Document:

Registration Rights Agreement

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 by and among  

PEABODY ENERGY CORPORATION 
 and 
 the Guarantors listed in Schedule A hereto 

and  
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Morgan
Stanley &Co. LLC 
 UBS Securities LLC 
 Citigroup Global Markets Inc. 
 HSBC Securities (USA) Inc. 

RBS Securities Inc. 
 Banco Bilbao Vizcaya Argentaria, S.A. 
 Mitsubishi UFJ Securities (USA),
Inc. 
 PNC Capital Markets LLC 
 Santander Investment Securities Inc. 
 U.S. Bancorp Investments, Inc.

 Wells Fargo Securities, LLC 
 ANZ Securities, Inc. 
 Fifth Third Securities, Inc. 

nabSecurities, LLC 
 SMBC Nikko Capital Markets Limited 
 Standard Chartered Bank

 Westpac Banking Corporation 
 Dated as of November 15, 2011 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of November 15, 2011, by and among
Peabody Energy Corporation, a Delaware corporation (the “Company”), the Guarantors named in Schedule A hereto (collectively, the “Guarantors”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley
&Co. LLC, UBS Securities LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., RBS Securities Inc., Banco Bilbao Vizcaya Argentaria, S.A., Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, Santander Investment Securities
Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, ANZ Securities, Inc., Fifth Third Securities, Inc., nabSecurities, LLC, SMBC Nikko Capital Markets Limited, Standard Chartered Bank and Westpac Banking Corporation (collectively, the
“Initial Purchasers”), each of whom has agreed to purchase the Company’s 6.00% Senior Notes due 2018 (the “2018 Notes”) and the Company’s 6.25% Senior Notes due 2021 (the “2021 Notes,” and together with 2018
Notes, the “Initial Notes”) fully and unconditionally guaranteed by the Guarantors (the “Guarantees”) pursuant to the Purchase Agreement (as defined below). The Initial Notes and the Guarantees attached thereto are herein
collectively referred to as the “Initial Securities.” 
 This Agreement is made pursuant to the Purchase Agreement,
dated November 7, 2011 (the “Purchase Agreement”), among the Company, the Guarantors and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the
Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of
this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 7(g) of the Purchase Agreement. 
 The parties hereby agree as follows: 
 SECTION 1. Definitions. As used in
this Agreement, the following capitalized terms shall have the following meanings: 
 Additional Interest: As defined in
Section 4 hereof. 
 Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust
companies located in New York, New York are authorized or obligated to be closed. 
 Closing Date: The date of this
Agreement. 
 Commission: The Securities and Exchange Commission. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence
of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be 

  
 Signature
Page to Registration Rights Agreement 

 
issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum
period required pursuant to Section 2(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial
Securities that were tendered by Holders thereof pursuant to the Exchange Offer. 
 Effectiveness Target Date: As defined
in Section 4 hereof. 
 Exchange Act: The Securities Exchange Act of 1934, as amended. 

Exchange Offer: The registration by the Company under the Securities Act of the Exchange Securities pursuant to a Registration
Statement pursuant to which the Company offers the Holders of all outstanding Initial Securities permitted to be included therein the opportunity to exchange all such outstanding Initial Securities held by such Holders for Exchange Securities in an
aggregate principal amount equal to the aggregate principal amount of the Initial Securities tendered in such exchange offer by such Holders. 
 Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus. 

Exchange Securities: The Notes, each of the same series under the Indenture as the Initial Notes and the Guarantees attached
thereto, to be issued to Holders in exchange for Initial Securities pursuant to this Agreement. 
 FINRA: Financial
Industry Regulatory Authority, Inc. 
 Free Writing Prospectus: Each free writing prospectus (as defined in Rule 405
under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities. 
 Holder: A Person in whose name a Note is registered. 
 Indemnified
Holder: As defined in Section 7(a) hereof. 
 Indenture: The Indenture, dated as of November 15, 2011, by
and among the Company, the Guarantors and U.S. Bank National Association, as trustee (the “Trustee”), pursuant to which the Securities are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the
terms thereof. 
 Initial Purchasers: As defined in the preamble hereto. 

Initial Notes: As defined in the preamble hereto. 
 Initial Placement: The issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase Agreement. 

  
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 Initial Securities: As defined in the preamble hereto. 

Interest Payment Date: As defined in the Indenture and the Securities. 

Person: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof. 
 Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by
any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
 Registration Default: As defined in Section 4 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Securities pursuant
to an Exchange Offer or (b) the registration for resale of Initial Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included therein,
all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 
 Securities: The Initial Securities and the Exchange Securities. 

Securities Act: The Securities Act of 1933, as amended. 
 Shelf Filing Deadline: As defined in Section 3(a) hereof. 
 Shelf
Registration Statement: As defined in Section 3(a) hereof. 
 Trust Indenture Act: The Trust Indenture Act of
1939, as amended. 
 Underwritten Registration or Underwritten Offering: A registration in which securities of the
Company are sold to an underwriter for reoffering to the public. 
 SECTION 2. Registered Exchange Offer. 

(a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth in
Section 5(a) hereof have been complied with), prior to the 365th calendar day following the Closing Date the Company shall (i) cause to be filed with the Commission promptly a Registration Statement under the Securities Act relating to the
Exchange Securities and the Exchange Offer, (ii) use its reasonable best efforts to cause such Registration Statement to become effective at the earliest possible time, (iii) in connection with the foregoing, (A) cause the Exchange
Offer Registration Statement to become or be declared effective under the Securities Act and (B) cause all necessary filings in connection with the registration and qualification of the Exchange Securities to be made under the state securities
or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) keep the Exchange Offer Registration Statement effective until the earliest of (A) two years after the issue date of the Initial
Securities and (B) 180 days after the latest 

  
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date of acceptance of Initial Securities for exchange. The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Securities to be offered in exchange for the
Initial Securities and to permit resales of Initial Securities held by Broker-Dealers as contemplated by Section 2(c) hereof. 
 (b) The Company and the Guarantors shall cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than 20 business days
(or longer if required by applicable law) to Consummate the Exchange Offer. The Company and the Guarantors shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange
Securities shall be included in the Exchange Offer Registration Statement. The Company and the Guarantors shall use their reasonable best efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer
Registration Statement has become effective. 
 (c) The Company shall indicate in a “Plan of Distribution” section
contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Initial Securities that are Initial Securities and that were acquired for its own account as a result of market-making
activities or other trading activities (other than Initial Securities acquired directly from the Company), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an
“underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the
Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain
all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the
amount of Initial Securities held by any such Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 
 Each of the Company and the Guarantors shall use its reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the
provisions of Section 5(c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities,
and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the
date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities. 

The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time
during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 

  
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 SECTION 3. Shelf Registration. 

(a) Shelf Registration. If (i) the Company is not required to file an Exchange Offer Registration
Statement or to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 5(a) hereof have been complied with), (ii) for any reason the
Exchange Offer is not Consummated within 365 days after the Closing Date (or if such 365th day is not a Business Day, the next succeeding Business Day), or (iii) with respect to any Holder of Initial Securities (A) such Holder is prohibited by applicable law or Commission policy from
participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from the Company or one of its affiliates, then, upon such
Holder’s request, the Company and the Guarantors shall 
 (x) promptly deliver to the Holders and to the
Trustee written notice thereof and, at the sole expense of the Company and the Guarantors, cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration
Statement (in either event, the “Shelf Registration Statement”) promptly after such filing obligation arises (such date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all
Initial Securities the Holders of which shall have provided the information required pursuant to Section 3(b) hereof; and 
 (y) use their reasonable best efforts to cause such Shelf Registration Statement to be declared effective by the Commission and to keep such Shelf Registration Statement effective until the earlier of
(x) two years after the issue date of the Initial Securities and (y) such time as all of the Initial Securities covered by the Shelf Registration Statement have been sold thereunder. 

(b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Initial
Securities may include any of its Initial Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 20 Business Days after receipt of a request therefor, such
information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected agrees
to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading. 

SECTION 4. Additional Interest. If (i) any of the Registration Statements required by this Agreement is not filed with the
Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such Registration Statements has not been declared effective by the Commission on or prior to the date specified for such effectiveness in this
Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated within 365 days after the Closing Date with respect to the Exchange Offer Registration Statement or (iv) any

  
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Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded
immediately by a post-effective amendment to such Registration Statement that cures such failure and that is itself immediately declared effective and, in the case of a Shelf Registration Statement, such failure to remain effective or usable exists
for more than 75 days (whether or not consecutive) in any 12-month period as described in the final paragraph of Section 5(c) (each such event referred to in clauses (i) through (iv), a “Registration Default”), the Company hereby
agrees that the interest rate borne by the Initial Securities shall be increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by 0.25% per annum at the end
of each subsequent 90-day period, but in no event shall such increase exceed 1.00% per annum. Following the cure of all Registration Defaults relating to any particular Initial Securities, the interest rate borne by the relevant Initial
Securities will be reduced to the original interest rate borne by such Initial Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant
Initial Securities shall again be increased pursuant to the foregoing provisions. Any amounts of Additional Interest due will be payable in cash on the same interest payment dates as interest on the Notes is payable. 

SECTION 5. Registration Procedures. 
 (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantors shall comply with all of the provisions of Section 5(c) hereof, shall use their
reasonable best efforts to effect such exchange to permit the sale of Initial Securities being sold in accordance with the intended method or methods of distribution thereof, and shall comply with all of the following provisions: 

(i) If in the reasonable opinion of counsel to the Company there is a question as to whether the Exchange Offer is
permitted by applicable law, the Company and the Guarantors hereby agree to seek a no-action letter or other favorable decision from the Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such Initial Securities.
The Company and the Guarantors hereby agree to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. The Company and the
Guarantors hereby agree, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such
counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission. 

(ii) As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of
Initial Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration
Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange
Securities to 

  
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be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. In addition, all such Holders of Initial Securities shall otherwise
cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in
the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital
Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant
to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by
an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Initial
Securities acquired by such Holder directly from the Company. 
 (b) Shelf Registration Statement. In connection with the
Shelf Registration Statement, each of the Company and the Guarantors shall comply with all the provisions of Section 5(c) hereof and shall use its reasonable best efforts to effect such registration to permit the sale of the Initial Securities
being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto each of the Company and the Guarantors will as reasonably expeditiously as possible prepare and file with the Commission a Registration
Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Initial Securities in accordance with the intended method or methods of distribution thereof. 

(c) General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the
sale or resale of Initial Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by Broker-Dealers), each of the Company and the Guarantors shall: 

(i) use its reasonable best efforts to keep such Registration Statement continuously effective and provide all requisite
financial statements (including, if required by the Securities Act or any regulation thereunder, financial statements of the Guarantors for the period specified in Section 2 or 3 hereof, as applicable; upon the occurrence of any event that
would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Initial Securities during the period required by this
Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its reasonable best
efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

  
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 (ii) prepare and file with the Commission such amendments and post-effective
amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 2 or 3 hereof, as applicable, or such shorter period as will terminate when all
Initial Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, if such a
filing is required, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered
by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iii) in the case of any Shelf Registration Statement or any resale of Initial Securities by Broker-Dealers, advise the
underwriter(s) and selling Holders and/or such Broker-Dealers, as applicable, promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has
been filed, and, with respect to such Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to such Registration Statement or amendments or
supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the such Registration Statement under the Securities Act or of the suspension
by any state securities commission of the qualification of the Initial Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes or (D) of the existence of any fact or the
happening of any event that makes any statement of a material fact made in such Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any
additions to or changes in such Registration Statement or the Prospectus in order to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading. If at any time the Commission
shall issue any stop order suspending the effectiveness of the applicable Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of
the Initial Securities under state securities or blue sky laws, each of the Company and the Guarantors shall use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

(iv) in the case of any Underwritten Offering using a Shelf Registration Statement, furnish without charge to each of the
Initial Purchasers, each selling Holder named in any Shelf Registration Statement, and each of the underwriter(s) before filing with the Commission, copies of any Shelf Registration Statement or any Prospectus included therein or any amendments or
supplements to any such Shelf Registration Statement or Prospectus (excluding all documents incorporated by reference after the initial filing of such Shelf Registration Statement, if otherwise available on the Commission’s EDGAR

  
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system), and the Company will not file any such Shelf Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (excluding all such
documents incorporated by reference, if otherwise available on the Commission’s EDGAR system) to which an Initial Purchaser of Initial Securities covered by such Shelf Registration Statement or the underwriter(s), if any, shall reasonably
object in writing within five Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter shall be deemed to be
reasonable only if such Shelf Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission. If such material misstatement or omission is corrected, such objection
will cease to be considered reasonable for purposes of this clause (iv); 
 (v) in the case of any Underwritten
Offering using a Shelf Registration Statement, make available at reasonable times for inspection by the Initial Purchasers, the managing underwriter(s) participating in any Underwritten Offering pursuant to such Shelf Registration Statement and any
attorney or accountant retained by such Initial Purchasers or any of the underwriter(s), all financial and other records, pertinent corporate documents and properties of each of the Company and the Guarantors and use commercially reasonable efforts
to cause the Company’s and the Guarantors’ officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Shelf Registration Statement or any
post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent reasonably requested by the managing underwriter(s); provided that all information
provided by the Company shall be kept confidential by such persons, unless disclosure thereof is required or requested under compulsion of law, by order or act of any court or governmental or regulatory authority or body or such information is or
has become available to the public generally through the Company or through a third party without an accompanying obligation of confidentiality owed by such person to the Company or the Company consents to the non-confidential treatment of such
information; 
 (vi) in the case of any Underwritten Offering using a Shelf Registration Statement, if requested
by any selling Holders or the underwriter(s), promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s) may
reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Initial Securities, information with respect to the principal amount of Initial Securities being sold to
such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Initial Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as
practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

  
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 (vii) use its reasonable best efforts to cause the Initial Securities
covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Securities covered thereby or the underwriter(s), if any; 

(viii) in the case of any Shelf Registration Statement, furnish to each Initial Purchaser, each selling Holder and each of
the underwriter(s), if any, without charge, at least one copy of the Shelf Registration Statement, as first filed with the Commission, and of each amendment thereto, excluding financial statements and schedules, all documents incorporated by
reference therein and all exhibits (and excluding exhibits incorporated therein by reference, if otherwise available on the Commission’s EDGAR system); 
 (ix) in the case of any Shelf Registration Statement or any resale of Initial Securities by Broker-Dealers, deliver to each selling Holder and each of the underwriter(s), if any, and/or such
Broker-Dealers, as applicable, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; each of the Company and the Guarantors hereby
consents to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Initial Securities covered by the Prospectus or
any amendment or supplement thereto; 
 (x) in the case of any Underwritten Offering using a Shelf Registration
Statement, enter into such agreements (including an underwriting agreement), and make such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Initial
Securities pursuant to any Shelf Registration Statement contemplated by this Agreement, all to such extent as may be reasonably requested by any Initial Purchaser or by any Holder of Initial Securities or underwriter in connection with any sale or
resale pursuant to any Shelf Registration Statement contemplated by this Agreement; each of the Company and the Guarantors shall: 
 (A) furnish to each Initial Purchaser, each selling Holder and each underwriter, if any, in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters
in primary underwritten offerings, upon the date of effectiveness of the Shelf Registration Statement: 
 (1) a
certificate, dated the date of effectiveness of the Shelf Registration Statement, signed by the Chief Executive Officer or President and its Chief Financial Officer or Treasurer of each of the Company and the Guarantors, confirming, as of the date
thereof, the matters set forth in paragraphs (A), (B), (C) and (D) of Section 7(j) of the Purchase Agreement and such other matters as such parties may reasonably request; 

  
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 (2) an opinion, dated the date of effectiveness of the Shelf Registration
Statement of counsel for the Company and the Guarantors, covering the matters set forth in Section 7(c) of the Purchase Agreement and such other matter as such parties may reasonably request, and in any event including a statement to the effect
that such counsel has participated in conferences with officers and other representatives of the Company and the Guarantors, representatives of the independent public accountants for the Company and the Guarantors, representatives of the
underwriter(s) and counsel to the underwriter(s) in connection with the preparation of such Shelf Registration Statement and the related Prospectus and have considered the matters required to be stated therein and the statements contained therein,
although such counsel has not independently verified the accuracy, completeness or fairness of such statements; and that such counsel advises that, on the basis of the foregoing, no facts came to such counsel’s attention that caused such
counsel to believe that the applicable Shelf Registration Statement, at the time such Shelf Registration Statement or any post-effective amendment thereto became effective contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, or that the Prospectus contained in such Shelf Registration Statement as of its date contained an untrue statement of a material fact or omitted
to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes no
responsibility for, and has not independently verified, the accuracy, completeness or fairness of the financial statements, notes and schedules and other accounting, financial and statistical data included in any Shelf Registration Statement
contemplated by this Agreement or the related Prospectus; and 
 (3) a customary comfort letter, dated as of the
date of effectiveness of the Shelf Registration Statement, and a “bring down comfort letter” from the Company’s independent public accountants, in the customary form and covering matters of the type customarily requested to be covered
in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the matters set forth in the comfort letters delivered pursuant to Sections 7(h) and (i) of the Purchase Agreement, without
exception; 
 (B) set forth in full or incorporate by reference in the underwriting agreement, if any, the
indemnification provisions and procedures of Section 7 hereof with respect to all parties to be indemnified pursuant to said Section; and 
 (C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with Section 5(c)(x)(A) hereof and with any customary conditions contained in
the underwriting agreement or other agreement entered into by the Company or any of the Guarantors pursuant to this Section 5(c)(x), if any. 

  
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 If at any time the representations and warranties of the Company and the
Guarantors contemplated in Section 5(c)(x)(A)(1) hereof cease to be true and correct, the Company or the Guarantors shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by
such Persons, shall confirm such advice in writing; 
 (xi) use its reasonable best efforts to prior to any
public offering of Initial Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Initial Securities under the state securities or blue
sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and all other acts or things necessary to enable the disposition in such jurisdictions of the Initial Securities covered by the Shelf
Registration Statement; provided, however, that neither the Company nor the Guarantors shall be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the
service of process in suits or to taxation, other than as to matters and transactions relating to the Shelf Registration Statement, in any jurisdiction where it is not then so subject; 

(xii) shall issue, upon the request of any Holder of Initial Securities covered by the Shelf Registration Statement,
Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Initial Securities surrendered to the Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be
registered in the name of such Holder or in the name of the purchaser(s) of such Securities, as the case may be; in return, the Initial Securities held by such Holder shall be surrendered to the Company for cancellation; 

(xiii) cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and
delivery of certificates representing Initial Securities to be sold and not bearing any restrictive legends; and enable such Initial Securities to be in such denominations and registered in such names as the Holders or the underwriter(s), if any,
may reasonably request at least two Business Days prior to any sale of Initial Securities made by such Holders or underwriter(s); 
 (xiv) use its reasonable best efforts to cause the Initial Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be
necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Initial Securities, subject to the proviso contained in Section 5(c)(xi) hereof; 

(xv) in the case of any Shelf Registration Statement or any resale of Initial Securities by Broker-Dealers, if any fact or
event contemplated by Section 5(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the applicable Registration Statement or related Prospectus or any document incorporated therein by reference or
file any other required document so that, as thereafter delivered to the purchasers of Initial Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements, in the light of the circumstances under which they were made, therein not misleading; 

  
 -12-

 (xvi) provide a CUSIP number for all Securities not later than the effective
date of the Registration Statement covering such Securities and provide the Trustee under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with The Depository Trust Company and take all other
action necessary to ensure that all such Securities are eligible for deposit with The Depository Trust Company; 

(xvii) cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence
investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of the FINRA; 

(xviii) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission,
and make generally available to its security holders, as soon as practicable, a consolidated earning statement meeting the requirements of Rule 158 (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal
quarter in which Initial Securities are sold to underwriters in a firm commitment or reasonable best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s
first fiscal quarter commencing after the effective date of the Registration Statement; 
 (xix) use its
reasonable best efforts to cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee
and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its reasonable best efforts to cause the
Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; 

(xx) use its reasonable best efforts to cause all Securities covered by the Registration Statement to be listed on each
securities exchange or automated quotation system on which similar securities issued by the Company are then listed if reasonably requested by the Holders of a majority in aggregate principal amount of Initial Securities or the managing
underwriter(s), if any; and 
 (xxi) provide promptly to each Holder upon request each document filed with the
Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act; provided that any such document shall be deemed to have been provided to each Holder to the extent that they have been posted on the
Commission’s EDGAR system or on the Company’s website. 

  
 -13-

 Each Holder agrees by acquisition of an Initial Security that, upon receipt of any notice
from the Company of the existence of any fact of the kind described in Section 5(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Initial Securities pursuant to the applicable Registration Statement until such
Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(c)(xv) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus may be resumed, and
has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies then in such Holder’s possession, of the Prospectus covering such Initial Securities that was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding
the effectiveness of such Registration Statement set forth in Section 2 or 3 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to
Section 5(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 5(c)(xv) hereof or shall
have received the Advice; provided, however, that an extension of not more than 75 days shall not be taken into account in determining whether Additional Interest is due pursuant to Section 4 hereof or the amount of such Additional
Interest, it being agreed that the Company’s option to suspend use of a Shelf Registration Statement pursuant to this paragraph for not more than 75 days shall not be treated as a Registration Default for purposes of Section 5 hereof.

 SECTION 6. Registration Expenses. 
 (a) All expenses incident to the Company’s and the Guarantors’ performance of or compliance with this Agreement will be borne by the Company and the Guarantors, jointly and severally, regardless
of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial Purchaser or Holder with FINRA (and, if applicable, the fees and
expenses of any “qualified independent underwriter” and their counsel that may be required by the rules and regulations of the FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or blue sky
laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and
disbursements relating to the qualification of the Indenture under applicable securities laws; (v) the fees and disbursements of the Trustee and its counsel; (vi) all fees and disbursements of counsel for the Company, the Guarantors and,
subject to Section 6(b) hereof, the Holders of Initial Securities; (vii) all application and filing fees in connection with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements
thereof; and (viii) all fees and disbursements of independent certified public accountants of the Company and the Guarantors (including the expenses of any comfort letters, in customary form, required by or incident to such performance).

 Each of the Company and the Guarantors will, in any event, bear their internal expenses (including, without limitation, all
salaries and expenses of their officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company or the Guarantors. 

  
 -14-

 (b) In connection with any Shelf Registration Statement required by this Agreement, the
Company and the Guarantors, jointly and severally, will reimburse the Initial Purchasers and the Holders of Initial Securities being registered pursuant to the Shelf Registration Statement for the reasonable fees and disbursements of not more than
one counsel, who shall be Shearman & Sterling LLP or such other counsel as may be chosen by the Holders of a majority in principal amount of the Initial Securities for whose benefit the Shelf Registration Statement is being prepared.

 SECTION 7. Indemnification. 
 (a) The Company and the Guarantors, jointly and severally, agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors,
partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent
lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling,
compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or
several, directly or indirectly caused by, related to, based upon, arising out of or in connection with (x) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (or any
amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and (y) any untrue statement or alleged untrue
statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), any Free Writing Prospectus used in violation of this Agreement or any “issuer information” filed, or required to be filed pursuant to Rule
433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to
any of the Holders furnished in writing to the Company by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Company or any of the Guarantors may otherwise have. 

In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted
against any of the Indemnified Holders with respect to which indemnity may be sought against the Company or the Guarantors, such Indemnified Holder (or the Indemnified Holder controlled by such controlling person) shall promptly notify the Company
and the Guarantors in writing; provided, however, that the failure to give such notice shall not relieve any of the Company or the Guarantors of their obligations pursuant to this 

  
 -15-

 
Agreement unless such failure results in the forfeiture of substantial rights. Such Indemnified Holder shall have the right to employ their own counsel in any such action and the fees and
expenses of one such counsel shall be paid, as incurred, by the Company and the Guarantors only if (i) the Indemnified Holder and the Company and the Guarantors shall have mutually agreed; (ii) the Indemnified Holder shall have reasonably
concluded that there may be legal defenses available to it that are different from or in addition to those available to the Company and the Guarantors; or (iii) the named parties in any such proceeding (including any impleaded parties) include
both the Company and Guarantors and the Indemnified Holder and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company and the Guarantors shall not, in
connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and
expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by the Holders. The Company and the Guarantors shall be liable for any settlement of any
such action or proceeding effected with the Company’s and the Guarantors’ prior written consent, which consent shall not be withheld unreasonably, and each of the Company and the Guarantors agrees to indemnify and hold harmless any
Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the written consent of the Company and the Guarantors. The Company and the Guarantors shall not, without the
prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Holder from all liability arising out
of such action, claim, litigation or proceeding. No indemnifying party shall be liable for any settlement or compromise of, or consent to the entry of judgment with respect to, any such action or claim effected without its consent. 

(b) Each Holder of Initial Securities agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors and
their respective directors, officers, employees and agents and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company or any of the Guarantors, and the respective
officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company and the Guarantors to each of the Indemnified Holders, but only with respect to claims and
actions based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement or Prospectus. In case any action or proceeding shall be brought against the Company, the Guarantors or their
respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Initial Securities, such Holder shall have the rights and duties given the Company and the Guarantors, and the Company,
the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph. 

  
 -16-

 (c) If the indemnification provided for in this Section 7 is unavailable to an
indemnified party under Section 7(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each
applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is
appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company and the Guarantors shall be deemed to be equal
to the total net proceeds (after excluding any discounts received by the Initial Purchasers) to the Company and the Guarantors from the Initial Placement), or if such allocation is not permitted by applicable law, the relative fault of the Company
and the Guarantors, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of the Indemnified Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or any of the Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set
forth in the second paragraph of Section 7(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

The Company, the Guarantors and each Holder of Initial Securities agree that it would not be just and equitable if contribution pursuant
to this Section 7(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, none of the Holders
(and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder from the sale of the Initial Securities exceeds the amount of any damages
which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 7(c) are several in proportion to the respective principal
amount of Initial Securities held by each of the Holders hereunder and not joint. 

  
 -17-

 SECTION 8. Rule 144A. Each of the Company and the Guarantors hereby agrees with each
Holder, for so long as any Initial Securities remain outstanding, to make available to any Holder or beneficial owner of Initial Securities in connection with any sale thereof and any prospective purchaser of such Initial Securities from such Holder
or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Initial Securities pursuant to Rule 144A under the Securities Act. 

SECTION 9. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder’s Initial Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all
reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 

SECTION 10. Selection of Underwriters. The Holders of Initial Securities covered by the Shelf Registration Statement who desire to
do so may sell such Initial Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate
principal amount of the Initial Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be satisfactory to the Company. 

SECTION 11. Miscellaneous. 
 (a) Remedies. Each of the Company and the Guarantors hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. The Initial Purchasers and the Holders acknowledge and agree that the Additional Interest provided by Section 4
of this Agreement shall be the exclusive monetary remedy available to Holders for any Registration Default. 
 (b) No
Inconsistent Agreements. Each of the Company and the Guarantors will not on or after the date of this Agreement enter into any agreement with respect to their securities that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s or any of the
Guarantors’ securities under any agreement in effect on the date hereof. 
 (c) Adjustments Affecting the Securities.
The Company will not take any action, or permit any change to occur, with respect to the Securities that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 

(d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents
to or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 4 hereof and this Section 11(d)(i), obtained the written consent of Holders of all outstanding Initial Securities and

  
 -18-

 
(ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Initial Securities (excluding any Initial Securities
held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer
and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Initial Securities
being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser
with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 
 (e)
Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing
overnight delivery: 
 (i) if to a Holder, at the address set forth on the records of the Registrar under the
Indenture, with a copy to the Registrar under the Indenture; and 
 (f) if to the Company: 

701 Market Street 

St. Louis, MO 63101-1826 
 Attention: Chief Financial Officer 
 Fax: (314) 342-7597 

With a copy to: 

Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, NY 10017-3909 

Attention: Risë B. Norman, Esq. 
 Fax: (212) 455-2502 
 All such notices and communications shall be deemed to
have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next
Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or
other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 
 (g) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need
for an express assignment, subsequent Holders of Initial Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor
or assign acquired Initial Securities from such Holder. 

  
 -19-

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

(i) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (j) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. 
 (k) Severability. In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 
 (l) Entire Agreement. This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Initial Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such
subject matter. 
 [Signature Pages Follow] 

  
 -20-

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

 

			
	PEABODY ENERGY CORPORATION
		
	By:	 	/s/ Carey J. Dubois
		 	Carey J. Dubois
		 	Vice President and Treasurer

  
 Signature
Page to Registration Rights Agreement 

 SUBSIDIARY GUARANTORS 

 

			
		 	American Land Development, LLC
		 	American Land Holdings of Colorado, LLC
		 	American Land Holdings of Illinois, LLC
		 	American Land Holdings of Indiana, LLC
		 	American Land Holdings of Kentucky, LLC
		 	American Land Holdings of West Virginia, LLC
		 	Arid Operations, Inc.
		 	Big Ridge, Inc.
		 	Big Sky Coal Company
		 	Black Hills Mining Company, LLC
		 	BTU Western Resources, Inc.
		 	Caballo Grande, LLC
		 	Caseyville Dock Company, LLC
		 	Central States Coal Reserves of Illinois, LLC
		 	Central States Coal Reserves of Indiana, LLC
		 	Century Mineral Resources, Inc.
		 	Coal Reserves Holding Limited Liability Company No. 1
		 	COALSALES II, LLC
		 	Colorado Yampa Coal Company
		 	Conservancy Resources, LLC
		 	Cottonwood Land Company
		 	Cyprus Creek Land Company
		 	Cyprus Creek Land Resources, LLC
		 	Dyson Creek Coal Company, LLC
		 	Dyson Creek Mining Company, LLC
		 	El Segundo Coal Company, LLC
		 	Elkland Holdings, LLC
		 	Falcon Coal Company, LLC
		 	Gallo Finance Company
		 	Gold Fields Chile, LLC
		 	Gold Fields Mining, LLC
		 	Gold Fields Ortiz, LLC
		 	Hayden Gulch Terminal, LLC
		 	Highwall Mining Services Company
		 	Hillside Recreational Lands, LLC
		 	HMC Mining, LLC
		 	Illinois Land Holdings, LLC
		 	Independence Material Handling, LLC
		 	James River Coal Terminal, LLC
		 	Juniper Coal Company
		 	Kayenta Mobile Home Park, Inc.
		 	Kentucky Syngas, LLC
		 	Lively Grove Energy, LLC

  
 Signature
Page to Registration Rights Agreement 

			
		 	Lively Grove Energy Partners, LLC
		 	Marigold Electricity, LLC
		 	Midco Supply and Equipment Company
		 	Midwest Coal Acquisition Corp.
		 	Midwest Coal Reserves of Illinois, LLC
		 	Midwest Coal Reserves of Indiana, LLC
		 	Moffat County Mining, LLC
		 	Mustang Energy Company, LLC
		 	New Mexico Coal Resources, LLC
		 	Pacific Export Resources, LLC
		 	Peabody America, Inc.
		 	Peabody Archveyor, LLC
		 	Peabody Arclar Mining, LLC
		 	Peabody Bear Run Mining, LLC
		 	Peabody Bear Run Services, LLC
		 	Peabody Caballo Mining, LLC
		 	Peabody Cardinal Gasification, LLC
		 	Peabody COALSALES, LLC
		 	Peabody COALTRADE International (CTI), LLC
		 	Peabody COALTRADE, LLC
		 	Peabody Colorado Operations, LLC
		 	Peabody Colorado Services, LLC
		 	Peabody Coulterville Mining, LLC
		 	Peabody Development Company, LLC
		 	Peabody Electricity, LLC
		 	Peabody Employment Services, LLC
		 	Peabody Energy Generation Holding Company
		 	Peabody Energy Investments, Inc.
		 	Peabody Energy Solutions, Inc.
		 	Peabody Gateway North Mining, LLC
		 	Peabody Gateway Services, LLC
		 	Peabody Holding Company, LLC
		 	Peabody Illinois Services, LLC
		 	Peabody Indiana Services, LLC
		 	Peabody International Investments, Inc.
		 	Peabody International Services, Inc.
		 	Peabody Investments Corp.
		 	Peabody Midwest Management Services, LLC
		 	Peabody Midwest Mining, LLC
		 	Peabody Midwest Operations, LLC
		 	Peabody Midwest Services, LLC
		 	Peabody Natural Gas, LLC
		 	Peabody Natural Resources Company
		 	Peabody New Mexico Services, LLC
		 	Peabody Operations Holding, LLC

  
 Signature
Page to Registration Rights Agreement 

			
		 	Peabody Powder River Mining, LLC
		 	Peabody Powder River Operations, LLC
		 	Peabody Powder River Services, LLC
		 	Peabody PowerTree Investments, LLC
		 	Peabody Recreational Lands, LLC
		 	Peabody Rocky Mountain Management Services, LLC
		 	Peabody Rocky Mountain Services, LLC
		 	Peabody Sage Creek Mining, LLC
		 	Peabody School Creek Mining, LLC
		 	Peabody Services Holding, LLC
		 	Peabody Southwest, LLC
		 	Peabody Southwestern Coal Company
		 	Peabody Terminal Holding Company, Inc.
		 	Peabody Terminals, LLC
		 	Peabody Twentymile Mining, LLC
		 	Peabody Venezuela Coal Corp.
		 	Peabody Venture Fund, LLC
		 	Peabody-Waterside Development, LLC
		 	Peabody Western Coal Company
		 	Peabody Wild Boar Mining, LLC
		 	Peabody Wild Boar Services, LLC
		 	Peabody Williams Fork Mining, LLC
		 	Peabody Wyoming Gas, LLC
		 	Peabody Wyoming Services, LLC
		 	PEC Equipment Company, LLC
		 	Point Pleasant Dock Company, LLC
		 	Pond River Land Company
		 	Porcupine Production, LLC
		 	Porcupine Transportation, LLC
		 	Riverview Terminal Company
		 	Sage Creek Holdings, LLC
		 	School Creek Coal Resources, LLC
		 	Seneca Coal Company, LLC
		 	Shoshone Coal Corporation
		 	Star Lake Energy Company, L.L.C.
		 	Sugar Camp Properties, LLC
		 	Thoroughbred Generating Company, LLC
		 	Thoroughbred Mining Company, LLC
		 	Twentymile Coal, LLC
		 	West Roundup Resources, LLC

  

			
		
	By:	 	/s/ Carey J. Dubois
		 	Carey J. Dubois
		 	Vice President and Treasurer

  
 Signature
Page to Registration Rights Agreement 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
 MERRILL LYNCH, PIERCE, FENNER & SMITH 

INCORPORATED 

Acting as Representative of the several Initial Purchasers named in the Registration Rights Agreement. 

 

			
	By:	 	 Merrill Lynch, Pierce, Fenner & Smith
                     Incorporated

		
	By:	 	/s/ Jeffrey Bloomquist
		 	 Name:   Jeffrey Bloomquist
 Title:     Managing Director

  
 Signature
Page to Registration Rights Agreement 

 Schedule A 
 SUBSIDIARY GUARANTORS 
  

			
		 	American Land Development, LLC
		 	American Land Holdings of Colorado, LLC
		 	American Land Holdings of Illinois, LLC
		 	American Land Holdings of Indiana, LLC
		 	American Land Holdings of Kentucky, LLC
		 	American Land Holdings of West Virginia, LLC
		 	Arid Operations, Inc.
		 	Big Ridge, Inc.
		 	Big Sky Coal Company
		 	Black Hills Mining Company, LLC
		 	BTU Western Resources, Inc.
		 	Caballo Grande, LLC
		 	Caseyville Dock Company, LLC
		 	Central States Coal Reserves of Illinois, LLC
		 	Central States Coal Reserves of Indiana, LLC
		 	Century Mineral Resources, Inc.
		 	Coal Reserves Holding Limited Liability Company No. 1
		 	COALSALES II, LLC
		 	Colorado Yampa Coal Company
		 	Conservancy Resources, LLC
		 	Cottonwood Land Company
		 	Cyprus Creek Land Company
		 	Cyprus Creek Land Resources, LLC
		 	Dyson Creek Coal Company, LLC
		 	Dyson Creek Mining Company, LLC
		 	El Segundo Coal Company, LLC
		 	Elkland Holdings, LLC
		 	Falcon Coal Company, LLC
		 	Gallo Finance Company
		 	Gold Fields Chile, LLC
		 	Gold Fields Mining, LLC
		 	Gold Fields Ortiz, LLC
		 	Hayden Gulch Terminal, LLC
		 	Highwall Mining Services Company
		 	Hillside Recreational Lands, LLC
		 	HMC Mining, LLC
		 	Illinois Land Holdings, LLC
		 	Independence Material Handling, LLC
		 	James River Coal Terminal, LLC
		 	Juniper Coal Company
		 	Kayenta Mobile Home Park, Inc.

			
		 	Kentucky Syngas, LLC
		 	Lively Grove Energy, LLC
		 	Lively Grove Energy Partners, LLC
		 	Marigold Electricity, LLC
		 	Midco Supply and Equipment Company
		 	Midwest Coal Acquisition Corp.
		 	Midwest Coal Reserves of Illinois, LLC
		 	Midwest Coal Reserves of Indiana, LLC
		 	Moffat County Mining, LLC
		 	Mustang Energy Company, LLC
		 	New Mexico Coal Resources, LLC
		 	Pacific Export Resources, LLC
		 	Peabody America, Inc.
		 	Peabody Archveyor, LLC
		 	Peabody Arclar Mining, LLC
		 	Peabody Bear Run Mining, LLC
		 	Peabody Bear Run Services, LLC
		 	Peabody Caballo Mining, LLC
		 	Peabody Cardinal Gasification, LLC
		 	Peabody COALSALES, LLC
		 	Peabody COALTRADE International (CTI), LLC
		 	Peabody COALTRADE, LLC
		 	Peabody Colorado Operations, LLC
		 	Peabody Colorado Services, LLC
		 	Peabody Coulterville Mining, LLC
		 	Peabody Development Company, LLC
		 	Peabody Electricity, LLC
		 	Peabody Employment Services, LLC
		 	Peabody Energy Generation Holding Company
		 	Peabody Energy Investments, Inc.
		 	Peabody Energy Solutions, Inc.
		 	Peabody Gateway North Mining, LLC
		 	Peabody Gateway Services, LLC
		 	Peabody Holding Company, LLC
		 	Peabody Illinois Services, LLC
		 	Peabody Indiana Services, LLC
		 	Peabody International Investments, Inc.
		 	Peabody International Services, Inc.
		 	Peabody Investments Corp.
		 	Peabody Midwest Management Services, LLC
		 	Peabody Midwest Mining, LLC
		 	Peabody Midwest Operations, LLC
		 	Peabody Midwest Services, LLC
		 	Peabody Natural Gas, LLC
		 	Peabody Natural Resources Company

			
		 	Peabody New Mexico Services, LLC
		 	Peabody Operations Holding, LLC
		 	Peabody Powder River Mining, LLC
		 	Peabody Powder River Operations, LLC
		 	Peabody Powder River Services, LLC
		 	Peabody PowerTree Investments, LLC
		 	Peabody Recreational Lands, LLC
		 	Peabody Rocky Mountain Management Services, LLC
		 	Peabody Rocky Mountain Services, LLC
		 	Peabody Sage Creek Mining, LLC
		 	Peabody School Creek Mining, LLC
		 	Peabody Services Holding, LLC
		 	Peabody Southwest, LLC
		 	Peabody Southwestern Coal Company
		 	Peabody Terminal Holding Company, Inc.
		 	Peabody Terminals, LLC
		 	Peabody Twentymile Mining, LLC
		 	Peabody Venezuela Coal Corp.
		 	Peabody Venture Fund, LLC
		 	Peabody-Waterside Development, LLC
		 	Peabody Western Coal Company
		 	Peabody Wild Boar Mining, LLC
		 	Peabody Wild Boar Services, LLC
		 	Peabody Williams Fork Mining, LLC
		 	Peabody Wyoming Gas, LLC
		 	Peabody Wyoming Services, LLC
		 	PEC Equipment Company, LLC
		 	Point Pleasant Dock Company, LLC
		 	Pond River Land Company
		 	Porcupine Production, LLC
		 	Porcupine Transportation, LLC
		 	Riverview Terminal Company
		 	Sage Creek Holdings, LLC
		 	School Creek Coal Resources, LLC
		 	Seneca Coal Company, LLC
		 	Shoshone Coal Corporation
		 	Star Lake Energy Company, L.L.C.
		 	Sugar Camp Properties, LLC
		 	Thoroughbred Generating Company, LLC
		 	Thoroughbred Mining Company, LLC
		 	Twentymile Coal, LLC
		 	West Roundup Resources, LLCRoyalty Purchase Agreement

 Exhibit 10.1 
 ROYALTY PURCHASE AGREEMENT 
 This ROYALTY PURCHASE AGREEMENT (this
“Agreement”), dated November 14, 2011, is made by and between Deerfield Private Design Fund II, L.P., a Delaware limited partnership (“Design Fund II”), Deerfield Special Situations Fund, L.P., a
Delaware limited partnership (“DSS”), Horizon Santé TTNP SARL, a Luxembourg limited company (“Horizon” and together with Design Fund II and DSS, “Deerfield”) and Titan
Pharmaceuticals, Inc., a Delaware corporation (“Titan”). 
 Background Statement 

Whereas, pursuant to the Worldwide License Agreement between Hoechst Marion Roussel, Inc. (“Sanofi”) and Titan, having
an effective date of December 31, 1996, as amended by one amendment dated April 26, 2004 (as amended, the “Sanofi License”), Titan is the exclusive worldwide licensee of certain intellectual property relating to the
pharmaceutical compound Iloperidone; 
 Whereas, pursuant to the Sublicense Agreement between Titan and Novartis Pharma A.G.
(“Novartis”), having an effective date of November 20, 1997, as amended by three amendments dated November 30, 1998, April 10, 2001, and June 4, 2004 (as amended, the “Novartis Sublicense”),
Novartis is the exclusive sublicensee of certain of Titan’s rights and obligations under the Sanofi License; 
 Whereas,
pursuant to the Amended and Restated Sublicense Agreement between Novartis and Vanda Pharmaceuticals Inc. (“Vanda”), having an effective date of October 12, 2009 (the “Vanda Sublicence”), Vanda and Novartis
have entered into an agreement with respect to the sublicense of certain of Novartis’ rights under the Novartis Sublicense, as well as certain other rights of each of Vanda and Novartis, as described more fully in the Vanda Sublicense; and

 Whereas, for the consideration set forth herein, Deerfield is acquiring the right to receive certain payments as set forth
herein; 
 Now, therefore, in consideration of the covenants and obligations expressed herein, and intending to be legally
bound, Deerfield and Titan agree as follows: 
 Statement of Agreement 

1. Definitions. Capitalized terms shall have the meaning set forth in this section. Unless the context requires otherwise, words in the singular
include the plural, words in the plural include the singular, and words importing any gender shall be applicable to all genders. If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another
part of speech (such as a verb). 
 (a) “Affiliate” means with respect to any Person, each other Person that
directly or indirectly, through one or more intermediaries, owns or controls, is controlled by or is under common control with, such Person. For the purpose of this Agreement, “control” means the possession, directly or indirectly,
of the power to direct or cause the direction of management and policies, whether through the ownership of voting securities, by contract or otherwise. 
 (b) “Agreement” has the meaning set forth in the introductory paragraph. 

 (c) “Applicable Percentage” means the percentage determined according to
the following grid: 
  

			
	 Year
	    	 Percentage

		
	2011	    	 5.5% of Net Sales up to $200 Million; and
 7.5% of Net Sales in excess of $200 Million

		
	2012	    	 5.5% of Net Sales up to $70 Million;
 2.2% of Net Sales in excess of $70 Million up to $200 Million; and
 3.0% of Net Sales in excess of
$200 Million

		
	2013	    	 5.5% of Net Sales up to $85 Million;
 2.2% of Net Sales in excess of $85 Million up to $200 Million; and
 3.0% of Net Sales in excess of
$200 Million

		
	2014	    	 5.5% of Net Sales up to $109.25 Million;
 2.2% of Net Sales in excess of $109.25 Million up to $200 Million; and
 3.0% of Net Sales in excess
of $200 Million

		
	2015	    	 5.5% of Net Sales up to $120.75 Million;
 2.2% of Net Sales in excess of $120.75 Million up to $200 Million; and
 3.0% of Net Sales in excess
of $200 Million

		
	2016	    	 5.5% of Net Sales up to $126.5 Million;
 2.2% of Net Sales in excess of $126.5 Million up to $200 Million; and
 3.0% of Net Sales in excess
of $200 Million

		
	2017	    	 5.5% of Net Sales up to $46 Million;
 2.2% of Net Sales in excess of $46 Million up to $200 Million; and
 3.0% of Net Sales in excess of
$200 Million

 (d) “Business Day” means any day other than Saturday, Sunday or a day on which banks in
the City of New York are authorized or required to be closed. 
 (e) “Cash Management Agreement” means that
certain Cash Management Agreement dated November 14, 2011 between Deerfield and Titan, as the same may be amended, modified and supplemented from time to time. 
 (f) “Compound” has the meaning given such term in the Sanofi License as of the date hereof. 
 (g) “Consideration” has the meaning set forth in Section 3. 
 (h) “Deerfield” has the meaning set forth in the introductory paragraph. 
 (i) “Design Fund II” has the meaning set forth in the introductory paragraph. 
 (j) “DSS” has the meaning set forth in the introductory paragraph. 

  
 2 

 (k) “Earnings Report” means, during any period when Titan is obligated to
file reports under the provisions of the Securities Exchange Act of 1934, the Form 10-Q filed by Titan following each of the first three Quarters of its fiscal year and the Form 10-K filed by Titan following the fourth Quarter of its fiscal year, as
long as such reports are timely filed. If such reports are not timely filed, then the “Earnings Report” means the press release, Form 8-K or other form of public communication issued by Titan whereby it reports revenue for such period.

 (l) “Effective Date” has the meaning set forth in Section 3. 

(m) “Facility Agreement” means that Facility Agreement, dated as of March 15, 2011, between Design Fund II, DSS,
Deerfield Special Situations Fund International, Limited, Deerfield Private Design Fund International II, L.P. and Titan, as amended, supplemented and replaced from time to time. 

(n) “Fanapt Intellectual Property” means (i) all inventions, patents, patent applications, trade secrets, know-how,
technical data, laboratory results, clinical results, manufacturing methods, copyrights, trademarks and other data, know-how and intellectual property owned, licensed or controlled by Titan, whenever acquired, that are necessary to develop,
manufacture, have manufactured, use, promote, distribute, import, sell and offer for sale any Fanapt Product and (ii) any “Patents” or “Know-How” not otherwise included in subsection (i) of this definition. 

(o) “Fanapt Products” means all products, including any bulk or finished pharmaceutical composition containing the
Compound, whether as a sole active ingredient or in combination with another active ingredient, and in any formulation, such as would constitute a “Product,” “Depot Product,” or “Compound,” under any definition of such
terms in any License Agreement as of the date hereof and as of any future date, or that practices any valid claim under any unexpired Patent or incorporates any Know-How. 
 (p) “Fanapt Regulatory Rights” means any licenses, permits, approvals, codes, certifications and other authorizations or identifiers granted or required by any Governmental Authority
required to manufacture, have manufactured, use, promote, distribute, import, sell and offer for sale any Fanapt Product. 
 (q)
“Fanapt Rights” means any right, title or interest of Titan or its Affiliates in and to any Fanapt Intellectual Property, Fanapt Products or Fanapt Regulatory Rights, including, without limitation, as acquired or held by Titan
pursuant to any of the License Agreements. 
 (r) “Governmental Authority” means any nation or government, any
state or other political subdivision thereof, any municipal, local, city or county government, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

(s) “Horizon” has the meaning set forth in the introductory paragraph. 

(t) “Know-How” means everything that would constitute Know-How as such term is defined in any of the License Agreements.

 (u) “Legal Requirement” means any statute, law, treaty, rule, regulation, guidance, approval, order, decree,
writ, injunction or determination of any Governmental Authority, court or arbitrator of competent jurisdiction; and, with respect to any Person, includes all such Legal Requirements applicable or binding upon such Person, its business or the
ownership or use of any of its assets. 
 (v) “Lien” means any reservations of title, mortgage, claim, lien,
security interest, pledge, hypothecation, escrow, charge, option or other restriction or encumbrance of any kind. 
 (w)
“License Agreements” means the Sanofi License, the Novartis Sublicense and the Vanda Sublicense, in each case as such agreement may be amended or restated from time to time 

(x) “Net Sales” shall be calculated in the manner described in the definition of Net Sales set forth in the Novartis
Sublicense; provided, however, that Net Sales shall include, in addition to sales of Products (as defined 

  
 3 

 
in the Novartis Sublicense) by Novartis, all sales of Fanapt Products by Titan or any its Affiliates and all sales by any direct or indirect assignee or licensee of Titan or any of its
Affiliates; provided further, however, that Net Sales shall not include (i) sales of Products in the ROW Territory by Vanda, its Affiliates, assignees or licensees pursuant to the Vanda Sublicense and (ii) sales of Fanapt Products by
Persons other than Titan, Novartis or their Affiliates from which Titan receives, after the date hereof, no economic benefit. For purposes of the preceding sentence, Titan shall be deemed to receive an economic benefit from the sale of Fanapt
Products if (i) such sale is made pursuant to any assignment, license or sublicense of any Fanapt Rights by Titan or any of its Affiliates, and (ii) Titan or any of its Affiliates receives, after the date hereof, any consideration for such
sale or from any such assignment, license or sublicense of Fanapt Rights. 
 (y) “Novartis” has the meaning set
forth in the Background Statement. 
 (z) “Novartis Sublicense” has the meaning set forth in the Background
Statement. 
 (aa) “Party” means either Titan or Deerfield, and “Parties” means both Titan and
Deerfield. 
 (bb) “Patents” means everything that would constitute Patents as such term is defined in any of
the License Agreements. 
 (cc) “Paying Agent Agreement” means that certain Paying Agent Agreement dated
November 14, 2011 between U.S. Bank, a National Association, Deerfield Management Company, L.P. (as agent for Deerfield) and Titan, as the same may be amended, modified and supplemented from time to time. 

(dd) “Person” means any natural person, corporation, limited liability company, partnership, association, trust,
organization, Governmental Authority or other legal entity. 
 (ee) “Quarter” means a fiscal quarter of Titan.

 (ff) “ROW Territory” has the meaning set forth in the Vanda Sublicense. 

(gg) “Royalty” has the meaning set forth in Section 2(a). 

(hh) “Royalty Term” means the period beginning on the Effective Date and ending December 31, 2017. 

(ii) “Sanofi” has the meaning set forth in the Background Statement. 

(jj) “Sanofi License” has the meaning set forth in the Background Statement. 

(kk) “Territory” means the world. 
 (ll) “Titan” has the meaning set forth in the introductory paragraph. 
 (mm) “Transfer” means any sale (or any transaction having the effect of a sale), assignment, conveyance of rights, deed of trust, Lien, license, sublicense, seizure or other transfer of
any sort and to any degree, voluntary or involuntary, including by operation of law. 
 (nn) “Vanda” has the
meaning set forth in the Background Statement. 
 (oo) “Vanda Sublicense” has the meaning set forth in the
Background Statement. 
 2. Royalty. 
 (a) Royalty Amount. In exchange for the Consideration, Titan shall pay to Deerfield a royalty (the “Royalty”) equal to the Applicable Percentage of Net Sales occurring during the Royalty
Term. The Parties acknowledge and agree that Titan currently has a right to receive royalties from Novartis pursuant to the Novartis 

  
 4 

 
Sublicense, and it is the intention of Titan and Deerfield that the transaction contemplated by this Agreement shall constitute a sale of Titan’s right to receive royalties from Novartis
pursuant to the Novartis Sublicense in an amount up to the amount of the Royalty, free and clear of all Liens and rights of others (other than the security interest therein in favor of the Noteholders under and as defined in the Facility Agreement)
and it is intended that the beneficial interest in and title to Titan’s right to receive royalties from Novartis pursuant to the Novartis Sublicense in an amount up to the amount of the Royalty shall not be part of Titan’s bankruptcy
estate if a petition by or against Titan is filed under any bankruptcy law. If, notwithstanding such intent, such transaction is held not to be a sale, Titan hereby confirms the grant of a security interest in the royalties from Novartis pursuant to
the Novartis Sublicense and the proceeds thereof pursuant to the Security Agreement, dated as of March 15, 2011, as amended, between Titan and the Noteholders (as defined in the Facility Agreement). Titan also hereby confirms the grant of a
security interest in all of the collateral covered by the Security Agreement, dated as of March 15, 2011, as amended, between Titan and the Noteholders to secure payment of the Royalty. 

(b) Payment of the Royalty. No later than two Business Days following the later of (i) the date Titan files its Earnings
Report for each Quarter of its fiscal year (but in no event later than sixty days following the last day of each of the first three Quarters and one hundred twenty days following the fourth Quarter of each fiscal year) and (ii) the date of
receipt by Titan in immediately available funds of its royalty payment from Novartis for the applicable Quarter, Titan shall pay to Deerfield the Royalty for such Quarter. On the same day it makes a Royalty payment pursuant to this
Section 2(b), Titan shall deliver to Deerfield a written statement showing all Net Sales during such Quarter and Titan’s computation of the Royalty for such Quarter. All Royalty payments shall be made by wire transfer of immediately
available funds to the account previously designated in writing to Titan by Deerfield for each of Horizon, Design Fund II and DSS, allocated pursuant to Section 2(d), or such new or additional account(s) as Deerfield shall designate in
writing to Titan at least five Business Days prior to the date such Royalty payment shall be due. Titan may withhold from any payment of Royalty withholding taxes that it is required to withhold that are levied upon the Royalty by the United States
or any state thereof, provided that Titan shall deliver to Deerfield copies of the filed tax return reporting such payments and official receipts (or such other evidence of payment reasonably acceptable to Deerfield) evidencing that such payments
were in fact received by the applicable Governmental Authority. 
 (c) Cash Management Agreement and Paying Agent
Agreement. Notwithstanding the foregoing, for so long as Titan has the right to receive (which right is partially being sold to Deerfield hereunder) any royalty payments pursuant to the Novartis Sublicense, Titan shall instruct Novartis to make
such payments to the account specified in the Cash Management Agreement and Paying Agent Agreement. Deerfield (through its agent, Deerfield Management Company, L.P.) shall then be entitled to receive payment of the Royalty due hereunder from such
account pursuant to the Cash Management Agreement and Paying Agent Agreement, and Titan shall remain obligated to pay any portion of the Royalty due hereunder to Deerfield that is not paid to Deerfield pursuant to the Cash Management Agreement and
Paying Agent Agreement. The Parties shall sign such joint written instructions as are required under the Cash Management Agreement and Paying Agent Agreement to give effect to the payment provisions set forth in this Agreement. 

(d) Allocation between Horizon, Design Fund II and DSS. Unless otherwise agreed by all Parties, each payment of the Royalty shall
be allocated and paid 37.28% to Design Fund II, 7.8% to DSS and 54.92% to Horizon, in each case rounded to the nearest cent ($0.01). 
 (e) Royalty Payments Following Termination. The termination of this Agreement, including termination due to the expiration of the Royalty Term, shall not terminate the obligation of Titan, or its
Affiliates, licensees or assignees, to pay any Royalty accrued prior to termination. Upon termination of this Agreement, Deerfield shall have the right to retain any Royalty already paid by Titan under this Agreement. 

(f) Delinquent Royalty Payments. Any Royalty not paid when due shall bear interest at a rate equal to the lower of (i) the
highest rate permitted by applicable law, and (ii) one and one-half percent (1.5%) per month, compounded monthly. 

(g) Audit Right. Upon not less than fourteen days’ written notice, Deerfield shall have the right to audit the books and
records of Titan (including those obtained from third parties) relating to sales or other transactions included in the definition of Net Sales for the purposes of determining the correctness of Titan’s

  
 5 

 
computation and payment of the Royalty. Such audit may not be conducted more than once in any calendar year and shall be conducted during normal business hours by a national public accounting
firm selected by Deerfield at its cost and reasonably acceptable to Titan, provided that such accounting firm enters into a reasonable confidentiality agreement prior to commencing any such audit. Titan shall provide such accounting firm with
access to all pertinent books and records and shall reasonably cooperate with such accounting firm’s efforts to conduct such audits. If there has been an underpayment of the aggregate Royalty due for the period being audited of more than
$25,000, Titan shall reimburse Deerfield for the reasonable out-of-pocket costs (including accountants’ fees) incurred by Deerfield in connection with such audit. In the event Deerfield claims that any such audit reveals an underpayment of the
Royalty, Deerfield will make the audit papers for the relevant period available to Titan. 
 3. Consideration. The parties agree that the
fair value consideration (the “Consideration”) for Titan’s sale and payment of the Royalty is $5,000,000, delivered as follows: Deerfield shall pay to Titan a one-time purchase price payment of $5,000,000, which amount shall be
paid in immediately available funds to an account specified by Titan on or before November 30, 2011 (such date, the “Effective Date”). 
 4. Covenants of Titan. 
 (a) Net Sales Records. Titan shall keep, or
obtain from its sublicensees, complete, true and accurate books and records of all Net Sales of Fanapt Products. Titan shall, as determined in its good faith business judgment or as reasonably requested by Deerfield, enforce its audit and inspection
rights under all of the License Agreements and any other agreement relating to Fanapt Products to which it is a party or a third-party beneficiary, and shall take all other commercially reasonable steps, in order to compile and maintain such books
and records of Net Sales and to ensure such books and records are reasonably capable of being audited upon Deerfield’s exercise of its rights pursuant to Section 2(g). Titan shall keep such books and records of Net Sales, or cause
them to be retained and available for purposes of this Agreement, for at least two (2) years following the Quarter to which they pertain. 
 (b) Maintenance of Fanapt Rights. Titan shall not take any action, or fail to take any action or enforce any right, that is intended to, or would have the effect of, reducing Net Sales. 

(c) Maintenance of Rights Under License Agreements. Without the prior written consent of Deerfield, Titan shall not take any
action that would, or fail to take any action if such failure would, (i) modify, relinquish, diminish or terminate, or provide any Person with the right to modify, relinquish, diminish or terminate, any of Titan’s rights under any of the
License Agreements or (ii) modify or terminate, or provide any Person with the right to modify or terminate, any of the License Agreements. 
 (d) No Transfer Without Consent. For so long as the Facility Agreement is in effect, Titan shall not Transfer or consent to the Transfer of any portion of its (i) Fanapt Rights or
(ii) rights in, under, or to any of the License Agreements (including any right to receive all or any portion of any royalty or other payment thereunder), without the prior written consent of Deerfield. Following termination or expiration of
the Facility Agreement, Titan shall not Transfer or consent to the Transfer of any portion of its (i) Fanapt Rights or (ii) rights in, under or to any of the License Agreement (including any right to receive all or any portion of any
royalty or other payment thereunder) that Titan is obligated to pay to Deerfield, or that is necessary for Titan to receive amounts that, if received, it would be obligated to pay to Deerfield, without the prior written consent of Deerfield.

 (e) Liquidated Damages. If Titan breaches any of Sections 4(c)–(d), Deerfield shall receive, as liquidated
damages for such breach, eighty-eight million dollars ($88,000,000). Titan and Deerfield agree that, in the event of a breach of any of Sections 4(c)-(d), actual damages would be impractical to compute and further agree that the damages set
forth herein are a reasonable estimate of the damages Deerfield would actually suffer due to such breach. 
 (f) Other
Covenants. Titan shall promptly furnish to Deerfield copies of all written notices sent or actually received by a member of senior management of Titan or any of its Affiliates relating to any alleged breach, default, amendment, waiver, or
termination under any of the License Agreements. Titan shall, at no cost or expense to Deerfield, take all actions, and refrain from taking any other actions, necessary to maintain the License Agreements in full force and effect, including, without
limitation, promptly fulfilling all of its obligations and enforcing all of its rights under the License Agreements. 

  
 6 

 5. Representations and Warranties of Titan. Titan represents and warrants to Deerfield, as of the
date hereof, that: 
 (a) Organization. Titan is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. Titan has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as is now being conducted. 

(b) Authority; Execution; Enforceability. (i) Titan has all requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement, (ii) no consent of any party, including Sanofi, Novartis or any of their Affiliates, is required for Titan to execute, deliver and perform its obligations under this Agreement, and (iii) the
execution and delivery of this Agreement and the performance of all of its obligations hereunder have been duly authorized by Titan. This Agreement has been duly executed and delivered by Titan and constitutes the legal, valid and binding obligation
of Titan, enforceable against Titan in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or other laws of general application relating to or affecting creditors’
rights generally. 
 (c) Current Effect. (i) The Sanofi License and Novartis Sublicense and (ii) to
Titan’s knowledge, the Vanda Sublicense, are in full force and effect and neither Titan nor, to Titan’s knowledge, any other Person is in breach or default of any obligation thereunder. Titan has not granted any license or sublicense with
respect to, or entered into any other agreement to Transfer or otherwise encumber, its Fanapt Rights other than a security interest therein in favor of Deerfield. To Titan’s knowledge, other than the License Agreements, there is no other
license, sublicense or other agreement that is, or that contains any term, condition or provision which would, if exercised, be reasonably likely to materially reduce or impair Titan’s Fanapt Rights. The royalties payable by Novartis to Titan
under the Novartis Sublicense are 8% of Net Sales (as defined therein) up to $200 million and 10% of Net Sales (as defined therein) in excess of $200 million (collectively, the “Titan Entitlement”). 

(d) No Violation. The execution, delivery and performance of this Agreement by Titan, and Titan’s compliance with the terms
and conditions hereof, is not prohibited or limited by, and do not and will not conflict with or result in the breach of or a default under, any provision of the certificate of incorporation, bylaws or other formation documents of Titan, any
contract, agreement or instrument binding on or affecting Titan, including any of the License Agreements, or any Legal Requirement applicable to Titan. 
 (e) Financial Condition. No insolvency proceeding of any character, including, without limitation, bankruptcy, receivership, reorganization, composition or arrangement with creditors, voluntary or
involuntary, has been commenced by or against Titan or any of its assets or properties, nor has any such proceeding been threatened. Titan does not contemplate and has not taken any action in contemplation of the institution of any such proceeding.

 (f) No Known Infringement or Invalidity. Neither (i) Titan’s possession or exercise of its Fanapt Rights nor
(ii) the License Agreements, including any actions permitted or taken thereunder, violate any Legal Requirement or infringe the valid and enforceable intellectual property rights of any Person. 

6. Termination. This Agreement shall terminate upon expiration of the Royalty Term. Section 2(e) and Section 7 shall
survive the termination of this Agreement. 
 7. General Provisions. 

(a) Independent Contracting Parties. The Parties are not joint venturers, partners, principal and agent, master and servant, or
employer and employee, and have no relationship other than as independent contracting parties. Neither Party shall be a legal representative of the other or have the power to bind or obligate the other in any manner. 

(b) Amendment and Modification. This Agreement may be amended, modified or supplemented only by an instrument in writing signed by
the Party against whom such amendment, modification or supplement is sought to be enforced. 

  
 7 

 (c) Waiver of Compliance; Consents. The rights and remedies of the Parties are
cumulative and not alternative and may be exercised concurrently or separately. No failure or delay by any Party in exercising any right, power or privilege under this Agreement shall operate as a waiver of such right, power or privilege, and no
single or partial exercise of any such right, power or privilege shall preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable
law, (i) no waiver that may be given by a Party shall be applicable except in the specific instance for which it is given, and (ii) no notice to or demand on one Party shall be deemed to be a waiver of any obligation of such Party or of
the right of the Party giving such notice or demand to take further action without notice or demand as provided in this Agreement. Any consent required or permitted by this Agreement is binding only if in writing. 

(d) Notices. All notices, consents, waivers, acceptances, rejections and other communications hereunder shall be in writing and
shall be (i) delivered by hand, (ii) sent by facsimile transmission, or (iii) sent certified mail or by a nationally recognized overnight delivery service, charges prepaid, to the address set forth below (or such other address for a
Party as shall be specified by like notice): 
  

							
		  	If to Deerfield, to	  	Deerfield Management	  	
		  		  	780 Third Avenue, 37th Floor	  	
		  		  	New York, New York 10017	  	
		  		  	Attention: Structured Products	  	
		  		  	Facsimile: (646) 536-5662	  	
				
		  	Copy to:	  	Robinson, Bradshaw & Hinson, P.A.	  	
		  		  	101 North Tryon Street, Suite 1900	  	
		  		  	Charlotte, North Carolina 28246	  	
		  		  	Attention: Mark O. Henry	  	
		  		  	Facsimile: (704) 339-3428	  	
				
		  	If to Titan, to:	  	Titan Pharmaceuticals, Inc.	  	
		  		  	400 Oyster Point Blvd., Suite 505	  	
		  		  	South San Francisco, CA 94080	  	
		  		  	Attention: Chief Executive Officer	  	
		  		  	Facsimile: (650) 244-4956	  	
				
		  	Copy to:	  	Loeb & Loeb LLP	  	
		  		  	345 Park Avenue	  	
		  		  	New York, NY 10154	  	
		  		  	Attention: Fran Stoller, Esquire	  	
		  		  	Facsimile: (212) 214-0706	  	

 Each such notice or other communication shall be deemed to have been duly given and to be effective (x) if delivered
by hand, immediately upon delivery if delivered on a Business Day during normal business hours and, if otherwise, on the next Business Day; (y) if sent by facsimile transmission, immediately upon confirmation that such transmission has been
successfully transmitted on a Business Day before or during normal business hours and, if otherwise, on the Business Day following such confirmation, or (z) if sent by certified mail or a nationally recognized overnight delivery service, on the
day of delivery if delivered during normal business hours on a Business Day and, if otherwise, on the first Business Day after delivery. Notices and other communications sent via facsimile must be followed by notice delivered by hand or by certified
mail or overnight delivery service as set forth herein within five Business Days. 

  
 8 

 (e) Publicity. No Party shall issue any press release or any other form of public
disclosure regarding the existence of this Agreement or the terms hereof, or use the name of another Party hereto in any press release or other public disclosure, without the prior written consent of the other Party, except (i) for a press
release announcing the execution of this Agreement, which will be mutually approved by the Parties, (ii) for those disclosures and notifications contemplated by this Agreement or containing information previously approved for disclosure by the
other Party, (iii) as required by any Legal Requirement and solely to the extent necessary to satisfy such Legal Requirement and (iv) as required by the rules of any securities exchange on which any securities of a Party are traded.

 (f) No Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned or delegated by Titan without Deerfield’s prior written consent. 

(g) Governing Law. The execution, interpretation and performance of this Agreement, and any disputes with respect to the
transactions contemplated by this Agreement, shall be governed by the internal laws and judicial decisions of the State of New York applicable to contracts made and to be performed entirely within the State of New York. 

(h) Severability. If any provision contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein, unless
the invalidity of any such provision substantially deprives either Party of the practical benefits intended to be conferred by this Agreement. Notwithstanding the foregoing, any provision of this Agreement held invalid, illegal or unenforceable only
in part or degree shall remain in full force and effect to the extent not held invalid or unenforceable, and the determination that any provision of this Agreement is invalid, illegal or unenforceable as applied to particular circumstances shall not
affect the application of such provision to circumstances other than those as to which it is held invalid, illegal or unenforceable. 
 (i) Construction. Each Party acknowledges that it and its attorneys have been given an equal opportunity to negotiate the terms and conditions of this Agreement and that any rule of construction to
the effect that ambiguities are to be resolved against the drafting party or any similar rule operating against the drafter of an agreement shall not be applicable to the construction or interpretation of this Agreement. 

(j) Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. This Agreement may be executed on signature pages exchanged by facsimile, in which event each Party shall promptly deliver to the other such number of original executed copies as the other
Party may reasonably request. 
 (k) Entire Agreement. This Agreement constitutes the entire agreement and understanding
of the Parties hereto in respect of the subject matter hereof. This Agreement supersedes all prior agreements, understandings, promises, representations and statements between the Parties and their representatives with respect to the Royalty
contemplated by this Agreement. For purposes of clarification, certain of the Parties have also entered into that certain Amended and Restated Royalty Agreement dated as of the date hereof, which agreement also relates to royalties on the same
products. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the Parties have caused this Royalty Purchase Agreement to be
executed by their duly authorized representatives as of the date first set forth above. 
  

			
	DEERFIELD PRIVATE DESIGN FUND II, L.P.
		
	 By:
	 	Deerfield Capital, L.P., General Partner
	 By:
	 	J. E. Flynn Capital LLC, General Partner
		
	 By:
	 	 /s/ David Clark

	 Name:
	 	David Clark
	 Title:
	 	Authorized Signatory
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
		
	 By:
	 	Deerfield Capital, L.P., General Partner
	 By:
	 	J.E. Flynn Capital LLC, General Partner
		
	 By:
	 	 /s/ David J. Clark

	 Name:
	 	David J. Clark
	 Title:
	 	Authorized Signatory
	
	HORIZON SANTÉ TTNP SARL
		
	 By:
	 	 /s/ Alexis Cazé

	 Name:
	 	Alexis Cazé
	 Title:
	 	Manager
		
	 By:
	 	 /s/ René Beltjens

	 Name:
	 	René Beltjens
	 Title:
	 	Manager
	
	TITAN PHARMACEUTICALS, INC.
		
	 By:
	 	 /s/ Sunil Bhonsle

	 Name:
	 	Sunil Bhonsle
	 Title:
	 	President

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