Document:

Registration Rights Agreement dated as of February 13, 2007

 Exhibit 10.11 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is entered into as of February 13, 2007 by and among National CineMedia, Inc., a Delaware corporation (the “Company”), American Multi-Cinema, Inc., a Missouri corporation, Regal CineMedia Holdings,
LLC, a Delaware limited liability company, and Cinemark Media, Inc., a Delaware corporation (each, including any Affiliate or Permitted Transferee thereof who is a subsequent holder of any Registrable Securities, a “Founding Member”
and collectively the “Founding Members”). The Company and the Founding Members are parties to the Third Amended and Restated Limited Liability Company Operating Agreement of National CineMedia, LLC (“NCM LLC”), dated
February 13, 2007 (the “Operating Agreement”). 
 The parties agree as follows: 
  

	 	1.	Defined Terms; Interpretation. 

 (a) Defined
Terms. The following terms shall have the following meanings in this Agreement: 
 “Adverse Effect” has the meaning set
forth in Section 2(a)(vi) of this Agreement. 
 “Affiliate” means with respect to any Person, any Person that directly
or indirectly, through one or more intermediaries Controls, is Controlled by or is under common Control with such Person. Notwithstanding the foregoing, (i) no Member shall be deemed an Affiliate of NCM LLC , (ii) NCM LLC shall not be
deemed an Affiliate of any Member, (iii) no stockholder of REG, or any of such stockholder’s Affiliates (other than REG and its Subsidiaries) shall be deemed an Affiliate of any Member or NCM LLC, (iv) no stockholder of Marquee
Holdings, or any of such stockholder’s Affiliates (other than Marquee Holdings and its Subsidiaries) shall be deemed an Affiliate of any Member or NCM LLC, (v) no stockholder of Cinemark, or any of such stockholder’s Affiliates (other
than Cinemark and its Subsidiaries) shall be deemed an Affiliate of any Member or NCM LLC, and (vi) no stockholder of the Company shall be deemed an Affiliate of the Company, and the Company shall not be deemed an Affiliate of any stockholder
of the Company. 
 “Agreement” has the meaning set forth in the preamble of this Agreement. 
 “Board” means the Board of Directors of the Company. 

 “Business Day” means a day other than a Saturday, Sunday, federal holiday or other day
on which commercial banks in New York, New York are authorized or required by law to close. 
 “CEO” means the Chief
Executive Officer of the Company. 
 “CFO” means the Chief Financial Officer of the Company. 
 “Cinemark” means Cinemark Holdings, Inc. or its successor or any Person that wholly-owns Cinemark Holdings, Inc., directly or
indirectly, in the future. 
 “Common Stock” shall mean the Company’s common stock, par value $0.01 per share, and any
securities into which such shares may hereinafter be reclassified. 
 “Company” has the meaning set forth in the preamble
of this Agreement. 
 “Control” (including the terms “Controlling,” “Controlled by” and “under
common Control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through
the ownership of voting securities, as trustee or executor, by contract or otherwise. 
 “Demand Party” has the meaning set
forth in Section 2(a)(i) of this Agreement. 
 “Demand Registrable Securities” has the meaning set forth in
Section 2(a)(i)(1) of this Agreement. 
 “Director” means a member of the Board. 
 “Equity Interests” means, with respect to the Company, any and all shares of capital stock in the Company or securities convertible
into, or exchangeable or exercisable for, such shares, and options, warrants or other rights to acquire such shares. 
 “Exchange
Act” means the Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time. 
 “Founding Member(s)” has the meaning set forth in the preamble of this Agreement. 
  

 2 

 “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Group” has the meaning set forth in Section 13(d)(3) of the Exchange Act. 
 “IPO” means an initial primary sale by the Company of shares of Common Stock to the public in an offering pursuant to an effective registration statement (other than a registration statement on Form S-4 or S-8 or any
similar or successor form) filed under the Securities Act, so that after giving effect to such offering, such shares of Common Stock are listed on one or more nationally recognized exchanges or quoted on one or more automated quotation systems,
including the NYSE or NASDAQ, respectively. 
 “LLC Act” means the Delaware Limited Liability Company Act,
6 Del.C. §§ 18-101, et seq., as it may be amended from time to time, and any successor to such statute. 
 “Losses” has the meaning set forth in Section 2(g)(i) of this Agreement. 
 “Marquee
Holdings” means Marquee Holdings Inc. or its successor or any Person that wholly-owns Marquee Holdings Inc., directly or indirectly, in the future. 
 “Member” means the Founding Members and each Person that becomes a member, as contemplated in the LLC Act, of NCM LLC in accordance with the provisions of the Operating Agreement and that has not
ceased to be a Member as provided in Section 3.1(d) of the Operating Agreement, and each of such Member’s Permitted Transferees, if applicable. 
 “Member Registrable Securities” has the meaning set forth in Section 2(a)(i)(2) of this Agreement. 
 “NASDAQ” has the meaning set forth in Section 2(d)(viii) of this Agreement. 
 “NYSE” has the meaning set forth in Section 2(d)(viii) of this Agreement. 
 “Officer” means
a person designated as an officer of the Company by the Board or the CEO. 
  

 3 

 “Operating Agreement” has the meaning set forth in the preamble of this Agreement.

 “Other Holder Registrable Securities” has the meaning set forth in Section 2(a)(i)(4) of this Agreement.

 “Permitted Transferee” means in the case of any Member and any Permitted Transferee of any Member, (i) an Affiliate
of such Member or Permitted Transferee, or (ii) a non-Affiliate of such Member or Permitted Transferee that is owned at least 50% directly or indirectly through one or more entities that are the same entities that own or Control Cinemark,
Marquee Holdings or REG, as applicable. 
 “Person” means any individual, corporation, limited liability company,
partnership, trust, joint stock company, business trust, unincorporated association, joint venture, Governmental Authority or other entity or organization of any nature whatsoever or any Group of two or more of the foregoing. 
 “REG” means Regal Entertainment Group or its successor or any Person that wholly-owns Regal Entertainment Group, directly or
indirectly, in the future. 
 “Registrable Securities” means the Shares and any other securities issued or issuable with
respect to or in exchange for the Shares. As to any particular Registrable Securities, such Shares and any other securities issued or issuable with respect to or in exchange for the Shares shall cease to be Registrable Securities when (i) a
registration statement with respect to the sale of such Shares and any other securities issued or issuable with respect to or in exchange for the Shares shall have become effective under the Securities Act and such Shares and any other securities
issued or issuable with respect to or in exchange for the Shares shall have been disposed of in accordance with such registration statement, (ii) such Shares and any other securities issued or issuable with respect to or in exchange for the
Shares shall have been distributed to the public pursuant to Rule 144, or (iii) such Shares and any other securities issued or issuable with respect to or in exchange for the Shares shall have ceased to be outstanding. 
 “Registration Expenses” means any and all expenses incident to performance of or compliance with Sections 2(a), 2(b), 2(c) and
2(d), including (i) all SEC and stock exchange or automated quotation system or NASD, Inc. registration, filing and listing fees, (ii) all fees and expenses of complying with state securities or blue sky laws (including fees and
disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, word processing, duplication, messenger and delivery expenses, (iv) all fees and expenses incurred
in connection with the listing of the Registrable Securities on any stock exchange or automated quotation system pursuant to this Agreement, (v) the fees and 

  

 4 

 
disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits or “cold comfort”
letters or both required by or incident to such performance and compliance, (vi) the reasonable fees and disbursements of one counsel for all Members, selected by Members participating in such registration and reasonably satisfactory to the
Company, (vii) any reasonable fees and disbursements of underwriters and their counsel customarily paid by the issuers or sellers of securities, including liability insurance if the Company so desires or if the underwriters so require, and the
reasonable fees and expenses of any special experts retained in connection with any registration, but excluding underwriting discounts and commissions and transfer taxes, if any, and (viii) all reasonable expenses incurred in connection with
any road shows (including the reasonable expenses of any applicable selling Member). 
 “Registration Indemnified Parties”
has the meaning set forth in Section 2(g)(i) of this Agreement. 
 “Rule 144” means Rule 144 (or any successor
provision), as the same may be amended from time to time, under the Securities Act. 
 “SEC” means the U.S. Securities and
Exchange Commission or any other federal agency then administering the Securities Act or the Exchange Act and other federal securities law. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time. 
 “Senior Officers” means the CEO and CFO, collectively. 
 “Shares” means the shares of Common Stock issued and issuable to any Founding Member pursuant to the exercise by one or more Founding Members of their Redemption Right (as defined in the Operating
Agreement) and their conversion or exchange rights as set forth in the Company’s Certificate of Incorporation. 
 “Subsidiary” means, with respect to any Person, (i) a corporation a majority of whose capital stock with the general voting power under ordinary circumstances to vote in the election of directors of such corporation
(irrespective of whether or not, at the time, any other class or classes of securities shall have, or might have, voting power by reason of the happening of any contingency) is at the time beneficially owned by such Person, by one or more
Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof or (ii) any other Person (other than a corporation), including a joint venture, a general or limited partnership or a limited liability company, in which such
Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof, directly or indirectly, at the date of determination 

  

 5 

 
thereof, beneficially own at least a majority ownership interest entitled to vote in the election of directors, managers or trustees thereof (or other
Persons performing such functions) or act as the general partner or managing member of such other Person. 
 “Third Party
Registrant” has the meaning set forth in Section 2(b)(i) of this Agreement. 
 “Transaction Delay Notice” has
the meaning set forth in Section 2(a)(vii)(1) of this Agreement. 
 “Transfer” (including the term
“Transferred”) means, directly or indirectly, to sell, transfer, give, exchange, bequest, assign, pledge, encumber, hypothecate or otherwise dispose of, either voluntarily or involuntarily (including upon the foreclosure under any
pledge or hypothecation permitted below that results in a change in title), any Equity Interests in the Company or other assets beneficially owned by a Person or any interest in any Equity Interests in the Company or other assets beneficially owned
by a Person. Notwithstanding the foregoing: a bona fide pledge of the Shares or other Equity Interests by any Member or its Affiliates shall not be deemed to be a Transfer hereunder. 
 (b) Other Definitional Provisions; Interpretation. 
 (i) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole, including the Exhibits and Schedules attached hereto, and not to
any particular provision of this Agreement. Articles, section and subsection references are to this Agreement unless otherwise specified. 
 (ii) The words “include” and “including” and words of similar import when used in this Agreement shall be deemed to be followed by the words “without limitation”. 
 (iii) The titles and headings in this Agreement are included for convenience of reference only and will not limit or otherwise affect the meaning or
interpretation of this Agreement. 
 (iv) The meanings given to capitalized terms defined herein will be equally applicable to both the
singular and plural forms of such terms, Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. 
  

	 	2.	Registration Rights and Procedures. 

 (a)
Registration on Request of Founding Members. 
  

 6 

 (i) Request. At any time commencing 90 days prior to the expiration of any underwriter lock-up
period applicable to the Founding Members in connection with the IPO through the one year anniversary of the closing of the IPO and subject to Section 2(a)(ii), a Founding Member (the “Demand Party”) may request in writing that
the Company effect the registration for resale under the Securities Act of all or part of such Demand Party’s Demand Registrable Securities on a resale registration statement on Form S-1. Any such request will specify (a) the number of
Registrable Securities proposed to be sold and (b) the intended method of disposition thereof. Subject to the other provisions of this Section 2(a), the Company shall promptly give written notice of such requested registration to all other
Founding Members, and thereupon will, as expeditiously as possible, use its reasonable best efforts to effect the registration under the Securities Act , but in no event prior to the expiration of such underwriter lock up period, of: 
 (1) the Registrable Securities which the Company has been so requested to register by the Demand Party (“Demand Registrable Securities”)

 (2) all other Registrable Securities of the same class(es) or series as the Demand Registrable Securities and which the Company has been
requested to register by any other Founding Member thereof on a pro rata basis by written request given to the Company within 15 days after the giving of such written notice by the Company (which request shall specify the amount and intended
method of disposition of such Registrable Securities), all to the extent necessary to permit the disposition (in accordance with the intended method thereof as aforesaid) of the Registrable Securities so to be registered (“Member Registrable
Securities”); 
 (3) all Registrable Securities of the same class(es) or series as the Demand Registrable Securities which have
been requested to be included by the Company in such registration (“Company Registrable Securities”); and 
 (4) all
Registrable Securities of the same class(es) or series as the Demand Registrable Securities which have been requested to be included by holders of Registrable Securities other than the Founding Members (“Other Holder Registrable
Securities”). 
 (ii) Limits on Registration Requests. Notwithstanding Section 2(a)(i), (A) in no event shall the
Company be required to effect more than three registrations on Form S-1 pursuant to this Section 2(a), and (B) the Company shall not be obligated to file a registration statement relating to any registration request under this
Section 2(a) (other than any post-effective amendment to any earlier effective registration statement to include any prospectus required by Section 10(a)(3) of the Securities Act) within a period of 60 days after the effective date of
any other registration statement relating to any registration request under this Section 2(a) or to any registration effected under Section 2(b). Each Founding Member shall be entitled to request no more than one registration on Form S-1
pursuant to Section 2(a)(i). 
  

 7 

 (iii) Expenses. The Company will pay all Registration Expenses in connection with registrations
pursuant to this Section 2(a). 
 (iv) Effective Registration Statement. A registration requested pursuant to this
Section 2(a) will not be deemed to have been effected: 
 (1) unless a registration statement with respect thereto has become effective
and remained effective in compliance with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement until the earlier of (x) such time as all of such Registrable
Securities have been disposed of in accordance with the intended methods of disposition thereof set forth in such registration statement or (y) 180 days after the effective date of such registration statement, except with respect to any
registration statement filed pursuant to Rule 415 under the Securities Act, in which case the Company shall use its reasonable best efforts to keep such registration statement effective until such time as all of the Registrable Securities covered
thereby cease to be Registrable Securities; provided, however, that if the failure of any such registration statement to become or remain effective in compliance with this Section 2(a)(iv)(1) is due solely to acts or omissions of
the applicable Demand Party, such registration requested pursuant to this Section 2(a) will be deemed to have been effected; 
 (2) if
after it has become effective, the registration statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or authority and is not thereafter effective; or 
 (3) if the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such registration are not satisfied or
waived, other than by: (A) reason of a failure on the part of the Demand Party; or (B) if the Registrable Securities covered by such registration cannot be sold within a price range acceptable to the Demand Party. 
 (v) Underwritten Offering. At the election of the Demand Party, a requested registration pursuant to this Section 2(a) may involve an
underwritten offering, and, in such case, the investment bankers, underwriters and managers for such registration shall be selected by the Demand Party in consultation with other holders of Registrable Securities being included in such registration
pursuant to Section 2(a); provided, however, that such investment bankers, underwriters and managers shall be reasonably satisfactory to the Company. 
  

 8 

 (vi) Priority in Requested Registrations. If a requested registration pursuant to this
Section 2(a) involves an underwritten offering and the managing underwriter advises the Company in writing that, in its opinion, the number of securities to be included in such registration would be likely to have an adverse effect on the
price, timing or distribution of the securities to be offered in such offering as contemplated by the Founding Members (an “Adverse Effect”), then the Company shall include in such registration all Registrable Securities that the
managing underwriter believes can be sold in such offering without having an Adverse Effect allocated in the following order of priority: (a) first, all Demand Registrable Securities and Member Registrable Securities held by Founding
Members (on a pro rata basis specified in this Section 2(a)(vi)); (b) second, all Member Registrable Securities held by any other Members; (c) third, all Company Registrable Securities; and (d) fourth, all
Other Holder Registrable Securities. If such managing underwriter advises the Company that only a portion of the Registrable Securities in any of clauses (a) through (d) above may be included in such registration without such Adverse
Effect, the Company shall include the Registrable Securities from the holders of Registrable Securities in such clause on a pro rata basis based on the relative amount of Registrable Securities then held by each such holder who has requested that
securities owned by them be so including in a registration (provided that any such amount thereby allocated to any such holder that exceeds such holder’s request shall be reallocated among the remaining requesting holders in a like
manner). Without limiting the foregoing, if the managing underwriter of any underwritten offering shall advise the Demand Party that the Registrable Securities covered by the registration statement cannot be sold in such offering within a price
range acceptable to the Demand Party, then the Demand Party may determine that the registration statement should be abandoned or withdrawn, and upon notice thereof to the Company, the Company shall abandon or withdraw such registration statement. If
the Demand Party is not allowed to register all of the Registrable Securities requested to be included by such Demand Party because of allocations required by this section, such Demand Party shall not be deemed to have exercised a registration for
purposes of Section 2(a). 
 (vii) Postponements in Requested Registrations. 
 (1) If upon receipt of a registration request, the Company shall furnish to the Demand Party a certificate signed by the CEO or any other Senior Officer
stating that the Company has pending or in process a material transaction (the “Transaction Delay Notice”), the disclosure of which would, in the good faith judgment of the Board, after consultation with its outside counsel,
materially and adversely affect such transaction and that the filing of a registration statement would require disclosure of such material transaction within 48 hours of such receipt of such request, the Company shall not be required to comply with
its obligations under Section 2(a)(i) until 60 days after the Demand Party’s receipt of such notice. 
  

 9 

 (2) Notwithstanding the foregoing provisions of this Section 2(a)(vii), the Company shall be
entitled to serve only one Transaction Delay Notice within any period of 365 consecutive days. 
 (viii) Suspension of Registration
Statement. If, at any time when a registration statement effected pursuant to Section 2(a)(i) hereunder relating to Registrable Securities is effective and a prospectus relating thereto is required to be delivered under the Securities Act
within the appropriate period mentioned in Section 2(d)(ii) hereunder, the Company becomes aware that the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, to the extent that the amendment or supplement to such prospectus are necessary to correct such
untrue statement of a material fact or omission to state a material fact would require disclosure of material information which the Company has a bona fide business purpose for preserving as confidential and the Company provides the Demand Party
written notice thereof promptly after the Company makes such determination, the Demand Party shall suspend sales of Registrable Securities pursuant to such registration statement and the Company shall not be required to comply with its obligations
under Section 2(d)(vi) until the earlier of (a) the date upon which such material information is disclosed to the public or ceases to be material or (b) 60 days after the Demand Party’s receipt of such written notice. If the
Demand Party’s disposition of Registrable Securities is discontinued pursuant to the foregoing sentence, unless the Company thereafter extends the effectiveness of the registration statement for so long as necessary to permit the dispositions
of all Registrable Securities covered thereby, the registration statement shall not be counted for purposes of determining the number of registrations permitted under Section 2(a)(ii) hereof. 
 (ix) Additional Rights. The Company shall not, at any time, grant to any other holders of Shares (or securities that are convertible,
exchangeable or exercisable into Shares or other Equity Interests) any rights to request the Company to effect the registration under the Securities Act of any such Shares (or any such securities) on terms more favorable to such holders than the
terms set forth in this Section 2(a). 
 (b) Incidental Registrations. 
 (i) Right to Piggyback. If the Company or any other Person that has demand registration rights (a “Third Party Registrant”) at
any time during the period from the expiration of any underwriter lock-up period applicable to the IPO through the one year anniversary of the closing of the IPO proposes to register equity securities under the Securities Act (other than a
registration on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes), whether or not for sale for its own account, in a manner which would permit registration of Registrable Securities for 

  

 10 

 
sale to the public under the Securities Act, the Company will, at each such time, give prompt written notice to the Founding Members of its intention to do
so and of the Founding Members’ rights under this Agreement. Upon the written request of any Founding Member made within 15 days after the receipt of any such notice (which request shall specify the Registrable Securities intended to be
disposed of by such Founding Member), the Company will use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by the Founding Members;
provided, however, that (a) if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection with such registration, the
Company or such Third Party Registrant shall determine for any reason not to proceed with the proposed registration of the securities to be sold by it, the Company may, at its election, give written notice of such determination to each Founding
Member and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such terminated registration (but not from its obligation to pay the Registration Expenses in connection therewith), and (b) if
such registration involves an underwritten offering, all Founding Members requesting to be included in the Company’s or such Third Party Registrant’s registration shall enter into an agreement with the underwriters to sell their
Registrable Securities to the underwriters selected by the Company or such Third Party Registrant on substantially the same terms and conditions as apply to the Company or such Third Party Registrant, with such differences, including any with
respect to indemnification and liability insurance, as may be customary or appropriate in combined primary and secondary offerings. Notwithstanding the foregoing, if a registration requested pursuant to this Section 2(b) involves an
underwritten public offering, any Founding Member requesting to be included in such registration may elect, in writing prior to the effective date of the registration statement filed in connection with such registration, not to register all or any
part of its Registrable Securities in connection with such registration. The registrations provided for in this Section 2(b) are in addition to, and not in lieu of, registrations made in accordance with Section 2(a). 
 (ii) Expenses. The Company will pay all Registration Expenses in connection with each registration of Registrable Securities requested pursuant
to this Section 2(b). 
 (iii) Priority in Incidental Registrations. If a registration pursuant to this Section 2(b)
involves an underwritten offering and the managing underwriter advises the Company in writing that, in its opinion, the number of Registrable Securities requested to be included in such registration would be likely to have an Adverse Effect on such
offering, then the Company shall include in such registration: (a) first, 100% of the securities which the Company or the Third Party Registrant proposes to sell; (b) second, the amount of Registrable Securities which the
Founding Members have requested to be included in such registration; (c) third, the 

  

 11 

 
amount of Registrable Securities which any other Members have requested to be included in such registration; and (d) fourth, the amount of
Registrable Securities which the other holders of Registrable Securities have requested to be included in the registration. If such managing underwriter advises the Company that only a portion of such Registrable Securities in any of
clauses (b), (c) and (d) may be included in such registration without such Adverse Effect, the Company shall include Registrable Securities from the holders of Registrable Securities in such clauses on a pro rata basis based on the
relative amount of Registrable Securities then held by each such holder (provided, that any such amount thereby allocated to any such holder that exceeds such holder’s request shall be reallocated among the remaining requesting holders
in like manner). 
 (c) Mandatory Registration. 
 (i) Company Registration. On the first Business Day following the one year anniversary of the closing of the IPO, the Company shall file with the SEC a resale registration statement on any registration
statement form that is available to the Company at such time, for the registration under the Securities Act of the resale of all outstanding Registrable Securities held by the Founding Members that have not been previously and then registered.
Additionally, the Company shall file, within 20 days after the issuance of additional Registrable Securities to any Founding Member, in the future with the SEC a resale registration statement on any registration statement form that is available to
the Company at such time for the registration under the Securities Act of the resale of such newly issued Registrable Securities. 
 (ii)
Expenses. The Company will pay all Registration Expenses in connection with the registration of Registrable Securities pursuant to this Section 2(c). 
 (iii) Effective Registration Statement. The Company shall use its reasonable best efforts to cause the registration statement required to be filed pursuant to this Section 2(c) to become effective and remain
effective in compliance with the provisions of the Securities Act with respect to the disposition of all Registrable Securities or registration statements with respect to Registrable Securities issued to each Founding Member in the future covered by
such registration statement until the earlier of (x) such time as all such Registrable Securities have been disposed of in accordance with the intended methods of disposition thereof set forth in such registration statement or (y) such
time as all Registrable Securities held by the Founding Members are eligible to be sold pursuant to Rule 144(k) promulgated under the Securities Act. 
 (d) Registration Procedures. If and whenever the Company is required to use its reasonable best efforts to cause the registration of any Registrable Securities under the Securities Act as provided in this
Agreement, the Company will, as expeditiously as possible: 
  

 12 

 (i)(A) with respect to any registration under Section 2(a), prepare and, in any event within
20 days of the date on which the Company first received a request from a Demand Party pursuant to Section 2(a)(i), file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts
to cause such registration statement to become effective within 90 days of the initial filing, and (B) with respect to any registration under Section 2(b) and subject to the Company’s rights set forth in Section 2(b), use
its reasonable best efforts to file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective within 90 days of the initial filing,
and (C) with respect to any registration under Section 2(c), use its reasonable best efforts to file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause such
registration statement to become effective within 90 days of the initial filing; provided, however, that before filing a registration statement or prospectus or any amendments or supplements thereto (including documents that would be
incorporated or deemed to be incorporated therein by reference) the Company will furnish to the holders holding Registrable Securities covered by such registration statement, counsel for the holders of the Registrable Securities being registered and
the managing underwriters, if any, copies of all such documents proposed to be filed, which documents will be subject to the review of such holders, such special counsel and such underwriters, and the Company will not file any such registration
statement or amendment thereto or any prospectus or any supplement thereto (excluding such documents that, upon filing, will be incorporated or deemed to be incorporated by reference therein) to which the holders of a majority of the Registrable
Securities covered by such registration statement or the managing underwriter, if any, shall reasonably object; 
 (ii) prepare and file with
the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective in accordance with Section 2(a) and to comply with the
provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the seller or sellers thereof
set forth in such registration statement; provided, however, that before filing a registration statement or prospectus, or any amendments or supplements thereto in accordance with Section 2(d)(i) or this Section 2(d)(ii), the
Company will furnish to counsel for the holders of the Registrable Securities being registered copies of all documents proposed to be filed, which documents will be subject to the review of such counsel; 
 (iii) furnish to each holder of Registrable Securities being registered such number of copies of such registration statement and of each amendment and
supplement thereto (in each case including all exhibits filed therewith, including any documents incorporated by reference), such number of copies of the prospectus included 

  

 13 

 
in such registration statement (including each preliminary prospectus and summary prospectus), in conformity with the requirements of the Securities Act, and
such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities by such holder; 
 (iv) use its reasonable efforts to register or qualify such Registrable Securities covered by such registration in such jurisdictions as each holder of Registrable Securities being registered shall reasonably request, and do any and all
other acts and things which may be reasonably necessary or advisable to enable such holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such holder, except that the Company shall not for any such purpose
be required to qualify generally to do business as a foreign corporation in any jurisdiction where, but for the requirements of this Section 2(d)(iv), it would not be obligated to be so qualified, to subject itself to taxation in any such
jurisdiction or to consent to general service of process in any such jurisdiction; 
 (v) use its reasonable best efforts to cause such
Registrable Securities covered by such registration statement to be registered with or approved by such other Governmental Authorities as may be necessary to enable the holders thereof to consummate the disposition of such Registrable Securities;

 (vi) notify each holder of any such Registrable Securities covered by such registration statement, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and at the request of any such holder, prepare and furnish to such holder a reasonable number of
copies of an amended or supplemental prospectus as may be necessary so that, as thereafter delivered to the holders of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
 (vii) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC and make available to its security holders, as soon as reasonably practicable (but not more than 18 months) after the
effective date of the registration statement, an earnings statement which shall satisfy the provisions of Section 11(a) of the Securities Act; 
 (viii) use its reasonable best efforts to cause all Registrable Securities covered by such registration statement to be (a) listed on each stock exchange or automated quotation system, if any, on which securities
issued by the Company of the 

  

 14 

 
same class are then listed or, if no such securities issued by the Company are then so listed, on the New York Stock Exchange (the “NYSE”)
or another nationally stock exchange, if the securities qualify to be so listed or (b) on the Nasdaq Stock Market of the Nasdaq National Market (“NASDAQ”) or another nationally recognized automated quotation system, if the
securities qualify to be so quoted; 
 (ix) as needed, (a) engage an appropriate transfer agent and provide the transfer agent with
printed certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and (b) provide a CUSIP number for the Registrable Securities; 
 (x) enter into such customary agreements (including an underwriting agreement in customary form), which may include indemnification provisions in favor
of underwriters and other Persons in addition to or in substitution for the provisions of Section 2(g) hereof, and take such other actions as holders of a majority of shares of such Registrable Securities or the underwriters, if any, reasonably
requested in order to expedite or facilitate the disposition of such Registrable Securities; 
 (xi) obtain a “cold comfort”
letter or letters from the Company’s independent public accountants in customary form and covering matters of the type customarily covered by “cold comfort” letters as the holders of a majority of shares of such Registrable Securities
shall reasonably request; 
 (xii) make available for inspection by any holder of such Registrable Securities covered by such registration
statement, by any underwriter participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by any such holder or any such underwriter, all pertinent financial and
other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with such registration statement; 
 (xiii) notify counsel for the holders of Registrable Securities included in such
registration statement and the managing underwriter or agent, immediately, and confirm the notice in writing (a) when the registration statement, or any post-effective amendment to the registration statement, shall have become effective, or any
supplement to the prospectus or any amendment to the prospectus shall have been filed, (b) of the receipt of any comments from the SEC, (c) of any request of the SEC to amend the registration statement or amend or supplement the prospectus
or for additional information, and (d) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any prospectus, or of the suspension of the
qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 
  

 15 

 (xiv) make every reasonable effort to prevent the issuance of any stop order suspending the
effectiveness of the registration statement or of any order preventing or suspending the use of any prospectus and, if any such order is issued, to obtain the withdrawal of any such order at the earliest possible moment; 
 (xv) if requested by the managing underwriter or agent or any holder of Registrable Securities covered by the registration statement, promptly
incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such holder reasonably requests to be included therein, including, with respect to the number of Registrable Securities being
sold by such holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the Registrable 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 being notified of the matters incorporated in such prospectus supplement or post-effective amendment; 
 (xvi) cooperate with the holders of Registrable Securities covered by the registration statement and the managing underwriter or agent, if any, to
facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable such securities to be in such denominations and registered in such
names as the managing underwriter or agent, if any, or such holders may request; 
 (xvii) use its reasonable best efforts to obtain for
delivery to the holders of Registrable Securities being registered and to the underwriter or agent an opinion or opinions from counsel for the Company in customary form and in form, substance and scope reasonably satisfactory to such holders,
underwriters or agents and their counsel; and 
 (xviii) cooperate with each holder of Registrable Securities being registered and each
underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the NYSE, NASDAQ or any other stock exchange or automated quotation system and
the NASD. 
 (c) Information Supplied. The Company may require each holder of Registrable Securities being registered to furnish the
Company with such information regarding such holder and pertinent to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing. 
  

 16 

 (f) Restrictions on Disposition. Each Founding Member agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section 2(d)(vi), such Founding Member will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable
Securities until such Founding Member’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2(d)(vi), and, if so directed by the Company, such Founding Member will deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such Founding Member’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall
give any such notice, the period mentioned in Section 2(a)(iv) 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 2(d)(vi) and to and including the date
when each seller of Registrable Securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 2(d)(vi). 
 (g) Indemnification. 
 (i) In the
event of any registration of any securities of the Company under the Securities Act pursuant to this Section 2, the Company shall indemnify and hold harmless the holder of any Registrable Securities covered by such registration statement, each
Affiliate of such holder and their respective directors, officers, employees and stockholders or members or general and limited partners (and any director, officer, Affiliate, employee, stockholder and Controlling Person of any of the foregoing),
each Person who participates as an underwriter in the offering or sale of such securities and each other Person, if any, who Controls such holder or any such underwriter within the meaning of the Securities Act (collectively, the
“Registration Indemnified Parties”), against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) in respect thereof and expenses (including reasonable
attorney’s fees and reasonable expenses of investigation) to which such Registration Indemnified Party may become subject under the Securities Act (“Losses”), state law or otherwise, insofar as such Losses arise out of, relate
to or are based upon (a) any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary, final or summary
prospectus contained therein, or any amendment or supplement thereto, or (b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not misleading, or (c) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation 

  

 17 

 
promulgated under the Securities Act, the Exchange Act or any state securities law; provided, that the Company shall not be liable to any Registration
Indemnified Party in any such case to the extent, but only to the extent, that any such Losses or expenses arise out of, relate to or are based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement or amendment or supplement thereto or in any such preliminary, final or summary prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of such holder specifically for
use in the preparation thereof; and, provided, further, that the Company will not be liable in any such case to the extent, but only to the extent, that the foregoing indemnity with respect to any untrue statement contained in or
omitted from a registration statement or the prospectus shall not inure to the benefit of any party (or any Person Controlling such party) who is obligated to deliver a prospectus in transactions in a security as to which a registration statement
has been filed pursuant to the Securities Act and from whom the Person asserting any such Losses purchased any of the Registrable Securities to the extent that it is finally judicially determined that Losses resulted from the fact that such party
sold Registrable Securities to a Person to whom there was not sent or given, at or prior to the written confirmation of such sale, a copy of the registration statement or the prospectus, as amended or supplemented, and (x) the Company shall
have previously and timely furnished sufficient copies of the registration statement or prospectus, as so amended or supplemented if required under the Securities Act, to such party in accordance with this Agreement and (y) the registration
statement or prospectus, as so amended or supplemented, would have corrected such untrue statement or omission of a material fact. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any
Registration Indemnified Party and shall survive the Transfer of securities by any holder. 
 (ii) The Company may require, as a condition
to including any Registrable Securities in any registration statement filed in accordance with Sections 2(a), 2(b) or 2(c) herein, that it shall have received an undertaking reasonably satisfactory to it from the selling holder of such
Registrable Securities or any underwriter to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 2(g)(i)) the Company and all other selling holders or any underwriter, as the case may be, with respect
to any untrue statement or alleged untrue statement in or omission or alleged omission from such registration statement, any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, if such untrue statement
or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such selling holder specifically for inclusion in such registration
statement, preliminary, final or summary prospectus or amendment or supplement, or a document incorporated by reference into any of the foregoing. Such indemnity shall remain in full force and effect regardless of any investigation made by or on
behalf of the Company or any of the selling holders, or any of their respective Affiliates, directors, officers or Controlling Persons and shall survive the Transfer of securities by any holder. In no event shall the liability 

  

 18 

 
of any selling holder of Registrable Securities hereunder be greater in amount than the dollar amount of the net proceeds (before taxes) received by such
holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (iii) Promptly after receipt by a
Registration Indemnified Party hereunder of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2(g), such Registration Indemnified Party will, if
a claim in respect thereof is to be made against the Company, give written notice to the Company of the commencement of such action or proceeding; provided, however, that the failure of the Registration Indemnified Party to give notice
as provided herein shall not relieve the Company of its obligations under this Section 2(g), except to the extent that the Company is materially prejudiced by such failure to give notice. In case any such action or proceeding is brought against
a Registration Indemnified Party, unless in such Registration Indemnified Party’s reasonable judgment (after consultation with legal counsel) a bona fide conflict of interest between such Registration Indemnified Party and the Company may exist
in respect of such action or proceeding, the Company will be entitled to participate in and to assume the defense thereof (at its expense) with counsel reasonably satisfactory to such Registration Indemnified Party, and after notice from the Company
to such Registration Indemnified Party of its election so to assume the defense thereof, the Company will not be liable to such Registration Indemnified Party for any legal or other expenses subsequently incurred by the Registration Indemnified
Party in connection with the defense thereof other than reasonable costs of investigation; provided, however, in the event the Company declines or fails to assume the defense of the action or proceeding or to employ counsel reasonably
satisfactory to the Registration Indemnified Party, in either case within a 30-day period, or if a court of competent jurisdiction determines that the Company is not vigorously defending such action or proceeding, or if there is a bona fide conflict
of interest between the Company and the Registration Indemnified Party, then such Registration Indemnified Party may employ counsel to represent or defend it in any such action or proceeding and the Company shall pay the reasonable fees and
disbursements of such counsel or other representative as incurred; provided, further, however, that the Company shall not be required to pay the fees and disbursements of more than one counsel for all Registration Indemnified
Parties in any jurisdiction in any single action or proceeding. The Company will not settle any such action or proceeding or consent to the entry of any judgment without the prior written consent of the Registration Indemnified Party, unless such
settlement or judgment (a) includes as an unconditional term thereof the giving by the claimant or plaintiff of a release to such Registration Indemnified Party from all liability in respect of such action or proceeding and (b) does not
involve the imposition of equitable remedies or the imposition of any obligations on such Registration Indemnified Party and does not otherwise adversely affect such Registration Indemnified Party, other than as a result of the imposition of
financial obligations for which such Registration Indemnified Party will be indemnified hereunder. No Registration Indemnified Party will settle any such action or proceeding or consent to the entry of any judgment without the prior written consent
of the Company (such consent not to be unreasonably withheld). 
  

 19 

 (iv)(1) If the indemnification provided for in this Section 2(g) from the Company is unavailable to
a Registration Indemnified Party hereunder in respect of any Losses or expenses referred to herein, then the Company, in lieu of indemnifying such Registration Indemnified Party, shall contribute to the amount paid or payable by such Registration
Indemnified Party as a result of such Losses or expenses in such proportion as is appropriate to reflect the relative fault of the Company and Registration Indemnified Party in connection with the actions or proceedings which resulted in such Losses
or expenses, as well as any other relevant equitable considerations. The relative fault of the Company and Registration Indemnified Party shall be determined by reference to, among other things, whether any action or proceeding in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, the Company or Registration Indemnified Party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action or proceeding. The amount paid or payable by a party under this Section 2(g)(iv) as a result of the Losses and expenses referred
to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any action or proceeding. 
 (1) The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2(g)(iv) were determined by pro rata allocation or by any other method of allocation which does not
take account of the equitable considerations referred to in Section 2(g)(iv)(1). 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 similar fraudulent misrepresentation. 
 (v) Indemnification similar to that specified in this Section 2(g) (with
appropriate modifications) shall be given by the Company with respect to any required registration or other qualification of securities under any law or with any Governmental Authority other than as required by the Securities Act. 
 (vi) The obligations of the parties under this Section 2(g) shall be in addition to any liability which any party may otherwise have to any other
party and shall survive until the expiration of the applicable statutes of limitations (including any waivers or extensions thereof) with respect to any such registrations made hereunder. 
 (h) Required Reports. The Company covenants that it will timely file the reports required to be filed by it under the Securities Act and the
Exchange Act, and it will take such further action as any Founding Member may reasonably request, all to the 

  

 20 

 
extent required from time to time to enable such Founding Member to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Founding Member, the Company will deliver to such Founding Member a written statement as to
whether it has complied with such requirements. 
 (i) Holdback Agreement. If any registration under Sections 2(a), 2(b), or 2(c)
hereof or any sale of securities in connection with a registration under Section 2(a) hereof shall be in connection with an underwritten public offering, each holder of Registrable Securities included in such registration agrees not to effect
any public sale or distribution, including any sale pursuant to Rule 144, of any Equity Interests of the Company (in each case, other than as part of such underwritten public offering), within 30 days before, or 90 days (or such lesser
period as the managing underwriters may permit or such longer periods as required by applicable law, provided that in any such case the Founding Members are similarly so released or subject to a longer period pro rata based upon the relative number
of Registrable Securities owned at such time) after, the effective date of any such registration pursuant to Sections 2(a), 2(b) or 2(c) (except as part of any such registration or sale), and the Company hereby also so agrees and agrees to
cause each other holder of Shares or other Equity Interests purchased from the Company (at any time other than in a public offering) to so agree. 
 (j) Termination of Rights. Except for indemnification rights provided in Section 2(g) which shall be governed in accordance with Section 2(g)(vi), the rights granted to the Founding Members in this Section 2 shall
terminate and forthwith become null and void in full on the earliest date on which each Founding Member and its respective Affiliates cease to beneficially own in the aggregate at least five percent of the Shares or other Equity Interests then
outstanding, and with respect to a particular Founding Member on the date that such Founding Member no longer beneficially owns, or has a contractual right to acquire, any Shares or other Equity Interests, or options, warrants or other rights to
obtain such Shares or other Equity Interests (unless such securities are reacquired by a Founding Member). 
 (k) No Inconsistent
Agreement. The Company shall not enter into, or cause or permit any of its Subsidiaries to enter into, any agreement which conflicts with or limits or prohibits the exercise of the rights granted to the Founding Members in this Section 2.

  

	 	3.	Miscellaneous. 

 (a) Agreement to
Cooperate; Further Assurances. In case at any time any further action is necessary or desirable to carry out the purposes of this Agreement, the proper officers and directors and each Founding Member and their respective 
  

 21 

 
Affiliates shall execute such further documents and shall take such further action as shall be necessary or desirable to carry out the purposes of this
Agreement, in each case to the extent not inconsistent with applicable law. 
 (b) Amendments. Except as otherwise expressly provided
in this Agreement, amendments to this Agreement shall require approval of the Company and each Founding Member. 
 (c) Injunctive
Relief. The Company and each Founding Member acknowledge and agree that a violation of any of the terms of this Agreement may cause the other Founding Members and the Company, as the case may be, irreparable injury for which an adequate remedy
at law is not available. Accordingly, it is agreed that each of the Founding Members and the Company will be entitled to seek an injunction, restraining order or other equitable relief to prevent breaches of the provisions of this Agreement and to
enforce specifically the terms and provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which they may be entitled at law or, equity. Nothing stated herein shall limit any other remedies provided under this
Agreement or available to the parties at law or in equity. 
 (c) Successors, Assigns and Transferees. The provisions of this
Agreement will be binding upon and will inure to the benefit of the parties hereto and their respective successors and Permitted Transferees, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person,
including but not limited to any creditor of the Company or its Subsidiaries, any right, benefit, or remedy of any nature by reason of this Agreement. An assignment of the rights, interests or obligations hereunder, including but not limited to an
assignment by operation of law, shall be null and void unless a provision of this Agreement specifically provides otherwise or the Company gives its prior written consent therefor. 
 (c) Notices. Any written notice required or permitted to be delivered pursuant to this Agreement shall be in writing and shall be deemed
delivered: (a) upon delivery if delivered in person; (b) upon transmission if sent via telecopier, with electronic confirmation of receipt; (c) one Business Day after deposit with a nationally recognized courier service,
provided that confirmation of such overnight delivery is received by the sender; and (d) upon transmission if sent via e-mail, with a confirmation copy sent via telecopier on the same day with electronic confirmation of receipt. Notices
to the Company or any Founding Member shall be delivered to the Company or such Founding Member as set forth in Exhibit A, as it may be revised from time to time. Any party may change its address for notices by giving written notice of
the new address to the other parties in accordance with this section, but any element of such party’s address that is not newly provided in such notice shall be deemed not to have changed. 
  

 22 

 (f) Integration. This Agreement contains the exclusive, entire and final understanding of the
parties with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. Except as expressly set forth
herein, this Agreement supersedes all other prior agreements, discussions, negotiations, communications and understandings between the parties with respect to such subject matter hereof. No party has relied on any statement, representation,
warranty, or promise not expressly contained in this Agreement in connection with this transaction. 
 (g) Severability. If one or
more of the provisions, paragraphs, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, then such provision, paragraph,
word, clause, phrase or sentence shall be deemed restated to reflect the original intention of the parties as nearly as possible in accordance with applicable law and the remainder of this Agreement. The legality and enforceability of any such
provision, paragraph, word, clause, phrase or sentence in every other respect and of the remaining provisions, paragraphs, words, clauses, phrases or sentences hereof will not be in any way impaired, it being intended that all obligations, rights,
powers and privileges of the Company and the Founding Members will be enforceable to the fullest extent permitted by law. Upon such determination of invalidity, illegality or unenforceability, the Company and the Founding Members shall negotiate in
good faith to amend this Agreement to effect the original intent of the Founding Members. 
 (h) Counterparts. This Agreement may be
executed in one or more counterparts and by different parties on separate counterparts, each of which will be deemed an original, but all of which will constitute one and the same instrument. The parties agree that this Agreement shall be legally
binding upon the electronic transmission, including by facsimile or email, by each party of a signed signature page hereof to the other party. 
 (i) Governing Law; Submission to Jurisdiction. 
 (i) This Agreement is to be construed in accordance with and governed by
the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the
parties. 
 (ii) Each party hereto agrees that any legal action or other legal proceeding relating to this Agreement or the enforcement of
any provision of this Agreement shall be brought or otherwise commenced exclusively in any state or federal court located in Delaware or in New York, New York. Subject to the preceding sentence, each party thereto: 
 (1) expressly and irrevocably consents and submits to the jurisdiction of each state and federal court located in New York, New York (and each appellate
court located in the State of New York) in connection with any such legal proceeding, including to enforce any settlement, order or award; 
  

 23 

 (2) consents to service of process in any such proceeding in any manner permitted by the laws of the
State of New York, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 3(e) is reasonably calculated to give actual notice; 
 (3) agrees that each state and federal court located in New York, New York shall be deemed to be a convenient forum; 
 (4) waives and agrees not to assert (by way of motion, as a defense or otherwise), in any such legal proceeding commenced in any state or federal court
located in New York, New York, any claim that such party is not subject personally to the jurisdiction of such court, that such legal proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this
Agreement or the subject matter hereof or thereof may not be enforced in or by such court; and 
 (5) agrees to the entry of an order to
enforce any resolution, settlement, order or award made pursuant to this Section 3(i) by the state and federal courts located in New York, New York and in connection therewith hereby waives, and agrees not to assert by way of motion, as a
defense, or otherwise, any claim that such resolution, settlement, order or award is inconsistent with or violative of the laws or public policy of the laws of the State of New York or any other jurisdiction. 
 (iii) In the event of any action or other proceeding relating to this Agreement or the enforcement of any provision of this Agreement, the prevailing
party (as determined by the court) shall be entitled to payment by the non-prevailing party of all costs and expenses (including reasonable attorneys’ fees) incurred by the prevailing party, including any costs and expenses incurred in
connection with any challenge to the jurisdiction or the convenience or propriety of venue of proceedings before any state or federal court located in New York, New York. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.] 
  

 24 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement or caused this Agreement to be
executed on its behalf as of the date first written above. 
  

					
	 The Company:
	 	NATIONAL CINEMEDIA, INC.
			
		 	 By:
	 	 /s/ Gary W. Ferrera

		 	 Name:
	 	Gary W. Ferrera
		 	 Title:
	 	Executive Vice President and Chief Financial Officer

  

					
	 The Founding Members:
	 	American Multi-Cinema, Inc.
			
		 	By:	 	 /s/ Craig R. Ramsey

		 	Name:	 	Craig R. Ramsey
		 	Title:	 	Executive Vice President and Chief Financial Officer

  

					
		 	Cinemark Media, Inc.
			
		 	 By:
	 	 /s/ Michael Cavalier

		 	 Name:
	 	Michael Cavalier
		 	 Title:
	 	Senior Vice President–General Counsel

  

					
		 	Regal CineMedia Holdings, LLC
			
		 	 By:
	 	 /s/ Michael L. Campbell

		 	 Name:
	 	Michael L. Campbell
		 	 Title:
	 	Chief Executive Officer

  

 25 

 Exhibit A 
 Members 
  

							
		 	 Company:
 National CineMedia, Inc.
 9110 East Nichols Avenue
 Suite 200
 Centennial, CO 80112-3405
 Attention: General Counsel
 Fax: (303) 792-8649
  
 with a copy to:
 Holme Roberts & Owen LLP 
 1700 Lincoln Street, Suite 4100
 Denver, Colorado 80203-4541
 Attention: W. Dean Salter
 Fax: (303) 866-0200
	 	 AMC:
 American Multi-Cinema, Inc.
 920 Main Street
 Kansas City, MO 64105
 Attention: Kevin M. Connor
 Fax: (816) 480-4700
  
 with a copy to:
 Latham & Watkins LLP
 885 Third Avenue
 New York, NY 10022
 Attention: David S. Allinson
 Fax: (212) 751-4864
	 	
				
		 	 Cinemark Media:
 Cinemark Media, Inc.

c/o Cinemark Holdings, Inc. 3900 Dallas Parkway
 Plano, Texas
75093
 Attn: Robert Capple
 Fax:
(974) 665-1003
  
 with a copy to:
 Cinemark Media, Inc.
 c/o Cinemark Holdings, Inc. 3900 Dallas
Parkway
 Plano, Texas 75093
 Attn: Michael Cavalier
 Fax: (974) 665-1003
	 	 Regal:
 Regal CineMedia Holdings, LLC

c/o Regal Entertainment Group
 7132 Regal Lane
 Knoxville, Tennessee 37918
 Attn: General Counsel
 Fax: (865) 922-6085
  
 with a copy to:
 Hogan & Hartson LLP
 One Tabor Center
 1200 Seventeenth Street
 Suite 1500
 Denver, Colorado 80202
 Attn: Christopher J.
Walsh
 Fax: (303) 899-7333Management Services Agreement dated as of February 13, 2007

 Exhibit 10.12 
 MANAGEMENT SERVICES AGREEMENT 
 THIS MANAGEMENT SERVICES AGREEMENT (this
“Agreement”) is made and entered into as of February 13, 2007 (the “Effective Date”), between NATIONAL CINEMEDIA, LLC, a Delaware limited liability company (“NCM LLC”), and NATIONAL CINEMEDIA,
INC., a Delaware corporation (“NCM Inc.”). 
 RECITALS 
 A. As contemplated by the terms of the Third Amended and Restated Limited Liability Company Operating Agreement of NCM LLC dated as of February 13,
2007 (the “LLC Agreement”), the members of NCM LLC have approved this Management Services Agreement. 
 B. To facilitate the
operation of the business of NCM LLC, NCM LLC and NCM Inc. desire for NCM Inc. to provide certain management services to NCM LLC supplemental to NCM Inc.’s role under the LLC Agreement and memorialize the clarification of certain
responsibilities of NCM Inc. in managing NCM LLC on the terms and subject to the conditions specified in this Agreement. 
 C. To facilitate
NCM Inc.’s provision of management services, NCM LLC and NCM Inc. desire for NCM LLC to provide certain administrative services, facilities and other resources to NCM Inc. on the terms and subject to the conditions specified in this Agreement.

 AGREEMENT 
 In
consideration of the covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, NCM LLC and NCM Inc. agree as follows: 
 1. Definitions. 
 The following terms shall have the
indicated meaning: 
 “Administrative Agent” means Lehman Commercial Paper Inc., as administrative agent under the LLC Credit
Agreement and any successors and assignees in accordance with the terms of the LLC Credit Agreement. 
 “Affiliate” means
with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. As used in this definition, the word “control” means

 
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise. 
 “Aggregate Employee Costs” means, with respect to any month, the
aggregate amount of Attributable Employee Costs. 
 “Agreement” is defined in the introductory paragraph. 
 “Attributable Employee Costs” means, with respect to each Service Employee, the monthly Employee Costs attributed to such Service
Employee. 
 “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. §101 et seq.), as amended from time
to time. 
 “Board” is defined in Section 2.1. 
 “Effective Date” is defined in the introductory paragraph. 
 “Employee Costs” means the direct out-of-pocket costs or reasonable allocated costs of NCM Inc. (i) for gross wages, salaries,
bonuses, incentive compensation, equity compensation and payroll taxes of the Service Employees, plus (ii) for workers’ compensation insurance incurred by NCM Inc. with respect to the Service Employees, plus (iii) for
employee benefit plans attributable to any Service Employees, including pension, savings, medical, dental, vision, disability and life insurance, plus (iv) for other benefits directly attributable to the Service Employees, including
fringe benefits, or other similar incentive programs, executive programs, severance pay, employee assistance programs, cafeteria plan benefits, dependent care and health care flexible spending accounts, sick leave, legal assistance, and educational
assistance, plus (v) related to the employee benefit plans or programs, including incremental costs of charges or premiums, employee participation, actuarial reports, accounting, or legal fees. 
 “Health and Welfare Plans” is defined in Section 4.3(d). 
 “Law” or “Laws” means all applicable federal, state, tribal and local laws (statutory or common), rules, ordinances,
regulations, grants, concessions, franchises, licenses, orders, directives, judgments, decrees, restrictions and other similar requirements, whether legislative, municipal, administrative or judicial in nature. 
 “LLC Agreement” is defined in the Recitals. 
 “LLC Credit Agreement” means the Credit Agreement dated as of February 13, 2007 among LLC, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as syndication agent,
Credit Suisse (USA) LLC and Morgan Stanley Senior 

  

 2 

 
Funding, Inc., as co-documentation agents and the Administrative Agent, as amended, modified or supplemented from time to time and any extension, refunding,
refinancing or replacement (in whole or in part) thereof. 
 “Loss” is defined in Section 5.1. 
 “Management Services” means all services performed by Service Employees, whether the provision of such services by NCM Inc. is required
or contemplated by the LLC Agreement or is supplemental to the services to be provided by NCM Inc. to NCM LLC under the LLC Agreement, relating to the management and operation of the business of NCM LLC, including executive oversight, sales,
marketing, advertisement production, distribution, finance and accounting support and reporting, legal support and other services and activities as are customarily performed by persons holding the positions set forth on Exhibit A hereto
and all other services provided by NCM Inc., its officers, directors and employees to NCM LLC in, or relating to, NCM Inc.’s role as manager of NCM LLC. 
 “NCM Inc.” is defined in the introductory paragraph. 
 “NCM Inc. Indemnified
Parties” is defined in Section 5.2. 
 “NCM LLC” is defined in the introductory paragraph. 
 “NCM LLC Indemnified Parties” is defined in Section 5.3. 
 “Permitted Transfer” means 
 (a) with respect to the rights and obligations of LLC under this Agreement, (i) the grant of a security interest by LLC in this Agreement and all rights and obligations of LLC hereunder to the Administrative
Agent, on behalf of the Secured Parties, pursuant to the Security Documents, (ii) the assignment or other transfer of such rights and obligations to the Administrative Agent (on behalf of the Secured Parties) or other third party upon the
exercise of remedies in accordance with the LLC Credit Agreement and the Security Documents and (iii) in the event that the Administrative Agent is the initial assignee or transferee under the preceding clause (ii), the subsequent assignment or
other transfer of such rights and obligations by the Administrative Agent on behalf of the Secured Parties to a third party, or 
 (b) in the event that LLC becomes a debtor in a case under the Bankruptcy Code, the assumption and/or assignment by LLC of this Agreement under section 365 of the Bankruptcy Code, notwithstanding the provisions of section 365(c) thereof.

  

 3 

 “Person” means an individual, corporation, joint venture, partnership, limited
partnership, limited liability company, trust, estate, business trust, association, governmental authority or any other entity. 
 “Reimbursable Costs” shall mean all of the reasonable out-of-pocket costs and expenses directly incurred by NCM Inc. in connection with the providing of the Management Services, including the following: 
 (a) all supplies and equipment purchased on behalf of NCM LLC or its customers in order to provide the Management Services; 
 (b) reasonable meals, travel, hotel accommodations, and entertainment expenses incurred in connection with the performance of the
Management Services; 
 (c) legal, accounting, health and safety, environmental, and other third party advisors and
consultants incurred in connection with the performance of the Management Services; 
 (d) directors’ and officers’
insurance policies, employee practices liability insurance policies and any indemnification of directors or officers of NCM Inc.; and 
 (e) bank accounts maintained by NCM Inc. on behalf of NCM LLC. 
 In addition, Reimbursable Costs shall
include all items of corporate overhead or other fees, costs or expenses of any kind whatsoever incurred by NCM Inc. and associated with, related to or otherwise necessary for NCM Inc.’s maintenance of its corporate existence and business and
its status as a reporting company under the federal securities laws. Solely as illustration and not by means of limitation, examples of such Reimbursable Costs would be SEC filing fees, blue sky fees and expenses, transfer agent, paying agent and
registrar fees and expenses, franchise taxes, registered agent fees and expenses and fees and expenses of its public accountants and legal advisors. 
 “Secured Parties” means the “Secured Parties” (or any analogous concept) as defined in the LLC Credit Agreement. 
 “Security Documents” means the “Security Documents” as defined in the LLC Credit Agreement and any amendment, modification,
supplement or replacement of such Security Documents. 
 “Service Employees” means those employees of NCM Inc. who devote
all or a portion of their working time to the performance of the Management Services and whose 

  

 4 

 
(i) job title(s) and (ii) initial estimated Attributable Employee Cost are set forth on Exhibit A hereto, as may be amended from time
to time. Service Employees include and will include any former Service Employee to whom NCM Inc. has ongoing obligations. 
 “Services Fee” is defined in Section 3.1. 
 “Supporting Documentation” is defined in
Section 2.5(a). 
 2. Performance of Management Services. 
 2.1 Management Services. From and after the Effective Date, NCM Inc. agrees to provide the Management Services on the terms and conditions set forth in this Agreement and in compliance with the policies and
programs established by the Board of Directors of NCM Inc. (the “Board”). 
 2.2 Exhibit A. 
 (a) Exhibit A shall set forth the name, job title and initial estimated Attributable Employee Cost for each Service Employee.

 (b) Notwithstanding anything in this Agreement to the contrary, Exhibit A shall be deemed automatically amended
if NCM Inc. adds, removes or replaces a Service Employee, or if a Service Employee’s employment with NCM Inc. otherwise terminates. In such an instance, NCM Inc. shall deliver to NCM LLC a revised Exhibit A that reflects such change
to the list of Service Employees. 
 (c) For those Service Employees identified on Exhibit A as of the Effective
Date, the initial estimated Attributable Employee Cost shall be calculated for fiscal year 2007, and for any subsequent Service Employee, initial estimated Attributable Employee Cost shall be calculated for the fiscal year in which such individual
assumes the role of Service Employee. The estimated and actual Attributable Employee Costs will vary because of factors including payment of bonuses or other incentive compensation, including equity compensation (which bonuses, incentive and equity
compensation will not be included in the estimated Attributable Employee Costs on Exhibit A), varying utilization of fringe benefits from estimated amounts and differences between estimated and actual benefit costs. 
 (d) Within thirty days of each new fiscal year, NCM Inc. shall provide NCM LLC a notice containing an updated estimated Attributable
Employee Cost for each Service Employee. 
  

 5 

 2.3 Subcontractors. NCM Inc. may subcontract with third parties, including Affiliates of NCM Inc.,
to assist in the performance of the Management Services; provided, however, that NCM Inc. shall not be relieved of any obligation under this Agreement or the LLC Agreement as a result of any subcontract entered into pursuant to this
Section 2.3; and further provided, that NCM Inc., at all times, will manage, supervise and monitor such parties. 
 2.4 Compliance
with Laws. NCM Inc. shall perform the Management Services in compliance with all applicable Laws. 
 2.5 Supporting Documentation.

 (a) NCM Inc. shall keep reasonable supporting documentation of all the Services Fees and Reimbursable Costs (the
“Supporting Documentation”). NCM Inc. shall maintain and retain the Supporting Documentation in a manner consistent with NCM Inc.’s record retention policies. 
 (b) NCM LLC, upon reasonable notice to NCM Inc., shall have the right to inspect and audit, during normal business hours and using
reasonable commercial efforts not to disrupt NCM Inc.’s normal business operations, the Supporting Documentation to the extent reasonably necessary to verify any information regarding the Services Fees or Reimbursable Costs with respect to any
year within the twelve month period following the end of such year. The costs of any such inspection or audit shall be borne by NCM LLC. 
 2.6 Employee Matters. All Service Employees shall be employees of NCM Inc., and not NCM LLC. NCM Inc. shall recruit, select, employ, promote, terminate, supervise, direct, train and assign the duties of all Service Employees, and may
change or replace any such Service Employee at any time in each case in NCM Inc.’s sole discretion. To the extent practicable, NCM Inc. shall notify NCM LLC before terminating any Service Employee, but all such termination decisions shall be
made by NCM Inc. in its sole discretion. 
 2.7 No Partnership. Nothing contained in this Agreement or in the relationship between NCM
Inc. and NCM LLC constitutes, or may be construed to be or to create, a partnership or joint venture between NCM Inc. and NCM LLC. 
 2.8
LLC Manager. Nothing contained in this Agreement shall alter NCM Inc.’s rights and obligations as manager of NCM LLC, as set forth in the LLC Agreement and applicable law. 
  

 6 

 3. Management Services Fee and Payment. 
 3.1 Services Fee. During the term of this Agreement, NCM LLC shall pay NCM Inc. a monthly fee (the “Services Fee”) for performance
of the Management Services equal to the Aggregate Employee Costs for such month. 
 3.2 Reimbursable Costs. During the term of this
Agreement, NCM LLC shall pay NCM Inc. the amount of the Reimbursable Costs on a monthly basis. 
 3.3 Billing and Payments. On the
Effective Date, NCM LLC shall pay NCM Inc. the estimated Services Fee for the remaining portion of the then current month and for the following month, as set forth on Exhibit B. Each month after the Effective Date, NCM Inc. will invoice
NCM LLC for the estimated Services Fee for the following month and the Reimbursable Costs for the preceding month. The invoice shall also include any adjustment in the amount owed by NCM LLC based on any difference between the prior estimated
Services Fees and actual Services Fees that have been accounted for in the preceding month. NCM LLC shall pay NCM Inc. the Services Fee and Reimbursable Costs set forth in the invoice in immediately available funds within [10] days following
receipt of such invoice. 
 4. Performance of Administrative Services. 
 4.1 Administrative Services. From and after the Effective Date, NCM LLC agrees to provide reasonable office facilities, equipment, supplies and administrative and other support services to NCM Inc. as are
reasonably required by NCM Inc. to perform the Management Services and at a level no less than NCM LLC has historically provided such services to support the work of its executive officers. 
 4.2 Payroll, Accounting and Financial Reporting and Other Support Services. From and after the Effective Date, NCM LLC agrees to provide payroll,
accounting and financial reporting and other support services for NCM Inc. 
 (a) Payroll. NCM LLC shall perform all
payroll functions for payment of NCM LLC and NCM Inc. employees. NCM LLC shall be designated as the common paymaster for NCM LLC and NCM Inc. and shall be responsible for payroll tax withholding, remission and payroll tax reporting of compensation
for NCM LLC and NCM Inc. employees. NCM LLC and NCM Inc. shall take such action as may be reasonably necessary or appropriate in order to minimize liabilities related to payroll taxes in connection with the transfer of Service Employees from NCM LLC
to NCM Inc. 
 (b) Accounting and Financial Reporting. NCM LLC shall provide accounting and financial reporting
services as reasonably required by NCM Inc. operations. 
  

 7 

 (c) Other Support Services. NCM LLC shall provide other reasonable supporting
services for NCM Inc. including: management, sales, marketing, advertisement production, distribution, information technology, human resources, and legal supporting services on the same or similar terms as such services are provided to NCM LLC.

 4.3 Employee Benefits. From and after the Effective Date, NCM LLC agrees that NCM Inc. employees shall be eligible to actively
participate in the NCM LLC group employee benefit plans and, to the extent applicable, NCM Inc. shall be a participating employer in any NCM LLC group employee benefit plan. NCM Inc. agrees that NCM LLC employees shall be eligible to receive awards
under the NCM Inc. Equity Incentive Plan. 
 (a) Service Recognition. NCM LLC shall cause the NCM LLC group employee
benefit plans with respect to which service is a relevant factor to credit Service Employees who are employed by NCM LLC immediately prior to a transfer of employment to NCM Inc. with service before the effective date of the transfer, except to the
extent duplication of benefits would result. 
 (b) NCM Inc. Equity Incentive Plan. NCM LLC shall provide
administrative supporting services with respect to operation, administration and required reporting for the NCM Inc. Equity Incentive Plan. Section 3.5(c) of the LLC Agreement shall govern the terms and conditions relating to authorization and
issuance of additional units of NCM LLC in connection with equity compensation awards under the NCM Inc. Equity Incentive Plan to employees and other service providers of NCM Inc. and NCM LLC. The Board or a committee of the Board shall approve
equity awards made under the plan. 
 (c) 401(k) Plan. NCM LLC and NCM Inc. shall take all actions required or
appropriate to provide that NCM Inc. shall adopt the National CineMedia, LLC 401(k) Profit Sharing Plan, or its successor, so that NCM Inc. will become a participating employer or alternatively NCM LLC will adopt a plan with identical benefits to
provide for participation by eligible NCM Inc. employees. 
 (d) Health and Welfare Plans. NCM LLC and NCM Inc. shall
take all actions required or appropriate to provide that NCM Inc. shall adopt, as a participating employer, the health and welfare benefit plans and other fringe benefits sponsored by NCM LLC for its employees (the “Health and Welfare
Plans”) to permit eligible NCM Inc. employees and their covered dependents to participate in the Health and Welfare Plans. NCM LLC shall take appropriate action with respect to Service Employees transferred to NCM Inc. to (i) waive any
pre-existing condition limitation on benefits for Service Employees enrolled in a 

  

 8 

 
NCM LLC Health and Welfare Plan, (ii) take into account and credit any out-of-pocket annual maximums and deductibles for the calendar year during which
service is provided to both NCM LLC and NCM Inc., (iii) take into account prior claim experience under the NCM LLC Health and Welfare Plans with respect to aggregate lifetime maximum benefits available to the Service Employee, and
(iv) credit any health care reimbursement account accumulated for the calendar year in which service is provided to both NCM LLC and NCM Inc. NCM LLC shall be responsible for administering compliance with the health care continuation
requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, the corresponding provisions of the NCM LLC Health and Welfare plans with respect to NCM LLC and NCM Inc. employees and their covered dependents. NCM LLC and NCM
Inc. agree that the transfer of Service Employees to NCM Inc. shall not constitute a COBRA qualifying event. 
 (e)
Vacation. NCM Inc. shall assume and honor all unused vacation and other time-off earned or accrued by Service Employees for service with NCM LLC prior to the Effective Date. 
 (f) Other. NCM Inc. and NCM LLC shall take all actions required or appropriate to ensure that the employee benefits provided to NCM
Inc. employees are in the aggregate no less than the employee benefits available to continuing employees of NCM LLC. 
 5. Limitation on Liability;
Indemnification. 
 5.1 Exculpation of NCM Inc. Neither NCM Inc. nor its officers, directors, agents and employees shall be liable
to NCM LLC for any claims, actions, losses, damages, liabilities, causes of action, fines, costs and expenses (including reasonable investigation costs and reasonable attorneys’, experts’ and consultants’ fees)
(“Losses”) suffered or incurred by NCM LLC, directly or indirectly, in connection with the performance of the Management Services, except to the extent such Losses are caused by willful misconduct or gross negligence of NCM Inc. No
party hereto shall be liable to the other party for, and the term Losses shall not include, any lost profits, lost sales, business interruption, decline in value, lost business opportunities, or consequential, incidental, punitive or exemplary
damages; provided, however, that this waiver shall not limit a party’s right to indemnification for liabilities incurred by such party to a third party (other than the members of NCM LLC and their Affiliates) claiming such items as
damages. 
 5.2 NCM LLC Indemnification of NCM Inc. NCM LLC shall indemnify, defend and hold harmless NCM Inc. and its Affiliates,
directors, officers, members, managers, agents, and employees (the “NCM Inc. Indemnified Parties”) from and against all Losses arising from the claims of any third party to the extent such claims arise 

  

 9 

 
directly or indirectly out of NCM Inc.’s performance of the Management Services, including any Losses arising out of or otherwise related to NCM
Inc.’s employment of the Service Employees and the furnishing of such Service Employees to NCM LLC; provided, however, NCM LLC shall not be responsible for indemnifying or defending any of the NCM Inc. Indemnified Parties or otherwise be
liable to any of the NCM Inc. Indemnified Parties with respect to any Losses arising from NCM Inc.’s willful misconduct or gross negligence. 
 5.3 NCM Inc. Indemnification of NCM LLC. NCM Inc. shall indemnify, defend and hold harmless NCM LLC, its members and employees and directors, officers and agents of the members (the “NCM LLC Indemnified Parties”)
from and against all Losses resulting directly or indirectly from any act or omission by NCM Inc. that constitutes willful misconduct or gross negligence; provided, however, NCM Inc. shall not be responsible for indemnifying or defending any
of the NCM LLC Indemnified Parties or otherwise be liable to any of the NCM LLC Indemnified Parties with respect to any Losses for which NCM LLC is obligated to indemnify NCM Inc. as provided in Section 5.2. 
 5.4 Special Indemnification Provisions. The indemnification obligations of NCM LLC under Section 5.2 and NCM Inc. under Section 5.3
shall in each case be conditioned upon (a) prompt notice from the other party hereto after such Person learns of any claim or basis therefor which is covered by such indemnity (except to the extent that the failure to provide prompt notice does
not prejudice the indemnifying party), (b) such party’s not taking any steps which would bar NCM LLC or NCM Inc., as the case may be, from obtaining recovery under applicable insurance policies or would prejudice the defense of the claim
in question and (c) such party’s taking of all reasonably necessary steps which if not taken would result in NCM LLC or NCM Inc., as the case may be, being barred from obtaining recovery under applicable insurance policies or would
prejudice the defense of the claim in question. 
 6. Term; Termination; Default. 
 6.1 Term. This Agreement shall become effective on the Effective Date and shall continue until terminated as provided in Section 6.2.

 6.2 Termination. This Agreement shall terminate, with no further action necessary by either NCM LLC or NCM Inc., on the date that
NCM Inc. ceases to be the manager of NCM LLC pursuant to the terms of the LLC Agreement. 
 6.3 Surrender. Upon the termination of
this Agreement, NCM LLC and NCM Inc. shall deliver any property belonging to the other party hereto. 
 6.4 Payment of Expenses After
Termination; Accrued Obligations. 
  

 10 

 (a) Neither party hereto shall be relieved from any obligations or liabilities accruing
prior to the effective date of termination, including in the case of NCM LLC, its obligation to make payment to NCM Inc. of all sums due NCM Inc. under this Agreement in respect of the performance of the Management Services prior to the date of
termination. After termination of this Agreement, NCM Inc. shall provide NCM LLC a final invoice showing any prorated amount of the Services Fee to be returned to NCM Inc. and the outstanding Reimbursable Costs due to NCM Inc. The balance owed to
NCM Inc. or NCM LLC, as applicable, shall be paid by the other party within [15] days following receipt of the final invoice. 
 (b) Upon termination of this Agreement, all employment agreements then in effect, including any employment agreements with former Service Employees pursuant to which NCM Inc. has ongoing obligations, shall be assigned by NCM Inc. to NCM
LLC, effective as of termination, and NCM LLC shall assume all obligations under such agreements. 
 6.5 Survival. The provisions set
forth in Sections 4, 5, 6.3, 6.4 and 7.1 shall survive the termination of this Agreement. 
 6.6 Obligation to Cure or
Re-perform. In the event of any breach of this Agreement by NCM Inc. in the performance of any Management Services, NCM Inc. shall, at NCM LLC’s request, cure such breach or re-perform such Management Services; provided,
however, that nothing in this Section 6.6 shall require NCM Inc. to re-perform any Management Services that are being disputed by the parties. 
 7. Miscellaneous. 
 7.1 Governing Law. This Agreement shall be governed by and construed in all respects in accordance
with the laws of the State of Delaware without giving effect to principles of conflicts of law. 
 7.2 Notices. All notices, demands
or other communications to be given under or by reason of this Agreement shall be in writing and shall be deemed to have been received when delivered personally, or when transmitted by overnight delivery service, addressed as follows: 
  

			
		 	If to NCM Inc.:
		
		 	National CineMedia, Inc.
		 	9110 East Nichols Avenue
		 	Suite 200
		 	Centennial CO 80112-3405
		 	Attention: General Counsel
		
		 	with a copy to:
		
		 	Holme Roberts & Owen LLP
		 	1700 Lincoln Street, Suite 4100
		 	Denver, Colorado 80203-4541
		 	Attention: W. Dean Salter
		
		 	If to NCM LLC:
		
		 	National CineMedia, LLC
		 	9110 East Nichols Avenue
		 	Suite 200
		 	Centennial CO 80112-3405
		 	Attention: General Counsel
		
		 	with a copy to:
		
		 	Holme Roberts & Owen LLP
		 	1700 Lincoln Street, Suite 4100
		 	Denver, Colorado 80203-4541
		 	Attention: W. Dean Salter

  

 11 

 Either party hereto may change its address for notices, demands and other communications under this Agreement by giving
notice of such change to the other party hereto in accordance with this Section 7.2. 
 7.3 Benefit of Parties; Assignment. This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, legal representatives and permitted assigns. This Agreement may not be assigned by either NCM Inc. or NCM LLC except with the prior
written consent of the other party; provided, however, no prior consent shall be required for an assignment by NCM Inc. of this Agreement to an Affiliate or for a Permitted Transfer. With the exception of the rights of the NCM Inc.
Indemnified Parties under Section 5.2 and the rights of the NCM LLC Indemnified Parties under Section 4.3, nothing herein contained shall confer or is intended to confer on any third party or entity that is not a party to this Agreement
any rights under this Agreement. 
  

 12 

 7.4 Amendment. Except with respect to an amendment to Exhibit A in accordance with
Section 2.2, this Agreement may not be amended, modified, altered or supplemented except by means of a written instrument executed on behalf of each of NCM Inc. and NCM LLC. 
 7.5 Waiver. No failure on the part of either party hereto to exercise any power, right, privilege or remedy under this Agreement, and no delay on
the part of either party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or
further exercise thereof or of any other power, right, privilege or remedy. 
 7.6 Severability. If any provision of this Agreement is
held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in
full force and effect to the extent not held invalid or unenforceable. 
 7.7 Entire Agreement. This Agreement sets forth the entire
understanding of parties hereto and supersedes all other agreements and understandings between the parties hereto relating to the subject matter hereof. 
 7.8 Counterparts and Facsimiles. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts
have been signed by each of the parties and delivered to the other. The parties hereto may execute the signature pages hereof and exchange such signature pages by facsimile transmission. 
 7.9 Interpretation of Agreement. 
 (a) As used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, and shall be deemed to be followed by the words
“without limitation.” 
 (b) Unless otherwise specified, references in this Agreement to “Sections” and
“Exhibits” are intended to refer to Sections of and Exhibits to this Agreement. 
 (c) The Section headings
contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
  

 13 

 (d) Each party hereto and its counsel cooperated in drafting and preparation of this
Agreement and the documents referred to in this Agreement. Any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against the party that drafted it is of no application and is hereby expressly
waived. 
 [Signature page to follow] 
  

 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year
first above written. 
  

			
	NCM LLC:
	
	NATIONAL CINEMEDIA, LLC
		
	By:	 	 NATIONAL CINEMEDIA, INC.,
 its
Manager

		
	By:	 	 /s/ Gary W. Ferrera

	Name:	 	Gary W. Ferrera
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	NCM INC.:
	
	NATIONAL CINEMEDIA, INC.
		
	By:	 	 /s/ Gary W. Ferrera

	Name:	 	Gary W. Ferrera
	Title:	 	Executive Vice President and Chief
		 	Financial Officer

 [Signature page of Management Services Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]