Document:

ex10-2.htm

Exhibit 10.2

 

 

 

 

 

 

APPLE HOSPITALITY REIT, INC.

 

2014 OMNIBUS INCENTIVE PLAN

 

 

 

 

 

 

 

 

  

  

  

 

TABLE OF CONTENTS

 

	  	  	  	  	
Page

	
1.

	
PURPOSE

	
1

	 	 	 
	
2.

	
DEFINITIONS

	
1

	 	 	 
	
3.

	
ADMINISTRATION OF THE PLAN

	
7

	  	
3.1

	
Committee

	
7

	  	  	
3.1.1

	
Powers and Authorities

	
7

	  	  	
3.1.2

	
Composition of Committee

	
7

	  	  	
3.1.3

	
Other Committees

	
8

	  	
3.2

	
Board

	
8

	  	
3.3

	
Terms of Awards

	
8

	  	  	
3.3.1

	
Committee Authority

	
8

	  	  	
3.3.2

	
Forfeiture; Recoupment

	
9

	  	
3.4

	
No Repricing Without Stockholder Approval

	
9

	  	
3.5

	
Deferral Arrangement

	
10

	  	
3.6

	
No Liability

	
10

	  	
3.7

	
Registration; Share Certificates

	
10

	 	 	 	 
	
4.

	
STOCK SUBJECT TO THE PLAN

	
10

	  	
4.1

	
Number of Shares of Stock Available for Awards

	
10

	  	
4.2

	
Adjustments in Authorized Shares of Stock

	
10

	  	
4.3

	
Share Usage

	
11

	 	 	 	 
	
5.

	
TERM; AMENDMENT AND TERMINATION

	
11

	  	
5.1

	
Term

	
11

	  	
5.2

	
Amendment and Termination

	
11

	 	 	 	 
	
6.

	
AWARD ELIGIBILITY AND LIMITATIONS

	
11

	  	
6.1

	
Eligible Grantees

	
11

	  	
6.2

	
Limitation on Shares of Stock Subject to Awards and Cash Awards

	
11

	  	
6.3

	
Stand-Alone, Additional, Tandem and Substitute Awards

	
12

	 	 	 	 
	
7.

	
AWARD AGREEMENT

	
12

	 	 	 
	
8.

	
TERMS AND CONDITIONS OF OPTIONS

	
12

	  	
8.1

	
Option Price

	
12

	  	
8.2

	
Vesting

	
13

	  	
8.3

	
Term

	
13

	  	
8.4

	
Termination of Service

	
13

	  	
8.5

	
Limitations on Exercise of Option

	
13

	  	
8.6

	
Method of Exercise

	
13

	  	
8.7

	
Rights of Holders of Options

	
14

	  	
8.8

	
Delivery of Stock

	
14

	  	
8.9

	
Transferability of Options

	
14

	  	
8.10

	
Family Transfers

	
14

	 	 	 	 
	
9.

	
TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

	
15

	  	
9.1

	
Right to Payment and Grant Price

	
15

 

  

i

  

 

	  	
9.2

	
Other Terms

	
15

	  	
9.3

	
Term

	
15

	  	
9.4

	
Transferability of SARS

	
15

	  	
9.5

	
Family Transfers

	
15

	 	 	 	 
	
10.

	
TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS

	
16

	  	
10.1

	
Grant of Restricted Stock or Stock Units

	
16

	  	
10.2

	
Restrictions

	
16

	  	
10.3

	
Registration; Restricted Share Certificates

	
16

	  	
10.4

	
Rights of Holders of Restricted Stock

	
16

	  	
10.5

	
Rights of Holders of Stock Units

	
17

	  	  	
10.5.1

	
Voting and Dividend Rights

	
17

	  	  	
10.5.2

	
Creditor’s Rights

	
17

	  	
10.6

	
Termination of Service

	
17

	  	
10.7

	
Purchase of Restricted Stock and Shares of Stock Subject to Stock Units

	
18

	  	
10.8

	
Delivery of Shares of Stock

	
18

	 	 	 	 
	
11.

	
TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS

	
18

	  	
11.1

	
Unrestricted Stock Awards

	
18

	  	
11.2

	
Other Equity-Based Awards

	
18

	 	 	 	 
	
12.

	
FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK

	
19

	  	
12.1

	
General Rule

	
19

	  	
12.2

	
Surrender of Shares of Stock

	
19

	  	
12.3

	
Cashless Exercise

	
19

	  	
12.4

	
Other Forms of Payment

	
19

	 	 	 	 
	
13.

	
TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS

	
19

	  	
13.1

	
Dividend Equivalent Rights

	
19

	  	
13.2

	
Termination of Service

	
20

	 	 	 	 
	
14.

	
TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS

	
20

	  	
14.1

	
Grant of Performance-Based Awards

	
20

	  	
14.2

	
Value of Performance-Based Awards

	
20

	  	
14.3

	
Earning of Performance-Based Awards

	
21

	  	
14.4

	
Form and Timing of Payment of Performance-Based Awards

	
21

	  	
14.5

	
Performance Conditions

	
21

	  	
14.6

	
Performance-Based Awards Granted to Designated Covered Employees

	
21

	  	  	
14.6.1

	
Performance Goals Generally

	
21

	  	  	
14.6.2

	
Timing For Establishing Performance Goals

	
22

	  	  	
14.6.3

	
Payment of Awards; Other Terms

	
22

	  	  	
14.6.4

	
Performance Measures

	
22

	  	  	
14.6.5

	
Evaluation of Performance

	
24

	  	  	
14.6.6

	
Adjustment of Performance-Based Compensation

	
24

	  	  	
14.6.7

	
Committee Discretion

	
25

	  	  	
14.6.8

	
Status of Awards Under Code Section 162(m)

	
25

	 	 	 	 	 
	
15.

	
RESTRICTIONS ON TRANSFER OF SHARES OF STOCK

	
25

	  	
15.1

	
Right of First Refusal

	
25

	  	
15.2

	
Repurchase and Other Rights

	
25

 

  

ii

  

 

	  	
15.3

	
Legend

	
25

	 	 	 	 
	
16.

	
PARACHUTE LIMITATIONS

	
26

	 	 	 
	
17.

	
REQUIREMENTS OF LAW

	
26

	  	
17.1

	
General

	
26

	  	
17.2

	
Rule 16b-3

	
27

	 	 	 	 
	
18.

	
EFFECT OF CHANGES IN CAPITALIZATION

	
27

	  	
18.1

	
Changes in Stock

	
27

	  	
18.2

	
Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control

	
28

	  	
18.3

	
Change in Control in which Awards are not Assumed

	
28

	  	
18.4

	
Change in Control in which Awards are Assumed

	
29

	  	
18.5

	
Adjustments

	
30

	  	
18.6

	
No Limitations on Company

	
30

	 	 	 	 
	
19.

	
GENERAL PROVISIONS

	
30

	  	
19.1

	
RESERVED

	
30

	  	
19.2

	
Disclaimer of Rights

	
30

	  	
19.3

	
 Nonexclusivity of the Plan

	
31

	  	
19.4

	
 Withholding Taxes

	
31

	  	
19.5

	
 Captions

	
32

	  	
19.6

	
Construction

	
32

	  	
19.7

	
Other Provisions

	
32

	  	
19.8

	
Number and Gender

	
32

	  	
19.9

	
Severability

	
32

	  	
19.10

	
Governing Law

	
32

	  	
19.11

	
Section 409A of the Code

	
32

 

 

 

  

iii

  

 

APPLE HOSPITALITY REIT, INC.

2014 OMNIBUS INCENTIVE PLAN

 

Apple Hospitality REIT, Inc. (the “Company”) sets forth herein the terms of the 2014 Omnibus Incentive Plan (the “Plan”), as follows:

 

	
1.  

	
PURPOSE

 

The Plan is intended to (a) provide eligible persons with an incentive to contribute to the success of the Company and to operate and manage the Company’s business in a manner that will provide for the Company’s long-term growth and profitability to benefit its stockholders and other important stakeholders, including its employees and customers, and (b) provide a means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, stock units, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards. Any of these awards may, but need not, be made as performance incentives to reward the holders of such awards for the achievement of performance goals in accordance with the terms of the Plan. All Options granted under the Plan shall be non-qualified stock options.

 

	
2.  

	
DEFINITIONS

 

For purposes of interpreting the Plan documents (including the Plan and Award Agreements), the following definitions shall apply:

 

2.1 “Affiliate” means any company or other entity that controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including any Subsidiary. For purposes of grants of Options or Stock Appreciation Rights, an entity may not be considered an Affiliate unless the Company holds a “controlling interest” in such entity within the meaning of Treasury Regulation Section 1.414(c)-2(b)(2)(i), provided that (a) except as specified in clause (b) below, an interest of “at least 50 percent” shall be used instead of an interest of “at least 80 percent” in each case where “at least 80 percent” appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i) and (b) where the grant of Options or Stock Appreciation Rights is based upon a legitimate business criterion, an interest of “at least 20 percent” shall be used instead of an interest of “at least 80 percent” in each case where “at least 80 percent” appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i).

 

2.2  “Applicable Laws” means the legal requirements relating to the Plan and the Awards under (a) applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders of any jurisdiction applicable to Awards granted to residents therein and (b) the rules of any Stock Exchange on which the Stock is listed.

 

2.3 “Award” means a grant under the Plan of an Option, a Stock Appreciation Right, Restricted Stock, a Stock Unit, Unrestricted Stock, a Dividend Equivalent Right, a Performance Share or other Performance-Based Award, an Other Equity-Based Award, or cash.

 

2.4 “Award Agreement” means the agreement between the Company and a Grantee that evidences and sets out the terms and conditions of an Award.

 

  

  

  

 

2.5 “Award Stock” shall have the meaning set forth in Section 18.3(a)(ii).

 

2.6 “Benefit Arrangement” shall have the meaning set forth in Section 16.

 

2.7 “Board” means the Board of Directors of the Company.

 

2.8 “Cause” means, with respect to any Grantee, as determined by the Committee and unless otherwise provided in an applicable agreement between such Grantee and the Company or an Affiliate, (a) gross negligence or willful misconduct in connection with the performance of duties; (b) conviction of a criminal offense (other than minor traffic offenses); or (c) material breach of any term of any employment, consulting or other services, confidentiality, intellectual property or non-competition agreements, if any, between such Grantee and the Company or an Affiliate. Any determination by the Committee whether an event constituting Cause shall have occurred shall be final, binding and conclusive.

 

2.9 “Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Effective Date or issued thereafter, including, without limitation, all common stock, no par value, of the Company.

 

2.10 “Change in Control” means the occurrence of any of the following:

 

(a)           a “Person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than fifty percent (50%) of the total voting power of the Voting Stock of the Company, on a Fully Diluted Basis;

 

(b)           individuals who on the Effective Date constitute the Board (together with any new Directors whose election by such Board or whose nomination by such Board for election by the stockholders of the Company was approved by a vote of at least a majority of the members of such Board then in office who either were members of such Board on the Effective Date or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the members of such Board then in office;

 

(c)           the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, other than any such transaction in which the holders of securities that represented one hundred percent (100%) of the Voting Stock of the Company immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation transaction immediately after such transaction;

 

(d)           there is consummated any direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any “Person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act); or

 

  

2

  

 

(e)           the stockholders of the Company adopt a plan or proposal for the liquidation, winding up or dissolution of the Company.

 

2.11 “Code” means the Internal Revenue Code of 1986, as amended, as now in effect or as hereafter amended, and any successor thereto. References in the Plan to any Code Section shall be deemed to include, as applicable, regulations promulgated under such Code Section.

 

2.12 “Committee” means a committee of, and designated from time to time by resolution of, the Board, which shall be constituted as provided in Section 3.1.2 and Section 3.1.3 (or, if no Committee has been so designated, the Board).

 

2.13 “Company” means Apple Hospitality REIT, Inc.

 

2.14 “Covered Employee” means a Grantee who is a “covered employee” within the meaning of Code Section 162(m)(3).

 

2.15 “Disability” means the inability of a Grantee to perform each of the essential duties of such Grantee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not less than 12 months.

 

2.16 “Dividend Equivalent Right” means a right, granted to a Grantee pursuant to Section 13, to receive cash, Stock, other Awards or other property equal in value to dividends or other periodic payments paid or made with respect to a specified number of shares of Stock.

 

2.17 “Effective Date” means May 29, 2014.

 

2.18 “Employee” means, as of any date of determination, an employee (including an officer) of the Company or an Affiliate.

 

2.19 “Exchange Act” means the Securities Exchange Act of 1934, as amended, as now in effect or as hereafter amended.

 

2.20 “Fair Market Value” means the fair market value of a share of Stock for purposes of the Plan, which shall be determined as of any Grant Date as follows:

 

(a)           If on such Grant Date the shares of Stock are listed on a Stock Exchange, or are publicly traded on another established securities market (a “Securities Market”), the Fair Market Value of a share of Stock shall be the closing price of the Stock as reported on such Stock Exchange or such Securities Market (provided that, if there is more than one such Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value determination). If there is no such reported closing price on such Grant Date, the Fair Market Value of a share of Stock shall be the closing price of the Stock on the next preceding day on which any sale of Stock shall have been reported on such Stock Exchange or such Securities Market.

 

(b)           If on such Grant Date the shares of Stock are not listed on a Stock Exchange or publicly traded on a Securities Market, the Fair Market Value of a share of Stock shall be the value of the Stock as determined by the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section 409A.

 

  

3

  

 

Notwithstanding this Section 2.20 or Section 19.4, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to Section 19.4, the Fair Market Value will be determined by the Company using any reasonable method; provided, further, that for any shares of Stock subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such shares shall be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date).

 

2.21 “Family Member” means, with respect to any Grantee as of any date of determination, (a) a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of such Grantee, (b) any person sharing such Grantee’s household (other than a tenant or employee), (c) a trust in which any one or more of the persons specified in clauses (a) and (b) above (and such Grantee) own more than fifty percent (50%) of the beneficial interest, (d) a foundation in which any one or more of the persons specified in clauses (a) and (b) above (and such Grantee) control the management of assets, and (e) any other entity in which one or more of the persons specified in clauses (a) and (b) above (and such Grantee) own more than fifty percent (50%) of the voting interests.

 

2.22 “Fully Diluted Basis” means, as of any date of determination, the sum of (x) the number of shares of Voting Stock outstanding as of such date of determination plus (y) the number of shares of Voting Stock issuable upon the exercise, conversion or exchange of all then-outstanding warrants, options, convertible Capital Stock or indebtedness, exchangeable Capital Stock or indebtedness, or other rights exercisable for or convertible or exchangeable into, directly or indirectly, shares of Voting Stock, whether at the time of issue or upon the passage of time or upon the occurrence of some future event, and whether or not in the money as of such date of determination

 

2.23 “Grant Date” means, as determined by the Committee, the latest to occur of (a) the date as of which the Committee approves the Award, (b) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6 hereof (e.g., in the case of a new hire, the first date on which such new hire performs any Service), or (c) such subsequent date specified by the Committee in the corporate action approving the Award.

 

2.24 “Grantee” means a person who receives or holds an Award under the Plan.

 

2.25 “Option” means an option to purchase one or more shares of Stock pursuant to the Plan.

 

2.26 “Option Price” means the exercise price for each share of Stock subject to an Option.

 

2.27 “Other Agreement” shall have the meaning set forth in Section 16.  

 

  

4

  

 

2.28 “Other Equity-Based Award” means an Award representing a right or other interest that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, other than an Option, a Stock Appreciation Right, Restricted Stock, a Stock Unit, Unrestricted Stock, a Dividend Equivalent Right or a Performance Share.

 

2.29 “Outside Director” means a member of the Board who is not an Employee.

 

2.30 “Parachute Payment” shall have the meaning set forth in Section 16(a).

 

2.31 “Performance-Based Award” means an Award of Options, Stock Appreciation Rights, Restricted Stock, Stock Units, Performance Shares, Other Equity-Based Awards or cash made subject to the achievement of performance goals (as provided in Section 14) over a Performance Period specified by the Committee.

 

2.32 “Performance-Based Compensation” means compensation under an Award that is intended to satisfy the requirements of Code Section 162(m) for “qualified performance-based compensation” paid to Covered Employees. Notwithstanding the foregoing, nothing in the Plan shall be construed to mean that an Award which does not satisfy the requirements for “qualified performance-based compensation” within the meaning of and pursuant to Code Section 162(m) does not constitute performance-based compensation for other purposes, including the purposes of Code Section 409A.

 

2.33 “Performance Measures” means measures as specified in Section 14.6.4 on which the performance goals under Performance-Based Awards are based and which are approved by the Company’s stockholders pursuant to, and to the extent required by, the Plan in order to qualify such Performance-Based Awards as Performance-Based Compensation.

 

2.34 “Performance Period” means the period of time during which the performance goals under Performance-Based Awards must be met in order to determine the degree of payout and/or vesting with respect to any such Performance-Based Awards.

 

2.35 “Performance Shares” means a Performance-Based Award representing a right or other interest that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, made subject to the achievement of performance goals (as provided in Section 14) over a Performance Period of up to ten (10) years.

 

2.36 “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

2.37 “Plan” means the Company’s 2014 Omnibus Incentive Plan, as amended from time to time.

 

2.38 “Reporting Person” means a person who is required to file reports under Section 16(a) of the Exchange Act, or any successor provision.

 

2.39 “Restricted Period” shall have the meaning set forth in Section 10.2.

 

  

5

  

 

2.40 “Restricted Stock” means shares of Stock awarded to a Grantee pursuant to Section 10.

 

2.41 “SAR Price” shall have the meaning set forth in Section 9.1.

 

2.42 “Securities Act” means the Securities Act of 1933, as amended, as now in effect or as hereafter amended.

 

2.43 “Service” means service qualifying a Grantee as a Service Provider to the Company or an Affiliate. Unless otherwise provided in the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or an Affiliate. Subject to the preceding sentence, any determination by the Committee whether a termination of Service shall have occurred for purposes of the Plan shall be final, binding and conclusive. If a Service Provider’s employment or other service relationship is with an Affiliate and the applicable entity ceases to be an Affiliate, a termination of Service shall be deemed to have occurred when such entity ceases to be an Affiliate unless the Service Provider transfers his or her employment or other service relationship to the Company or any other Affiliate.

 

2.44 “Service Provider” means an Employee, officer, or director of the Company or an Affiliate, or a consultant or adviser (who is a natural person) to the Company or an Affiliate currently providing services to the Company or an Affiliate.

 

2.45 “Stock” means the common shares, no par value, of the Company, or any security which shares of Stock may be changed into or for which shares of Stock may be exchanged as provided in Section 18.1.

 

2.46  “Stock Appreciation Right” or “SAR” means a right granted to a Grantee pursuant to Section 9.

 

2.47 “Stock Exchange” means an established national or regional stock exchange.

 

2.48 “Stock Unit” means a bookkeeping entry representing the equivalent of one (1) share of Stock awarded to a Grantee pursuant to Section 10 that (a) is not subject to vesting or (b) is subject to time-based vesting, but not to performance-based vesting. A Stock Unit may also be referred to as a restricted stock unit.

 

2.49 “Subsidiary” means any corporation (other than the Company) or non-corporate entity with respect to which the Company owns, directly or indirectly, fifty percent (50%) or more of the total combined voting power of all classes of stock, membership interests or other ownership interests of any class or kind ordinarily having the power to vote for the directors, managers or other voting members of the governing body of such corporation or non-corporate entity. In addition, any other entity may be designated by the Committee as a Subsidiary, provided that (a) such entity could be considered as a subsidiary according to generally accepted accounting principles in the United States of America, and (b) in the case of an Award of Options or Stock Appreciation Rights, such Award would be considered to be granted in respect of “service recipient stock” under Code Section 409A.

 

  

6

  

 

2.50 “Substitute Award” means an Award granted upon assumption of, or in substitution for, outstanding awards previously granted under a compensatory plan by a business entity acquired or to be acquired by the Company or an Affiliate or with which the Company or an Affiliate has combined or will combine.

 

2.51 “Unrestricted Stock” shall have the meaning set forth in Section 11.

 

2.52 “Voting Stock” means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person.

 

	
3.  

	
ADMINISTRATION OF THE PLAN

 

3.1 Committee.

 

3.1.1 Powers and Authorities.

 

The Committee shall administer the Plan and shall have such powers and authorities related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and bylaws and Applicable Laws. Without limiting the generality of the foregoing, the Committee shall have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions of the Plan which the Committee deems to be necessary or appropriate to the administration of the Plan, any Award or any Award Agreement. All such actions and determinations shall be made by (a) the affirmative vote of a majority of the members of the Committee present at a meeting at which a quorum is present, or (b) the unanimous consent of the members of the Committee executed in writing in accordance with the Company’s certificate of incorporation and bylaws and Applicable Laws. Unless otherwise expressly determined by the Board, the Committee shall have the authority to interpret and construe all provisions of the Plan, any Award and any Award Agreement, and any such interpretation or construction, and any other determination contemplated to be made under the Plan or any Award Agreement, by the Committee shall be final, binding and conclusive whether or not expressly provided for in any provision of the Plan, such Award or such Award Agreement.

 

In the event that the Plan, any Award or any Award Agreement provides for any action to be taken by the Board or any determination to be made by the Board, such action may be taken or such determination may be made by the Committee constituted in accordance with this Section 3.1 if the Board has delegated the power and authority to do so to such Committee.

 

3.1.2 Composition of Committee.

 

The Committee shall be a committee composed of not fewer than two directors of the Company designated by the Board to administer the Plan. Each member of the Committee shall be (i) a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act, (ii) if applicable, an “outside director” within the meaning of Code Section 162(m)(4)(C)(i) and (iii) an independent director in accordance with the rules of any Stock Exchange on which the Stock is listed; provided that any action taken by the Committee shall be valid and effective whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this Section 3.1.2 or otherwise provided in any charter of the Committee. Without limiting the generality of the foregoing, the Committee may be the Compensation Committee of the Board or a subcommittee thereof if the Compensation Committee of the Board or such subcommittee satisfies the foregoing requirements.

 

  

7

  

 

3.1.3 Other Committees.

 

The Board also may appoint one or more committees of the Board, each composed of one or more directors of the Company who need not be Outside Directors, which may administer the Plan with respect to Grantees who are not “officers” as defined in Rule 16a-1(f) under the Exchange Act or directors of the Company, may grant Awards under the Plan to such Grantees, and may determine all terms of such Awards, subject to the requirements of Rule 16b-3 under the Exchange Act, Code Section 162(m) (if applicable) and the rules of any Stock Exchange on which the Stock is listed.

 

3.2 Board.

 

The Board from time to time may exercise any or all of the powers and authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 and other applicable provisions of the Plan, as the Board shall determine, consistent with the Company’s certificate of incorporation and bylaws and Applicable Laws.

 

3.3 Terms of Awards.

 

3.3.1 Committee Authority.

 

Subject to the other terms and conditions of the Plan, the Committee shall have full and final authority to:

 

(a) designate Grantees;

 

(b) determine the type or types of Awards to be made to a Grantee;

 

(c) determine the number of shares of Stock to be subject to an Award;

 

(d) establish the terms and conditions of each Award (including the Option Price of any Option or the purchase price for Restricted Stock), the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the shares of Stock subject thereto, and the treatment of an Award in the event of a Change in Control (subject to applicable agreements);

 

(e) prescribe the form of each Award Agreement evidencing an Award; and

 

(f) subject to the limitation on repricing in Section 3.4, amend, modify or supplement the terms of any outstanding Award, which authority shall include the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make Awards or to modify outstanding Awards made to eligible natural persons who are foreign nationals or are natural persons who are employed outside the United States to reflect differences in local law, tax policy, or custom, provided that, notwithstanding the foregoing, no amendment, modification or supplement of the terms of any outstanding Award shall, without the consent of the Grantee thereof, impair such Grantee’s rights under such Award.

 

  

8

  

 

The Committee shall have the right, in its discretion, to make Awards in substitution or exchange for any award granted under another compensatory plan of the Company, an Affiliate, or any business entity acquired or to be acquired by the Company or an Affiliate or with which the Company or an Affiliate has combined or will combine.

 

3.3.2 Forfeiture; Recoupment.

 

The Committee may reserve the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of actions taken by, or failed to be taken by, such Grantee in violation or breach of or in conflict with any (a) employment agreement, (b) non-competition agreement, (c) agreement prohibiting solicitation of Employees or clients of the Company or an Affiliate, (d) confidentiality obligation with respect to the Company or an Affiliate, (e) Company policy or procedure, (f) other agreement, or (g) any other obligation of such Grantee to the Company or an Affiliate, as and to the extent specified in such Award Agreement. The Committee may annul an outstanding Award if the Grantee thereof is an Employee of the Company or an Affiliate and is terminated for Cause as defined in the Plan or the applicable Award Agreement or for “cause” as defined in any other agreement between the Company or such Affiliate and such Grantee, as applicable.

 

Any Award granted pursuant to the Plan shall be subject to mandatory repayment by the Grantee to the Company to the extent the Grantee is, or in the future becomes, subject to (a) any Company “clawback” or recoupment policy that is adopted to comply with the requirements of any Applicable Law, rule or regulation, or otherwise, or (b) any law, rule or regulation which imposes mandatory recoupment, under circumstances set forth in such law, rule or regulation.

 

3.4 No Repricing Without Stockholder Approval.

 

Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, distribution (whether in the form of cash, shares of Stock, other securities or other property), stock split, extraordinary cash dividend, recapitalization, change in control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares of Stock or other securities or similar transaction), the Company may not, without obtaining stockholder approval: (a) amend the terms of outstanding Options or SARs to reduce the exercise price of such outstanding Options or SARs; (b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs; or (c) cancel outstanding Options or SARs with an exercise price above the current stock price in exchange for cash or other securities.  Notwithstanding the foregoing, in no event may the Committee grant Options in replacement of Options previously granted under this Plan or any other compensation plan of the Company or cancel an outstanding Option in exchange for cash or other Awards (other than cash or other Awards with a value equal to the excess of the Fair Market Value of the Stock subject to such Option at the time of cancellation over the exercise or grant price for such Stock), or may the Committee amend outstanding Options (including amendments to adjust an Option price) unless such replacement or adjustment (i) is subject to and approved by the Company's stockholders or (ii) would not be deemed to be a repricing under the rules of the New York Stock Exchange.

 

  

9

  

 

3.5 Deferral Arrangement.

 

The Committee may permit or require the deferral of any payment pursuant to any Award into a deferred compensation arrangement, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection therewith, provisions for converting such credits into Stock Units and for restricting deferrals to comply with hardship distribution rules affecting tax-qualified retirement plans subject to Code Section 401(k)(2)(B)(IV), provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. Any such deferrals shall be made in a manner that complies with Code Section 409A, including, if applicable, with respect to when a Separation from Service occurs as defined under Section 409A.

 

3.6 No Liability.

 

No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award or Award Agreement.

 

3.7 Registration; Share Certificates.

 

Notwithstanding any provision of the Plan to the contrary, the ownership of the shares of Stock issued under the Plan may be evidenced in such a manner as the Committee, in its sole discretion, deems appropriate, including by book-entry or direct registration (including transaction advices) or the issuance of one or more share certificates.

 

	
4.  

	
STOCK SUBJECT TO THE PLAN

 

4.1 Number of Shares of Stock Available for Awards.

 

Subject to such additional shares of Stock as shall be available for issuance under the Plan pursuant to Section 4.2, and subject to adjustment pursuant to Section 178, the maximum number of shares of Stock available for issuance under the Plan shall be 10 million (10,000,000) shares of Stock. Such shares of Stock may be authorized and unissued shares of Stock or treasury shares of Stock or any combination of the foregoing, as may be determined from time to time by the Board or by the Committee. Any of the shares of Stock available for issuance under the Plan may be used for any type of Award under the Plan.

 

4.2 Adjustments in Authorized Shares of Stock.

 

In connection with mergers, reorganizations, separations, or other transactions to which Code Section 424(a) applies, the Committee shall have the right to cause the Company to assume awards previously granted under a compensatory plan by another business entity that is a party to such transaction and to substitute Awards under the Plan for such awards. The number of shares of Stock available for issuance under the Plan pursuant to Section 4.1 shall be increased by the number of shares of Stock subject to any such assumed awards and substitute Awards. Shares available for issuance under a shareholder-approved plan of a business entity that is a party to such transaction (as appropriately adjusted, if necessary, to reflect such transaction) may be used for Awards under the Plan and shall not reduce the number of shares of Stock otherwise available for issuance under the Plan, subject to applicable rules of any Stock Exchange on which the Stock is listed.

 

  

10

  

 

4.3 Share Usage.

 

Shares covered by an Award shall be counted as of the Grant Date for purposes of calculating the number of shares available for issuance under Section 4.1.  The target number of shares issuable under a Performance Share grant shall be counted against the share issuance limit set forth in Section 4.1 as of the Grant Date, but such number shall be adjusted to equal the actual number of shares issued upon settlement of the Performance Shares to the extent different from such target number of shares.  If any shares covered by an Award are not purchased or are forfeited or expire, or if an Award otherwise terminates without delivery of any Stock subject thereto or is settled in cash in lieu of shares, then the number of shares of Stock counted against the aggregate number of shares available under the Plan with respect to such Award shall, to the extent of any such forfeiture, termination, or expiration again be available for making Awards under the Plan. If the exercise price of any Option or the tax withholding obligations of any Award granted under the Plan is satisfied by tendering shares of Stock to the Company (by either actual delivery or by attestation), only the number of shares of Stock issued net of the shares of Stock tendered shall be deemed delivered for purposes of determining the maximum number of shares of Stock available for delivery under the Plan.

 

	
5.  

	
TERM; AMENDMENT AND TERMINATION

 

5.1 Term.

 

The Plan shall terminate automatically ten (10) years after the Effective Date and may be terminated on any earlier date as provided in Section 5.2.

 

5.2 Amendment and Termination.

 

The Board may, at any time and from time to time, amend, suspend or terminate the Plan as to any shares of Stock as to which Awards have not been made. The effectiveness of any amendment to the Plan shall be contingent on approval of such amendment by the Company’s stockholders to the extent provided by the Board or required by Applicable Laws (including the rules of any Stock Exchange on which the Stock is then listed).  No amendment, suspension or termination of the Plan shall impair rights or obligations under any Award theretofore made under the Plan without the consent of the Grantee thereof.

 

	
6.  

	
AWARD ELIGIBILITY AND LIMITATIONS

 

6.1 Eligible Grantees.

 

Subject to this Section 6, Awards may be made under the Plan to (i) any Service Provider, as the Committee shall determine and designate from time to time and (ii) any other individual whose participation in the Plan is determined to be in the best interests of the Company by the Committee.

 

6.2 Limitation on Shares of Stock Subject to Awards and Cash Awards.

 

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act:

 

  

11

  

 

(a) the maximum number of shares of Stock subject to Options or SARs that may be granted under the Plan in a calendar year to any person eligible for an Award under Section 6 is 1 million (1,000,000) shares;

 

(b) the maximum number of shares of Stock that may be granted under the Plan, other than pursuant to Options or SARs, in a calendar year to any person eligible for an Award under Section 6 is 1 million (1,000,000) shares; and

 

(c) the maximum amount that may be paid as a cash-settled Performance-Based Award for a Performance Period of twelve (12) months or less to any person eligible for an Award shall be $10 million dollars ($10,000,000) and the maximum amount that may be paid as a cash-settled Performance-Based Award for a Performance Period of greater than twelve (12) months to any person eligible for an Award shall be $10 million dollars ($10,000,000).

 

The preceding limitations in this Section 6.2 are subject to adjustment as provided in Section 18.

 

6.3 Stand-Alone, Additional, Tandem and Substitute Awards.

 

Subject to Section 3.4, Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, (a) any other Award, (b) any award granted under another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or an Affiliate, or (c) any other right of a Grantee to receive payment from the Company or an Affiliate. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, or for an award granted under another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or an Affiliate, the Committee shall require the surrender of such other Award or award under such other plan in consideration for the grant of such substitute or exchange Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash payments under other plans of the Company or an Affiliate. Notwithstanding Section 8.1 and Section 9.1, but subject to Section 3.4, the Option Price of an Option or the SAR Price of a SAR that is a Substitute Award may be less than one hundred percent (100%) of the Fair Market Value of a share of Stock on the original Grant Date; provided that such Option Price or SAR Price is determined in a manner consistent with Code Section 409A.

 

	
7.  

	
AWARD AGREEMENT

 

Each Award granted pursuant to the Plan shall be evidenced by an Award Agreement, which shall be in such form or forms as the Committee shall from time to time determine. Award Agreements employed under the Plan from time to time or at the same time need not contain similar provisions, but shall be consistent with the terms of the Plan.

 

	
8.  

	
TERMS AND CONDITIONS OF OPTIONS

 

8.1 Option Price.

 

The Option Price of each Option shall be fixed by the Committee and stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the Option Price of each Option shall be at least the Fair Market Value of one (1) share of Stock on the Grant Date. In no case shall the Option Price of any Option be less than the par value of a share of Stock.

 

  

12

  

 

8.2 Vesting.

 

Subject to Sections 8.3 and 18.3, each Option granted under the Plan shall become exercisable at such times and under such conditions as shall be determined by the Committee and stated in the Award Agreement, in another agreement with the Grantee or otherwise in writing.

 

8.3 Term.

 

Each Option granted under the Plan shall terminate, and all rights to purchase shares of Stock thereunder shall cease, upon the expiration of ten (10) years from the Grant Date of such Option, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such Option; provided that, to the extent deemed necessary or appropriate by the Committee to reflect differences in local law, tax policy, or custom with respect to any Option granted to a Grantee who is a foreign national or is a natural person who is employed outside the United States, such Option may terminate, and all rights to purchase shares of Stock thereunder may cease, upon the expiration of such period longer than ten (10) years from the Grant Date of such Option as the Committee shall determine.

 

8.4 Termination of Service.

 

Each Award Agreement with respect to the grant of an Option shall set forth the extent to which the Grantee thereof, if at all, shall have the right to exercise such Option following termination of such Grantee’s Service. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service.

 

8.5 Limitations on Exercise of Option.

 

Notwithstanding any other provision of the Plan, in no event may any Option be exercised, in whole or in part, after the occurrence of an event referred to in Section 18 which results in the termination of such Option.

 

8.6 Method of Exercise.

 

Subject to the terms of Section 12 and Section 19.4, an Option that is exercisable may be exercised by the Grantee’s delivery to the Company or its designee or agent of notice of exercise on any business day, at the Company’s principal office or the office of such designee or agent, on the form specified by the Company and in accordance with any additional procedures specified by the Committee. Such notice shall specify the number of shares of Stock with respect to which such Option is being exercised and shall be accompanied by payment in full of the Option Price of the shares of Stock for which such Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to the exercise of such Option.

 

  

13

  

 

8.7 Rights of Holders of Options.

 

Unless otherwise stated in the applicable Award Agreement, a Grantee or other person holding or exercising an Option shall have none of the rights of a stockholder of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the shares of Stock subject to such Option, to direct the voting of the shares of Stock subject to such Option, or to receive notice of any meeting of the Company’s stockholders) until the shares of Stock subject thereto are fully paid and issued to such Grantee or other person. Except as provided in Section 18, no adjustment shall be made for dividends, distributions or other rights with respect to any shares of Stock subject to an Option for which the record date is prior to the date of issuance of such shares of Stock.

 

8.8 Delivery of Stock.

 

Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price with respect thereto, such Grantee shall be entitled to receive such evidence of such Grantee’s ownership of the shares of Stock subject to such Option as shall be consistent with Section 3.7.

 

8.9 Transferability of Options.

 

Except as provided in Section 8.10, during the lifetime of a Grantee of an Option, only such Grantee (or, in the event of such Grantee’s legal incapacity or incompetency, such Grantee’s guardian or legal representative) may exercise such Option. Except as provided in Section 8.10, no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.

 

8.10 Family Transfers.

 

If authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of an Option to any Family Member. For the purpose of this Section 8.10, a transfer “not for value” is a transfer which is (a) a gift, (b) a transfer under a domestic relations order in settlement of marital property rights or (c) unless Applicable Laws do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (and/or the Grantee) in exchange for an interest in such entity. Following a transfer under this Section 8.10, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to such transfer, and the shares of Stock acquired pursuant to such Option shall be subject to the same restrictions with respect to transfers of such shares of Stock as would have applied to the Grantee thereof. Subsequent transfers of transferred Options shall be prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The provisions of Section 8.4 relating to termination of Service shall continue to be applied with respect to the original Grantee of the Option, following which such Option shall be exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4.

 

  

14

  

 

	
9.  

	
TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

 

9.1 Right to Payment and Grant Price.

 

A SAR shall confer on the Grantee to whom it is granted a right to receive, upon exercise thereof, the excess of (x) the Fair Market Value of one (1) share of Stock on the date of exercise over (y) the per share exercise price of such SAR (the “SAR Price”) as determined by the Committee. The Award Agreement for a SAR shall specify the SAR Price, which shall be no less than the Fair Market Value of one (1) share of Stock on the Grant Date of such SAR. SARs may be granted in tandem with all or part of an Option granted under the Plan or at any subsequent time during the term of such Option, in combination with all or any part of any other Award or without regard to any Option or other Award; provided that a SAR that is granted subsequent to the Grant Date of a related Option must have a SAR Price that is no less than the Fair Market Value of one (1) share of Stock on the Grant Date of such SAR.

 

9.2 Other Terms.

 

The Committee shall determine, on the Grant Date or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future Service requirements), the time or times at which SARs shall cease to be or become exercisable following termination of Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which shares of Stock shall be delivered or deemed to be delivered to Grantees, whether or not a SAR shall be granted in tandem or in combination with any other Award, and any and all other terms and conditions of any SAR.

 

9.3 Term.

 

Each SAR granted under the Plan shall terminate, and all rights thereunder shall cease, upon the expiration of ten (10) years from the Grant Date of such SAR or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such SAR.

 

9.4 Transferability of SARS.

 

Except as provided in Section 9.5, during the lifetime of a Grantee of a SAR, only the Grantee (or, in the event of such Grantee’s legal incapacity or incompetency, such Grantee’s guardian or legal representative) may exercise such SAR. Except as provided in Section 9.5, no SAR shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.

 

9.5 Family Transfers.

 

If authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member. For the purpose of this Section 9.5, a transfer “not for value” is a transfer which is (a) a gift, (b) a transfer under a domestic relations order in settlement of marital property rights or (c) unless Applicable Laws do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (and/or the Grantee) in exchange for an interest in such entity. Following a transfer under this Section 9.5, any such SAR shall continue to be subject to the same terms and conditions as were in effect immediately prior to such transfer, and shares of Stock acquired pursuant to a SAR shall be subject to the same restrictions on transfers of such shares of Stock as would have applied to the Grantee or such SAR. Subsequent transfers of transferred SARs shall be prohibited except to Family Members of the original Grantee in accordance with this Section 9.5 or by will or the laws of descent and distribution.

 

  

15

  

 

	
10.  

	
TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS

 

10.1 Grant of Restricted Stock or Stock Units.

 

Awards of Restricted Stock and Stock Units may be made for consideration or for no consideration, other than the par value of the shares of Stock, which shall be deemed paid by past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service to the Company or an Affiliate.

 

10.2 Restrictions.

 

At the time a grant of Restricted Stock or Stock Units is made, the Committee may, in its sole discretion, (a) establish a period of time (a “Restricted Period”) applicable to such Restricted Stock or Stock Units and (b) prescribe restrictions in addition to or other than the expiration of the Restricted Period, including the achievement of corporate or individual performance goals, which may be applicable to all or any portion of such Restricted Stock or Stock Units as provided in Section 14. Awards of Restricted Stock and Stock Units may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction of any other restrictions prescribed by the Committee with respect to such Awards.

 

10.3 Registration; Restricted Share Certificates.

 

Pursuant to Section 3.7, to the extent that ownership of Restricted Stock is evidenced by a book-entry registration or direct registration (including transaction advices), such registration shall be notated to evidence the restrictions imposed on such Award of Restricted Stock under the Plan and the applicable Award Agreement. Subject to Section 3.7 and the immediately following sentence, the Company may issue, in the name of each Grantee to whom Restricted Stock has been granted, share certificates representing the total number of shares of Restricted Stock granted to the Grantee, as soon as reasonably practicable after the Grant Date of such Restricted Stock. The Committee may provide in an Award Agreement with respect to an Award of Restricted Stock that either (a) the Secretary of the Company shall hold such share certificates for such Grantee’s benefit until such time as such shares of Restricted Stock are forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to the Company with respect to each share certificate, or (b) such share certificates shall be delivered to such Grantee, provided that such share certificates shall bear legends that comply with applicable securities laws and regulations and make appropriate reference to the restrictions imposed on such Award of Restricted Stock under the Plan and such Award Agreement.

 

10.4 Rights of Holders of Restricted Stock.

 

Unless the Committee otherwise provides in an Award Agreement, holders of Restricted Stock shall have the right to vote such shares of Restricted Stock and the right to receive any dividends declared or paid with respect to such shares of Restricted Stock. The Committee may provide that any dividends paid on Restricted Stock must be reinvested in shares of Stock, which may or may not be subject to the same vesting conditions and restrictions as the vesting conditions and restrictions applicable to such Restricted Stock. Dividends paid on Restricted Stock which vests or is earned based upon the achievement of performance goals shall not vest unless such performance goals for such Restricted Stock are achieved, and if such performance goals are not achieved, the Grantee of such Restricted Stock shall promptly forfeit and repay to the Company such dividend payments. All stock distributions, if any, received by a Grantee with respect to Restricted Stock as a result of any stock split, stock dividend, combination of stock, or other similar transaction shall be subject to the vesting conditions and restrictions applicable to such Restricted Stock.

 

  

16

  

 

10.5 Rights of Holders of Stock Units.

 

10.5.1 Voting and Dividend Rights.

 

Holders of Stock Units shall have no rights as stockholders of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the shares of Stock subject to such Stock Units, to direct the voting of the shares of Stock subject to such Stock Units, or to receive notice of any meeting of the Company’s stockholders). The Committee may provide in an Award Agreement evidencing a grant of Stock Units that the holder of such Stock Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding shares of Stock, a cash payment for each such Stock Unit which is equal to the per-share dividend paid on such shares of Stock. Dividends paid on Stock Units which vest or are earned based upon the achievement of performance goals shall not vest unless such performance goals for such Stock Units are achieved, and if such performance goals are not achieved, the Grantee of such Stock Units shall promptly forfeit and repay to the Company such dividend payments. Such Award Agreement also may provide that such cash payment shall be deemed reinvested in additional Stock Units at a price per unit equal to the Fair Market Value of a share of Stock on the date on which such cash dividend is paid. Such cash payments paid in connection with Stock Units which vest or are earned based upon the achievement of performance goals shall not vest unless such performance goals for such Stock Units are achieved, and if such performance goals are not achieved, the Grantee of such Stock Units shall promptly forfeit and repay to the Company such cash payments.

 

10.5.2 Creditor’s Rights.

 

A holder of Stock Units shall have no rights other than those of a general unsecured creditor of the Company. Stock Units represent unfunded and unsecured obligations of the Company, subject to the terms and conditions of the applicable Award Agreement.

 

10.6 Termination of Service.

 

Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee or otherwise in writing after such Award Agreement is entered into, but prior to termination of Grantee’s Service, upon the termination of such Grantee’s Service, any Restricted Stock or Stock Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of such Restricted Stock or Stock Units, the Grantee thereof shall have no further rights with respect thereto, including any right to vote such Restricted Stock or any right to receive dividends with respect to such Restricted Stock or Stock Units.

 

  

17

  

 

10.7 Purchase of Restricted Stock and Shares of Stock Subject to Stock Units.

 

The Grantee of an Award of Restricted Stock or vested Stock Units shall be required, to the extent required by Applicable Laws, to purchase such Restricted Stock or the shares of Stock subject to such vested Stock Units from the Company at a purchase price equal to the greater of (x) the aggregate par value of the shares of Stock represented by such Restricted Stock or such vested Stock Units or (y) the purchase price, if any, specified in the Award Agreement relating to such Restricted Stock or such vested Stock Units. Such purchase price shall be payable in a form provided in Section 12 or, in the sole discretion of the Committee, in consideration for Service rendered or to be rendered to the Company or an Affiliate.

 

10.8 Delivery of Shares of Stock.

 

Upon the expiration or termination of any Restricted Period and the satisfaction of any other conditions prescribed by the Committee, including but not limited to any delayed delivery period, the restrictions applicable to Restricted Stock or Stock Units settled in shares of Stock shall lapse, and, unless otherwise provided in the applicable Award Agreement, a book-entry or direct registration (including transaction advices) or a share certificate evidencing ownership of such shares of Stock shall, consistent with Section 3.7, be issued, free of all such restrictions, to the Grantee thereof or such Grantee’s beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee’s beneficiary or estate, shall have any further rights with regard to a Stock Unit once the shares of Stock represented by such Stock Unit have been delivered in accordance with this Section 10.8.

 

	
11.  

	
TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS

 

11.1 Unrestricted Stock Awards.

 

The Committee may, in its sole discretion, grant (or sell at the par value of a share of Stock or at such other higher purchase price as shall be determined by the Committee) an Award to any Grantee pursuant to which such Grantee may receive shares of Stock free of any restrictions (“Unrestricted Stock”) under the Plan. Unrestricted Stock Awards may be granted or sold to any Grantee as provided in the immediately preceding sentence in respect of past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service, to the Company or an Affiliate or other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee.

 

11.2 Other Equity-Based Awards.

 

The Committee may, in its sole discretion, grant Awards in the form of Other Equity-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan. Awards granted pursuant to this Section 11.2 may be granted with vesting, value and/or payment contingent upon the achievement of one or more performance goals. The Committee shall determine the terms and conditions of Other Equity-Based Awards at the Grant Date or thereafter. Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement is issued, upon the termination of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of any Other Equity-Based Award, the Grantee thereof shall have no further rights with respect to such Other Equity-Based Award.

 

  

18

  

 

	
12.  

	
FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK

 

12.1 General Rule.

 

Payment of the Option Price for the shares of Stock purchased pursuant to the exercise of an Option or the purchase price, if any, for Restricted Stock shall be made in cash or in cash equivalents acceptable to the Company.

 

12.2 Surrender of Shares of Stock.

 

To the extent that the applicable Award Agreement so provides, payment of the Option Price for shares of Stock purchased pursuant to the exercise of an Option or the purchase price, if any, for Restricted Stock may be made all or in part through the tender or attestation to the Company of shares of Stock, which shall be valued, for purposes of determining the extent to which such Option Price or purchase price has been paid thereby, at their Fair Market Value on the date of such tender or attestation.

 

12.3 Cashless Exercise.

 

To the extent permitted by Applicable Laws and to the extent the Award Agreement so provides, payment of the Option Price for shares of Stock purchased pursuant to the exercise of an Option may be made all or in part by delivery (on a form acceptable to the Committee) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell shares of Stock and to deliver all or part of the proceeds of such sale to the Company in payment of such Option Price and any withholding taxes described in Section 19.4, or, with the consent of the Company, by issuing the number of shares of Stock equal in value to the difference between such Option Price and the Fair Market Value of the shares of Stock subject to the portion of such Option being exercised.

 

12.4 Other Forms of Payment.

 

To the extent the Award Agreement so provides and/or unless otherwise specified in an Award Agreement, payment of the Option Price for shares of Stock purchased pursuant to exercise of an Option or the purchase price, if any, for Restricted Stock may be made in any other form that is consistent with Applicable Laws, including (a) Service by the Grantee thereof to the Company or an Affiliate and (b) by withholding shares of Stock that would otherwise vest or be issuable in an amount equal to the Option Price or purchase price and the required tax withholding amount.

 

	
13.  

	
TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS

 

13.1 Dividend Equivalent Rights.

 

A Dividend Equivalent Right is an Award entitling the recipient thereof to receive credits based on cash distributions that would have been paid on the shares of Stock specified in such Dividend Equivalent Right (or other Award to which such Dividend Equivalent Right relates) if such shares of Stock had been issued to and held by the recipient of such Dividend Equivalent Right as of the record date. A Dividend Equivalent Right may be granted hereunder to any Grantee, provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement therefor. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently (with or without being subject to forfeiture or a repayment obligation) or may be deemed to be reinvested in additional shares of Stock, which may thereafter accrue additional Dividend Equivalent Rights (with or without being subject to forfeiture or a repayment obligation). Any such reinvestment shall be at the Fair Market Value thereof on the date of such reinvestment. Dividend Equivalent Rights may be settled in cash or shares of Stock or a combination thereof, in a single installment or in multiple installments, all as determined in the sole discretion of the Committee. A Dividend Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other Award. A Dividend Equivalent Right granted as a component of another Award also may contain terms and conditions which are different from the terms and conditions of such other Award, provided that Dividend Equivalent Rights credited pursuant to a Dividend Equivalent Right granted as a component of another Award which vests or is earned based upon the achievement of performance goals shall not vest unless such performance goals for such underlying Award are achieved, and if such performance goals are not achieved, the Grantee of such Dividend Equivalent Rights shall promptly forfeit and repay to the Company payments made in connection with such Dividend Equivalent Rights.

 

  

19

  

 

13.2 Termination of Service.

 

Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement is issued, a Grantee’s rights in all Dividend Equivalent Rights shall automatically terminate upon such Grantee’s termination of Service for any reason.

 

	
14.  

	
TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS

 

14.1 Grant of Performance-Based Awards.

 

Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance-Based Awards to a Plan participant in such amounts and upon such terms as the Committee shall determine.

 

14.2 Value of Performance-Based Awards.

 

Each grant of a Performance-Based Award shall have an actual or target number of shares of Stock or initial value that is established by the Committee at the time of grant. The Committee shall set performance goals in its discretion which, depending on the extent to which they are achieved, shall determine the value and/or number of shares of Stock subject to a Performance-Based Award that will be paid out to the Grantee thereof.

 

  

20

  

 

14.3 Earning of Performance-Based Awards.

 

Subject to the terms of the Plan, in particular Section 14.6.3, after the applicable Performance Period has ended, the Grantee of Performance-Based Awards shall be entitled to receive a payout on the number of the Performance-Based Awards or value earned by such Grantee over such Performance Period.

 

14.4 Form and Timing of Payment of Performance-Based Awards.

 

Payment of earned Performance-Based Awards shall be made in the manner described in the applicable Award Agreement as determined by the Committee. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance-Based Awards in the form of cash or shares of Stock (or a combination thereof) equal to the value of such earned Performance-Based Awards and shall pay the Awards that have been earned at the close of the applicable Performance Period, or as soon as reasonably practicable after the Committee has determined that the performance goal or goals relating thereto have been achieved; provided that, unless specifically provided in the Award Agreement for such Awards, such payment shall occur no later than the 15th day of the third month following the end of the calendar year in which such Performance Period ends. Any shares of Stock paid out under such Performance-Based Awards may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Performance-Based Awards shall be set forth in the Award Agreement therefor.

 

14.5 Performance Conditions.

 

The right of a Grantee to exercise or receive a grant or settlement of any Performance-Based Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. If and to the extent required under Code Section 162(m), any power or authority relating to an Award intended to qualify under Code Section 162(m) shall be exercised by the Committee and not by the Board.

 

14.6 Performance-Based Awards Granted to Designated Covered Employees.

 

If and to the extent that the Committee determines that a Performance-Based Award to be granted to a Grantee should constitute “qualified performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Award shall be contingent upon achievement of pre-established performance goals and other terms set forth in this Section 14.6.

 

14.6.1 Performance Goals Generally.

 

The performance goals for Performance-Based Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 14.6. Performance goals shall be objective and shall otherwise meet the requirements of Code Section 162(m), including the requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being “substantially uncertain.” The Committee may determine that such Awards shall be granted, exercised and/or settled upon achievement of any single performance goal or of two (2) or more performance goals. Performance goals may differ for Awards granted to any one Grantee or to different Grantees.

 

  

21

  

 

14.6.2 Timing For Establishing Performance Goals.

 

Performance goals for any Performance-Based Award shall be established not later than the earlier of (a) 90 days after the beginning of any Performance Period applicable to such Award, and (b) the date on which twenty-five percent (25%) of any Performance Period applicable to such Award has expired, or at such other date as may be required or permitted for compensation payable to a Covered Employee to constitute Performance-Based Compensation.

 

14.6.3 Payment of Awards; Other Terms.

 

Payment of Performance-Based Awards shall be in cash, shares of Stock, or other Awards, including an Award that is subject to additional Service-based vesting, as determined in the sole discretion of the Committee. The Committee may, in its sole discretion, reduce the amount of a payment otherwise to be made in connection with such Awards. The Committee shall specify the circumstances in which such Performance-Based Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end of a Performance Period or settlement of such Awards.  In the event payment of the Performance-Based Award is made in the form of another Award subject to Service-based vesting, the Committee shall specify the circumstances in which the payment Award will be paid or forfeited in the event of a termination of Service.

 

14.6.4 Performance Measures.

 

The performance goals upon which the payment or vesting of a Performance-Based Award to a Covered Employee that is intended to qualify as Performance-Based Compensation may be conditioned shall be limited to the following Performance Measures, with or without adjustment (including pro forma adjustments):

 

(a) Funds from operations, including adjusted funds from operations;

 

(b) RevPar, including same-store RevPar;

 

(c) net earnings or net income;

 

(d) operating earnings;

 

(e) pretax earnings;

 

(f) earnings per share;

 

(g) share price, including growth measures and total stockholder return;

 

(h) earnings before interest and taxes;

 

(i) earnings before interest, taxes, depreciation and/or amortization;

 

(j) earnings before interest, taxes, depreciation and/or amortization as adjusted to exclude any one or more of the following:

 

  

22

  

 

•           stock-based compensation expense;

 

•           income from discontinued operations;

 

•           gain on cancellation of debt;

 

•           debt extinguishment and related costs;

 

•           restructuring, separation and/or integration charges and costs;

 

•           reorganization and/or recapitalization charges and costs;

 

•           impairment charges;

 

•           merger-related events;

 

•           gain or loss related to investments;

 

•           sales and use tax settlement; and

 

•           gain on non-monetary transaction.

 

(k) sales or revenue growth, whether in general, by type of product or service, by type of customer or by type of property;

 

(l) gross or operating margins;

 

(m) return measures, including return on assets, capital, investment, equity, sales or revenue;

 

(n) cash flow, including:

 

•           operating cash flow;

 

•           free cash flow, defined as earnings before interest, taxes, depreciation and/or amortization (as adjusted to exclude any one or more of the items that may be excluded pursuant to the Performance Measure specified in clause (h) above) less capital expenditures;

 

•           levered free cash flow, defined as free cash flow less interest expense;

 

•           cash flow return on equity; and

 

•           cash flow return on investment;

 

(o) productivity ratios;

 

(p) expense targets;

 

(q) market share;

 

  

23

  

 

(r) financial ratios as provided in credit agreements of the Company and its subsidiaries;

 

(s) working capital targets;

 

(t) completion of acquisitions of businesses or companies;

 

(u) completion of divestitures and asset sales;

 

(v) customer satisfaction; or

 

(w) any combination of the foregoing business criteria.

 

Performance under any of the foregoing Performance Measures (a) may be used to measure the performance of (i) the Company and its Subsidiaries and other Affiliates as a whole, (ii) the Company, any Subsidiary, and/or any other Affiliate or any combination thereof, or (iii) any one or more business units of the Company, any Subsidiary, and/or any other Affiliate, as the Committee, in its sole discretion, deems appropriate and (b) may be compared to the performance of one or more other companies or one or more published or special indices designated or approved by the Committee for such comparison, as the Committee, in its sole discretion, deems appropriate. In addition, the Committee, in its sole discretion, may select performance under the Performance Measure specified in clause (g) above for comparison to performance under one or more stock market indices designated or approved by the Committee. The Committee also shall have the authority to provide for accelerated vesting of any Performance-Based Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Section 14.

 

14.6.5 Evaluation of Performance.

 

The Committee may provide in any Performance-Based Award that any evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (a) asset write-downs; (b) litigation or claims, judgments or settlements; (c) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results; (d) any reorganization or restructuring events or programs; (e) extraordinary, non-core, non-operating or non-recurring items; (f) acquisitions or divestitures; (g) foreign exchange gains and losses; (h) tax valuation allowance reversals; (i) impairment expense; and (j) environmental expense. To the extent such inclusions or exclusions affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, such inclusions or exclusions shall be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility.

 

14.6.6 Adjustment of Performance-Based Compensation.

 

The Committee shall have the sole discretion to adjust Awards that are intended to qualify as Performance-Based Compensation, either on a formula or discretionary basis, or on any combination thereof, as the Committee determines consistent with the requirements of Code Section 162(m) for deductibility.

 

  

24

  

 

14.6.7 Committee Discretion.

 

In the event that Applicable Laws change to permit Committee discretion to alter the governing Performance Measures without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining stockholder approval, provided that the exercise of such discretion shall not be inconsistent with the requirements of Code Section 162(m). In addition, in the event that the Committee determines that it is advisable to grant Awards that shall not qualify as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on Performance Measures other than those set forth in Section 14.6.4.

 

14.6.8 Status of Awards Under Code Section 162(m).

 

It is the intent of the Company that Performance-Based Awards under Section 14.6 granted to persons who are designated by the Committee as likely to be Covered Employees within the meaning of Code Section 162(m) and the regulations promulgated thereunder shall, if so designated by the Committee, constitute “qualified performance-based compensation” within the meaning of Code Section 162(m). Accordingly, the terms of Section 14.6, including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m). If any provision of the Plan or any agreement relating to any such Performance-Based Award does not comply or is inconsistent with the requirements of Code Section 162(m), such provision shall be construed or deemed amended to the extent necessary to conform to such requirements.

 

	
15.  

	
Restrictions on Transfer of Shares of Stock

 

15.1 Right of First Refusal.

 

Any shares of Stock acquired by, or delivered or issued to, the Grantee under the Plan may be subject to a right of first refusal of the Company as the Board may determine, consistent with Applicable Law.  Any such right shall be set forth in an Award Agreement or in a stockholders or other similar agreement.

 

15.2 Repurchase and Other Rights.

 

Stock issued upon exercise of an Option or pursuant to an Award of Restricted Stock or Stock Units may be subject to such right of repurchase upon termination of Service or other transfer restrictions as the Board may determine, consistent with Applicable Law.  Any additional restrictions shall be set forth in an Award Agreement or in a stockholders or other similar agreement.

 

15.3 Legend.

 

In order to enforce the restrictions imposed upon shares of Stock under this Plan or as provided in an Award Agreement, the Board may cause a legend or legends to be placed on any certificate representing shares issued pursuant to this Plan that complies with the applicable securities laws.

 

  

25

  

 

	
16.  

	
PARACHUTE LIMITATIONS

 

If any Grantee is a “disqualified individual,” as defined in Code Section 280G(c), then, notwithstanding any other provision of the Plan or of any other agreement, contract, or understanding heretofore or hereafter entered into by such Grantee with the Company or an Affiliate, except an agreement, contract, or understanding that expressly addresses Code Section 280G or Code Section 4999 (an “Other Agreement”), and notwithstanding any formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), any right of the Grantee to any exercise, vesting, payment, or benefit under the Plan shall be reduced or eliminated:

 

(a) to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or benefits to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment, or benefit to the Grantee under the Plan to be considered a “parachute payment” within the meaning of Code Section 280G(b)(2) as then in effect (a “Parachute Payment”); and

 

(b) if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company under the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be considered a Parachute Payment.

 

The Company shall accomplish such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of Performance-Based Awards, then by reducing or eliminating any accelerated vesting of Options or SARs, then by reducing or eliminating any accelerated vesting of Restricted Stock or Stock Units, then by reducing or eliminating any other remaining Parachute Payments.

 

	
17.  

	
REQUIREMENTS OF LAW

 

17.1 General.

 

The Company shall not be required to offer, sell or issue any shares of Stock under any Award, whether pursuant to the exercise of an Option or SAR or otherwise, if the offer, sale or issuance of such shares of Stock would constitute a violation by the Grantee, the Company or an Affiliate, or any other person, of any provision of Applicable Laws, including any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any shares of Stock subject to an Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the offering, issuance, sale or purchase of shares of Stock in connection with any Award, no shares of Stock may be offered, issued or sold to the Grantee or any other person under such Award, whether pursuant to the exercise of an Option or SAR or otherwise, unless such listing, registration or qualification shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of such Award. Without limiting the generality of the foregoing, upon the exercise of any Option or any SAR that may be settled in shares of Stock or the delivery of any shares of Stock underlying an Award, unless a registration statement under the Securities Act is in effect with respect to the shares of Stock subject to such Award, the Company shall not be required to offer, sell or issue such shares of Stock unless the Committee shall have received evidence satisfactory to it that the Grantee or any other person exercising such Option or SAR or accepting delivery of such shares may acquire such shares of Stock pursuant to an exemption from registration under the Securities Act. Any determination in this connection by the Committee shall be final, binding, and conclusive. The Company may register, but shall in no event be obligated to register, any shares of Stock or other securities issuable pursuant to the Plan pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option or a SAR or the issuance of shares of Stock or other securities issuable pursuant to the Plan or any Award to comply with any Applicable Laws. As to any jurisdiction that expressly imposes the requirement that an Option or SAR that may be settled in shares of Stock shall not be exercisable until the shares of Stock subject to such Option or SAR are registered under the securities laws thereof or are exempt from such registration, the exercise of such Option or SAR under circumstances in which the laws of such jurisdiction apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption.

 

  

26

  

 

17.2 Rule 16b-3.

 

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intention of the Company that Awards pursuant to the Plan and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act shall qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Committee does not comply with the requirements of such Rule 16b-3, such provision or action shall be deemed inoperative with respect to such Awards to the extent permitted by Applicable Laws and deemed advisable by the Committee, and shall not affect the validity of the Plan. In the event that such Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary or advisable in its judgment to satisfy the requirements of, or to permit the Company to avail itself of the benefits of, the revised exemption or its replacement.

 

	
18.  

	
EFFECT OF CHANGES IN CAPITALIZATION

 

18.1 Changes in Stock.

 

If the number of outstanding shares of Stock is increased or decreased or the shares of Stock are changed into or exchanged for a different number of shares or kind of capital stock or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse stock split, spin-off, combination of stock, exchange of stock, stock dividend or other distribution payable in capital stock, or other increase or decrease in shares of Stock effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares of stock for which grants of Options and other Awards may be made under the Plan, including the share limits set forth in Section 6.2, shall be adjusted proportionately and accordingly by the Committee. In addition, the number and kind of shares of stock for which Awards are outstanding shall be adjusted proportionately and accordingly by the Committee so that the proportionate interest of the Grantee therein immediately following such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the aggregate Option Price or SAR Price payable with respect to shares that are subject to the unexercised portion of such outstanding Options or SARs, as applicable, but shall include a corresponding proportionate adjustment in the per share Option Price or SAR Price, as the case may be. The conversion of any convertible securities of the Company shall not be treated as an increase in shares effected without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s stockholders of securities of any other entity or other assets (including an extraordinary dividend, but excluding a non-extraordinary dividend, declared and paid by the Company) without receipt of consideration by the Company, the Board or the Committee constituted pursuant to Section 3.1.2 shall, in such manner as the Board or the Committee deems appropriate, adjust (a) the number and kind of shares of stock subject to outstanding Awards and/or (b) the aggregate and per share Option Price of outstanding Options and the aggregate and per share SAR Price of outstanding SARs as required to reflect such distribution.

 

  

27

  

 

18.2 Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control.

 

Subject to Section 18.3, if the Company shall be the surviving entity in any reorganization, merger or consolidation of the Company with one or more other entities which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to and apply to the securities to which a holder of the number of shares of Stock subject to such Option or SAR would have been entitled immediately following such reorganization, merger or consolidation, with a corresponding proportionate adjustment of the per share Option Price or SAR Price so that the aggregate Option Price or SAR Price thereafter shall be the same as the aggregate Option Price or SAR Price of the shares of Stock remaining subject to the Option or SAR as in effect immediately prior to such reorganization, merger, or consolidation. Subject to any contrary language in an Award Agreement or in another agreement with the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement shares received by the Grantee as a result of such reorganization, merger or consolidation. In the event of any reorganization, merger or consolidation of the Company referred to in this Section 18.2, Performance-Based Awards shall be adjusted (including any adjustment to the Performance Measures applicable to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the number of shares of Stock subject to the Performance-Based Awards would have been entitled to receive immediately following such reorganization, merger or consolidation.

 

18.3 Change in Control in which Awards are not Assumed.

 

Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Options, SARs, Restricted Stock, Stock Units, Dividend Equivalent Rights or Other Equity-Based Awards are not being assumed or continued, the following provisions shall apply to such Award, to the extent not assumed or continued:

 

(a) in each case with the exception of Performance-Based Awards, all outstanding Restricted Stock shall be deemed to have vested, all Stock Units shall be deemed to have vested and the shares of Stock subject thereto shall be delivered, and all Dividend Equivalent Rights shall be deemed to have vested and the shares of Stock subject thereto shall be delivered, immediately prior to the occurrence of such Change in Control, and either of the following two actions shall be taken:

 

  

28

  

 

(i) fifteen (15) days prior to the scheduled consummation of such Change in Control, all Options and SARs outstanding hereunder shall become immediately exercisable and shall remain exercisable for a period of fifteen (15) days, which exercise shall be effective upon such consummation; or

 

(ii) the Committee may elect, in its sole discretion, to cancel any outstanding Awards of Options, SARs, Restricted Stock, Stock Units and/or Dividend Equivalent Rights and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Committee acting in good faith), in the case of Restricted Stock or Stock Units and Dividend Equivalent Rights (for shares of Stock subject thereto), equal to the formula or fixed price per share paid to holders of shares of Stock pursuant to such Change in Control and, in the case of Options or SARs, equal to the product of the number of shares of Stock subject to such Options or SARs (the “Award Stock”) multiplied by the amount, if any, by which (x) the formula or fixed price per share paid to holders of shares of Stock pursuant to such transaction exceeds (y) the Option Price or SAR Price applicable to such Award Stock.

 

(b) For Performance-Based Awards, if less than half of the Performance Period has lapsed, such Awards shall be treated as though target performance has been achieved. If at least half the Performance Period has lapsed, actual performance to date shall be determined as of a date reasonably proximal to the date of consummation of the Change in Control as determined by the Committee in its sole discretion, and that level of performance thus determined shall be treated as achieved immediately prior to occurrence of the Change in Control. For purposes of the preceding sentence, if, based on the discretion of the Committee, actual performance is not determinable, the Awards shall be treated as though target performance has been achieved. After application of this Section 18.3(b), if any Awards arise from application of this Section 18, such Awards shall be settled under the applicable provision of Section 18.3(a).

 

(c) Other Equity-Based Awards shall be governed by the terms of the applicable Award Agreement.

 

With respect to the Company’s establishment of an exercise window, (A) any exercise of an Option or SAR during the fifteen (15)-day period referred to above shall be conditioned upon the consummation of the applicable Change in Control and shall be effective only immediately before the consummation thereof, and (B) upon consummation of any Change in Control, the Plan and all outstanding but unexercised Options and SARs shall terminate. The Committee shall send notice of an event that shall result in such a termination to all natural persons and entities who hold Options and SARs not later than the time at which the Company gives notice thereof to its stockholders.

 

18.4 Change in Control in which Awards are Assumed.

 

Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Options, SARs, Restricted Stock, Stock Units, Dividend Equivalent Rights or Other Equity-Based Awards are being assumed or continued, the following provisions shall apply to such Award, to the extent assumed or continued:

 

  

29

  

 

The Plan and the Options, SARs, Restricted Stock, Stock Units, Dividend Equivalent Rights and Other Equity-Based Awards granted under the Plan shall continue in the manner and under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in connection with such Change in Control for the assumption or continuation of such Options, SARs, Restricted Stock, Stock Units, Dividend Equivalent Rights and Other Equity-Based Awards, or for the substitution for such Options, SARs, Restricted Stock, Stock Units, Dividend Equivalent Rights and Other Equity-Based Awards of new common stock options, stock appreciation rights, restricted stock, common stock units, dividend equivalent rights and other equity-based awards relating to the stock of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that is not common stock) and option and stock appreciation rights exercise prices.

 

18.5 Adjustments.

 

Adjustments under this Section 18 related to shares of Stock or other securities of the Company shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The Committee may provide in the applicable Award Agreement at the time of grant, in another agreement with the Grantee, or otherwise in writing at any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those provided in Sections 18.1, 18.2, 18.3 and 18.4. This Section 18 shall not limit the Committee’s ability to provide for alternative treatment of Awards outstanding under the Plan in the event of a change in control event involving the Company that is not a Change in Control.

 

18.6 No Limitations on Company.

 

The making of Awards pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in any other transaction or activity.

 

	
19.  

	
GENERAL PROVISIONS

 

19.1 RESERVED.

 

19.2 Disclaimer of Rights.

 

No provision in the Plan or in any Award or Award Agreement shall be construed to confer upon any individual the right to remain in the employ or Service of the Company or an Affiliate, or to interfere in any way with any contractual or other right or authority of the Company or an Affiliate either to increase or decrease the compensation or other payments to any natural person or entity at any time, or to terminate any employment or other relationship between any natural person or entity and the Company or an Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise in writing, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee thereof, so long as such Grantee continues to provide Service. The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation to pay only those amounts provided herein, in the manner and under the conditions prescribed herein. The Plan and Awards shall in no way be interpreted to require the Company to transfer any amounts to a third-party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan.

 

  

30

  

 

19.3 Nonexclusivity of the Plan.

 

Neither the adoption of the Plan nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines desirable.

 

19.4 Withholding Taxes.

 

The Company or an Affiliate, as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance of any shares of Stock upon the exercise of an Option or pursuant to any other Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company or such Affiliate may reasonably determine to be necessary to satisfy such withholding obligation; provided that if there is a same-day sale of shares of Stock subject to an Award, the Grantee shall pay such withholding obligation on the day on which such same-day sale is completed. Subject to the prior approval of the Company or an Affiliate, which may be withheld by the Company or such Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such withholding obligation, in whole or in part, (a) by causing the Company or such Affiliate to withhold shares of Stock otherwise issuable to the Grantee or (b) by delivering to the Company or such Affiliate shares of Stock already owned by the Grantee. The shares of Stock so withheld or delivered shall have an aggregate Fair Market Value equal to such withholding obligation. The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall be determined by the Company or such Affiliate as of the date on which the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this Section 19.4 may satisfy such Grantee’s withholding obligation only with shares of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. The maximum number of shares of Stock that may be withheld from any Award to satisfy any federal, state or local tax withholding requirements upon the exercise, vesting, or lapse of restrictions applicable to any Award or payment of shares of Stock pursuant to such Award, as applicable, may not exceed such number of shares of Stock having a Fair Market Value equal to the minimum statutory amount required by the Company or the applicable Affiliate to be withheld and paid to any such federal, state or local taxing authority with respect to such exercise, vesting, lapse of restrictions, or payment of shares of Stock. Notwithstanding Section 2.20 or this Section 19.4, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to this Section 19.4, for any shares of Stock subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such shares shall be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date), so long as such Grantee has provided the Company, or its designee or agent, with advance written notice of such sale.  In such case, the percentage of shares of Stock withheld shall equal the applicable minimum withholding rate.

 

  

31

  

 

19.5 Captions.

 

The use of captions in the Plan or any Award Agreement is for convenience of reference only and shall not affect the meaning of any provision of the Plan or such Award Agreement.

 

19.6 Construction.

 

Unless the context otherwise requires, all references in the Plan to “including” shall mean “including without limitation.”

 

19.7 Other Provisions.

 

Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Committee, in its sole discretion.

 

19.8 Number and Gender.

 

With respect to words used in the Plan, the singular form shall include the plural form and the masculine gender shall include the feminine gender, as the context requires.

 

19.9 Severability.

 

If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.

 

19.10 Governing Law.

 

The validity and construction of the Plan and the instruments evidencing the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the Commonwealth of Virginia, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction.

 

19.11 Section 409A of the Code.

 

The Company intends to comply with Code Section 409A, or an exemption to Code Section 409A, with regard to Awards hereunder that constitute nonqualified deferred compensation within the meaning of Code Section 409A. To the extent that the Company determines that a Grantee would be subject to the additional twenty percent (20%) tax imposed on certain nonqualified deferred compensation plans pursuant to Code Section 409A as a result of any provision of any Award granted under the Plan, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Committee.

 

*    *    *

 

  

32

  

To record adoption of the Plan by the Board as of May 29, 2014, the Company has caused its authorized officer to execute the Plan.

 

 

	  	  
	
APPLE HOSPITALITY REIT, INC.

	  	  
	
By:  /s/ Bryan Peery

	  
	  	  
	
Title: Chief Financial Officer

	  

 

 

 

 

  

33364-Day Bridge Term Loan Agreement

 Exhibit 10.1 

$7,221,000,000 
 364-DAY
BRIDGE TERM LOAN AGREEMENT 
 dated as of May 30, 2014 

among 
 EXELON
CORPORATION,
 as Borrower, 

VARIOUS FINANCIAL INSTITUTIONS,

as Lenders, 
 and

 BARCLAYS BANK PLC, 

as Administrative Agent, 

BARCLAYS BANK PLC and 

GOLDMAN SACHS BANK USA,

as Joint Lead Arrangers and Joint Lead Bookrunners, 

and 
 GOLDMAN SACHS BANK
USA,
 as Syndication Agent 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	
	 ARTICLE I

DEFINITIONS AND INTERPRETATION
	 
			
	Section 1.01.	  	 Certain Defined Terms
	  	 	1	  
			
	Section 1.02.	  	 Other Interpretive Provisions
	  	 	18	  
			
	Section 1.03.	  	 Accounting Principles
	  	 	19	  
	
	ARTICLE II
 AMOUNTS AND TERMS OF THE COMMITMENTS
	  
   

			
	Section 2.01.	  	 Commitments
	  	 	19	  
			
	Section 2.02.	  	 Procedures for Borrowing Loans; Limitations on Borrowings
	  	 	19	  
			
	Section 2.03.	  	 Fees
	  	 	20	  
			
	Section 2.04.	  	 Voluntary Reduction or Termination of Commitment Amounts and Prepayments
	  	 	21	  
			
	Section 2.05.	  	 Repayment of Loans
	  	 	21	  
			
	Section 2.06.	  	 Mandatory Commitment Reductions and Prepayments
	  	 	22	  
			
	Section 2.07.	  	 Interest on Loans
	  	 	22	  
			
	Section 2.08.	  	 Alternate Rate of Interest
	  	 	23	  
			
	Section 2.09.	  	 Interest Rate Determination
	  	 	23	  
			
	Section 2.10.	  	 Continuation and Conversion of Loans
	  	 	23	  
			
	Section 2.11.	  	 Increased Costs
	  	 	24	  
			
	Section 2.12.	  	 Illegality
	  	 	25	  
			
	Section 2.13.	  	 Payments; Computations and Notes
	  	 	25	  
			
	Section 2.14.	  	 Taxes
	  	 	26	  
			
	Section 2.15.	  	 Sharing of Payments, Etc.
	  	 	29	  
			
	Section 2.16.	  	 Defaulting Lenders
	  	 	30	  
	
	ARTICLE III
 CONDITIONS PRECEDENT
	  
   

			
	Section 3.01.	  	 Conditions Precedent to the Effective Date
	  	 	30	  
			
	Section 3.02.	  	 Conditions Precedent to the Closing Date
	  	 	31	  
			
	Section 3.03.	  	 Determinations under Section 3.01 and 3.02
	  	 	33	  
	
	ARTICLE IV
 REPRESENTATIONS AND WARRANTIES
	  
   

			
	Section 4.01.	  	 Representations and Warranties of the Borrower
	  	 	33	  

  
 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	
	 ARTICLE V

COVENANTS OF THE BORROWER
	   
   

			
	Section 5.01.	 	Affirmative Covenants	  	 	35	  
			
	Section 5.02.	 	Negative Covenants	  	 	38	  
	
	 ARTICLE VI

EVENTS OF DEFAULT
	   
   

			
	Section 6.01.	 	Events of Default	  	 	41	  
	
	 ARTICLE VII

THE AGENTS
	   
   

			
	Section 7.01.	 	Authorization and Action	  	 	43	  
			
	Section 7.02.	 	Administrative Agent’s Reliance, Etc.	  	 	43	  
			
	Section 7.03.	 	Administrative Agent and Affiliates	  	 	44	  
			
	Section 7.04.	 	Lender Credit Decision	  	 	44	  
			
	Section 7.05.	 	Indemnification	  	 	44	  
			
	Section 7.06.	 	Successor Administrative Agent	  	 	44	  
			
	Section 7.07.	 	Syndication Agent, Joint Lead Arrangers and Joint Bookrunners	  	 	45	  
	
	 ARTICLE VIII

MISCELLANEOUS
	   
   

			
	Section 8.01.	 	Amendments, Etc.	  	 	45	  
			
	Section 8.02.	 	Notices, Etc.	  	 	45	  
			
	Section 8.03.	 	No Waiver; Remedies	  	 	46	  
			
	Section 8.04.	 	Costs and Expenses; Indemnification	  	 	46	  
			
	Section 8.05.	 	Right of Set-off	  	 	47	  
			
	Section 8.06.	 	Binding Effect	  	 	47	  
			
	Section 8.07.	 	Assignments and Participations	  	 	48	  
			
	Section 8.08.	 	Governing Law	  	 	51	  
			
	Section 8.09.	 	Consent to Jurisdiction; Certain Waivers	  	 	51	  
			
	Section 8.10.	 	Waiver of Jury Trial	  	 	52	  
			
	Section 8.11.	 	Execution in Counterparts; Integration	  	 	52	  
			
	Section 8.12.	 	USA PATRIOT ACT NOTIFICATION	  	 	52	  
			
	Section 8.13.	 	No Advisory or Fiduciary Responsibility	  	 	53	  
			
	Section 8.14.	 	Confidentiality	  	 	53	  

  
 ii 

 Table of Contents 

(continued) 
  

					
	 	 	 	  	Page
			
	SCHEDULE I	 	 PRICING SCHEDULE
	  	
	SCHEDULE II	 	 COMMITMENTS
	  	

  
 iii 

 Table of Contents 

 

					
	EXHIBIT A    	 	 FORM OF ASSIGNMENT AND ASSUMPTION
	  	
	EXHIBIT B	 	 FORM OF NOTICE OF BORROWING
	  	
	EXHIBIT C	 	 FORM OF NOTE
	  	
	EXHIBIT D	 	 FORM OF INTEREST ELECTION REQUEST
	  	
	EXHIBIT E	 	 FORM OF PREPAYMENT NOTICE
	  	
	EXHIBIT F	 	 FORM OF SOLVENCY CERTIFICATE
	  	
	EXHIBIT G	 	 FORM OF ANNUAL AND QUARTERLY COMPLIANCE CERTIFICATE
	  	
	EXHIBIT H	 	 FORMS OF U.S. TAX CERTIFICATE
	  	

  
 i 

 364-DAY BRIDGE TERM LOAN AGREEMENT 

THIS 364-DAY BRIDGE TERM LOAN AGREEMENT, dated as of May 30, 2014 (this “Agreement”), is among EXELON CORPORATION, a
Pennsylvania corporation, the banks and other financial institutions or entities listed as Lenders on the signature pages hereof, and BARCLAYS BANK PLC, as Administrative Agent. The parties hereto, intending to be legally bound hereby, agree as
follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.01. Certain Defined Terms. As used in this Agreement, each of the following terms shall have the meaning set
forth below (each such meaning to be equally applicable to both the singular and plural forms of the term defined): 

“ABR”, when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, bearing
interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition” means the acquisition by the
Borrower of all of the equity interests in the Target pursuant to the Acquisition Agreement. 
 “Acquisition Agreement”
means the Agreement and Plan of Merger, dated as of April 29, 2014, among the Target, the Borrower, and Purple Acquisition Corp., a Delaware corporation. 

“Adjusted Funds From Operations” means, for any period, Net Cash Flows From Operating Activities for such period plus
Interest Expense for such period minus the portion (but not less than zero) of Net Cash Flows From Operating Activities for such period attributable to ComEd Entities or any consolidated Subsidiary that has no Debt other than Nonrecourse
Indebtedness. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Loan for any Interest Period, an interest rate
per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means Barclays in its capacity as administrative agent for the Lenders pursuant to Article VII,
and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Section 7.06. 

“Administrative Questionnaire” means an administrative questionnaire, substantially in the form supplied by the
Administrative Agent, completed by a Lender and furnished to the Administrative Agent in connection with this Agreement. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under
common control with such Person or is a director or officer of such Person. 
 “Agency Fee Letter” means that certain
Agency Fee Letter, dated as of the date hereof, among the Borrower and the Barclays. 
 “Agents” means the Administrative
Agent and the Syndication Agent; and “Agent” means any one of the foregoing. 
 “Agreement” has the
meaning specified in the preamble hereof. 

 “Aggregate Commitment Amount” means the total of the Commitment Amounts of all
Lenders as in effect from time to time. 
 “Alternate Base Rate” means a fluctuating rate of interest equal to the highest
of (a) the Prime Rate, (b) the federal funds effective rate from time to time plus 0.5% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding
Business Day) plus 1%. Any change in the ABR due to a change in the Prime Rate, the federal funds effective rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the federal funds
effective rate or the Adjusted LIBO Rate, respectively. 
 “Applicable Lending Office” means, with respect to each Lender,
such Lender’s Domestic Lending Office in the case of a Base Rate Loan and such Lender’s Eurodollar Lending Office in the case of a Eurodollar Loan. 

“Applicable Margin” has the meaning specified in Schedule I. 

“Applicable Ticking Fee Rate” has the meaning specified in Schedule I. 

“Approved Fund” has the meaning specified in Section 8.07(a). 

“Arrangers Fee Letter” means that certain Fee Letter, dated as of April 29, 2014, among the Borrower, the Joint Lead
Arrangers and Goldman Sachs Lending Partners LLC. 
 “Asset Sale” means the sale, transfer, license, lease or other
disposition (including any sale and leaseback transaction) of any property by the Borrower or any of its Subsidiaries, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith and including any loss of or damage to, or any condemnation or other taking of, any property. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee, and
accepted by the Administrative Agent, in substantially the form of Exhibit A. 
 “Bankruptcy Event” means, with
respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the
reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such
proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest in, or the acquisition of any ownership interest in or the exercise of control over, such Person or its parent company by
a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Barclays” means Barclays Bank PLC. 

“Base Rate Loan” means a Loan that bears interest as provided in Section 2.07(a). 

“BGE” means Baltimore Gas and Electric Company. 

  
 2 

 “BGE Entity” means RF Holdco, BGE and any of their Subsidiaries. 

“Borrower” means Exelon Corporation or any Eligible Successor thereof. 

“Borrowing” means a group of Loans of the same Type made, continued or converted on the same day by the Lenders ratably
according to their Pro Rata Shares and, in the case of a Borrowing of Eurodollar Loans, having the same Interest Period. 

“Business Day” means a day on which banks are not required or authorized to close in New York, New York, and, if the
applicable Business Day relates to any Eurodollar Loan, on which dealings are carried on in the London interbank market. 
 “Change
in Law” means (a) the adoption of any law, rule, regulation or treaty after the date of this Agreement, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.12, by any lending office of such Lender or by such Lender’s holding company, if any) with any request, rule, 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, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) 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 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. 
 “Closing Date” means the date on which all conditions precedent set forth in Section 3.02
have been satisfied or waived in accordance with Section 8.01. 
 “Code” means the Internal Revenue Code of
1986, as amended, and any successor statute. 
 “ComEd” means Commonwealth Edison Company, an Illinois corporation, or any
successor thereof. 
 “ComEd Debt” means Debt of any ComEd Entity for which neither the Borrower nor any Subsidiary (other
than another ComEd Entity) has any liability, contingent or otherwise. 
 “ComEd Entity” means ComEd and each of its
Subsidiaries. 
 “Commitment” means, for any Lender, such Lender’s commitment to make Loans hereunder. 

“Commitment Amount” means, for any Lender at any time, the amount set forth opposite such Lender’s name on Schedule
II attached hereto or, if such Lender has entered into any Assignment and Assumption, set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 8.07(c), as such amount may be reduced
pursuant to Sections 2.04 or 2.16. 
 “Commitment Expiration Date” means July 29, 2015; provided,
that, to the extent that the Termination Date (as defined in the Acquisition Agreement) is extended in accordance with Section 8.2(a) of the Acquisition Agreement (as in effect on April 29, 2014), the Commitment Expiration Date shall be
automatically extended (and the Borrower shall provide prompt written notice thereof to the Administrative Agent, which shall promptly notify the Lenders) to the date that is the earlier of (a) such extended Commitment Expiration Date and
(b) October 29, 2015. 

  
 3 

 “Committed Financing” means any committed but unfunded term loan or similar
credit facility for the stated purpose of financing the Acquisition. 
 “Commodity Trading Obligations” shall mean the
obligations of the Borrower or Genco under (i) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement,
commodity forward contract or derivative transaction and any put, call or other agreement, arrangement or transaction, including natural gas, power, electric energy, emissions forward contracts, renewable energy credits, or any combination of any
such arrangements, agreements and/or transactions, employed in the ordinary course of the Borrower or Genco’s business, including the Borrower or Genco’s energy marketing, trading and asset optimization business, or (ii) any commodity
swap agreement, commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement, commodity forward contract or derivative transaction and any put, call
or other agreement or arrangement, or combination thereof (including an agreement or arrangement to hedge foreign exchange risks) in respect of commodities entered into by the Borrower or Genco pursuant to asset optimization and risk management
policies and procedures adopted pursuant to authority delegated by the Board of Directors of the Borrower or Genco. The term “commodities” shall include electric energy and/or capacity, transmission rights, coal, petroleum, natural gas
liquids, natural gas, fuel transportation rights, emissions allowances, weather derivatives and related products and by-products and ancillary services. 

“Communication” has the meaning specified in Section 5.01(b). 

“Constellation” means Constellation Energy Group, Inc. 

“Constellation Nuclear” means Constellation Energy Nuclear Group, LLC, a Maryland limited liability company. 

“Constellation Nuclear Entity” means Constellation Nuclear, LLC, CE Nuclear, LLC and Constellation Nuclear and its
Subsidiaries. 
 “Controlled Group” means each person (as defined in Section 3(9) of ERISA) that, together with the
Borrower, would be deemed to be a “single employer” within the meaning of Section 414(b) or 414(c) of the Code. 

“Credit Extension” means the making of a Loan hereunder. 

“Debt” means (i) indebtedness for borrowed money, (ii) obligations evidenced by bonds, debentures, notes or other
similar instruments, (iii) obligations to pay the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business), (iv) obligations as lessee under leases that shall have been or are
required to be, in accordance with GAAP, recorded as capital leases, (v) obligations (contingent or otherwise) under reimbursement or similar agreements with respect to the issuance of letters of credit (other than obligations in respect of
documentary letters of credit opened to provide for the payment of goods or services purchased in the ordinary course of business) and (vi) obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise)
to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (i) through (v) above. 

  
 4 

 “Debt Issuance” means the borrowing, issuance or other incurrence of
indebtedness for borrowed money (including hybrid securities and debt securities convertible into equity), in each case, by the Borrower or its Subsidiaries (other than any Regulated Subsidiary), except Excluded Debt. 

“Debt Rating” means, as of any date of determination, the Fitch Rating, the Moody’s Rating or the S&P Rating, as
applicable. 
 “Debtor” has the meaning specified in the definition of Nonrecourse Indebtedness. 

“Defaulting Lender” means any Lender, as reasonably determined by the Administrative Agent, that has (a) failed to fund
any portion of its Loans within three Business Days after the date required to be funded by it hereunder, unless the subject of a good faith dispute of which such Lender has notified the Administrative Agent, (b) notified the Borrower, the
Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations
under this Agreement, (c) failed, within three Business Days after written request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans;
provided that any such Lender shall cease to be a Defaulting Lender under this clause (c) upon receipt of such confirmation by the Administrative Agent, (d) otherwise failed to pay over to the Administrative Agent or any other
Lender any other amount required to be paid by it hereunder within three Business Days after the date when due, unless the subject of a good faith dispute of which such Lender has notified the Administrative Agent, or (e) has become the subject
of a Bankruptcy Event, unless, in the case of any Lender referred to in this clause (e), the Borrower and the Administrative Agent shall determine in their sole and absolute discretion that such Lender intends and has all approvals to continue to
perform its obligations as a Lender hereunder in accordance with all of the terms of this Agreement. 
 “Disposition” means
any Asset Sale, except any Excluded Asset Sale. 
 “Domestic Lending Office” means, with respect to any Lender, the office
of such Lender specified as its “Domestic Lending Office” in its Administrative Questionnaire or in the Assignment and Assumption pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to
time specify to the Borrower and the Administrative Agent. 
 “Effective Date” means the date on which all conditions
precedent set forth in Section 3.01 have been satisfied or waived in accordance with Section 8.01. 

“Eligible Assignee” means (i) a commercial bank organized under the laws of the United States, or any State thereof;
(ii) a commercial bank organized under the laws of any other country that is a member of the OECD or has concluded special lending arrangements with the International Monetary Fund associated with its “General Arrangements to Borrow”,
or a political subdivision of any such country, provided that such bank is acting through a branch or agency located in the United States; (iii) a finance company, insurance company or other financial institution or fund (whether a
corporation, partnership or other entity) engaged generally in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business; (iv) the central bank of any country that is a member of the OECD; (v) any
Lender; (vi) any Affiliate (excluding any individual) of a Lender or (vii) any Approved Fund; provided that, unless otherwise agreed by the Borrower and the Administrative Agent in their sole discretion, (A) with respect to
assignments made hereunder prior to the Closing Date, any Person described in clause (i), (ii) or (iii) above shall also (x) have outstanding unsecured long-term debt that is rated BBB- or better by S&P and
Baa3 or better by Moody’s (or an equivalent rating by another nationally recognized credit rating agency of similar standing if either such corporation is no longer in the business of rating unsecured indebtedness of entities engaged in such
businesses) and (y) 

  
 5 

 
have combined capital and surplus (as established in its most recent report of condition to its primary regulator) of not less than $100,000,000 (or its equivalent in foreign currency), and
(B) any Person described in clause (ii), (iii), (iv), (v) or (vi) above shall, on the date on which it is to become a Lender hereunder, be entitled to receive payments hereunder without deduction or
withholding of any United States Federal income taxes (as contemplated by Section 2.14(e)). In no event shall an Eligible Assignee include (x) the Borrower or an Affiliate thereof or (y) a natural Person. 

“Eligible Successor” means a Person that (i) is a corporation, limited liability company or business trust duly
incorporated or organized, validly existing and in good standing under the laws of one of the states of the United States or the District of Columbia, (ii) as a result of a contemplated acquisition, consolidation or merger, will succeed to all
or substantially all of the consolidated business and assets of the Borrower, (iii) upon giving effect to such contemplated acquisition, consolidation or merger, will have all or substantially all of its consolidated business and assets
conducted and located in the United States and (iv) is acceptable to the Majority Lenders as a credit matter. 

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

“Equity Issuance” means (i) the issuance of any common or preferred equity interests of the Borrower or its Subsidiaries
to any Person, except any Excluded Equity Issuance and (ii) the entering into of any Equity Forward Contract by the Borrower or any of its Subsidiaries. 

“Equity Forward Contract” means any equity forward contract entered into by the Borrower or any of its Subsidiaries in
connection with financing the Acquisition. 
 “Eurodollar Loan” means any Loan that bears interest as provided in
Section 2.07(b). 
 “Eurodollar Lending Office” means, with respect to any Lender, the office of such Lender
specified as its “Eurodollar Lending Office” in its Administrative Questionnaire or in the Assignment and Assumption pursuant to which it became a Lender (or, if no such office is specified, its Domestic Lending Office), or such other
office of such Lender as such Lender may from time to time specify to the Borrower and the Administrative Agent. 
 “Event of
Default” has the meaning specified in Section 6.01. 
 “Exchange Act” means the Securities Exchange
Act of 1934. 
 “Excluded Asset Sale” means (a) the disposition of cash or cash equivalents or other assets classified
as current assets on the consolidated balance sheet of the Borrower, (b) the sale, exchange or other disposition of accounts or notes receivable in connection with the compromise, settlement or collection, (c) the disposition of assets to
the Borrower or any of its Subsidiaries and (d) any disposition in the ordinary course of business (as reasonably determined in good faith by the Borrower). 

“Excluded Debt” means (a) Debt incurred pursuant to this Agreement, (b) Debt between the Borrower and/or any of its
Subsidiaries, (c) commercial paper financings, (d) any trade, seller or customer finance-related financing, (e) Debt under the Existing Credit Agreement and other existing revolving credit facilities of the Borrower or its
Subsidiaries, in each case including any amendment, extension or replacement thereof and in each case having an aggregate principal amount outstanding thereunder not in excess of the respective existing commitments thereunder in effect on
April 29, 2014, (f) prior to the Closing Date, any refinancing with Debt of Genco of the Borrower’s existing $1,350,000,000 notes due 2015; provided that prior thereto the Minimum Equity Issuance shall have occurred,
(g) prior to the Closing Date, replacements, amendments, extensions of Debt of Subsidiaries assumed and/or acquired 

  
 6 

 
(but not incurred in contemplation thereof) in an acquisition (other than the Acquisition) not earlier than 12 months prior to the scheduled maturity thereof; provided, that prior thereto
(in each case pursuant to this clause (g)) the Minimum Equity Issuance shall have occurred, (h) prior to the Closing Date, (x) project financings incurred by Subsidiaries of Genco which are non-recourse to the Borrower or Genco and
(y) the incurrence of any other Debt, in an aggregate principal amount for both clauses (x) and (y) of up to $750,000,000; provided that the aggregate principal amount of any indebtedness incurred pursuant to clause
(y) above shall not exceed $100,000,000, provided, further that prior thereto (in each case pursuant to this clause (h)) the Minimum Equity Issuance shall have occurred, (i) other extensions of credit under existing financings up to
the committed amounts thereof as of April 29, 2014 (including from the United States Department of Energy for solar financing), (j) any Debt incurred by Subsidiaries assumed and/or acquired in an acquisition (other than the Acquisition)
under financings existing at the time of such acquisition (up to the maximum amount of the committed amounts thereof in effect at such time, and provided that such financings were not established in contemplation of such acquisition) and (k) a
line of credit incurred in connection with an acquisition by a Subsidiary of the Borrower in a principal amount of up to $130,000,000 which is non-recourse to the Borrower or Genco. 

“Excluded Equity Issuance” means any issuance of any common or preferred equity interests (a) pursuant to employee and
other benefit plans and stock purchase and dividend reinvestment plans established in the ordinary course of business, (b) as direct consideration (and not proceeds of such issuance of any equity interests) for any acquisition (other than the
Acquisition), divestiture or joint venture arrangement; provided that the Minimum Equity Issuance shall have occurred prior thereto, (c) to the Borrower or any of its Subsidiaries and (d) prior to the Closing Date, up to
$1,000,000,000 in the aggregate (including any Net Cash Proceeds received in connection with the Minimum Equity Issuance but only after giving effect to the reduction in Commitments resulting from the Minimum Equity Issuance pursuant to
Section 2.06(b)); provided that (in the case of this clause (d)) prior thereto the Minimum Equity Issuance shall have occurred. 

“Excluded Taxes” means, with respect to any payment made by the Borrower under this Agreement, any of the following Taxes
imposed on or with respect to a Recipient: (a) income or franchise Taxes imposed on (or measured by) net income by the United States of America, or by the jurisdiction under the laws of which such Recipient is organized or in which its
principal office is located or by any other jurisdiction as a result of a present or former connection between such Lender and such jurisdiction (other than any such connection arising as a result of such Lender having executed, delivered or become
a party to, performed its obligations or received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, this Agreement) or, in the case of any Lender, in which its applicable
lending office is located, (b) any branch profits Taxes imposed by the United States of America or any similar Taxes imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Non-U.S. Lender (other than an
assignee pursuant to a request by the Borrower under Section 8.07(g)), any U.S. Federal withholding Taxes resulting from any law in effect (including FATCA) on the date such Non-U.S. Lender becomes a party to this Agreement (or
designates a new lending office) or is attributable to such Non-U.S. Lender’s failure to comply with Section 2.14(f), except to the extent that such Non-U.S. Lender (or its assignor, if any) was entitled, at the time of designation
of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding Taxes pursuant to Section 2.14(a). 

“Existing Credit Agreement” means that certain Credit Agreement, dated as of March 23, 2011, as restated as of
December 21, 2011 and amended as of August 10, 2013 and May 30, 2014, among the Borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions party thereto. 

  
 7 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business
Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it. 
 “Fee Letters” means the Agency Fee Letter, the Arrangers Fee Letter and
the Joinder Fee Letter. 
 “Fitch” means, Fitch, Inc. and any successor thereto. 

“Fitch Rating” means, at any time, the rating issued by Fitch and then in effect with respect to the Borrower’s senior
unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from Fitch for debt
securities of such type, then such indicative rating shall be used for determining the “Fitch Rating”). 
 “GAAP”
has the meaning specified in Section 1.03. 
 “Genco” means Exelon Generation Company, LLC, a Pennsylvania
limited liability company, and its successors. 
 “Governmental Authority” means the government of the United States of
America or 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) and any group or body charged with setting financial accounting or
regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the
foregoing). 
 “Granting Bank” has the meaning specified in Section 8.07(i). 

“Hedging Obligations” mean, with respect to any Person, the obligations of such Person under any interest rate or currency
swap agreement, interest rate or currency future agreement, interest rate collar agreement, interest rate or currency hedge agreement, and any put, call or other agreement or arrangement designed to protect such Person against fluctuations in
interest rates or currency exchange rates. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed
on or with respect to any payment made by the Borrower under this Agreement, and (b) Other Taxes. 

  
 8 

 “Interest Coverage Ratio” means, for any period of four consecutive fiscal
quarters of the Borrower, the ratio of Adjusted Funds From Operations for such period to Net Interest Expense for such period. 

“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with
Section 2.10, which shall be substantially in the form of Exhibit D. 
 “Interest Expense” means, for any
period, “interest expense” as shown on a consolidated statement of income of the Borrower for such period prepared in accordance with GAAP, excluding any non–cash interest expense recorded as “interest expense” on a
consolidated statement of income of the Borrower in connection with the Like–Kind Exchange Matter. 
 “Interest Expense to
Affiliates” means, for any period, “Interest Expense to Affiliates” as shown on a consolidated statement of income of the Borrower for such period. 

“Interest Period” means, for each Eurodollar Loan, the period commencing on the date such Eurodollar Loan is made or is
converted from a Base Rate Loan and ending on the last day of the period selected by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and
ending on the last day of the period selected by the Borrower pursuant to the provisions below. The duration of each such Interest Period shall be one, two, three or six months, as the Borrower may select in accordance with Section 2.02
or 2.09; provided that: 
 (i) the Borrower may not select any Interest Period that ends after the scheduled
Maturity Date; 
 (ii) Interest Periods commencing on the same date for Loans made as part of the same Borrowing shall be of
the same duration; 
 (iii) whenever the last day of any Interest Period would otherwise occur on a day other than a Business
Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, unless such extension would cause the last day of such Interest Period to occur in the next following calendar month, in which case the last
day of such Interest Period shall occur on the next preceding Business Day; and 
 (iv) if there is no day in the appropriate
calendar month at the end of such Interest Period numerically corresponding to the first day of such Interest Period, then such Interest Period shall end on the last Business Day of such appropriate calendar month. 

“IRS” means the United States Internal Revenue Service. 

“Joinder Agreement” means the joinder agreement to commitment letter, dated as of May 21, 2014, among the Borrower, the
Joint Lead Arrangers and certain Lenders. 
 “Joinder Fee Letter” means the Joinder Fee Letter, dated as of May 21,
2014, among the parties to the Joinder Agreement. 
 “Joint Lead Arranger” means each of Barclays and Goldman Sachs Bank
USA in its capacity as a joint lead arranger. 

  
 9 

 “Lenders” means each of the financial institutions listed on the signature pages
hereof and each Eligible Assignee that shall become a party hereto pursuant to Section 8.07. 
 “LIBO Rate”
means, with respect to any Eurodollar Loan for any Interest Period, (a) the rate administered by the ICE Benchmark Administration and appearing on Reuters Page LIBOR01 (or on any commercially available successor or substitute page of such page
providing rate quotations comparable to those currently provided on such page, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to U.S. dollar deposits in the London
interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for U.S. dollar deposits with a maturity comparable to such Interest Period, (b) in the event that the
rate referenced in the preceding clause (a) is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Loan for such Interest Period shall be the rate determined by the Administrative Agent to
be the offered rate on such other commercially available page or other service which displays the offered rate for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in U.S. dollars,
determined as of approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period and (c) in the event that the rates referenced in the preceding clauses (a) and (b) are not available at such
time for any reason, then the “LIBO Rate” with respect to such Eurodollar Loan for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the average of the rates per annum at which deposits in U.S.
dollars are offered for a maturity comparable to such relevant Interest Period to major banks in the London interbank market in London, England by the Administrative Agent at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period. 
 “Lien” means any lien (statutory or other), mortgage, pledge, security interest or
other charge or encumbrance, or any other type of preferential arrangement in the nature of a security interest (including the interest of a vendor or lessor under any conditional sale, capitalized lease or other title retention agreement). 

“Like–Kind Exchange Matter” means the IRS’s challenge to the position taken by the Borrower on its 1999 federal
income tax return with respect to the sale of ComEd’s fossil generating assets and the use of certain of the sale proceeds in a like–kind exchange transaction. 

“Loan” means any term loan made by a Lender to the Borrower hereunder. A Loan may be a Base Rate Loan or a Eurodollar Loan,
each of which shall be a “Type” of Loan. 
 “Majority Lenders” means Lenders having more than 50% of the
aggregate Pro Rata Shares. 
 “Marketing Materials” means a customary prospectus, offering memorandum or similar document
and other presentation materials. 
 “Material Adverse Change” and “Material Adverse Effect” each means,
relative to any occurrence, fact or circumstances of whatsoever nature (including any determination in any litigation, arbitration or governmental investigation or proceeding), (i) any materially adverse change in, or materially adverse effect
on, the financial condition, operations, assets or business of the Borrower and its consolidated Subsidiaries, taken as a whole (excluding ComEd Entities), provided that, except as otherwise expressly provided herein, the assertion against
the Borrower or any Subsidiary of liability for any obligation arising under ERISA for which the Borrower or such Subsidiary bore joint and several liability with any ComEd Entity, or the payment by the Borrower or any Subsidiary of any such
obligation, shall not be considered in determining whether a Material Adverse Change or Material Adverse Effect has occurred); or (ii) any materially adverse effect on the validity or enforceability against the Borrower of this Agreement. 

  
 10 

 “Maturity Date” means the earlier of (i) the date that is 364 days after
the Closing Date (or if such date is not a Business Day, the Business Day immediately preceding such date) or (ii) the date on which all the Loans are accelerated in accordance with Section 6.01. 

“Minimum Equity Issuance” has the meaning specified in the Joinder Fee Letter; provided, however, that each of
the parties to the Joinder Fee Letter which are also parties to this Agreement agree that the definition of Minimum Equity Issuance set forth in Section 2 of the Joinder Fee Letter is hereby deemed modified to replace the phrase “Net Cash
Proceeds” with “gross proceeds”. 
 “Moody’s” means Moody’s Investors Service, Inc. and any
successor thereto. 
 “Moody’s Rating” means, at any time, the rating issued by Moody’s and then in effect with
respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an
indicative rating from Moody’s for debt securities of such type, then such indicative rating shall be used for determining the “Moody’s Rating”). 

“Multiemployer Plan” means a Plan that meets the definition in Section 4001(a)(3) of ERISA. 

“Net Cash Flows From Operating Activities” means, for any period, “Net Cash Flows provided by Operating Activities”
as shown on a consolidated statement of cash flows of the Borrower for such period prepared in accordance with GAAP, excluding any “Changes in assets and liabilities” (as shown on such statement of cash flows) taken into account in
determining such Net Cash Flows provided by Operating Activities (except for any non–cash changes in assets and liabilities recorded by the Borrower in connection with the Like–Kind Exchange Matter). 

“Net Cash Proceeds” means: 

(a) with respect to any Disposition, the aggregate amount of all cash (which term, for the purpose of this definition, shall
include cash equivalents) proceeds (including any cash proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment or otherwise, but only as and when received) actually received
in respect of such Disposition, including property insurance or condemnation proceeds paid on account of any loss of any property or assets, net of (1) all reasonable attorneys’ fees, accountants’ fees, brokerage, consultant and other
customary fees and commissions, title and recording tax expenses and other reasonable fees and expenses incurred in connection therewith, (2) all taxes paid or reasonably estimated to be payable as a result thereof, (3) all payments made,
and all installment payments required to be made, with respect to any obligation (A) that is secured by any assets subject to such Disposition, in accordance with the terms of any Lien upon such assets, or (B) that must by its terms, or in
order to obtain a necessary consent to such Disposition, or by applicable law, be repaid out of the proceeds from such Disposition, (4) all distributions and other payments required to be made to minority interest holders in Subsidiaries or
joint ventures as a result of such Disposition, or to any other Person (other than the Borrower or any of its Subsidiaries) owning a beneficial interest in the assets disposed of in such Disposition, and (5) the amount of any reserves
established by the Borrower or any of its Subsidiaries in accordance with GAAP to fund purchase price or similar adjustments, indemnities or liabilities, contingent or otherwise, reasonably estimated to be payable in connection with such Disposition
(provided that to the extent and at the time any such amounts are released from such 

  
 11 

 
reserve, such amounts shall constitute Net Cash Proceeds); provided that such Net Cash Proceeds of Dispositions shall not include (x) insurance and condemnation proceeds to the extent
reinvested (or committed to be reinvested) in other assets used or useful in the business of the Borrower or any of its Subsidiaries (including any investments and acquisitions), or to repair or replace the relevant damaged or destroyed assets
(provided that no net cash proceeds calculated in accordance with this clause (x) realized in a single transaction or series of related transactions shall constitute Net Cash Proceeds unless such net cash proceeds shall exceed
$10,000,000), and (y) after the Minimum Equity Issuance has occurred, and not less than $1,000,000,000 of Net Cash Proceeds from Dispositions shall have been applied to reduce the Commitments, proceeds of any Disposition (other than as referred
to in clause (x)) received prior to the Closing Date to the extent reinvested (or committed to be reinvested) in other assets used or useful in the business of the Borrower or any of its Subsidiaries (including any investments and acquisitions)
within 9 months of receipt of such proceeds or, if so committed within such period, reinvested within 3 months thereafter (provided, that no net cash proceeds calculated in accordance with the foregoing clause (y) realized in a single
transaction or series of related transactions shall constitute Net Cash Proceeds unless such net cash proceeds shall exceed $10,000,000); and 

(b) with respect to any Equity Issuance or Debt Issuance, the aggregate amount of all cash proceeds actually received in
respect of such Equity Issuance or Debt Issuance, net of reasonable fees, expenses, costs, underwriting discounts and commissions incurred in connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof. 

“Net Interest Expense” means, for any period, the total of (a) Interest Expense for such period minus
(b) Interest Expense to Affiliates for such period to the extent included in the amount referred to in clause (a) and related to (i) interest payments on Debt obligations that are subordinated to the obligations of the Borrower
under this Agreement or (ii) interest on Nonrecourse Indebtedness minus (c) interest on ComEd Debt for such period. 

“Nonrecourse Indebtedness” means any Debt that finances the acquisition, development, ownership or operation of an asset in
respect of which the Person to which such Debt is owed has no recourse whatsoever to the Borrower or any of its Affiliates other than: 

(i) recourse to the named obligor with respect to such Debt (the “Debtor”) for amounts limited to the cash
flow or net cash flow (other than historic cash flow) from the asset; 
 (ii) recourse to the Debtor for the purpose only of
enabling amounts to be claimed in respect of such Debt in an enforcement of any security interest or lien given by the Debtor over the asset or the income, cash flow or other proceeds deriving from the asset (or given by any shareholder or the like
in the Debtor over its shares or like interest in the capital of the Debtor) to secure the Debt, but only if the extent of the recourse to the Debtor is limited solely to the amount of any recoveries made on any such enforcement; and 

(iii) recourse to the Debtor generally or indirectly to any Affiliate of the Debtor, under any form of assurance, undertaking
or support, which recourse is limited to a claim for damages (other than liquidated damages and damages required to be calculated in a specified way) for a breach of an obligation (other than a payment obligation or an obligation to comply or to
procure compliance by another with any financial ratios or other tests of financial condition) by the Person against which such recourse is available. 

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

  
 12 

 “Note” means a promissory note of the Borrower evidencing Loans made or held by
a Lender, substantially in the form of Exhibit C. 
 “Notice of Borrowing” has the meaning specified in
Section 2.02(a). 
 “OECD” means the Organization for Economic Cooperation and Development. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, or engaged in any other transaction pursuant to this Agreement or sold or assigned an interest in this Agreement). 

“Other Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar excise or
property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, this
Agreement, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment under Section 8.07(g)). 

“Participant” has the meaning specified in Section 8.07(e). 

“Participant Register” has the meaning specified in Section 8.07(e). 

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 

“PBGC” means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

 “PECO” means PECO Energy Company, a Pennsylvania corporation, or any Eligible Successor thereof. 

“Permitted Encumbrance” means (a) any right reserved to or vested in any municipality or other governmental or public
authority (i) by the terms of any right, power, franchise, grant (including, without limitation, any financial assistance grant), license or permit granted or issued to the Borrower or Genco or (ii) to purchase or recapture or to designate
a purchaser of any property of the Borrower or Genco; (b) any easement, restriction, exception or reservation in any property and/or right of way of the Borrower or Genco for the purposes of roads, pipelines, transmission lines, distribution
lines, transportation lines or removal of minerals or timber or for other like purposes or for the joint or common use of real property, rights of way, facilities and/or equipment, and defects, irregularities and deficiencies in title of any
property and/or rights of way, which, in each case described in this clause (b), whether considered individually or collectively with all other items described in this clause (b), do not materially impair the use of the relevant
property and/or rights of way for the purposes for which such property and/or rights of way are held by the Borrower or Genco; (c) rights reserved to or vested in any municipality or other Governmental Authority to control or regulate any
property of the Borrower or Genco or to use such property in a manner that does not materially impair the use of such property for the purposes for which it is held by the Borrower or Genco; and (d) obligations or duties of the Borrower or
Genco to any municipality or other Governmental Authority that arise out of any franchise, grant, license or permit and that affect any property of the Borrower or Genco (including, without limitation, obligations with respect to nuclear waste
disposal and related arrangements). 

  
 13 

 “Permitted Obligations” mean (1) Hedging Obligations of the Borrower or
Genco arising in the ordinary course of business and in accordance with the Borrower or Genco’s established risk management policies that are designed to protect the Borrower or Genco against, among other things, fluctuations in interest rates
or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the applicable obligations being hedged and (2) Commodity Trading
Obligations of the Borrower or Genco. 
 “Person” means an individual, partnership, corporation (including a business
trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means an employee pension benefit plan that is covered by Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Code as to which the Borrower or any other member of the Controlled Group has or may have any liability (including contingent liability). 

“Platform” has the meaning specified in Section 5.01. 

“Prepayment Notice” means a notice by the Borrower to prepay Loans, which, when in writing, shall be substantially in the
form of Exhibit E. 
 “Prime Rate” means a rate per annum equal to the prime rate of interest announced by the
Administrative Agent as its prime rate (which is not necessarily the lowest rate charged to any customer) in effect at its principal office in New York City. 

“Principal Subsidiary” means each Subsidiary, other than (a) PECO and its Subsidiaries, (b) any BGE Entity,
(c) any ComEd Entity, (d) except as provided in the proviso below, any Constellation Nuclear Entity and (e) solely to the extent, and at such time as, the following are also expressly excluded from the definition of “Principal
Subsidiary” in the Existing Credit Agreement pursuant to any amendment, refinancing or replacement thereof, Atlantic City Electric Company and its Subsidiaries, Delmarva Power & Light Company and its Subsidiaries and Potomac Electric
Power Company and its Subsidiaries, (i) the consolidated assets of which, as of the date of any determination thereof, are at least equal to 10% of the consolidated assets of the Borrower or (ii) the consolidated earnings before taxes of
which are at least equal to 10% of the consolidated earnings before taxes of the Borrower for the most recently completed fiscal year; provided that, regardless of whether Constellation Nuclear or any of its Subsidiaries is a consolidated
Subsidiary of the Borrower, (A) the Constellation Nuclear Entities shall be subject to being tested as Principal Subsidiaries under clauses (i) and (ii) above only at any time that the Borrower shall own, directly or indirectly
through one or more other Subsidiaries, 51% or more of the outstanding capital stock (or other comparable interest) of Constellation Nuclear having ordinary voting power (irrespective of whether or not at the time capital stock, or comparable
interests, of any other class or classes of such corporation or entity shall or might have voting power upon the occurrence of any contingency), and (B) the assets and earnings of Constellation Nuclear and its Subsidiaries shall be included in
the computation of the 10% tests set forth in clauses (i) and (ii) above, as applicable, only to the extent of the Borrower’s proportional equity interest in Constellation Nuclear. 

“Pro Rata Share” means, with respect to a Lender, the percentage that such Lender’s outstanding aggregate principal
amount of Loans is of all Loans then outstanding (disregarding, in the case of Section 2.16 when a Defaulting Lender exists, any Defaulting Lender’s outstanding Loans), or if there are no Loans outstanding, the percentage that such
Lender’s Commitment Amount is of the Aggregate 

  
 14 

 
Commitment Amount (disregarding, in the case of Section 2.16 when a Defaulting Lender exists, any Defaulting Lender’s Commitment Amount). If the Commitments have terminated or
expired, the Pro Rata Shares shall be determined based upon the Commitment Amounts most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

“Recipient” means, as applicable, (a) the Administrative Agent and (b) any Lender. 

“Register” has the meaning specified in Section 8.07(c). 

“Regulated Subsidiary” means the following subsidiaries of the Borrower (including, following the Closing Date, the
applicable similarly regulated subsidiaries of the Target): any ComEd Entity, PECO and its Subsidiaries, any BGE Entity, Atlantic City Electric Company and its Subsidiaries, Delmarva Power & Light Company and its Subsidiaries and Potomac
Electric Power Company and its Subsidiaries. 
 “Reportable Event” means a reportable event as defined in Section 4043
of ERISA and regulations issued under such Section with respect to a Single Employer Plan, excluding such events as to which the requirement of Section 4043(a) of ERISA that the PBGC be notified within 30 days after the occurrence of such event
is waived under PBGC Regulation Section 4043, provided that a failure to meet the minimum funding standard of Section 412 of the Code and Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such
waivers in accordance with either Section 4043(a) of ERISA or Section 412(c) of the Code. 
 “RF Holdco” shall
mean RF HoldCo LLC, a Delaware limited liability company. 
 “S&P” means Standard & Poor’s Ratings
Services, a Standard & Poor’s Financial Services LLC business, and any successor thereto. 
 “S&P Rating”
means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have
any outstanding debt securities of the type described above but has an indicative rating from S&P for debt securities of such type, then such indicative rating shall be used for determining the “S&P Rating”). 

“Sanctions” means sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department.

 “Single Employer Plan” means a Plan other than a Multiemployer Plan, maintained by the Borrower or any other member of
the Controlled Group for employees of the Borrower or any other member of the Controlled Group. 
 “Solvent” means, with
respect to the Borrower and its Subsidiaries (a) the fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise,
(b) the present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other
liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) the Borrower and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated,
contingent or otherwise, as such liabilities become absolute and matured and (d) the Borrower and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small
capital. For the purposes of the foregoing, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability. 

  
 15 

 “Solvency Certificate” a solvency certificate substantially in the form attached
hereto as Exhibit F. 
 “SPC” has the meaning specified in Section 8.07(i). 

“Specified Representation” means each of the representations and warranties made by the Borrower in Sections 4.01(a)
(limited to corporate existence), 4.01(b) (limited (x) in the case of clause (ii) thereof, to applicable law in any material respect and (y) in the case of clause (iii) thereof, to contractual restrictions
under any indenture, instrument or agreement for committed or funded indebtedness for borrowed money of the Borrower in excess of $100,000,000), 4.01(c), 4.01(d), 4.01(e)(i), 4.01(g), 4.01(h), 4.01(j),
4.01(l), 4.01(m) and 4.01(n). 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal),
the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established
by the Federal Reserve Board to which the Administrative Agent is subject, with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Federal Reserve Board).
Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 
 “Subsidiary” means, with respect to any Person, any corporation or unincorporated entity of which more than
50% of the outstanding capital stock (or comparable interest) having ordinary voting power (irrespective of whether or not at the time capital stock, or comparable interests, of any other class or classes of such corporation or entity shall or might
have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned by such Person (whether directly or through one or more other Subsidiaries). Unless otherwise indicated, each reference to a “Subsidiary”
means a Subsidiary of the Borrower. 
 “Syndication Agent” means Goldman Sachs Bank USA in its capacity as a syndication
agent hereunder. 
 “Target” means Pepco Holdings, Inc., a Delaware corporation. 

“Target Material Adverse Effect” means any change, event, occurrence or effect that, individually or taken together with
other changes, events, occurrences or effects, has a material adverse effect on the financial condition, business or results of operations of the Target and its Subsidiaries, taken as a whole; provided, however, that, none of the
following shall constitute or be taken into account in determining whether there is or, where applicable, has been a Target Material Adverse Effect: (A) changes in general economic or political conditions or the securities, credit, commodities
or financial markets in general in the United States or the geographic area within which PJM Interconnection, LLC (“PJM”) operates as a regional transmission organization (the “PJM Region”), or the Mid-Atlantic Area
Council within the PJM Region; (B) (i) acts of war or terrorism or (ii) changes, events, circumstances or developments that are weather-related or result from any natural disasters, “acts of God” or other “force
majeure” events; (C) any adoption, implementation, promulgation, repeal, modification, reinterpretation or proposal of any 

  
 16 

 
rule, regulation, ordinance, order, protocol or any other Law of or by any national, regional, state or local Governmental Entity or of or by the North American Electric Reliability Corporation
(“NERC”) or PJM; (D) changes, events or developments in the (x) electric generating, transmission or distribution industries or natural gas transmission or distribution industries (including any changes in the operations
thereof), (y) engineering or construction industries, or (z) wholesale or retail markets for commodities, materials or supplies (including equipment supplies, steel, concrete, electric power, fuel, coal, natural gas, water or coal
transportation) or the hedging markets therefor; (E) changes or developments in wholesale or retail electric power prices; (F) system-wide changes or developments in electric transmission or distribution systems (other than changes solely
affecting the Target and its Subsidiaries); (G) any changes in customer usage patterns or customer selection of third-party suppliers for electricity; (H) any loss or overtly threatened loss, or adverse change or overtly threatened adverse
change, in the relationship of the Target or any of its Subsidiaries with its customers, employees, regulators, financing sources, labor unions or suppliers caused by the pendency or the announcement of the transactions contemplated by the
Acquisition Agreement; (I) changes or effects from the entry into, the announcement or pendency of or the performance of obligations required by the Acquisition Agreement or consented to or requested by Parent or Merger Sub, including any
change resulting from a failure to file rate cases as planned or to receive orders from State Commissions approving rate increases as contemplated by the Target’s financial plans, any change in the Target’s credit ratings and any actions
taken by the Target and its Subsidiaries that is expressly permitted or required pursuant to the Acquisition Agreement or is consented to or requested by Parent to obtain approval from any Governmental Entity for consummation of the Merger
(including (i) any actions taken by Parent, the Target or any of their respective Subsidiaries to settle the Rate Cases as permitted by Section 6.5(f) of the Acquisition Agreement, (ii) any actions required to be taken by Parent, the
Target or any of their respective Affiliates to obtain any Parent Approval or any Company Approval, (iii) any action by any Governmental Entity that requires Parent or the Target or any of their respective Subsidiaries or Affiliates to accept
the commitments and agreements set forth in Exhibit B to the Acquisition Agreement (the “Regulatory Commitments”), (iv) the issuance, sale and delivery of the Nonvoting Preferred Stock to Parent pursuant to the Subscription
Agreement and (v) any agreements consented to by Parent to obtain the Regulatory Approvals, including to implement the Regulatory Commitments); (J) changes in GAAP or interpretation thereof after the date hereof; (K) any failure by
the Target to meet any internal or public projections or forecasts or estimates of revenues or earnings for any period ending on or after the date of the Acquisition Agreement; provided that the exception in this clause shall not prevent or
otherwise affect a determination that any change, event, occurrence, effect, circumstance or development underlying such failure has resulted in, or contributed to, a Target Material Adverse Effect; (L) changes that arise out of or relate to
the identity of Parent or any of its Affiliates as the acquirer of the Target; (M) a decline in the price or trading volume of the Target common stock on the New York Stock Exchange (the “NYSE”) on or after the date of the
Acquisition Agreement, provided that the exception in this clause shall not prevent or otherwise affect a determination that any change, event, occurrence, effect, circumstance or development underlying such decline has resulted in, or
contributed to, a Target Material Adverse Effect; and (N) changes that result from any shutdown or suspension of operations at the power plants from which the Target obtains electricity or facilities from which the Target obtains natural gas;
provided, further, however, that matters, changes, events, occurrences, effects or developments set forth in clauses (A), (B), (C), (D), (E), (F) and (G) above may be taken into account in determining whether there has
been or is a Target Material Adverse Effect to the extent such matters, changes, events, occurrences, effects or developments have a materially disproportionate adverse effect on the Target and its Subsidiaries, taken as a whole, as compared to
other entities (if any) engaged in the relevant business in the geographic area affected by such matters, changes, events, occurrences, effects or developments. In this definition, (i) each reference to the “Acquisition Agreement”
shall mean the Acquisition Agreement as in effect on April 29, 2014 and (ii) each capitalized term that is not defined in any other provision of this Agreement shall have the meaning given to such term in the Acquisition Agreement. 

  
 17 

 “Target Representations” means the representations made by or with respect to
the Target in the Acquisition Agreement that are material to the interests of the Lenders (but only to the extent that the breach of such representations would permit the Borrower or its applicable Subsidiary to terminate its obligations under the
Acquisition Agreement or to decline to close the Acquisition as a result of breach of such representations in the Acquisition Agreement). 

“Taxes” means any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other
charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Titled
Person” has the meaning specified in Section 7.07. 
 “Type” has the meaning specified in the
definition of Loan. 
 “Unfunded Liabilities” means, (i) in the case of any Single Employer Plan, the amount (if any)
by which the present value of all vested nonforfeitable benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent actuarial valuation date for such Plan using the
actuarial assumptions set forth in the most recent actuarial valuation report for such Single Employer Plan, and (ii) in the case of any Multiemployer Plan, the Withdrawal Liability that would be incurred by the Controlled Group if all members
of the Controlled Group completely withdrew from such Multiemployer Plan. 
 “United States” and “U.S.”
mean the United States of America. 
 “Unmatured Event of Default” means any event which (if it continues uncured) will,
with lapse of time or notice or both, become an Event of Default. 
 “U.S. Person” means a “United States person”
within the meaning of Section 7701(a)(30) of the Code. 
 “U.S. Tax Certificate” has the meaning specified in
Section 2.14(f)(ii)(D)(2). 
 “Withdrawal Liability” has the meaning specified in Part 1 of Subtitle E of Title
IV of ERISA. 
 “Withholding Agent” means the Borrower and the Administrative Agent. 

SECTION 1.02. Other Interpretive Provisions. In this Agreement, (a) in the computation of periods of time from a
specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”; (b) the term “including” means
“including without limitation”; and (c) unless otherwise indicated, (i) any reference to an Article, Section, Exhibit or Schedule means an Article or Section hereof or an Exhibit or Schedule hereto;
(ii) unless otherwise specified, any reference to a time of day means such time in New York, New York; (iii) any reference to a law or regulation means such law or regulation as amended, modified or supplemented from time to time and
includes all statutory and regulatory provisions consolidating, replacing or interpreting such law or regulation; and (d) any reference to an agreement, instrument or other document means such agreement, instrument or other document as amended,
supplemented or otherwise modified from time to time. 

  
 18 

 SECTION 1.03. Accounting Principles. 

(a) As used in this Agreement, “GAAP” means generally accepted accounting principles in the United States, applied on a
basis consistent with the principles used in preparing the Borrower’s audited consolidated financial statements as of December 31, 2013 and for the fiscal year then ended, as such principles may be revised as a result of changes in GAAP
implemented by the Borrower subsequent to such date. In this Agreement, except to the extent, if any, otherwise provided herein, all accounting and financial terms shall have the meanings ascribed to such terms by GAAP, and all computations and
determinations as to accounting and financial matters shall be made in accordance with GAAP. In the event that the financial statements generally prepared by the Borrower reflect a change in GAAP that affects the computation of any financial ratio
or requirement set forth herein (as contemplated by Section 1.03(b)), the compliance certificate delivered pursuant to Section 5.01(b)(iv) accompanying such financial statements shall include information in reasonable detail
reconciling such financial statements which reflect such change in GAAP to financial information that does not reflect such change to the extent relevant to the calculations set forth in such compliance certificate. 

(b) If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth herein and the Borrower or
the Majority Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Majority Lenders); provided that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein. 

(c) For purposes of any calculation or determination which is to be made on a consolidated basis (including compliance with
Section 5.02(c)), such calculation or determination shall exclude any assets, liabilities, revenues and expenses that are included in the Borrower’s financial statements from “variable interest entities” as a result of the
application of FIN No. 46, Consolidation of Variable Interest Entities – an Interpretation of ARB No. 51, as updated through FIN No. 46-R and as modified by FIN No. 94. 

ARTICLE II 
 AMOUNTS AND
TERMS OF THE COMMITMENTS 
 SECTION 2.01. Commitments. Each Lender severally agrees, on the terms and conditions
hereinafter set forth, to make Loans in U.S. dollars to the Borrower on the Closing Date in an aggregate amount not to exceed such Lender’s Commitment Amount. Any amount borrowed under this Section 2.01 and subsequently repaid or
prepaid may not be reborrowed. Each Lender’s Commitment shall terminate immediately and without further action (i) on the Closing Date after giving effect to the funding of such Lender’s Commitment on the Closing Date or (ii) in
accordance with Sections 2.04 and 2.06. 
 SECTION 2.02. Procedures for Borrowing Loans; Limitations on
Borrowings. 
 (a) The Borrower may request a Borrowing of Loans by giving notice (a “Notice of Borrowing”) to the
Administrative Agent (which shall promptly advise each Lender of its receipt thereof) not later than 10:00 A.M. three Business Days prior to the date of any proposed Borrowing of Eurodollar Loans and one Business Day prior to the date of any
proposed Borrowing of Base Rate Loans. Each Notice of Borrowing shall be sent by facsimile and shall be in substantially the form of Exhibit B, specifying therein (i) the requested date of Borrowing (which shall be a Business Day),
(ii) the Type of Loans requested, (iii) the aggregate principal amount of the requested Loans and (iv) in the case of a Borrowing of Eurodollar Loans, the initial Interest Period therefor. Each Lender shall, before 12:00 noon on the
date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at its address referred to in Section 8.02, in same day funds, such Lender’s ratable

  
 19 

 
portion of the requested Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment or waiver of the applicable conditions set forth in Section 3.02,
the Administrative Agent will make such funds available to the Borrower. 
 (b) Each Notice of Borrowing shall be irrevocable and binding
on the Borrower. If a Notice of Borrowing requests Eurodollar Loans, the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure of the Borrower to fulfill on or before the requested
borrowing date the applicable conditions set forth in Section 3.02, including any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the requested Loan
to be made by such Lender. 
 (c) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any
requested Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative
Agent on the requested Borrowing date in accordance with Section 2.02(a) and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that
such Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest
thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to Loans made in
connection with such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Loan as part
of such Borrowing for purposes of this Agreement. 
 (d) The failure of any Lender to make the Loan to be made by it on any Borrowing date
shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on such date, but no Lender shall be responsible for the failure of any other Lender to make any Loan to be made by such other Lender. 

(e) Notwithstanding anything to the contrary contained herein, the Borrower may not have more than 10 Borrowings of Eurodollar Loans
outstanding at any time. 
 SECTION 2.03. Fees. 

(a) Ticking Fees. The Borrower agrees to pay to the Administrative Agent, for the account of each Lender, ticking fees at a rate per
annum equal to the Applicable Ticking Fee Rate on such Lender’s daily average undrawn Commitment Amount for the period from the Effective Date to the earlier of (i) the date of termination of all of the Commitments and (ii) the
Closing Date, payable in arrears on the last day of each March, June, September and December and on the date of termination of all of the Commitments. 

(b) Duration Fees. The Borrower agrees to pay to the Administrative Agent, for the account of each Lender, duration fees in amounts
equal to the percentage, as determined in accordance with the grid below, of the aggregate principal amount of the Loans held by such Lender outstanding at the close of business, New York City time, on each date set forth in the grid below, payable
on each such date. 

  
 20 

											
	Duration Fees	 
	 90 days after the

Closing Date
	 	 	 180 days after the

Closing Date
	 	 	 270 days after the

Closing Date
	 
	 	0.50	% 	 	 	0.75	% 	 	 	1.00	% 

 (c) The Borrower agrees to pay to the Administrative Agent, the Joint Lead Arrangers and the Lenders the
applicable fees payable in the amounts and at the times set forth in each of the Fee Letters (without duplication of any fees required to be paid by the Borrower under this Agreement). 

(d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution
to the relevant Lenders or the Joint Lead Arrangers, as applicable. Fees paid shall not be refundable under any circumstance. 

SECTION 2.04. Voluntary Reduction or Termination of Commitment Amounts and Prepayments. 

(a) The Borrower shall have the right, upon at least one Business Day’s prior written notice to the Administrative Agent in the form of
a Prepayment Notice, to ratably reduce the respective Commitment Amounts of the Lenders in accordance with their Pro Rata Shares; provided that each partial reduction of the Commitment Amounts shall be in the aggregate amount of $10,000,000
or an integral multiple thereof. Any reduction of the Commitment Amounts pursuant to this Section 2.04(a) shall be permanent. 

(b) The Borrower may at any time, upon at least one Business Day’s prior written notice to the Administrative Agent in the form of a
Prepayment Notice, terminate the Commitments in whole so long as the Borrower concurrently pays all of its outstanding obligations hereunder. Any termination of the Commitment Amounts pursuant to this Section 2.04(b) shall be permanent.

 (c) The Borrower may, upon notice to the Administrative Agent in the form of a Prepayment Notice, not later than 10:00 A.M. at least
three Business Days prior to any prepayment of Eurodollar Loans or on the day of any prepayment of Base Rate Loans (which notice may be conditional upon the occurrence of the consummation of any transaction or any incurrence or issuance of
indebtedness or equity interests), in each case stating the proposed date and aggregate principal amount of the prepayment, and if such Prepayment Notice is given, the Borrower shall, prepay the outstanding principal amounts of the Loans made as
part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided that (i) each partial prepayment shall be in an aggregate principal amount
not less than $10,000,000 or a higher integral multiple of $1,000,000 in the case of any prepayment of Eurodollar Loans and $5,000,000 or a higher integral multiple of $1,000,000 in the case of any prepayment of Base Rate Loans and (ii) in the
case of any such prepayment of a Eurodollar Loan, the Borrower shall be obligated to reimburse the Lenders pursuant to Section 8.04(b) on the date of such prepayment. 

SECTION 2.05. Repayment of Loans. The Borrower shall repay all outstanding Loans made by each Lender, and all other
obligations of the Borrower to such Lender hereunder, on the Maturity Date. 

  
 21 

 SECTION 2.06. Mandatory Commitment Reductions and Prepayments. 

(a) Unless previously terminated, the Commitments shall terminate on the first to occur of (i) the consummation of the Acquisition
without the use of the Loans, (ii) the termination of the Acquisition Agreement in accordance with its terms and (iii) the Commitment Expiration Date. 

(b) In the event that the Borrower or its Subsidiaries (other than any Regulated Subsidiary) receives (including into escrow) following
April 29, 2014 any Net Cash Proceeds arising from any Debt Issuance, Equity Issuance or Disposition (i) prior to the Closing Date, then the Commitments shall be automatically reduced in an amount equal to 100% of such Net Cash Proceeds on
the date of receipt by the Borrower or such Subsidiary of such Net Cash Proceeds; provided that in the case of any such Equity Issuance, the amount payable in the future to the Borrower or any of its Subsidiaries pursuant to any Equity
Forward Contract shall be applied to reduce the Commitments immediately upon such Equity Forward Contract being executed and effective, or (ii) on or after the Closing Date, then the Borrower shall prepay the Loans in an amount equal to 100% of
such Net Cash Proceeds not later than five Business Days following the receipt by the Borrower or such Subsidiary of such Net Cash Proceeds. To the extent a mandatory prepayment is then required to be made pursuant to this Section 2.06(b), the
Borrower shall promptly (within five Business Days thereof) notify the Administrative Agent of the receipt by the Borrower or such Subsidiary of any such Net Cash Proceeds and the Administrative Agent will promptly notify each Lender of its receipt
of each such notice. 
 (c) If the Borrower or any of its Subsidiaries (other than a Regulated Subsidiary) enters into any Committed
Financing prior to the Closing Date, and the conditions to availability thereunder are no more restrictive than the conditions precedent set forth in Section 3.02, then the Borrower shall promptly (within five Business Days thereof)
notify the Administrative Agent in writing of such Committed Financing and the Commitments shall be automatically reduced by the committed principal amount of such Committed Financing on the date such notification is received by the Administrative
Agent. 
 (d) Any termination or reduction of the Commitments pursuant to this Section 2.06 shall be permanent. The
Administrative Agent shall promptly notify each Lender of any reduction in the Commitments pursuant to this Section 2.06. Each prepayment pursuant to this Section 2.06 shall be applied to the Loans of the Lenders ratably in
accordance with their respective portions of the Loans. 
 SECTION 2.07. Interest on Loans. The Borrower shall pay
interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount shall be paid in full, as follows: 

(a) At all times such Loan is a Base Rate Loan, a rate per annum equal to the Alternate Base Rate in effect from time to time plus the
Applicable Margin in effect from time to time, payable quarterly on the last day of each March, June, September and December, on the date such Base Rate Loan is converted to a Eurodollar Loan or paid in full and on the Maturity Date. 

(b) At all times such Loan is a Eurodollar Loan, a rate per annum equal to the sum of the Adjusted LIBO Rate for each applicable Interest
Period plus the Applicable Margin in effect from time to time, payable on the last day of each Interest Period for such Eurodollar Loan (and, if any Interest Period for such Loan is six months, on the day that is three months after the first
day of such Interest Period) or, if earlier, on the date such Eurodollar Loan is converted to a Base Rate Loan or paid in full and on the Maturity Date. 

  
 22 

 SECTION 2.08. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurodollar Loan: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest
error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
 (b) the
Administrative Agent is advised by the Majority Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loans) included in
such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy
as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any notice that requests the conversion of any Loan to, or
continuation of any Loan as, a Eurodollar Loan shall be ineffective and (ii) if any Notice of Borrowing requests a Eurodollar Loan, such Loan shall be made as a Base Rate Loan. 

SECTION 2.09. Interest Rate Determination. 

(a) The Administrative Agent shall give prompt notice to the Borrower and the Lenders of each applicable interest rate determined by the
Administrative Agent for purposes of Section 2.07(a) or (b). 
 (b) If, with respect to any Borrowing of Eurodollar
Loans, the Majority Lenders notify the Administrative Agent that the Adjusted LIBO Rate for any Interest Period for such Loans will not adequately reflect the cost to such Majority Lenders of making, funding or maintaining their respective
Eurodollar Loans for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Lenders, whereupon 

(i) each Eurodollar Loan will automatically, on the last day of the then existing Interest Period therefor (unless prepaid or converted to a
Base Rate Loan prior to such day), convert into a Base Rate Loan, and 
 (ii) the obligation of the Lenders to make, continue or convert
into Eurodollar Loans shall be suspended until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist. 

SECTION 2.10. Continuation and Conversion of Loans. 

(a) The Borrower may on any Business Day, upon notice given to the Administrative Agent in the form of an Interest Election Request, not
later than 10:00 A.M. three (3) Business Days prior to the date of any proposed continuation of or conversion into Eurodollar Loans, and one (1) Business Day prior to the date of any proposed conversion into Base Rate Loans, and subject to
the provisions of Sections 2.09, 2.10(b) and 2.12, continue Eurodollar Loans for a new Interest Period or convert a Borrowing of Loans of one Type into Loans of the other Type; provided that any continuation of Eurodollar
Loans or conversion of Eurodollar Loans into Base Rate Loans shall be made on, and only on, the last day of an Interest Period for such Eurodollar Loans, unless, in the case of such a conversion, the Borrower shall also reimburse the Lenders
pursuant to Section 8.04(b) on the date of such conversion. Each such Interest Election Request shall, within the restrictions specified above, specify (i) the date of such continuation or conversion, (ii) the Loans to be
continued or converted, and (iii) in the case of continuation of or conversion into Eurodollar Loans, the duration of the Interest Period for such Loans. 

  
 23 

 (b) If the Borrower fails to select the Type of any Loan or the duration of any Interest Period
for any Borrowing of Eurodollar Loans in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01 and Section 2.10(a), the Administrative Agent will forthwith so notify the
Borrower and the Lenders and such Loans will automatically, on the last day of the then existing Interest Period therefor, convert into Base Rate Loans. 

SECTION 2.11. 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, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); 
 (ii) impose on any
Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender; or 
 (iii)
subject any Recipient to any Taxes (other than (A) Indemnified Taxes and (B) Other Connection Taxes on gross or net income, profits or revenue (including value-added or similar Taxes)) on its loans, loan principal, letters of credit,
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing
shall be to increase the cost to such Lender or such other Recipient of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender or
such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or other Recipient
for such additional costs incurred or reduction suffered. 
 (b) If any Lender determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level
below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital
adequacy and liquidity requirements), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may
be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days
after receipt thereof. 
 (d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 90 days
prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such 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 90-day period referred to above shall be extended to include the period of retroactive effect thereof, provided that such demand is made within 90 days after
the implementation of such retroactive Change in Law. 

  
 24 

 SECTION 2.12. Illegality. Notwithstanding any other provision of this
Agreement, if any Lender shall notify the Administrative Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is
unlawful, for such Lender or its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Loans or to fund or maintain Eurodollar Loans hereunder, (i) the obligation of such Lender to make, continue or convert Loans
into Eurodollar Loans shall be suspended (subject to the following paragraph of this Section 2.12) until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist
and (ii) all Eurodollar Loans of such Lender then outstanding shall, on the last day of the then applicable Interest Period (or such earlier date as such Lender shall designate upon not less than five Business Days’ prior written notice to
the Administrative Agent), be automatically converted into Base Rate Loans. 
 If the obligation of any Lender to make, continue or convert
into Eurodollar Loans has been suspended pursuant to the preceding paragraph, then, unless and until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist, (i) all
Loans that would otherwise be made by such Lender as Eurodollar Loans shall instead be made as Base Rate Loans and (ii) to the extent that Eurodollar Loans of such Lender have been converted into Base Rate Loans pursuant to the preceding
paragraph or made instead as Base Rate Loans pursuant to the preceding clause (i), all payments and prepayments of principal that would have otherwise been applied to such Eurodollar Loans of such Lender shall be applied instead to such Base
Rate Loans of such Lender. 
 SECTION 2.13. Payments; Computations and Notes. 

(a) The Borrower shall make each payment hereunder not later than 10:00 A.M. on the day when due in U.S. dollars to the Administrative Agent
at its address referred to in Section 8.02 in same day funds without setoff, counterclaim or other deduction. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal,
interest, ticking fees and duration fees ratably (other than amounts payable pursuant to Section 2.02(b), 2.11, 2.14 or 8.04(b)) to the Lenders for the account of their respective Applicable Lending Offices, and like
funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment
and Assumption and recording of the information contained therein in the Register pursuant to Section 8.07(d), from the effective date specified in such Assignment and Assumption, the Administrative Agent shall make all payments
hereunder in respect of the interest assigned thereby to the Lender assignor thereunder for amounts which have accrued to but excluding the effective date specified in such Assignment and Assumption and to the Lender assignee thereunder for amounts
which have accrued from and after the effective date specified in such Assignment and Assumption. 
 (b) The Borrower hereby authorizes
each Lender, if and to the extent any payment owed to such Lender by the Borrower is not made when due hereunder, to charge from time to time against any of the Borrower’s accounts with such Lender any amount so due. Each Lender agrees to
notify the Borrower promptly after any such set-off and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such set-off and application. 

(c) All computations of interest based on the Prime Rate shall be made by the Administrative Agent on the basis of a year of 365 or 366 days,
as the case may be, and all other computations of interest and of fees shall be made by the Administrative Agent on the basis of a year of 

  
 25 

 
360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable. Each determination
by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 (d)
Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of any interest
or fees, as the case may be; provided that if such extension would cause payment of interest on or principal of a Eurodollar Loan to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.

 (e) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due by the
Borrower to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in
reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower shall not have so made such payment in full to the Administrative
Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender
repays such amount to the Administrative Agent, at the Federal Funds Rate. 
 (f) Notwithstanding anything to the contrary contained
herein, any amount payable by the Borrower hereunder that is not paid when due (whether at stated maturity, by acceleration or otherwise) shall (to the fullest extent permitted by law) bear interest from the date when due until paid in full at a
rate per annum equal at all times to the Alternate Base Rate plus the Applicable Margin in effect from time to time plus 2%, payable upon demand. 

(g) Upon the request of any Lender made through the Administrative Agent, the Borrower shall prepare, execute and deliver to such Lender a
Note of the Borrower payable to such Lender and its registered assigns and in the form specified herein (or any other form that is in “registered form” within the meaning of Section 5f.103-1(c) of the United States Treasury
Regulations and is approved by the Administrative Agent), which shall evidence such Lender’s Loans. 
 SECTION 2.14.
Taxes. 
 (a) Each payment by or on account of the Borrower under this Agreement shall be made without withholding for any
Taxes, unless such withholding is required by any law. If any Withholding Agent determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay
the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by the Borrower shall be increased as necessary so that, net of such withholding
(including such withholding applicable to additional amounts payable under this Section), the applicable Recipient receives the amount it would have received had no such withholding been made. 

(b) The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

  
 26 

 (c) As soon as practicable after any payment of Indemnified Taxes by the Borrower to a
Governmental Authority, the Borrower shall deliver to the Administrative Agent 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 Administrative Agent. 
 (d) The Borrower shall indemnify each Recipient for any Indemnified
Taxes that are paid or payable by such Recipient in connection with this Agreement (including amounts paid or payable under this Section 2.14(d)) and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.14(d) shall be paid within 10 days after the Recipient delivers to the Borrower a certificate
stating the amount of any Indemnified Taxes so paid or payable by such Recipient and describing in reasonable detail the basis for the indemnification claim. Such certificate shall be conclusive of the amount so paid or payable absent manifest
error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent. 
 (e) Each Lender shall severally indemnify
the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the
Borrower to do so) attributable to such Lender that are paid or payable by the Administrative Agent in connection with this Agreement and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority, as a result of the failure by such Lender to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender to the
Borrower or the Administrative Agent pursuant to Section 2.14(f); provided that no Lender shall be liable for the portion of any interest, expenses or penalties that are found by a final non-appealable decision of a court of
competent jurisdiction to have resulted from the Administrative Agent’s gross negligence or willful misconduct. The indemnity under this Section 2.14(e) shall be paid within 10 days after the Administrative Agent delivers to the
applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent and, if requested by the applicable Lender, a copy of any notice of claim of the relevant Governmental Authority at the time the
Administrative Agent makes a written demand for indemnification. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 

(f) Status of Lenders. 
 (i)
Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to any payments under this Agreement shall promptly deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of,
withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall promptly deliver such other documentation prescribed by law or at the time or times reasonably requested by the Borrower or the Administrative
Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to any withholding (including backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the
preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.14(f)(ii)(A) through (E) and Section 2.14(f)(iii) below) shall not be
required if the Lender notifies the Borrower and the Administrative Agent that the Lender is waiving its rights under this Section 2.14 to indemnification of the withholding Taxes to which the requested documentation relates. Upon the
reasonable request of the Borrower or the Administrative Agent, any 

  
 27 

 
Lender shall update any form or certification previously delivered pursuant to this Section 2.14(f). If any form or certification previously delivered pursuant to this Section expires
or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing of
such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. 
 (ii) Without
limiting the generality of the foregoing, if the Borrower is a U.S. Person, any Lender with respect to the Borrower shall, if it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies reasonably
requested by the Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable: 

(A) in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such
Lender is exempt from U.S. Federal backup withholding tax; 
 (B) in the case of a Non-U.S. Lender claiming the benefits of
an income tax treaty to which the United States is a party (1) with respect to payments of interest under this Agreement, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the
“interest” article of such tax treaty and (2) with respect to any other applicable payments under this Agreement, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 
 (C) in the case of a Non-U.S. Lender
for whom payments under this Agreement constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI; 

(D) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code both (1) IRS Form W-8BEN and (2) a certificate substantially in the appropriate form of Exhibit H (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code (c) a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected; 

(E) in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a
partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this paragraph (f)(ii) that would be required of each such
beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Non-U.S. Lender is a partnership providing an IRS Form W-8IMY on
behalf of itself and one or more of its partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Non-U.S. Lender may provide a U.S. Tax Certificate on behalf of such partners; or 

(F) any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax
together with such supplementary documentation necessary to enable the Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld. 

  
 28 

 (iii) If a payment made to a Lender under this Agreement would be subject to U.S. Federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Withholding Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Withholding Agent, 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 the Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.14(f)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(g) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has
been indemnified pursuant to this Section 2.14 (including additional amounts paid pursuant to this Section 2.14), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund, including additional amounts paid pursuant to this Section 2.14), net of all out-of-pocket expenses (including any Taxes payable on account of such
refund) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid to such indemnified party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.14(g), in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this
Section 2.14(g) if such payment would place such indemnified party in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the indemnification payments or additional amounts giving rise
to such refund had never been paid. This Section 2.14(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the
indemnifying party or any other Person. 
 (h) Without prejudice to the survival of any other agreement of the Borrower or any Lender
hereunder, the agreements and obligations of the Borrower and the Lenders contained in this Section 2.14 shall survive the payment in full of principal and interest hereunder and the termination of this Agreement; provided that no
Lender shall be entitled to demand any payment from the Borrower under this Section 2.14 more than one year following the payment to or for the account of such Lender of all other amounts payable by the Borrower hereunder to such Lender
and the termination of such Lender’s Commitment; provided, further, that the foregoing proviso shall in no way limit the right of any Lender to demand or receive any payment under this Section 2.14 to the extent that
such payment relates to the retroactive application of any Taxes or Other Taxes if such demand is made within one year after the implementation of such Taxes or Other Taxes. 

SECTION 2.15. Sharing of Payments, Etc. If any Lender shall obtain any payment (whether voluntary, involuntary, through the
exercise of any right of set-off, or otherwise) on account of the Loans made by it to the Borrower (other than pursuant to Section 2.02(b), 2.11, 2.14, or 8.04(b)) in excess of its ratable share of payments on
account of the Loans to the Borrower obtained by all Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Loans as shall be necessary to cause such purchasing Lender to share the excess payment ratably with
each of them, provided that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase
price to the extent of such recovery together with an amount equal to such Lender’s ratable 

  
 29 

 
share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other
amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.15 may, to the fullest extent
permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. 

SECTION 2.16. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to
accrue on the unutilized portion of the Commitment of such Defaulting Lender pursuant to Section 2.03(a); and 
 (b) the
Commitment Amount of such Defaulting Lender shall not be included in determining whether all Lenders or the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to
Section 8.01); provided that, any waiver, amendment or modification (i) requiring the consent of all Lenders or each affected Lender, which affects such Defaulting Lender differently than other affected Lenders or
(ii) under Section 8.01(b), (c), (d) or (f) (except, in the case of Section 8.01(c) or (d), with respect to fees as contemplated under this Section 2.16), shall in each
case require the consent of such Defaulting Lender. 
 In the event that the Administrative Agent and the Borrower agree that a Defaulting
Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in
order for such Lender to hold such Loans in accordance with its Pro Rata Share. 
 ARTICLE III

CONDITIONS PRECEDENT 

SECTION 3.01. Conditions Precedent to the Effective Date. The Lenders’ Commitments shall not become effective
hereunder unless all of the following conditions precedent have been satisfied (or waived in accordance with Section 8.01) on or prior to the Commitment Expiration Date: 

(a) the Administrative Agent shall have received (x) a counterpart of this Agreement signed on behalf of each party hereto or
(y) written evidence (which may include electronic transmission of a signed signature page of this Agreement) that each party hereto has signed a counterpart of this Agreement and each of the following documents, each dated a date reasonably
satisfactory to the Administrative Agent: 
 (i) Certified copies of resolutions of the Board of Directors or equivalent managing body of
the Borrower approving the transactions contemplated by this Agreement and of all documents evidencing other necessary organizational action of the Borrower with respect to this Agreement and the documents contemplated hereby; and 

(ii) A certificate of the Secretary or an Assistant Secretary of Borrower certifying (A) the names and true signatures of the officers
of the Borrower authorized to sign this Agreement and the other documents to be delivered hereunder; (B) that attached thereto are true and 

  
 30 

 
correct copies of the organizational documents of the Borrower, in each case in effect on such date and (C) that attached thereto is a certificate from the secretary of state of the state of
organization of the Borrower (or other appropriate authority of such jurisdiction) evidencing the legal existence and good standing of the Borrower; 

(b) the Administrative Agent shall have received evidence, satisfactory to the Administrative Agent, that the Borrower has paid all fees and,
to the extent invoiced at least three days prior to the Effective Date, expenses payable by the Borrower hereunder on the Effective Date (including amounts then payable under the Fee Letters). 

Promptly upon the occurrence thereof, the Administrative Agent shall notify the Borrower and the Lenders as to the Effective Date, and such
notice shall be conclusive and binding. 
 SECTION 3.02. Conditions Precedent to the Closing Date. The Lenders’
obligations to make Loans shall be subject to all of the following conditions precedent having been satisfied (or waived in accordance with Section 8.01) on or prior to the Commitment Expiration Date: 

(a) the Effective Date shall have occurred. 

(b) the Acquisition shall have been consummated or will be consummated substantially concurrently with the funding of the Loans in accordance
with the Acquisition Agreement; provided that no amendment, modification or waiver of any term thereof or any condition to consummate the Acquisition thereunder, or consent or request by the Borrower or any of its Subsidiaries (other than any
such amendment, modification, waiver, consent or request that is not materially adverse to any interest of the Lenders) shall be made or granted, as the case may be, without the prior written consent of each of the Joint Lead Arrangers. 

(c) except as set forth in (x) the Company Reports (as defined in the Acquisition Agreement, as of April 29, 2014) filed with or
furnished to the Securities and Exchange Commission by the Target on or after January 1, 2012 and at least two Business Days prior to April 29, 2014 (excluding any disclosures of information, factors or risks contained or referenced
therein under the captions “Risk Factors,” “Forward-Looking Statements,” “Quantitative and Qualitative Disclosures About Market Risk” or elsewhere therein, to the extent they are statements that are predictive,
cautionary or forward-looking in nature) or (y) the corresponding sections or subsections of the Company Disclosure Letter (as defined in the Acquisition Agreement, as of April 29, 2014), there shall not have occurred, since
December 31, 2013 any change in the financial condition, business or results of operations of the Target that, individually or in the aggregate, has had or is reasonably likely to have, a Target Material Adverse Effect. 

(d) the Joint Lead Arrangers shall have received (i) audited consolidated balance sheets and related audited consolidated statements of
operations, cash flows and shareholders’ equity of each of the Borrower and the Target for each of the three fiscal years ending more than 60 days prior to the Closing Date, (ii) unaudited consolidated balance sheets and related audited
consolidated statements of operations and cash flows for each fiscal quarter (other than the fourth fiscal quarter) of each of the Borrower and the Target ending after the latest fiscal year for which financial statements have been delivered under
clause (i) for each of the Borrower and the Target, as applicable, and more than 40 days prior to the Closing Date (including for the elapsed six and nine month interim periods) and for the corresponding periods of the prior fiscal year, all of
which shall have been reviewed by the independent accountants for the Borrower and the Target (as applicable) as provided in Statement on Auditing Standards No. 100, (iii) audited and unaudited financial statements for all recent, probable
or pending acquisitions (other than the Target), if any, and (iv) customary pro forma financial statements, in each case meeting the requirements of Regulation S-X for Form S-3 registration statements and, in the case of

  
 31 

 
clauses (iii) and (iv), only to the extent the Borrower will be required to file such financial statements pursuant to Item 9.01(a) of Form 8-K and Rule 3-05 and Article 11, as
applicable, of Regulation S-X. Each Joint Lead Arranger hereby acknowledges that the Borrower’s or the Target’s public filing with the Securities and Exchange Commission of any required audited financial statements on Form 10-K or required
unaudited financial statements on Form 10-Q, in each case, will satisfy the requirements under clauses (i) or (ii) as applicable, of this paragraph. 

(e) (i) the Joint Lead Arrangers shall have received the Marketing Materials suitable for use in a customary “road show” relating
to the placing or selling of debt securities of the Borrower, including audited and unaudited financial statements of the Borrower and the Target, as applicable, pro forma financial statements and other financial data of the type and form
customarily included in offering memoranda, prospectuses and similar documents (including as referred to in Section 3.02(d)), prepared in accordance with Regulation S-X and Regulation S-K under the Securities Act of 1933, as amended, as
well as drafts of customary comfort letters by auditors of the Borrower, which such auditors are prepared to issue upon completion of customary procedures, and the Borrower shall have used commercially reasonable efforts to deliver a draft of a
customary comfort letter by auditors of the Target, which such auditor is prepared to issue upon completion of customary procedures, and (ii) the Borrower shall have used commercially reasonable efforts to make available appropriate officers,
representatives and advisors of the Borrower for the “road show” referred to in clause (i), in the case of each of the foregoing by a date sufficient to afford the Joint Lead Arrangers a period of at least 15 consecutive Business Days
following the receipt of the Marketing Materials to place debt securities of the Borrower prior to the Closing Date; provided that such period will not include any date from and including July 4, 2014 through and including July 6,
2014, from and including August 15, 2014 through and including September 1, 2014, from and including November 27, 2014 through and including November 30, 2014 and December 24, 2014 through and including January 5, 2015.

 (f) the Administrative Agent shall have received customary legal opinions from the General Counsel of the Borrower and
Kirkland & Ellis LLP, as special counsel to the Borrower, in form and substance reasonably acceptable to the Borrower and the Administrative Agent. 

(g) the Administrative Agent shall have received (in each case dated as of the Closing Date) (i) an officer’s certificate from the
Borrower that there has been no change to the matters previously certified pursuant to Section 3.01(a)(i) and (ii) (or otherwise providing updates to such certifications) and that the condition precedent contained in
Section 3.02(b) has been satisfied as of the Closing Date, and (ii) a Solvency Certificate with respect to the Borrower from the chief financial officer of the Borrower. 

(h) (i) there shall exist no Unmatured Event of Default (except with respect to Section 6.01(d)) or Event of Default pursuant to
the following provisions of this Agreement at the time of, and prior to giving effect to the making of the Loans on the Closing Date: Sections 6.01(a), (c) (solely with respect to Section 5.02 (other than
Section 5.02(c))), (d) and (e); and (ii) the Target Representations and the Specified Representations shall be true and correct in all material respects (except the Target Representations and Specified
Representations that are qualified by materiality, which shall be true and correct), in each case at the time of, and immediately after giving effect to, the making of the Loans on the Closing Date. 

(i) the Administrative Agent shall have received at least 3 Business Days prior to the Closing Date, to the extent reasonably requested by
the Administrative Agent (or any Lender through the Administrative Agent) in writing at least 10 Business Days prior to the Closing Date, all documentation and other information required by bank regulatory authorities under applicable
“know-your-customer” and anti-money laundering rules and regulations, including PATRIOT Act. 

  
 32 

 (j) the Borrower has paid or will pay substantially concurrently with the funding of the Loans,
all fees and, to the extent invoiced at least three days prior to the Closing Date, expenses payable by the Borrower hereunder on the Closing Date (including amounts then payable under the Fee Letters) to the extent required to be paid on or prior
to the Closing Date. 
 (k) the Administrative Agent shall have received a Notice of Borrowing in accordance with
Section 2.02(a). 
 SECTION 3.03. Determinations under Section 3.01 and 3.02. For the purposes of
determining whether the conditions precedent specified in Sections 3.01 and 3.02 have been satisfied, each Lender shall be deemed to have consented to, approved, accepted or be satisfied with each document or other matter required
thereunder to be consented to, approved by, acceptable to or satisfactory to the Lenders, unless the Administrative Agent shall have received notice from such Lender prior to the Effective Date or the Closing Date, as applicable, specifying its
objection thereto. 
 ARTICLE IV

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01. Representations and Warranties of the Borrower. The Borrower represents and warrants as of the Effective Date
and the Closing Date as follows: 
 (a) The Borrower is a corporation duly organized, validly existing and in good standing under the laws
of the Commonwealth of Pennsylvania. 
 (b) The execution, delivery and performance by the Borrower of this Agreement are within the
Borrower’s powers, have been duly authorized by all necessary organizational action on the part of the Borrower, and do not and will not contravene (i) the organizational documents of the Borrower, (ii) applicable law or
(iii) any contractual or legal restriction binding on or affecting the properties of the Borrower or any Subsidiary. 
 (c) No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Borrower of this Agreement, except any order that has
been duly obtained and is in full force and effect. 
 (d) This Agreement is a legal, valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms, except as the enforceability thereof may be limited by equitable principles or bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally. 
 (e) (i) The consolidated balance sheet of the Borrower and its Subsidiaries as at December 31,
2013 and the related consolidated statements of operations, changes in shareholders’ equity and cash flows of the Borrower and its Subsidiaries for the fiscal year then ended, certified by Pricewaterhouse Coopers LLP, copies of which have been
furnished to each Lender, fairly present in all material respects the consolidated financial condition of the Borrower and its Subsidiaries as at such dates and the consolidated results of the operations of the Borrower and its Subsidiaries for the
periods ended on such dates in accordance with GAAP; and (ii) since December 31, 2013, there has been no Material Adverse Change. 

  
 33 

 (f) Except as disclosed in the Borrower’s Annual, Quarterly or Current Reports, each as
filed with the Securities and Exchange Commission and delivered to the Lenders prior to April 29, 2014, there is no pending or threatened action, investigation or proceeding affecting the Borrower or any Subsidiary before any court,
governmental agency or arbitrator that may reasonably be anticipated to have a Material Adverse Effect. There is no pending or threatened action or proceeding against the Borrower or any Subsidiary that purports to affect the legality, validity,
binding effect or enforceability against the Borrower of this Agreement. 
 (g) The Borrower is not engaged principally, or as one of its
important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Loan will be
used for any purpose that entails a violation of Regulations U or X of the Board of Governors of the Federal Reserve System. 
 (h) The
Borrower is not required to register as an “investment company” under the Investment Company Act of 1940. 
 (i) During the
twelve consecutive month period prior to the date of the execution and delivery of this Agreement and prior to the date of any Credit Extension, no steps have been taken by the Borrower or any member of the Controlled Group or, to the knowledge of
the Borrower, by any other Person to terminate any Plan (excluding any termination arising out of the institution by or against any ComEd Entity of any bankruptcy, insolvency or similar proceeding so long as such termination would not constitute an
Event of Default or Unmatured Event of Default under Section 6.01(g)), and there has been no failure to satisfy the minimum funding standard described in Section 412(a)(2) of the Code with respect to any Single Employer Plan that
would reasonably be expected to result in a lien pursuant to Section 430(k) of the Code. To the knowledge of the Borrower, no condition exists or event or transaction has occurred with respect to any Plan, which would reasonably be expected to
result in the incurrence by the Borrower or any other member of the Controlled Group of any material liability (other than to make contributions, pay annual PBGC premiums or pay out benefits in the ordinary course of business), fine or penalty
(excluding any condition, event or transaction arising out of the institution by or against any ComEd Entity of any bankruptcy, insolvency or similar proceeding so long as such condition, event or transaction does not constitute an Event of Default
or Unmatured Event of Default under Section 6.01(g)). 
 (j) The Borrower and its Subsidiaries are, as of the Closing Date upon
giving effect to the Acquisition and the making of the Loans and application of the proceeds thereof, on a consolidated basis, Solvent. 

(k) The written information (other than any financial projections and information of a general economic or industry specific nature) related
to the Borrower, the Target or the transactions contemplated hereby furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the syndication or negotiation of this Agreement or delivered pursuant hereto
(as modified or supplemented by other information relating to the Borrower so furnished), when considered together with the information in the Borrower’s annual report on Form 10-K for the year ended December 31, 2013 and the
Borrower’s filings with the Securities and Exchange Commission since December 31, 2013, is, when taken as a whole, complete and correct in all material respects and does not contain any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements contained therein not misleading in light of the circumstances under which such statements were made; and financial projections, if any, that have been prepared by the Borrower and made
available to the Administrative Agent or any Lender have been prepared in good faith based upon assumptions that management of the Borrower believes in good faith to be reasonable; provided, that the foregoing representations and warranties
to the extent relating to the Target and its Subsidiaries are made only to the best of the Borrower’s knowledge. 

  
 34 

 (l) To the extent applicable, each of the Borrower and its Subsidiaries is in compliance in all
material respects with the PATRIOT Act. 
 (m) None of the Borrower and its Subsidiaries or, to the knowledge of the Borrower, any director
or officer of the Borrower or its Subsidiaries, is an individual or entity that is a Person that is the subject of any Sanctions or is organized or resident in a country or territory that is, or whose government is, the subject of Sanctions. The
Borrower will not use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner, or other Person to fund activities or business of any Person that, at the time of such funding,
is the subject of Sanctions. 
 (n) No part of the proceeds of the Loans will be used by the Borrower or any of its Subsidiaries in
violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 ARTICLE V

COVENANTS OF THE BORROWER 

SECTION 5.01. Affirmative Covenants. The Borrower agrees that so long as any amount payable by the Borrower hereunder
remains unpaid or the Commitments have not been terminated, the Borrower will, and, in the case of Section 5.01(a), will cause its Principal Subsidiaries to, unless the Majority Lenders shall otherwise consent in writing: 

(a) Keep Books; Existence; Maintenance of Properties; Compliance with Laws; Insurance; Taxes. 

(i) keep proper books of record and account, all in accordance with generally accepted accounting principles in the United States,
consistently applied; 
 (ii) subject to Section 5.02(b), preserve and keep in full force and effect its existence; 

(iii) maintain and preserve all of its properties (except such properties the failure of which to maintain or preserve would not have,
individually or in the aggregate, a Material Adverse Effect) which are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted; 

(iv) comply in all material respects with the requirements of all applicable laws, rules, regulations and orders (including those of any
governmental authority and including with respect to environmental matters) to the extent the failure to so comply, individually or in the aggregate, would have a Material Adverse Effect; 

(v) maintain insurance with responsible and reputable insurance companies or associations, or self-insure, as the case may be, in each case
in such amounts and covering such contingencies, casualties and risks as is customarily carried by or self-insured against by companies engaged in similar businesses and owning similar properties in the same general areas in which the Borrower and
its Principal Subsidiaries operate; 

  
 35 

 (vi) at any reasonable time and from time to time, pursuant to prior notice delivered to the
Borrower, permit any Lender, or any agent or representative of any thereof, to examine and, at such Lender’s expense, make copies of, and abstracts from the records and books of account of, and visit the properties of, the Borrower and any
Principal Subsidiary and to discuss the affairs, finances and accounts of the Borrower and any Principal Subsidiary with any of their respective officers; provided that any non-public information (which has been identified as such by the
Borrower or the applicable Principal Subsidiary) obtained by any Lender or any of its agents or representatives pursuant to this clause (vi) shall be treated confidentially by such Person; provided, further, that such
Person may disclose such information to (a) any other party to this Agreement, its examiners, Affiliates, outside auditors, counsel or other professional advisors in connection with this Agreement, (b) to any direct, indirect, actual or
prospective counterparty (and its advisor) to any swap, derivative or securitization transaction related to the obligations under this Agreement, (c) to any credit insurance provider or (d) if otherwise required to do so by law or
regulatory process (it being understood that, unless prevented from doing so by any applicable law or governmental authority, such Person shall use reasonable efforts to notify the Borrower of any demand or request for any such information promptly
upon receipt thereof so that the Borrower may seek a protective order or take other appropriate action); 
 (vii) use the proceeds of the
Loans to finance the Acquisition and to pay fees and expenses in connection therewith, but in no event for any purpose that would be contrary to Sections 4.01(g), (m) or (n); and 

(viii) pay, prior to delinquency, all of its federal income taxes and other material taxes and governmental charges, except to the extent
that (a) such taxes or charges are being contested in good faith and by proper proceedings and against which adequate reserves are being maintained or (b) failure to pay such taxes or charges would not reasonably be expected to have a
Material Adverse Effect. 
 (b) Reporting Requirements. Furnish to the Lenders: 

(i) as soon as possible, and in any event within five Business Days after the occurrence of any Event of Default or Unmatured Event of
Default with respect to the Borrower continuing on the date of such statement, a statement of an authorized officer of the Borrower setting forth details of such Event of Default or Unmatured Event of Default and the action which the Borrower
proposes to take with respect thereto; 
 (ii) as soon as available and in any event within 60 days after the end of each of the first
three quarters of each fiscal year of the Borrower, a copy of the Borrower’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission with respect to such quarter (or, if the Borrower is not required to file a Quarterly
Report on Form 10-Q, copies of an unaudited consolidated balance sheet of the Borrower as of the end of such quarter and the related consolidated statement of operations of the Borrower for the portion of the Borrower’s fiscal year ending on
the last day of such quarter, in each case prepared in accordance with GAAP, subject to the absence of footnotes and to year-end adjustments), together with a certificate of an authorized officer of the Borrower stating that no Event of Default or
Unmatured Event of Default has occurred and is continuing or, if any such Event of Default or Unmatured Event of Default has occurred and is continuing, a statement as to the nature thereof and the action which the Borrower proposes to take with
respect thereto; 
 (iii) as soon as available and in any event within 105 days after the end of each fiscal year of the Borrower, a copy
of the Borrower’s Annual Report on Form 10-K filed with the Securities and Exchange Commission with respect to such fiscal year (or, if the Borrower is not required to file an Annual Report on Form 10-K, the consolidated balance sheet of the
Borrower and its 

  
 36 

 
subsidiaries as of the last day of such fiscal year and the related consolidated statements of operations, changes in shareholders’ equity (if applicable) and cash flows of the Borrower for
such fiscal year, certified by PricewaterhouseCoopers LLP or other certified public accountants of recognized national standing), together with a certificate of an authorized officer of the Borrower stating that no Event of Default or Unmatured
Event of Default has occurred and is continuing or, if any such Event of Default or Unmatured Event of Default has occurred and is continuing, a statement as to the nature thereof and the action which the Borrower proposes to take with respect
thereto; 
 (iv) concurrently with the delivery of the quarterly and annual reports referred to in Sections 5.01(b)(ii) and
5.01(b)(iii), a compliance certificate in substantially the form set forth in Exhibit G, duly completed and signed by the Chief Financial Officer, Treasurer or an Assistant Treasurer of the Borrower; 

(v) except as otherwise provided in clause (ii) or (iii) above, promptly after the sending or filing thereof, copies
of all reports that the Borrower sends to its security holders generally, and copies of all Reports on Form 10-K, 10-Q or 8-K, and registration statements and prospectuses that the Borrower or any Subsidiary files with the Securities and Exchange
Commission or any national securities exchange (except to the extent that any such registration statement or prospectus relates solely to the issuance of securities pursuant to employee purchase, benefit or dividend reinvestment plans of the
Borrower or a Subsidiary); 
 (vi) promptly upon becoming aware of the institution of any steps by the Borrower or any other Person to
terminate any Plan, or the failure to make a required contribution to any Plan if such failure is sufficient to give rise to a lien under section 430(k) of the Code, or the taking of any action with respect to a Plan which could result in the
requirement that the Borrower furnish a bond or other security to the PBGC or such Plan, or the occurrence of any event with respect to any Plan which could result in the incurrence by the Borrower or any other member of the Controlled Group of any
material liability, fine or penalty, notice thereof and a statement as to the action the Borrower or such member of the Controlled Group proposes to take with respect thereto; 

(vii) promptly upon becoming aware thereof, notice of any change in the Moody’s Rating, the Fitch Rating or the S&P Rating; and 

(viii) such other information respecting the condition, operations or business, financial or otherwise, of the Borrower or any Subsidiary as
any Lender, through the Administrative Agent, may from time to time reasonably request (including any information that any Lender reasonably requests in order to comply with its obligations under any “know your customer” or anti-money
laundering laws or regulations). 
 The Borrower may provide information, documents and other materials that it is obligated to furnish to the
Administrative Agent pursuant to this Section 5.01(b) and all other notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any communication that (i) relates
to a request for a Credit Extension, (ii) relates to the payment of any amount due under this Agreement prior to the scheduled date therefor or any reduction of the Commitments, (iii) provides notice of any Event of Default or Unmatured
Event of Default or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement or any Credit Extension hereunder (any non-excluded communication described above, a
“Communication”), electronically (including by posting such documents, or providing a link thereto, on the Borrower’s Internet website). Any document readily available on-line through the “Electronic Data Gathering
Analysis and Retrieval” system (or any successor system thereof) maintained by the Securities and Exchange Commission (or any succeeding Governmental Authority), shall be deemed to have been 

  
 37 

 
furnished to the Administrative Agent for purposes of this Section 5.01(b) when the Borrower sends to the Administrative Agent notice (which may be by electronic mail) that such
documents are so available. Notwithstanding the foregoing, the Borrower agrees that, to the extent requested in writing by the Administrative Agent or any Lender, it will continue to provide “hard copies” of Communications to the
Administrative Agent or such Lender, as applicable. 
 The Borrower further agrees that the Administrative Agent may make Communications available to the
Lenders by posting such Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”). 
 THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE ADMINISTRATIVE AGENT DOES NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY COMMUNICATION OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR
OMISSIONS IN ANY COMMUNICATION. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT IN CONNECTION WITH ANY COMMUNICATION OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES, LOSSES OR EXPENSES (WHETHER
IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT SUCH DAMAGES ARE FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF
COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. WITHOUT LIMITING THE FOREGOING, UNDER NO CIRCUMSTANCES SHALL ANY AGENT BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES
ARISING OUT OF THE USE OF THE PLATFORM OR THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET. 

Each Lender agrees that notice to it (as provided in the next sentence) specifying that a Communication has been posted to the Platform shall constitute
effective delivery of such Communication to such Lender for purposes of this Agreement. Each Lender agrees (i) to notify the Administrative Agent from time to time of the e-mail address to which the foregoing notice may be sent and
(ii) that such notice may be sent to such e-mail address. 
 SECTION 5.02. Negative Covenants. The Borrower agrees
that so long as any amount payable by the Borrower hereunder remains unpaid or the Commitments have not been terminated (except with respect to Section 5.02(a), which shall be applicable only as of the date hereof and at any time any
Loan is outstanding or is to be made), the Borrower will not, without the written consent of the Majority Lenders: 
 (a) Limitation on
Liens. Create, incur, assume or suffer to exist, or permit Genco to create, incur, assume or suffer to exist, any Lien on its property, revenues or assets, whether now owned or hereafter acquired, except as follows: 

(i) Liens imposed by law, such as carriers’, warehousemen’s, landlords’ repairmen’s, materialmen’s and
mechanics’ Liens and other similar Liens arising in the ordinary course of business; 

  
 38 

 (ii) Liens for taxes, assessments or governmental charges, levies, or fines (including such
amounts arising under environmental law) on property of the Borrower or Genco if the same shall not at the time be delinquent or thereafter can be paid without a material penalty, or are being contested in good faith and by appropriate proceedings;

 (iii) Liens on the capital stock of or any other equity interest in any Subsidiary (other than (A) Genco and any holding company
for Genco and (B) if it is a Subsidiary, PECO and any holding company for PECO) to secure Nonrecourse Indebtedness; 
 (iv) Liens upon
or in any property acquired in the ordinary course of business to secure the purchase price of such property or to secure any obligation incurred solely for the purpose of financing the acquisition of such property; 

(v) Liens existing on property at the time of the acquisition thereof (other than any such Lien created in contemplation of such acquisition
unless permitted by the preceding clause (iv)); 
 (vi) Liens granted in connection with any financing arrangement for the purchase
of nuclear fuel or the financing of pollution control facilities, limited to the fuel or facilities so purchased or acquired; 
 (vii)
Liens arising in connection with sales or transfers of, or financing secured by, accounts receivable or related contracts, provided that any such sale, transfer or financing shall be on arms’ length terms; 

(viii) Liens securing Permitted Obligations and reimbursement obligations in respect of letters of credit issued to support Permitted
Obligations (for the avoidance of doubt, the Electric Reliability Council of Texas (ERCOT) program and any other similar agreement or arrangement, including with any Independent System Operator, are permitted under this clause (viii)); 

(ix) Permitted Encumbrances; 

(x) Liens arising in connection with sale and leaseback transactions entered into by the Borrower or Genco, but only to the extent that the
aggregate purchase price of all assets sold by the Borrower or Genco during the term of this Agreement pursuant to such sale and leaseback transactions does not exceed $1,000,000,000; 

(xi) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, compensation arrangements,
supplemental retirement plans arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, compensation arrangements, supplemental retirement plans or other social security or similar legislation; 

(xii) Liens constituting attachment, judgment and other similar Liens arising in connection with court proceedings to the extent not
constituting an Event of Default under Section 6.01(f); 
 (xiii) Liens created in the ordinary course of business to secure
liability to insurance carriers and Liens on insurance policies and the proceeds thereof (whether accrued or not), rights or claims against an insurer or other similar asset securing insurance premium financings; 

  
 39 

 (xiv) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (xv) Liens in the nature of
rights of setoff, bankers’ liens, revocation, refund, chargeback, counterclaim, netting of cash amounts or similar rights as to deposit accounts, commodity accounts or securities accounts or other funds maintained with a credit or depository
institution; 
 (xvi) Liens consisting of pledges of industrial development, pollution control or similar revenue bonds in connection with
the remarketing of such bonds; 
 (xvii) Liens created under cash collateralization obligations relating to defaulting lenders and remedies
upon default under credit facilities; 
 (xviii) Liens arising under leases or subleases, licenses or sublicenses granted to others that do
not materially interfere with the ordinary course of business of the Borrower or Genco; 
 (xix) Liens resulting from any restriction on
any equity interest (or project interest, interests in any energy facility (including undivided interests)) of a Person providing for a breach, termination or default under any owners, participation, shared facility, joint venture, stockholder,
membership, limited liability company or partnership agreement between such Person and one or more other holders of equity interest (or project interest, interests in any energy facility (including undivided interests)) of such Person, to the extent
a security interest or other Lien is created on any such interest as a result thereof; 
 (xx) Liens granted on cash or cash equivalents to
defease or repay Debt of the Borrower or Genco no later than 60 days after the creation of such Lien; 
 (xxi) Liens created in connection
with sales, transfers, leases, assignment or other conveyances or dispositions of assets, including (A) Liens on assets or securities granted or deemed to arise in connection with and as a result of the execution, delivery or performance of
contracts to purchase or sell such assets or securities, and (B) rights of first refusal, options or other contractual rights or obligations to sell, assign or otherwise dispose of any interest therein; and 

(xxii) Liens, other than those described above in this Section 5.02(a), provided that the aggregate amount of all Debt
secured by Liens permitted by this clause (xxii) shall not exceed in the aggregate at any one time outstanding (A) in the case of Genco, $100,000,000, and (B) in the case of the Borrower and Genco collectively, $200,000,000.

 (b) Mergers and Consolidations; Disposition of Assets. Merge with or into or consolidate with or into, or sell, assign, lease or
otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person or permit any Principal Subsidiary to do so, except that (i) any
Principal Subsidiary may merge with or into or consolidate with or transfer assets to Genco or any other Principal Subsidiary, (ii) any Principal Subsidiary may merge with or into or consolidate with or transfer assets to the Borrower (and the
Borrower may transfer any assets acquired by the Borrower through any such merger, consolidation or transfer to Genco or any other Principal Subsidiary), (iii) Genco may merge or consolidate with or into a Subsidiary thereof formed for the
purpose of converting Genco into a corporation and (iv) the Borrower or any Principal Subsidiary may merge with or into or consolidate with or transfer assets to any other Person, provided that, in each case, (A) immediately before
and after giving effect thereto, no Event of Default or Unmatured Event of Default shall have occurred and be continuing 

  
 40 

 
(except in the case where any Principal Subsidiary may merge with or into or consolidate with or transfer assets to any other Principal Subsidiary), (B) in the case of any such merger,
consolidation or transfer of assets to which the Borrower is a party, either (x) the Borrower shall be the surviving entity or transferee (as applicable), or (y) the surviving entity or transferee (as applicable), shall be an Eligible
Successor and shall have assumed all of the obligations of the Borrower under this Agreement pursuant to a written instrument in form and substance satisfactory to the Administrative Agent, and the Administrative Agent shall have received an opinion
of counsel in form and substance satisfactory to it as to the enforceability of such obligations assumed and (C) subject to clause (B) above, in the case of any such merger, consolidation or transfer of assets to which any Principal
Subsidiary is a party, a Principal Subsidiary shall be the surviving entity or transferee (as applicable). 
 (c) Interest Coverage
Ratio. Permit the Interest Coverage Ratio as of the last day of any fiscal quarter of the Borrower to be less than 2.50 to 1.0. 
 (d)
Continuation of Businesses. Engage, or permit any Subsidiary to engage, in any line of business which is material to the Borrower and its Subsidiaries, taken as a whole, other than businesses engaged in by the Borrower and its Subsidiaries as
of the date hereof and reasonable extensions thereof. 
 (e) Capital Structure. Fail at any time to own, free and clear of all
Liens, 100% of the issued and outstanding equity interests of Genco (or of a holding company which owns, free and clear of all Liens, 100% of the issued and outstanding equity interests of Genco). 

(f) Restrictive Agreements. Permit Genco or any holding company for Genco to, directly or indirectly, enter into, incur or permit to
exist any agreement or other contractual arrangement that prohibits, restricts or imposes any condition upon the ability of Genco to declare or pay dividends to the Borrower (or, if applicable, to its holding company). 

ARTICLE VI 
 EVENTS OF
DEFAULT 
 SECTION 6.01. Events of Default. If any of the following events shall occur and be continuing (any such
event an “Event of Default”): 
 (a) The Borrower shall fail to pay (i) any principal of any Loan when the same
becomes due and payable or (ii) any interest on any Loan or any other amount payable by the Borrower hereunder within three Business Days after the same becomes due and payable; or 

(b) Any representation or warranty made by the Borrower herein or by the Borrower (or any of its officers) pursuant to the terms of this
Agreement shall prove to have been incorrect or misleading in any material respect when made; or 
 (c) The Borrower shall fail to perform
or observe (i) any term, covenant or agreement contained in Section 5.01(a)(vii), Section 5.01(b)(i) or Section 5.02 or (ii) any other term, covenant or agreement contained in this Agreement on its part
to be performed or observed if the failure to perform or observe such other term, covenant or agreement shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Administrative Agent (which notice
shall be given by the Administrative Agent at the written request of any Lender); or 

  
 41 

 (d) The Borrower or any Principal Subsidiary shall fail to pay any principal of or premium or
interest on any Debt that is outstanding in a principal amount in excess of $100,000,000 in the aggregate (but excluding Debt hereunder and Nonrecourse Indebtedness) when the same becomes due and payable (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under
any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration
of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof, other than any acceleration of any
Debt secured by equipment leases or fuel leases of the Borrower or a Principal Subsidiary as a result of the occurrence of any event requiring a prepayment (whether or not characterized as such) thereunder, which prepayment will not result in a
Material Adverse Change; or 
 (e) The Borrower or any Principal Subsidiary shall generally not pay its debts as such debts become due, or
shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any Principal Subsidiary seeking to adjudicate it
as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or
seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not
instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including the entry of an order for relief against, or the appointment of a receiver, trustee,
custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Borrower or any Principal Subsidiary shall take any corporate or limited liability company action to authorize or to consent to any of the
actions set forth above in this Section 6.01(e); or 
 (f) One or more judgments or orders for the payment of money in an
aggregate amount exceeding $100,000,000 (excluding any such judgments or orders to the extent covered by insurance, subject to any customary deductible, and under which the applicable insurance carrier has not denied coverage) shall be rendered
against the Borrower or any Principal Subsidiary and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30 consecutive days during which a stay of
enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 
 (g) (i) Any Reportable
Event that the Majority Lenders determine in good faith is reasonably likely to result in the termination of any Single Employer Plan or in the appointment by the appropriate United States District Court of a trustee to administer a Single Employer
Plan shall have occurred and be continuing 60 days after written notice to such effect shall have been given to the Borrower by the Administrative Agent; (ii) any Single Employer Plan shall be terminated; (iii) a Trustee shall be appointed
by an appropriate United States District Court to administer any Single Employer Plan; (iv) the PBGC shall institute proceedings to terminate any Single Employer Plan or to appoint a trustee to administer any Single Employer Plan; or
(v) the Borrower or any other member of the Controlled Group withdraws from any Multiemployer Plan; provided that on the date of any event described in clauses (i) through (v) above, the Unfunded Liabilities of
the applicable Plan exceed $100,000,000; and provided, further, that no event described in this Section 6.01(g) that arises out of the institution by or against any ComEd Entity of any bankruptcy, insolvency or similar
proceeding shall constitute an Event of Default unless 15 days shall have elapsed after the Majority Lenders have reasonably determined, and notified the 

  
 42 

 
Borrower in writing, that such event has had or is reasonably likely to have a Material Adverse Effect (disregarding, solely for purposes of this Section 6.01(g), the proviso to
clause (i) of the definition of Material Adverse Effect); 
 then, and in any such event, the Administrative Agent shall at the request, or may
with the consent, of the Majority Lenders, by notice to the Borrower, (i) at any time prior to the Closing Date during which an Event of Default pursuant to Section 6.01(a) has occurred and is continuing, declare the respective
Commitments of the Lenders to be terminated, whereupon the same shall forthwith terminate, and/or (ii) at any time following the Closing Date during which any Event of Default has occurred and is continuing, declare the outstanding principal
amount of the Loans, all interest thereon and all other amounts payable under this Agreement by the Borrower to be forthwith due and payable, whereupon the outstanding principal amount of the Loans, all such interest and all such other amounts shall
become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided that (notwithstanding the foregoing) in the event of an Event of
Default under Section 6.01(e), (A) the respective Commitments of the Lenders shall automatically be terminated and (B) the outstanding principal amount of all Loans, all interest thereon and all other amounts payable by the
Borrower hereunder shall automatically and immediately become due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. 

ARTICLE VII 
 THE AGENTS

 SECTION 7.01. Authorization and Action. Each Lender hereby appoints and authorizes the Administrative Agent to
take such action as administrative agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto. As to any
matters not expressly provided for by this Agreement (including enforcement or collection of the obligations of the Borrower hereunder), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be
required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Majority Lenders, and such instructions shall be binding upon all Lenders; provided that the
Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender prompt notice
of each notice given to it by the Borrower pursuant to the terms of this Agreement. 
 SECTION 7.02. Administrative Agent’s
Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or
their respective own gross negligence or willful misconduct as determined in a final non-appealable order of a court of competent jurisdiction. Without limiting the generality of the foregoing: (i) the Administrative Agent may consult with
legal counsel (including counsel for the Borrower), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts; (ii) the Administrative Agent makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or
in connection with this Agreement; (iii) the Administrative Agent shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of the Borrower
or to inspect the property (including the books and records) of the Borrower; (iv) the Administrative Agent shall not be responsible to any Lender for the due execution, legality, validity, 

  
 43 

 
enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (v) the Administrative Agent shall not incur any
liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. 

SECTION 7.03. Administrative Agent and Affiliates. With respect to its Commitment, Loans and other rights and obligations
hereunder in its capacity as a Lender, Barclays shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or
“Lenders” shall include Barclays in its individual capacity. Barclays and its affiliates may accept deposits from, lend money to, act as trustee under indentures of, and generally engage in any kind of business with, the Borrower, any
Affiliate thereof and any Person who may do business with or own securities of the Borrower or any such Affiliate, all as if it were not Administrative Agent and without any duty to account therefor to the Lenders. 

SECTION 7.04. Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on the financial statements referred to in Section 4.01(e) and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking action under this Agreement. 
 SECTION 7.05. Indemnification. The
Lenders agree to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower), ratably according to their respective Pro Rata Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any action taken or
omitted by the Administrative Agent under this Agreement, provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Administrative Agent’s gross negligence or willful misconduct as determined in a final non-appealable order of a court of competent jurisdiction. Without limiting the foregoing, each Lender agrees to reimburse the
Administrative Agent promptly upon demand for its Pro Rata Share of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that such expenses are reimbursable by the
Borrower but for which the Administrative Agent is not reimbursed by the Borrower. 
 SECTION 7.06. Successor Administrative
Agent. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower. Upon any such resignation, the Majority Lenders shall have the right to appoint a successor Administrative Agent. If no
successor Administrative Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the Majority
Lenders’ removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a commercial bank described in clause (i) or
(ii) of the definition of “Eligible Assignee” having a combined capital and surplus of at least $500,000,000. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice
on such effective date, where (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (ii) all payments, communications and determinations provided to be made by, to or through the
Administrative 

  
 44 

 
Agent shall instead be made by or to each Lender directly, until such time, if any, as the Majority Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of
any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article
VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. Notwithstanding the foregoing, if no Event of Default under Section 6.01(a) or
(e) shall have occurred and be continuing, then no successor Administrative Agent shall be appointed under this Section 7.06 without the prior written consent of the Borrower, which consent shall not be unreasonably withheld
or delayed. 
 SECTION 7.07. Syndication Agent, Joint Lead Arrangers and Joint Bookrunners. The titles “Syndication
Agent”, “Joint Lead Arrangers” and “Joint Bookrunners” (each, in such capacity or capacities, a “Titled Person”) are purely honorific, and no Person designated as a Titled Person shall have any duties or
responsibilities in such capacity and no Titled Person shall have or be deemed to have any fiduciary relationship with any Lender or with the Borrower or any of its Affiliates. 

ARTICLE VIII 

MISCELLANEOUS 

SECTION 8.01. Amendments, Etc. Subject to Section 2.16, no amendment or waiver of any provision of this
Agreement, nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Majority Lenders and, in the case of an amendment, the Borrower, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given; provided that no amendment, waiver or consent shall, unless in writing and signed by all Lenders, do any of the following: (a) waive or amend
any of the conditions specified in Sections 3.01 or 3.02, (b) increase or extend the Commitments of the Lenders or subject the Lenders to any additional obligations, (c) reduce the principal of, or interest on, any Loan or
any fees or other amounts payable hereunder, (d) postpone any date fixed for any payment of principal of, or interest on, any Loan or any fees or other amounts payable hereunder, (e) change the percentage of the Commitments or of the
aggregate unpaid principal amount of the Loans, or the number of Lenders, that shall be required for the Lenders or any of them to take any action hereunder or the definition of Majority Lenders, (f) amend this Section 8.01 or
(g) waive or amend any provision regarding pro rata sharing or otherwise relates to the distribution of payments among Lenders; provided, further, that no amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent, in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement. Notwithstanding the foregoing or any other provision of this Agreement, in the event
that the terms of this Agreement are required to be modified as specified in the applicable provisions of the Arrangers Fee Letter, then this Agreement shall be deemed modified (to the extent not adverse to the Lenders) in accordance therewith,
effective immediately upon written notice thereof being given by the Administrative Agent to the Borrower and the Lenders and without requiring any other action to be taken hereunder. 

SECTION 8.02. Notices, Etc. All notices and other communications provided for hereunder shall be in writing (including
facsimile transmission) and mailed, sent by facsimile or delivered, if to the Borrower, at 10 S. Dearborn, 52nd Floor, Chicago, IL 60603, Attention: Stacie M. Frank, facsimile: (312) 394-4082; if to any Lender, at its Domestic Lending Office
specified in its Administrative Questionnaire or in the Assignment and Assumption pursuant to which it became a Lender; and if to the 

  
 45 

 
Administrative Agent, at its address at 745 Seventh Avenue, 27th Floor, New York, NY 10019, Attention: Nina Guinchard, facsimile: (212) 526-5115 or, as to each party, at such other address
as shall be designated by such party in a written notice to the other parties. All such notices and communications shall be effective (a) if mailed, three Business Days after being deposited in the U.S. mail, postage prepaid, (b) if sent
by facsimile, when such facsimile is sent (except that if not sent during normal business hours for the recipient, such facsimile shall be deemed to have been sent at the opening of business on the next Business Day for the recipient), and
(c) otherwise, when delivered, except that notices and communications to the Administrative Agent pursuant to Article II or VII shall not be effective until received by the Administrative Agent. 

SECTION 8.03. No Waiver; Remedies. No failure on the part of any Lender or the Administrative Agent to exercise, and no
delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law. 
 SECTION 8.04. Costs and Expenses; Indemnification.

 (a) The Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses incurred by the
Administrative Agent and the Joint Lead Arrangers in connection with the preparation, execution, delivery, administration (including the charges of electronic loan administration platforms), syndication, modification, waiver and amendment of this
Agreement and the other documents to be delivered hereunder, including the reasonable fees, charges and out-of-pocket expenses of one counsel for the Administrative Agent and the Joint Lead Arrangers with respect thereto and with respect to advising
the Administrative Agent and the Joint Lead Arrangers as to their respective rights and responsibilities under this Agreement. The Borrower further agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses, if any
(including the reasonable fees, disbursements and other charges of one counsel plus one specialist counsel in any applicable specialty and, solely in the case of an actual or potential conflict of interest, of one additional counsel and if
reasonable and necessary, one local counsel plus one specialist counsel in, respectively each jurisdiction or applicable specialty to the affected Person), incurred by the Administrative Agent or any Lender in connection with the collection and
enforcement (whether through negotiations, legal proceedings or otherwise) of the Borrower’s obligations under this Agreement and the other documents to be delivered by the Borrower hereunder or in connection herewith, including reasonable
counsel fees and expenses in connection with the enforcement of rights under this Section 8.04(a). 
 (b) If any payment of
principal of, or any conversion of, any Eurodollar Loan is made other than on the last day of the Interest Period for such Loan, as a result of a payment or conversion pursuant to Section 2.10 or 2.12 or acceleration of the
maturity of the Loans pursuant to Section 6.01 or for any other reason, the Borrower shall, upon demand by any Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such
Lender any amount required to compensate such Lender for any additional loss, cost or expense which it may reasonably incur as a result of such payment or conversion, including any loss, cost or expense incurred by reason of the liquidation or
reemployment of deposits or other funds acquired by any Lender to fund or maintain such Loan. 
 (c) The Borrower agrees to indemnify and
hold each Lender, each Agent, each Joint Lead Arranger and each of their respective Affiliates, officers, trustees, shareholders, representatives, attorneys, controlling Persons, partners, directors, advisors, agents and employees (each, an
“Indemnified Person”) harmless from and against any action, suit, proceeding (including any investigation or inquiry), claim, damage, loss, liability, cost or expense (including the reasonable fees, disbursements and other

  
 46 

 
charges of one counsel to all Indemnified Persons and, solely in the case of an actual or potential conflict of interest, of one additional counsel to each group of similarly situated affected
Indemnified Persons, and if reasonable and necessary, one local counsel in each jurisdiction plus one specialist counsel in each applicable specialty approved by the Borrower), whether or not such Indemnified Person is named as a party to any
proceeding or is otherwise subjected to judicial or legal process arising from any such proceeding, that any of them may pay or incur arising out of or relating to this Agreement or the transactions contemplated hereby, or the use by the Borrower or
any Subsidiary of the proceeds of any Loan; provided that the Borrower shall not be liable for any portion of any such claim, damage, loss, liability, cost or expense resulting from (i) such Indemnified Person’s or any of its
Affiliates’ or Related Parties’ bad faith, gross negligence or willful misconduct, (ii) any material breach of the obligations of such Indemnified Person or any of its Affiliates or Related Parties under this Agreement or any Fee
Letter or (iii) any dispute among Indemnified Persons that does not involve any act or omission by the Borrower or its Subsidiaries (other than claims against any Agent or any Joint Lead Arranger in their respective capacities as such, but
subject to clause (i) above), in each case as determined in a final non-appealable order of a court of competent jurisdiction. The Borrower’s obligations under this Section 8.04(c) shall survive the repayment of all amounts
owing by the Borrower to the Lenders and the Administrative Agent under this Agreement and the termination of the Commitments and this Agreement. If and to the extent that the obligations of the Borrower under this Section 8.04(c) are
unenforceable for any reason, the Borrower agrees to make the maximum contribution to the payment and satisfaction thereof which is permissible under applicable law. This Section 8.04(c) shall not apply with respect to Taxes other than
any Taxes that represent losses or damages arising from any non-Tax claim. In the case of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such
investigation, litigation or proceeding is brought by the Borrower, any of the Borrower’s equityholders, Affiliates or creditors, an Indemnified Person or any other person or entity, whether or not an Indemnified Person is otherwise a party
thereto. For purposes of this Section 8.04(c), the term “Related Party” means, with respect to any Person, (a) any controlling Person, controlled Affiliate or Subsidiary of such Person, (b) the respective
directors, officers or employees of such Person or any of its Subsidiaries, controlled Affiliates or controlling Persons and (c) the respective agents of such Person or any of its Subsidiaries, controlled Affiliates or controlling Persons. 

SECTION 8.05. Right of Set-off. Upon (i) the occurrence and during the continuance of any Event of Default and
(ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Loans due and payable pursuant to the provisions of Section 6.01, each 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) at any time held and
other indebtedness at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement, whether or not such Lender
shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender agrees to notify the Borrower promptly after any such set-off and application made by such Lender or Affiliate thereof, provided that
the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender under this Section 8.05 are in addition to other rights and remedies (including other rights of set-off) that such
Lender may have. 
 SECTION 8.06. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
Borrower, the Agents and each Lender and their respective successors and assigns, provided that (except as permitted by Section 5.02(b)(iii)) the Borrower shall not have the right to assign rights hereunder or any interest herein
without the prior written consent of all Lenders. 

  
 47 

 SECTION 8.07. Assignments and Participations. 

(a) Each Lender may, with the prior written consent (except as set forth below) of the Borrower and the Administrative Agent (which consents
shall not be unreasonably withheld or delayed), and if demanded by the Borrower pursuant to Section 8.07(g) shall to the extent required by such Section, assign to one or more banks or other entities all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) each such assignment shall be of a constant, and not a varying, percentage of all of the assigning Lender’s
rights and obligations under this Agreement, (ii) the Commitment Amount or Loans, as applicable, of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Assumption with respect to
such assignment) shall in no event be less than $5,000,000 or, if less, the entire amount of such Lender’s Commitment, and shall be an integral multiple of $1,000,000 or such Lender’s entire Commitment, or Loan, as applicable,
(iii) each such assignment shall be to an Eligible Assignee, (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Assumption,
together with a processing and recordation fee of $3,500 (which shall be payable by one or more of the parties to the Assignment and Assumption, and not by the Borrower (except in the case of a demand under Section 8.07(g)), and shall
not be payable if the assignee is a Federal Reserve Bank), (v) the consent of the Borrower shall not be required after the occurrence and during the continuance of any Event of Default and (vi) the Borrower shall be deemed to have
consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 10 Business Days after having received written notice thereof. Upon such execution, delivery, acceptance and recording, from and
after the effective date specified in each Assignment and Assumption, (x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and
Assumption, have the rights and obligations of a Lender hereunder and (y) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Assumption, relinquish
its rights and be released from its obligations under this Agreement and, in the case of an Assignment and Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto (although an assigning Lender shall continue to be entitled to indemnification pursuant to Section 8.04(c)). Notwithstanding anything contained in this Section 8.07(a) to the contrary, (A) the
consent of the Borrower and the Administrative Agent shall not be required with respect to any assignment by any Lender to an Affiliate of such Lender or to another Lender or to an Approved Fund, and (B) any Lender may at any time, without the
consent of the Borrower or the Administrative Agent, and without any requirement to have an Assignment and Assumption executed, assign all or any part of its rights under this Agreement to a Federal Reserve Bank or other central bank having
jurisdiction over such Lender provided that no such assignment shall release the transferor Lender from any of its obligations hereunder. 

For the purposes of this Section 8.07(a), the term “Approved Fund” has the following meaning: 

“Approved Fund” means any Person (other than a natural Person) that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or
manages a Lender. 
 (b) By executing and delivering an Assignment and Assumption, the Lender assignor thereunder and the assignee
thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Assumption, such assigning Lender makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document
furnished pursuant hereto; (ii) such assigning Lender makes no representation or warranty and assumes no 

  
 48 

 
responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under this Agreement or any other instrument or
document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01(e) and such other documents and information
as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption; (iv) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any
other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee confirms that it is an Eligible
Assignee; (vi) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together
with such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a
Lender. 
 (c) The Administrative Agent shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain at its
address referred to in Section 8.02 a copy of each Assignment and Assumption delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment Amount of, and principal amount
of the Loans owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Administrative Agent and the Lenders
shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender (but only, in the case of a Lender, at the
Administrative Agent’s aforesaid address and with respect to any entry relating to such Lender’s Commitments and Loans), at any reasonable time and from time to time upon reasonable prior notice. 

(d) Upon its receipt of an Assignment and Assumption executed by an assigning Lender and an assignee representing that it is an Eligible
Assignee, the Administrative Agent shall, if such Assignment and Assumption has been completed and is in substantially the form of Exhibit A (including any necessary consents of the Administrative Agent and the Borrower), (i) accept
such Assignment and Assumption, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 

(e) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other
entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such
Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent and
the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 8.01 that affects such Participant. Borrower agrees that each Participant shall be entitled to the
benefits of Sections 2.11, 2.14 and 8.04(b) (subject to the requirements and limitations therein, including the requirements under Section 2.14(f) (it being understood that the documentation required under
Section 2.14(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such
Participant (A) agrees 

  
 49 

 
to be subject to the provisions of Sections 2.15 and 8.07(g) as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any
greater payment under Sections 2.11 or 2.14, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change
in Law that occurs after the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 8.05 as though it were a Lender, provided such
Participant agrees to be subject to Section 2.15 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that
no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its
other obligations hereunder) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. 
 (f) Any Lender may, in connection with any assignment or participation or proposed
assignment or participation pursuant to this Section 8.07, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower;
provided that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any confidential information relating to the Borrower received by it from such Lender
(subject to customary exceptions regarding regulatory requirements, compliance with legal process and other requirements of law). 
 (g) If
any Lender (i) shall make demand for payment under Section 2.11(a), 2.11(b) or 2.14, (ii) shall deliver any notice to the Administrative Agent pursuant to Section 2.12 resulting in the suspension of
certain obligations of the Lenders with respect to Eurodollar Loans, (iii) does not consent to an amendment or waiver that requires the consent of all Lenders and has been approved by the Majority Lenders, or (iv) is a Defaulting Lender,
then (A) in the case of clause (i), within 60 days after such demand (if, but only if, the payment demanded under Section 2.11(a), 2.11(b) or 2.14 has been made by the Borrower), (B) in the case of
clause (ii), within 60 days after such notice (if such suspension is still in effect), (C) in the case of clause (iii), within 60 days after the date the Majority Lenders approve the applicable amendment or waiver, or (D) in
the case of clause (v), at any time so long as such Lender continues to be a Defaulting Lender, as the case may be, the Borrower may demand that such Lender assign, at the Borrower’s sole expense and effort, in accordance with this
Section 8.07 to one or more Eligible Assignees designated by the Borrower and reasonably acceptable to the Administrative Agent all (but not less than all) of such Lender’s rights and obligations hereunder within the next succeeding
30 days; provided that such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the
extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts). If any such Eligible Assignee designated by the Borrower shall fail to consummate such assignment on terms acceptable to such
Lender, or if the Borrower shall fail to designate any such Eligible Assignee for all of such Lender’s Commitment and Loans, then such Lender may (but shall not be required to) assign such Commitment and Loans to any other Eligible Assignee in
accordance with this Section 8.07 during such period. No replacement of a Defaulting Lender pursuant to this Section 8.07(g) shall be deemed to be a waiver of any right that the Borrower, the Administrative Agent, or any
other Lender may have against such Defaulting Lender. In the event that a Lender assigns any Eurodollar Loans pursuant to this Section 8.07(g), such assignment shall be deemed to be a prepayment by the Borrower of such Eurodollar Loans
for purposes of Section 8.04(b). 

  
 50 

 (h) [Reserved]. 

(i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Bank”) may grant to a special purpose
funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Bank to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Bank
would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to
provide all or any part of such Loan, the Granting Bank shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Bank to the same extent, and as if, such
Loan were made by such Granting Bank. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Bank). In furtherance of
the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior
indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State
thereof. In addition, notwithstanding anything to the contrary contained in this Section 8.07, any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying
any processing fee therefor, assign all or a portion of its interests in any Loan to the Granting Bank or to any financial institution (consented to by the Borrower and Administrative Agent, which consents shall be unreasonably withheld or delayed)
providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency,
commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC. This Section 8.07(i) may not be amended in any manner which adversely affects a Granting Bank or an SPC without the written
consent of such Granting Bank or SPC. 
 SECTION 8.08. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT (I) THE INTERPRETATION OF THE DEFINITION OF TARGET MATERIAL ADVERSE EFFECT AND WHETHER OR NOT A TARGET MATERIAL ADVERSE EFFECT HAS OCCURRED, (II) THE
DETERMINATION OF THE ACCURACY OF ANY TARGET REPRESENTATIONS AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF THE BORROWER OR ITS AFFILIATES HAVE THE RIGHT TO TERMINATE ITS (OR THEIR) OBLIGATIONS UNDER THE ACQUISITION AGREEMENT, OR TO DECLINE TO
CONSUMMATE THE ACQUISITION PURSUANT TO THE ACQUISITION AGREEMENT AND (III) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT, IN EACH CASE, SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED SOLELY IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHER PRINCIPLES OF CONFLICTS OF LAWS. 

SECTION 8.09. Consent to Jurisdiction; Certain Waivers. (a) THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND ANY UNITED STATES DISTRICT COURT 

  
 51 

 
SITTING THE BOROUGH OF MANHATTAN IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.
NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. 

(b) EXCEPT AS PROHIBITED BY LAW, EACH PARTY HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ARISING OUT
OF OR RELATING TO THIS AGREEMENT ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; PROVIDED THAT THE FOREGOING SHALL NOT LIMIT THE BORROWER’S INDEMNITY AND
REIMBURSEMENT OBLIGATIONS UNDER SECTION 8.04(C). 
 SECTION 8.10. Waiver of Jury Trial. EACH PARTY
HERETO HEREBY 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 THE TRANSACTIONS CONTEMPLATED HEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 8.11. Execution in Counterparts; Integration. This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. This Agreement constitutes the entire agreement and
understanding among the parties hereto and supersedes all prior and contemporaneous agreements and understandings, oral or written, relating to the subject matter hereof. 

SECTION 8.12. USA PATRIOT ACT NOTIFICATION. The following notification is provided to the Borrower pursuant to
Section 326 of the PATRIOT Act: 
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the
funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account, including any deposit account, treasury
management account, loan, other extension of credit, or other financial services product. What this means for the Borrower: When the Borrower opens an account, the Administrative Agent and the Lenders will ask for the Borrower’s name, tax
identification number and business address and other information that will allow the Administrative Agent and the Lenders to identify the Borrower. The Administrative Agent and the Lenders may also ask to see the Borrower’s legal organizational
documents or other identifying documents. 

  
 52 

 SECTION 8.13. No Advisory or Fiduciary Responsibility. In connection with all
aspects of the transactions contemplated hereby (including in connection with any amendment, waiver or other modification hereof), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the
arranging and other services regarding this Agreement provided by the Administrative Agent, the other Agents, the Joint Lead Arrangers and the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one
hand, and the Administrative Agent, the other Agents, the Joint Lead Arrangers and the Lenders on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and
(C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby; (ii) (A) the Administrative Agent, each other Agent, each Joint Lead Arranger and each
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 the Borrower or any of its Affiliates, or any
other Person and (B) none of the Administrative Agent, any other Agent, any Joint Lead Arranger nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those
obligations expressly set forth herein; and (iii) the Administrative Agent, the other Agents, the Joint Lead Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Borrower and its Affiliates, and neither the Administrative Agent, any other Agent, any Joint Lead Arranger nor any Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the
fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the other Agents, the Joint Lead Arrangers and the Lenders with respect to any breach or alleged breach of agency
or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 SECTION 8.14. Confidentiality.
Each of the Agents and the Lenders agree to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) pursuant to the order of any court or administrative agency or in any pending legal or
administrative proceeding, or otherwise as required by applicable Law or compulsory legal process (in which case such Person agrees to inform the Borrower promptly thereof to the extent practicable and not prohibited by Law), (b) upon the
request or demand of any regulatory authority having jurisdiction over such Person or any of its Affiliates, (c) to the extent that such Information is publicly available or becomes publicly available other than by reason of improper disclosure
by such Person, its Affiliates or representatives, (d) to such Person’s Affiliates and their respective officers, directors, partners, members, employees, legal counsel, advisors, representatives, independent auditors and other experts or
agents who need to know such Information and on a confidential basis, (e) to potential and prospective Lenders or Participants or any direct or indirect contractual counterparties to any swap or derivative transaction relating to the Borrower
or its obligations hereunder, in each case, subject to such recipient’s agreement (which agreement may be in writing or by “click through” agreement or other affirmative action on the part of the recipient to access such Information
and acknowledge its confidentiality obligations in respect thereof pursuant to customary practice) to keep such Information confidential on substantially the terms set forth in this Section, (f) received by such Person on a non-confidential
basis from a third-party source (other than the Borrower or any of its Affiliates, advisors, members, directors, employees, agents or other representatives) not known by such Person to be prohibited from disclosing such Information to such Person by
a legal, contractual or fiduciary obligation, (g) for purposes of establishing a “due diligence” defense, (h) in connection with the exercise of any remedies hereunder or under any agreement or other document entered into in
connection herewith, or any suit, action or proceeding relating to this Agreement, any document entered into in connection herewith, or the transactions contemplated hereby or thereby or enforcement hereof or thereof, (i) to any rating agency
on a confidential basis, (j) the CUSIP 

  
 53 

 
Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans or Commitments hereunder and (h) with the Borrower’s prior
written consent. For purposes of this Section, “Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses,
other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of information received from the
Borrower or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 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. 

[Signature Pages Follow] 

  
 54 

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

	
	EXELON CORPORATION,
	as Borrower
	
	 /s/ Stacie M. Frank

	Stacie M. Frank
	Senior Vice President, Treasurer

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	BARCLAYS BANK PLC,
	as Administrative Agent and as a Lender
	
	 /s/ Ann E. Sutton

	Ann E. Sutton
	Director

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	GOLDMAN SACHS BANK USA,
	as a Lender
	
	 /s/ Robert Ehudin

	Robert Ehudin
	Authorized Signatory

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	Wells Fargo Bank, N.A.
	as a Lender
	
	 /s/ Bobby Ausman

	Bobby Ausman
	Assistant Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender
	
	 /s/ Eric Cosgrove

	Eric Cosgrove
	Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	TD Bank, N.A.,
	as a Lender
	
	 /s/ David Perlman

	David Perlman
	Senior Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	SUMITOMO MITSUI BANKING CORPORATION,
	as a Lender
	
	 /s/ James D. Weinstein

	James D. Weinstein
	Managing Director

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	THE ROYAL BANK OF SCOTLAND PLC,
	as a Lender
	
	 /s/ Tyler J. McCarthy

	Tyler J. McCarthy
	Director

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	Royal Bank of Canada,
	as a Lender
	
	 /s/ Frank Lambrinos

	Frank Lambrinos
	Authorized Signatory

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	PNC Bank, National Association,
	as a Lender
	
	 /s/ John Broeren

	John Broeren
	Senior Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	The Northern Trust Company,
	as a Lender
	
	 /s/ Keith Burson

	Keith Burson
	Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	Mizuho Bank, Ltd.,
	as a Lender
	
	 /s/ Leon Mo

	Leon Mo
	Authorized Signatory

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	MANUFACTURERS AND TRADERS TRUST COMPANY,
	as a Lender
	
	 /s/ Ramal L. Moreland

	Ramal L. Moreland
	Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	KeyBank National Association,
	as a Lender
	
	 /s/ Sherrie I. Manson

	Sherrie I. Manson
	Senior Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	JPMORGAN CHASE BANK, N.A.,
	as a Lender
	
	 /s/ Juan Javellana

	Juan Javellana
	Executive Director

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	The Huntington National Bank,
	as a Lender
	
	 /s/ Lori Cummins-Meyer

	Lori Cummins-Meyer
	Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Lender
	
	 /s/ Michael Spaight

	Michael Spaight
	Authorized Signatory
	
	 /s/ Tyler R. Smith

	Tyler R. Smith
	Authorized Signatory

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	Credit Agricole Corporate & Investment Bank,
	as a Lender
	
	 /s/ David Gurghigian

	David Gurghigian
	Managing Director
	
	 /s/ Michael Willis

	Michael Willis
	Managing Director

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	Citibank, N.A.,
	as a Lender
	
	 /s/ Sandip Sen

	Sandip Sen
	Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	Canadian Imperial Bank of Commerce, New York Branch,
	as a Lender
	
	 /s/ Anju Abraham

	Anju Abraham
	Authorized Signatory
	
	 /s/ Robert Casey

	Robert Casey
	Authorized Signatory

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	THE BANK OF NEW YORK MELLON,
	as a Lender
	
	 /s/ Mark W. Rogers

	Mark W. Rogers
	Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	BNP PARIBAS,
	as a Lender
	
	 /s/ Christopher Sked

	Christopher Sked
	Managing Director
	
	 /s/ Nicole Mitchell

	Nicole Mitchell
	Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	The Bank of Tokyo-Mitsubishi, Ltd.,
	as a Lender
	
	 /s/ Chi-Cheng Chen

	Chi-Cheng Chen
	Director

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	THE BANK OF NOVA SCOTIA,
	as a Lender
	
	 /s/ Thane Rattew

	Thane Rattew
	Managing Director

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 
	
	Bank of America, N.A.,
	as a Lender
	
	 /s/ William Merritt

	William Merritt
	Vice President

  
 364-DAY BRIDGE TERM LOAN
AGREEMENT 

 SCHEDULE I 

PRICING SCHEDULE 
 “Applicable
Margin” and “Applicable Ticking Fee Rate” mean (as applicable), as of any date of determination, the percentage per annum set forth below opposite the applicable Debt Ratings of the Borrower from S&P,
Moody’s and Fitch, in each case, with a stable or better outlook: 
  

																																					
	 Borrower’s Debt Ratings (S&P,
Moody’s or Fitch)
	  	Applicable Margin	 	  	Applicable
Ticking Fee
Rate	 
	  	Closing Date through
89 days after Closing
Date	 	  	90 days after Closing
Date through 179
days after Closing
Date	 	  	180 days after
Closing Date through
269 days after
Closing Date	 	  	270 days after Closing
Date and thereafter	 	  
	  	Base
Rate
Loans	 	  	Euro-
dollar
Loans	 	  	Base
Rate
Loans	 	  	Euro-
dollar
Loans	 	  	Base
Rate
Loans	 	  	Euro-
dollar
Loans	 	  	Base
Rate
Loans	 	  	Euro-
dollar
Loans	 	  
	 Rating Level 1:

3 A-/A3/A-
	  	 	12.5 bps	  	  	 	112.5 bps	  	  	 	37.5 bps	  	  	 	137.5 bps	  	  	 	62.5 bps	  	  	 	162.5 bps	  	  	 	87.5 bps	  	  	 	187.5 bps	  	  	 	12.5 bps	  
	 Rating Level 2:

BBB+/Baa1/BBB+
	  	 	25 bps	  	  	 	125 bps	  	  	 	50 bps	  	  	 	150 bps	  	  	 	75 bps	  	  	 	175 bps	  	  	 	100 bps	  	  	 	200 bps	  	  	 	17.5 bps	  
	 Rating Level 3:

BBB/Baa2/BBB
	  	 	50 bps	  	  	 	150 bps	  	  	 	75 bps	  	  	 	175 bps	  	  	 	100 bps	  	  	 	200 bps	  	  	 	125 bps	  	  	 	225 bps	  	  	 	22.5 bps	  
	 Rating Level 4:

BBB-/Baa3/BBB-
	  	 	75 bps	  	  	 	175 bps	  	  	 	100 bps	  	  	 	200 bps	  	  	 	125 bps	  	  	 	225 bps	  	  	 	150 bps	  	  	 	250 bps	  	  	 	27.5 bps	  
	 Rating Level 5:

£ BB+/Ba1/BB+
	  	 	100 bps	  	  	 	200 bps	  	  	 	125 bps	  	  	 	225 bps	  	  	 	150 bps	  	  	 	250 bps	  	  	 	175 bps	  	  	 	275 bps	  	  	 	35.0 bps	  

 For purposes of the foregoing, (a) at any time that Debt Ratings are available from each of S&P, Moody’s and
Fitch and there is a split among such Debt Ratings, then (i) if any two of such Debt Ratings are in the same level, such level shall apply or (ii) if each of such Debt Ratings is in a different level, the level that is the middle level
shall apply and (b) at any time that Debt Ratings are available only from any two of S&P, Moody’s and Fitch and there is a split in such Debt Ratings, then the higher of such Debt Ratings shall apply, unless there is a split in Debt
Ratings of more than one level, in which case the level that is one level higher than the lower Debt Rating shall apply. The Debt Ratings shall be determined from the most recent public announcement of any changes in the Debt Ratings. If the rating
system of S&P, Moody’s or Fitch shall change, the 

  
 I-1 

 
Borrower and the Administrative Agent shall negotiate in good faith to amend the definition of “Debt Rating” to reflect such changed rating system and, pending the effectiveness of such
amendment (which shall require the approval of the Majority Lenders), the Debt Rating shall be determined by reference to the rating most recently in effect prior to such change. If the Borrower has no Fitch Rating, no Moody’s Rating and no
S&P Rating, Rating Level 5 shall apply. 

  
 I-2 

 SCHEDULE II 

COMMITMENTS 
  

					
	 Lender
	  	Commitment	 
		
	 Barclays Bank PLC
	  	$	1,444,200,000	  
	 Goldman Sachs Bank USA
	  	$	1,444,200,000	  
	 Bank of America, N.A.
	  	$	325,000,000	  
	 Citibank, N.A.
	  	$	325,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	325,000,000	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	325,000,000	  
	 Wells Fargo Bank, N.A.
	  	$	325,000,000	  
	 BNP Paribas
	  	$	325,000,000	  
	 The Bank of Nova Scotia
	  	$	325,000,000	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	325,000,000	  
	 The Royal Bank of Scotland plc
	  	$	325,000,000	  
	 Mizuho Bank, Ltd.
	  	$	225,000,000	  
	 Royal Bank of Canada
	  	$	225,000,000	  
	 U.S. Bank National Association
	  	$	225,000,000	  
	 Canadian Imperial Bank of Commerce, New York Branch
	  	$	81,575,000	  
	 Credit Agricole Corporate & Investment Bank
	  	$	81,575,000	  
	 PNC Bank, NA
	  	$	81,575,000	  
	 Sumitomo Mitsui Banking Corporation
	  	$	81,575,000	  
	 The Bank of New York Mellon
	  	$	81,575,000	  
	 KeyBank National Association
	  	$	81,575,000	  
	 TD Bank, N.A.
	  	$	81,575,000	  
	 The Northern Trust Company
	  	$	81,575,000	  
	 Manufacturers and Traders Trust Company
	  	$	50,000,000	  
	 The Huntington National Bank
	  	$	30,000,000	  
	 TOTAL
	  	$	7,221,000,000.00	  

  
 II-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}]]