Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 CREDIT
AGREEMENT 
 dated as of 

March 23, 2015 
 among 

GENPACT GLOBAL HOLDINGS (BERMUDA) LIMITED, 

as the Borrower, 
 GENPACT LIMITED,

 as Holdings, 
 and 

MORGAN STANLEY SENIOR FUNDING, INC., 

as Lender 

 TABLE OF CONTENTS 

 

							
	 		 		Page	 
	ARTICLE I				
		
	Definitions				
			
	 SECTION 1.01.
		Defined Terms		 	5	  
	 SECTION 1.02.
		Terms Generally		 	15	  
	 SECTION 1.03.
		[Reserved]		 	16	  
	 SECTION 1.04.
		Payments on Business Days		 	16	  
	 SECTION 1.05.
		Times of Day		 	16	  
		
	ARTICLE II				
		
	The Credits				
			
	 SECTION 2.01.
		Commitment		 	16	  
	 SECTION 2.02.
		[Reserved]		 	16	  
	 SECTION 2.03.
		Requests for the Loan		 	16	  
	 SECTION 2.04.
		[Reserved]		 	16	  
	 SECTION 2.05.
		[Reserved]		 	16	  
	 SECTION 2.06.
		Funding of the Loan		 	16	  
	 SECTION 2.07.
		Termination and Reduction of Commitment		 	16	  
	 SECTION 2.08.
		Repayment of the Loan; Evidence of Debt		 	17	  
	 SECTION 2.09.
		Prepayment of the Loan		 	17	  
	 SECTION 2.10.
		Fees		 	17	  
	 SECTION 2.11.
		Interest		 	17	  
	 SECTION 2.12.
		[Reserved]		 	18	  
	 SECTION 2.13.
		Increased Costs		 	18	  
	 SECTION 2.14.
		[Reserved]		 	19	  
	 SECTION 2.15.
		Taxes		 	19	  
	 SECTION 2.16.
		Payments Generally; Pro Rata Treatment; Sharing of Setoffs		 	20	  
		
	ARTICLE III				
		
	Representations and Warranties				
			
	 SECTION 3.01.
		Organization; Powers; Subsidiaries; Equity Interests		 	21	  
	 SECTION 3.02.
		Authorization; No Conflicts; Enforceability		 	21	  
	 SECTION 3.03.
		Governmental Approvals; Other Consents		 	22	  
	 SECTION 3.04.
		No Material Adverse Change		 	22	  
	 SECTION 3.05.
		[Reserved]		 	22	  
	 SECTION 3.06.
		[Reserved]		 	22	  
	 SECTION 3.07.
		[Reserved]		 	22	  
	 SECTION 3.08.
		Compliance with Laws and Agreements		 	22	  
	 SECTION 3.09.
		Investment Company Status; Foreign Company Status		 	22	  
	 SECTION 3.10.
		Taxes		 	22	  
	 SECTION 3.11.
		Solvency		 	22	  
	 SECTION 3.12.
		[Reserved]		 	23	  
	 SECTION 3.13.
		Federal Reserve Regulations		 	23	  

  
 -i- 

					
	 SECTION 3.14.
		 Security Interests
		23
	 SECTION 3.15.
		 PATRIOT Act and FCPA
		23
	 SECTION 3.16.
		 OFAC
		23
		
	ARTICLE IV		
		
	Conditions		
			
	 SECTION 4.01.
		 Closing Date
		23
		
	ARTICLE V		
		
	Affirmative Covenants		
			
	 SECTION 5.01.
		 [Reserved]
		25
	 SECTION 5.02.
		 Notice of Material Events
		25
	 SECTION 5.03.
		 Existence; Conduct of Business
		25
	 SECTION 5.04.
		 Payment of Obligations
		25
	 SECTION 5.05.
		 [Reserved]
		25
	 SECTION 5.06.
		 [Reserved]
		25
	 SECTION 5.07.
		 Compliance with Laws; Compliance with Agreements
		25
	 SECTION 5.08.
		 Use of Proceeds
		25
	 SECTION 5.09.
		 Covenant to Give Security
		26
	 SECTION 5.10.
		 Further Assurances
		26
		
	ARTICLE VI		
		
	Negative Covenants		
			
	 SECTION 6.01.
		 Liens
		26
		
	ARTICLE VII		
		
	Events of Default		
		
	ARTICLE VIII		
		
	[Reserved]		
		
	ARTICLE IX		
		
	Miscellaneous		
			
	 SECTION 9.01.
		 Notices
		29
	 SECTION 9.02.
		 Waivers; Amendments
		30
	 SECTION 9.03.
		 Expenses; Indemnity; Damage Waiver
		30
	 SECTION 9.04.
		 Assignments by the Lender
		31
	 SECTION 9.05.
		 Survival
		32
	 SECTION 9.06.
		 Counterparts; Integration; Effectiveness
		32
	 SECTION 9.07.
		 Severability
		32
	 SECTION 9.08.
		 Right of Setoff
		32

  
 -ii- 

									
	 SECTION 9.09.
				 Governing Law; Jurisdiction; Consent to Service of Process
		 	33	  
	 SECTION 9.10.
				 WAIVER OF JURY TRIAL
		 	33	  
	 SECTION 9.11.
				 Headings
		 	34	  
	 SECTION 9.12.
				 Confidentiality
		 	34	  
	 SECTION 9.13.
				 USA PATRIOT Act
		 	34	  
	 SECTION 9.14.
				 Interest Rate Limitation
		 	35	  
	 SECTION 9.15.
				 No Fiduciary Duty
		 	35	  
	 SECTION 9.16.
				 Agent for Service of Process
		 	35	  
	 SECTION 9.17.
				 Judgment Currency
		 	36	  
				
	 SCHEDULES:
								
				
	 Schedule 3.01(b)
		–		 Loan Parties
				
	 Schedule 4.01(b)
		–		 Collateral Documents
				
	 Schedule 4.01(c)
		–		 Local Counsel
				
	 Schedule 5.08
		–		 Step Plan
				
	 Schedule 9.01
		–		 Notices
				
				
	 EXHIBITS:
								
				
	 Exhibit A
		–		 Form of Guarantee Agreement
				
	 Exhibit B
		–		 Form of Borrowing Request
				

  
 -iii- 

 EXECUTION VERSION 

CREDIT AGREEMENT (this “Agreement”) dated as of March 23, 2015 among GENPACT GLOBAL HOLDINGS (BERMUDA) LIMITED, an
exempted limited liability company organized under the laws of Bermuda (the “Borrower”), GENPACT LIMITED, an exempted limited liability company organized under the laws of Bermuda (“Holdings”), and MORGAN STANLEY
SENIOR FUNDING, INC., as lender (the “Lender”). 
 WHEREAS, the Borrower has requested that the Lender extend credit on the
Closing Date in the form of a Loan in an aggregate principal amount of $737,500,000; and 
 WHEREAS, the Lender is willing to make the Loan
on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained,
the parties hereto covenant and agree as follows: 
 ARTICLE I 

Definitions 
 SECTION 1.01.
Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “Act” has the
meaning assigned to such term in Section 9.13. 
 “Affiliate” means, with respect to a specified Person,
another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agreement” has the meaning assigned to such term in the preamble hereto. 

“Applicable Rate” means 2.00% per annum. 

“Approved Fund” means any Fund that is administered or managed by (a) the Lender, (b) an Affiliate of the Lender or
(c) an entity or an Affiliate of an entity that administers or manages the Lender. 
 “Audited Financial Statements”
means the audited consolidated balance sheet of Holdings and its consolidated Subsidiaries for the fiscal year ended December 31, 2013, and the related consolidated statements of income or operations, shareholders’ equity and cash flows
for such fiscal year of Holdings and its consolidated Subsidiaries, including the notes thereto. 
 “Authorized
Representative” means any Responsible Officer or other authorized signatory of a Loan Party. 
 “Bermuda Account Pledge
Agreement” means that certain Account Pledge Agreement dated as of March 23, 2015 among the Borrower, as Pledgor, and the Lender, as Secured Party. 

“Bermuda Controlled Account” means the demand deposit account with the account number set forth in the Perfection Certificate
held by the Borrower with Bank of America, N.A. in the name of the Borrower and any successor or replacement account. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

 “Board of Directors” means (a) with respect to a corporation, the board of
directors of the corporation and (b) with respect to any other Person, the board of directors or other similar body and (except if used in the definition of “Change in Control”) committee or Person of such Person serving a similar
function. 
 “Borrower” has the meaning assigned to such term in the preamble hereto. 

“Borrowing Amount” has the meaning assigned to such term in Section 2.01. 

“Borrowing Request” means a request by the Borrower for the Loan in accordance with Section 2.03. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state where the Lender’s Office is located. 
 “Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP as in effect on the Closing Date, and the amount of such obligations as of any date shall be the capitalized amount thereof determined in
accordance with GAAP as in effect on the Closing Date that would appear on a balance sheet of such Person prepared as of such date. 

“Change in Control” means an event or series of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) other than the Equity Investors and GE
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all Equity Interests that such person
or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the common Equity Interests of Holdings, or other Equity Interests (that carry
unconditional or conditional entitlements to vote on the appointment of directors or equivalent officers; provided that in the case of any such conditional entitlements, such Equity Interests shall only be included within this clause (a) upon
and with effect from the time when the applicable conditions to such entitlements are satisfied) of Holdings at any time; 

(b) during any period of 24 consecutive months, a majority of the members of the Board of Directors or other equivalent
governing body of Holdings cease to be composed of individuals (i) who were members of the Board of Directors of Holdings or equivalent governing body on the first day of such period, (ii) whose election or nomination to the Board of
Directors of Holdings or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of the Board of Directors of Holdings or equivalent
governing body or (iii) whose election or nomination to the Board of Directors of Holdings or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such
election or nomination at least a majority of the Board of Directors of Holdings or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii) any individual whose initial nomination for, or

  
 -6- 

 
assumption of office as, a member of the Board of Directors of Holdings or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the
election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the Board of Directors of Holdings); or 

(c) Holdings shall cease, directly or indirectly, to own and control legally and beneficially all of the Equity Interests in
the Borrower. 
 “Change in Law” means (a) the adoption of any law, treaty, rule or regulation after the date of this
Agreement, (b) any change in any law, treaty, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by the Lender (or, for purposes of
Section 2.13(b), by any lending office of the Lender or by the Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after
the date of this Agreement; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 

“Charges” has the meaning assigned to such term in Section 9.14. 

“Closing Date” means the date on which the conditions specified in Article IV of this Agreement are satisfied. 

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

“Collateral” means all the “Collateral” or any equivalent term as defined in any Collateral Document. 

“Collateral Documents” means, collectively, the Bermuda Account Pledge Agreement, the Luxembourg Account Pledge Agreement,
the Singapore Account Charge and each of the collateral assignments, security agreements, pledge agreements, subordination agreements, instruction letters or other similar agreements and all supplements with respect to the foregoing delivered to the
Lender pursuant to Section 5.09 or otherwise required (whether as of the Closing Date or thereafter) by any of the foregoing agreements, and each of the other agreements, instruments or documents that creates or purports to create a Lien
in favor of the Lender to secure the Obligations. 
 “Commitment” means the commitment of the Lender to make a Loan
pursuant to Section 2.01. The aggregate amount of the Lender’s Commitment as of the date hereof is $737,500,000. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” means, with respect to any Person, the power, directly or indirectly, to direct or cause the direction of the
management and policies of such Person, whether by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

  
 -7- 

 “Controlled Accounts” means each of the Bermuda Controlled Account, the
Luxembourg Controlled Account and the Singapore Controlled Account. 
 “Debtor Relief Laws” means the Bankruptcy Code of
the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 “Default” means
any event or condition which constitutes an Event of Default or, which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

“Default Rate” has the meaning assigned to such term in Section 2.11(b). 

“Disqualified Equity Interests” means any Equity Interest which, by its terms (or by the terms of any security or other
Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests and cash in lieu of
fractional shares of such Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, public equity offering or asset disposition so long as any rights of the holders thereof upon the
occurrence of a change of control, public equity offering or asset disposition event shall be subject to the prior repayment in full of the Loan and all other Obligations that are accrued and payable and the termination of the Commitment,
(b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests and cash in lieu of fractional shares if such Qualified Equity Interests and except as permitted in clause (a) above), in whole or in
part, (c) requires the scheduled payments of dividends in cash (for this purpose, dividends shall not be considered required if the issuer has the option to permit them to accrue, cumulate, accrete or increase in liquidation preference or if
the issuer has the option to pay such dividends solely in Qualified Equity Interests) or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in
each case of clauses (a)-(d), prior to the date that is 91 days after the Maturity Date. 
 “Dollars” or
“$” refers to lawful money of the United States of America. 
 “Empower India” means Empower Research
Knowledge Services Private Limited, a limited liability company organized under the laws of India. 
 “Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, imposing liability or standards of conduct concerning
protection of the environment, preservation or reclamation of natural resources, the management, Release or threatened Release of any Hazardous Material or the effect of Hazardous Materials on the environment or on health and safety. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of Holdings or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights
entitling the holder thereof to purchase or acquire any such equity interest. 

  
 -8- 

 “Equity Investors” means (a) Wells Fargo and Company and its Affiliates,
(b) General Atlantic Partners, LLC and Oak Hill Capital Management, Inc. and (c) Bain Capital Partners, LLC and, in the case of each of clauses (a), (b) and (c), their respective affiliated funds. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated)
that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event,” as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived by regulation); (b) with respect to any Plan, a failure to satisfy the minimum funding
standard (within the meaning of Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) a determination that any Plan is in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (e) the incurrence by the Borrower
or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to
terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any ERISA Affiliate
from any Plan or Multiemployer Plan or a cessation of operations by the Borrower or any ERISA Affiliate that is treated as such a withdrawal under Section 4062(e) of ERISA; or (h) the receipt by the Borrower or any ERISA Affiliate of any
notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any ERISA Affiliate of a Withdrawal Liability or a determination that a Multiemployer Plan is, or
is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or in “endangered” or “critical” status within the meaning of Section 432 of the Code or Section 305 of ERISA. 

“Event of Default” has the meaning assigned to such term in Article VII. 

“Excluded Taxes” means, with respect to the Lender or any other recipient of any payment to be made by or on account of any
obligation of any Loan Party under any Loan Document, (a) any Tax imposed on such recipient’s net income or profits (or any franchise Tax imposed in lieu of a Tax on net income or profits) by any jurisdiction (i) as a result of such
recipient being organized in or having its principal office or applicable lending office located in such jurisdiction or (ii) as a result of any other present or former connection between such recipient and such jurisdiction (other than any
connections arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to and/or
enforced any Loan Document, and/or sold or assigned an interest in the Loan or any Loan Document), (b) any branch profits Taxes within the meaning of Section 884(a) of the Code, or any similar Tax, imposed by any jurisdiction described in
clause (a) above, (c) in the case of the Lender, any U.S. Federal withholding Tax that is imposed on amounts payable to the Lender pursuant to a Law in effect on the Closing Date, (d) any withholding Tax that is attributable to a
recipient’s failure to comply with Section 2.15(d) and (e) any U.S. Federal withholding Taxes imposed pursuant to FATCA. 

  
 -9- 

 “Existing Credit Agreement” means the Credit Agreement dated as of
August 30, 2012, among Genpact International, Inc., Headstrong Corporation and the Borrower, as the borrowers, Holdings, as holdings, Morgan Stanley Senior Funding, Inc., as administrative agent, and the other parties thereto, as amended and
restated from time to time. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (and
any amended or successor version thereof that is substantively comparable and not materially more onerous to comply with), and any current or future Treasury regulations or official interpretations thereof. 

“FCPA” has the meaning assigned to such term in Section 3.15. 

“Federal Funds Effective Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if
such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Lender on such day on such transactions as
determined by the Lender. 
 “Fee Letter” means the fee letter, dated as of January 27, 2015, between Holdings, the
Borrower, Headstrong Singapore and the Lender. 
 “Financial Officer” means the chief financial officer, principal
accounting officer, treasurer, assistant treasurer, or controller of Holdings. 
 “Fund” means any Person (other than a
natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

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

“GE” means General Electric Company, a New York corporation. 

“Genpact Luxembourg” means Genpact Luxembourg S.à r.l., a private limited liability company (société
à responsabilité limitée) existing under the laws of the Grand Duchy of Luxembourg, with registered office at 12 F, rue Guillaume Kroll, L-1882 Luxembourg, having a share capital of $28,000 and registered with the Luxembourg
trade and companies register under number B 131.149. 
 “Governmental Authority” means the government of the United States
of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Group” means Holdings and its Subsidiaries from time to time. 

“Guarantee Agreement” means the Guarantee Agreement executed by the Guarantors, substantially in the form of Exhibit
A. 

  
 -10- 

 “Guarantor” means each of Holdings, the Borrower, Genpact Luxembourg, Headstrong
Singapore and any other Subsidiary (other than the Borrower) that at any time is the legal owner of a Controlled Account. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law. 
 “Headstrong Singapore” means Headstrong Consulting (Singapore) Pte Ltd, a limited liability
corporation incorporated under the laws of Singapore. 
 “Holdings” has the meaning assigned to such term in the preamble
hereto. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed
money, (b) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to
property acquired by such Person, (d) all obligations of such Person, other than intercompany items, in respect of the deferred purchase price of property or services (excluding accounts payable incurred in the ordinary course of business, any
purchase price adjustment or earn-out obligation except to the extent such obligation is a liability on the balance sheet of such Person in accordance with GAAP at the time initially incurred and deferred or equity compensation arrangements payable
to directors, officers or employees), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on Property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been assumed, but limited to the fair market value of such Property (except to the extent otherwise provided in this definition), (f) all Guarantees by such Person of Indebtedness of
others of a type described in any of clauses (a) through (e) above or (g) through (j) below, (g) all Capital Lease Obligations and Synthetic Lease Obligations of such Person, (h) all obligations, contingent or
otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (j) all obligations of such
Person under any Swap Agreement (with the “principal” amount of any Swap Agreement on any date being equal to the early termination value thereof on such date). The Indebtedness of any Person shall (i) include the Indebtedness of any
other entity (including any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or joint venturer) to the extent such Person is expressly
liable therefor as a result of such Person’s ownership interest in or other relationship with such entity and pursuant to contractual arrangements, except to the extent the terms of such Indebtedness provide that such Person is not liable
therefor and (ii) exclude customer deposits and advances and interest payable thereon in the ordinary course of business in accordance with customary trade terms and other obligations incurred in the ordinary course of business through credit
on an open account basis customarily extended to such Person. 
 “Indemnified Taxes” means all Taxes other than Excluded
Taxes and Other Taxes. 
 “Indemnitee” has the meaning assigned to such term in Section 9.03(b). 

“India Reorganization Transactions” has the same meaning set forth in the Existing Credit Agreement as of the date hereof.

 “Information” has the meaning assigned to such term in Section 9.12. 

  
 -11- 

 “IRS” means the United States Internal Revenue Service. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” has the meaning assigned to such term in the preamble hereto. 

“Lender’s Office” means the Lender’s address and, as appropriate, account as set forth on Schedule 9.01
or such other address or account as the Lender may from time to time notify to the Borrower. 
 “Lien” means, with respect
to any asset, any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset (or any capital lease having substantially the same economic effect as any of the foregoing). 

“Loan” means a loan made to the Borrower pursuant to Section 2.01. 

“Loan Documents” means this Agreement, the Guarantee Agreement, the Collateral Documents, the Fee Letter and any amendments,
waivers, supplements or other modifications to any of the foregoing. 
 “Loan Parties” means the Borrower and the
Guarantors. 
 “Luxembourg Account Pledge Agreement” means that certain Account Pledge Agreement dated as of March 23,
2015 among Genpact Luxembourg, as Pledgor, and the Lender, as Secured Party. 
 “Luxembourg Controlled Account” means the
demand deposit account with the account number set forth in the Perfection Certificate held by Genpact Luxembourg with Bank of America, N.A. in the name of Genpact Luxembourg and any successor or replacement account. 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the properties,
business, condition (financial or otherwise) or results of operations of the Group taken as a whole; (b) a material impairment of the rights and remedies of the Lender under any Loan Document, or of the ability of any Loan Party to perform its
obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 

“Material Indebtedness” means Indebtedness (other than the Loan and any intercompany Indebtedness) of any one or more of
Holdings and its Subsidiaries in an aggregate principal amount exceeding $50,000,000. 
 “Maturity Date” means the date 14
days after the Closing Date. 
 “Maximum Rate” has the meaning assigned to such term in Section 9.14. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

  
 -12- 

 “Obligations” means all indebtedness (including interest, fees, and other
amounts that, but for the filing of a petition in bankruptcy, insolvency, receivership or other similar proceeding with respect to any Loan Party, would have accrued on any Obligations, regardless of whether allowed or allowable in such proceeding)
and other monetary obligations of any of the Loan Parties to the Lender or its Affiliates, individually or collectively, existing on the Closing Date or arising thereafter (direct or indirect, joint or several, absolute or contingent, matured or
unmatured, liquidated or unliquidated, secured or unsecured) arising or incurred under this Agreement or any of the other Loan Documents, in each case whether now existing or hereafter arising, whether all such obligations arise or accrue before or
after the commencement of any bankruptcy, insolvency or receivership proceedings (and whether or not such claims, interest, costs, expenses or fees are allowed or allowable in any such proceeding (including interest and fees which, but for the
filing of a petition in bankruptcy with respect to any Loan Party, would have accrued on any Obligations, whether or not a claim is allowed against such Loan Party for such interest or fees in the related bankruptcy proceeding)). 

“OFAC” has the meaning assigned to such term in Section 3.16. 

“Organization Documents” means (a) with respect to any corporation, the certificate or articles of incorporation and the
bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement or
certificate of incorporation and/or memorandum and articles of association (or other constitutive documents with respect to any non-U.S. jurisdiction); and (c) with respect to any partnership, joint venture, trust or other form of business
entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable
Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. 

“Other Taxes” means any and all present or future stamp, court, intangible, recording, filing or documentary Taxes or any
other excise, property or similar Taxes (except for Luxembourg registration duties payable in the case of registration by the Lender of any Loan Document when such registration is not required to enforce any rights of the Lender under the Loan
Documents) arising from any payment made under any Loan Document or from the execution, delivery, registration or enforcement of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Perfection Certificate” means a certificate, dated the Closing Date, delivered by Holdings to the
Lender. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than
a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Primary
Currency” has the meaning assigned to such term in Section 9.17. 
 “Process Agent” has the meaning
assigned to such term in Section 9.16. 

  
 -13- 

 “Property” means any right or interest in or to property of any kind whatsoever,
whether real, personal or mixed and whether tangible or intangible, including Equity Interests. 
 “Qualified Equity
Interests” means Equity Interests other than Disqualified Equity Interests. 
 “Related Parties” means, with
respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping or disposing of a Hazardous Material into the environment, including the abandonment, discarding, burying or disposal of barrels, containers or other receptacles containing any Hazardous Material. 

“Responsible Officer” means the chief executive officer, president, any vice president, chief financial officer, treasurer,
assistant treasurer or controller of a Loan Party (or the equivalent position) and solely for purposes of the delivery of incumbency certificates pursuant to Article IV, the secretary or any assistant secretary of a Loan Party. Any document
delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible
Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
 “SEC” means the Securities and
Exchange Commission, any successor thereto and any analogous Governmental Authority succeeding to any of its principal functions. 

“Significant Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of Holdings within the
meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provision). 
 “Singapore Account
Charge” means that certain Account Charge dated as of March 23, 2015 among Headstrong Singapore, as Chargor, and the Lender, as Lender. 

“Singapore Controlled Account” means the demand deposit account with the account number set forth in the Perfection
Certificate held by Headstrong Singapore with Bank of America, N.A. in the name of Headstrong Singapore and any successor or replacement account. 

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date
(a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such
Person’s ability to pay such debts and liabilities as they become absolute and matured and (d) such Person is not engaged in any business, as conducted on such date and as proposed to be conducted following such date, for which such
Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability. 
 “subsidiary” means, with respect to any
Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the ordinary voting power for the
election of directors or other governing body are at the time beneficially owned, directly or indirectly, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

  
 -14- 

 “Subsidiary” means any subsidiary of Holdings. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of
Holdings or its Subsidiaries shall be a Swap Agreement. 
 “Synthetic Lease Obligation” means the monetary obligation of a
Person under (a) any so-called synthetic, off balance sheet or tax retention lease or (b) an agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating obligations that do not appear
on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Taxes” means any and all present or future taxes, levies, imposts, duties, assessments, deductions, charges or withholdings
of any nature and whatever called, imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Transactions” means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan
Documents, the borrowing of the Loan on the Closing Date, the equity infusion of Empower India as set forth in Schedule 5.08 and the payment of the fees and expenses incurred in connection with the consummation of the foregoing. 

“Uniform Commercial Code” means the Uniform Commercial Code as the same may from time to time be in effect in the State of
New York. 
 “United States” and “U.S.” mean the United States of America. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02. Terms Generally. The
definitions of terms in this Agreement and each other Loan Document shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect
as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented, refinanced, restated, replaced or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be
construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement or any other Loan Document in
which such references appear and (e) the 

  
 -15- 

 
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. 
 SECTION 1.03. [Reserved]. 

SECTION 1.04. Payments on Business Days. When the payment of any Obligation or the performance of any covenant, duty or obligation is
stated to be due or performance required on a day which is not a Business Day, the date of such payment or performance shall extend to the immediately succeeding Business Day and such extension of time shall be reflected in computing interest or
fees, as the case may be. 
 SECTION 1.05. Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to New York City time (daylight or standard, as applicable). 
 ARTICLE II 

The Credits 
 SECTION 2.01.
Commitment. Subject to the terms and conditions set forth herein, the Lender agrees to make a Loan on the Closing Date to the Borrower in Dollars in an amount equal to $737,500,000 (such amount, the “Borrowing Amount”) by
making immediately available funds to the Borrower’s account in an amount equal to the Borrowing Amount. Amounts repaid in respect of the Loan may not be reborrowed. 

SECTION 2.02. [Reserved]. 

SECTION 2.03. Requests for the Loan. To request the Loan, the Borrower shall notify the Lender of such request not later than
11:00 a.m. on the day of the requested date of the borrowing of the Loan. The Borrowing Request shall be irrevocable and shall be in a form attached hereto as Exhibit B and signed by the Borrower. The Borrowing Request shall specify the
following information: 
 (i) the aggregate amount of the requested Loan; 

(ii) the date of the Loan, which shall be a Business Day; and 

(iii) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.06. 
 SECTION 2.04. [Reserved]. 

SECTION 2.05. [Reserved]. 

SECTION 2.06. Funding of the Loan. The Lender shall make the Loan to be made by it hereunder on the proposed date thereof by wire
transfer of immediately available funds by 2:00 p.m., New York City time, to the account of the Borrower designated by the Borrower for such purpose by notice to the Lender. The Lender may, at its option, make the Loan available to the Borrower
by causing any foreign or domestic branch or Affiliate of the Lender to make the Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay the Loan in accordance with the terms of this Agreement.

 SECTION 2.07. Termination and Reduction of Commitment. The Commitment shall terminate upon the earlier of the making of the Loan
and 5:00 p.m., New York City time, on the Closing Date. 

  
 -16- 

 SECTION 2.08. Repayment of the Loan; Evidence of Debt. 

(a) The Borrower hereby unconditionally promises to pay to the Lender the then unpaid principal amount of the Loan made to the Borrower on the
Maturity Date in Dollars. 
 (b) The Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower to the Lender resulting from the Loan made by the Lender, including the amounts of principal and interest payable and paid to the Lender from time to time hereunder. 

(c) The entries made in the accounts maintained pursuant to clause (b) of this Section 2.08 shall be prima facie evidence of
the existence and amounts of the obligations recorded therein absent manifest error; provided that the failure of the Lender to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to
repay the Loan in accordance with the terms of this Agreement. 
 SECTION 2.09. Prepayment of the Loan. 

(a) Optional Prepayments. 

(i) The Borrower shall have the right at any time and from time to time to prepay the Loan, without premium or penalty, subject
to prior notice in accordance with clause (a)(ii) of this Section 2.09, not later than 2:00 p.m., New York City time, on the date of such prepayment. 

(ii) The Borrower shall notify the Lender by telephone (confirmed by telecopy or transmission by electronic communication in
accordance with Section 9.01(b)) of any prepayment hereunder not later than 2:00 p.m., New York City time, one Business Day before the date of prepayment. 

SECTION 2.10. Fees. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the
Lender. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.11. Interest. 

(a) The Loan shall bear interest at the Applicable Rate. 

(b) Notwithstanding the foregoing, if any principal of or interest on the Loan or any fee or other amount payable by the Borrower hereunder is
not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the rate otherwise applicable to the Loan as
provided in the preceding clauses of this Section 2.11 (the “Default Rate”). 
 (c) Accrued interest on the
Loan shall be payable in arrears on the Maturity Date; provided that (i) interest accrued pursuant to clause (b) of this Section 2.11 shall be payable on demand and (ii) in the event of any prepayment of the
Loan, accrued interest on the principal amount prepaid shall be payable on the date of such prepayment. 
 (d) All interest hereunder shall
be computed on the basis of a year of 360 days. 
 SECTION 2.12. [Reserved]. 

  
 -17- 

 SECTION 2.13. Increased Costs. 

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by, the Lender; 
 (ii) subject the Lender to any additional Tax (other than any Other
Taxes or Indemnified Taxes indemnified under Section 2.15, and any Excluded Taxes) with respect to any Loan Document; or 

(iii) impose on the Lender any other condition affecting this Agreement; 

and the result of any of the foregoing shall be to increase the cost to the Lender of making or maintaining the Loan or of maintaining its obligation to make
the Loan or to increase the cost to the Lender or to reduce the amount of any sum received or receivable by the Lender hereunder, whether of principal, interest or otherwise, in each case by an amount deemed by the Lender to be material in the
context of its making of extensions of credit under this Agreement, then, upon the request of the Lender, the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender for such additional costs incurred or
reduction suffered. 
 (b) If the Lender determines in good faith that any Change in Law regarding capital or liquidity requirements has or
would have the effect of reducing the rate of return on the Lender’s capital or on the capital of the Lender’s holding company, if any, as a consequence of this Agreement or the Loan made by the Lender to a level below that which the
Lender or the Lender’s holding company could have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of the Lender’s holding company with respect to capital adequacy), then from time
to time, upon the request of the Lender, the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender or the Lender’s holding company for any such reduction suffered. 

(c) A certificate of the Lender setting forth in reasonable detail the amount or amounts necessary to compensate the Lender or its holding
company, as the case may be, as specified in clause (a) or (b) of this Section 2.13 shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay the Lender the amount shown as
due on any such certificate within ten (10) days (or such later date as may be agreed by the Lender) after receipt thereof. 
 (d)
Failure or delay on the part of the Lender to demand compensation pursuant to this Section 2.13 shall not constitute a waiver of the Lender’s right to demand such compensation; provided that the Borrower shall not be required
to compensate the Lender pursuant to this Section 2.13 for any increased costs or reductions incurred more than 135 days prior to the date that the Lender notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of the Lender’s intention to claim compensation therefor; provided, further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 135-day period referred to
above shall be extended to include the period of retroactive effect thereof. 
 SECTION 2.14. [Reserved]. 

  
 -18- 

 SECTION 2.15. Taxes. 

(a) Any and all sums payable by or on account of any Loan Party under any Loan Document to the Lender shall be made free and clear of and
without deduction for any Taxes, unless required by applicable Law. 
 (b) If any applicable withholding agent shall be required by Law to
deduct any Taxes from or in respect of any sum payable under any Loan Document, then (i) the applicable withholding agent shall make such deductions and pay to the relevant Governmental Authority any such Tax before the date on which penalties
attach thereto in accordance with applicable Law, (ii) if the Tax in question is an Indemnified Tax or an Other Tax, the sum payable by the applicable Loan Party to the Lender shall be increased as necessary so that after all required
deductions have been made (including deductions applicable to additional sums payable under this Section 2.15) the Lender receives an amount equal to the sum it would have received had no such deductions been made, (iii) within
thirty days after paying any sum from which it is required by Law to make any deduction, and within thirty days after the due date of payment of any Tax which it is required by clause (i) above to pay, the Loan Party making such payments shall
deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender.

 (c) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Law. 

(d) The Lender shall, at such times as are reasonably requested by Holdings, provide Holdings with any documentation prescribed by Law or
reasonably requested by Holdings certifying as to any entitlement of the Lender to an exemption from, or reduction in, any applicable withholding Tax with respect to any payments to be made to the Lender under any Loan Document. The Lender shall,
whenever a lapse in time or change in circumstances renders any such documentation (including any specific documentation required below in this Section 2.15(d)) obsolete, expired or inaccurate in any material respect, deliver promptly to
Holdings updated or other appropriate documentation (including any new documentation reasonably requested by Holdings) or promptly notify Holdings in writing of its inability to do so. 

Without limiting the foregoing: 

(1) The Lender shall deliver to Holdings on or before the date on which it becomes a party to this Agreement two properly completed and duly
signed original copies of IRS Form W-9 certifying that the Lender is exempt from U.S. Federal backup withholding. 

(2) If a payment made to the Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if the Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), the Lender shall deliver to Holdings at the time or times prescribed by law and at such
time or times reasonably requested by Holdings such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Holdings as may be
necessary for Holdings to comply with its FATCA obligations, to determine whether the Lender has or has not complied with the Lender’s FATCA obligations and, if necessary, to determine the amount to deduct and withhold from such payment. Solely
for purposes of this clause (2), “FATCA” shall include any amendments made to FATCA after the Closing Date. 
 Notwithstanding any
other provision of this Section 2.15(d), the Lender shall not be required to deliver any documentation that the Lender is not legally eligible to deliver. 

  
 -19- 

 (e) The Borrower shall indemnify the Lender within ten (10) days after written demand
therefor, for the full amount of any Indemnified Taxes paid or payable by the Lender on or with respect to any payment by or on account of any obligation of the Borrower under any Loan Document, and any Other Taxes paid or payable by the Lender
(including any Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15), and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability prepared in good faith and delivered to the Lender shall be conclusive absent
manifest error. 
 (f) If and to the extent the Lender determines, in its sole good faith discretion, that it has received a refund of any
Indemnified Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section 2.15, then the Lender shall promptly pay over such refund to
the relevant Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.15 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of
all out-of-pocket expenses (including any Taxes) of the Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that such Loan Party, upon the request of the
Lender, agrees to repay the amount paid over to such Loan Party plus any penalties, interest or other charges imposed by the relevant Governmental Authority to the Lender in the event the Lender is required to repay such refund to such Governmental
Authority. This Section 2.15(f) shall not be construed to require the Lender to make available its tax returns (or any other information relating to its Taxes which it deems confidential) to any Loan Party or any other Person. 

SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or of amounts payable under
Section 2.13 or 2.15, or otherwise) without condition or deduction for any counterclaim, defense, recoupment or setoff prior to 2:00 p.m., on the date when due, in immediately available funds. Any amounts received after such
time on any date may, in the discretion of the Lender, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Lender. If any payment hereunder shall be
due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. 

(b) If at any time prior to an exercise of remedies pursuant to Article VII (or prior to the date of termination of the Commitment
in full and acceleration of the Loan pursuant to Article VII), insufficient funds are received by and available to the Lender to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due hereunder and (ii) second, towards payment of principal then due hereunder. 

(c) After the exercise of remedies provided for in Article VII (or after the automatic termination of the Commitment and
acceleration of the Loan pursuant to Article VII), any amounts received on account of the Obligations shall be applied by the Lender as follows: 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the Lender and amounts payable under Article II) payable to the Lender; 

  
 -20- 

 Second, to payment of that portion of the Obligations constituting interest on the Loan
and other Obligations arising under the Loan Documents; 
 Third, to payment of that portion of the Obligations constituting unpaid
principal of the Loan; and 
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the
Borrower or as otherwise required by Law. 
 ARTICLE III 

Representations and Warranties 

The Borrower represents and warrants to the Lender as of the Closing Date that: 

SECTION 3.01. Organization; Powers; Subsidiaries; Equity Interests. 

(a) Each of the Loan Parties (i) is duly organized, incorporated or formed, validly existing and in good standing under the Laws of the
jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (A) own or lease its assets and carry on its business and
(B) execute, deliver and perform its obligations under the Loan Documents to which it is a party and consummate the Transactions, and (iii) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where
its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, except in each case referred to in clause (ii)(A) or (iii), to the extent that failure to do so could not reasonably be expected
to have a Material Adverse Effect. 
 (b) Set forth on Schedule 3.01(b) hereto is a complete and accurate list of all Loan
Parties as of the Closing Date, showing as of the Closing Date (as to each Loan Party) the jurisdiction of its organization, the address of its principal place of business and its U.S. taxpayer identification number or, in the case of any non-U.S.
Loan Party (if any) that does not have a U.S. taxpayer identification number, its unique identification number issued to it by the jurisdiction of its organization. The copy of the charter or such other similar constitutional documents of the
Borrower, Holdings and each other Loan Party provided pursuant to Article IV is a true and correct copy of each such document as of the Closing Date, each of which is valid and in full force and effect as of the Closing Date. 

SECTION 3.02. Authorization; No Conflicts; Enforceability. 

(a) The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is or is to be a party have been duly
authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of any of such Person’s Organization Documents; (ii) conflict with or result in any breach or contravention of, or
the creation of any Lien (except Liens created under the Loan Documents) under, or require any payment to be made under (A) any material Contractual Obligation to which such Person is a party or affecting such Person or the properties of such
Person or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Law. 

(b) This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan
Party that is party thereto. This Agreement constitutes, and each other Loan Document when so executed and delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto
in accordance with its terms. 

  
 -21- 

 SECTION 3.03. Governmental Approvals; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of
this Agreement or any other Loan Document or for the consummation of the Transactions, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created
under the Collateral Documents (including the first priority nature thereof) or (d) the exercise by the Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except, in
each case, for (i) the authorizations, approvals, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect or as otherwise provided in the applicable Collateral Document and
(ii) authorizations, approvals, actions, notices and filings, the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.04. No Material Adverse Change. Since the date of the Audited Financial Statements, there has been no event or circumstance,
either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.05.
[Reserved]. 
 SECTION 3.06. [Reserved]. 

SECTION 3.07. [Reserved]. 

SECTION 3.08. Compliance with Laws and Agreements. Each of the Loan Parties and their Subsidiaries is in compliance with all Laws of
any Governmental Authority applicable to it or its property and all Contractual Obligations (excluding agreements governing Indebtedness) binding upon it or its property, except where (a) the failure to do so is being contested in good faith by
appropriate proceedings diligently conducted or (b) the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.09. Investment Company Status; Foreign Company Status. Neither the Borrower nor any other Loan Party is required to register
as an “investment company” as defined in the Investment Company Act of 1940. The Borrower is not registered as a foreign company in Singapore under Division 2 of Part XI of the Companies Act, Chapter 50 of Singapore and has not made any
application to be so registered, as at the date of this Agreement. 
 SECTION 3.10. Taxes. Each of Holdings, the Borrower and their
respective Subsidiaries has filed all Tax returns and reports required to have been filed (taking into account valid extensions) and has paid or caused to be paid all Taxes (including any Taxes payable in the capacity of a withholding agent)
required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings (if such contest effectively suspends collection and enforcement of the contested obligation) and for which the Loan Parties or
a Subsidiary, as applicable, has set aside on its books reserves to the extent required by GAAP or (b) to the extent that the failure to do so could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect. As of the Closing Date, there is no current or proposed Tax audit, tax assessment, deficiency or other claim against Holdings, the Borrower or any Subsidiary that could reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect. 
 SECTION 3.11. Solvency. As of the Closing Date, Holdings, on a consolidated basis with its Subsidiaries,
is, and immediately after giving effect to the Transactions, will be, Solvent. 

  
 -22- 

 SECTION 3.12. [Reserved]. 

SECTION 3.13. Federal Reserve Regulations. No part of the proceeds of the Loan have been used or will be used, whether directly or
indirectly, for any purpose that entails a violation of any of the regulations of the Board, including Regulations T, U and X. 
 SECTION
3.14. Security Interests. The provisions of each Collateral Document are effective to create legal and valid Liens on all the Collateral in respect of which and to the extent such Collateral Document purports to create Liens in favor of the
Lender; and upon the taking of all actions to be taken pursuant to the terms of the Collateral Documents, such Liens will constitute perfected and continuing Liens on the Collateral, securing the Obligations, enforceable against the applicable Loan
Party and all third parties to the extent required by the Collateral Documents. 
 SECTION 3.15. PATRIOT Act and FCPA. Each of the
Loan Parties and each of their respective Subsidiaries are in compliance, in all material respects, with the Act and the United States Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”). No part of the proceeds of the
Loan will be used, directly or indirectly, (i) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to
obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA, (ii) in violation of the Act or (iii) in violation of other applicable anti-terrorism laws, anti-money laundering laws and anti-corruption laws.

 SECTION 3.16. OFAC. To the knowledge of Holdings, the Borrower, any director or officer of Holdings, the Borrower or any
Subsidiary, no Loan Party or any Subsidiary is subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Borrower will not directly or indirectly use the
proceeds of the Loan or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person subject to any U.S. sanctions administered by OFAC. 

ARTICLE IV 
 Conditions

 SECTION 4.01. Closing Date. The obligation of the Lender to make the Loan on the Closing Date is subject to each of the following
conditions being satisfied on or prior to the Closing Date: 
 (a) The Lender (or its counsel) shall have received from each party hereto
either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Lender (which may include telecopy or electronic mail transmission in accordance with
Section 9.01) that such party has signed a counterpart of this Agreement. 
 (b) The Lender (or its counsel) shall have received
from each initial Guarantor either (i) a counterpart of the Guarantee Agreement signed on behalf of such Loan Party or (ii) written evidence reasonably satisfactory to the Lender (which may include telecopy or electronic mail transmission
in accordance with Section 9.01 of a signed signature page of the Guarantee Agreement) that such party has signed a counterpart of the Guarantee Agreement, together with: 

(i) a duly completed Perfection Certificate signed by Holdings; and 

(ii) executed counterparts of the Collateral Documents identified on Schedule 4.01(b). 

  
 -23- 

 (c) The Lender shall have received the executed customary legal opinions of (i) Cravath,
Swaine & Moore LLP, special New York counsel to the Loan Parties, (ii) Heather D. White, Vice President and Senior Legal Counsel of Holdings, and (iii) each of the local counsel set forth on Schedule 4.01(c) concerning
the Loan Party and the Loan Documents, in each case, as applicable in the jurisdiction in which such local counsel is admitted to practice and in form and substance reasonably satisfactory to the Lender. 

(d) The Lender shall have received such customary closing documents and certificates as the Lender or its counsel may reasonably request
relating to the organization, existence and good standing of the Borrower, Holdings and the other Loan Parties, the authorization of the Transactions, to the extent applicable, and any other legal matters relating to such Loan Parties, the Loan
Documents or the Transactions, all in form and substance reasonably satisfactory to the Lender and its counsel. 
 (e) The Lender shall have
received such incumbency certificates and/or other certificates of Authorized Representatives of the Borrower, Holdings and each other Loan Party as the Lender may reasonably require evidencing the identity, authority and capacity of each Authorized
Representative thereof authorized to act as an Authorized Representative in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party. 

(f) The Lender shall have received a certificate attesting to the Solvency of Holdings and its Subsidiaries (taken as a whole) on the Closing
Date after giving effect to the Transactions, from a Financial Officer of Holdings. 
 (g) The Lender shall have received all fees and other
amounts due and payable on or prior to the Closing Date, including, to the extent invoiced at least two Business Days prior to the Closing Date, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by
the Borrower hereunder. 
 (h) The Lender’s receipt of such documents and other information (as the Lender may have requested at least
five Business Days prior to the Closing Date) required under any applicable “know your customer” and/or anti-money laundering rules and regulations, including the Act, in connection with any of the Loan Documents. 

(i) The Administrative Agent shall have received a certificate signed by a Responsible Officer of Holdings and the Borrower certifying that
(i) the representations and warranties of the Borrower and each other Loan Party set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (except that any representation and warranty that is
qualified by materiality shall be true and correct in all respects) on and as of the Closing Date, except where any representation and warranty is expressly made as of a specific earlier date, such representation and warranty shall be true in all
material respects as of any such earlier date and (ii) at the time of and immediately after giving effect to the making of the Loan, no Default or Event of Default shall have occurred and be continuing. 

ARTICLE V 
 Affirmative
Covenants 
 Until the Commitment has expired or been terminated and the principal of and interest on the Loan and all fees payable
hereunder shall have been paid in full, each of Holdings and the Borrower covenants and agrees with the Lender that: 
 SECTION 5.01.
[Reserved]. 

  
 -24- 

 SECTION 5.02. Notice of Material Events. The Borrower will furnish to the Lender (for
prompt notification to the Lender) prompt written notice after any Responsible Officer of Holdings or the Borrower obtains knowledge of the following: 

(a) the occurrence of any continuing Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
Holdings or any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect; 
 (c) the occurrence of any
ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; and 

(d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section 5.02 shall be accompanied by a statement of a Responsible Officer or other executive
officer of Holdings setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03. Existence; Conduct of Business. Holdings will, and will cause each of its Subsidiaries to, do or cause to be done all
things necessary to preserve, renew and keep in full force and effect (a) its legal existence and (b) the rights, licenses, permits, privileges and franchises material to the conduct of its business, except, in the case of the preceding
clause (b), to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.04.
Payment of Obligations. Holdings will, and will cause each of its Subsidiaries to, pay or otherwise satisfy its Tax obligations (whether or not shown on a Tax return), before the same shall become delinquent or in default, except where (a)(i)
the validity or amount thereof is being contested in good faith by appropriate proceedings diligently conducted (if such contest effectively suspends collection and enforcement of the obligation (or Tax) in question) and (ii) the Loan Party or
Subsidiary has set aside on its books reserves with respect thereto to the extent required by GAAP or (b) the failure to make payment could not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect.

 SECTION 5.05. [Reserved]. 

SECTION 5.06. [Reserved]. 

SECTION 5.07. Compliance with Laws; Compliance with Agreements. Holdings will, and will cause each of its Subsidiaries to,
(a) comply in all material respects with all Laws of any Governmental Authority applicable to it or its Property (including Environmental Laws) and (b) perform in all material respects its material Contractual Obligations (other than in
respect of Indebtedness) to which it is a party, in each case except where the (i) failure to do so is being contested in good faith by appropriate proceedings diligently conducted or (ii) failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.08. Use of Proceeds. The Borrower
will use all of the proceeds of the Loan in accordance with Schedule 5.08. No part of the proceeds of the Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Board, including
Regulations T, U and X. 

  
 -25- 

 SECTION 5.09. Covenant to Give Security. Holdings and the Borrower shall (i) cause,
at the Borrower’s expense, all of the proceeds of the Loan to be held (a) by Empower India or (b) in a Controlled Account that is subject at all times to a first priority perfected (or the equivalent under applicable law) Lien in
favor of the Lender as security for the Obligations and under the sole dominion and control of the Lender, in each case at all times that any Obligations (other than contingent Obligations) are outstanding, and (ii) not permit any Controlled
Account to be closed while any Obligations (other than contingent Obligations) are outstanding. Holdings and the Borrower, and each other Guarantor, acknowledge and agree that, at all times that any Obligations are outstanding, only the Lender and,
subject to compliance with the immediately preceding sentence and subject to the terms of the applicable Collateral Document, the subsidiary in the name of which such Controlled Account is held shall have a right of withdrawal from the Controlled
Accounts and any withdrawal of amounts in the Controlled Accounts shall be applied, in each case in accordance with this Agreement. 

SECTION 5.10. Further Assurances. Promptly upon the reasonable request by the Lender, Holdings and the Borrower will, and will cause
each other Loan Party to, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver, record,
re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Lender may reasonably require from time to time in order to (i) carry out more effectively the
purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable Law, subject any Loan Party’s properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral
Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens and/or subordination intended to be created thereunder and (iv) assure, convey, grant, assign, transfer,
preserve, protect and confirm more effectively unto the Lender the rights granted or now or hereafter intended to be granted to the Lender under any Loan Document or under any other instrument executed in connection with any Loan Document to which
any Loan Party is or is to be a party. 
 ARTICLE VI 

Negative Covenants 
 SECTION
6.01. Liens. Holdings will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any Controlled Account, other than (a) Liens securing the Obligations and (b) any Lien arising by reason of
(i) operation of law or (ii) any statutory, common law or contractual provision relating to bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository
institution or relating to Liens on brokerage accounts. 
 ARTICLE VII 

Events of Default 
 If any of the
following events (each an “Event of Default”) shall occur and be continuing: 
 (a) the Borrower shall fail to pay any
principal of the Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) the Borrower shall fail to pay any interest on the Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; 

  
 -26- 

 (c) any representation or warranty made or deemed made by or on behalf of Holdings, the Borrower
or any Subsidiary in or in connection with this Agreement or any other Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate or other document required to be delivered in connection with this
Agreement or any other Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made; 

(d) Holdings or the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a) or
Section 5.03(a) (solely with respect to Holdings and the Borrower); 
 (e) any Loan Party, as applicable, shall fail to observe
or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document and such failure shall continue unremedied for a period of thirty
(30) days after written notice thereof from the Lender to Holdings; 
 (f) Holdings, the Borrower or any Subsidiary shall fail to make
any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness (other than Indebtedness hereunder), when and as the same shall become due and payable, or if a grace period shall be applicable to such
payment under the agreement or instrument under which such Indebtedness was created, beyond such applicable grace period; 
 (g) Holdings,
the Borrower or any Subsidiary shall default in the performance of any obligation in respect of any Material Indebtedness (other than Indebtedness hereunder) or any “change of control” (or equivalent term) shall occur with respect to any
Material Indebtedness, in each case, that results in such Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice but after giving effect to any applicable grace period) the
holder or holders of such Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled
maturity (other than solely in Qualified Equity Interests); provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness or as a result of a casualty event affecting such property or assets; 
 (h) an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of Holdings, the Borrower or any Significant Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings, the Borrower or any Significant
Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or unstayed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

 (i) Holdings, the Borrower or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of any proceeding or petition described in clause
(h) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings, the 

  
 -27- 

 Borrower or any Significant Subsidiary or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any corporate action for the purpose of effecting any of the foregoing; 

(j) Holdings, the Borrower or any Significant Subsidiary shall become generally unable, admit in writing its inability generally or fail
generally to pay its debts as they become due; 
 (k) one or more final, non-appealable judgments for the payment of money in an aggregate
amount in excess of $50,000,000 (to the extent due and payable and not covered by insurance as to which the relevant insurance company has not denied coverage) shall be rendered against Holdings, the Borrower or any Subsidiary or any combination
thereof and the same shall remain unpaid or undischarged for a period of sixty (60) consecutive days during which execution shall not be paid, bonded or effectively stayed; 

(l) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected
to result in a Material Adverse Effect or in the imposition of a Lien or security interest on any assets of Holdings, the Borrower or any Subsidiary under Sections 436(f) or 430(k) of the Code or under Section 4068 of ERISA; 

(m) a Change in Control shall occur; 

(n) any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted in writing by any Loan Party not to
be, a valid and perfected Lien on any Collateral, with the priority required by the applicable Collateral Document, in each case except solely as a result of any action of the Lender or the failure of the Lender to take any action within its
control; 
 (o) any material provision of any Collateral Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or thereunder or solely as a result of acts or omissions by the Lender or the satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in writing the
validity or enforceability of any provision of any Collateral Document; or any Loan Party denies in writing that it has any or further liability or obligation under any Collateral Document (other than as a result of repayment in full of the
Obligations and termination of the Commitment), or purports in writing to revoke or rescind any Collateral Document; or 
 (p) any guarantee
purported to be created under the Guarantee Agreement shall cease, for any reason, to be in full force and effect or any Loan Party or any Affiliate of a Loan Party shall so assert; 

then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time
thereafter during the continuance of such event, the Lender may, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate the Commitment, and thereupon the Commitment shall terminate
immediately and (ii) declare the Loan then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal
of the Loan so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitment shall
automatically terminate and the principal of the Loan then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

  
 -28- 

 ARTICLE VIII 

[Reserved] 
 ARTICLE IX

 Miscellaneous 
 SECTION
9.01. Notices. 
 (a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given
by telephone (and except as provided in subsection (b) below), all notices and other communications to Holdings, the Borrower or the Lender provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by facsimile to the address, facsimile number or electronic mail address specified for such Person on Schedule 9.01, and all notices and other communications to Holdings, the Borrower or the
Lender expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number specified for such Person on Schedule 9.01. Notices and other communications sent by hand or overnight courier service, or
mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below
shall be effective as provided in such subsection (b). 
 (b) Electronic Communications. Notices and other communications to the
Lender hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Lender. The Lender, Holdings or the
Borrower may, in their discretion, agree to accept notices and other communications to them hereunder by electronic communications pursuant to procedures approved by them; provided that approval of such procedures may be limited to particular
notices or communications. 
 Unless the Lender otherwise prescribes, (i) notices and other communications sent to an e-mail address
shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided
that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and
(ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address therefor. 
 (c) Change of Address, Etc. Each of Holdings,
the Borrower and the Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. 

(d) Reliance by Lender. The Lender shall be entitled to rely and act upon any notices purportedly given by or on behalf of Holdings or
the Borrower even if (i) such notices were not made in a 

  
 -29- 

 
manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein or (ii) the terms thereof, as understood by the recipient, varied from
any confirmation thereof. The Borrower shall indemnify the Lender and its Related Parties from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Holdings or the
Borrower unless due to such Person’s gross negligence or willful misconduct. All telephonic notices to and other telephonic communications with the Lender may be recorded by the Lender, and each of the parties hereto hereby consents to such
recording. 
 SECTION 9.02. Waivers; Amendments. 

(a) No failure or delay by the Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
The rights and remedies of the Lender hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any
departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by subsection (b) of this Section 9.02, and then such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. Without limiting the generality of the foregoing, the making of the Loan shall not be construed as a waiver of any Default, regardless of whether the Lender may have had notice or knowledge of such Default at the time.

 (b) Except as otherwise set forth in this Agreement or in any other Loan Document (with respect to such Loan Document), neither this
Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by Holdings, the Borrower and the Lender. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Lender and its Affiliates, including
the reasonable and documented fees, charges and disbursements of counsel for the Lender and its Affiliates (and, if necessary, one local counsel in each applicable jurisdiction and regulatory counsel), in connection with the facilities provided for
herein, the preparation of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and
(ii) all reasonable and documented out-of-pocket expenses incurred by the Lender (limited to the reasonable and documented fees, charges and disbursements of counsel for the Lender, which counsel shall be selected by the Lender (and, if the
Lender reasonably deems it necessary, one local counsel in each applicable jurisdiction, regulatory counsel and one additional counsel for the affected parties in the event of a conflict of interest)), in connection with the enforcement or
protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section 9.03, or in connection with the Loan made hereunder, including all such reasonable and documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loan. 
 (b) The Borrower shall
indemnify the Lender and each of its Related Parties (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related reasonable and
documented out-of-pocket expenses, including the reasonable and documented fees, charges and disbursements of a single counsel for the Indemnitees selected by the Lender (and, if the Lender reasonably deems it necessary, one local counsel in each
applicable jurisdiction and one additional counsel for each similarly situated group of affected Indemnitees in the event of an actual or perceived conflict of interest), incurred by or asserted against any Indemnitee arising

  
 -30- 

 
out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby or thereby, (ii) the Loan or the use of the proceeds therefrom,
(iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by the Borrower or any of their Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its
Subsidiaries or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto and
whether brought by the Borrower, any other Loan Party, their respective equityholders or any third party; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Affiliates, officers, directors,
employees or Controlling Persons or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for a material breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan
Document, if the Borrower or such Loan Party has obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 

(c) To the extent permitted by applicable Law, no party hereto shall assert, and each party hereto hereby waives, any claim against any other
party hereto and any Indemnitee on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof; provided that this clause (d) shall in no way limit the Borrower’s indemnification obligations
set forth in clauses (a) and (b) of this Section 9.03. 
 (d) All amounts due under this
Section 9.03 shall be payable not later than 60 days after written demand therefor; provided, however, that an Indemnitee shall promptly refund any amount received under this Section 9.03 to the extent that
there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this Section 9.03. 

SECTION 9.04. Assignments by the Lender. The Lender may at any time assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loan at the time owing to it); provided that the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless
(1) an Event of Default pursuant to Article VII(a), (b), (h), (i) or (j) has occurred and is continuing at the time of such assignment,(2) such assignment is an assignment of the Loan to an
Affiliate of the Lender or an Approved Fund; provided, further, that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Lender within ten (10) Business
Days after having received notice thereof. From and after the effective date of any such assignment, the assignee shall be a party to this Agreement and, to the extent of the interest assigned, have the rights and obligations of the Lender under
this Agreement, and the Lender shall, to the extent of the interest assigned, be released from its obligations under this Agreement (and, in the case of an assignment covering all of the Lender’s rights and obligations under this Agreement, the
Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.13, 2.15 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon
request, the Borrower (at its expense) shall execute and deliver a promissory note to the assignee. 

  
 -31- 

 SECTION 9.05. Survival. All representations and warranties made hereunder and in any other
Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the
Lender, regardless of any investigation made by the Lender or on their behalf and notwithstanding that the Lender may have had notice or knowledge of any Default at the time of the making of the Loan, and shall continue in full force and effect as
long as the Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. The provisions of Sections 2.13, 2.15 and 9.03 shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loan, the expiration or termination of the Commitment or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable
to the Lender constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties
hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile, pdf or other electronic
transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.07. Severability. Any
provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.08. Right of Setoff. 

(a) If an Event of Default shall have occurred and be continuing, the Lender and each of its Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated) at any time held and other obligations at any time
owing by the Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the Obligations of the Borrower now or hereafter existing under this Agreement held by the Lender, irrespective of whether or not the Lender
shall have made any demand under this Agreement and although such obligations may be unmatured or are owed to a branch or office of the Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of
the Lender and its Affiliates under this Section 9.08 are in addition to other rights and remedies (including other rights of setoff) that the Lender or any of its Affiliates may have. The Lender agrees to notify the Borrower promptly
after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

(b) To the extent that any payment by or on behalf of the Borrower is made to the Lender, or the Lender exercises its right of setoff, and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Lender in its discretion) to be
repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the 

  
 -32- 

 
extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such
setoff had not occurred. 
 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of
or relating to this Agreement and the transactions contemplated hereby shall be construed in accordance with and governed by the Laws of the State of New York (without regard to the conflict of law principles thereof to the extent that the
application of the Laws of another jurisdiction would be required thereby). 
 (b) Each of the parties hereto hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York sitting in New
York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by Law, in such Federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. To the extent that Holdings or the Borrower has or hereafter may acquire
any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, each of Holdings
and the Borrower hereby irrevocably waives such immunity in respect of its obligations under this Agreement and each of the other Loan Documents and, without limiting the generality of the foregoing, agrees that the waivers set forth herein shall
have the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for purposes of such Act. Nothing in this Agreement or in any other Loan Document shall affect any right that
the Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or Holdings or its properties in the courts of any jurisdiction. 

(c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in clause (b) of this
Section 9.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by Law. 

SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY 

  
 -33- 

 
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.10.

SECTION 9.11. Headings. Article and section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12. Confidentiality. The Lender agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential or shall be under a professional obligation to keep such Information confidential, in each case, on terms at
least as restrictive as those set forth in this Section 9.12), (b) to the extent requested or required by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; provided that to the extent practicable and permitted by Law and except with
respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, the Borrower has been notified prior to such disclosure so that the Borrower may seek, at
the Borrower’s sole expense, a protective order or other appropriate remedy, (d) to any other party hereto, (e) to the extent reasonably necessary in connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this
Section 9.12, to any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section 9.12 or (y) becomes available to the Lender or any of its Affiliates on a nonconfidential basis from a source other than
Holdings or the Borrower. For purposes of this Section 9.12, “Information” means all information received from or on behalf of Holdings or the Borrower or any Subsidiary relating to Holdings, the Borrower or any
Subsidiary or any of their respective businesses, other than any such information that is available to the Lender on a nonconfidential basis prior to disclosure by Holdings, the Borrower or any Subsidiary. Any Person required to maintain the
confidentiality of Information as provided in this Section 9.12 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 The Lender acknowledges that (a) the Information may
include material non-public information concerning Holdings, the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such
material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 
 SECTION
9.13. USA PATRIOT Act. The Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to
obtain, verify and record information that identifies the Borrower and each other Loan Party, which information includes the name and address of the Borrower and each other 

  
 -34- 

 
Loan Party and other information that will allow the Lender to identify the Borrower and each other Loan Party in accordance with the Act. The Borrower shall, promptly following a request by the
Lender, provide all documentation and other information that the Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

SECTION 9.14. Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, if at any time the
interest rate applicable to the Loan, together with all fees, charges and other amounts which are treated as interest on the Loan under applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding the Loan in accordance with applicable Law, the rate of interest payable in respect of the Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of the Loan but were not payable as a result of the operation of this
Section 9.14 shall be cumulated and the interest and Charges payable to the Lender in respect of other loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by the Lender. 
 SECTION 9.15. No
Fiduciary Duty. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Holdings, the Borrower and each other Loan
Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the services regarding this Agreement provided by the Lender are arm’s-length commercial transactions between Holdings, the Borrower,
each other Loan Party and their respective Affiliates, on the one hand, and the Lender, on the other hand, (B) Holdings, the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent
it has deemed appropriate and (C) Holdings, the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(ii) (A) the Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Holdings, the Borrower,
any other Loan Party or any of their respective Affiliates, or any other Person and (B) the Lender has no obligation to Holdings, the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Lender and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
Holdings, the Borrower, the other Loan Parties and their respective Affiliates, and the Lender has no obligation to disclose any of such interests to Holdings, the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest
extent permitted by Law, Holdings, the Borrower and the other Loan Parties hereby waives and releases any claims that it may have against the Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction contemplated hereby. 
 SECTION 9.16. Agent for Service of Process. Each of Holdings and the Borrower
hereby agrees that service of process in any action or proceeding brought in any New York State court or Federal court may be made upon Heather White at her offices at Genpact International, Inc., 105 Madison Avenue, 2nd Floor, New York, NY 10016
(the “Process Agent”), and each of Holdings and the Borrower hereby irrevocably appoints the Process Agent its authorized agent to accept such service of process, and agrees that the failure of the Process Agent to give any notice
of any such service shall not impair or affect the validity of such service or of any judgment rendered in any action or proceeding based thereon. 

  
 -35- 

 SECTION 9.17. Judgment Currency. The obligation of any Loan Party party hereto in respect
of any sum due from it in any currency (the “Primary Currency”) to the Lender under this Agreement or any other Loan Document shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the
Business Day following receipt by the Lender of any sum adjudged to be so due in other currency, the Lender may in accordance with normal banking procedures purchase the applicable Primary Currency with such other currency; if the amount of the
applicable Primary Currency so purchased is less than such sum due to the Lender in the applicable Primary Currency, each Loan Party party hereto agrees, as a separate obligation and notwithstanding any such judgment, to indemnify, within three
Business Days of demand, the Lender against such loss, and if the amount of the applicable Primary Currency so purchased by the Lender exceeds such sum due to the Lender in the applicable Primary Currency, the Lender agrees to remit to such Loan
Party the excess. To the fullest extent permitted by Law, each Loan Party party hereto waives any right it may have in any jurisdiction to pay any amount under the Loan Documents in a currency other than Dollars. 

[Signature Pages Follow] 

  
 -36- 

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

			
	GENPACT GLOBAL HOLDINGS (BERMUDA) LIMITED, as the Borrower
		
	By:		 /s/ Heather White

	Name:		Heather White
	Title:		SVP and Assistant Secretary

 [Signature Page to Credit Agreement] 

 
			
	GENPACT LIMITED, as Holdings
		
	By:		 /s/ Heather White

	Name:		Heather White
	Title:		SVP and Assistant Secretary

 [Signature Page to Credit Agreement] 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC., as Lender
		
	By:		 /s/ Paul Quinlan

	Name:		Paul Quinlan
	Title:		Authorized Signatory

 [Signature Page to Credit Agreement]EXHIBIT 10.1

 Exhibit 10.1 
 FORM OF 
 UNITED STATES NATURAL GAS FUND, LP 

AUTHORIZED PURCHASER AGREEMENT 
 This United States Natural Gas Fund, LP Authorized Purchaser Agreement (the “Agreement”), dated as of
[                    ], is entered into by and among United States Natural Gas Fund, LP (the “Fund”), United States Commodity Funds LLC, a
Delaware limited liability company and the general partner of United States Natural Gas Fund, LP (the “General Partner”), on behalf of itself and as General Partner of United States Natural Gas Fund, LP, and
[                                        ], a
[                                        ] (the
“Authorized Purchaser”). 
 SUMMARY 
 The General Partner serves in its capacity as General Partner of United States Natural Gas Fund, LP (the “Fund”) pursuant to the Limited Partnership Agreement dated as of the day the first
Creation Basket is sold and the proceeds are invested (substantially in the form attached hereto) between the General Partner and the Limited Partners of the Fund (the “Partnership Agreement”). Brown Brothers Harriman Co. (the
“Administrator” or “Custodian”) and ALPS Distributors (the “Marketing Agent”) each serve as agents of the General Partner for all purposes of this Agreement, and all references to agreements, obligations or duties of
the Administrator, Custodian or Marketing Agent herein shall be deemed references to agreements, obligations of duties of the General Partner acting through the relevant agent. As provided in the Partnership Agreement and described in the
Fund’s prospectus (the “Prospectus”), as supplemented and amended from time to time, Units of fractional undivided beneficial interest in and ownership of the limited partnership (the “Units”) may be created or redeemed
through the Marketing Agent by the Authorized Purchaser in aggregations of one hundred thousand (100,000) Units (each aggregation, a “Creation Basket” or “Redemption Basket,” respectively; collectively, “Baskets”).
Creation Baskets are offered only pursuant to the most recent registration statement of the Fund, as declared effective by the Securities and Exchange Commission (the “SEC”) and as the same may be amended from time to time thereafter
(collectively, the “Registration Statement”). Authorized Purchasers are the only persons that may place orders to create and redeem Creation Baskets or Redemption Baskets. 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Prospectus. To the extent there is a conflict between any provision of this Agreement other
than the indemnities provided in Section 9 and the provisions of the Prospectus, the provisions of the Prospectus shall control. 
 To give
effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows: 
 Section 1. Order Placement. 
 To place an order for the creation or redemption of one
or more Baskets, an Authorized Purchaser must follow the procedures for creation and redemption referred to in Section 3 of this Agreement 

 
and attached to this Agreement as Exhibit A; provided, however, that in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the
Baskets are to be offered and sold, the procedures for creation will be as attached to this Agreement as Exhibit A-1. 
 Section 2.
Status and Obligations of Authorized Purchaser. 
 The Authorized Purchaser represents and warrants and covenants the following: 

(a) The Authorized Purchaser is a participant of the Depository Trust Company (“DTC”) (as such a participant, a “DTC Participant”).
If the Authorized Purchaser ceases to be a DTC Participant, the Authorized Purchaser shall give prompt notice to the General Partner of such event, and this Agreement shall terminate immediately as of the date the Authorized Purchaser ceased to be a
DTC Participant. 
 (b) Unless Section 2(c) applies, the Authorized Purchaser either (i) is registered as a broker-dealer under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”), or (ii) is exempt from being, or otherwise is not required to be,
licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. The Authorized Purchaser will maintain any such
registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Purchaser will comply with all applicable federal law, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, including, but not limited to those applicable to securities and commodities transactions, and with the Constitution, By-Laws and Conduct Rules of FINRA (if it is a FINRA member) to
the extent the foregoing relate to the Authorized Purchaser’s transactions in, and activities with respect to the Baskets. The Authorized Purchaser will not directly or indirectly offer or sell Units in or from any state or jurisdiction where
they may not lawfully be offered or sold. 
 (c) If the Authorized Purchaser is offering or selling Units in jurisdictions outside the several
states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(b) above, the Authorized Purchaser will (i) observe the applicable laws of
the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements of the Securities Act of 1933, as amended (the “1933 Act”) and the Commodities Exchange Act (the “CEA”), and the
rules and regulations promulgated thereunder, and (iii) conduct its business in accordance with the spirit of the FINRA Conduct Rules, in each case to the extent the foregoing relate to the Authorized Purchaser’s transactions in, and
activities with respect to the Baskets. 
 (d) The Authorized Purchaser has written policies and procedures reasonably designed to comply with
the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “PATRIOT Act”), and the regulations promulgated thereunder,
if the Authorized Purchaser is subject to the requirements of the PATRIOT Act. 

  
 2 

 (e) The Authorized Purchaser has the capability to send and receive communications via an authenticated
telecommunication facility to and from the General Partner and its agents, ALPS Distributors, Inc. and Brown Brothers Harriman & Co. The Authorized Purchaser shall confirm such capability to the satisfaction of the General Partner and the
Marketing Agent by the end of the Business Day (as defined in Section 6) before placing its first order with the Marketing Agent (whether such order is to create or to redeem Baskets). If required by the Marketing Agent, the Administrator or
the Custodian with respect to authorized telecommunications by telephonic facsimile, the Authorized Purchaser shall enter into a separate agreement with the Marketing Agent, the Administrator or the Custodian, as the case may be, indemnifying such
party with respect to its communications by telephonic facsimile. 
 (f) Because new Baskets can be created and Units therein issued on an
ongoing basis, at any point during the life of the partnership, a “distribution,” as such term is used in the 1933 Act, may be occurring with respect to resales of these Units. The Authorized Purchaser is cautioned that some of its
activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Purchaser should
review the “What is the Plan of Distribution?” portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (as defined in Section 3). In addition to satisfying the
prospectus-delivery and disclosure requirements of the 1933 Act, the Authorized Purchaser and any other participant in the distribution of the Units purchased by the Authorized Purchaser also has the obligation to comply with applicable disclosure
delivery requirements under the CEA. To the extent the Authorized Purchaser has distributed a Preliminary Prospectus to prospective investors, if the Authorized Purchaser has been notified by the General Partner of material changes made to that
document as compared to the final Prospectus, the Authorized Purchaser shall give notice to any prospective investor who received the Preliminary Prospectus of such material change prior to consummating a sale. 

Section 3. Orders. 
 (a) All orders
to create or redeem Baskets shall be made in accordance with the terms of the Prospectus, this Agreement and the creation and redemption procedures attached hereto as Exhibit A (the “ Procedures”), except in the case of an Authorized
Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold which will be governed by the procedures set forth in Exhibit A-1. Each party will comply with such foregoing terms to
the extent applicable to it. The General Partner may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets and the Authorized Purchaser will comply with such procedures. The General Partner
and Authorized Purchaser hereby consent to the use of recorded telephone lines. 
 (b) The Authorized Purchaser acknowledges and agrees it is
acting for its own account or on behalf of another party (whether such party is a customer or otherwise), and that each order to create a Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order,” and
each Purchase Order and Redemption Order, an “Order”) may not be withdrawn by the Authorized Purchaser. A form of Purchase/Redemption Order is attached hereto as Exhibit B. 

  
 3 

 Section 4. Fees. 
 In connection with each Order by an Authorized Purchaser to create or redeem one or more Baskets, the General Partner shall charge, and the Authorized Purchaser shall pay to the General Partner, the
transaction fee (“Transaction Fee”) prescribed in the Prospectus applicable to such creation or redemption. The initial Transaction Fee shall be one thousand dollars ($1,000). The Transaction Fee may be adjusted from time to time as set
forth in the Prospectus. 
 Section 5. Authorized Persons. 
 Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Purchaser shall deliver to the General Partner and the Marketing Agent, notarized
and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit C setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated
hereby or by any other notice, request or instruction given on behalf of the Authorized Purchaser (each, an “Authorized Person”). The General Partner or the Marketing Agent may accept and rely upon such certificate as conclusive evidence
of the facts set forth therein and shall consider such certificate to be in full force and effect until the General Partner receives a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of any
Authorized Person by the Authorized Purchaser, the Authorized Purchaser shall give immediate written notice of such fact to the General Partner and the Marketing Agent, and such notice shall be effective upon receipt by the General Partner.

 Section 6. Creation Procedures. 
 On any Business Day, an Authorized Purchaser may place an order with the Marketing Agent to create one or more Creation Baskets in accordance with this Agreement and the Procedures. For purposes of
processing Purchase and Redemption Orders, a “Business Day” means any day other than a day when any of the NYSE Arca, ICE Futures Exchange or the New York Stock Exchange is closed for regular trading. Purchase orders must be placed by
12:00 PM New York time or the close of regular trading on NYSE Arca, whichever is earlier, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and
sold, when such orders shall be placed by 9:00 AM New York time on the day agreed to by the General Partner and the Authorized Purchaser. The day on which the Marketing Agent receives a valid Purchase Order is the Purchase Order Date. By placing a
Purchase Order, an Authorized Purchaser agrees to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund, and (2) if required by the General Partner in its sole discretion, enter into or
arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with the Fund for the purchase of a number and type of futures contracts at
the closing settlement price for such contracts on the Purchase Order Date, as specified in the Purchase Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation of the order. The number and type
of contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund’s investment objective and shall be purchased as a result of the Authorized Purchaser’s purchase of Units. 

Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser must also have wired to the Custodian the non-refundable transaction fee
due for the Purchase Order. “ Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an 

  
 4 

 aggregate market value, as determined in the sole discretion of the Administrator using the valuation
procedures set forth in Exhibit D, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. 

The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of Treasuries and/or cash that is in the same
proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to purchase is accepted as the number of Units to be created under the Purchase Order is in proportion to the
total number of Units outstanding on the date the order is received. 
 The General Partner determines, directly in its sole discretion, or in
consultation with the Administrator, the requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included in deposits to create
Baskets. The Marketing Agent will publish such requirements at the beginning of each business day. Unless otherwise determined by the General Partner, if Treasuries and cash are to be deposited, the amount of the cash deposit required will be the
difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. 

An Authorized Purchaser who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required amount of
Treasuries and/or cash by the end of the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered
and sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number of Baskets
ordered to the Authorized Purchaser’s DTC account on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the Administrator
will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have
been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Purchaser. 
 Section 7. Redemption
Procedures. 
 On any Business Day, an Authorized Purchaser may place an order with the Marketing Agent to redeem one or more Redemption
Baskets in accordance with this Section 7 and the Procedures. Redemption Orders must be placed by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever is earlier. A Redemption Order so received is effective on the date
it is received in satisfactory form by the Marketing Agent. The day on which the Marketing Agent receives a valid Redemption Order is the “Redemption Order Date”. By placing a Redemption Order, an Authorized Purchaser agrees to
(1) deliver the Redemption Basket to be redeemed through DTC’s book-entry system to the Fund’s account with the Custodian not later than 3:00 PM New York time on the third Business Day following the effective date of the Redemption
Order (“Redemption Distribution Date”), and (2) if required by the General Partner in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other

  
 5 

 over-the-counter energy transaction (through itself or a designated acceptable broker) with the Fund for the
sale of a number and type of futures contracts at the closing settlement price for such contracts on the Redemption Order Date, as specified in the Redemption Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result
in the cancellation of the order. The number and type of contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund’s investment objective and shall be sold as a result of the Authorized
Purchaser’s sale of Units. Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Purchaser must also have wired to the Fund’s account at the Custodian the non-refundable Transaction Fee due for the
Redemption Order. 
 The redemption distribution from the Fund consists of a transfer to the redeeming Authorized Purchaser of an amount of
Treasuries and/or cash with a value that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to redeem is properly received as the number of Units
to be redeemed under the Redemption Order is in proportion to the total number of Units outstanding on the date the order is received. The General Partner, directly or in consultation with the Administrator, will determine the requirements for
Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury, and the proportions of Treasuries and cash, that may be included in distributions to redeem Baskets. The Marketing Agent will publish such
requirements shortly after 4:00 p.m. New York time on the Redemption Order Date. 
 The redemption distribution due from the Fund is delivered
to the Authorized Purchaser on the Redemption Distribution Date if, by 3:00 PM New York time on such Redemption Distribution Date, the Fund’ s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not
been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of
remaining whole Baskets received if the Fund receives the fee applicable to the extension of the Redemption Distribution Date which the General Partner may, from time to time, determine and the remaining Baskets to be redeemed are credited to the
Fund’s DTC account by 3:00 PM New York time on such next Business Day. Any further outstanding amount of the Redemption Order may be cancelled at the election of the General Partner. Any further remaining amount of the redemption order shall be
cancelled and the Participant will indemnify the Partnership for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the redemption order and investments made to
reflect that such order has been cancelled. Pursuant to instruction from the General Partner, the Custodian may also deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account
by 3:00 PM New York time on the Redemption Distribution Date if the Authorized Purchaser has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the General Partner may from time to time
determine. 
 Section 8. Role of Authorized Purchaser. 
 (a) The Authorized Purchaser acknowledges that, for all purposes of this Agreement, the Authorized Purchaser is and shall be deemed to be an independent contractor and has and shall have no authority to
act as agent for the Fund, the Marketing Agent, the Administrator, the Custodian or the General Partner in any matter or in any respect. 

  
 6 

 (b) The Authorized Purchaser will, to the extent reasonably practicable, make itself and its employees
available, upon request, during normal business hours to consult with the General Partner and the Marketing Agent concerning the performance of the Authorized Purchaser’s responsibilities under this Agreement; provided that the Authorized
Purchaser shall be under no obligation to divulge or otherwise discuss any information that the Authorized Purchaser believes (i) is confidential or proprietary in nature or (ii) the disclosure of which to third parties would be
prohibited. 
 (c) Notwithstanding the provisions of Section 8(b), the Authorized Purchaser will maintain records of all sales of Creation
Baskets made by or through it and, upon reasonable request of the General Partner, except if prohibited by applicable law and subject to any privacy obligations or other obligations arising under federal or state securities laws it may have to its
customers, will furnish the General Partner with the names and addresses of the purchasers of such Creation Baskets and the number of Creation Baskets purchased if and to the extent that the General Partner has been requested to provide such
information to the Commodities Futures Trading Commission, Securities Exchange Commission, Financial Industry Regulatory Authority, or Internal Revenue Service (“Fund Regulators”). For the avoidance of doubt, all such information provided
by the Authorized Purchaser shall be Confidential Information (as defined in Section 18) and shall not be used for any purpose other than to satisfy requests of Fund Regulators. 
 (d) The Fund may from time to time be obligated to deliver prospectuses, proxy materials, annual or other reports of the Fund or other similar information (“Fund Documents”) to its limited
partners. The Authorized Purchaser agrees (i) subject to any privacy obligations or other obligations arising under federal or state securities laws it may have to its customers, to reasonably assist the General Partner in ascertaining certain
information regarding sales of Creation Baskets made by or through the Authorized Purchaser that is necessary for the Fund to comply with such obligations upon written request of the General Partner or (ii) in lieu thereof, and at the option of
the Authorized Purchaser, the Authorized Purchaser may undertake to deliver Fund Documents to the Authorized Purchaser’s customers that custody Units with the Authorized Purchaser, after receipt from the Fund of sufficient quantities of such
Fund Documents to allow mailing thereof to such customers. The expenses associated with such transmissions shall be borne by the General Partner in accordance with usual custom and practice in respect of such communications. The General Partner
agrees that the names, addresses and other information concerning the Authorized Purchaser’s customers are and shall remain the sole property of the Authorized Purchaser, and none of the General Partner, the Fund or any of their respective
affiliates shall use such names, addresses or other information for any purposes except in connection with the performance of their duties and responsibilities hereunder and except to the extent necessary for the Fund to meet its regulatory
requirements as set forth in Section 8(b) and in this Section 8(c) of the Agreement. 
 Section 9. Indemnification.

 (a) Indemnification of Authorized Purchaser. The General Partner agrees to indemnify, defend and hold harmless the Authorized Purchaser,
its partners, stockholders, members, directors, officers, employees, affiliates, agents and any person who controls such persons within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and

  
 7 

 
assigns of all of the foregoing persons (each a “GP Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the
reasonable cost of investigation) which the Authorized Purchaser or any such person may incur under the 1933 Act, the Exchange Act, the CEA, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is
based upon: 
  

	 	(1)	any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended or
supplemented) or in a Prospectus (the term Prospectus for the purpose of this Section 9 being deemed to include the Prospectus and the Prospectus as amended or supplemented) or any omission or alleged omission to state a material fact required
to be stated in either such Registration Statement or such Prospectus or necessary to make the statements made therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue
statement or alleged untrue statement of a material fact contained in and in conformity with information concerning the Authorized Purchaser furnished in writing by or on behalf of the Authorized Purchaser to the General Partner expressly for use in
such Registration Statement; 

  

	 	(2)	any untrue statement or alleged untrue statement of a material fact or breach by the General Partner of any representation or warranty contained in this Agreement;

  

	 	(3)	the failure by the General Partner, the Fund or their respective agents to perform when and as required, any agreement, obligation, duty or covenant contained herein;

  

	 	(4)	the failure by the General Partner, the Fund or their respective agents to comply with applicable laws and the rules and regulations of any governmental entity or any
self-regulatory organization to the extent the foregoing relates to transactions in, and activities with respect to Baskets; or 

  

	 	(5)	the Authorized Purchaser’s performance of its duties under this Agreement except in the case of this clause (5), for any loss, damage, expense, liability or claim
resulting from the gross negligence or willful misconduct of the Authorized Purchaser. 

 In no case is the indemnity of the
General Partner in favor of the Authorized Purchaser and such other persons as are specified in this Section 9(a) to be deemed to protect the Authorized Purchaser and such persons against any liability to the General Partner or the Fund to
which the Authorized Purchaser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement.

 If any action, suit or proceeding (each, a “Proceeding”) is brought against a GP Indemnified Person or any such person in respect
of which indemnity may be sought against the General Partner pursuant to the foregoing paragraph, such GP Indemnified Person shall promptly notify the General Partner in writing of the institution of such Proceeding, provided, however, that the
omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person except to the extent that it has been materially prejudiced

  
 8 

 
by such failure and has not otherwise learned of such Proceeding. The GP Indemnified Person shall have the right to employ its own counsel in any such case and the fees and expenses of such
counsel shall be borne by the General Partner and the Fund and paid as incurred (it being understood, however, that the General Partner shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any
one Proceeding or series of related Proceedings in the same jurisdiction representing the GP Indemnified Persons who are parties to such Proceeding) or for the expenses and fees incurred with respect to matters that are not indemnifiable in
accordance with the preceding paragraph. A GP Indemnified Person shall give the General Partner reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought against the General Partner pursuant to this
Section 9(a), provided, however that the omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person. 

(b) The Authorized Purchaser agrees to indemnify, defend and hold harmless each of the Fund, the General Partner and its partners, stockholders, members,
directors, officers, employees and any person who controls the General Partner within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons (each, an
“AP Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the reasonable cost of investigation) which the AP Indemnified Person may incur as a result of or in
connection with any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing by or on behalf of the Authorized Purchaser to the General Partner expressly for use in the
Registration Statement (or in the Registration Statement as amended or supplemented by any post-effective amendment thereof) or in a Prospectus, or arises out of or is based upon any omission or alleged omission to state a material fact in
connection with such information required to be stated in such Registration Statement or such Prospectus or necessary to make such information not misleading. 
 The Authorized Purchaser will also indemnify each AP Indemnified Person from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which such AP
Indemnified Person may incur as a result of or in connection with any actions of an AP Indemnified Person in accordance with any instructions by the Authorized Purchaser except in the case of any loss, damage, expense, liability or claim resulting
from the gross negligence or willful misconduct of an AP Indemnified Person. In no case is the indemnity of the Authorized Purchaser in favor of each AP Indemnified Person to be deemed to protect the AP Indemnified Person and such persons against
any liability to the Authorized Purchaser to which the AP Indemnified Person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its
obligations and duties under this Agreement. 
 If any Proceeding is brought against an AP Indemnified Person, such AP
Indemnified Person shall promptly notify the Authorized Purchaser in writing of the institution of such Proceeding; provided, however, that the omission to so notify the Authorized Purchaser shall not relieve the Authorized Purchaser from any
liability which it may have to such AP Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not 

  
 9 

 
otherwise learned of such Proceeding. The AP Indemnified Person or such person shall have the right to employ its own counsel and the fees and expenses of such counsel shall be borne by the
Authorized Purchaser and paid as incurred (it being understood, however, that the Authorized Purchaser shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of
related Proceedings in the same jurisdiction representing the AP Indemnified Persons who are parties to such Proceeding) or for the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding
paragraph. An AP Indemnified Person shall give the Authorized Purchaser reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought against the Authorized participant pursuant to this Section 9(b),
provided, however that the omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person. 
 (c) The indemnity agreements contained in this Section 9 and the covenants, warranties and representations of the General Partner contained in this Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the Authorized Purchaser, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of
such person) who controls the Authorized Purchaser within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, or by or on behalf of each of the General Partner, the Fund, their partners, stockholders, members,
directors, officers, employees or any person who controls the General Partner or the Fund within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the
initial issuance and delivery of the Units. The General Partner and the Authorized Purchaser agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the General Partner, against any of the General
Partner’s officers or directors in connection with the issuance and sale of the Units, or in connection with the Registration Statement or the Prospectus. 
 Section 10. 
 (a) Limitation of Liability. 

None of the General Partner, the Authorized Purchaser, the Marketing Agent, the Administrator, or the Custodian, shall be liable to each other or to any
other person, including any party claiming by, through or on behalf of the Authorized Purchaser, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each
other or any other person or out of any interruption or delay in the electronic means of communications used by them. 
 (b) Tax Liability.

 The Authorized Purchaser shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax
and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Purchaser. To the extent the
General Partner or the Fund is required by law to pay any such tax or charge, the Authorized Purchaser agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon.

  
 10 

 Section 11. Acknowledgment. 
 The Authorized Purchaser acknowledges receipt of a copy of the Prospectus and represents that it has reviewed and understands such document. 
 Section 12. Effectiveness and Termination. 
 Upon the execution of this Agreement by
the parties hereto, this Agreement shall become effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier
terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized Purchaser by the General Partner in the event of a breach by the Authorized Purchaser of this Agreement or the procedures described or incorporated
herein; or (iii) at such time as the Fund is terminated. 
 Section 13. Marketing Materials; Representations Regarding Baskets;
Identification in Registration Statement. 
 (a) The Authorized Purchaser represents, warrants and covenants that, (i) without the
written consent of the General Partner, the Authorized Purchaser will not make, or permit any of its representatives to make, in connection with any sale or solicitation of a sale of Baskets any representations concerning the Units or the General
Partner, the Fund or any AP Indemnified Person other than representations consistent with (A) the then-current Prospectus of the Fund, (B) printed information approved by the General Partner as information supplemental to such Prospectus
or (C) any promotional materials or sales literature furnished to the Authorized Purchaser by the General Partner, and (ii) the Authorized Purchaser will not furnish or cause to be furnished to any person or display or publish any
information or material relating to the Baskets, any AP Indemnified Person or the Fund that is not consistent with the Fund’s then current Prospectus. Copies of the then-current Prospectus of the Fund and any such printed supplemental
information will be supplied by the General Partner to the Authorized Purchaser in reasonable quantities upon request. 
 (b) The Authorized
Purchaser agrees to comply with applicable prospectus and disclosure delivery requirements of the federal securities and commodities laws. In connection therewith, the Authorized Purchaser will provide, to the extent required, each prospective
purchaser, as required, with a copy of the Fund’s Prospectus. 
 (c) The Authorized Purchaser hereby agrees that for the term of this
Agreement the General Partner or its agent, the Marketing Agent, may deliver the then-current Prospectus, and any supplements or amendments thereto or recirculation thereof, to the Authorized Purchaser in Portable Document Format (“PDF”)
via electronic mail to [                    ] in lieu of delivering the Prospectus in paper form. The Authorized Purchaser may revoke the foregoing
agreement at any time by delivering written notice to the General Partner and, whether or not such agreement is in effect, the Authorized Purchaser may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments
thereto or recirculation thereof, in paper form from the General Partner or its agent, the Marketing Agent. The Authorized Purchaser acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it
will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The General Partner will, when requested by the Authorized Purchaser, make available at no cost the software and technical assistance necessary to
allow the Authorized Purchaser to access, view and print the PDF version of the Prospectus. 

  
 11 

 (d) For as long as this Agreement is effective, the Authorized Purchaser agrees to be identified as an
authorized purchaser of the Fund at the General Partner’s discretion (i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Units,” and in any other section as may be
required by the SEC and (ii) on the Fund’s website. Upon the termination of this Agreement, (i) during the period prior to when the General Partner qualifies and elects to file on Form S-3, the General Partner will remove such
identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the General Partner qualifies and elects to file on Form S-3, the
General Partner will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Purchaser as an authorized purchaser of the Fund and (ii) the General Partner will promptly update the Fund’s website to remove any
identification of the Authorized Purchaser as an authorized purchaser of the Fund. 
 Section 14. Certain Covenants of the General
Partner. 
 The General Partner, on its own behalf and on behalf of the Fund, covenants and agrees: 

(a) to notify the Authorized Purchaser promptly of the happening of any event during the term of this Agreement which could require the making of any
change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they are
made, not misleading, and, during such time, to prepare and deliver or otherwise make available, at the expense of the Fund, to the Authorized Purchaser copies of such amendments or supplements to such Prospectus as may be necessary to reflect any
such change at such time and in such numbers as necessary to enable the Authorized Purchaser to comply with any obligation it may have to deliver such revised, supplemented or amended Prospectus to customers. 

(b) to notify the Authorized Purchaser when a revised, supplemented, or amended Prospectus is available and to deliver or otherwise make available to the
Authorized Purchaser copies of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Authorized Purchaser to comply with any obligation it may have to deliver such revised, supplemented or amended
Prospectus to customers, provided that as a general matter the General Partner will make such revised, supplemented or amended Prospectus available to the Authorized Purchaser on or before its effective date; 

(c) to cause Spicer Jeffries, LLP, accountants to the Fund, to deliver, at each time (i) the Registration Statement or the Prospectus is amended or
supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated by reference
into the Registration Statement or the Prospectus, letters dated such dates and addressed to the Authorized Purchaser, containing statements and information of the type ordinarily included in accountants’ letters to underwriters with respect to
the financial statements and other financial information contained in or incorporated by reference into the Registration Statement and the Prospectus; 

  
 12 

 (d) to deliver to the Authorized Purchaser, at each time (i) the Registration Statement or the
Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is financial information
incorporated by reference into the Registration Statement or the Prospectus, a certification by a duly authorized officer of the General Partner in the form attached hereto as Exhibit E. In addition, any certificate signed by any officer of the
General Partner and delivered to the Authorized Purchaser or counsel for the Authorized Purchaser pursuant hereto shall be deemed to be a representation and warranty by the General Partner as to matters covered thereby to the Authorized Purchaser;

 (e) to furnish directly or through the Marketing Agent to the Authorized Purchaser, at each time (i) the Registration Statement or the
Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is financial information
incorporated by reference into the Registration Statement or the Prospectus, such documents and certificates in the form as reasonably requested; and 
 (f) to cause the Fund to file a supplement to the Registration Statement no less frequently than once per calendar quarter on or about the same time that the Fund files a quarterly or annual report
pursuant to Section 13 or 15(d) of the Exchange Act (including the information contained in such report), until such time as the Fund’s reports filed pursuant to Section 13 or 15(d) of the Exchange Act are incorporated by reference in
the Registration Statement. 
 Section 15. Third Party Beneficiaries. 
 Each AP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may proceed directly against the Authorized Purchaser (including by
bringing proceedings against the Authorized Purchaser in its own name) to enforce any obligation of the Authorized Purchaser under this Agreement which directly or indirectly benefits such AP Indemnified Person. Each GP Indemnified Person, to the
extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may proceed directly against the General Partner, the Fund or their respective agents (including by bringing proceedings against the General Partner, the
Fund or their respective agents in its own name) to enforce any obligation of the General Partner, the Fund or their agents under this Agreement which directly or indirectly benefits such GP Indemnified Person. 

Section 16. Force Majeure. 
 No
party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or
terrorism, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and
rules of any governmental or supra national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. 

  
 13 

 Section 17. Miscellaneous. 
 (a) Entire Agreement. This Agreement (including any schedules and exhibits attached hereto and thereto) contains all of the agreements among the parties hereto (and thereto) with respect to the
transactions contemplated hereby (and thereby) and supersedes all prior agreements or understandings, whether written or oral, among the parties with respect thereto. 
 (b) Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all the parties. 
 (c) Successors and Assigns; Assignment. All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.
This Agreement shall not be assigned by any party without the prior written consent of the other parties and any assignment without such consent shall be null and void. Notwithstanding the foregoing, in the event that Authorized Purchaser files for
protection under the United States Bankruptcy Code, the trustee of Authorized Purchaser’s bankruptcy estate may assume this Agreement or any of its rights, duties and/or obligations hereunder or thereunder upon written notice to the Fund and
the General Partner hereby consent to such assumption. In addition, Authorized Purchaser may assign the Agreement or any of its rights, duties and/or obligations hereunder or thereunder upon written notice to the Fund and the General Partner to
(a) any Authorized Purchaser Affiliate; (b) in the case of any merger or sale of its stock or assets, to the successor in a merger of Authorized Purchaser or to any entity that acquires all or a substantial portion of its stock or assets,
or (c) any service provider contracted by Authorized Purchaser to perform data processing, facilities management or other outsourced services on Authorized Purchaser’s behalf. 
 (d) Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the
party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall
not operate as a waiver of, or estoppel with respect to, any subsequent or other failure or breach. 
 (e) Severability. The parties hereto
desire that the provisions of this Agreement be enforced to the fullest extent permissible under the law and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement
would be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction,
be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 (f) Notices. All notices, waivers, or other communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, by facsimile (and, if sent by

  
 14 

 
facsimile, followed by delivery by nationally-recognized express courier), sent by nationally-recognized express courier or mailed by registered or certified mail (return receipt requested),
postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 
  

	 	(1)	if to General Partner, to: 

United States Commodity Funds LLC 
 c/o Nicholas D. Gerber 
 1999 Harrison Street 

Suite 1530 

Oakland, CA 94612 
  

	 	(2)	if to the Authorized Purchaser, to: 

 All such
notices and other communications shall be deemed to have been delivered and received (i) in the case of personal delivery or delivery by facsimile or e-mail, on the date of such delivery if delivered during business hours on a Business Day or,
if not delivered during business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized express courier, on the first Business Day following dispatch, and (iii) in the case of
mailing, on the third Business Day following such mailing. 
 (g) Governing Law; Jurisdiction. 

 

	 	(1)	All questions concerning the construction, interpretation and validity of this Agreement and all transactions hereunder shall be governed by and construed and enforced
in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law of the State of New York will control the interpretation and construction of this Agreement, even if under such jurisdiction’s choice of law or
conflict of law analysis, the substantive law of some other jurisdiction would ordinarily or necessarily apply. 

  

	 	(2)	 Each party irrevocably consents and agrees, for the benefit of the other parties, that any legal action, suit or proceeding against it with respect to
its obligations, liabilities or any other matter arising out of or in connection with this Agreement or any related agreement may be brought in the courts of the State of New York and hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself and in respect of its properties, assets and revenues. Each party irrevocably

  
 15 

	 	
waives any immunity to jurisdiction to which it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment and execution) in any legal suit,
action or proceeding against it arising out of or based on this Agreement or any related agreement or the transactions contemplated hereby or thereby which is instituted in any court of the State of New York. 

The provisions of this Section 17(g) shall survive any termination of this Agreement, in whole or in part. 

(h) No Partnership. Nothing in this Agreement is intended to, or will be construed to constitute the General Partner or the Fund, on the one hand, and
the Authorized Purchaser or any of its Affiliates, on the other hand, as partners or joint venturers; it being intended that the relationship between them will at all times be that of independent contractors. 

(i) Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement
of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (j) No Strict Construction. The language used
in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 
 (k) Counterparts; Facsimile Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
instrument. Facsimile counterpart signatures to this Agreement shall be acceptable and binding. 
 (l) Other Usages. The following usages shall
apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality;
and (ii) “including” means “including, but not limited to.” 
 Section 18. Confidentiality. 

(a) The General Partner, the Fund and the Authorized Purchaser shall maintain in confidence, use only for the purposes provided for in this Agreement, and
not disclose to any third party, without first obtaining the other party’s consent in writing, any and all Confidential Information (as defined below) such party receives from the other party; provided, however, that either party may disclose
Confidential Information received from the other party to those of its internal and external representatives as may be necessary for such party to carry out its obligations under this Agreement. 

“Confidential Information” shall mean all information or data of a party or its customers that is disclosed to or received by the other party,
whether orally, visually or in writing, in any form, including, without limitation, information or data which relates to such party’s business or operations, research and development, marketing plans or activities, or actual or potential
products. 

  
 16 

 (b) Notwithstanding the provisions of this Agreement to the contrary, a party shall have no liability to the
other party for the disclosure or use of any Confidential Information of the other party if the Confidential Information: 
  

	 	(1)	is known to such party at the time of disclosure other than as the result of a breach of this Section 18 by such party; 

 

	 	(2)	has been or becomes publicly known, other than as the result of a breach of this Section 18 by such party, or has been or is publicly disclosed by the other party;

  

	 	(3)	is received by such party after the date of this Agreement from a third party (unless such third party breaches an obligation of confidentiality to the other party); or

  

	 	(4)	is required to be disclosed by law or similar compulsion or in connection with any legal proceeding or request for information on behalf of a governmental authority or
self-regulatory organization, provided that such party shall promptly inform the other party in writing of such requirement and that such disclosure shall be limited to the extent so required. 

(c) The parties recognize and acknowledge that a breach or threatened breach by a party of the provisions of this Section 18 may cause irreparable
and material loss and damage to the other party which cannot be adequately remedied at law and that, accordingly, in addition to, and not in lieu of, any damages or other remedy to which the non-breaching party may be entitled, the issuance of an
injunction or other equitable remedy (without the requirement that a bond or other security be posted) is an appropriate remedy for the non-breaching party for any breach or threatened breach of the obligations set forth in this Section 18.

 (d) Each party agrees that it will use the same degree of care, but no less than a reasonable degree of care, in safeguarding the
Confidential Information of the other party as it uses for its own Confidential Information of a similar nature. Each party shall promptly notify the other party in writing of any misuse, misappropriation or unauthorized disclosure of the
Confidential Information of the other party that may come to such party’s attention. 
 (e) Upon the termination of this Agreement, if
requested in writing by the other party, each party shall, at such party’s option, promptly destroy or return to the other party all Confidential Information received from the other party, all copies and extracts of such Confidential
Information and all documents or other media containing any such Confidential Information. 

  
 17 

 IN WITNESS WHEREOF, the Authorized Purchaser and the General Partner have caused this Agreement to be
executed by their duly authorized representatives as of the date first set forth above. 
  

			
	UNITED STATES COMMODITY FUNDS LLC
		
	By:	 	  

		 	Name:
		 	Title: Management Director
		 	Address: 1999 Harrison Street, Suite 1530, Oakland CA 94612
		 	Telephone: 510-522-9600
		 	Facsimile: 510-522-9604

  

			
	UNITED STATES NATURAL GAS FUND, LP
	    By: United States Commodity Funds LLC, as General Partner
		
	By:	 	  

		 	Name:
		 	Title: Management Director
		 	Date:

[                         
                               ] 

 

			
	By:	 	  

		 	Name:
		 	Title:
		 	Address:
		 	Telephone:
		 	Facsimile:

  
 18 

 EXHIBIT A 
 UNITED STATES NATURAL GAS FUND, LP 
 CREATION AND REDEMPTION PROCEDURES

 Scope of Procedures and Overview 

These procedures (the “Procedures”) describe the processes by which one or more Baskets of United States Natural Gas Fund, LP Units (the
“Units”) may be purchased by an Authorized Purchaser, or, once Units have been issued, redeemed by an Authorized Purchaser. Units may be created or redeemed only in blocks of 100,000 Units (each such block, a “Basket”).

 For purposes of these Procedures, a “Business Day” is defined as any day other than a day when any of the NYSE Arca, the ICE
Futures Exchange (the “ICE”), or the New York Stock Exchange is closed for regular trading. 
 Baskets are issued pursuant to the
Prospectus, which will be delivered by the Marketing Agent to each Authorized Purchaser prior to its execution of the Authorized Purchaser Agreement, and are issued and redeemed in accordance with the Authorized Purchaser Agreement. Baskets may be
issued and redeemed on any Business Day by the Marketing Agent in exchange for cash and/or Treasuries, which the Custodian receives from Authorized Purchasers or transfers to Authorized Purchasers, in each case on behalf of the Fund. 

Upon acceptance of the Authorized Purchaser Agreement, the Marketing Agent will assign a personal identification number (a “PIN number”) to
each Authorized Person authorized to act for the Authorized Purchaser. This will allow the Authorized Purchaser through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) for Baskets. 

Important Notes: 
 Any Order is subject to
rejection by the General Partner or the Marketing Agent, as agent of the General Partner, for the reasons set forth in the Authorized Purchaser Agreement. 
 All Orders are subject to the provisions of the Partnership Agreement, the Prospectus and the Authorized Purchaser Agreement relating to unclear or ambiguous instructions. 

The Authorized Purchaser, and each distributor offering and selling Units as part of the distribution of such Units, shall comply with applicable
prospectus delivery and disclosure requirements of the 1933 Act as well as the analogous requirements under the CEA, including, the requirement, to the extent required, that prospective investors provide an acknowledgement of receipt of such
disclosure materials prior to the payment for any Units to the extent the foregoing relates to the Authorized Purchaser’s transactions in, and activities with respect to, Units. 

  
 19 

 CREATION PROCESS 
 An Order to purchase one or more Baskets placed by an Authorized Purchaser with the Marketing Agent by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever is earlier (the
“Order Cut-Off Time”) on a Business Day (such day, “CREATION T”) results in the transfer to the Authorized Purchaser’s account at The Depository Trust Company (“DTC”) of Baskets the Authorized Purchaser has
purchased, in most instances, by 9:00 AM New York time on CREATION T+3: 
 CREATION PROCEDURES 

 

	1.	By the Order Cut-Off Time, an Authorized Person of the Authorized Purchaser calls the Marketing Agent at (303) 623-2577 to notify such agent that the Authorized
Purchaser wishes to place a Purchase Order to create an identified number of Baskets and to request that it be provided with an order number (an “Order Number”). The Authorized Person provides a PIN number as identification. The Marketing
Agent provides the Authorized Purchaser with an Order Number for the Authorized Purchaser’s Purchase Order Form. The Authorized Purchaser then completes and faxes to the Marketing Agent the Purchase Order Form included as Exhibit B to the
Authorized Purchaser Agreement. The Purchase Order Form must include the Authorized Person’s signature, the number of Baskets being purchased, and the Order Number. 

 

	2.	If the Marketing Agent has not received the Purchase Order Form from the Authorized Purchaser within 15 minutes after the Marketing Agent receives the phone call from
the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized Purchaser to enquire about the status of the Order. If the Authorized Purchaser does not fax the Purchase Order Form to the
Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’s Order is cancelled. The Marketing Agent will then notify the Authorized Purchaser that the Order has been cancelled via telephone call.

  

	3.	 By placing a Purchase Order, an Authorized Purchaser agrees to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the
Custodian of the Fund, and (2) if required by the General Partner in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself
or a designated acceptable broker) with the Fund for the purchase of a number and type of futures contracts at the closing settlement price for such contracts on the Purchase Order Date, as specified in the Purchase Order Form (see Exhibit B).
Failure to consummate (1) and (2) above shall result in the cancellation of the order. The number and type of contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund ’s investment
objective and shall be purchased as a result of the Authorized Purchaser’s purchase of Units. If the Marketing Agent has received the Authorized Purchaser’s Purchase Order Form on time in accordance with the preceding timing rules, then by
1:00 PM New York time the Marketing Agent returns to the Authorized Purchaser a copy of the Purchase Order Form submitted, marking it “Affirmed.” The Marketing Agent shall indicate on the Purchase Order Form the details of the method of
payment to be used for the Transaction Fee. The Marketing Agent 

  
 20 

	 	
shall also have completed Part II of the Purchase Order Form, which includes the specific number and type of futures contracts to be purchased at the closing settlement price on the Purchase
Order Date. 

  

	4.	Based on the Purchase Orders placed with it on CREATION T, the Marketing Agent sends a facsimile to the Transfer Agent indicating the total number of creation Units and
total amount of cash and/or Treasuries for which the Marketing Agent will require an allocation into the custodial accounts of, respectively, the Authorized Purchaser and the Fund on CREATION T+3. If the Marketing Agent rejects a Purchase
Order pursuant to the Authorized Purchaser Agreement after the foregoing messages are given to the Custodian, the Marketing Agent will notify the Transfer Agent of such rejection as soon as practicable but, in any event, by 1:30 PM New York time the
same day, identifying the Authorized Purchaser whose Purchase Order was rejected and the amount of Units contained in the rejected Purchase Order. The Transfer Agent will address any such rejection notifications received after 1:30 PM New York time
only on a best efforts basis. 

  

	5.	The General Partner acting by itself or through the Marketing Agent shall have the absolute right, but shall have no obligation, to reject any Purchase Order or
Creation Basket Deposit (as defined in Section 6) (i) if the General Partner determines that the Purchase Order or Creation Basket Deposit is not in proper form; (ii) that the General Partner, in its sole discretion, believes would
have adverse tax consequences to the Fund, Limited Partners, or unitholders; (iii) the acceptance or receipt of which would, in the opinion of counsel to the General Partner, be unlawful; or (iv) if circumstances outside the control of the
General Partner, the Marketing Agent or the Custodian make it for all practical purposes not feasible to process creations of Creation Baskets (including if the General Partner determines that the investments available to the Fund at that time will
not enable it to meet its investment objective). None of the General Partner, the Marketing Agent or the Custodian shall be liable to any person by reason of the rejection of any Purchase Order or Creation Basket Deposit. 

REDEMPTION PROCESS 
 An order to
redeem one or more Baskets placed by an Authorized Purchaser with the Marketing Agent by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever is earlier, on a Business Day (such day, “REDEMPTION T”) results in the
following taking place by 3:00 p.m. New York time on REDEMPTION T+3: 
 Transfer to the account at DTC and the subsequent cancellation of the
relevant number of the Authorized Purchaser’s Baskets; and 
 Transfer to the Authorized Purchaser by credit to the Authorized
Purchaser’s account of cash and Treasuries, if any, in the relevant amount(s) corresponding to the Baskets delivered for redemption (the “Redemption Distribution”). 

  
 21 

 REDEMPTION PROCEDURES 
 REDEMPTION T (REDEMPTION ORDER TRADE DATE) 
  

	1.	By the Order Cut-off Time, an Authorized Person of the Authorized Purchaser calls the Marketing Agent at (303) 623-2577 to notify the Marketing Agent that the
Authorized Purchaser wishes to place a Redemption Order with the Marketing Agent to redeem an identified number of Baskets and to request that the Marketing Agent provide an Order Number. The Authorized Person provides a PIN number as identification
to the Marketing Agent. The Marketing Agent provides the Authorized Purchaser with an Order Number for the Authorized Purchaser’s Redemption Order Form. The Authorized Purchaser then completes and faxes to the Marketing Agent the Redemption
Order Form included as Exhibit B to the Authorized Purchaser Agreement. The Redemption Order Form must include the Authorized Person’s signature, the number of Baskets being redeemed, and the Order Number previously provided by the Marketing
Agent. 

  

	2.	If the Marketing Agent has not received the Redemption Order Form from the Authorized Purchaser within 15 minutes after the Marketing Agent receives the phone call from
the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized Purchaser to enquire about the status of the Order. If the Authorized Purchaser does not fax the Redemption Order Form to the
Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’s Order is cancelled. The Marketing Agent will then notify the Authorized Purchaser that the Order has been cancelled via telephone call and
via fax. 

  

	3.	By placing a Redemption Order, an Authorized Purchaser agrees to (1) deliver the Redemption Basket to be redeemed through DTC’s book-entry system to the
Fund’s account with the Custodian not later than 3:00 PM New York time on the third Business Day following the effective date of the Redemption Order, and (2) if required by the General Partner in its sole discretion, enter into or arrange
for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with the Fund for the sale of a number and type of futures contracts at the closing
settlement price for such contracts on the Redemption Order Date, as specified in the Redemption Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation of the order. The number and type of
contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund’s investment objective and shall be sold as a result of the Authorized Purchaser’s sale of Units. If the Marketing Agent has received
the Authorized Purchaser’s Redemption Order Form on time in accordance with the preceding timing rules, then by 1:00 PM New York time the Marketing Agent returns to the Authorized Purchaser a copy of the Redemption Order Form submitted, marking
it “Affirmed.” The Marketing Agent shall indicate on the Redemption Order Form the amount of Treasuries and/or cash, if any, to be delivered in the Redemption Distribution, and provides details of the method of payment to be used for the
Transaction Fee and the method of delivery of the Treasuries and/or cash portion, if any, of the Redemption Distribution. The Marketing Agent shall also indicate on the returned Redemption Order Form the specific number and type of futures contracts
to be sold at the closing settlement price for such contracts on the Redemption Order Date. 

  
 22 

	4.	By 1:00 PM New York time, the Marketing Agent sends a facsimile containing instructions to the Transfer Agent to transfer on REDEMPTION T+3 from the custodial accounts
of, respectively, the Authorized Purchaser and the Fund (“deallocate”) the total number of redemption Units and the total amount of cash and/or Treasuries required to settle the Redemption Orders received by the Marketing Agent on
REDEMPTION T. If the Marketing Agent rejects a Redemption Order pursuant to the Authorized Purchaser Agreement after the foregoing message is sent, the Marketing Agent will notify the Transfer Agent of such rejection as soon as practicable but, in
any event, by 1:30 pm New York time the same day, identifying the Authorized Purchaser whose Redemption Order was rejected and the amount of Units contained in the rejected Redemption Order. The Transfer Agent will address any such rejection
notifications received after 1:30 pm New York time only on a best efforts basis. 

  

	5.	The General Partner acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the General Partner determines
that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or (iii) if circumstances outside the control of the General Partner, the Marketing
Agent or the Custodian make it for all practical purposes not feasible for the Units to be delivered under the Redemption Order. The General Partner may also reject a redemption order if the number of units being redeemed would reduce the remaining
outstanding units to 100,000 units (i.e., one basket) or less, unless the General Partner has reason to believe that the placer of the redemption order does in fact possess all the outstanding units and can deliver them. 

 

	6.	The General Partner may, in its discretion, suspend the right of redemption, or postpone the Redemption Distribution Date, (1) for any period during which NYSE
Arca or the ICE is closed other than customary weekend or holiday closings, or trading on the NYSE Arca or the ICE is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery, disposal or
evaluation of Treasuries or other assets of the Fund is not reasonably practicable, or (3) for such other period as the General Partner determines to be necessary for the protection of the Limited Partners or Unitholders. None of the General
Partner, the Marketing Agent, the Administrator or the Custodian will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 

REDEMPTION T+3 
  

	1.	By 3:00 PM New York time, the Authorized Purchaser delivers free to the relevant account at DTC the Baskets to be redeemed. 

 

	2.	 If the Custodian does not receive from a redeeming Authorized Purchaser all Units comprising the Baskets being redeemed by 3:00 PM New York time,
(i) the Custodian will, only upon instruction from the General Partner, settle the Redemption Order to the extent of whole Baskets received from the Authorized Purchaser and (ii) the Marketing Agent will keep the redeeming Authorized
Purchaser’s Redemption Order open until 9:00 AM New York time on 

  
 23 

	 	
the following Business Day (REDEMPTION T+4) as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). For each day (whether or not a Business Day) the
Redemption Order is held open, the Authorized Purchaser will be charged the greater of $300 or $30 times the number of Units included in the Suspended Redemption Order, as determined in the sole discretion of the Fund. 

REDEMPTION T+4 
  

	1.	By 9:00 AM New York time, the redeeming Authorized Purchaser must deliver free to the account at DTC the Basket(s) comprising the Suspended Redemption Order. The
Marketing Agent will settle the Suspended Redemption Order to the extent of whole Baskets received. Any balance of the Suspended Redemption Order may be cancelled at the discretion of the General Partner. 

 

	2.	The sequence of instructions and events related to the settlement of the Suspended Redemption Order on REDEMPTION T+4 will be made in the manner provided for a
Redemption Order under REDEMPTION T+3. 

 * * * * 

  
 24 

 EXHIBIT A-1 
 UNITED STATES NATURAL GAS FUND, LP 
 INITIAL CREATION PROCEDURES 

Scope of Procedures and Overview 
 These
procedures (the “Initial Procedures”) describe the process by which one or more Baskets of United States Natural Gas Fund, LP Units (the “Units”) may be purchased by an Authorized Purchaser. Units may be created only in blocks of
100,000 Units (each such block, a “Basket”). 
 For purposes of these Initial Procedures, a “Business Day” is defined as any
day other than a day when any of the NYSE Arca, the ICE Futures Exchange (the “ICE”), or the New York Stock Exchange is closed for regular trading. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the Marketing Agent to the Authorized Purchaser prior to its execution of the Authorized Purchaser Agreement, and are issued in
accordance with the Authorized Purchaser Agreement. Baskets may be issued on any Business Day by the Marketing Agent in exchange for cash and/or Treasuries, which the Custodian receives from the Authorized Purchaser on behalf of the Fund.

 Upon acceptance of the Authorized Purchaser Agreement, the Marketing Agent will assign a personal identification number (a “PIN
number”) to the Authorized Person authorized to act for the Authorized Purchaser. This will allow the Authorized Purchaser through its Authorized Person(s) to place the initial Purchase Order for Baskets. 

It is anticipated that on the effective date (the date the SEC declares the registration statement relating to the Fund effective), the initial
Authorized Purchaser will, though it is under no obligation to do so, purchase one or more Creations Baskets at a price per Unit of $50.00 It is expected the proceeds of that purchase will be invested on that day and that Fund’s initial per
unit net asset value will be established as of 4:00 p.m. New York City time that day. The Units are expected to begin trading on the day following the effective date. Units offered in Creation Baskets on any day after the effective date will be
offered at the per Unit asset value as of the earlier of 4:00 p.m. New York time or the close of trading on the NYSE. 
 Important Notes:

 Any Order is subject to rejection by the General Partner or the Marketing Agent, as agent of the General Partner, for the reasons set forth in
the Authorized Purchaser Agreement. 
 All Orders are subject to the provisions of the Partnership Agreement, the Prospectus and the Authorized
Purchaser Agreement relating to unclear or ambiguous instructions. 
 The Authorized Purchaser, and each distributor offering and selling Units
as part of the distribution of such Units, shall comply with applicable prospectus delivery and disclosure requirements of the 1933 Act as well as the analogous requirements under the CEA, including, the requirement that

  
 25 

 
prospective investors provide an acknowledgement of receipt of such disclosure materials prior to the payment for any Units to the extent the foregoing relates to the Authorized Purchaser’s
transactions in, and activities with respect to Units. 
 CREATION PROCESS 

An Order to purchase one or more of the initial Baskets placed by the Authorized Purchaser with the Marketing Agent by 9:00 AM New York time (the
“Order Cut-Off Time”) on a Business Day (such day, “CREATION T”) results in the transfer to the Authorized Purchaser’s account at The Depository Trust Company (“DTC”) of Baskets the Authorized Purchaser has
purchased by 12:00 PM New York time on CREATION T+0 if payment for such Baskets has been received by the Custodian prior to that time: 
 CREATION PROCEDURES 
 1. By the Order Cut-Off Time (the earlier of the close of regular trading on
NYSE Arca or 9:00 AM New York time), an Authorized Person of the Authorized Purchaser calls the Marketing Agent at (303) 623-2577 to notify such agent that the Authorized Purchaser wishes to place a Purchase Order to create an identified number
of Baskets and to request that it be provided with an order number (an “Order Number”). The Authorized Person provides a PIN number as identification. The Marketing Agent provides the Authorized Purchaser with an Order Number for the
Authorized Purchaser’s Purchase Order Form. The Authorized Purchaser then completes and faxes to the Marketing Agent the Purchase Order Form included as Exhibit B to the Authorized Purchaser Agreement. The Purchase Order Form must include the
Authorized Person’s signature, the number of Baskets being purchased, and the Order Number. 
 2. If the Marketing Agent has not received
the Purchase Order Form from the Authorized Purchaser within 15 minutes after the Marketing Agent receives the phone call from the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized
Purchaser to enquire about the status of the Order. If the Authorized Purchaser does not fax the Purchase Order Form to the Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’s Order is
cancelled. The Marketing Agent will then notify the Authorized Purchaser that the Order has been cancelled via telephone call. 
 3. By placing
a Purchase Order, an Authorized Purchaser agrees to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund, and (2) if required by the General Partner in its sole discretion, enter into or
arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with the Fund for the purchase of a number and type of futures contracts at
the closing settlement price for such contracts on the Purchase Order Date, as specified in the Purchase Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation of the order. If the Marketing
Agent has received the Authorized Purchaser’s Purchase Order Form on time in accordance with the preceding timing rules, then by 10:00 AM New York time the Marketing Agent returns to the Authorized Purchaser a copy of the Purchase Order Form
submitted, marking it “Affirmed.” The Marketing Agent shall also have completed Part II of the Purchase Order Form, which includes the specific number and type of futures contracts to be purchased at the closing settlement price on the
Purchase Order Date. 

  
 26 

 4. Based on the Purchase Orders placed with it on CREATION T, the Marketing Agent sends a facsimile to the
Transfer Agent indicating the total number of creation Units and total amount of cash and/or Treasuries for which the Marketing Agent will require an allocation into the custodial accounts of, respectively, the Authorized Purchaser and the
Fund on CREATION T+0 once the Custodian confirms to the Transfer Agent that the payment for such Baskets in same day funds has been received by it from the Authorized Purchaser. If the Marketing Agent rejects a Purchase Order pursuant to the
Authorized Purchaser Agreement after the foregoing messages are given to the Custodian, the Marketing Agent will notify the Transfer Agent of such rejection as soon as practicable but, in any event, by 10:30 AM New York time the same day,
identifying the amount of cash and/or Treasuries contained in the rejected Purchase Order. The Transfer Agent will address any such rejection notifications received after 10:30 AM New York time only on a best efforts basis. 

  
 27 

 EXHIBIT B 
 UNITED STATES NATURAL GAS FUND, LP 
 PURCHASE/REDEMPTION ORDER FORM

 CONTACT INFORMATION FOR ORDER EXECUTION: 
  

			
	Telephone order number:	  	Telex Number
	Facsimile number:	  	Business Number

  

ALL ITEMS IN PART I MUST BE COMPLETED BY AN AUTHORIZED PURCHASER. THE GENERAL PARTNER AND/OR THE MARKETING AGENT, IN THEIR DISCRETION,
MAY REJECT ANY ORDER NOT SUBMITTED IN COMPLETE FORM. 
  

	I.	TO BE COMPLETED BY AUTHORIZED PURCHASER: 

  

			
	Date:	 	Time:

  

			
	Broker Name:	 	Firm Name:

 

			
	NSCC Participant Number:	 	DTC Participant Number:

 

			
	Telephone Number:	 	Telex Number:

 

			
	 Fax Number:
	 	

  

	
	Type of Order (Check One)
	
	Amount Created Units (100,000
Units)                                        

	
	Amount Written
Out                                        
                              
	
	Amount Redeemed Units (100,000
Units)                                    
	
	Amount Written
Out:                                        
                             
	
	Order #:        
                                
	
	Check One:

          Agree to purchase or arrange to purchase futures contracts,
exchange for swaps, exchange for physical or other over-the-counter transaction in amount and type or form specified in Part II by the Marketing Agent 
          Agree to sell or arrange to sell futures contracts, exchange for swaps, exchange for physical or other over-the-counter transaction in amount and
type specified in Part II by Marketing Agent 
 Authorized Person’s Signature
                                         
        

  
 28 

 Pursuant to Section 17 CFR 4.21(b), United States Natural Gas Fund, LP may not accept or receive
funds, securities or other property from a prospective participant unless it first receives from the prospective participant the following acknowledgment: 
 IN ADDITION TO THE PLACEMENT OF THE ORDER ABOVE, ON BEHALF OF THE AUTHORIZED PURCHASER AS A PROSPECTIVE PARTICIPANT OF THE UNITED STATES NATURAL GAS FUND, LP, I HEREBY ACKNOWLEDGE AND AFFIRM THAT I
HAVE RECEIVED THE PROSPECTUS FOR THE UNITED STATES NATURAL GAS FUND, LP. 
 By:
                                        ,
an Authorized Person 
 Name:
                                     

TO BE COMPLETED BY ALPS DISTRIBUTORS, INC.: 
 This certifies that the above order has been: 
  

					
		
		  	                    Accepted by the Marketing Agent
(for purchase or redemption)
		
		  	            Futures contracts to be
             purchased              sold:
			
		  	Type:
                            	  	
		
		  	Month/ Year (e.g., 12 month strip beginning N07 and ending O08):
                            
			
		  	Quantity:
                                	  	
		
		  	Contracts:
                                
		
		  	Closing Settlement Price:
                            
		
		  	            Exchange for swaps, exchange for physical or other over-the-counter transaction entered
into in form acceptable to United States Natural Gas Fund, LP
		
		  	                     Declined - Reason:
                                        

			
		  		  	

							
				
	  
 Date
	 		  	  
 Time
	  	  
 Authorized
Signature            

  
 29 

 EXHIBIT C 
 UNITED STATES NATURAL GAS FUND, LP 
 FORM OF CERTIFIED AUTHORIZED PERSONS

 OF AUTHORIZED PURCHASER 
 The following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by the United States Natural
Gas Fund, LP Authorized Purchaser Agreement or any other notice, request or instruction on behalf of the Authorized Purchaser pursuant to the aforementioned agreement. 
 Authorized Purchaser:
                                        

 Name:
                                        

 Title:
                                        

 Signature:
                                        

 Name:
                                        

 Title:
                                        

 Signature:
                                        

 Name:
                                        

 Title:
                                        

 Signature:
                                        

  
 30 

 EXHIBIT D 
 BBH Pricing Policies 
 Futures, Forwards, Swaps, Options and Treasuries

 The pricing policies stated below are used for all BBH clients, including Mutual Fund Registered Investment Companies. These policies
have been audited by numerous accounting firms during annual fund audits. 
 Futures 

Futures traded on exchanges are valued using the closing settlement prices quoted on the relevant exchange and obtained from pricing
sources, typically Bloomberg or Reuters. 
 Forward Currency Contracts 

BBH obtains the WM Reuters London Close closing spot rates and the WM Reuters London Close forward point rates on a daily basis. The
currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. The forward is valued at the net of the present value and the spot rate. 

Swaps 
 Swaps and other
similar derivative or contractual type instruments are valued at a price provided by a single broker or dealer, typically the counterparty. If no such price is available, the contract is valued at a price at which the counterparty to such contract
would repurchase the instrument or terminate the contract. 
 Options 
 Option contracts on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at the last sale price on the exchange or market that is the Primary Market. If a
contract did not trade on the Primary Market, it shall be valued at the last sale price on another exchange or market where it did trade. If there is no such sale price, the value shall be the most recent bid quotation. 

Sale prices and bid quotations indicated above shall be supplied by a Pricing Service (Reuters, Bloomberg, IDC, etc.). If a Pricing Service is not able
to provide such sale prices or bid quotations, the value shall be determined by taking the mean between the bid and the asked quotations provided by a single broker or dealer, unless the broker or dealer can only provide a bid quotation, in which
case the value shall be such bid quotation. 
 Except as provided below, OTC currency options are valued by uploading the applicable implied
volatility rates from Reuters or Bloomberg. Other inputs are either uploaded (interest rates, spots) or are specified when the ticker symbols are set up (expiration date, strike). OTC currency options are then priced by using the Garman-Kohlhagen
modified Black-Scholes formula, which adjusts for a constant yield versus a fixed dividend. 
 Except as provided below, OTC equity/index
options are priced according to the contract specifications (days to expiration, current spot index level, interest rates, dividends, strike price) using the Black-Scholes pricing model, modified for dividends. The volatility input assumption is
interpolated from the previous day’s price. 

 US Treasuries 
 BBH uses an evaluated bid supplied by IDC for treasury prices. 

  
 2 

 EXHIBIT E 
 UNITED STATES NATURAL GAS FUND, LP 
 OFFICER’S CERTIFICATE 

The undersigned, a duly authorized officer of United States Commodity Funds LLC, a Delaware limited liability company (the “General Partner”),
and pursuant to Section 13(d) of the United States Natural Gas Fund, LP Authorized Purchaser Agreement (the “Agreement”), dated as of
[                    ] by and between the General Partner and
[                    ] (“the Authorized Purchaser”), hereby certifies that: 

1. Each of the following representations and warranties of the General Partner is true and correct in all material respects as of the date hereof:

 (a) the Prospectus does not contain an untrue statement of a material fact or omit to state a 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; the Registration Statement complies in all material respects with the requirements of the 1933 Act and the Prospectus complies in all
material respects with the requirements of the 1933 Act and any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration
Statement have been so described or filed; the conditions to the use of Form S-1 or S-3, if applicable, have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading and the Prospectus does not contain an untrue statement of a material fact or omit to state a 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; provided, however, that the General Partner makes no warranty or representation with respect to any statement contained in the Registration Statement or
any Prospectus in reliance upon and in conformity with information concerning the Authorized Purchaser and furnished in writing by or on behalf of the Authorized Purchaser to the General Partner expressly for use in the Registration Statement or
such Prospectus; and neither the General Partner nor any person known to the General Partner acting on behalf of the Fund has distributed nor will distribute any offering material other than the Registration Statement or the Prospectus; 

(b) the Fund has been duly formed and is validly existing as an investment fund under the laws of the State of Delaware, as described in the Registration
Statement and the Prospectus, and as described in the Prospectus, the Marketing Agent is authorized to issue and deliver the Baskets to the Authorized Purchaser; 
 (c) the General Partner has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to conduct
its business as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement; 

  
 3 

 (d) the General Partner is duly qualified and is in good standing in each jurisdiction where the conduct of
its business requires such qualification; and the Fund is not required to so qualify in any jurisdiction; 
 (e) the outstanding Units have been
duly and validly issued and are fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 
 (f) the Units conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus and the holders of the Units will not be subject to personal liability
by reason of being such holders; 
 (g) this Agreement has been duly authorized, executed and delivered by the General Partner and constitutes
the valid and binding obligations of the General Partner, enforceable against the General Partner in accordance with its terms; 
 (h) the
General Partner is not in breach or violation of or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach or violation of, constitute a default under or give the holder of any indebtedness
(or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) its constitutive documents, or any indenture, mortgage, deed of trust, bank loan or credit
agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the General Partner is a party or by which any of them or any of their properties may be bound or affected, and the execution,
delivery and performance of this Agreement, the issuance and sale of Units to the Authorized Purchaser hereunder and the consummation of the transactions contemplated hereby does not conflict with, result in any breach or violation of or constitute
a default under (nor constitute any event which with notice, lapse of time or both would result in any breach or violation of or constitute a default under), respectively, the amended and restated limited liability company agreement of the General
Partner, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the General Partner is a party or by which, respectively,
the General Partner or any of its properties may be bound or affected, or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the General Partner or the Fund; 

(i) no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board,
body, authority or agency is required in connection with the issuance and sale of Creation Baskets to the Authorized Purchaser hereunder or the consummation by the General Partner or the Fund of the transactions contemplated hereunder other than
registration of the Units under the 1933 Act and the filing of the Prospectus with the National Futures Association, which has been effected, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Units are being offered or under the rules and regulations of NYSE Arca, Inc. (“NYSE Arca”); 
 (j) except as set forth in the
Registration Statement and the Prospectus (i) no person has the right, contractual or otherwise, to cause the Fund to issue or sell to it any Units or other equity 

  
 4 

 
interests of the Fund, and (ii) no person has the right to act as an underwriter or as a financial advisor to the Fund in connection with the offer and sale of the Units, in the case of each
of the foregoing clauses (i), and (ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; no person has the right, contractual or otherwise, to cause the
General Partner on behalf of the Fund or the Fund to register under the 1933 Act any other equity interests of the Fund, or to include any such shares or interests in the Registration Statement or the offering contemplated thereby, whether as a
result of the filing or effectiveness of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; 
 (k) each
of the General Partner and the Fund has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary
authorizations, consents and approvals from other persons, in order to conduct its respective business; the General Partner is not in violation of, or in default under, or has not received notice of any proceedings relating to revocation or
modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the General Partner; 

(l) all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents
of a character required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed as required; 
 (m) except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings pending or threatened or contemplated to which the General
Partner or the Fund, or any of the General Partner’s directors or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in equity, before or by any federal, state, local or foreign
governmental or regulatory commission, board, body, authority or agency; 
 (n) Spicer Jeffries LLP, whose report on the audited financial
statements of the Fund is filed with the SEC as part of the Registration Statement and the Prospectus, are independent public accountants as required by the 1933 Act; 
 (o) the audited financial statement(s) included in the Prospectus, together with the related notes and schedules, presents fairly the financial position of the Fund as of the date indicated and has been
prepared in compliance with the requirements of the 1933 Act and in conformity with generally accepted accounting principles; there are no financial statements (historical or pro forma) that are required to be included in the Registration Statement
and the Prospectus that are not included as required; and the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in the Registration Statement and the
Prospectus; 
 (p) subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there
has not been (i) any material adverse change, (ii) any transaction which is material to the General Partner or the Fund taken as a whole, (iii) any 

  
 5 

 
obligation, direct or contingent (including any off-balance sheet obligations), incurred by the General Partner or the Fund, which is material to the Fund, (iv) any change in the Units
purchased by the Authorized Purchaser or outstanding indebtedness of the General Partner or the Fund or (v) any dividend or distribution of any kind declared, paid or made on such Units; 
 (q) the Fund is not and, after giving effect to the offering and sale of the Units, will not be an “investment company” or an entity “controlled” by an “investment company,”
as such terms are defined in the Investment Company Act; 
 (r) except as set forth in the Registration Statement and the Prospectus, the
General Partner and the Fund own, or have obtained valid and enforceable licenses for, or other rights to use, the inventions, patent applications, patents, trademarks (both registered and unregistered), tradenames, copyrights, trade secrets and
other proprietary information described in the Registration Statement and the Prospectus as being owned or licensed by them or which are necessary for the conduct of their respective businesses, (collectively, “Intellectual Property”);

 (i) to the knowledge of the General Partner or the Fund, there are no third parties who have or will be able to establish rights to any
Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the General Partner or the Fund; 
 (ii) to the knowledge of the General Partner or the Fund, there is no infringement by third parties of any Intellectual Property; 
 (iii) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action, suit, proceeding or claim by others challenging the General Partner or the Fund’s rights in or to
any Intellectual Property, and the General Partner and the Fund are unaware of any facts which could form a reasonable basis for any such claim; 
 (iv) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property as
to which the General Partner and the Fund have no knowledge of any such pending or threatened claims, and the General Partner and the Fund are unaware of any facts which could form a reasonable basis for any such claim; 

(v) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action, suit, proceeding or claim by others that the General
Partner or the Fund infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the General Partner and the Fund are unaware of any facts which could form a reasonable basis for any such
claim; and 
 (vi) to the knowledge of the General Partner or the Fund, there is no patent or patent application that contains claims that
interfere with the issued or pending claims of any of the Intellectual Property; and 
 (s) all tax returns required to be filed by the General
Partner have been filed, and all taxes and other assessments of a similar nature (whether imposed directly or through withholding) including 

  
 6 

 
any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with respect to the Fund as
of the date of this Agreement; 
 (t) the General Partner has not sent or received any communication regarding termination of, or intent not to
renew, any of the contracts or agreements referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the General Partner or any other party to any such contract
or agreement; 
 (u) on behalf of the Fund, the General Partner has established and maintains disclosure controls and procedures (as such term
is defined in Rule 13a-14 and 15d-14 under the Exchange Act, giving effect to the rules and regulations, and SEC staff interpretations (whether or not public), thereunder)); such disclosure controls and procedures are designed to ensure that
material information relating to the Fund, is made known to the General Partner, and such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of the Fund, the General Partner has been
advised of: (i) any significant deficiencies in the design or operation of internal controls which could adversely affect the Fund’s ability to record, process, summarize, and report financial data; and (ii) any fraud, whether or not
material, that involves management or other employees who have a role in the Fund’s internal controls; any material weaknesses in internal controls have been identified for the Fund’s auditors; 

(w) any statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that the
General Partner believes to be reliable and accurate, and the General Partner has obtained the written consent to the use of such data from such sources to the extent required; and 
 (x) neither the General Partner, nor any of the General Partner’s directors, members, officers, affiliates or controlling persons has taken, directly or indirectly, any action designed, or which has
constituted or might reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Fund to facilitate the sale or resale of the Units. 

For purposes hereof, the term “ Registration Statement” shall mean the Registration Statement as amended or supplemented from time to time to
the date hereof, the term “Preliminary Prospectus” shall mean the preliminary prospectus dated                     , relating to the Units
and any other prospectus dated prior to effectiveness of the Registration Statement relating to the Units, and the term “Prospectus” shall mean the Prospectus as amended or supplemented from time to time to the date hereof. 

2. Each of the obligations of the General Partner to be performed by it on or before the date hereof pursuant to the terms of the Agreement, and each of
the provisions thereof to be complied with by the General Partner on or before the date hereof, has been duly performed and complied with in all material respects. Capitalized terms used, but not defined herein shall have the meanings assigned to
such terms in the Agreement. 

  
 7 

 IN WITNESS WHEREOF, I have hereunto, on behalf of the General Partner, subscribed my name this
        day of                     . 

 

			
	By:	 	  

	Name:	 	
	Title:	 	

 I,
[                    ], in my capacity as Secretary, hereby certify that
[                    ] is the duly elected President of the General Partner, and that the signature set forth immediately above is his genuine
signature. 
 IN WITNESS WHEREOF, I have hereunto set my hand as of the date first set forth above. 

 

			
	By:	 	  

	Name:	 	
	Title:	 	Secretary

  
 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]