “Admission Letter” has the meaning set forth in the second WHEREAS clause in
the preamble to this Agreement. 
     “Affiliate” means with respect to
any Person, any Person directly or indirectly controlling, controlled by or under common control with such Person; except that in the case of Aveon or any of its Permitted Transferees, a Manager Affiliate shall not be deemed to be an Affiliate of
Aveon or its Permitted Transferees; for the avoidance of doubt, Aveon Holdings I L.P. is deemed to be an Affiliate of Aveon or its Permitted Transferees. 
     “Agreement” means this Amended and Restated Limited Liability Company Agreement of the Company, as it may be amended, supplemented, modified or restated from time
to time. 
     “Applicable Law” means any law, rule or regulation
(including those of any self-regulatory organization) or any agreement with any governmental authority or agency applicable to and legally binding on the Company. 

    “Assignee” has the meaning set forth in Section 7.2(b). 

  
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     “AUM” means any and all assets of
the Funds. 
     “Aveon” has the meaning set forth in the Preliminary
Statement hereto. 
     “Aveon AUM” means the following AUM, to the
extent contributed on or after the date hereof: (i) all AUM contributed to the Funds by an Aveon Fund, (ii) all AUM contributed by an Aveon Fund to the Funds through the Company, (iii) all AUM contributed to the Funds by a past or
current client of Aveon or its Affiliates who, at the time of such contribution, is not also a past or current client of VAM, and (iv) all AUM contributed to the Funds by a Person who, at the time of such contribution, has a prior existing
relationship with Aveon or its Affiliates and who, at the time of such contribution, is not a past or current client of VAM, provided that, in the case of (iii) and (iv) of this definition, such AUM shall be deemed to be Aveon AUM
only with the written confirmation of VAM that such AUM is Aveon AUM. 
     “Aveon
Fund” means any multi-manager composite fund of funds managed by Aveon or Aveon Holdings I L.P. which contributes AUM to one or more Funds. 
     “Brokers” has the meaning set forth in Section 3.2(d)(xiii). 
     “Business Day” means any day other than a Saturday, Sunday or any days on which banks in New York City are required or authorized to close. 

    “Capital Account” has the meaning set forth in Section 4.6(a) and shall,
with respect to a Member, include all of such Member’s sub-accounts. 

    “Capital Contribution” means, with respect to any Member, the amount of cash
and the Fair Market Value of any property (other than cash) contributed to the Company with respect to the Interest held or purchased by such Member. 
     “Capital Net Income (Loss)” means, with respect to any Fiscal Period, any net income (loss) of the Company attributable to the Company’s capital investment in
interests or shares, as applicable, of the Funds as funded by the Fund Contributions of the Members, but excluding any Fund Allocation Net Income and Other Net Income (Loss), for such Fiscal Period, as determined in accordance with the
Company’s practice prior to the date hereof. 
     “Cause” means,
with respect to a Non-Managing Member (other than VAM), the occurrence or existence of any of the following: 
     (a)      such Non-Managing Member has materially breached the non-compete covenant set forth in Section 7.6 of the Purchase Agreement and such
breach, if curable, has not been cured within twenty (20) days of written notice by the Managing Member of such breach; 
     (b)      any (i) gross negligence in the performance of such Non-Managing Member’s duties to the Company, (ii) willful misconduct or
(iii) willful violation 

  
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of Applicable Law by such Non-Managing Member, which, in each case of clauses (i), (ii) and (iii), has a material adverse effect on the business and/or reputation of the Company and/or the
Funds; or 
     (c)      the perpetration by
such Non-Managing Member of fraud against the Company, the Funds or any of their respective Affiliates. 

    “Certificate of Formation” has the meaning set forth in the Preliminary
Statement hereto. 
     “Classes” means the classes into which the
Interests in the Company or other Company securities created in accordance with Section 4.4 may be classified or divided from time to time by the Managing Member pursuant to the provisions of this Agreement. For all purposes hereunder and under
the Act, only such Classes or subclasses expressly established under this Agreement, including by the Managing Member in accordance with this Agreement, shall be deemed to be a class, subclass or group of limited liability company interests in the
Company. 
     “Closing Date” has the meaning set forth in the Purchase
Agreement. 
     “Code” means the Internal Revenue Code of 1986, as
amended from time to time. 
     “Company” has the meaning set forth in
the Preliminary Statement hereto. 
     “Composite Tranche AUM” means the
portion of the Total Tranche AUM that is attributable to Aveon Funds. 

    “Covered Person” has the meaning set forth in Section 3.3(a). 

    “Fair Market Value” means the fair market value of any property as reasonably
determined by the Managing Member, after taking into account such factors as the Managing Member shall reasonably deem appropriate. 
     “Fiscal Period” means a calendar quarter, except that (i) if an additional capital contribution or investment is made to any Fund during a calendar quarter,
the Fiscal Period for all Members shall close as of the end of business on the date immediately prior to the date of such additional capital contribution or investment to such Fund, and (ii) if any redemption or distribution is made by any Fund
during a calendar quarter, then the Allocation Period for all Members shall close as of the end of business on the applicable redemption or distribution date. 
     “Fiscal Year” has the meaning set forth in Section 5.2. 
     “Fund Allocation Net Income” means with respect to any Fiscal Period, any net income of the Company from the Funds and the Aveon Funds that is attributable solely
to the incentive allocations allocable to the Company from the Funds in accordance with the governing documents of the Funds and the Aveon Funds, but 

  
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excluding any Capital Net Income (Loss) and Other Net Income (Loss) for such Fiscal Period, as determined in accordance with the Company’s practice prior to the date hereof. 

    “Fund Capital Account” has the meaning set forth in Section 4.6(b).

     “Fund Contribution” has the meaning set forth in Section 4.5.

     “Funds” means (i) Viridian Fund, LP, for so long as the
Company is its general partner, (ii) Viridian Fund, Ltd., for so long as VAM is a party to an IMA with Viridian Fund Ltd., and (iii) Viridian, Ltd. for so long as VAM is a party to an IMA with Viridian Ltd. 

    “Governing and Offering Documents” shall mean a collective reference to
(i) the Limited Partnership Agreement and the Confidential Private Offering Memorandum, as supplemented or amended, of Viridian Fund LP; and (ii) the Confidential Private Offering Memorandum, as applicable, as supplemented or amended, and
the Memorandum and Articles of Association for each of Viridian Fund Ltd. and Viridian Ltd., as supplemented or amended. 
     “IMA” means each of (i) that certain Third Amended and Restated Investment Management Agreement between VAM, Viridian Partners II, LLC, Viridian Fund, LP and
Viridian, Ltd. dated as of [            ], as may be amended in accordance with its terms, (ii) that certain Third Amended and Restated Investment Management Agreement between
VAM, Viridian Partners II, LLC, Viridian Fund, Ltd. and Viridian, Ltd. dated as of [            ], as may be amended in accordance with its terms, and (iii) any investment
management or similar agreement entered into after the date hereof between VAM and any Aveon Fund or Aveon or its Affiliates. 
     “IMA Cause” means, for purposes of Article VIII, (i) a termination of the Admission Letter, the Viridian Partners II Admission Letter or any IMA by the
Company, Viridian Partners II, LLC, or any Fund or Aveon Fund as a result of VAM’s commission of any of the events described in the definition of Cause and (ii) a failure of VAM to terminate the employment of the applicable employee(s)
that caused VAM to commit any of such events within thirty (30) days of notice thereof. 

    “IPO Vehicle” means The Aveon Group L.P., a Delaware limited partnership.

     “Interest” means the entire limited liability company interest held
by a Member in the Company at any particular time, including the right of such Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all the terms
and provisions of this Agreement. 
     “Majority-in-Interest of the Non-Managing
Members” means the Non-Managing Members (other than VAM) who hold in the aggregate more than 50% of the Non-Managing Member Sharing Ratios. 

  
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     “Manager Affiliate” has the
meaning set forth in the Purchase Agreement. 
     “Managing Member”
means Aveon Holdings II L.P., for so long as it remains the Managing Member as provided hereunder, and/or any other Member designated as such as provided hereunder. The Managing Member shall be considered a “manager” within the meaning of
§18-101(10) of the Act. 
     “Member” means each of the persons
listed as a Member on the books and records of the Company (including the Managing Member and the Non-Managing Members) and any Person admitted to the Company as an additional or substituted Member of the Company in accordance with the provisions of
this Agreement, in each case for so long as such Person remains a Member as provided hereunder. 

    “New Investment AUM” means all AUM contributed to the Funds on or after the
date hereof other than (i) AUM contributed to a Fund by any Person who is or whose Affiliate was an investor in such Fund on or prior to the date hereof, (ii) AUM contributed to a Fund by a Reserved Client or its Affiliates, and
(iii) Aveon AUM. 
     “Non-Composite Allocation Income” has the
meaning set forth in Section 4.7(a)(ii). 
     “Non-Composite Tranche
AUM” means the Total Tranche AUM less than the Composite Tranche AUM. 

    “Non-Managing Member” means VAM, each Person listed as a Non-Managing Member on
Schedule 1 and any other Member admitted to the Company in accordance with the terms of this Agreement after the date hereof. Neither Aveon not any of its Affiliates shall be deemed a Non-Managing Member. 

    “Non-Managing Member Sharing Ratio” means, with respect to any Non-Managing
Member other than VAM, the percentage reflected next to such Non-Managing Member’s name on Schedule 1 attached hereto, as such percentage may be adjusted in accordance with the terms of this Agreement. 

    “Onshore IMA” means that certain Third Amended and Restated Investment
Management Agreement between VAM, Viridian Partners II, LLC, Viridian Fund, LP and Viridian, Ltd. dated as of [            ], as may be amended in accordance with its terms.

     “Other Net Income (Loss)” for any Fiscal Period means the net
income or net loss of the Company for such Fiscal Period (other than Capital Net Income (Loss) and Fund Allocation Net Income), for such Fiscal Period, as determined in accordance with the Company’s practice prior to the date hereof.

     “Permanent Disability” of a Member, means any physical or mental
inability to perform all or substantially all of such Member’s duties with respect to the Company or any of its Affiliates for a period of 180 consecutive days as reasonably determined by the Managing Member. 

  
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     “Permitted Transferee” means, with
respect to Aveon, any direct or indirect wholly-owned subsidiary of the IPO Vehicle. 

    “Person” means any individual, firm, partnership, joint venture, association,
corporation, or other business organization, entity or enterprise. 
     “Profits
Interest” means an interest in the future profits of the Company satisfying the requirements for a partnership profits interest transferred in connection with the performance of services, as set forth in IRS Revenue Procedures 93-27 and
2001-43, or any future IRS guidance or other authority that supplements or supersedes the foregoing Revenue Procedures; provided that all Members, whether parties hereto as of the date hereof or admitted after the date hereof, consent to the
Company taking all actions, including amending this Agreement, to the extent necessary or appropriate to cause any interest designated by the Managing Member as a “profits interest” to be treated as Profits Interests for all United States
federal income tax purposes, to be valued based on liquidation value or similar principles and to permit allocations of income to be made to such Members to be respected even if such Interests are subject to risk of forfeiture, including any action
required by the Company under Revenue Procedure 2001-43, unless superseded by Notice 2005-43, in which case, such consent shall allow the Company to take any and all actions as may be necessary or desirable pursuant to such notice, final or
temporary regulations that may be promulgated to bring into effect the Proposed Treasury Regulations (Prop. Treas. Reg. §§ 1.83-3, 1.704-1, 1.706-3, 1.707-1, 1.721-1, 1.761-1) set forth in the notice of proposed rulemaking
(REG–105346–03), and any similar or related authority. 
     “Purchase
Agreement” means the Purchase Agreement, dated as of August 4, 2010, among the Managing Member, the Company and the sellers named therein, as amended from time to time. 

    “Release Event” means, with respect to Aveon or any of its Affiliates (other
than a Non-Managing Member), any of the following: 

    (a)      the material breach of any of Aveon’s or any of its
Affiliates’ material obligations under (i) this Agreement, (ii) the Admission Letter, (iii) the Viridian Partners II Admission Letter, (iv) the Viridian Partners II LLC Agreement or (v) the Purchase Agreement, which
breach, in the case of each of clauses (i), (ii), (iii), (iv) and (v), has a material adverse effect on the business and/or reputation of the Company, Viridian Partners II, LLC, the Funds and/or VAM, and if curable, has not been cured by Aveon
or such Affiliate within twenty (20) days after written notice thereof by VAM to the Managing Member or Aveon Holdings I L.P., as applicable; excluding, however, from this clause (a), a material breach of (x) Section 7.9(a) of the
Purchase Agreement, and (y) Section 7.1, 7.4(b) or 7.11 of the Purchase Agreement or Section 9.4 hereof, but only if such breach of Section 7.1, 7.4(b) or 7.11 of the Purchase Agreement or Section 9.4 hereof is inadvertent
and has no material adverse effect on the business and/or reputation of the Company, Viridian Partners II, LLC, the Funds and/or VAM; 

  
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     (b)      any
(i) gross negligence of Aveon or such Affiliate or of any Manager Affiliate (other than the Company and Viridian Partners II, LLC), (ii) willful misconduct by Aveon or any of its Affiliates or of any Manager Affiliate (other than the
Company and Viridian Partners II, LLC), or (iii) willful violation of Applicable Law by Aveon or any of its Affiliates or of any Manager Affiliate (other than the Company and Viridian Partners II, LLC), which, in the case of each of clauses
(i), (ii) and (iii), has a material adverse effect on the business and/or reputation of the Company, Viridian Partners II, LLC, the Funds and/or VAM; 
     (c)      any material breach of Section 7.9(a) of the Purchase Agreement which results in the consequences described in clause (i) thereof;

     (d)      Aveon or its Permitted Transferee no longer
serves as the Managing Member for any reason, or Aveon Holdings I L.P. or its Permitted Transferee no longer serves as the managing member of Viridian Partners II, LLC for any reason; 

    (e)      if the Managing Member or its Affiliates fail to create
and operate an Aveon Fund with twenty-five million dollars ($25,000,000) in assets under management by March 31, 2011 and such event has not been cured within twenty (20) days after written notice thereof by VAM to the Managing Member;

     (f)      the perpetration by Aveon or its Affiliates
of fraud against the Company, Viridian Partners II, LLC, the Funds or any of their respective Affiliates; 

    (g)      if, after the consummation of an initial public offering
by the IPO Vehicle, any Person or group of Persons (other than the persons who are directors, officers or employees of the IPO Vehicle or any Subsidiaries of the IPO Vehicle as of the time immediately prior to the consummation of such public
offering) acquire directly or indirectly a majority of the limited partnership units of the IPO Vehicle; or 

    (h)      the Company or Viridian Partners II, LLC is liquidated or
dissolved. 
     “Reserved Client” means those Persons listed on
Exhibit A attached hereto, as amended from time to time by the mutual written consent of the Managing Member and VAM. 
     “Tax Matters Member” has the meaning set forth in Section 5.3(b). 
     “Total Tranche AUM” means, with respect to any Fiscal Period, the aggregate AUM included in (i) the 450 Tranche, (ii) 50 Tranche, (iii) the 15
Tranche, and (iv) the 135 Tranche, as of the beginning of such Fiscal Period. 

    “Transfer” means any assignment, sale, exchange, transfer, pledge, encumbrance,
hypothecation or other disposition of all or any part of an Interest. 

    “Treasury Regulations” means pronouncements, as amended from time to time, or
their successor pronouncements, which clarify, interpret and apply the provisions 

  
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of the Code, and which are designated as “Treasury Regulations” by the United States Department of the Treasury. 

    “VAM” means Vermillion Asset Management, LLC, a Delaware limited liability
company. 
     “VAM Confidential Information” means (i) VAM’s
trading or investment strategies, methodologies and results; trading or investment systems; investment or financial product positions (whether of the Funds or otherwise); risk management models; revenue models; quantitative and other strategies and
methodologies, procedures and techniques; business plans and strategies; pricing and other financial information; any confidential information relating to any investors, clients, vendors or suppliers; contractual arrangements; personnel records and
other information relating to employees; training materials and statistical data; the source code and any non-public information or data comprising or related to the VAM Intellectual Property (as such term is defined in the Admission Letter); and
other proprietary technologies and processes and other proprietary information used by any of VAM and its Affiliates in connection with their respective businesses and/or which any of VAM and its Affiliates is obligated to any third party to
maintain as confidential; and (ii) any information concerning any of VAM and its Affiliates’ investment performance (including the investment performance of the Funds), including, but not limited to, the profits and losses therefrom,
return on investment and other performance or “track record” information. Notwithstanding the generality of the foregoing, clause (i) above does not include any information, materials, or data that is or becomes generally available to
the public other than as a result of the Company’s, the Managing Member’s or any Fund’s unauthorized direct or indirect acts. 
     “Viridian Partners II Admission Letter” means that certain Admission Letter between VAM and Viridian Partners II, LLC pursuant to which VAM is admitted as the
operating member of Viridian Partners II, LLC. 
     “Viridian Partners II LLC
Agreement” means that certain Limited Liability Company Agreement of Viridian Partners II, LLC, by and among Aveon Holdings I L.P. and VAM, agreed to by the parties thereto. 

    “Viridian Partners II Managing Member” means Aveon Holdings I L.P., for so long
as it remains the managing member as provided under the Viridian Partners II LLC Agreement, and/or any other member of Viridian Partners II, LLC designated as such as provided thereunder. 

    “Withholding Tax Advances” has the meaning set forth in Section 4.11(b).

 Section 1.2      Terms
Generally.      The definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. Unless the context requires otherwise, the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” To the maximum
extent permitted by law, whenever in this Agreement a Person is permitted or 

  
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required to make a decision in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, the Person shall be entitled to consider any interests
and factors as it desires, including its own interests, and shall not be obliged to consider interests of any other Person. Notwithstanding any other provision of this Agreement to the contrary, no provision hereof shall be deemed to eliminate a
Member’s implied contractual covenant of good faith and fair dealing and no provision of this Agreement shall be deemed to limit or eliminate the liability of any Member for any act or omission that constitutes a bad faith violation of the
implied contractual covenant of good faith and fair dealing. 
 ARTICLE II 

GENERAL PROVISIONS 
 Section 2.1      Continuation.  The Company has been formed under the provisions of the Act for the purposes and on the terms set forth in this
Agreement pursuant to the filing of the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. The Managing Member is hereby designated as an authorized person, within the meaning of the Act, to execute,
deliver and file, any amendments or restatements of the Certificate of Formation and any other certificates necessary, and to take all action necessary, for the Company (i) to qualify the Company to conduct its business under the laws of any
jurisdiction in which the Company is doing business and to continue in effect such formation or qualification and (ii) to protect the limited liability of the Members under the laws of any jurisdiction in which the Company is doing business.

 Section 2.2      Members and Interests. The name, address and
Interests of each Member are set forth on the books and records of the Company. The Members as of the date hereof are as set forth on the signature page. 
 Section 2.3      Name. The Company shall conduct its activities under the name of “Viridian Partners, LLC.” 

Section 2.4      Limitation of Liability. 

    (a)       Except as provided in the Act, or as expressly
provided in this Agreement or as a Member shall otherwise expressly agree in writing, no Member of the Company shall be obligated for any debt, obligation or liability of the Company or of any other Member solely by reason of being a Member of the
Company. Notwithstanding any other provision of this Agreement or any duty otherwise existing at law, in equity or otherwise, the Members acknowledge and agree that, to the maximum extent permitted by law, including Section 18-1101(c) of the
Act, the Members shall have no duties to the Company or the Members other than those duties expressly described herein (or as a Member shall otherwise expressly agree in writing) and the implied contractual covenant of good faith and fair dealing
and (ii) so long as the Members act in a manner consistent with the implied contractual covenant of good faith and fair dealing and with the express provisions of this Agreement or any other written agreement with the Company, the Members shall
not be in breach of any duties in respect of the Company and/or any 

  
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Member otherwise applicable at law or in equity. The provisions of this Agreement, to the extent that they expand, restrict or eliminate the duties and liabilities of the Members otherwise
existing at law or in equity, are agreed by the Members to replace fully and completely such other duties and liabilities of the Members. 
     (b)       In no event shall any Member (i) be obligated to make any capital contribution or payment to or on behalf of the Company or
(ii) have any liability to return distributions received by such Member from the Company unless paid in error, in each case except as (x) otherwise specifically provided in this Agreement, (y) if such Member shall otherwise expressly
agree in writing or (z) as may be required by Applicable Law. 

Section 2.5      Term.  The existence of the Company commenced on the
date of filing of the Certificate of Formation and shall continue unless and until the Company is dissolved, wound up and terminated in accordance with Article VI. No Member shall have the right to, and each Member hereby agrees not to, withdraw
from the Company, nor to dissolve, terminate or liquidate, or to petition a court for the dissolution, termination or liquidation of, the Company, in each case except as expressly provided in this Agreement, and except with the consent of the
Managing Member, no Member at any time shall have the right to petition or to take any action to subject Company assets or any part thereof to the authority of any court or other governmental body in connection with any bankruptcy, insolvency,
receivership or similar proceeding. 
 Section 2.6      Purpose;
Powers. 
     (a)       The purpose of the Company
shall be, directly or indirectly through subsidiaries or Affiliates, (i) to act as a general partner, manager and/or investment manager or advisor with respect to, and make investments in, any of the Funds, as appropriate, and (ii) to do
all things necessary or incidental thereto. 

    (b)       Except as expressly provided herein, in furtherance
of its purposes as stated in Section 2.6(a), the Company shall have all powers necessary, suitable or convenient for the accomplishment of its purposes, directly or indirectly through subsidiaries or Affiliates, and alone or with others,
including the following: 
     (i)      to
facilitate the carrying out of any and all purposes of any of the Funds, as appropriate, and to perform all acts and enter into and perform all contracts and other undertakings which the Company may deem necessary or advisable or incidental thereto,
including the exercise of all powers of the general partner of Viridian Fund LP (and as the investment manager to any other Funds as set forth in the respective partnership, operating or other governing agreements of such Funds, as the same may be
modified or amended from time to time); 

    (ii)      to render investment, portfolio
management, asset management, financial advisory, investment banking and/or other services to the Funds, as applicable; 

  
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    (iii)     to acquire, hold, manage, own, sell, transfer,
convey, assign, exchange, mortgage, pledge or otherwise dispose of, grant options with respect to and otherwise deal in and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to all securities and
other property, including the voting of securities, the approval of a restructuring of an investment in securities, participation in arrangements with creditors, the institution and settlement or compromise of suits and administrative proceedings
and other similar matters and to execute all documents and make all representations, admissions and waivers in connection therewith; 
     (iv)     to invest and reinvest cash assets of the Company in any investments and securities, including the Funds and money-market or other short-term
investments; 
     (v)      to have and
maintain one or more offices within or without the State of Delaware and, in connection therewith, to rent or acquire office space, engage personnel and do such other acts and things as may be advisable or necessary in connection with the
maintenance of such office or offices; 

    (vi)     to open, maintain and close bank accounts and
draw checks and other orders for the payment of moneys and to open, maintain and close accounts with brokers, custodians and others; 
     (vii)    to engage employees and appoint officers (with such titles and delegated responsibilities as may be specified herein or determined by the Managing
Member), accountants, sub-advisors, auditors, custodians, consultants, attorneys and any and all other agents and assistants, both professional and nonprofessional, including Members and their Affiliates, and to compensate them as may be necessary
or advisable; 
     (viii)   to form or cause to be formed
and to own the stock of one or more corporations, whether foreign or domestic, and to form or cause to be formed and to participate in partnerships, limited liability companies and joint ventures, whether foreign or domestic; 

    (ix)    to enter into, make and perform all contracts,
agreements and other undertakings as may be deemed necessary or advisable or incident to carrying out its purposes; 
     (x)     to sue, prosecute, settle or compromise all claims against third parties, to compromise, settle or accept judgment of claims against the Company,
and to execute all documents and make all representations, admissions and waivers in connection therewith; 
     (xi)    to borrow money from or make loans to any person, including any Member (on such terms as may be agreed from time to

  
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time), or other extensions of credit to (either on a secured or unsecured basis or with or without recourse) any person or to guarantee loans or other extensions of credit for any purpose;

     (xii)    to distribute, subject to the terms of
this Agreement, at any time and from time to time to Members cash, securities, investments or other property of the Company, or any combination thereof; and 

    (xiii)   to take such other actions necessary or incidental
thereto as may be permitted under applicable law. 

Section 2.7      Registered Office and Registered Agent; Places of Business.

     (a)       The Company shall maintain a registered
office at The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, or at such other office as may from time to time be determined by the Managing Member. The name and address of the Company’s registered
agent for service of process in the State of Delaware as of the date of this Agreement is The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The Managing Member may at any time change the Company’s
registered agent for service of process. 

    (b)       The initial principal place of business of the
Company shall be at 267 Fifth Avenue, 7th Floor, New York,
NY 10016. The Company shall maintain offices and principal places of business at such places as may from time to time be determined by the Managing Member. 
 ARTICLE III 
 MANAGEMENT AND OPERATION OF THE COMPANY

 Section 3.1      Management. 

    (a)       Except as otherwise provided herein, the management
and control of the business and affairs of the Company shall be vested exclusively in the Managing Member. Unless the Managing Member withdraws as a Member in accordance with the terms of Article VIII (in which case the Managing Member shall cease
to be the Managing Member as of the effective date of such withdrawal), the Managing Member shall not be removed as Managing Member without its prior written consent. 

    (b)       Except as expressly provided in this Agreement, the
Non-Managing Members shall have no right or power to act for or bind the Company or otherwise vote with respect thereto. A Member or an agent of a Member may also be a member, partner, shareholder, employee, agent, director or officer of the Company
or any of its Affiliates and may act on behalf of the Company in such capacity to the extent authorized to do so in such capacity. 
     (c)       Except as may be expressly approved in writing by the Managing Member, each Non-Managing Member other than VAM shall devote
substantially the 

  
 13 

 
same amount of time and energy to its responsibilities to VAM and the Funds as has been devoted by such Non-Managing Member pursuant to the past practice of VAM and the Funds. The Managing Member
acknowledges and agrees that in the event the Managing Member requests or requires any reporting (including the preparation or contribution to any additional reporting) with respect to the Company, VAM or the Funds not performed by the Company, VAM
or the Funds pursuant to past practice, the Managing Member shall pay all reasonable costs, fees or expenses related to any such reporting, including any costs associated with legal, accounting or other professional services or counsel. 

    (d)       The Managing Member may delegate to one or more
Members and/or officers the right to perform such responsibilities and exercise such powers and have such authority as specifically delegated by the Managing Member pursuant to an Admission Letter, and may terminate such delegation at any time for
any reason in its sole and absolute discretion. 

    (e)       The Managing Member may designate operating or
other committees comprised of the Members, each of which shall have the authority and such responsibilities delegated to it by the Managing Member to assist the Managing Member in operating the Company. Each committee of the Company shall serve at
the pleasure of the Managing Member. 
 Section 3.2      Certain Duties
and Obligations of the Managing Member. 

    (a)       The Managing Member shall take all action which may
be necessary or appropriate on its part for (i) the continuation of the Company as a limited liability company under the Act and (ii) the development, maintenance, preservation and operation of the business of the Company in accordance
with the provisions of this Agreement and applicable laws and regulations. 

    (b)       The Managing Member shall take (and each Member
shall cooperate in connection therewith and approves of the Managing Member taking on such Member’s behalf) all action which is reasonably necessary to (i) form or qualify the Company to conduct the business in which the Company is engaged
under the laws of any jurisdiction in which the Company is doing business and to continue in effect such formation or qualification and (ii) protect the limited liability of the Members pursuant to the terms of this Agreement and as applicable
under the laws of any jurisdiction in which the Company is doing business. 

    (c)       The Managing Member shall be responsible for the
following duties: 
     (i)      Advise the
Company as to the investment and trading activities of the Funds and provide certain investment and portfolio management and advisory services related thereto in accordance with the investment objectives of the Funds, as set forth in the Funds’
respective Governing and Offering Documents (as defined below); 

  
 14 

    (ii)      Conform at all times all investments of
the Funds to (x) the requirements imposed by any provision of applicable law, and (y) the provisions of each Fund’s respective Governing and Offering Documents; 

    (iii)     Furnish continuous investment management and
administrative assistance to the Funds; and 

    (iv)     Endeavor to keep the capital of the Funds
invested to such extent as it deems advisable from time to time but it may, if it (or such Member who has been delegated such responsibility) deems advisable, maintain any portion of the assets of the Funds in cash, whereby such investments and
reinvestments of the capital of the Funds, including the purchase or sale of any securities or the borrowing of any funds on behalf of the Funds, either on a secured or unsecured basis, shall be based on such research and inquiries as the Members
shall deem advisable. 
     (d)      Additionally, the
Managing Member’s duties with respect to the Funds shall include the following: 

    (i)       expend the capital and revenues of
such Fund in furtherance of the Fund’s business, including acting in the Fund’s name, place and stead, to buy, sell (including short sales), hold and trade in financial instruments, directly or indirectly, on margin or otherwise, and to
make all or any portion of the Fund’s trading and investment decisions for the Fund’s account and risk; 
     (ii)      open, maintain and close, in the name of such Fund, investment and trading accounts, bank accounts, and to draw checks or other orders for
the payment of money; 
     (iii)     make, or
designate and appoint other persons to make, directly or indirectly, all or any portion of such Fund’s trading and investment decisions; 
     (iv)     purchase, hold, sell, sell short, cover and otherwise deal in securities and financial instruments of any sort and rights therein, including
restricted and privately issued securities, on margin or otherwise; 

    (v)      make, execute, acknowledge and deliver
such agreements, contracts and documents as may be necessary or appropriate to carry out such Fund’s investment program, including currency, interest rate, equity or other swap agreements, interest rate “cap” or “collar”
agreements, contracts for differences, repurchase agreements, over-the-counter options, forward contracts, commodities and/or futures contracts and any other derivative instruments or any other financial instruments of any type or nature whatsoever;

  
 15 

    (vi)    purchase, hold, sell and otherwise deal in
commodities, commodity contracts, commodity futures, financial futures (including index futures) and options in respect thereof (but the applicable Member will not do so until, to the extent required, it has registered as required with the U.S.
Commodity Futures Trading Commission or has been advised by counsel that registration is not required); 
     (vii)    purchase, hold, sell and otherwise deal in currencies, options thereon and rights therein, including forward foreign currency exchange contracts;

     (viii)   purchase, hold, sell and otherwise deal in
swap contracts, partnership interests, interests in other investment companies or any other financial instruments that exist now or are hereafter created; 

    (ix)    conduct margin accounts with brokers; to open,
manage, maintain, act as signatory and close bank accounts and draw checks or other orders for the payment of moneys on behalf of the Managing Member and/or the Funds; to pledge securities for loans and effect borrowings from brokers, banks and
other financial institutions; 
     (x)     enter
into, make and perform any other contracts, agreements or other undertakings it may deem advisable in conducting the business of the Funds, including contracts, agreements or other undertakings with Persons affiliated with any Member, as may be
necessary or proper in connection with the performance of the Managing Member’s duties hereunder; 
     (xi)    institute, defend and settle litigation arising therefrom and give receipts, releases and discharges with respect to all of the foregoing and any
matters incidental thereto; 
     (xii)   take and hold all
property of such Fund, real, personal and mixed, in the name of such Fund, or in the name of a nominee authorized by VAM; 
     (xiii)  enter into one or more customer agreements with one or more U.S. and non-U.S. securities and futures brokers or clearing firms, prime brokers, introducing
brokers, futures commission merchants, executing brokers, dealers, custodians and counterparties, including those who are affiliates of VAM or its Affiliates (“Brokers”), banks and other financial institutions. In selecting Brokers
for the execution of a Fund’s portfolio transactions, the Company shall consider whatever factors it deems relevant and proper under the circumstances, including the value of any or all of the following provided by the Broker or paid for by the
Broker (either by direct or reimbursement cash payments or by commissions, or any other means) and provided by others: brokerage or 

  
 16 

 
research (within or without the contemplation of Section 28(e) under the Securities Exchange Act of 1934, as amended), other products and services, and, subject to applicable Federal
securities laws, investor referrals; provided, however, that, notwithstanding the foregoing, in selecting Brokers, the Company shall conform its conduct to written disclosures concerning its brokerage practices made by such Fund to
investors, if any, as such disclosures may be modified from time to time; 

    (xiv)     execute for and on behalf of such Fund any
filing, notice, form or other document under any Federal or state securities law and take any additional action as it shall deem necessary or desirable to effectuate the offering of interests in such Fund; 

    (xv)     sell, lease, exchange or otherwise dispose of
all or any portion of the property of such Fund; 

    (xvi)     employ or engage trading managers or advisors,
investment managers or advisors, consultants, experts, professionals, accountants, administrators, auditors, attorneys, Brokers, banks and other financial institutions, engineers, custodians, escrow agents, selling and placement agents and/or any
other third parties, including affiliated entities of the Company, deemed necessary by the Company, and terminate such employment or engagement; 

    (xvii)     pay, extend, renew, modify, adjust, submit to
arbitration, prosecute, defend or compromise, upon such terms as it may determine and upon such evidence as it may deem sufficient, any obligation, suit, liability, cause of action or claim, including taxes, either in favor of or against such Fund;

     (xviii)     pay any and all fees and make
any and all expenditures which it, in its sole discretion, deems necessary or appropriate in connection with the offering and sale of interests in such Fund, the management of the affairs of such Fund, the investment and maintenance of the assets of
such Fund and the carrying out of its obligations and responsibilities under such Fund’s Governing and Offering Documents; 
     (xix)     make all decisions regarding the acceptance and processing of subscriptions to, and withdrawals and/or redemptions from, such Fund, the admission
of members or shareholders of such Fund (including with respect to transferees or other recipients of interests in such Fund) and the making of distributions or payment of dividends to members of shareholders of such Fund, in each case, in
accordance with such Fund’s Governing and Offering Documents; 

    (xx)     vote all proxies with respect to financial
instruments held by such Fund; 

  
 17 

    (xxi)     prosecute, defend, settle or compromise
actions or claims at law or in equity at such Fund’s expense as may be necessary or proper to enforce or protect such Fund’s interests, and satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or
any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, and then, out of such Fund’s assets, as appropriate; 

    (xxii)    determine the accounting methods and conventions to
be used in the preparation of such Fund’s tax returns, and make such elections under the tax laws of the United States, the several states and other relevant jurisdictions as to the treatment of items of income, gain, loss, deduction and credit
of such Fund, or any other method or procedure related to the preparation of such returns; 

    (xxiii)   determine all matters concerning the determination of
the net asset value of such Fund, the net asset value of an equity interest or share of such Fund, the valuation of financial instruments, and the allocation of profits, losses, capital gain and capital loss among the members or shareholders of such
Fund (including the taxes thereon); 
     (xxiv)   cause an
examination of the financial statements of such Fund to be made in accordance with such Fund’s Governing and Offering Documents; 
     (xxv)    prepare and file or cause to be prepared and filed all tax returns of such Fund; 

    (xxvi)   to the extent such Fund is required to have a “tax
matters partner” for U.S. tax purposes, take all actions and make all decisions on behalf of the Company as the “tax matters partner” of such Fund; and 

    (xxvii)  make all determinations with respect to the termination,
dissolution and/or winding up of such Fund pursuant to such Fund’s Governing and Offering Documents. 

    (e)       The Managing Member shall, and shall cause its
Affiliates (including the Company) to, take all actions which are reasonably necessary to: 

    (i)        cause each Fund to redeem the
applicable portion of the Company’s investment in such Fund, if written notice of redemption is provided by a Member pursuant to Section 4.10(b); 

    (ii)       cause each Fund to distribute to
the Company any Fund Allocation Net Income allocated by such Fund to the Company for any applicable allocation period immediately following such allocation of Fund Allocation Net Income to the Company; 

  
 18 

    (iii)     cause each Fund to pay any management or
incentive fees payable by such Fund to any Person to whom such payments are due for any period; and 
     (iv)     cause each Aveon Fund to enter into agreements or terminate any such agreement, as determined by the Managing Member in its sole discretion, which
agreement shall: 
   (x)     provide that (A) VAM shall
be entitled to receive its pro rata share (based on the Composite Tranche AUM compared to such Aveon Fund’s total assets) of a 2% management fee on the assets under management of the Aveon Fund and (B) the Company shall be entitled to
receive its pro rata share (based on the Composite Tranche AUM compared to such Aveon Fund’s total assets) of a 20% incentive fee/allocation earned from the performance gain of the Aveon Fund, whereby VAM’s pro rata share is received
through its economic interests in the general partner to the Aveon Fund (allowing for “Fee Netting,” which means that the Aveon Fund clients are charged a 20% incentive fee based only on the aggregate performance of the Aveon Fund);
provided that the Company and/or VAM may elect to receive the incentive fee/allocation as a fee in lieu of becoming a member of the general partner to the Aveon Fund; and 

  (y)     in all cases be on such terms and conditions (including,
incentive allocation, incentive fees and management fees) which are at least as favorable to the Company as the terms and conditions applicable to any other investment manager or general partner, manager or managing member of such Aveon Fund.

     (f)       The Managing Member shall be authorized
to take all actions or decisions with respect to the Company, including the following: 

    (i)      sell, lease, encumber, transfer or
otherwise dispose of any assets of the Company; 

    (ii)     enter into, renew, extend or terminate any
agreement or arrangement with respect to the Company (provided that, notwithstanding anything to the contrary in this Agreement, the Managing Member shall be authorized to terminate the Onshore IMA at any time, for any reason or no reason in its
sole discretion); 
     (iii)     cause the
Company to make any loan or advance to, or guarantee the obligations of, any Person; 

    (iv)     make any expenditure or series of related
expenditures whether in cash, by check or otherwise on behalf of the Company; 

  
 19 

    (v)     employ, hire or fire any employees or other
personnel of the Company (other than as a result of the termination of an IMA) or otherwise making any decisions concerning general staffing of the Company (including entering into any employment, consulting, independent contractor or other
compensation agreement or arrangement on behalf of the Company), hiring or engaging legal counsel, accountants or other similar advisors or receiving services from such advisors other than in accordance with past practice of the Company; 

    (vi)     create, incur, assume or suffer to exist any
indebtedness in respect of money borrowed (regardless of the time period for repayment of such indebtedness), on behalf of the Company; 
     (vii)     cause the Company to acquire any securities, debt or assets of any Person other than in the ordinary course of business; 

    (viii)   appoint officers or other agents of the Company or remove
any such officers or other agents; 

    (ix)     offer, issue or sell to any Person any
Interests or other equity securities of the Company or any securities directly or indirectly convertible, exercisable or exchangeable for Interests or other equity securities of the Company or accept any additional Capital Contributions (other than
Fund Contributions); 
     (x)     except as
provided in Article VIII, redeem, repurchase or otherwise acquire any Interests or any other equity securities of the Company or any securities directly or indirectly convertible, exercisable or exchangeable for equity securities of the Company;

     (xi)     admit new Members or substituted
Members or consent to otherwise permit a Transfer of Units pursuant to Section 8.1; 

    (xii)     enter into (directly or indirectly) any
transaction with any Member or an Affiliate of a Member; 

    (xiii)     become subject to any agreement or instrument
which by its terms would (under any circumstances) restrict the Company’s right to carry on its business or perform any of its obligations under the Certificate or this Agreement; 

    (xiv)     cause the Company to manage, operate, sponsor
or form any subsidiary (or any hedge fund, commodity pool or other similar private collective investment vehicle operated, managed, formed or sponsored by the Company) or any joint venture or otherwise sponsor a Person to enter into, or to invest
(whether as a member, limited or general partner, joint account owner, shareholder or otherwise) in any other enterprise engaged in, the business of the Company; 

  
 20 

    (xv)     change or amend the Company’s
organizational documents or any other change in the rights, preferences or privileges of the Members or any change in the capital structure of the Company; 

    (xvi)     change the principal place of business of the
Company or establish an office (or change an established office) of the Company; 

    (xvii)   enter into an agreement regarding a sale of assets of the
Company which is not in the ordinary course of business; 
     (xviii)
  merge or consolidate the Company with any Person; 
     (xix)
    take or effect any action that would render the Company bankrupt or insolvent or cause the termination, dissolution, liquidation or winding up of the Company; 

    (xx)      liquidate or dissolve the Company; 

    (xxi)     make or modify any election regarding the
characterization of the Company for tax purposes; 
     (xxii)
   determine all matters described in Articles IV and V hereof, including all matters concerning the determination and allocation of Fund Allocation Net Income and Other Net Income (Loss); 

    (xxiii)   keep all of the Company’s books of accounts; 

    (xxiv)   cause an examination of the financial statements of the
Company to be made in accordance with Section 5.1(a) hereof; 

    (xxv)    prepare and file or cause to be prepared and filed all
tax returns of the Company and make all determinations set forth in Section 5.3(a); 

    (xxvi)   change the current business of the Company or enter into new
or related lines of business; 
     (xxvii) act on behalf of the Company
with respect to any of the Company’s bank accounts and/or other custodial accounts, including the Company’s bank account(s) which receive(s) proceeds from a Fund and/or the Aveon Funds in respect of incentive allocations or otherwise, and
to take any and all actions in furtherance thereof; or 
     (xxviii) make
any change in the investment strategy of the Company or utilize any new investment strategies. 

    Section 3.3   Exculpation and Indemnification. 

  
 21 

 (a)      No Member nor any member, partner,
tax matters partner, officer or director of the Company or its Affiliates (individually, a “Covered Person” and collectively, the “Covered Persons”) shall be liable to the Company or any Member for (i) any act
or omission (in relation to the Company, this Agreement, the Admission Letter, any related document or any transaction or investment contemplated hereby or thereby) taken or omitted in good faith by a Covered Person and in the reasonable belief that
such act or omission is in, or is not contrary to, the best interests of the Company and is within the scope of authority granted to such Covered Person, unless a court of competent jurisdictions determines pursuant to a final non-appealable
judgment that such act or omission resulted from fraud, bad faith, willful misconduct, or gross negligence or (ii) any mistake, negligence, dishonesty or bad faith of any futures commission merchant, other broker or other agent of the Company.

 (b)      To the fullest extent permitted by law, the Company shall indemnify
and save harmless (but only to the extent of its assets) each Covered Person from and against any and all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements,
as fines and penalties and legal, accounting or other costs and reasonable expenses of investigating or defending against any claim or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated, arising from any and all
claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Covered Person may be involved, or threatened to be involved, as a party or otherwise, by reason of its management of the affairs of the
Company or which relates to or arises out of or in connection with the Company, its property, business or affairs. A Covered Person shall not be entitled to indemnification under this Section 3.3 with respect to any claim, issue or matter if a
court of competent jurisdiction determines pursuant to a final non-appealable judgment that such Covered Person has engaged in fraud, bad faith, willful misconduct or gross negligence by such Covered Person. To the fullest extent permitted by law,
all expenses (including legal fees) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding shall be paid by the Company in advance of the final disposition of any such action, proceeding or claim upon receipt of an
undertaking by or on behalf of the Covered Person seeking advancement to repay the amount advanced should it ultimately be determined that the Covered Person was not entitled to be indemnified hereunder or under the Act. 

(c)      Except as otherwise provided by the Act or as a Member may otherwise expressly
agree in writing, the debts, liabilities and obligations of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated personally for
any such debt, liability or obligation of the Company solely by reason of being a Covered Person. 

  
 22 

 ARTICLE IV 
 CAPITAL CONTRIBUTIONS; INTERESTS; 
 LOANS; ALLOCATIONS;
DISTRIBUTIONS; EXPENSES 
 Section 4.1      Capital
Contributions.  Each Member has made the Capital Contribution to the Company in the amounts set forth in the books and records of the Company, which Capital Contribution may be zero. 

Section 4.2      Additional Capital Contributions.  No Member shall
be obligated to make any additional Capital Contributions to the Company, except with the prior written consent of such Member. 
 Section 4.3      Non-Managing Member Sharing Ratios.  The Non-Managing Member Sharing Ratio of each Non-Managing Member other than VAM is set forth on
Schedule 1 attached hereto. 
 Section 4.4      Additional Classes of
Interests.  The Managing Member may establish other Classes of Interests, other equity interests in the Company or other Company securities from time to time in accordance with such procedures and subject to such conditions and
restrictions and with such rights, obligations, powers, designations, preferences and other terms, which may be senior to any then existing or future Classes of Interests or other equity interests in the Company. The Managing Member is authorized
(i) to issue any Interests, other equity interests in the Company or other Company securities of any such newly established Class or any existing Class and (ii) to amend this Agreement to reflect the creation of any such new Class, the
issuance of Interests, other equity interests in the Company or other Company securities associated with such Class, and the admission of any Person as a Member which has received Interests or other equity interests of any such Class, in accordance
with Sections 8.1 and 9.8. 
 Section 4.5      Fund
Contributions.  Any Member may make an indirect investment in a Fund by means of a Capital Contribution to the Company which shall thereafter be invested in such Fund as directed by such Member (a “Fund Contribution”).
In the event that any Member is entitled to receive a distribution from the Company pursuant to Section 4.10(a), such Member shall have the right, by written notice to the Managing Member, to treat such distribution due to such Member as a Fund
Contribution, in which case such distribution shall remain in or be contributed to the applicable Fund. 

Section 4.6      Capital Accounts; Subaccounts. 

    (a)       There shall be established for each Member on the
books of the Company a capital account which shall be maintained in accordance with the provisions of Treasury Regulation §§ 1.704-1(b), 1.704-2 and 1.704-3 (the “Capital Account”). The foregoing provisions and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with these Treasury Regulations and shall be interpreted and applied in a manner consistent with such Treasury

  
 23 

 
Regulations. The Capital Account balance of each Non-Managing Member as of the date hereof shall be as set forth on Schedule 1. The Capital Account balance of the Managing Member as of the
date hereof shall be zero. 
     (b)       In the event
that any Member makes a Fund Contribution, the Managing Member shall establish on the books of the Company a separate subaccount with respect to such Member’s Capital Account (each such subaccount, a “Fund Capital Account”).
The initial Fund Capital Account balance of each Member shall be an amount equal to the Fund Contributions made by such Member, through its investment in the Company, to such Fund. The Fund Capital Account balance shall be adjusted to reflect any
subsequent allocations of Capital Net Income (Loss) pursuant to Section 4.7(d) and any distributions made to such Member from such Member’s Fund Capital Account pursuant to Section 4.10(d). The Fund Capital Account balance of each
Non-Managing Member as of the date hereof shall be as set forth on Schedule 1. The Fund Capital Account balance of the Managing Member as of the date hereof shall be zero. 

Section 4.7      Allocations in General.  The Company’s income
or loss for any Fiscal Period shall be allocated to the Capital Accounts of the Members as provided in this Section 4.7 (but subject to Section 4.8). 
     (a)       Allocations of Fund Allocation Net Income.  Fund Allocation Net Income for each Fiscal Period shall be allocated among
the Members as follows (subject to the last paragraph of this Section 4.7(a) and, with respect to the Fiscal Period which includes the Closing Date, subject to Section 4.7(e) below): 

  (i)       The portion of such Fund Allocation Net Income
that is derived from the Composite Tranche AUM shall be allocated (x) 30% to Aveon, and (y) 70% to the Non-Managing Members (other than VAM) in proportion to their respective Non-Managing Member Sharing Ratios; and 

  (ii)       The remaining Fund Allocation Net Income (such
remaining Fund Allocation Net Income, the “Non-Composite Allocation Income”) shall be allocated as follows: 
     (x)       Aveon shall be allocated an amount equal to 30% of the product of (A) the Non-Composite Allocation Income, multiplied by
(B) a fraction, (1) the numerator of which is the Non-Composite Tranche AUM, and (2) the denominator of which is the AUM less the Composite Tranche AUM and less any AUM from which the Company derives no or a de minimis incentive
allocation; and 
     (y)       the
Non-Managing Members (other than VAM) shall be allocated the remaining amount of Non-Composite Allocation Income in proportion to their respective Non-Managing Member Sharing Ratios. 

  
 24 

 The provisions of this Section 4.7(a) are illustrated by the example set forth on
Schedule 2 attached hereto. 
 Notwithstanding anything to the contrary in this Section 4.7(a), until such time as
the Aveon AUM included in definition of the “10 Subtranche” is contributed directly or through the Company to the Funds in accordance with the terms of the Purchase Agreement, for purposes of the allocation of Fund Allocation Net Income
pursuant to this Section 4.7(a), (1) it shall be assumed that an additional $10,000,000 of AUM has been contributed to the Funds on the first day of the month following the Closing Date and such additional AUM is part of the Non-Composite
Tranche AUM, and (2) allocations of Fund Allocation Net Income shall be made as follows: (A) the amount of Non-Composite Allocation Income allocated to the Non-Managing Members (other than VAM) pursuant to Section 4.7(a)(ii) above
shall be determined using the assumptions described in clause (1) above (i.e., assuming that $10,000,000 of AUM has been contributed to the Funds and such AUM generated additional Non-Composite Allocation Income as if such $10,000,000 of
AUM was part of the Non-Composite Tranche AUM during each applicable Fiscal Period) and (B) the amount of Fund Allocation Net Income otherwise allocable to Aveon pursuant to this Section 4.7 (without giving effect to this paragraph of this
Section 4.7(a)) shall be reduced by the additional amount of Fund Allocation Net Income allocated to the Non-Managing Members (other than VAM) as a result of the assumptions in clause (1) above. 

    (b)       Allocations of Other Net Income and Other Net
Losses.  Subject to Section 4.7(d), the Company’s Other Net Income and Other Net Losses shall be allocated one hundred percent (100%) to the Non-Managing Members (other than VAM) in proportion to their respective
Non-Managing Member Sharing Ratios. 

    (c)       Allocations of Capital Net Income and Capital
Net Losses.  Any Capital Net Income or Capital Net Loss allocated by any Fund to the Company for each Fiscal Period shall be allocated to the Fund Capital Accounts of the applicable Members who contributed the associated Fund
Contributions as if such Members were direct investors in the applicable Fund and in accordance with the Governing and Offering Documents of the applicable Fund. 

    (d)       Allocation of Certain Company
Expenses.      Notwithstanding anything to the contrary in this Section 4.7, in the event that and to the extent that (i) any state, local or other income tax is imposed on the Company as an entity
(including the New York “unincorporated business tax,” if any) with respect to any Fiscal Year, any such taxes shall be allocated to the Capital Accounts of the Members in the same manner as the income to which the taxes relate was
allocated to the Members (and any credits for such taxes shall be allocated to the Members in the same manner), or (ii) the Company incurs during any Fiscal Period any expenses other than expenses borne by the Managing Member (as provided in
Section 4.12), each such Company expense described in clause (ii) above shall be allocated to the Capital Accounts of Aveon and the Non-Managing Members (other than VAM) in the same proportions as the Non-Composite Allocation Income for
such Fiscal Period is allocated to Aveon and such Non-Managing Members pursuant to Section 4.7(a). 

  
 25 

    (e)       Allocation of Fund Allocation Net Income for the
First Fiscal Period.  Notwithstanding anything to the contrary in the definition of “Fund Allocation Net Income” and Section 4.7(a) above, the Managing Member and each Non-Managing Member agree that Fund Allocation Net
Income for any period that includes the Closing Date shall be allocated between the pre-Closing Date period (and such Fund Allocation Net Income shall be allocated solely to the Non-Managing Members other than VAM) and the period beginning on the
date immediately after the Closing Date (and such Fund Allocation Net Income shall be allocated to Aveon and the Non-Managing Members other than VAM in accordance with Section 4.7(a) above) as follows: (i) it shall be assumed that the
applicable fiscal period of the Company and each Fund closed on the Closing Date, (ii) any incentive allocation accrued in respect of the Funds as of the Closing Date (whether or not actually allocated by the Funds to the Company as of the
Closing Date) shall be allocated to (and treated as part of the income allocable to) the pre-Closing Date period and shall be allocated solely to the Non-Managing Members other than VAM, and (iii) the amount of Fund Allocation Net Income
allocable pursuant to Section 4.7(a) above shall be equal to the total incentive allocation for the Funds’ allocation period that includes the Closing Date less the incentive allocation amount allocated to the pre-Closing Date period
pursuant to clause (ii) above. 
 Section 4.8      Special
Allocations. 
     (a)       Notwithstanding any
provision of Sections 4.7 to the contrary, no allocation of Company losses shall be made to a Member if it would cause the Member to have an Adjusted Capital Account Deficit. Allocations of Company losses that would be made to a Member but for this
Section 4.8(a) shall instead be made to other Members pursuant to Section 4.7 to the extent not inconsistent with this Section 4.8(a). 
     (b)       Notwithstanding anything herein to the contrary, in the event any Member unexpectedly receives any adjustments, allocations or
distributions described in paragraphs (b)(2)(ii)(d)(4), (5) or (6) of Treasury Regulations Section 1.704-1, there shall be specially allocated to such Member such items of Company income and gain, at such times and in such amounts as
will eliminate as quickly as possible that portion of any deficit in its Capital Account caused or increased by such adjustments, allocations or distributions. 

    (c)       Notwithstanding any other provision of this Article
IV, if there is a net decrease in Company minimum gain or Member nonrecourse debt minimum gain (determined in accordance with the principles of Treasury Regulation Sections 1.704-2(d) and 1.704-2(i)) during any Company taxable year, the Members
shall be allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulation Sections
1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulation Section 1.704-2(f). This paragraph (c) is intended to comply with the minimum gain chargeback requirements in such
Treasury Regulations and shall be interpreted consistently therewith, including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulation Sections 1.704-2(f) and 1.704-2(i)(4). 

  
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     (d)       To the
extent permitted by the Code and the Treasury Regulations thereunder, any special allocations of items of income or gain pursuant to Section 4.8(a), Section 4.8(b) or Section 4.8(c) shall be taken into account in computing subsequent
allocations of Company income or loss pursuant to Section 4.7 so that the net amount allocated to the Members pursuant to this Section 4.8 shall, to the extent possible, be equal to the net amounts that would have been allocated to each
such Member pursuant to the provisions of Section 4.7 if the allocations pursuant to Section 4.8(a), Section 4.8(b) and Section 4.8(c) had not occurred. 

    (e)       If any Interest in the Company is Transferred or
otherwise adjusted during any Fiscal Period in compliance with the provisions of this Agreement, each item of income, gain, loss, expense, deduction and credit and all other items attributable to such Interest for such period shall be divided and
allocated between the transferor Member and the transferee Member by taking into account their varying Interests during such period in accordance with Section 706(d) of the Code, using any conventions permitted by law and approved by the
affected Members. All distributions on or before the date of such Transfer shall be made to the transferor Member, and all distributions thereafter shall be made to the transferee Member. 

    (f)       To the extent an adjustment to the adjusted tax
basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of that
adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset), and such gain or loss shall be specially allocated to the
Members in the manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to that Treasury Regulation. 
 Section 4.9      Allocation for Income Tax Purposes.  For income tax purposes, each item of income, gain, loss and deduction of the Company shall be
allocated among the Members in any manner, as reasonably determined by the Managing Member that reflects equitably amounts credited or debited to each Member’s Capital Account pursuant to Section 4.7 and Section 4.8 for the current
and prior Fiscal Periods. These allocations shall be made pursuant to the general principles of Sections 704(b) and 704(c) of the Code and in accordance with any temporary or final regulations adopted thereunder. 

Section 4.10      Distributions. 

    (a)       Subject to Section 4.10(b), the Company shall
make distributions to the Members within five (5) Business Days after the Company receives any cash (or, if applicable, any other property) from any of the Funds. Subject to Section 4.10(b), distributions of cash or other property shall be
made to the Members in a manner that reflects the allocation of Other Net Income and Fund Allocation Net Income to the Capital Account of the Members as set forth in Section 4.7. 

  
 27 

 (b)       To the extent that the Company
receives a distribution from a Fund on account of any Fund Contribution by a Member, such amounts shall be credited to the Fund Capital Account of such Member (as required by Section 4.7(d)) and such amount shall be distributed by the Company
to such Member within five (5) Business Days after the Company receives such distribution. Each Member who has made a Fund Contribution to the Company shall have the right, in its sole discretion and at any time, to require the Company by
written notice to the Company to redeem all or any portion of the Company’s investment on behalf of such Member in the applicable Fund in accordance with the Governing and Offering Documents of the applicable Fund as if such Member were a
direct investor in such Fund. Upon such notice by a Member, the Managing Member shall cause the Company to take all steps necessary to effectuate such redemption by the Company and distribute the proceeds received by the Company from the Fund to
such Member. 
 (c)       No Member shall have the right to receive other
property indirectly held through the Company; provided, however, that any Non-Managing Member shall have the right to request that any allocation to such Non-Managing Member pursuant to Section 4.7(c) be distributed in-kind by the
Company and, upon such a request, the Managing Member shall cause the Company to distribute the applicable property in-kind to such Non-Managing Member. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not
be required to make a distribution hereunder if such distribution would violate the Act or any other applicable law. 
 Section 4.11    Withholding. 

(a)       Each Member shall furnish the Company with such information, forms and
certifications as it may require and as are necessary to comply with the regulations governing the obligations of withholding tax agents. Each Member represents and warrants that any such information and forms furnished by him shall be true and
accurate. Each Member agrees to pay, and to indemnify the Company and the other Members from, any and all damages, costs and expenses (including any liability for any taxes of any type whatsoever, penalties, additions to tax or interest) in respect
of income of (including such Member’s share of Company income) or distributions, transfers or payments to such Member. To the extent the indemnifying Member is otherwise entitled to distributions from the Company, such damages, costs and
expenses may be paid by the Company out of amounts that would otherwise be distributed to such Member. For purposes of this Agreement any such payment shall be deemed to be a distribution to such Member (and in the case of any such tax that is
imposed upon the Company, the Member shall be deemed to have recontributed such amount to the Company). In all other events, such Member shall make such payment directly from its own funds. 

(b)       To the extent the Company is required by law to withhold or to make tax
payments (including back-up withholding) on behalf of or with respect to any Member (“Withholding Tax Advances”), the Managing Member may cause the Company to withhold such amounts and make such tax payments as are required. All
Withholding Tax Advances made on behalf of a Member, per annum, shall (i) be promptly paid, or be 

  
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repaid by reducing the amount of any current distribution that would otherwise have been made to such Member, but if distributions for the Fiscal Year were not sufficient for that purpose, any
such shortfall shall be paid to the Company by the Member on whose behalf such Withholding Tax Advances were made (such payment not to constitute a Capital Contribution to the Company) and if not paid promptly following request to do so, shall bear
interest at prime plus 2%. Whenever repayment of a Withholding Tax Advance is made by a Member as described in clause (ii) above, for all other purposes of this Agreement such Member shall be treated as having received the full amount of all
distributions that would otherwise have been made to such Member, unreduced by the amount of such Withholding Tax Advance and any interest thereon. 
 Section 4.12      Expenses.  Notwithstanding anything to the contrary in Article III or Article IV, (i) expenses incurred in the preparation of
reports to the Members, legal, accounting and other professional fees and expenses, if any, of the Company expenses shall be borne by VAM, and (ii) the Managing Member shall be directly responsible for paying all other costs and expenses
incurred in connection with the general operation of the Company. 

Section 4.13      Profits Interest.  It is the intention of the
parties to this Agreement that distributions and allocations to any holder of an interest designated by the Managing Member, upon the unanimous consent of the Members, as a “profits interest” shall be limited to the extent necessary so
that each such interest constitutes a Profits Interest. In furtherance of the foregoing, and notwithstanding anything to the contrary in this Agreement, the Managing Member shall, if necessary, limit distributions and allocations to any holder of
such an interest so that such distributions and allocations do not exceed the available profits in respect of such holder’s related Profits Interest. If any Member’s distributions and allocations are reduced pursuant to the preceding
sentence, an amount equal to such excess distributions and allocations shall be treated as instead apportioned to the other Members in accordance with the terms of Section 4.7, and the Managing Member shall make adjustments to future
distributions and allocations to the Members as promptly as practicable so that the Members are distributed and allocated on a cumulative basis the amount to which they would have been entitled if this Section 4.13 had not been in effect;
provided, that any future distributions and allocations pursuant to this sentence shall continue to be further subject to the provisions of this Section 4.13. 
 ARTICLE V 
 Books and Reports; Tax Matters 

Section 5.1      General Accounting Matters. 

    (a)       The Fund Allocation Net Income and the Other Net
Income (Loss) shall be reasonably determined at the end of each Fiscal Period and shall be allocated as described in Article IV. The books and records pertaining to the Company’s business shall show all of its assets and liabilities, receipts
and disbursements, the Fund Allocation Net Income and the Other Net Income (Loss), Members’ Capital Accounts and Fund Capital Accounts, and all transactions entered into by the Company. Such books and records of the Company shall be kept by the
Company at its principal office. The 

  
 29 

 
Company’s books of account shall be maintained in United States dollars and kept on the accrual method of accounting and otherwise in accordance with United States generally accepted
accounting principles consistently applied. 

    (b)      As promptly as possible after the close of each Fiscal
Year of the Company, the Tax Matters Partner shall cause an examination of the financial statements of the Company as of the end of each such Fiscal Year to be made in accordance with United States generally accepted auditing standards as in effect
on the date thereof, by the firm of certified public accountants which serves in such capacity for the Funds. As soon as is practicable after the close of each Fiscal Year, but, in any event, no later than 90 days following the end of each such
Fiscal Year, a copy of the financial statements of the Company, including the report of such certified public accountants, shall be furnished to each Member and shall include, as of the end of such Fiscal Year: 

  (i)      a balance sheet of the Company as of the end of such
period; and 
   (ii)     a statement of income or loss and a
statement of Members’ capital. 
     (c)      The
Managing Member or its designee shall use reasonable efforts to cause to be sent to each Person who was a Member at any time during the Fiscal Year then ended, within ninety (90) days after the end of each Fiscal Year, the tax information
concerning the Company which is necessary to prepare such Person’s federal, state, local and non-U.S. income tax returns based upon such Person’s status as a Member. In addition, each Person that was a Member at any time during a Fiscal
Year shall be supplied with such other information as such Person may reasonably request for the purpose of applying for a credit for withholding taxes and a statement as to such Member’s Capital Account as at the close of such Fiscal Year.

 Section 5.2      Fiscal Year.    The fiscal
year of the Company (the “Fiscal Year”) shall be the same as its taxable year, as determined pursuant to Section 706 of the Code. 
 Section 5.3      Certain Tax Matters. 
     (a)      The Managing Member or its designee shall prepare or cause to be prepared all federal, state and local, as well as non-U.S., if any, tax
returns of the Company for each year for which such returns are required to be filed and shall file or cause such returns to be timely filed. VAM shall reasonably determine the appropriate treatment of each item of income, gain, loss, deduction and
credit of the Company and the accounting methods and conventions under the tax laws of the United States, the several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the
preparation of such tax returns. 
     (b)      VAM, for so
long as it is a Member, shall act as the “tax matters partner” for purposes of Section 6231(a)(7) of the Code (the “Tax Matters Member”). The Tax Matters Member shall have all of the rights, duties, powers and
obligations provided for in Sections 6221 through 6232 of the Code. Each Member agrees that it will 

  
 30 

 
take no position on its individual tax returns inconsistent with the positions taken on the Company’s tax returns prepared in compliance with this Agreement. Neither the Tax Matters Member
nor the Managing Member, as to tax returns or tax matters, will take any action which is reasonably expected to have a disproportionate material adverse effect on one or more of the Members unless such action is approved by such adversely affected
Members in writing (and such approval shall not be unreasonably withheld); provided that the Tax Matters Member may take any action which is required in accordance with written advice from qualified counsel (which advice and counsel shall be
reasonably satisfactory to all of the Members). The Tax Matters Member will be responsible for notifying all Members of ongoing proceedings, both administrative and judicial, and will represent the Company throughout any such proceeding. The Members
will furnish the Tax Matters Member with such information as it may reasonably request to provide the Internal Revenue Service with sufficient information to allow proper notice to the Members. The Tax Matters Member will not bind any other Member
to any extension of the statute of limitations or to a settlement agreement without such Member’s written consent, which consent shall not be unreasonably withheld, delayed or conditioned. The Company shall pay and be responsible for all
reasonable third-party costs incurred by the Tax Matters Member in performing those duties and any costs and expenses incurred by the Tax Matters Member in connection with an audit of a Company income tax return. Each Member shall be responsible for
any costs incurred by such Member with respect to any tax audit or tax-related administrative or judicial proceeding against such Member, even though it relates to the Company. 

Section 5.4      Section 754 Election.    The Company
shall make an election described in Section 754 of the Code for the taxable year in which the transactions contemplated by the Purchase Agreement occur and if such election has been made by the Company for any prior year, such election shall
not be revoked. 
 Section 5.5      Inspection
Rights.    Each Member shall have the right to examine and make copies of the Company’s books and records during normal business hours at the principal place of business of the Company, and following at least five
days’ prior written notice to the Managing Member, which notice shall set forth the purpose of such Member’s request (which purpose must be reasonably related to such Member’s Interest). Each Member shall bear all expenses incurred in
any examination made on behalf of such Member. 
 ARTICLE VI 

DISSOLUTION 
 Section 6.1      Dissolution.    The Company shall be dissolved and its affairs wound up (i) upon a determination by the Managing Member
to dissolve the Company at any time, (ii) if at any time there are no Members of the Company and the business of the Company is not continued in accordance with the Act, or (iii) upon the entry of a decree of judicial dissolution under
Section 18-802 of the Act. The death, retirement, dissolution, resignation, expulsion or bankruptcy of any Member shall not cause the dissolution of the Company, and following any such event the remaining Members shall have the right to
continue the business of the Company. 

  
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Section 6.2      Winding-up.    When the Company is
dissolved, the business and property of the Company shall be wound up and liquidated by the Managing Member. The Managing Member shall use its reasonable best efforts to reduce to cash and cash equivalent items such assets of the Company as the
Managing Member shall deem it advisable to sell and to obtain fair value for such assets (taking into account applicable tax and other legal considerations) giving the Non-Managing Members the right of first refusal for the purchase of such assets.

 Section 6.3      Final Distribution.    Within
120 calendar days after the effective date of dissolution of the Company, the assets of the Company shall be distributed in the following manner and order: 
     (a)      to the payment of the expenses of the winding-up, liquidation and dissolution of the Company; 

    (b)      to pay all creditors of the Company, other than Members,
either by the payment thereof or the making of reasonable provision therefor; 

    (c)      to establish reserves, in reasonable amounts established
by the Managing Member, to meet other liabilities of the Company (other than to the Members in respect of distributions owing to them hereunder); 
     (d)      to pay, in accordance with the terms agreed among them and otherwise on a pro rata basis, all creditors of the Company that are
Members, either by the payment thereof or the making of reasonable provision therefor; and 

    (e)      to the Members in accordance with the positive balances
in their Capital Accounts, after taking into account any allocations under Section 4.7, Section 4.8 and Section 4.12 for all periods ending on or before the time of such dissolution. 

For purposes of the application of this Section 6.3 and determining Capital Accounts on liquidation, all unrealized gains, losses
and accrued income and deductions of the Company shall be treated as realized and recognized immediately before the date of such distribution. 
 Section 6.4      No Obligation to Restore Capital Accounts.    Except as otherwise required by law, no Member whose Capital Account balance is
a negative or deficit amount (either during the existence of the Company or upon liquidation) shall have any obligation to return any amounts previously distributed to such Member or to contribute cash or other assets to the Company to restore or
make up the deficit in such Member’s impaired Capital Account. 

  
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 ARTICLE VII 
 TRANSFER OF MEMBERS’ INTERESTS 

Section 7.1      Transfer of Members’ Interests. 

    (a)      The Managing Member may not, directly or indirectly,
Transfer the Managing Member’s Interest in the Company without the prior written consent of VAM, which may be given or withheld in its sole discretion for any reason or no reason; provided that the Managing Member shall have the right to
Transfer all or any portion of its Interest in the Company to one or more of its Permitted Transferees upon 10 days’ prior written notice to VAM. 
     (b)      Any Non-Managing Member other than VAM may, at any time and from time to time, upon fifteen (15) days’ prior notice to the Managing
Member, Transfer all or any portion of such Non-Managing Member’s Interest and/or any portion thereof to any Person (other than a Person who is statutorily disqualified, for the purposes hereof, as described in Section 203(e) of the
Investment Advisers Act of 1940, as amended) with or without any reason, without the consent of the Managing Member and any transferee or assignee of any such Transfer shall automatically be admitted as a substitute Member, without any action
required on the part of such transferee or assignee or the Managing Member. 

    (c)      Any Non-Managing Member may, at any time and from time to
time, transfer or assign all or any portion of such Non-Managing Member’s interest in any Fund (including, for the avoidance of doubt, any interest in a Fund held through the Company and reflected by a Fund Contribution), and, in the event of
such a transfer or assignment, the Managing Member shall cause the Company to consent, to the extent such consent is required, to such transfer or assignment. 
     (d)      Unless (i) the Transfer of an Interest is described in the proviso of Section 7.1(a) or in Section 7.1(b), or (ii) the
transferee of any Transfer of all or any part of a Member’s Interest in the Company (such transferee, an “Assignee”) is admitted as a substitute Member in accordance with Section 7.2(b), a Transfer by a Member of all or
any part of such Member’s Interest in the Company shall not release such Member from any of such Member’s obligations or liabilities (including such Member’s obligations to make capital contributions hereunder, if any, and such
Member’s share of any liability therefor), or limit the Company’s rights with respect to such Member, of any nature whatsoever arising under this Agreement, and such Assignee shall be entitled only to allocations and distributions with
respect to its Interest and shall have no right to vote such Interest, to participate in the management of the Company or to any accounting or information concerning the affairs of the Company and shall not have any of the other rights of a Member
under this Agreement. 

  
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 Section 7.2      Other Transfer
Provisions. 
     (a)      To the fullest extent
permitted by law, any purported Transfer by a Member of all or any part of its Interest in the Company in violation of this Article VII shall be null and void and of no force or effect. 

    (b)      Subject to Section 7.1(b), upon a Member’s
Transfer of all or any part of such Member’s Interest in the Company to any Person (the “Assignee”) pursuant to this Article VII, such Assignee shall be admitted as a substitute Member in lieu of such transferor Member only
with the prior written consent of the Managing Member which consent may be given or withheld in its sole and absolute discretion. No Transfer shall be permitted or be recognized if such Transfer would cause the Company (i) to be treated as a
“publicly traded partnership” within the meaning of Section 7704 of the Code and the Treasury Regulations promulgated thereunder or (ii) to be treated as an “investment company” within the meaning of the U.S. Investment
Company Act of 1940, as amended. 
 ARTICLE VIII 
 ADDITIONAL MEMBERS; WITHDRAWAL OF MEMBERS 

Section 8.1      Admission of Additional Members. 

    (a)      The Managing Member may admit additional Members to the
Company from time to time with such rights, obligations and duties as determined by the Managing Member. Upon the admission of any additional Member, such Member shall make such Capital Contributions, if any, and shall be entitled to such
allocations of Company income or loss as are so determined. 

    (b)      Concurrently with the admission of any substitute or
additional Member, the Members shall forthwith cause any necessary papers to be filed and recorded and notice to be given wherever and to the extent required showing the substitution of such transferee as a substitute Member in place of the
transferor Member, or the admission of an additional Member. The admission of any Person as a substitute or additional Member shall be conditioned upon such Person’s written acceptance and adoption of all the terms and provisions of this
Agreement. 
 Section 8.2      Withdrawals by Members. Except as
otherwise required by this Article VIII, no Member shall be required to withdraw from the Company. Except as otherwise permitted by this Article VIII, no Member shall have the right or power to voluntarily withdraw from the Company. Any attempted
voluntary withdrawal by a Member shall be void ab initio and of no force or effect, and any Member who shall attempt to voluntarily withdraw shall be in intentional material breach of this Agreement. In any event, no Member who shall voluntarily
withdraw shall be entitled to receive, in liquidation of its Interest, pursuant to the Act or otherwise, the fair value of the its Interest as of the date of any voluntary withdrawal. If a Member withdraws as a Member in accordance with
Section 8.3, 8.4 or 8.5 below, the terms of Section 8.6 shall apply. 

Section 8.3      Withdrawal Rights and Obligations if IMA, Admission Letter or
Viridian Partners II Admission Letter is Terminated. In the event that, after the date 

  
 34 

 
hereof, the Admission Letter, the Viridian Partners II Admission Letter or any IMA (each a “Material Agreement”) then in effect between any of the Funds (or the Aveon Funds), the
Company, Viridian Partners II, LLC and/or VAM, as applicable, is terminated for any reason, the following provisions shall apply: 
     (a)      If a Material Agreement is terminated by the Managing Member, the Viridian Partners II Managing Member or a Fund for any reason, each
Non-Managing Member shall have the right to immediately withdraw as a Member by written notice to the Managing Member and the effective date of such withdrawal shall be the date such written notice is provided to the Managing Member. Upon such
voluntary withdrawal by a Non-Managing Member, such Non-Managing Member shall be entitled to receive an amount, calculated on the effective date of withdrawal, equal to the balance of its Capital Account. 

    (b)      If a Material Agreement is terminated by the Managing
Member, the Viridian Partners II Managing Member or a Fund for IMA Cause, the Company shall have the right to require all, but not less than all, of the Non-Managing Members to immediately withdraw as Members by providing written notice to each
Non-Managing Member within ten (10) days after the effective date of such Material Agreement’s termination and the effective date of such withdrawal shall be the date such written notice is provided to each such Non-Managing Member. Upon
such required withdrawal by the Non-Managing Members, each Non-Managing Member shall be entitled to receive an amount, calculated on the effective date of withdrawal, equal to the balance of its Capital Account. 

    (c)      If a Material Agreement is terminated by the Managing
Member, the Viridian Partners II Managing Member or a Fund without IMA Cause, the Company shall have the right to require VAM to immediately withdraw as a Member by providing written notice to the VAM within ten (10) days after the effective
date of such Material Agreement’s termination and the effective date of such withdrawal shall be the date such written notice is provided to VAM. Upon such required withdrawal by VAM, VAM shall be entitled to receive an amount, calculated on
the effective date of withdrawal, equal to the balance of its Capital Account. 

Section 8.4      Effect of a Release Event. 

    (a)      If a Release Event (other than the Release Event
described in clause (d) of the definition thereof) shall have occurred and written notice has been provided to Aveon thereof by VAM, Aveon shall be automatically removed as the Managing Member. Any such removal of Aveon as the Managing Member
shall be effective upon delivery of written notice of such action to Aveon and the Members. In the case of any Release Event, VAM shall have the right to appoint the successor Managing Member. 

    (b)      Upon the occurrence of a Release Event described in
clause (b), (c) or (f) of the definition of “Release Event”, in addition to being automatically removed as the Managing Member, Aveon shall be deemed to have automatically withdrawn as a

  
 35 

 
Member and shall have no other rights hereunder; provided that Aveon shall have the right to share in Fund Allocation Net Income, which right shall be implemented by way of a contractual
arrangement between the Company and Aveon, which arrangements shall be the same as the economic rights set forth in Section 4.7 as in effect as of the date of occurrence of the Release Event. Any such contractual arrangement may not be amended,
modified or changed, without the consent of Aveon and the Company. For the avoidance of doubt, upon the occurrence of a Release Event other than the events described in clause (b), clause (c) or clause (f) of the definition of
“Release Event,” Aveon shall continue as a Member, but not a Managing Member, and shall continue to have the economic rights set forth in Section 4.7 in its capacity as a Member. 

Section 8.5      Withdrawal of the Non-Managing Members. 

    (a)      If one or more of the events described in the definition
of “Cause” has occurred with respect to a Non-Managing Member, the Managing Member shall have the right to require such Non-Managing Member (but no other Non-Managing Members) to immediately withdraw as a Member by providing written notice
to such Non-Managing Member. The Managing Member shall provide such written notice to such Non-Managing Member within ten (10) days after occurrence of such even described in the definition of “Cause” and the effective date of such
withdrawal shall be the date such written notice is provided to such Non-Managing Member. Upon such required withdrawal of the Non-Managing Member, such Non-Managing Member shall be entitled to receive an amount, calculated on the effective date of
withdrawal, equal to the balance of its Capital Account. 

    (b)      A Non-Managing Member shall be deemed to have withdrawn
as a Member upon such Non-Managing Member’s death, Permanent Disability or the voluntary or involuntary filing for bankruptcy, dissolution or insolvency or foreclosure or any pledge or hypothecation, by operation of law or otherwise, of such
Member’s Interest. Upon such withdrawal of the Non-Managing Member, such Non-Managing Member shall be entitled to receive an amount, calculated on the effective date of withdrawal, equal to the balance of its Capital Account. 

    (c)      If a Non-Managing Member’s employment with or
engagement by VAM is terminated for any reason, the Managing Member or VAM shall have the right to require such Non-Managing Member to immediately withdraw as a Member by providing written notice to such Non-Managing Member with a copy to VAM or the
Managing Member, as the case may be. The Managing Member or VAM shall provide such written notice to such Non-Managing Member within ten (10) days after the effective date of such Non-Managing Member’s termination of employment or
engagement with VAM and the effective date of such withdrawal shall be the date such written notice is provided to the Non-Managing Member. Upon such required withdrawal of such Non-Managing Member, such Non-Managing Member shall be entitled to
receive an amount, calculated on the effective date of withdrawal, equal to the balance of its Capital Account. 

  
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     (d)      If any
Non-Managing Member who is a Majority Seller (as defined in the Purchase Agreement) is terminated without Cause and such Non-Managing Member elects to (i) engage, directly or indirectly, as a principal, employee or for its own account or solely
or jointly with others, in any business sponsoring a fund or account that employs a Same or Similar Strategy (as such term is defined in the Purchase Agreement), or (ii) make any material investment (other than passively owning less than 1% of
the publicly-traded shares of any entity) or give any material financial assistance to, any business sponsoring any fund or account that employs a Same or Similar Strategy, the Managing Member shall have the right to require such Non-Managing Member
to immediately withdraw as a Member by providing written notice to such Non-Managing Member. The effective date of such withdrawal shall be the date such written notice is provided to such Member. Upon such required withdrawal of such Member, such
Member shall be entitled to receive an amount, calculated on the effective date of withdrawal, equal to the balance of his Capital Account. 
     (e)      The Members hereby agree that, upon a Non-Managing Member’s withdrawal pursuant to this Section 8.5, all rights (including the
rights to receive allocations of Company income or loss and distributions from the Company) associated with the Interest of such withdrawn Non-Managing Member shall inure to the benefit of the remaining Non-Managing Members and the Non-Managing
Member Sharing Ratios of such Non-Managing Members (other than VAM) shall be proportionately increased (based on their respective Non-Managing Member Sharing Ratios) to reflect each such Non-Managing Member’s share of the Interest of such
withdrawn Non-Managing Member (and no portion of such right shall inure to the benefit of the Managing Member). For the avoidance of doubt, following the effective date of such Non-Managing Member’s withdrawal, the Managing Member shall have
the same rights under Articles IV and VI as the rights that the Managing Member had under Article IV and VI immediately before such Non-Managing Member’s withdrawal. 

    (f)      The Members hereby agree that, if VAM shall cease to be a
Member for any reason, from and after the date on which VAM ceases to be a Member, any rights of VAM shall automatically succeed to the Non-Managing Members (for so long as they remain Non-Managing Members) and shall be exercisable by a
Majority-in-Interest of the Non-Managing Members. 

Section 8.6      Calculation of Capital Account Balance and Payment; Consequence of
a Member’s Withdrawal.    If a Member withdraws as a Member in accordance with the terms of Section 8.3, 8.4 or 8.5: 
     (a)      The Capital Account balance of such Member shall be determined as of the applicable withdrawal date, (i) assuming for purposes of such
calculation of Capital Account balance that the Fiscal Period, and the applicable fiscal period of each Fund and each Aveon Fund, closed on the effective date of such withdrawal, and (ii) in accordance with the terms of Article IV (but without
regard to any increase or decrease in the Capital Account of such Member resulting from any prior or current revaluation of Company property). 

  
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     (b)      The Company
shall pay the amount due (as determined pursuant to Section 8.3, 8.4 or 8.5) for such Member’s Interest within 60 days after the effective date of such Member’s withdrawal. 

    (c)      From and after the effective date of such Member’s
withdrawal from the Company, except as expressly provided herein, such Member shall become a creditor of the Company and shall have no further rights as a Member with respect to the continued activities of the Company and shall not have any interest
continuing in the Company’s items of income, gain, loss, deduction or credit, distributions or assets after the effective date of withdrawal. For the avoidance of doubt, upon the effective date of the withdrawal of a Member, such Member shall
thereafter cease to be entitled to any allocations of Company income or loss. 

    (d)      The withdrawing Member, or if applicable, the trustee or
legal representative of the withdrawing Member, shall deliver to the Company such instruments of assignment, transfer, release, and evidence of due authorization, execution and delivery, and absence of any liens, security interests or competing
claims, as the Company shall reasonably request. Such withdrawing Member shall execute and deliver such other instruments as shall be reasonably necessary to effectuate such withdrawal. 

ARTICLE IX 

MISCELLANEOUS 
 Section 9.1      Jurisdiction.    Each Member consents to the exclusive jurisdiction of the United States District Court for the Southern
District of New York or New York State Supreme Court located in the New York County for all purposes in connection with any action, claim or proceeding arising out of, under or in connection with this Agreement or the transactions contemplated by
this Agreement. 
 Section 9.2      Governing
Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflicts of law principles. In particular, the Company is formed pursuant to the Act, and
the rights and liabilities of the Members shall be as provided therein, except as herein otherwise expressly provided. 
 Section 9.3      Successors and Assigns.    This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns and, in particular, the estate of a deceased Member shall remain liable for all of such Member’s obligations hereunder to the extent that such obligations are not affected by such Member’s death
under the terms hereof. Nothing in this Agreement is intended, nor shall anything herein be construed, to confer any rights, legal or equitable, in any person other than the Members and their respective legal representatives, heirs, successors and
permitted assigns. 
 Section 9.4      Confidentiality. 

    (a)      Except as set forth herein, by executing this Agreement,
each Member expressly agrees, at all times during the existence of the Company and thereafter 

  
 38 

 
and whether or not at the time a Member of the Company, to maintain the confidentiality of, and not to, without the consent of the Managing Member (or, with respect to the Managing Member,
without the consent of VAM), disclose to any Person, any non-public information (including, for the avoidance of doubt, information disclosed under Section 5.1 hereof) relating to the business, financial results, clients or affairs of the
Company and the Funds, or any of its Affiliates, except (i) to such Member’s professional advisers who are informed of the confidential nature of the information and with respect to which the Member will be responsible for any disclosures
by such persons in violation hereof, (ii) as required for any litigation proceeding or as required by law, by rule or regulation having the force of law, by any regulatory or self-regulatory organization having jurisdiction or by process of
law, or (iii) as is reasonably necessary and appropriate in the course of and in furtherance of the conduct of the business of the Company and the Funds. Without limiting the foregoing and except as otherwise required by applicable law, rule or
regulation having the force of law, or by any regulatory or self-regulatory organization having jurisdiction or by process of law, each Member shall not disclose, publish, or disseminate in any way any information relating to the financial
performance, track record, investment decisions and analysis or any related information of any investment or business of the Company or any of its Affiliates, individually or as a whole, without the express consent of the Managing Member (or, in the
case of the Managing Member, the express consent of VAM or except as provided in Section 9.4(c)). 

    (b)      Notwithstanding anything in this Agreement to the
contrary, each Member (and any representative or other agent thereof) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Company or any transaction undertaken by the Company (including
opinions or other tax analyses that are provided to it relating to such tax treatment and tax structure). However, any such information relating to the tax treatment or tax structure is required to be kept confidential to the extent necessary to
comply with any applicable federal or state securities laws. For this purpose, tax treatment and tax structure shall not include (i) the name of, or any other identifying information regarding, the Company or any of the Funds (or, in each case,
any affiliate thereof), (ii) any specific pricing or performance information or (iii) other nonpublic business or financial information (including the amount of any fees, expense, rates or payments) that is not relevant to an understanding
of the tax treatment or tax structure of the Company or any transaction undertaken by the Company. 

    (c)      Notwithstanding anything in this Agreement to the
contrary, the Company and the Managing Member each agrees that, while VAM is a Member and at all times thereafter, the Company and the Managing Member shall, and shall cause each of the Funds to, (A) not, without the prior written consent of
VAM, directly or indirectly, use, copy or duplicate, or disclose, distribute or otherwise make available to any third party, any VAM Confidential Information; (B) take such protective measures as may be reasonably necessary to preserve the
secrecy of, and interest of VAM in, the VAM Confidential Information, which measures shall be at least as protective of the VAM Confidential Information as the measures the Company and the Managing Member use to protect their own confidential and/or
proprietary information of similar nature; and (C)

  
 39 

 
not, without the prior written consent of VAM, utilize, exploit or convert VAM Confidential Information for its own benefit or gain of any nature whatsoever. As among VAM, the Company, the
Managing Member and the Funds, VAM is and shall remain the exclusive owner of all rights, title and interest in and to the VAM Confidential Information; provided, however, that the Company, the Managing Member and their respective
Affiliates may use and disclose, in connection with their business, the investment track record and other pertinent information related to the performance and operations of the Funds and all other information provided to clients and prospective
clients of the Funds, in each case, as such information is presented by VAM in any private placement prospectus or memorandum or marketing material. Such disclosure shall only be made to recipients who are qualified to receive such information under
applicable law. 

Section 9.5      Notices.    Whenever notice is required or
permitted by this Agreement to be given, such notice shall be in writing (including electronic mail, facsimile or similar writing) and shall be given to any Member at its address or electronic mail address or facsimile number shown in the
Company’s books and records. Each such notice shall be effective (i) if given by electronic mail or facsimile, upon electronic confirmation of receipt and (ii) if given by any other means, when delivered to and receipted for at the
address of such Member, as the case may be, specified as aforesaid. 

Section 9.6      Counterparts.    This Agreement may be
executed in any number of counterparts, all of which together shall constitute a single instrument. 

Section 9.7      Entire Agreement.    This Agreement,
together with the Purchase Agreement, the Viridian Partners II LLC Agreement, the Viridian Partners II Admission Letter, the IMAs and the Admission Letter, embodies the entire agreement and understanding of the parties hereto in respect of the
subject matter contained herein and therein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein, in the Purchase Agreement, the Viridian Partners II
LLC Agreement, the Viridian Partners II Admission Letter or in the Admission Letter. Except as expressly provided herein, in the Purchase Agreement, the Viridian Partners II LLC Agreement, the Viridian Partners II Admission Letter or in the
Admission Letter, this Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. This Agreement does not create any right of employment on the part of any Member and no Member shall have
any right (implied or otherwise) to be paid any amount hereunder except as expressly provided for herein. 

Section 9.8      Amendments.    Any amendment to this
Agreement (including to this Section 9.8) shall require the written consent of the Managing Member and VAM; provided, however, that the Managing Member may, without the written consent of any other Member or any other Person,
amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: (i) the admission, substitution, withdrawal
or removal of Members in accordance with this Agreement; or (ii) a change in the registered agent of the Company or the registered office of the 

  
 40 

 
Company; provided, that the books and records of the Company shall be deemed amended from time to time to reflect the admission of a new Member, the withdrawal of a Member, the adjustment
of the Interests resulting from any forfeiture and reallocation of Interests and the adjustment of the Interests resulting from any Transfer or other disposition of a Interests, in each case that is made in accordance with the provisions hereof.

 Section 9.9      Titles.  Section titles are for
descriptive purposes only and shall not control or alter the meaning of this Agreement as set forth in the text hereof. 
 Section 9.10    Representations, Warranties and Covenants. 
     (a)      Each Member which is not a natural person represents, warrants and covenants to the other Members that such Member is duly formed and validly
existing under the laws of the jurisdiction of its organization with full power and authority to perform its obligations hereunder and that the execution, delivery and performance of this Agreement has been duly authorized by such Member.

     (b)      Each Member who is a natural person
represents, warrants and covenants to the other Members that such Member has the legal capacity to enter into this Agreement and perform such Member’s obligations hereunder. 

    (c)      Each Member represents, warrants and covenants to the
other Members that: 
   (i)      this Agreement has
been duly executed and delivered by such Member and constitutes the valid and legally binding agreement of such Member enforceable in accordance with its terms against such Member subject to the effect of bankruptcy, insolvency, moratorium and other
similar laws relating to creditors’ rights generally, by general equitable principles and by an implied covenant of good faith and fair dealing; 

  (ii)     the execution and delivery of this Agreement by such Member and
the performance of its duties and obligations hereunder do not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of
indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which such Member or any Affiliate is a party or by which it or any of its Affiliates is bound or to which its or any Affiliate’s properties are
subject, or require any authorization or approval under or pursuant to any of the foregoing which has not been obtained, or violate any statute, regulation, law, order, writ, injunction, judgment or decree to which such Member or any Affiliate is
subject; 
   (iii)    such Member is not in default (nor has any
event occurred which with notice, lapse of time, or both, would constitute a default) in the 

  
 41 

 
performance of any obligation, agreement or condition contained in any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other
agreement, or any license, permit, franchise or certificate, to which it is a party or by which it is bound or to which the properties of it are subject, nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or
decree to which it is subject, which default or violation would materially adversely affect such Member’s ability to carry out its obligations under this Agreement; 

  (iv)     there is no litigation, investigation or other proceeding
pending or, to the knowledge of such Member, threatened against such Member as to which there is a reasonable possibility of an adverse determination and which, if adversely determined, would materially adversely affect such Member’s ability to
carry out its obligations under this Agreement; and 

  (v)      no consent, approval or authorization of, or filing,
registration or qualification with, any court or governmental authority on the part of such Member is required for the execution and delivery of this Agreement by such Member and, except as may be required under applicable securities and commodities
laws in connection with the registration of the Company or such Member, the performance of its obligations and duties hereunder. 
     (d)      Following the date of this Agreement, each Member agrees to notify the Company promptly upon becoming aware of a breach in any of such
Member’s representations, warranties and covenants hereunder. 

Section 9.11    Division of Property.    In the event of a property
settlement or separation agreement between a Member and his or her spouse, such Member agrees that he or she shall use his or her best efforts to retain all of his or her Interest in the Company and shall reimburse his or her spouse for any Interest
he or she may have in the Company out of funds, assets or proceeds separate and distinct from his or her Interest in the Company. To the extent that such Member is unable, despite his or her exercise of best efforts, to retain all of his or her
Interest in the Company, such Member shall use its best efforts to assign to his or her spouse only the right to share in profits and losses, to receive distribution or distributions, and to receive allocation of income, gain, loss, deduction or
credit or similar item to which the assigning Member was entitled, to the extent assigned, with the assigning Member remaining entitled to exercise all rights and powers of a Member hereunder; provided that any purported assignment shall be a
Transfer subject to the provisions of Article VII of this Agreement. Notwithstanding the foregoing, if a spouse or former spouse of a Member acquires an Interest in the Company as a Member as a result of any such proposed settlement or separation
agreement, such spouse or former spouse hereby grants an irrevocable power of attorney (which shall be coupled with an interest) to the assigning Member to vote or to give or withhold such approval as such assigning Member shall himself or herself
vote or approve with respect 

  
 42 

 
to such matter and without the necessity of the taking of any action by any such spouse or former spouse, and such spouse or former spouse shall be subject to the removal and withdrawal
provisions set forth in Article VIII. Such power of attorney shall not be affected by the subsequent disability or incapacity of the spouse or former spouse granting such power of attorney. 

Section 9.12    Irreparable Harm.    Each of the Members hereby
agrees that a failure to comply with the provisions of Section 9.4 would cause irreparable harm to the Company and the other Members, and, therefore, the Company and the other Members shall be entitled to an injunction and other equitable
relief in the event of any such failure to comply with the provisions of Section 9.4. 

Section 9.13    Partnership Tax Treatment.  The Members intend for the Company
to be treated as a partnership for federal income tax purposes and no election to the contrary shall be made. 

Section 9.14    Severability.  Each provision of this Agreement shall be
considered severable and if for any reason any provision which is not essential to the effectuation of the basic purposes of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable and contrary to the Act or
existing or future applicable law, such invalidity shall not impair the operation of or affect those provisions of this Agreement which are valid. In that case, this Agreement shall be construed so as to limit any term or provision so as to make it
enforceable or valid within the requirements of any applicable law, and in the event such term or provision cannot be so limited, this Agreement shall be construed to omit such invalid or unenforceable provisions. 

Section 9.15    Survival.    The provisions of Section 9.4,
Section 9.12 and this Section shall survive the expiration or termination of this Agreement. 
 [remainder of page left
intentionally blank] 

  
 43 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first written above. 
  

					
	 MANAGING MEMBER:

	
	 AVEON HOLDINGS II L.P.

		
	 By:
	 	 Aveon Holdings II GP L.P.,

		 	 its General Partner

		
	 By:
	 	 Aveon Holdings II GP Management
L.L.C., its general partner

		
	 By:
	 	 The Aveon Group L.P., its sole member

		
	 By:
	 	 Aveon Management L.L.C., its general
partner

			
	 By:
	 	  
	 	
		 	 Name:

		 	 Title:

	
	 NON- MANAGING MEMBERS:

	
	 VERMILLION ASSET MANAGEMENT, LLC

		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	
	
	  

	 Christopher Nygaard

	
	  

	 Andrew Gilbert

	
	  

	 Christopher Zuech

	
	  

	 David Jelinek

 Signature Page to Limited Liability Company Agreement 

  

	
	  

	 Mark Brockett

	
	  

	 Keith Kline

  
 2 

 EXHIBIT A 
 RESERVED CLIENTS 
 China Investment Corporation 

InvestCorp 

Canada Pension Plan (CPP) 
 Government of Superannuation Fund Authority 
 Abu Dhabi Investment Authority

 Fauchier Partners 
 University Superannuation Scheme Limited 
 GAM 

International Asset Management-IAM 
 Credit Suisse 
 Permal 

Morgan Creek Capital Management 
 3A SA (alts division of SYZ Bank) 
 Pinnacle Asset Management 

Quadrangle Group LLC 
 Persistent Edge 
 Aurora Investment Management 

Titan Advisors 

GAM 
 AXA
Investment Managers 
 RBC Alternative Asset Management Inc. 

Advanced Portfolio Management 
 Jarir Investment 
 Antarctica Asset Management LLC 

Duke 
 Tulane

 Rockefeller 
 Harvard 
 All State 

Guggenheim 

Aksia 

Cliffwater 

Towers Watson 

LCG 
 Annuitas

 Sunsuper 
 International Monetary Fund 
 Partners Capital 

USS 
 University
of Chicago 
 U of California Regents 
 UBS 
 HSBC 
 DGAM 

 Kaust 
 Ohio State 
 Mt. Sinai Hospital 

Blackstone 

Texas Teachers 

Utah PERS 

Mississippi PERS 

North Carolina PERS 

 Schedule 1 

Non-Managing Members (other than VAM), Non-Managing Member Sharing 

Ratios, Capital Accounts and Fund Capital Accounts 
  

							
	Name	  	
Non-Managing

Member Sharing

Ratios
	  	Capital Account*	  	 Fund Capital
 Account*

	 Christopher Nygaard
	  	46.42857%	  	 	  	 
	 Andrew Gilbert
	  	46.42857%	  	 	  	 
	 Christopher Zuech
	  	3.174603%	  	 	  	 
	 David Jelinek
	  	1.322751%	  	 	  	 
	 Mark Brockett
	  	1.322751%	  	 	  	 
	 Keith Kline
	  	1.322751%	  	 	  	 
	 TOTAL
	  	100%	  	 	  	 

 To be completed as of the Closing Date. 

 Schedule 2 

Example under Section 4.7(a) 
 I.       The following assumptions are used for purposes of this example: 

1.        The amount of total AUM is $1,000,000,000 as of the beginning of Fiscal
Period One. 
 2.        The amount of AUM of the Funds included in the
450 Tranche as of the beginning of Fiscal Period One is $450,000,000 (i.e., the 450 Tranche includes the maximum amount of AUM includible in such 450 Tranche). 
 3.        The amount of AUM included in the 50 Tranche as of the beginning of Fiscal Period One is $25,000,000 (i.e., there is only $25,000,000 of New Investment
AUM of the maximum $50,000,000 of New Investment AUM includible in the 50 Tranche). 

4.        The amount of AUM included in the 15 Tranche as of the beginning of
Fiscal Period One is $15,000,000, which includes (i) $5,000,000 of AUM contributed by Aveon to the Company, which was then contributed by the Company directly to one or more Funds, and (ii) $10,000,000 of AUM contributed by an Aveon Fund
directly to one or more of the Funds. 
 5.        The amount of AUM
included in the 135 Tranche as of the beginning of Fiscal Period One is $5,000,000, which was contributed by an Aveon Fund directly to one or more Funds. 
 6.        The Aveon AUM as of the beginning of Fiscal Period One is $20,000,000 and it consists of (i) $15,000,000 of AUM included in the 15 Tranche, and
(ii) $5,000,000 of AUM included in the 135 Tranche. 

7.        The Fund Allocation Net Income generated in Fiscal Period One is
$20,000,000, of which (i) $5,000,000 is derived from the Composite Tranche AUM, and (ii) $15,000,000 is derived from the Non-Composite Tranche AUM. 
 8.        Each Member’s Fund Contribution and Fund Capital Account balance with respect to Fiscal Period One is zero. 

9.        The only sources of Company income for Fiscal Period One is the Fund
Allocation Net Income described above. 
 II.     Total Tranche AUM, Composite Tranche AUM
and Non-Composite Tranche AUM. 

 1.        Total Tranche AUM with
respect to Fiscal Period One is $495,000,000 of AUM which includes: (i) $450,000,000 of the 450 Tranche AUM, (ii) $25,000,000 of the 50 Tranche, (iii) $15,000,000 of the 15 Tranche, and (iv) $5,000,000 of the 135 Tranche.

 2.        Composite Tranche AUM with respect to Fiscal Period One
consists of $15,000,000 of the AUM described in paragraph I, 4(ii) and I, 5 above. 

3.        The Non-Composite Tranche AUM with respect to Fiscal Period One is
$480,000,000. 
 III.    Allocation of Fund Allocation Net Income pursuant to
Section 4.7(a): 
 1.        The $5,000,000 Fund Allocation Net
Income derived from the Composite Tranche AUM will be allocated pursuant to Section 4.7(a)(i) as follows: (i) $1,500,000 to Aveon, and (ii) $3,500,000 to VAM. 

2.        The $15,000,000 Fund Allocation Net Income derived from the
Non-Composite Tranche AUM will be allocated pursuant to Section 4.7(a)(ii) as follows: 

  (a)        Aveon will be allocated 30% of the product of
(A) $15,000,000, multiplied by (B) $480,000,000/($1,000,000,000 minus $15,000,000), or $2,192,893; and 
   (b)        The Non-Managing Members will be allocated $12,807,107 (i.e., $15,000,000 minus $2,192,893).

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