Document:

EX-4.2

 Exhibit 4.2 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

among 
 EXTENDED STAY AMERICA,
INC., 
 ESH HOSPITALITY, INC., 

and 
 THE OTHER PARTIES LISTED
HEREIN 
  
  

Dated: November 18, 2013 
  

 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 1.
	 	 Definitions and Interpretation
	  	 	1	  
		 	(a)	  	 Certain Definitions
	  	 	1	  
		 	(b)	  	 Interpretation
	  	 	7	  
			
	 2.
	 	General; Securities Subject to this Agreement	  	 	8	  
		 	(a)	  	 Grant of Rights
	  	 	8	  
		 	(b)	  	 Registrable Securities
	  	 	8	  
		 	(c)	  	 Holders of Registrable Securities
	  	 	9	  
			
	 3.
	 	Demand Registration	  	 	9	  
		 	(a)	  	 Request for Demand Registration
	  	 	9	  
		 	(b)	  	 Request for Short-Form Registration
	  	 	9	  
		 	(c)	  	 Limitations on Demand and Short-Form Registrations
	  	 	10	  
		 	(d)	  	 Incidental or “Piggy-Back” Rights with Respect to Demand and Short-Form Registrations
	  	 	12	  
		 	(e)	  	 Effective Registration
	  	 	13	  
		 	(f)	  	 Underwriting Procedures
	  	 	13	  
		 	(g)	  	 Selection of Underwriters
	  	 	14	  
			
	 4.
	 	Incidental or “Piggy-Back” Registration	  	 	14	  
		 	(a)	  	 Request for Incidental or “Piggy-Back” Registration
	  	 	14	  
		 	(b)	  	 IPO Sales
	  	 	15	  
			
	5.	 	 Shelf Registration
	  	 	16	  
		 	(a)	  	 Request for Shelf Registration
	  	 	16	  
		 	(b)	  	 Shelf Underwriting Procedures
	  	 	17	  
		 	(c)	  	 Limitations on Shelf Registrations
	  	 	18	  
		 	(d)	  	 Additional Selling Stockholders
	  	 	19	  
		 	(e)	  	 Automatic Shelf Registration
	  	 	19	  
		 	(f)	  	 Shelf Reload
	  	 	20	  
		 	(g)	  	 Not a Demand Registration
	  	 	20	  
			
	 6.
	 	Holdback Agreements	  	 	20	  
		 	(a)	  	 Holder Holdback Agreements
	  	 	20	  
		 	(b)	  	 Company Holdback Agreements
	  	 	21	  
		 	(c)	  	 Additional Holdback Agreements
	  	 	22	  
		 	(d)	  	 Third Party Beneficiaries in Holdback Agreements
	  	 	22	  
			
	 7.
	 	Registration Procedures	  	 	22	  
		 	(a)	  	 Obligations of the Company
	  	 	22	  
		 	(b)	  	 Seller Obligations
	  	 	28	  
		 	(c)	  	 Notice to Discontinue
	  	 	28	  
		 	(d)	  	 Registration Expenses
	  	 	28	  
		 	(e)	  	 Hedging Transactions
	  	 	29	  

  
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	 	 	 	  	 	  	Page	 
			
	8.	 	Indemnification; Contribution	  	 	30	  
		 	(a)	  	Indemnification by the Company	  	 	30	  
		 	(b)	  	Indemnification by Holders	  	 	31	  
		 	(c)	  	Conduct of Indemnification Proceedings	  	 	31	  
		 	(d)	  	Contribution	  	 	32	  
			
	9.	 	Exchange Act Reporting and Rule 144	  	 	33	  
			
	10.	 	Miscellaneous	  	 	33	  
		 	(a)	  	Conversions, Mergers, Recapitalizations, Exchanges, etc.	  	 	33	  
		 	(b)	  	No Inconsistent Agreements	  	 	33	  
		 	(c)	  	Remedies	  	 	34	  
		 	(d)	  	Amendments and Waivers	  	 	34	  
		 	(e)	  	Notices	  	 	34	  
		 	(f)	  	Successors and Assigns; Third Party Beneficiaries	  	 	36	  
		 	(g)	  	Governing Law; Consent To Jurisdiction	  	 	36	  
		 	(h)	  	Waiver of Jury Trial	  	 	37	  
		 	(i)	  	Severability	  	 	37	  
		 	(j)	  	Entire Agreement	  	 	37	  
		 	(k)	  	Further Assurances	  	 	37	  
		 	(l)	  	Other Agreements	  	 	37	  
		 	(m)	  	Counterparts	  	 	38	  
		 	(n)	  	Termination	  	 	38	  
			
	Schedule A	  	Plan of Distribution	  			

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of November 18, 2013 (this “Agreement”), is entered into by and among
Extended Stay America, Inc., a Delaware corporation (“Extended Stay”), ESH Hospitality, Inc., a Delaware corporation (“ESH REIT”), the Centerbridge Parties, the Paulson Parties, the Blackstone Parties (together with
the Centerbridge Parties and the Paulson Parties, the “Investors”) and such other Persons as shall hereafter become parties hereto pursuant to this Agreement. All initially capitalized terms shall have the respective meanings
ascribed to them in Section 1(a) below or elsewhere in this Agreement as specified in that Section. 
 RECITALS 

WHEREAS, the ESH Companies are currently contemplating an underwritten public offering (the “Initial Public Offering”) of
Paired Share Units (defined below); 
 WHEREAS, the Investors or their Affiliates are parties to certain Registration Rights Agreements of
the ESH Companies (the “Pre-IPO Registration Rights Agreements”), which set forth certain rights of the Investors or their Affiliates to have the ESH Companies register the sale of their equity interests in the ESH Companies in
underwritten or other public offerings; and 
 WHEREAS, the Pre-IPO Registration Rights Agreements are to be terminated in connection with
the Initial Public Offering, and the Parties wish to provide the Investors with revised registration rights in this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

1. Definitions and Interpretation. 

(a) Certain Definitions. As used in this Agreement, the following initially capitalized terms shall have the respective meanings
ascribed to them below. 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” means this
Agreement, including all Schedules and Exhibits hereto, each as amended, modified, supplemented or restated from time to time. 

  
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 “Approved Underwriter” has the meaning set forth in Section 3(f). 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405
promulgated under the Securities Act. 
 “Blackstone Holders” means, collectively, the Blackstone Parties and all Persons
to whom any of the Blackstone Parties has Transferred any Registrable Securities and which Persons have received rights hereunder in accordance with Section 10(f). 

“Blackstone Parties” means, collectively, the entities listed on the signature pages hereto under the heading
“Blackstone Parties.” 
 “Board” means the board of directors (or board of managers or similar governing body) of
the Company, as constituted from time to time. 
 “Business Day” means any day other than a Saturday, Sunday or other day
on which commercial banks in the State of New York are authorized or required by law or executive order to close. 
 “Business
Reason” has the meaning set forth in Section 3(c). 
 “Centerbridge Holders” means, collectively, the
Centerbridge Parties and all Persons to whom any of the Centerbridge Parties has Transferred any Registrable Securities and which Persons have received rights hereunder in accordance with Section 10(f). 

“Centerbridge Parties” means, collectively, the entities listed on the signature pages hereto under the heading
“Centerbridge Parties.” 
 “Class B Common Stock” means the shares of Class B common stock of ESH REIT, and any
securities into which such shares of Class B common stock shall have been reclassified, reconstituted, exchanged or substituted (including with respect to any stock split or stock dividend or a successor security). 

“Class B Common Stock Equivalents” means all options, warrants and other securities convertible into or exchangeable or
exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which such securities may be subject), shares of Class B Common Stock. 

“Common Stock” means the shares of common stock of Extended Stay, and any securities into which such shares of common stock
shall have been reclassified, reconstituted, exchanged or substituted (including with respect to any stock split or stock dividend or a successor security). 

“Common Stock Equivalents” means all options, warrants and other securities convertible into, or exchangeable or exercisable
for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which such securities may be subject), shares of Common Stock. 

  
 2 

 “Company” means Extended Stay and/or ESH REIT, as the case may be. 

“Company Underwriter” has the meaning set forth in Section 4(a). 

“Contemporaneous Company Offering” has the meaning set forth in Section 5(b). 

“Demand Initiating Holders” has the meaning set forth in Section 3(a). 

“Demand Registration” has the meaning set forth in Section 3(a). 

“Determination Date” has the meaning set forth in Section 5(e). 

“EDGAR” means the Electronic Data Gathering, Analysis and Retrieval System of the SEC. 

“ESH REIT” has the meaning set forth in the preamble, and includes its successors by merger, acquisition, reorganization,
conversion or otherwise. 
 “Exchange Act” means the Securities Exchange Act of 1934 and the rules and regulations
promulgated thereunder. 
 “Extended Stay” has the meaning set forth in the preamble, and includes its successors by
merger, acquisition, reorganization, conversion or otherwise. 
 “FINRA” means the Financial Industry Regulatory Authority.

 “Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the
Securities Act. 
 “Hedging Counterparty” means a broker-dealer registered under Section 15(b) of the Exchange Act or
an Affiliate thereof. 
 “Hedging Transaction” means any transaction involving a security linked to the Registrable Class
Securities or any security that would be deemed to be a “derivative security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to the Registrable Class Securities or transaction (even if not a security) which
would (were it a security) be considered such a derivative security, or which transfers some or all of the economic risk of ownership of the Registrable Class Securities, including any forward contract, equity swap, put or call, put or call
equivalent position, collar, non-recourse loan, sale of exchangeable security or similar transaction. For the avoidance of doubt, the following transactions shall be deemed to be Hedging Transactions: 

(i) transactions by a Holder in which a Hedging Counterparty engages in short sales of Registrable Class Securities pursuant to a Prospectus
and may use Registrable Securities to close out its short position; 

  
 3 

 (ii) transactions pursuant to which a Holder sells short Registrable Class Securities pursuant
to a Prospectus and delivers Registrable Securities to close out its short position; 
 (iii) transactions by a Holder in which the Holder
delivers, in a transaction exempt from registration under the Securities Act, Registrable Securities to the Hedging Counterparty who will then publicly resell or otherwise transfer such Registrable Securities pursuant to a Prospectus or an exemption
from registration under the Securities Act; and 
 (iv) a loan or pledge of Registrable Securities to a Hedging Counterparty who may then
become a selling stockholder and sell the loaned shares or, in an event of default in the case of a pledge, sell the pledged shares, in each case, in a public transaction pursuant to a Prospectus. 

“Holdback Agreements” has the meaning set forth in Section 6(a). 

“Holdback Period” has the meaning set forth in Section 6(a). 

“Holder” means (a) each of the Centerbridge Holders, the Blackstone Holders and the Paulson Holders, and (b) each
other holder of Registrable Securities who is a party to this Agreement. 
 “Holder Free Writing Prospectus” means each
Free Writing Prospectus prepared by or on behalf of the relevant Holder or used or referred to by such Holder in connection with the offering of Registrable Securities. 

“Holders’ Counsel” has the meaning set forth in Section 7(d)(ii). 

“Incidental Registration” has the meaning set forth in Section 4(a). 

“Indemnified Party” has the meaning set forth in Section 8(c). 

“Indemnifying Party” has the meaning set forth in Section 8(c). 

“Initial Demand Registration Date” means the date following the IPO Effectiveness Date on which the Holders are no longer
subject to any underwriter’s lock-up or similar contractual restriction on the sale of Registrable Securities in connection with the Company’s Initial Public Offering. 

“Initial Public Offering” has the meaning set forth in the preamble. 

“Initiating Holder” has the meaning set forth in Section 3(b). 

“Inspectors” has the meaning set forth in Section 7(a)(ii). 

“Investors” has the meaning set forth in the preamble to this Agreement. 

  
 4 

 “IPO Effectiveness Date” means the date on which the Company consummates its
Initial Public Offering. 
 “Issuer Free Writing Prospectus” means any “issuer free writing prospectus” as
defined in Rule 433 promulgated under the Securities Act. 
 “Liability” has the meaning set forth in Section 8(a).

 “MNPI Reason” has the meaning set forth in Section 3(c)(i). 

“MNPI Reason Suspension Period” has the meaning set forth in Section 3(c)(i). 

“Notice” has the meaning set forth in Section 11(e). 

“Paired Share Units” means the shares of Common Stock together with the shares of Class B Common Stock, which are attached
and trade as a single unit, and any securities into which such paired share units shall have been reclassified, reconstituted, exchanged or substituted (including with respect to any unit split or unit dividend or a successor security). 

“Paired Share Unit Equivalents” means all options, warrants and other securities convertible into, or exchangeable or
exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which such securities may be subject), Paired Share Units. 

“Paulson Holders” means, collectively, the Paulson Parties and all Persons to whom any of the Paulson Parties has Transferred
any Registrable Securities and which Persons have received rights hereunder in accordance with Section 10(f). 
 “Paulson
Parties” means, collectively, the entities listed on the signature pages hereto under the heading “Paulson Parties.” 

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company, limited
liability partnership, partnership, estate, trust, unincorporated organization, government or agency or political subdivision thereof or any other entity, and shall include any successor (by merger or otherwise) of such entity. 

“Pre-IPO Registration Rights Agreement” has the meaning set forth in the preamble to the Agreement. 

“Prospectus” means any “prospectus” as defined in Rule 405 promulgated under the Securities Act. 

“Records” has the meaning set forth in Section 7(a)(x). 

  
 5 

 “Registrable Class Securities” means the Registrable Securities and any other
securities of the Company that are of the same class as the relevant Registrable Securities. 
 “Registrable Securities”
means each of the following: (a) any shares of Common Stock, any shares of Class B Common Stock, or any Paired Share Units owned by the Holders (including any shares of Common Stock, any shares of Class B Common Stock or any Paired Share Units
owned by any of the Holders as a result of, or issuable upon, the conversion, exchange or exercise of Common Stock Equivalents, Class B Common Stock Equivalents or Paired Share Unit Equivalents, as the case may be), (b) any other shares of
Common Stock, any other shares of Class B Common Stock or any other Paired Share Units acquired or owned by any of the Holders prior to the IPO Effectiveness Date, or acquired or owned by any of the Holders after the IPO Effectiveness Date if such
Holder is an Affiliate of the Company and (c) any shares of Common Stock, any shares of Class B Common Stock or any Paired Share Units issued or issuable to any of the Holders with respect to the Registrable Securities by way of stock or unit
dividend or stock or unit split or in connection with a combination of shares or units, recapitalization, merger, consolidation or other reorganization or otherwise and any shares of Common Stock, any shares of Class B Common Stock, and any Paired
Share Units, as the case may be, issuable upon conversion, exercise or exchange thereof; provided that any such Registrable Securities shall cease to be Registrable Securities upon the occurrence of any of the events set forth in
Section 2(b). 
 “Registration Expenses” has the meaning set forth in Section 7(d). 

“Registration Statement” means a registration statement filed pursuant to the Securities Act, including an Automatic Shelf
Registration Statement. 
 “Requested Shelf Registered Securities” has the meaning set forth in Section 5(b). 

“Seasoned Issuer” means an issuer eligible to use Form S-3 or F-3 under the Securities Act for a secondary offering in
reliance on General Instruction I.B.1 to those Forms. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder. 

“Shelf Initiating Holders” has the meaning set forth in Section 5(a). 

“Shelf Registered Securities” means, with respect to a Shelf Registration, any Registrable Securities whose sale is
registered pursuant to the Registration Statement filed in connection with such Shelf Registration. 
 “Shelf Registration”
has the meaning set forth in Section 5(a). 

  
 6 

 “Shelf Requesting Holder” has the meaning set forth in Section 5(b). 

“Short-Form Initiating Holders” has the meaning set forth in Section 3(b). 

“Short-Form Registration” has the meaning set forth in Section 3(b). 

“Transfer” means, with respect to any security, the offer for sale, sale, pledge, transfer or other disposition or
encumbrance (or any transaction or device that is designed to or could be expected to result in the transfer or the disposition by any Person at any time in the future) of such security, and shall include the entering into of any swap, hedge or
other derivatives transaction or other transaction that transfers to another in whole or in part any rights, economic benefits or risks of ownership, including by way of settlement by delivery of such security or other securities in cash or
otherwise. 
 “Transferred”, “Transferring”, “Transferor” and
“Transferee” shall each have a correlative meaning to the term “Transfer.” 
 “underwritten public
offering” of securities means a public offering of such securities registered under the Securities Act in which an underwriter, placement agent or other intermediary participates in the distribution of such securities, including a Hedging
Transaction in which a Hedging Counterparty participates. 
 “Underwritten Shelf Takedown” has the meaning set forth in
Section 5(b). 
 “Valid Business Reason” has the meaning set forth in Section 3(c). 

“Valid Business Reason Suspension Period” has the meaning set forth in Section 3(c)(ii). 

“Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the
Securities Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (ii) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also
eligible to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities Act. 

(b) Interpretation. Unless otherwise noted: 

(i) Any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such
law, and all references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations and forms, as amended, modified or supplemented from time to time or, to the extent replaced, the
comparable successor thereto in effect at the time. 
 (ii) All references to agencies, self-regulatory organizations or governmental
entities in this Agreement shall be deemed to be references to the comparable successor thereto. 

  
 7 

 (iii) All references to agreements and other contractual instruments shall be deemed to be
references to such agreements or other instruments as they may be amended, modified, supplemented or restated from time to time. 
 (iv)
The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and all references herein to subsections,
Articles, Sections, Exhibits, Schedules and Annexes shall be references to subsections, Articles and Sections of, and Exhibits, Schedules and Annexes to, this Agreement, unless the context shall otherwise require. 

(v) The words “including”, “include” and other words of similar import shall be interpreted to mean by way
of example and not limitation, and shall be deemed to be followed by the phrase “without limitation”. 
 (vi) The captions
and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement. 
 (vii)
Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms. 
 (viii) The
word “will” shall be construed to have the same meaning and effect as the word “shall”. 
 (ix) The
parties hereto acknowledge and agree that (A) each party hereto and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision, (B) the rule of construction to the effect that any
ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement and (C) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto, regardless of which party
was generally responsible for the preparation of this Agreement. 
 (x) A capitalized term has the meaning assigned to it. 

2. General; Securities Subject to this Agreement. 

(a) Grant of Rights. The Company hereby grants registration rights to the Holders upon the terms and conditions set forth in this
Agreement. 
 (b) Registrable Securities. For the purposes of this Agreement, Registrable Securities will irrevocably cease to be
Registrable Securities when (i) a Registration Statement covering such Registrable Securities has been declared effective under the Securities Act by the SEC and such Registrable Securities have been disposed of pursuant to such effective
Registration Statement, (ii) such Registrable Securities are sold in a private transaction in which the Transferor’s rights under this Agreement are not assigned to the Transferee of such securities, (iii) the date on which such
Registrable Securities have been disposed of pursuant to Rule 144 or (iv) the date on which such Registrable Securities cease to be outstanding. 

  
 8 

 (c) Holders of Registrable Securities. A Person is deemed to be a holder of Registrable
Securities whenever such Person owns Registrable Securities, or holds an option to purchase, or a security convertible into, or exercisable or exchangeable for, Registrable Securities, whether or not such purchase, conversion, exercise or exchange
has actually been effected. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company may act upon the basis of the instructions, notice or
election received from the registered owner of such Registrable Securities. Registrable Securities issuable upon exercise of an option or upon conversion, exercise or exchange of another security shall be deemed outstanding for the purposes of
this Agreement. 
 3. Demand Registration. 

(a) Request for Demand Registration. Subject to Section 6(a), at any time from and after the Initial Demand Registration Date,
each of the Centerbridge Parties, the Paulson Parties and the Blackstone Parties shall have the right to make a written request to the Company (each requesting Holder, a “Demand Initiating Holder”) to register, and the Company shall
register in accordance with the terms of this Agreement, the sale of the number of Registrable Securities stated in such request under the Securities Act on Form S-1 or any similar long-form registration (a “Demand
Registration”); provided, however, that the Company shall not be obligated to effect: (i) more than two Demand Registrations in the case of each of the Centerbridge Holders, the Paulson Holders and the Blackstone Holders,
(ii) a Demand Registration if the aggregate offering price of the Registrable Securities to be sold in such offering (including piggyback shares and before deduction of any underwriting discounts or commissions) is not reasonably expected to be
at least $200 million, or (iii) during the pendency of an MNPI Reason Suspension Period or a Valid Business Reason Suspension Period. For purposes of the preceding sentence, two or more Registration Statements filed in response to
one request for a Demand Registration shall be counted as one Demand Registration. Each request for a Demand Registration by the Demand Initiating Holders shall state the amount of the Registrable Securities proposed to be sold and the intended
method of disposition thereof. In addition, the Company shall not be obligated to effect any Demand Registration within 180 days after the effective date of a previous Demand Registration or other previous registration in which the Holders of
Registrable Securities were given piggyback rights pursuant to Section 3(d). In addition, the Company shall not be obligated to effect any Demand Registration (or any registration effected pursuant to Section 3(b) or Section 5(a))
during the period starting with the date that is 60 days prior to the Company’s board of directors’ good faith estimate of the date of filing of, and ending on the date that is 90 days after the effective date of, a Company-initiated
registration statement, provided that the Company is actively employing in good faith reasonable best efforts to cause such registration to become effective and the Company has complied with the requirements of Section 4. 

(b) Request for Short-Form Registration. Subject to Section 6(a), so long as the Company is a Seasoned Issuer, each of the
Centerbridge Parties, the Paulson Parties and the Blackstone Parties will have the right (collectively, the “Short-Form Initiating Holders” and, together with the Demand Initiating Holders,

  
 9 

 
the “Initiating Holders”) to make a written request to the Company to register, and the Company shall register in accordance with the terms of this Agreement, the sale of the
number of Registrable Securities stated in such request under the Securities Act on Form S-3 or any similar short-form registration (other than a Shelf Registration) (a “Short-Form Registration”); provided, however,
that the Company shall not be obligated to effect such demand for a Short-Form Registration (i) if the aggregate offering price of the Registrable Securities to be sold in such offering (including piggyback shares and before deduction of any
underwriting discounts or commissions) is not reasonably expected to be at least $100 million or (ii) within 90 days after the effective date of a previous Short-Form Registration or other previous registration in which the Holders of
Registrable Securities were given piggyback rights pursuant to Section 3(d); provided further, however, that the Company shall be obligated to effect such demand for a Short-Form Registration if one of the Short-Form
Initiating Holders proposes to sell all of its remaining Registrable Securities pursuant to such demand. Each request for a Short-Form Registration by the Short-Form Initiating Holders shall state the amount of the Registrable Securities proposed to
be sold and the intended method of disposition thereof. The Short-Form Initiating Holders shall be entitled to an unlimited number of Short-Form Registrations and such registrations shall not be counted as a Demand Registration for the purposes of
this Agreement. 
 (c) Limitations on Demand and Short-Form Registrations. 

(i) If the Board, in its good faith judgment, after consultation with outside counsel, determines that any registration of Registrable
Securities should not be made or continued because it would require disclosure of material non-public information, the disclosure of which would reasonably be expected to materially and adversely affect the Company and would not otherwise be
required to be disclosed under law (an “MNPI Reason”), (x) the Company may postpone filing a Registration Statement relating to a Demand Registration or Short-Form Registration until five Business Days after such MNPI Reason no
longer exists, but in no event for more than 90 days after the date on which the Board determines that an MNPI Reason exists, and (y) in case a Registration Statement has been filed relating to a Demand Registration or Short-Form Registration,
the Company may cause such Registration Statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such Registration Statement, in each case until five Business Days after such MNPI Reason no longer exists,
but in no event for more than 90 days after the date on which the Board determines that a MNPI Reason exists (such period of postponement or withdrawal, an “MNPI Reason Suspension Period”). The Company shall promptly give written
notice to all Holders participating in such registration of Registrable Securities of its determination to postpone, withdraw or postpone amending or supplementing a Registration Statement and of the fact that the MNPI Reason for such postponement
or withdrawal no longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything to the contrary contained in this Section 3(c)(i), the Company shall not be entitled to postpone, withdraw or postpone amending or
supplementing a filing under this Section 3(c)(i) period due to an MNPI Reason more than two times in any 12-month period and in no event shall the aggregate duration of all 

  
 10 

 
MNPI Reason Suspension Periods within a 12-month period exceed 180 days. If the Company gives notice of its determination to postpone, withdraw or postpone amending or supplementing a
Registration Statement pursuant to this Section 3(c)(i), the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement (including, in the case of a Demand Registration, the
period referred to in Section 3(e)) by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 3(c)(i) to and including the date when sellers of such Registrable Securities
under such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by and meeting the requirements of Section 7(a)(x) below. If the Company shall give any notice of withdrawal or postponement
of a Registration Statement, the Company shall, not later than five Business Days after the MNPI Reason that caused such withdrawal or postponement no longer exists (but in no event later than 90 days after the date of the postponement or
withdrawal), use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities covered by the withdrawn or postponed Registration Statement in accordance with this Section 3 (unless the Initiating
Holders shall have withdrawn such request pursuant to the last sentence of this Section 3(c)(i)). In the event of any such MNPI Reason Suspension Period, the Initiating Holders that requested the Demand Registration or Short-Form Registration
that is suspended by the operation of this Section 3(c)(i) shall be entitled to withdraw such request and, if such withdrawal is with respect to a Demand Registration, such Demand Registration shall not count as one of the Demand Registrations
permitted hereunder. 
 (ii) If the Board, in its good faith judgment, after consultation with outside counsel, determines that any
registration of Registrable Securities should not be made or continued because it would materially impede, delay or interfere with, or require premature disclosure of, any material financing, offering, acquisition, corporate reorganization,
merger or segment reclassification or discontinuance of operations or other material transaction or matter involving the Company or any of its subsidiaries or any negotiations, discussions or pending proposals with respect thereto involving the
Company or any of its subsidiaries (a “Valid Business Reason”), (x) the Company may postpone filing a Registration Statement relating to a Demand Registration or Short-Form Registration until five Business Days after such Valid
Business Reason no longer exists, but in no event for more than 60 days after the date on which the Board determines that a Valid Business Reason exists, and (y) in case a Registration Statement has been filed relating to a Demand Registration
or Short-Form Registration, the Company may cause such Registration Statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such Registration Statement, in each case until five Business Days after such
Valid Business Reason no longer exists, but in no event for more than 60 days after the date on which the Board determines that a Valid Business Reason exists (such period of postponement or withdrawal, a “Valid Business Reason Suspension
Period”). The Company shall promptly give written notice to all Holders participating in such registration of Registrable Securities of its determination to postpone, withdraw or postpone amending or supplementing a Registration Statement
and of the fact that the Valid Business Reason 

  
 11 

 
for such postponement or withdrawal no longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything to the contrary contained in this Section 3(c)(ii), the
Company shall not be entitled to postpone, withdraw or postpone amending or supplementing a filing under this Section 3(c)(ii) due to a Valid Business Reason more than one time in any 12-month period. If the Company gives notice of its
determination to postpone, withdraw or postpone amending or supplementing a Registration Statement pursuant to this Section 3(c)(ii), the Company shall extend the period during which such Registration Statement shall be maintained effective
pursuant to this Agreement (including, in the case of a Demand Registration, the period referred to in Section 3(e)) by the number of days during the period from and including the date of the giving of such notice pursuant to this
Section 3(c)(ii) to and including the date when sellers of such Registrable Securities under such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by and meeting the requirements of
Section 7(a)(x) below. If the Company shall give any notice of withdrawal or postponement of a Registration Statement, the Company shall, not later than five Business Days after the Valid Business Reason that caused such withdrawal or
postponement no longer exists (but in no event later than 60 days after the date of the postponement or withdrawal), use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities covered by the
withdrawn or postponed Registration Statement in accordance with this Section 3 (unless the Initiating Holders shall have withdrawn such request pursuant to the last sentence of this Section 3(c)(ii)). In the event of any such Valid
Business Reason Suspension Period, the Initiating Holders that requested the Demand Registration or Short-Form Registration that is suspended by the operation of this Section 3(c)(ii) shall be entitled to withdraw such request and, if such
withdrawal is with respect to a Demand Registration, such Demand Registration shall not count as one of the Demand Registrations permitted hereunder. 

(iii) Notwithstanding the foregoing or anything else contained herein, in no event shall the aggregate duration of all MNPI Reason Suspension
Periods and Valid Business Reason Suspension Periods pursuant to Section 3(c) and/or Section 5(c) within a 12-month period exceed 180 days. 

(d) Incidental or “Piggy-Back” Rights with Respect to Demand and Short-Form Registrations. Each of the Holders (other than
the Initiating Holders who have requested the relevant Demand Registration or Short-Form Registration under Sections 3(a) and 3(b), respectively) may participate in, and offer such Holder’s Registrable Securities under, any such Demand
Registration or Short-Form Registration pursuant to this Section 3(d). The Company shall (i) as promptly as practicable but in no event later than five days after the receipt of a request for a Demand Registration or Short-Form
Registration from any Initiating Holders, give written notice thereof to all such Holders (other than such Initiating Holders), which notice shall specify the number of Registrable Securities subject to the request for a Demand Registration or
Short-Form Registration, whether such request is for a Demand Registration or a Short-Form Registration, the names and notice information of the Initiating Holders and the intended method of disposition of such Registrable Securities and
(ii) subject to Section 3(f), 

  
 12 

 
include in the Registration Statement filed pursuant to such Demand Registration or Short-Form Registration all of the Registrable Securities requested by such Holders for inclusion in such
Registration Statement from whom the Company has received a written request for inclusion therein within 10 days after the receipt by such Holders of such written notice referred to in clause (i) above. Each such request by such Holders shall
specify the number of Registrable Securities proposed to be registered and such Holder shall send a copy of such request to the Initiating Holders. The failure of any Holder to respond within such 10-day period referred to in clause (ii) above
shall be deemed to be a waiver of such Holder’s rights under this Section 3(d) with respect to such Demand Registration or Short-Form Registration. Any Holder may waive its rights under this Section 3(d) prior to the expiration of
such 10-day period by giving written notice to the Company, with a copy to the Initiating Holders. If a Holder sends the Company a written request for inclusion of part or all of such Holder’s Registrable Securities in a registration, such
Holder shall be entitled to withdraw such request by giving written notice to the Company of its intention to withdraw from such registration; provided, however, that such request for withdrawal must be made in writing prior to the
execution of the underwriting agreement with respect to such registration. 
 (e) Effective Registration. A registration shall not
constitute a Demand Registration until the Registration Statement covering the applicable Registrable Securities shall have become effective and remains continuously effective for the lesser of: (A) the period during which all Registrable
Securities registered in the Demand Registration are sold and (B) 180 days (and, if the method of disposition is a firm commitment underwritten public offering, until all such Registrable Securities have been sold pursuant thereto);
provided, however, that a registration shall not constitute a Demand Registration if (x) after such Demand Registration has become effective, such registration or the related offer, sale or distribution of Registrable Securities
thereunder is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency, court or other Person for any reason not attributable to the Initiating Holders and such interference is not
thereafter eliminated or (y) the conditions specified in the underwriting agreement, if any, entered into in connection with such Demand Registration are not satisfied or waived, other than by reason of a failure by the Initiating Holders. 

(f) Underwriting Procedures. If the Initiating Holders holding a majority of the Registrable Securities held by all of the Initiating
Holders so elect, the Company shall use its reasonable best efforts to cause the offering made pursuant to such Demand Registration or Short-Form Registration to be in the form of a firm commitment underwritten public offering, and the managing
underwriter or underwriters for such offering shall be an investment banking firm or firms of national reputation selected to act as the managing underwriter or underwriters of the offering in accordance with Section 3(g) (each, an
“Approved Underwriter”). In connection with any Demand Registration or Short-Form Registration under this Section 3 (including any request pursuant to Section 3(d)) involving an underwritten public offering, none of the
Registrable Securities held by any Holder making a request for inclusion of such Registrable Securities shall be included in such underwritten public offering unless such Holder accepts the terms of the offering as agreed upon by the Company, the
Initiating 

  
 13 

 
Holders and the Approved Underwriter, and then only in such quantity as will not, in the opinion of the Approved Underwriter, jeopardize the success of such offering by the Initiating Holders. If
the Approved Underwriter, in its good faith judgment, advises the Company in writing that the aggregate amount of such Registrable Securities requested to be included in such offering exceeds the number of securities which can be sold in such
offering within a price range acceptable to the holders of a majority of the Registrable Securities requested to be included in such offering, then the Company shall include in such registration only the aggregate amount of Registrable Securities
that the Approved Underwriter believes may be sold and shall reduce the amount of Registrable Securities to be included in such registration and shall include first, the Registrable Securities requested to be included in such underwritten
offering by the Holders (including the Initiating Holders), as a group, pro rata, based on the number of Registrable Securities beneficially owned by each such Holders and, second, the equity securities offered by the Company for its
own account; provided, however, that, in the event that, due to a cutback in accordance with this clause (f), a Demand Initiating Holder is unable to sell all of the Registrable Securities initially proposed to be sold by such Demand
Initiating Holder pursuant to a Demand Registration, such Demand Initiating Holder shall be entitled to request to withdraw its demand or reduce the number of Registrable Securities subject to such demand; provided further,
however, that (i) such request must be made in writing prior to the execution of the underwriting agreement with respect to such registration and (ii) such withdrawal or reduction shall be irrevocable and, after making such
withdrawal or reduction, such Demand Initiating Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or
reduced; provided, further that if a Demand Initiating Holder is unable to include in the requested registration at least 90% of the Registrable Securities initially proposed to be included by such Demand Initiating Holder pursuant to
such registration, such registration shall neither constitute a Demand Registration nor count against such Demand Initiating Holder’s limit of Demand Registrations under Section 3(a) if such Demand Initiating Holder withdraws its demand
for registration. 
 (g) Selection of Underwriters. If an offering of Registrable Securities made pursuant to any Demand
Registration or Short-Form Registration is in the form of an underwritten public offering, the holders of a majority of the Registrable Securities being offered by all of the Initiating Holders shall select the Approved Underwriter. 

4. Incidental or “Piggy-Back” Registration. 

(a) Request for Incidental or “Piggy-Back” Registration. At any time after the IPO Effectiveness Date, if the Company
proposes to file a Registration Statement with respect to an offering of any class of equity securities by the Company for its own account (other than a Registration Statement on Form S-4 or S-8) or for the account of any stockholder of the
Company (other than for the account of any Holder pursuant to Section 3 or Section 5), then the Company shall give written notice of such proposed filing to all of the Holders at least 10 days before the anticipated filing date, and
such notice shall describe the proposed registration, offering price (or reasonable range 

  
 14 

 
thereof) and distribution arrangements, and offer such Holder the opportunity to register the number of Registrable Securities as each such Holder may request (an “Incidental
Registration”). In connection with any Incidental Registration under this Section 4(a) involving an underwritten public offering, the Company shall, within 10 days after the notice provided for in the preceding sentence, cause the
managing underwriter or underwriters (the “Company Underwriter”) to permit each such Holder who has so requested in writing to participate in the Incidental Registration to include the number of such Holder’s Registrable
Securities specified by such Holder in such offering on the same terms and conditions as the securities of the Company or for the account of such other stockholder, as the case may be, included therein. In connection with any Incidental Registration
under this Section 4(a) involving an underwritten public offering, the Company shall not be required to include any Registrable Securities in such underwritten public offering unless the Holders thereof accept the terms of the underwritten
public offering as agreed upon between the Company, such other stockholders, if any, and the Company Underwriter, and then only in such quantity as the Company Underwriter advises the Company and the requesting Holders in writing will not jeopardize
the success of the offering by the Company or such other stockholders, as applicable. If the Company Underwriter advises the Company and the requesting Holders that the registration of all or part of the Registrable Securities which the Holders have
requested to be included exceeds the number of securities which can be sold in such offering within a price range acceptable to the Company or such other stockholders, as applicable, then the Company shall include in such Incidental Registration
only the aggregate amount of Registrable Securities that the Company Underwriter believes may be sold, if any, and shall include in such registration, first, all of the securities to be offered for the account of the Company or such other
stockholders, as applicable, second, the Registrable Securities to be offered for the account of the Holders pursuant to this Section 4(a), as a group, pro rata based on the number of Registrable Securities owned by each such
Holder and, third, any other securities requested to be included in such offering. Notwithstanding the foregoing, in the event the aggregate number of Registrable Securities included in such Incidental Registration is greater than the
aggregate number of equity securities being sold by the Company for its own account, then the holders of a majority of the Registrable Securities being offered by all of the participating Holders shall select the Company Underwriter. 

(b) IPO Sales. If any Holder is permitted to offer Registrable Securities in connection with the Initial Public Offering, then each of
the other Holders will be entitled to offer their Registrable Securities in connection with the Initial Public Offering pursuant to this Section 4(b). In the event that any Holder will be permitted to offer Registrable Securities in connection
with the Initial Public Offering, the Company shall (i) as early as reasonably practicable, provide each Holder specified in the previous sentence with written notice of such fact, which notice shall specify the name(s) of the Holder(s) that
will be permitted to offer Registrable Securities in connection with the Initial Public Offering and the intended method of disposition of such Registrable Securities and (ii) subject to Section 3(f), include in the Registration Statement
filed in connection with the Initial Public Offering all of the Registrable Securities requested by such Holders for inclusion in such Registration Statement from whom the Company has received a written request for inclusion therein within 10 days
after the receipt by such 

  
 15 

 
Holders of such written notice referred to in clause (i) above. Each such request by such Holders shall specify the number of Registrable Securities proposed to be registered. The failure of
any Holder to respond within such 10-day period referred to in clause (ii) above shall be deemed to be a waiver of such Holder’s rights under this Section 4(b). Any Holder may waive its rights under this Section 4(b) prior to the
expiration of such 10-day period by giving written notice to the Company. If a Holder sends the Company a written request for inclusion of part or all of such Holder’s Registrable Securities in the Initial Public Offering, such Holder shall be
entitled to withdraw such request by giving written notice to the Company of its intention to withdraw from such registration; provided, however, that such request for withdrawal must be made in writing prior to the earlier of the
execution of the underwriting agreement with respect to such registration. If the Company Underwriter advises the Company and the requesting Holders that the registration of all or part of the Registrable Securities which the Holders have requested
to be included exceeds the number of securities which can be sold in such offering within a price range acceptable to the Company, then the Company shall include in the Initial Public Offering only the aggregate amount of Registrable Securities, if
any, that the Company Underwriter believes may be sold and shall include in such registration, first, all of the securities to be offered for the account of the Company; second, the Registrable Securities to be offered for the account
of the Holders pursuant to this Section 4(b), as a group, pro rata based on the number of Registrable Securities owned by each such Holder; and third, any other securities requested to be included in the Initial Public Offering.

 5. Shelf Registration. 

(a) Request for Shelf Registration. Each of the Centerbridge Parties, the Paulson Parties and the Blackstone Parties will have the
right (collectively, the “Shelf Initiating Holders”) to make a written request that the Company register, under the Securities Act on Form S-1, or Form S-3 so long as the Company is a Seasoned Issuer, in an offering on a
delayed or continuous basis pursuant to Rule 415 promulgated under the Securities Act, the sale of all or a portion of the Registrable Securities owned by such Shelf Initiating Holders (a “Shelf Registration”). For the
avoidance of doubt, a Shelf Registration on Form S-1 shall constitute a Demand Registration and shall count against a Shelf Initiating Holder’s limit of Demand Registrations under Section 3(a) and a Shelf Registration on Form S-3 shall not
constitute a Demand Registration. Upon receipt of a request for a Shelf Registration, the Company shall give written notice of such request to all of the Holders (other than the Shelf Initiating Holders) as promptly as practicable but in no event
later than five days after the receipt of a request for a Shelf Registration, and such notice shall describe the proposed Shelf Registration, the intended method of disposition of such Registrable Securities and any other information that at the
time would be appropriate to include in such notice, and offer such Holders the opportunity to register the number of Registrable Securities as each such Holder may request in writing to the Company, given within 10 days after their receipt from the
Company of the written notice of such Shelf Registration; provided, however, notwithstanding any other provision herein, the Company may file such Shelf Registration during the 10-day period but in no event shall the Company cause such
Shelf Registration to be declared effective prior to the expiration of such 10-day period. The 

  
 16 

 
“Plan of Distribution” section of such Form S-1 or Form S-3, as applicable, shall permit all lawful means of disposition of Registrable Securities, including firm-commitment
underwritten public offerings, block trades, agented transactions, sales directly into the market, purchases or sales by brokers, Hedging Transactions and sales not involving a public offering. With respect to each Shelf Registration, the Company
shall (i) as promptly as practicable after the written request of the Shelf Initiating Holders, file a Registration Statement and (ii) use its reasonable best efforts to cause such Registration Statement to be declared effective as
promptly as practicable, but in any event not later than 60 days after it receives a request therefor (unless the Registration Statement relating to such request would be required pursuant to the rules and regulations of the Securities Act to
include any audited or unaudited consolidated or pro forma financial statements that are not then currently available, in which case for each of (i) and (ii), promptly after such financial statements are available), and remain effective until
there are no longer any Shelf Registered Securities. The Company’s obligations set forth in this Section 5(a) shall not apply if the Company has a currently effective Automatic Shelf Registration Statement covering all Registrable
Securities of the Holders in accordance with Section 5(e) and has otherwise complied with its obligations pursuant to this Agreement. 

(b) Shelf Underwriting Procedures. Upon written request by a Holder of Shelf Registered Securities (the “Shelf Requesting
Holder”), which request shall specify the amount of such Shelf Requesting Holder’s Shelf Registered Securities to be sold (the “Requested Shelf Registered Securities”), the Company shall use its reasonable best efforts
to cause the sale of such Requested Shelf Registered Securities to be in the form of a firm commitment underwritten public offering (an “Underwritten Shelf Takedown”) (unless otherwise consented to by the Shelf Requesting Holder) if
the aggregate offering price of the Registrable Securities to be sold in such offering (including piggyback shares and before deduction of any underwriting discounts or commissions) is reasonably expected to be at least $50 million. The managing
underwriter or underwriters selected for such offering shall be selected pursuant to Section 3(g) above, and each such underwriter shall be deemed an Approved Underwriter with respect to such offering. The Company shall, as soon as practicable
after its receipt of a request to effect a sale of the Requested Shelf Registered Securities, give written notice thereof to all the Holders, provided that in no event shall such notice be given later than 5:00 pm, New York City time, on the
earlier of (i) the second trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for the relevant Underwritten Shelf Takedown is expected
to be finalized, and (ii) the second trading day prior to the date on which the pricing of the relevant Underwritten Shelf Takedown occurs. Any Holder wishing to participate in an Underwritten Shelf Takedown must give written notice thereof to
the Company and the Shelf Requesting Holder(s), which notice shall specify the number of its Shelf Registered Securities such Holder seeks to have included in such Underwritten Shelf Takedown and shall be given no later than 5:00 pm, New York City
time, on the earlier of (x) the trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for the relevant Underwritten Shelf Takedown is
expected to be finalized, and (y) the trading day prior to the date on which the pricing of the relevant Underwritten Shelf Takedown occurs. If the Approved Underwriter advises the 

  
 17 

 
Company that the aggregate amount of such Shelf Registered Securities requested to be included in such underwritten offering exceeds the number of securities which can be sold in such offering
within a price range acceptable to the holders of a majority of the Registrable Securities requested to be included, then the Company shall include in such offering only the aggregate amount of Shelf Registered Securities that the Approved
Underwriter believes may be sold in the following order of priority: first, the Shelf Registered Securities requested to be included in such Underwritten Shelf Takedown by the Holders (including the Shelf Requesting Holders), as a group,
pro rata based on the number of Registrable Securities owned by each such Holders; and second, the Shelf Registered Securities offered by the Company for its own account, if any. Notwithstanding the foregoing, in connection with any
offering of Requested Shelf Registered Securities involving an underwritten public offering that occurs or is scheduled to occur within 30 days of a proposed registered underwritten public offering of equity securities for the Company’s own
account (a “Contemporaneous Company Offering”), the Company shall not be required to cause such offering of Requested Shelf Registered Securities to take the form of an underwritten public offering but shall instead offer the Shelf
Requesting Holder the ability to include its Requested Shelf Registered Securities in the Contemporaneous Company Offering pursuant to Section 4. 

(c) Limitations on Shelf Registrations. 

(i) If the Board has an MNPI Reason, (x) the Company may postpone filing a Registration Statement relating to a Shelf Registration until
such MNPI Reason no longer exists and (y) in case a Registration Statement has been filed relating to a Shelf Registration, the Company may cause such Registration Statement to be withdrawn and its effectiveness terminated or may postpone
amending or supplementing such Registration Statement or may suspend other required registration actions under this Agreement. The Company shall promptly give written notice to all Holders participating in such registration of its determination to
postpone, withdraw or postpone amending or supplementing a Registration Statement and of the fact that the MNPI Reason for such postponement or withdrawal no longer exists, in each case, promptly after the occurrence thereof; provided,
however, the Company shall not be entitled to postpone, withdraw or postpone amending or supplementing a filing under this Section 5(c)(i) due to a MNPI Reason more than two times in any 12-month period and in no event shall the
aggregate duration of all MNPI Reason Suspension Periods within a 12-month period exceed 180 days. 
 (ii) If the Board has a Valid
Business Reason, (x) the Company may postpone filing a Registration Statement relating to a Shelf Registration until such Valid Business Reason no longer exists and (y) in case a Registration Statement has been filed relating to a Shelf
Registration, the Company may cause such Registration Statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such Registration Statement or may suspend other required registration actions under this
Agreement. The Company shall promptly give written notice to all Holders participating in such registration of its determination to postpone, withdraw or postpone amending or supplementing a Registration Statement and of the

  
 18 

 
fact that the Valid Business Reason for such postponement or withdrawal no longer exists, in each case, promptly after the occurrence thereof; provided, however, the Company shall
not be entitled to postpone, withdraw or postpone amending or supplementing a filing under this Section 5(c)(ii) due to a Valid Business Reason more than one time in any 12-month period for no more than 60 days. 

(iii) Notwithstanding the foregoing or anything else contained herein, in no event shall the aggregate duration of all MNPI Reason Suspension
Periods and Valid Business Reason Suspension Periods pursuant to Section 3(c) and/or Section 5(c) within a 12-month period exceed 180 days. 

(d) Additional Selling Stockholders. After the Registration Statement with respect to a Shelf Registration becomes effective, upon
written request by one or more Holders (which written request shall specify the amount of such Holders’ Registrable Securities to be registered), the Company shall, as promptly as practicable after receiving such request, (i) if it is a
Seasoned Issuer or Well-Known Seasoned Issuer, or if such Registration Statement is an Automatic Shelf Registration Statement, file a Prospectus supplement to include such Holders as selling stockholders in such Registration Statement or
(ii) if it is not a Seasoned Issuer or Well-Known Seasoned Issuer, and the Registrable Securities requested to be registered represent more than 10% of the outstanding Registrable Securities, file a post-effective amendment to the Registration
Statement to include such Holders in such Shelf Registration and use reasonable best efforts to have such post-effective amendment declared effective. 

(e) Automatic Shelf Registration. When the Company becomes a Well-Known Seasoned Issuer, (i) the Company shall give written
notice to all of the Holders as promptly as practicable but in no event later than five Business Days thereafter, and such notice shall describe, in reasonable detail, the basis on which the Company has become a Well-Known Seasoned Issuer, and
(ii) the Company shall, as promptly as practicable, register, under an Automatic Shelf Registration Statement, the sale of all of the Registrable Securities held by the Holders in accordance with the terms of this Agreement. The Company shall
use its reasonable best efforts to file such Automatic Shelf Registration Statement as promptly as practicable, but in no event later than 15 Business Days after it becomes a Well-Known Seasoned Issuer, and to cause such Automatic Shelf Registration
Statement to remain effective thereafter until there are no longer any Registrable Securities held by the Holders. The Company shall give written notice of filing such Registration Statement to all of the Holders as promptly as practicable
thereafter. At any time after the filing of an Automatic Shelf Registration Statement by the Company, if it is reasonably likely that it will no longer be a Well-Known Seasoned Issuer as of a future determination date (the “Determination
Date”), the Company shall (A) give written notice thereof to all of the Holders as promptly as practicable but in no event later than 10 Business Days prior to such Determination Date, and (B) the Company shall, within 30 days
after such Determination Date, (x) if the Company is a Seasoned Issuer, file a Registration Statement on Form S-3 with respect to a Shelf Registration in accordance with Section 5(a), treating all selling stockholders identified as such in
the Automatic Shelf Registration Statement (and amendments or supplements thereto) as Shelf Requesting Holders and use all reasonable best efforts to 

  
 19 

 
have such Registration Statement declared effective prior to the Determination Date, or (y) if Form S-3 is not available to the Company, file a Registration Statement on another appropriate
form covering all of the Registrable Securities and use all reasonable best efforts to have such Registration Statement declared effective prior to the Determination Date. Any registration pursuant to clause (x) of the preceding sentence shall
be deemed a Shelf Registration for purposes of this Agreement. 
 (f) Shelf Reload. Upon the written request of the Shelf Initiating
Holders, the Company shall file and seek the effectiveness of a post-effective amendment to an existing Shelf Registration in order to register up to the number of Registrable Securities previously taken down off such shelf and not yet
“reloaded” onto such shelf. The Shelf Initiating Holders and the Company shall consult and coordinate with each other in order to accomplish such replenishments from time to time in a sensible manner. 

(g) Not a Demand Registration. Other than as specified in Section 5(a), no Shelf Registration pursuant to this Section 5
shall be deemed a Demand Registration pursuant to Section 3. 
 6. Holdback Agreements. 

(a) Holder Holdback Agreements. To the extent requested by an Approved Underwriter or the Company Underwriter, as the case may be, in
the case of an underwritten public offering, each Holder agrees (i) not to effect any Transfer of any Registrable Class Securities or any securities convertible into or exchangeable or exercisable for such Registrable Class Securities, and
(ii) not to grant any option to purchase or enter into any Hedging Transactions or similar transactions with the same economic effect as a sale of any Registrable Class Securities, in each case, (A) during the period beginning on the IPO
Effectiveness Date and ending on the date that is 180 days thereafter, except as part of such Initial Public Offering, and (B) for 90 days from the effective date of the Registration Statement (or the date of the prospectus or prospectus
supplement in the case of Underwritten Shelf Takedowns) for any subsequent underwritten public offering, except as part of such underwritten public offering (each, a “Holdback Period”); provided, however, that if
(1) during the last 17 days of a Holdback Period, the Company releases earnings results or material news or a material event relating to the Company occurs or (2) prior to the expiration of a Holdback Period, the Company announces that it
will release earnings results during the 16-day period beginning on the last day of a Holdback Period, then in each case such Holdback Period will be extended until the expiration of the 18-day period beginning on the date of release of the earnings
results or the occurrence of the material news or material event, as applicable, unless the Approved Underwriter or the Company Underwriter waives, in writing, such extension; provided, further that nothing in this Section 6(a)
shall restrict any Holder from making a gift of such Holder’s Registrable Securities or restrict a Holder that is an entity from making a distribution of Registrable Securities to the partners, members or stockholders of such Holder or restrict
any Holder from making a Transfer to an Affiliate that is otherwise in compliance with the applicable securities laws, so long as in each case such donees, distributees or Transferees agree to be bound by the restrictions

  
 20 

 
set forth in this Section 6(a); and provided, further that the restrictions set forth in this Section 6(a) shall not apply to securities acquired in the public market
following the Company’s Initial Public Offering. Upon request by the Approved Underwriter or the Company Underwriter (as the case may be), each Holder shall enter into customary holdback agreements (“Holdback Agreements”) on
terms consistent with the preceding sentence so long as (x) all Holders owning an equal or greater number of Registrable Securities are likewise required to enter into such an agreement and (y) such Holdback Agreements are no more
restrictive than any Holdback Agreement requested by the Approved Underwriter or the Company Underwriter, as the case may be, with respect to the Company. 

(b) Company Holdback Agreements. 

(i) With respect to any Demand Registration or Short-Form Registration, the Company shall not (except as part of such Demand Registration or
Short-Form Registration), unless waived by the Approved Underwriters or the Company Underwriter (as the case may be), effect any Transfer of Registrable Class Securities, or any securities convertible into or exchangeable or exercisable for
Registrable Class Securities (except pursuant to a Registration Statement on Form S-4 or S-8), (A) during the period beginning on the IPO Effectiveness Date and ending on the date that is 180 days thereafter, except as part of such Initial
Public Offering and (B) for 90 days from the effective date of the Registration Statement for any subsequent underwritten public offering, except as part of such Demand Registration or Short-Form Registration; provided, however,
that if (1) during the last 17 days of a Holdback Period, the Company releases earnings results or material news or a material event relating to the Company occurs or (2) prior to the expiration of a Holdback Period, the Company announces
that it will release earnings results during the 16-day period beginning on the last day of a Holdback Period, then in each case such Holdback Period will be extended until the expiration of the 18-day period beginning on the date of release of the
earnings results or the occurrence of the material news or material event, as applicable, unless the Approved Underwriter or the Company Underwriter waives, in writing, such extension. Upon request by the Approved Underwriter or the Company
Underwriter (as the case may be), the Company shall, from time to time, enter into Holdback Agreements on terms consistent with the preceding sentence. 

(ii) With respect to any Shelf Registration and offering of Requested Shelf Registered Securities that takes the form of an underwritten
public offering, the Company shall not (except as part of such offering), unless waived by the Approved Underwriter or the Company Underwriter (as the case may be), effect any Transfer of Registrable Class Securities, or any securities convertible
into or exchangeable or exercisable for such Registrable Class Securities (except pursuant to a Registration Statement on Form S-4 or S-8), during the period beginning on the date the Shelf Requesting Holder delivers its request pursuant to the
first sentence of Section 5(b) and ending on the date that is 90 days after the date of the underwritten public offering, except as part of such Shelf Registration. Upon request by the Approved Underwriter or the Company Underwriter (as
the case may be), the Company shall, from time to time, enter into Holdback Agreements on terms consistent with the preceding sentence. 

  
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 (c) Additional Holdback Agreements. With respect to each relevant offering, the Company
shall use its reasonable best efforts to cause all of its executive officers and directors (and managers, if applicable) to execute holdback agreements that contain restrictions that are no less restrictive than the restrictions contained in the
Holdback Agreements executed by the Holders. 
 (d) Third Party Beneficiaries in Holdback Agreements. Any Holdback Agreements
executed by the Holders pursuant to this Section 6 shall contain provisions naming the Company as an intended third-party beneficiary thereof and requiring the prior written consent of the Company for any amendments thereto or waivers thereof.
Any holdback agreements executed by the Company’s officers or directors (and managers, if applicable) shall contain provisions naming the selling stockholders in the relevant offering that are Holders as intended third-party beneficiaries
thereof and requiring the prior written consent of such stockholders holding a majority of the Registrable Securities for any amendments thereto or waivers thereof. 

7. Registration Procedures. 

(a) Obligations of the Company. Whenever registration of Registrable Securities has been requested or required pursuant to
Section 3, Section 4 or Section 5, the Company shall use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method of distribution thereof as promptly as
practicable, and in connection with any such request or requirement, the Company shall: 
 (i) as promptly as reasonably practicable (but
in no event later than 60 days after a request for a Demand Registration on Form S-1 or 30 days after a request for a Demand Registration, Short-Form Registration or Shelf Registration on Form S-3), prepare and file with the SEC a Registration
Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of such Registrable Securities in accordance with the intended method of distribution
thereof (unless the Registration Statement relating to such request would be required pursuant to the rules and regulations of the Securities Act to include any audited or unaudited consolidated or pro forma financial statements that are not then
currently available, in which case, promptly after such financial statements are available), and use reasonable best efforts to cause such Registration Statement to become effective; 

(ii) before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including any documents incorporated by
reference therein), or before using any Issuer Free Writing Prospectus, the Company shall provide each seller of Registrable Securities, any managing underwriter participating in any disposition of such Registrable Securities pursuant to a
Registration Statement, Holders’ Counsel and any managing underwriter and its counsel (collectively, the “Inspectors”) with (A) copies of all such documents proposed to be filed (including all exhibits thereto and each
document incorporated by reference therein) and such other documents reasonably requested by such Holders, Holders’ Counsel or any other 

  
 22 

 
Inspector, and (B) an adequate and appropriate opportunity to review and comment on such Registration Statement, each Prospectus included therein (and each amendment or supplement thereto)
and each Issuer Free Writing Prospectus to be filed with the SEC; 
 (iii) notify the Holders’ Counsel and each seller of Registrable
Securities pursuant to such Registration Statement of the effectiveness of each Registration Statement and of any stop order issued or threatened by the SEC and take all actions required to prevent the entry of such stop order or to remove it if
entered; 
 (iv) use reasonable best efforts to keep each Registration Statement continuously effective during the period such Registration
Statement is required to remain effective pursuant to the terms of this Agreement and prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to
keep such Registration Statement effective for the lesser of (A) 180 days and (B) such shorter period which will terminate when all Registrable Securities covered by such Registration Statement have been sold; provided, that in
the case of a Shelf Registration, the Company shall keep such Registration Statement effective until all Registrable Securities covered by such Registration Statement shall have been sold or have otherwise ceased to be Registrable Securities, and
shall comply with the provisions of the Securities Act (including by preparing and filing with the SEC any Prospectus or supplement to be used in connection therewith) with respect to the disposition of all securities covered by such Registration
Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement; 

(v) furnish without charge to each seller of Registrable Securities and each underwriter, prior to filing a Registration Statement, at least
one copy of such Registration Statement as is proposed to be filed, and thereafter such number of copies of such Registration Statement, each amendment and supplement thereto (other than exhibits, documents that are incorporated by reference and
such documents that are otherwise publicly available on EDGAR), the Prospectus included in such Registration Statement (including each preliminary Prospectus), any Prospectus filed pursuant to Rule 424 promulgated under the Securities Act and any
Issuer Free Writing Prospectus as each such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence
to or received from, the SEC or any other governmental authority relating to such offer; 
 (vi) unless any Registrable Securities shall be
in book-entry form only, cooperate with the selling Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends (unless required by applicable
securities laws), and enable such Registrable Securities to be in such denominations and registered in such names as the selling Holders may request at least two (2) Business Days before any sale of Registrable Securities; 

  
 23 

 (vii) use reasonable best efforts to register or qualify such Registrable Securities under such
other securities or “blue sky” laws of such jurisdictions as any seller of Registrable Securities or any managing underwriter, if any, shall reasonably request in writing, and to continue such registration or qualification in effect
in such jurisdiction for as long as permissible pursuant to the laws of such jurisdiction, or for as long as any such seller requests or until all of such Registrable Securities are sold, whichever is shortest, and do any and all other acts and
things that may be reasonably necessary or advisable to enable any such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller; provided, however, that the Company shall not be
required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 7(a)(vii), (B) subject itself to taxation in any such jurisdiction or (C) consent to
general service of process in any such jurisdiction; 
 (viii) use reasonable best efforts to promptly cause any Registrable Securities
covered by a Registration Statement to be registered with or approved by such other governmental entity within the United States as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities
in accordance with the intended methods of disposition set forth in such Registration Statement; 
 (ix) promptly notify each seller of
Registrable Securities, Holders’ Counsel and each managing underwriter: (A) when a Prospectus, any Prospectus supplement, any Issuer Free Writing Prospectus, a Registration Statement or a post-effective amendment to a Registration
Statement is proposed to be or has been filed with the SEC, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective; (B) of any request by the SEC or any other federal or state
governmental authority for amendments or supplements to a Registration Statement, related Prospectus or Issuer Free Writing Prospectus or for additional information; (C) of the issuance by the SEC or any other federal or state governmental
authority of any stop order suspending the effectiveness of a Registration Statement or the initiation or threatening of any proceedings for that purpose; (D) of the receipt by the Company of any notification with respect to the suspension of
the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceedings for such purpose; (E) of the existence of any fact or happening of any event
that makes any statement of a material fact in such Registration Statement, related Prospectus or Issuer Free Writing Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue or which would require the making
of any changes in the Registration Statement, Prospectus or Issuer Free Writing Prospectus in order that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading, and that in the case of such Prospectus or Issuer Free Writing Prospectus, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and (F) of the determination by counsel of the Company that a post-effective
amendment to a Registration Statement is advisable; 

  
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 (x) as soon as commercially practicable, upon the occurrence of any event contemplated by
Section 7(a)(ix)(E) or, subject to Sections 3(c) and 5(c), the existence of an MNPI Reason or a Valid Business Reason, as promptly as practicable, prepare a supplement or amendment to such Registration Statement, related Prospectus or Issuer
Free Writing Prospectus and furnish to each seller of Registrable Securities a reasonable number of copies of such supplement to or an amendment of such Registration Statement, Prospectus or Issuer Free Writing Prospectus as may be necessary so
that, after delivery to the purchasers of such Registrable Securities, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case of such Prospectus or Issuer Free Writing Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 
 (xi) in
connection with any underwritten offering, enter into and perform under customary agreements (including underwriting and indemnification and contribution agreements in customary form with the Approved Underwriter or the Company Underwriter, as
applicable) and take such other commercially reasonable actions as the Holders of a majority of the Registrable Securities being sold or the managing underwriter, if any, reasonably requests in order to expedite or facilitate the disposition of such
Registrable Securities and provide all reasonable cooperation, including causing appropriate officers to attend and participate in “road shows” and analyst or investor presentations and other information meetings organized by the Approved
Underwriter or Company Underwriter, if applicable (taking into account the needs of the Company’s businesses and the responsibilities of such officers with respect thereto and the requirement of the marketing process), and causing counsel to
the Company to deliver customary legal opinions in connection with any such underwriting agreements; provided, however, that the Company shall have no obligation to participate in more than one “road show” consisting of
meetings over three or more days for each of the Centerbridge Parties, the Paulson Parties and the Blackstone Parties in any 12-month period; 

(xii) make available at reasonable times for inspection by any Inspector all financial and other records, pertinent corporate documents and
properties of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s and its subsidiaries’
officers, directors and employees, and the independent public accountants of the Company, to supply all information reasonably requested by any such Inspector in connection with such Registration Statement. Records that the Company determines, in
good faith, to be confidential and which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors (and the Inspectors shall confirm their agreement in writing in advance to the Company) unless

  
 25 

 
(A) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the Registration Statement, (B) the release of such Records is ordered pursuant to a
subpoena or other order from a court of competent jurisdiction after exhaustion of all appeals therefrom or (C) the information in such Records was known to the Inspectors on a non-confidential basis prior to its disclosure by the Company
and such knowledge is adequately demonstrated to the Company upon request or has been made generally available to the public. Each seller of Registrable Securities agrees that it shall, upon learning that disclosure of such Records is sought in a
court of competent jurisdiction, give written notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential; 

(xiii) if any Registration Statement or comparable statement under state “blue sky” laws refers to any Holder by name or otherwise
as the Holder of any securities of the Company, then such Holder shall have the right to require (a) the insertion therein of language, in form and substance satisfactory to such Holder and the Company, to the effect that the holding by such
Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (b) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required by the Securities Act or any similar federal statute or
any state “blue sky” or securities law then in force, the deletion of the reference to such Holder; 
 (xiv) if such sale is
pursuant to an underwritten public offering, use its reasonable best efforts to obtain and cause to be furnished to each Holder of Registrable Securities included in such underwritten public offering and the managing underwriter(s) a signed
counterpart of (A) a cold “comfort” letter (and additional cold “comfort” letters in the case of acquired entities whose financial information is in any registration statement or prospectus) dated the effective date of the
Registration Statement and the date of the closing under the underwriting agreement from the Company’s independent public accountants (and such other accountants in the case of acquired entities whose financial information is in any
registration statement or prospectus) in customary form and covering such matters of the type customarily covered by “comfort” letters as Holders’ Counsel or the managing underwriter reasonably requests; and (B) a legal opinion
of counsel representing the Company for the purposes of such registration, addressed to the relevant underwriters and/or such sellers of Registrable Securities, in each case in customary form and covering such matters of the type customarily covered
by such letters and as the managing underwriters, if any, and/or Holders of a majority of the Registrable Securities included in such underwritten offering may reasonably request. 

(xv) with respect to each Free Writing Prospectus, the preliminary Prospectus and all other information, in each case, with respect to such
offering of securities, that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of such securities at the time of sale of such 

  
 26 

 
securities (including a contract of sale), ensure that no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Free
Writing Prospectus or other materials without the prior written consent of the Holders of the Registrable Securities covered by such registration statement, which Free Writing Prospectuses or other materials shall be subject to the review and
comment of Holders’ Counsel; 
 (xvi) within the deadlines specified by the Securities Act, make all required filings of all
Prospectuses and Free Writing Prospectuses with the SEC; 
 (xvii) within the deadlines specified by the Securities Act, make all required
filing fee payments in respect of any Registration Statement or Prospectus used under this Agreement (and any offering covered thereby); 

(xviii) comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably
practicable but no later than 15 months after the effective date of the Registration Statement, an earnings statement covering a period of 12 months beginning after the effective date of the Registration Statement, in a manner which
satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (xix) use reasonable best
efforts to cause all such Registrable Securities to be listed on each securities exchange on which Registrable Class Securities issued by the Company are then listed, provided that the applicable listing requirements are satisfied; 

(xx) keep Holders’ Counsel advised as to the initiation and progress of any registration under Section 3, Section 4 or
Section 5 and provide Holders’ Counsel with all correspondence with the SEC in connection with any such Registration Statement; 

(xxi) cooperate with each seller of Registrable Securities and each underwriter participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with the FINRA; and 
 (xxii) use reasonable
best efforts to take all other steps deemed reasonably necessary in the reasonable judgment of the Company to effect the registration and disposition of the Registrable Securities contemplated hereby. 

Notwithstanding anything contained herein to the contrary, the Company shall be obligated to register Registrable Securities of a Holder in a
Shelf Registration Statement or in a Registration Statement on Form S-3 only to the extent permitted by applicable securities laws. 

  
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 (b) Seller Obligations. In connection with any offering under any Registration Statement
under this Agreement, each Holder that has requested inclusion of its Registrable Securities in any Registration Statement: 
 (i) shall
furnish to the Company in writing such information with respect to such Holder and the intended method of disposition of its Registrable Securities as the Company may reasonably request and as may be required by law for use in connection with any
related Registration Statement or Prospectus (or amendment or supplement thereto) and all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not contain a material misstatement of
fact or necessary to cause such Registration Statement or Prospectus (or amendment or supplement thereto) not to omit a material fact with respect to such Holder necessary in order to make the statements therein not misleading; and 

(ii) shall comply with the Securities Act and the Exchange Act and all applicable state securities laws and comply with all applicable
regulations in connection with the registration and the disposition of the Registrable Securities. 
 (c) Notice to Discontinue.
Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 7(a)(ix)(E), such Holder shall forthwith discontinue disposition of Registrable Securities pursuant
to the Registration Statement covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 7(a)(x) and, if so
directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus or Issuer Free Writing Prospectus covering such
Registrable Securities which is current at the time of receipt of such notice. If the Company shall give any such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this
Agreement (including the period referred to in Section 7(a)(iv)) by the number of days during the period from and including the date of the giving of such notice pursuant to Section 7(a)(ix)(E) to and including the date when sellers of
such Registrable Securities under such Registration Statement shall have received the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by and meeting the requirements of Section 7(a)(x). 

(d) Registration Expenses. 

(i) The Company shall pay all fees, costs and expenses arising from or incident to its performance of, or compliance with, this Agreement
(including all expenses in connection with a Demand Registration, Short-Form Registration, Incidental Registration or Shelf Registration), including (i) SEC, stock exchange and FINRA registration and filing fees, (ii) all fees and expenses
incurred in complying with state securities or “blue sky” laws (including reasonable fees, charges and disbursements of counsel to any underwriter incurred in connection with “blue sky” qualifications of the Registrable
Securities as may be set forth in any underwriting agreement), (iii) all printing, messenger and delivery expenses, (iv) the fees, charges and expenses of counsel to the Company, any necessary counsel retained by the Company with respect
to state securities law matters and of its independent public accountants and any other accountant, and any other accounting fees, charges and expenses incurred by 

  
 28 

 
the Company (including any expenses arising from any “comfort” letters or any special audits incident to or required by any registration or qualification), (v) the cost of any
aircraft chartered in connection with any underwritten offering unless otherwise agreed with the Approved Underwriter or the Company Underwriter, as applicable and (vi) any liability insurance or other premiums for insurance obtained in
connection with any Demand Registration or piggy-back registration thereon, Incidental Registration or Shelf Registration pursuant to the terms of this Agreement, regardless of whether such Registration Statement is declared effective. All of the
expenses described in the preceding sentence of this Section 7(d) are referred to herein as “Registration Expenses.” 

(ii) The Company shall reimburse or pay, as the case may be, the Holders of Registrable Securities included in such registration for the
reasonable charges and expenses incurred by such Holders, including the reasonable legal fees and out-of-pocket expenses of one counsel and one local counsel selected and retained by the Holders holding a majority of Registrable Securities being
registered in such registration (“Holders’ Counsel”) within a reasonable period of time not to exceed 45 days after the Company’s receipt of an invoice approved by such Holders. 

(iii) The Holders of Registrable Securities sold pursuant to a Registration Statement shall bear the expense of any broker’s commission
or underwriter’s discount or commission and transfer taxes and other fees relating to the registration and sale of such Holders’ Registrable Securities and, subject to clause (ii) above, shall bear the fees and expenses of their
own counsel. 
 (e) Hedging Transactions. 

(i) The Company agrees that, in connection with any proposed Hedging Transaction, if, in the reasonable judgment of Holders’ Counsel, it
is necessary or desirable to register under the Securities Act such Hedging Transaction or sales or Transfers (whether short or long) of Registrable Class Securities in connection therewith, then the Company shall use its reasonable best efforts to
take such actions (which may include, among other things, the filing of a post-effective amendment to a Registration Statement to include additional or changed information that is material or is otherwise required to be disclosed, including a
description of such Hedging Transaction, the name of the Hedging Counterparty, identification of the Hedging Counterparty or its Affiliates as underwriters or potential underwriters, if applicable, or any change to the plan of distribution) as may
reasonably be required to register such Hedging Transaction or sales or Transfers of Registrable Class Securities in connection therewith under the Securities Act in a manner consistent with the rights and obligations of the Company hereunder with
respect to the registration of Registrable Securities. Any information provided by the Holders regarding the Hedging Transaction that is included in a Registration Statement, Prospectus or Issuer Free Writing Prospectus pursuant to this
Section 7(e) shall be deemed to be information provided by the Holders selling Registrable Securities pursuant to such Registration Statement for purposes of Section 7(b). 

  
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 (ii) All Registration Statements in which Holders may include Registrable Securities under this
Agreement shall be subject to the provisions of this Section 7(e). The Hedging Counterparty shall be selected by the Holders of a majority of the Registrable Class Securities subject to the Hedging Transaction that are proposed to be included
in such Registration Statement. 
 (iii) If in connection with a Hedging Transaction, a Hedging Counterparty or any Affiliate thereof is
(or may be considered) an underwriter or selling stockholder, then it shall be required to provide customary indemnities to the Company regarding the plan of distribution and like matters. 

(iv) The Company further agrees to include, under the caption “Plan of Distribution” (or the equivalent caption), in each
Registration Statement, and any related Prospectus (to the extent such inclusion is permitted under applicable SEC regulations and is consistent with comments received from the SEC during any SEC review of the Registration Statement), language
substantially in the form of Schedule A hereto and to include in each Prospectus supplement filed in connection with any proposed Hedging Transaction language mutually agreed upon by the Company, the relevant Holders and the Hedging
Counterparty describing such Hedging Transaction. 
 (v) In connection with a Hedging Transaction, each Hedging Counterparty shall be
treated in the same matter as a managing underwriter for purposes of Section 7. 
 8. Indemnification; Contribution. 

(a) Indemnification by the Company. The Company shall indemnify and hold harmless each Holder, all Affiliates of each Holder, and each
of their respective stockholders, partners (general and limited), members, managers, directors, officers, Affiliates, employees, fiduciaries, agents and advisors, and each Person who controls (within the meaning of Section 15 of the Securities
Act) such Holder as well as each Company Underwriter or Approved Underwriter and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act) such Company Underwriter or Approved Underwriter from and against any
and all losses, claims, damages, liabilities and expenses, or any action or proceeding in respect thereof (including reasonable costs of investigating, defending against or appearing as a third-party witness in connection with any losses, claims,
damages, liabilities and expenses, or any action or proceeding in respect thereof and reasonable attorneys’ fees and out-of-pocket expenses) (each, a “Liability”) arising out of or based upon (i) any untrue or alleged
untrue statement of a material fact contained in a Registration Statement pursuant to which Registrable Securities were registered or a Prospectus or a Issuer Free Writing Prospectus or in any amendment or supplement to such Registration Statement,
Prospectus or a Issuer Free Writing Prospectus, (ii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary in the case of any Prospectus or Issuer Free Writing Prospectus, in the light of
the circumstances under which they were made, to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company or any of its subsidiaries of any federal,

  
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state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such registration, disclosure
document or related document or report; provided, however, that the Company shall not be liable in any such case to the extent that any such Liability arises (A) out of or is based upon an untrue or alleged untrue statement or
omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Holder (including the information provided pursuant to Section 7(b)(i)) expressly for use
therein) or (B) out of sales of Registrable Securities made during a period specified in, and after notice is given pursuant to, Section 3(c) or Section 5(c). 

(b) Indemnification by Holders. In connection with any offering in which a Holder is participating pursuant to Section 3, 4 or 5,
such Holder shall indemnify and hold harmless the Company, its directors, managers and officers, and each Person who controls the Company (within the meaning of Section 15 of the Securities Act) from and against any and all Liabilities arising
out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in a Registration Statement pursuant to which Registrable Securities were registered or a Prospectus, a Holder Free Writing Prospectus or an Issuer
Free Writing Prospectus included in any such Registration Statement or in any amendment or supplement thereto, or (ii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary in the case of
any Prospectus, Holder Free Writing Prospectus or Issuer Free Writing Prospectus, in the light of the circumstances under which they were made, to make the statements therein not misleading, in each case, to the extent (except with respect to a
Holder Free Writing Prospectus) such Liabilities arise out of or are based upon written information furnished by such Holder or on such Holder’s behalf expressly for inclusion therein (including the information provided pursuant to
Section 7(b)(i)) and is so included in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Holder; provided, however, that the obligation to indemnify shall be several, not
joint and several, for each Holder and the total amount to be indemnified by such Holder pursuant to this Section 8(b) shall be limited to the net proceeds (after deducting the underwriters’ discounts and commissions) received by such
Holder in the offering to which the Registration Statement, Prospectus, Holder Free Writing Prospectus or Issuer Free Writing Prospectus relates. 

(c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder (the “Indemnified
Party”) shall give prompt written notice to the indemnifying party (the “Indemnifying Party”) after the receipt by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or
investigation or threat thereof made in writing for which the Indemnified Party intends to claim indemnification or contribution pursuant to this Agreement; provided, however, that the failure to so notify the Indemnifying Party shall
not relieve the Indemnifying Party of any Liability that it may have to the Indemnified Party hereunder (except to the extent that the Indemnifying Party forfeits substantive rights or defenses by reason of such failure). If notice of commencement
of any such action is given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may wish, jointly with any other 

  
 31 

 
Indemnifying Party similarly notified, to assume the defense of such action at its own expense, with counsel chosen by it and reasonably satisfactory to such Indemnified Party. The
Indemnified Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be paid by the Indemnified Party unless (i) the Indemnifying Party
agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense of such action with counsel reasonably satisfactory to the Indemnified Party within a reasonable time after receipt by the Indemnifying Party of the notice of such
action or (iii) the named parties to any such action (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and either (A) representation of such Indemnified Party and the Indemnifying Party by the
same counsel would be inappropriate under applicable standards of professional conduct or (B) there may be one or more legal defenses available to the Indemnified Party that are different from or additional to those available to the
Indemnifying Party. In any case specified in sub-clause (A) or (B) above, the Indemnifying Party shall not have the right to assume the defense of such action on behalf of such Indemnified Party; it being understood, however, that the
Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all Indemnified Parties. No Indemnifying Party shall be liable for any settlement entered into
without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without the written consent of such Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such
Indemnified Party is a party and indemnity has been sought hereunder by such Indemnified Party, unless such settlement (A) includes an unconditional release of such Indemnified Party from all liability for claims that are the subject matter of
such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of any Indemnified Party. 

(d) Contribution. If for any reason the indemnification provided for in this Section 8 from the Indemnifying Party is unavailable
to an Indemnified Party hereunder in respect of any Liabilities referred to herein (other than as a result of the exceptions contained in the provisos to Sections 8(a) and 8(b), then the Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in
connection with the actions, statements or omissions which resulted in such Liabilities, as well as any other relevant equitable considerations. The relative faults of such Indemnifying Party and Indemnified Party shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such
Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the Liabilities referred to
above shall be deemed to include, subject to the limitations set forth in Sections 8(a), 8(b) and 8(c), any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation or
proceeding; provided, that the total amount to be 

  
 32 

 
contributed by such Holder shall be limited to the net proceeds (after deducting the underwriters’ discounts and commissions) received by such Holder in the offering. The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in this paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 
 9. Exchange Act Reporting and Rule 144. The Company covenants that from and after the IPO Effectiveness Date it
shall (a) file any reports required to be filed by it under the Exchange Act (or, if the Company is not required to file such reports, it will, upon the request of any of the Holders, make publicly available other information for so long as
necessary to permit sales of Registrable Securities pursuant to Rule 144 promulgated under the Securities Act) and (b) take such further action as each Holder may reasonably request (including providing any information necessary to comply with
Rule 144 promulgated under the Securities Act), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
(i) Rule 144 promulgated under the Securities Act, as such rule may be amended from time to time, or Regulation S promulgated under the Securities Act or (ii) any similar rules or regulations hereafter adopted by the SEC.
The Company shall, upon the request of any Holder, deliver to such Holder a written statement as to whether it has complied with such requirements. 

10. Miscellaneous. 
 (a)
Conversions, Mergers, Recapitalizations, Exchanges, etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect to (i) the shares of Common Stock, the shares of Class B Common Stock and Paired Share
Units and (ii) any and all equity securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion of, in exchange for or in
substitution of, the shares of Common Stock, the shares of Class B Common Stock or Paired Share Units, as the case may be, and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the
like occurring after the date hereof. The Company shall cause any successor or assign (whether by merger, consolidation, sale of assets or otherwise) to assume this Agreement or enter into a new registration rights agreement with the Holders on
terms substantially the same as this Agreement as a condition of any such transaction. 
 (b) No Inconsistent Agreements. The
Company represents and warrants that it has not granted to any Person the right to request or require the Company to register any securities issued by the Company, other than the rights granted to the Holders herein. The Company shall not enter into
any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or grant any additional registration rights to any Person or with respect to any securities that are not Registrable
Securities that are prior in right to or inconsistent with the rights granted in this Agreement. 

  
 33 

 (c) Remedies. The Holders, in addition to being entitled to exercise all rights granted
by law, including recovery of damages, shall be entitled to equitable relief, including injunctive relief and specific performance, and to enforce their rights under this Agreement, without need for a bond. The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive in any action for specific performance the defense that a remedy at law would be adequate or that
there is need for a bond. 
 (d) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless consented to in writing by (i) the Company and (ii) the Holders holding Registrable Securities representing
(after giving effect to any adjustments) at least a majority of the aggregate number of Registrable Securities owned by the Centerbridge Parties, the Paulson Parties and the Blackstone Parties; provided, however, that no amendment,
modification or supplement to this Agreement may materially adversely affect the rights of any Holder in a disproportionate manner unless consented to in writing by such Holder. Any such written consent shall be binding upon the Company and all of
the Holders. 
 (e) Notices. All notices, demands and other communications (each, a “Notice”) provided for or
permitted hereunder shall be made in writing and shall be given or made by personal hand-delivery, by facsimile transmission, by electronic mail, or by a nationally recognized courier service (next day delivery requested), as follows: 

(i)     if to the Company: 

Extended Stay America, Inc. 

11525 N. Community House Road, Suite 100 

Charlotte, North Carolina 28277 

Attn: General Counsel 
 Fax:
(980) 335-3089 
 With a copy (which shall not constitute notice) to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 
 New York,
New York 10004 
 Attn: Stuart Gelfond 

Fax: (212) 859-4000 

  
 34 

 (ii)     if to ESH REIT 

ESH Hospitality, Inc. 
 11525 N.
Community House Road, Suite 100 
 Charlotte, North Carolina 28277 

Attn: General Counsel 
 Fax:
(980) 335-3089 
 With a copy (which shall not constitute notice) to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 
 New York,
New York 10004 
 Attn: Stuart Gelfond 

Fax: (212) 859-4000 
 (iii)
    if to the Centerbridge Parties: 
 Centerbridge Partners, L.P. 

375 Park Avenue 
 New York, New
York 10152 
 Attn: William D. Rahm 

Fax: (212) 672-5001 
 With
a copy (which shall not constitute notice) to: 
 Centerbridge Partners, L.P. 

375 Park Avenue 
 New York, New
York 10152 
 Attn: General Counsel 

Fax: (212) 672-4501 
 (iv)
    if to the Blackstone Parties: 
 The Blackstone Group 

345 Park Avenue 
 New York, New
York 10154 
 Attention: A.J. Agarwal 

Facsimile No.: (212) 583-5725 

With a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attn: Joshua Bonnie 

Fax: (212) 455-2502 

  
 35 

 (v)     if to the Paulson Parties: 

Paulson & Co. Inc. 

1251 Avenue of the Americas, 50th Floor 

New York, New York 10020 

Attention: Michael Barr 

Facsimile No.: (212) 351-5892 

With a copy (which shall not constitute notice) to: 

Paulson & Co. Inc. 

1251 Avenue of the Americas, 50th Floor 

New York, New York 10020 

Attention: General Counsel 

Facsimile No.: (212) 977-9505 

(vi)     if to any other Holder, at its address as it appears on the record books of the Company. 

Each Notice shall be deemed to be delivered (i) if delivered by hand, when delivered at the address specified in this Section 10(e), (ii) if
delivered by a nationally recognized overnight courier service, on the date of delivery by such courier service, and (iii) if given by facsimile or electronic mail, when such facsimile or electronic mail is received by the recipient thereof
prior to 5 p.m. at the place of receipt on a day that is a Business Day at the place of receipt. Notwithstanding the foregoing, no Notice shall be deemed ineffective because of refusal of delivery to the address specified for the giving of such
Notice in accordance herewith. Notice shall be effective only upon receipt or refusal of receipt after delivery in accordance with the methods set forth in this Section 10(e). 

(f) Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the successors
and permitted assigns of the parties hereto as hereinafter provided. This Agreement and the rights hereunder with respect to any Registrable Security shall be Transferred to any Person who is the Transferee of such Registrable Security, without the
consent of the Company, provided, that, any such Transfer constitutes more than 5.0% of the outstanding Paired Share Units. At the time of the Transfer of any Registrable Security as contemplated by this Section 10(f), such
Transferee shall execute and deliver to the Company an instrument, in form and substance reasonably satisfactory to the Company, to evidence its agreement to be bound by, and to comply with, this Agreement as a Holder. All of the obligations of the
Company hereunder shall survive any such Transfer. Except as provided in Section 8, no Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement. 

(g) Governing Law; Consent To Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO THE 

  
 36 

 
PRINCIPLES OF CONFLICTS OF LAW THEREOF THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE ANY COURT OF THE STATE OF NEW
YORK OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE AFFAIRS OF THE COMPANY. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably waive and agree not to assert,
by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in
any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(h) Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY DISPUTE OR CONTROVERSY THAT MAY ARISE, WHETHER IN WHOLE OR IN
PART, UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (i) Severability. If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof. 

(j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto with respect to the subject matter contained herein. There are no restrictions, promises, representations, warranties or undertakings with respect to the subject matter
contained herein, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings among the parties with respect to such subject matter. 

(k) Further Assurances. Each of the parties shall execute such documents and perform such further acts as may be reasonably required
or desirable to carry out or to perform the provisions of this Agreement. 
 (l) Other Agreements. Nothing contained in this
Agreement shall be deemed to be a waiver of, or release from, any obligations any party hereto may have under, or any restrictions on the Transfer of Registrable Securities or other securities of the Company imposed by, any other agreement. 

  
 37 

 (m) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(n) Termination. The obligations of the Company and of any holders of the Company’s securities that have rights under this
Agreement, other than those obligations contained in Section 8, shall terminate with respect to the Company and any such holder if such holder no longer holds any Registrable Securities. Notwithstanding anything to the contrary contained
herein, this Agreement will terminate at any time by a written instrument signed by each Investor. 
 (o) Withdrawal Right. If, at
any time, an Investor shall cease to hold at least 5.0% of the outstanding Paired Share Units, such Investor shall have the option to withdraw from this Agreement and shall be treated as if not a party hereto, other than with respect to those
obligations contained in Section 8 with respect to the Company and such Investor, which shall continue. Any such withdrawal pursuant to this Section 10(o) shall be deemed to be made pursuant to the terms of this Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
 38 

 IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this
Agreement on the date first written above. 
  

			
	EXTENDED STAY:
	
	EXTENDED STAY AMERICA, INC.
		
	By:	 	 /s/ Ross W. McCanless

	Name:	 	Ross W. McCanless
	Title:	 	 Chief Legal Officer, General Counsel
 and
Secretary

			
	ESH REIT:
	
	ESH HOSPITALITY, INC.
		
	By:	 	 /s/ Ross W. McCanless

	Name:	 	Ross W. McCanless
	Title:	 	Chief Legal Officer and Secretary

 
			
	CENTERBRIDGE PARTIES:
	
	CENTERBRIDGE CREDIT PARTNERS, L.P.
	
	BY: CENTERBRIDGE CREDIT PARTNERS GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT GP INVESTORS, L.L.C., its general partner
		
	By:	 	 /s/ William D. Rahm

	Name:	 	William D. Rahm
	Title:	 	Senior Managing Director
	
	CENTERBRIDGE CREDIT PARTNERS TE INTERMEDIATE I, L.P.
	
	BY: CENTERBRIDGE CREDIT PARTNERS GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT GP INVESTORS, L.L.C., its general partner
		
	By:	 	 /s/ William D. Rahm

	Name:	 	William D. Rahm
	Title:	 	Senior Managing Director
	
	CENTERBRIDGE CREDIT PARTNERS OFFSHORE INTERMEDIATE III, L.P.
	
	BY: CENTERBRIDGE CREDIT PARTNERS OFFSHORE GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT OFFSHORE GP INVESTORS, L.L.C., its general partner
		
	By:	 	 /s/ William D. Rahm

	Name:	 	William D. Rahm
	Title:	 	Senior Managing Director

			
	CENTERBRIDGE CAPITAL PARTNERS AIV VI-A, L.P.
	
	BY: CENTERBRIDGE CREDIT ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE GP INVESTORS, LLC, its general partner
		
	By:	 	 /s/ William D. Rahm

	Name:	 	William D. Rahm
	Title:	 	Senior Managing Director
	
	CENTERBRIDGE CAPITAL PARTNERS AIV VI-B, L.P.
	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE GP INVESTORS, LLC, its general partner
		
	By:	 	 /s/ William D. Rahm

	Name:	 	William D. Rahm
	Title:	 	Senior Managing Director
	
	CENTERBRIDGE CAPITAL PARTNERS STRATEGIC AIV I, L.P.
	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE GP INVESTORS, LLC, its general partner
		
	By:	 	 /s/ William D. Rahm

	Name:	 	William D. Rahm
	Title:	 	Senior Managing Director

			
	CENTERBRIDGE CAPITAL PARTNERS SBS, L.P.
	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE GP INVESTORS, LLC, its general partner
		
	By:	 	 /s/ William D. Rahm

	Name:	 	William D. Rahm
	Title:	 	Senior Managing Director

			
	PAULSON PARTIES:
	
	ESA RECOVERY ACQUISITION, LLC
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON ADVANTAGE, L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON ADVANTAGE II L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON ADVANTAGE LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON ADVANTAGE PLUS, L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON ADVANTAGE PLUS II L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON ADVANTAGE PLUS PEQ1 LTD
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

 
			
	PAULSON ADVANTAGE PLUS II LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON CREDIT OPPORTUNITIES, L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON CREDIT OPPORTUNITIES IV L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON CREDIT OPPORTUNITIES PEQ1 LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON CREDIT OPPORTUNITIES II PEQ1 LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON CREDIT OPPORTUNITIES IV LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON RECOVERY FUND, LP
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

 
			
	PAULSON RECOVERY FUND II LP
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON RECOVERY PEQ1 LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON RECOVERY II FUND LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON INTERNATIONAL LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PAULSON ENHANCED LTD.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PCO EN LLC
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory
	
	PCO PP LLC
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

 
			
	BLACKSTONE PARTIES:
	
	BLACKSTONE REAL ESTATE PARTNERS VI.A-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

	Name:	 	A.J. Agarwal
	Title:	 	Authorized Signatory
	
	BLACKSTONE REAL ESTATE PARTNERS VI.B-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

	Name:	 	A.J. Agarwal
	Title:	 	Authorized Signatory
	
	BLACKSTONE REAL ESTATE PARTNERS VI.C-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

	Name:	 	A.J. Agarwal
	Title:	 	Authorized Signatory

 
			
	BLACKSTONE REAL ESTATE PARTNERS (AIV) VI-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

	Name:	 	A.J. Agarwal
	Title:	 	Authorized Signatory
	
	BLACKSTONE REAL ESTATE PARTNERS VI.TE.1-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

	Name:	 	A.J. Agarwal
	Title:	 	Authorized Signatory
	
	BLACKSTONE REAL ESTATE PARTNERS VI.TE.2-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

	Name:	 	A.J. Agarwal
	Title:	 	Authorized Signatory

 
			
	BLACKSTONE REAL ESTATE PARTNERS VI.F-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

	Name:	 	A.J. Agarwal
	Title:	 	Authorized Signatory
	
	BLACKSTONE REAL ESTATE HOLDINGS VI L.P.
	
	BY: BREP VI SIDE-BY-SIDE GP L.L.C., its general partner
		
	By:	 	 /s/ A.J. Agarwal

	Name:	 	A.J. Agarwal
	Title:	 	Authorized Signatory

 SCHEDULE A 

Plan of Distribution 
 A
selling stockholder may also enter into hedging and/or monetization transactions. For example, a selling stockholder may: 
  

	(a)	enter into transactions with a broker-dealer or affiliate of a broker-dealer or other third party in connection with which that other party will become a selling stockholder and engage in short sales of the common stock
under this prospectus, in which case the other party may use shares of common stock received from the selling stockholder to close out any short positions; 

  

	(b)	itself sell short common stock under this prospectus and use shares of common stock held by it to close out any short position; 

  

	(c)	enter into options, forwards or other transactions that require the selling stockholder to deliver, in a transaction exempt from registration under the Securities Act, common stock to a broker-dealer or an affiliate of
a broker-dealer or other third party who may then become a selling stockholder and publicly resell or otherwise transfer that common stock under this prospectus; or 

 

	(d)	loan or pledge common stock to a broker-dealer or affiliate of a broker-dealer or other third party who may then become a selling stockholder and sell the loaned shares or, in an event of default in the case of a
pledge, become a selling stockholder and sell the pledged shares, under this prospectus.EX-4.3

 Exhibit 4.3 

PAIRING AGREEMENT 
 This
agreement (the “Agreement”) is dated as of November 12, 2013, by and between Extended Stay America, Inc., a Delaware corporation (the “Company”), and ESH Hospitality, Inc., a Delaware corporation (“ESH
REIT”). 
 RECITALS 

WHEREAS, the Company and ESH REIT are contemplating an underwritten initial public offering (the “IPO”) of the Paired
Shares (as defined below); 
 WHEREAS, the Board of the Company (the “Company Board”) and the Board of ESH REIT (the
“ESH REIT Board”) have determined it is in each of the Company’s and ESH REIT’s best interest to pair the outstanding shares of common stock of the Company, par value $0.01 per share (the “Company
Shares”), to the Class B common stock of ESH REIT, par value $0.01 per share (the “ESH REIT Shares” and, together with the Company Shares, the “Shares”), so that they are generally transferable only in
units (the “Paired Shares”), each of which shall initially consist of one Company Share paired to one ESH REIT Share (the “Pairing”); 

WHEREAS, the certificate of incorporation of the Company (the “Company Certificate of Incorporation”) and the
certificate of incorporation of ESH REIT (the “ESH REIT Certificate of Incorporation” and together with the Company Certificate of Incorporation, the “Certificates of Incorporation”) provide that, except as provided
therein, the Company Shares and the ESH REIT Shares are not transferable, and shall not be transferred on the books of the Company or ESH REIT, as the case may be, except in combination with the shares of the other company; and 

WHEREAS, the Company and ESH REIT wish to enter into this Pairing Agreement for the purpose of further effectuating the Pairing,
including the establishment of the terms and conditions which will govern the issuance and the transfer of Company Shares and the ESH REIT Shares. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in
the ESH REIT Certificate of Incorporation. 
 ARTICLE I 

Transfer of Shares 
 Until
the restrictions and limitations set forth in this Article I shall have been terminated in the manner provided herein: 
 1.1 Except as
provided herein, no ESH REIT Shares shall be transferable, and they shall not be transferred on the books of ESH REIT, unless (i) a simultaneous transfer is made by the same transferor to the same transferee, or (ii) such transferor has
previously arranged with the Company for the transfer or issuance to the transferee, in each case, of the same number of Company Shares (subject to any adjustment required to be made pursuant to an exchange in accordance with Article IV), except
that the Company may transfer the ESH REIT Shares acquired by it from ESH REIT to a Person to whom the Company simultaneously issues the same number of Company Shares (subject to any adjustment required to be made pursuant to an

 
exchange in accordance with Article IV). For purposes of this Agreement, “Person” means an individual, corporation, association, limited liability company, limited liability
partnership, partnership, estate, trust, joint venture, unincorporated organization or a government or any agency or political subdivision thereof. 

1.2 Except as provided herein, no Company Shares shall be transferable, and they shall not be transferred on the books of the Company, unless
(i) a simultaneous transfer is made by the same transferor to the same transferee, or (ii) such transferor has previously arranged with ESH REIT for the transfer or issuance to the transferee, in each case, of the same number of ESH REIT
Shares (subject to any adjustment required to be made pursuant to an exchange in accordance with Article IV), except that ESH REIT may transfer the Company Shares acquired by it to a Person to whom ESH REIT simultaneously issues the same number of
ESH REIT Shares (subject to any adjustment required to be made pursuant to an exchange in accordance with Article IV). 
 ARTICLE II 

Issuance of Shares 
 Until
such time as the Pairing shall have been terminated in the manner provided herein: 
 2.1 Except as provided in Article III, ESH REIT shall
not issue or agree to issue any of the ESH REIT Shares to any Person except the Company unless effective provision has been made for (i) the simultaneous issuance or transfer to the same Person of the same number of Company Shares (subject to
any adjustment required to be made pursuant to an exchange in accordance with Article IV), (ii) the pairing of the Company Shares and the ESH REIT Shares and (iii) the allocation of the consideration to be received upon such issuance
between the Company and ESH REIT or, if allocation of such consideration between them is not practicable, on the payment by one company to the other of cash or other consideration in lieu thereof. Any such allocation or payment shall be based on the
respective fair market values of the Company Shares and the ESH REIT Shares, as determined in accordance with Section 2.3, unless otherwise agreed by the Company and ESH REIT. 

2.2 Except as provided in Article III, the Company shall not issue or agree to issue any Company Shares to any Person except ESH REIT unless
effective provision has been made for (i) the simultaneous issuance or transfer to the same Person of the same number of ESH REIT Shares (subject to any adjustment required to be made pursuant to an exchange in accordance with Article IV),
(ii) the pairing of the Company Shares and the ESH REIT Shares and (iii) the allocation of the consideration to be received upon such issuance between the Company and ESH REIT or, if allocation of such consideration between them is not
practicable, on the payment by one company to the other of cash or other consideration in lieu thereof. Any such allocation or payment shall be based on the respective fair market values of the Company Shares and the ESH REIT Shares, as determined
in accordance with Section 2.3 unless otherwise agreed by the Company and ESH REIT, and any allocation or payment based upon the most recently determined Valuation Percentage should be conclusively deemed based on the respective fair market
values of the Company Shares and the ESH REIT Shares, as determined in accordance with Section 2.3. 

 2.3 At the time of each issuance of Class B Common Stock pursuant to this Article II, and in any
event not less often than once each calendar quarter, the Company and ESH REIT shall jointly arrange for the determination by a third party valuation, investment banking or other financial advisory firm as of a date specified by the Company and ESH
REIT (the “Valuation Date”) of the fair market value of each Company Share outstanding on the Valuation Date (the “Fair Market Value of a Company Share”) and the fair market value of each ESH REIT Share outstanding
on the Valuation Date (the “Fair Market Value of an ESH REIT Share”). 
 ARTICLE III 

Limitations on Restrictions on Transfer and Issuance of Shares 

3.1 Notwithstanding the restrictions set forth in Article I and Article II herein, any of the Company Shares issued or transferred in
accordance with Article I and Article II after November 6, 2013, the date of the filing of the Company Certificate of Incorporation, which are issued on an unpaired basis by the Company pursuant to the terms of Section 6.6 of the Company
Certificate of Incorporation may be transferred on an unpaired basis (subject to any adjustment required to be made pursuant to an exchange in accordance with Article IV). 

3.2 Notwithstanding the restrictions set forth in Article I and Article II herein, any of the ESH REIT Shares issued or transferred in
accordance with Article I and Article II herein after November 6, 2013, the date of the filing of the ESH REIT Certificate of Incorporation, which are issued on an unpaired basis by ESH REIT pursuant to the terms of Section 6.6 of the ESH REIT
Certificate of Incorporation may be transferred on an unpaired basis (subject to any adjustment required to be made pursuant to an exchange in accordance with Article IV). 

ARTICLE IV 
 Exchange Rights

 4.1 Company Exchange Right 
  

	 	(a)	The Company shall have the right to exchange for all or any portion of the ESH REIT Shares or the Company Shares, cash, the Company Shares or other property with a fair market value, as determined by a third party
valuation, investment banking or other financial advisory firm, at least equal to the Fair Market Value of an ESH REIT Share or the Fair Market Value of a Company Share, as applicable (each a “Company Exchange Amount”). After such
acquisition, the Company Shares may be paired with the ESH REIT Shares in a different proportion, but such shares will continue to attach and trade together. 

  

	 	(b)	 Such exchange shall be deemed to have been made as of the close of business on the applicable date fixed by the Company for such exchange (the
“Company Exchange Date”) and after such Company Exchange Date, provided that the Company Exchange Amount has been duly paid or set apart for payment in full, all rights of the holders of such shares as shareholders of ESH REIT or

	 	
the Company, as applicable, shall cease, except the right to receive the Company Exchange Amount, without interest thereon, upon surrender of the certificates evidencing such shares.

  

	 	(c)	In the case of an exchange for the ESH REIT Shares, notice of such exchange (a “Company Exchange Notice”) shall be given by the Company to ESH REIT not less than ten (10) nor more than sixty
(60) days prior to the Company Exchange Date. Concurrently, in the case of either an exchange for the ESH REIT Shares or for the Company Shares, the Company Exchange Notice shall be given by the Company by first class mail to each holder of
shares to be exchanged at such holder’s address as shown in the books and records of ESH REIT or the Company, as applicable. Each Company Exchange Notice shall specify (A) the Company Exchange Date, (B) the number of the ESH REIT
Shares or the Company Shares, as applicable, to be exchanged in the aggregate and from such holder, (C) the Company Exchange Amount, specifying whether the Company Exchange Amount will be paid in cash, the Company Shares or other property (and
identifying such other property, if other property is to be exchanged) and (D) the place or places where certificates for the ESH REIT Shares or the Company Shares, as applicable, to be exchanged are to be surrendered for payment of the Company
Exchange Amount. If less than all outstanding shares of the ESH REIT Shares or the Company Shares, as applicable, are to be exchanged, the shares to be exchanged shall be selected pro rata. 

 

	 	(d)	Each holder of the ESH REIT Shares or the Company Shares being exchanged shall surrender to the Transfer Agent a certificate or certificates evidencing such shares. As soon as practicable, and in any event within five
(5) Business Days, after such surrender, the Company shall pay the applicable Company Exchange Amount to such holder and, if less than the full number of shares represented by the certificate or certificates so surrendered are to be exchanged,
ESH REIT or the Company, as applicable, shall promptly deliver to such holder a certificate or certificates evidencing the excess ESH REIT Shares or the Company Shares, as applicable, not being exchanged. The Company Exchange Amount, if payable in
cash, shall be payable at the election of the Company by check or by wire transfer to an account designated in writing by the holder at least two (2) Business Days prior to the applicable Company Exchange Date, if one has been so designated; if
the Company Exchange Amount is not payable in cash, then the Company Exchange Amount shall be payable in such manner as may be determined by the Company and set forth in the Company Exchange Notice. 

 

	 	(e)	 With respect to any of the Company Shares or other securities to be issued pursuant to such exchange, the Company or the issuer of such other
securities shall issue and deliver, at the office of the Transfer Agent to the exchanging holder, a certificate or certificates for the number of full shares of the Company Shares or other securities deliverable in accordance with the

	 	
provisions of this Section 4.1, and any fractional interest in respect of the Company Shares or other securities arising upon such exchange shall be settled as provided in Section 4.3
(the date of delivery of such certificate or certificates being sometimes referred to herein as the “Company Exchange Issuance Date”). To the fullest extent permitted under law, any such Company Shares or other securities issued
upon such exchange shall be deemed to have been issued immediately prior to the close of business on the Company Exchange Issuance Date, and the Person or Persons in whose name or names any certificate or certificates for the Company Shares or other
securities shall be issuable pursuant to such exchange shall be deemed to have become the holder or holders of record of the Company Shares or other securities represented thereby at such time on such date unless the share transfer records for the
Company Shares or other securities shall be closed on such date, in which event such Person or Persons shall be deemed to have become such holder or holders of record at the close of business on the next succeeding day on which such share transfer
books are open. 

 4.2 ESH REIT Exchange Right 

 

	 	(a)	ESH REIT shall have the right to exchange for all or any portion of the ESH REIT Shares or the Company Shares, cash, securities of ESH REIT or other property with a fair market value as determined by a third party
valuation, investment banking or other financial advisory firm at least equal to, the Fair Market Value of a ESH REIT Share or the Fair Market Value of a Company Share, as applicable (the “ESH REIT Exchange Amount” and together with
the Company Exchange Amount, the “Exchange Amounts”). After such acquisition, the ESH REIT Shares may be paired with the Company Shares in a different proportion, but such shares will continue to attach and trade together.

  

	 	(b)	Such exchange shall be deemed to have been made as of the close of business on the applicable date fixed by the ESH REIT for such exchange (the “Exchange Date”, and together with the Company Exchange
Date, the “Exchange Dates”) and after such ESH REIT Exchange Date, provided that the ESH REIT Exchange Amount has been duly paid or set apart for payment in full, all rights of the holders of such shares as shareholders of ESH REIT
or the Company, as applicable, shall cease, except the right to receive the ESH REIT Exchange Amount, without interest thereon, upon surrender of the certificates evidencing such shares. 

 

	 	(c)	 In the case of an exchange for the Company Shares, notice of such exchange (an “ESH REIT Exchange Notice”, and together with the
Company Exchange Notice, the “Exchange Notices”, each an “Exchange Notice”) shall be given by ESH REIT to the Company not less than ten (10) nor more than sixty (60) days prior to the ESH REIT Exchange
Date. Concurrently, in the case of either an exchange for the ESH REIT Shares or for the Company Shares, the 

	 	
ESH REIT Exchange Notice shall be given by ESH REIT by first class mail to each holder of shares to be exchanged at such holder’s address as shown in the books and records of ESH REIT. Each
ESH REIT Exchange Notice shall specify (A) the ESH REIT Exchange Date, (B) the number of shares of ESH REIT Shares or the Company Shares, as applicable, to be exchanged in the aggregate and from such holder, (C) the ESH REIT Exchange
Amount, specifying whether the ESH REIT Exchange Amount will be paid in cash or other property (and identifying such other property, if other property is to be exchanged) and (D) the place or places where certificates for the ESH REIT Shares or
the Company Shares to be exchanged are to be surrendered for payment of the ESH REIT Exchange Amount. If less than all outstanding shares of ESH REIT Shares or the Company Shares, as applicable, are to be exchanged, the shares to be exchanged shall
be selected pro rata. 

  

	 	(d)	Each holder of ESH REIT Shares or the Company Shares being exchanged shall surrender to the Transfer Agent a certificate or certificates evidencing such shares. As soon as practicable, and in any event within five
(5) Business Days, after such surrender, ESH REIT shall pay the applicable ESH REIT Exchange Amount to such holder and, if less than the full number of shares represented by the certificate or certificates so surrendered are to be exchanged,
ESH REIT or the Company, as applicable shall promptly deliver to such holder a certificate or certificates evidencing the excess shares of the ESH REIT Shares or the Company Shares not being exchanged. The ESH REIT Exchange Amount, if payable in
cash, shall be payable at the election of ESH REIT by check or by wire transfer to an account designated in writing by the holder at least two (2) Business Days prior to the applicable ESH REIT Exchange Date, if one has been so designated; if
the ESH REIT Exchange Amount is not payable in cash, then the ESH REIT Exchange Amount shall be payable in such manner as may be determined by ESH REIT and set forth in the ESH REIT Exchange Notice. 

 

	 	(e)	 With respect to any securities to be issued pursuant to such exchange, ESH REIT or the issuer of such other securities shall issue and deliver, at the
office of the Transfer Agent to the exchanging holder, a certificate or certificates for the number of full shares of the securities deliverable in accordance with the provisions of this Section 4.2, and any fractional interest in respect of
the securities arising upon such exchange shall be settled as provided in Section 4.3 (the date of delivery of such certificate or certificates being sometimes referred to herein as the “ESH REIT Exchange Issuance Date”). To
the fullest extent permitted by law, any such securities issued upon such exchange shall be deemed to have been issued immediately prior to the close of business on the ESH REIT Exchange Issuance Date, and the Person or Persons in whose name or
names any certificate or certificates the securities shall be issuable pursuant to such exchange shall be deemed to have become the holder or holders of record of the securities represented thereby at such time on such date unless the share transfer
records for the securities shall be closed on such 

	 	
date, in which event such Person or Persons shall be deemed to have become such holder or holders of record at the close of business on the next succeeding day on which such share transfer books
are open. 

 4.3 Unless otherwise determined by ESH REIT or the Company or set forth in an Exchange Notice, no fractional
Company Stock or other fractional securities or scrip evidencing fractions thereof shall be issued upon the exchanges under Sections 4.1 and 4.2. Instead of any fractional interest in Company Stock or in any other securities that would otherwise be
deliverable upon the exchanges under Sections 4.1 and 4.2, the Company or ESH REIT, as applicable, shall pay to the exchanging holder an amount in cash equal to the corresponding fraction of Market Price of the Equity Stock on the Trading Day
immediately preceding the Company Exchange Issuance Date or ESH REIT Exchange Issuance Date, as applicable. If more than one ESH REIT Share or Company Share, as applicable, shall be surrendered for exchange at one time by the same holder, the number
of full Company Shares or other securities issuable upon exchange shall be computed on the basis of the aggregate number of the ESH REIT Shares or the Company Shares so surrendered. 

4.4 ESH REIT or the Company, as applicable, shall pay or cause to be paid any and all documentary stamp or similar issue or transfer taxes
payable in respect of the issue or delivery of any Exchange Amount upon any such exchange; provided, however, that neither ESH REIT nor the Company shall be required to pay or cause to be paid any tax that may be payable in respect of any transfer
involved in the issue or delivery of any Exchange Amount in a name or to any Person other than that of the holder of the ESH REIT Shares or the Company Shares being exchanged, and no such issue or delivery shall be made unless and until the Person
requesting such issue or delivery has paid to ESH REIT the amount of any such tax or established, to the reasonable satisfaction of ESH REIT or the Company, as applicable, that such tax has been paid. 

4.5 Any determination required or permitted to be made by the Company Board and the ESH REIT Board by this Article IV shall, to the fullest
extent of the law, be final, conclusive and binding on the holders of the ESH REIT Shares and the Company Shares. 
 ARTICLE V 

Registration 
 5.1 The
Company agrees to cause the Company Shares to be duly registered and to maintain effective such registration with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Section 12 of the Securities Exchange Act of
1934 (as amended, the “Exchange Act”). 
 5.2 ESH REIT agrees to cause the ESH REIT Shares to be duly registered and to
maintain effective such registration with SEC pursuant to Section 12 of the Exchange Act. 

 ARTICLE VI 

Stock Dividends, Reclassifications, etc. 

6.1 Until such time as the Pairing shall have been terminated in the manner herein provided and as provided in the Certificates of
Incorporation, and except pursuant to an exchange made in accordance with Article IV, neither the Company nor ESH REIT, as the case may be, shall declare or pay any stock dividend consisting in whole or in part of the Company Shares or the ESH REIT
Shares, as the case may be, issue any rights or warrants to purchase any shares of the Company Shares or the ESH REIT Shares, as the case may be, or subdivide, combine or otherwise reclassify the Company shares or the ESH REIT Shares, unless the
other party hereto (the Company or ESH REIT, as the case may be) simultaneously takes the same or equivalent action with respect to the Company Shares or the ESH REIT Shares, as the case may be, to the end that the outstanding Company Shares and ESH
REIT Shares will at all times be effectively paired on a one-for-one basis as contemplated herein (subject to any adjustment required to be made pursuant to an exchange in accordance with Article IV). Notwithstanding the foregoing, no provision in
this Article VI shall restrict ESH REIT from distributing the ESH REIT Shares to the Company. 
 6.2 Notwithstanding Section 6.1, if:
(i) (a) ESH REIT is restricted, under the terms of any bona fide loan or credit agreement or indenture relating to a borrowing by ESH REIT or any of its subsidiaries, from paying a cash dividend and (b) the ESH REIT Board determines
it necessary or desirable to continue to satisfy the distribution requirements of Section 857 of the Code, or (ii) the ESH REIT Board or Company Board determines it necessary or desirable to prevent ESH REIT and the Company from being
treated as “stapled entities” (as defined in Section 269B(c)(2) of the Code), then to the extent necessary to satisfy clauses (i) or (ii) of this Section 6.1, ESH REIT may declare and pay taxable dividends, in cash, in
kind or in Equity Stock in respect of the Class A Common Stock of ESH REIT that differ, in kind and/or amount from dividends paid in respect of the ESH REIT Shares, including, but not limited to, (x) the payment of no dividends in respect
of the ESH REIT Shares, (y) distributing taxable stock dividends paid in respect of the Class A Common Stock of ESH REIT in the form of Class A Common Stock of ESH REIT, ESH REIT Shares and/or Preferred Stock of ESH REIT and
(z) distributing taxable stock dividends paid in respect of the ESH REIT Shares in the form of ESH REIT Shares. 
 ARTICLE VIII 

Termination 
 Subject to
the terms of the Stockholders’ Agreement, this Agreement in its entirety or any provision of this Agreement may be waived, repealed or made inapplicable by action taken by the Company Board or ESH REIT Board, subject to the rights of the
Blackstone Group, L.P., Paulson & Co. Inc. and Centerbridge Partners, L.P. or their respective Affiliates (collectively, the “Sponsors”) contained in the Stockholders Agreement. In addition, subject to the rights of the
Sponsors contained in the Stockholders’ Agreement, by the affirmative vote of either (i) a majority of the ESH REIT Shares then outstanding as of a record date fixed by the ESH REIT Board for such purpose or (ii) a majority of the
Company Shares then outstanding as of a record date fixed by the Company Board for such purpose, the holders of ESH REIT Shares or the holders of the Company Shares, as the case may be, may elect to eliminate the Pairing of all Paired Shares,
provided, however that elimination of the Pairing of all Paired Shares shall not be effective until one hundred and eighty (180) days after such affirmative vote. The Pairing of the Paired Shares will be automatically terminated upon the
commencement of any bankruptcy or insolvency proceeding of either of the Company or ESH REIT. 

 ARTICLE IX 

Amendment 
 This Agreement
may be amended only by action taken or authorized by the Company Board or the ESH REIT Board or by the majority of the Paired Shares then outstanding as of a record date fixed by the Company Board and the ESH REIT Board for such purpose, all subject
to the rights of the Sponsors under the Stockholders’ Agreement. 
 ARTICLE X 

Pairing of Excess Shares 

10.1 In the event that (a) ESH REIT issues Excess ESH REIT Shares, par value $0.01 per share of ESH REIT (the “Excess ESH REIT
Shares”) or the Company issues shares of Excess Company Shares, par value $0.01 per share of the Company (the “Excess Company Shares”) and (b) the Excess ESH REIT Shares and Excess Company Shares were paired pursuant
to this Agreement, and until such time as the Pairing shall have been terminated in the manner provided herein, then in addition to, and not in any respect in limitation of, the provisions of the Certificates of Incorporation (as each may be amended
from time to time), such Excess ESH REIT Shares and such Excess Company Shares shall be subject to the restrictions and limitations set forth in Articles I and II of this Agreement. 

ARTICLE XI 
 Counterparts

 This Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 
 ARTICLE XII 

Governing Law 
 This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof. 

ARTICLE XIII 
 Entire Agreement

 This Agreement constitutes the entire agreement of the parties relating to the subject matter hereof and supersedes all prior
contracts or agreements, whether oral or written. 

 ARTICLE XIV 

No Third Party Beneficiaries 

The parties hereto agree that there are no third parties who are intended to benefit from or who are entitled to rely on any of the provisions
of this Agreement. No third party shall be entitled to assert any claims or to enforce any rights whatsoever pursuant to this Agreement. Except as otherwise expressly provided herein, the covenant and agreements provided in this Agreement are solely
for the benefit of the parties hereto and their permitted successors and assigns respectively. 
 ARTICLE XV 

Severability 
 Each
provision of this Agreement shall be severable and an adverse determination as to any provision shall in no way affect the validity of any other provision. 

ARTICLE XVI 
 Forum 

To the fullest extent permitted by applicable law, each of the parties hereto (i) consents to submit itself to the personal jurisdiction
of the Court of Chancery of the State of Delaware (and any appellate court of the State of Delaware) and the Federal courts of the United States of America located in the State of Delaware (in the event the Court of Chancery does not have
jurisdiction) and the Superior Court of the State of Delaware (in the event the Court of Chancery and no such Federal court has jurisdiction) in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement,
(ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (iii) agrees that it will not bring any action relating to this Agreement or the transactions
contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware or, if the Court of Chancery does not have jurisdiction, a Federal court of the United States of America located in the State of Delaware, or if no
such Federal Court has jurisdiction, the Superior Court of the State of Delaware. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or other
proceeding arising out of this Agreement or the transactions contemplated hereby. To the fullest extent permitted by applicable law, each party hereto irrevocably consents to the service of process out of any of the aforementioned courts in any
suit, action or other proceeding arising out of this Agreement by the mailing of copies thereof by mail to such party at its principal place of business, such service of process to be effective upon acknowledgement of receipt of such registered
mail; provided that nothing in this Agreement shall affect the right of any party to serve legal process in any other manner permitted by law. 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and
delivered in its name and on its behalf, all as of the day and year first above written. 
  

			
	COMPANY:
	
	EXTENDED STAY AMERICA, INC.
		
	By:	 	 /s/ James L. Donald

	Name:	 	James L. Donald
	Title:	 	Chief Executive Officer

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and
delivered in its name and on its behalf, all as of the day and year first above written. 
  

			
	ESH REIT:
	
	ESH HOSPITALITY, INC.
		
	By:	 	 /s/ James L. Donald

	Name:	 	James L. Donald
	Title:	 	Chief Executive Officer

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