Document:

EX-4.1

 Exhibit 4.1 
 

 
 NUMBER COMMON STOCK FORM OF STOCK CERTIFICATE PPD, INC. SHARES COMMON STOCK INCORPORATED UNDER THE LAWS OF THE
STATE OF DELAWARE SEE REVERSE FOR CERTAIN DEFINITIONS CUSIP 69355F 102 This certifies that is the owner of FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK PAR VALUE $0.0 EACH OF PPD, INC. transferable
only on the books of the Corporation by the holder hereof in person, or by duly authorized attorney, upon the surrender of this certificate properly endorsed. This Certificate is not valid until countersigned registered by the Transfer Agent and
Registrar. WITNESS the facsimile signatures of the duly authorized officers of the-Corporation. CHIEF EXECUTIVE OFFICER TREASURER COUNTERSIGNED AND REGISTERED: BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC. TRANSFER AGENT AND REGISTRAR BY Dated:
Authorized Signature 

 [Reverse Side of Stock Certificate] 

The Corporation will furnish to any stockholder, upon request and without charge, a full statement of the designations, relative rights,
preferences and limitations of the shares of each class and series authorized to be issued, so far as the same have been determined, and of the authority, if any, of the Board to divide the shares into classes or series and to determine and change
the relative rights, preferences and limitations of any class or series. Such request may be made to the Secretary of the Corporation or to the Transfer Agent named on this certificate. 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

					
	 TEN COM
	  	 -   as tenants in common
	  	 UNIF GIFT MIN ACT -          Custodian
            

		  		  	                                      
  (Cust)                 (Minor)
			
	 TEN ENT
	  	 -   as tenant by the entireties
	  	
			
	 JT TEN
	  	 -   as joint tenants with right of
	  	under Uniform Gifts to Minors Act
		  	 survivorship and not as tenants in
	  	                                   
                 
		  	 common
	  	(State)

 Additional abbreviations may also be used though not in the above list. 

For value received,
                                         
                    hereby sell, assign and transfer unto 
  

	
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
	  

  

			
	  
 (PLEASE PRINT OR TYPE NAME AND
ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)
	 	
	  
	 	
		
	  
	 	
		
	  
	 	
	
	                                    
                                         
                                         
                                   Shares of the Common Stock represented by
the within Certificate, and do hereby irrevocably constitute and appoint
		
	  
	 	

 Attorney, to transfer the said stock registered on the books of the within-named Corporation with full power of substitution
in the premises. 
 Dated
                                        
                                        
                                         
                                         
                           

    SIGNATURE(S) GUARANTEED: 

	
	  
 Notice: The signature(s) to this
assignment must correspond with the name(s) as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

  

	
	  

	
	 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE
ACT OF 1934, AS AMENDED.EX-4.2

 EXHIBIT 4.2 

EXECUTION VERSION 
  

 
  

JAGUAR HOLDING COMPANY II and 

PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC 

as Issuers 
 6.375% Senior Notes
due 2023 
 INDENTURE 
 Dated as
of August 18, 2015 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  

			
	 SECTION 1.1.
	 	Definitions	  	 	1	 
	 SECTION 1.2.
	 	Other Definitions	  	 	42	 
	 SECTION 1.3.
	 	Rules of Construction	  	 	43	 
	
	ARTICLE II	  

	
	THE NOTES	  

			
	 SECTION 2.1.
	 	Form and Dating	  	 	44	 
	 SECTION 2.2.
	 	Form of Execution and Authentication	  	 	48	 
	 SECTION 2.3.
	 	Registrar and Paying Agent	  	 	49	 
	 SECTION 2.4.
	 	Paying Agent to Hold Money in Trust	  	 	49	 
	 SECTION 2.5.
	 	Lists of Holders of the Notes	  	 	49	 
	 SECTION 2.6.
	 	Transfer and Exchange	  	 	50	 
	 SECTION 2.7.
	 	Replacement Notes	  	 	59	 
	 SECTION 2.8.
	 	Outstanding Notes	  	 	59	 
	 SECTION 2.9.
	 	Treasury Notes	  	 	59	 
	 SECTION 2.10.
	 	Temporary Notes	  	 	60	 
	 SECTION 2.11.
	 	Cancellation	  	 	60	 
	 SECTION 2.12.
	 	Payment of Interest; Defaulted Interest	  	 	60	 
	 SECTION 2.13.
	 	CUSIP and ISIN Numbers	  	 	61	 
	 SECTION 2.14.
	 	Record Date	  	 	61	 
	
	ARTICLE III	  

	
	COVENANTS	  

			
	 SECTION 3.1.
	 	Payment of Notes	  	 	61	 
	 SECTION 3.2.
	 	Reports and Other Information	  	 	62	 
	 SECTION 3.3.
	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	65	 
	 SECTION 3.4.
	 	Limitation on Restricted Payments	  	 	72	 
	 SECTION 3.5.
	 	Liens	  	 	80	 
	 SECTION 3.6.
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	81	 
	 SECTION 3.7.
	 	Asset Sales	  	 	83	 
	 SECTION 3.8.
	 	Transactions with Affiliates	  	 	87	 
	 SECTION 3.9.
	 	Change of Control	  	 	90	 
	 SECTION 3.10.
	 	Maintenance of Insurance	  	 	93	 
	 SECTION 3.11.
	 	Future Guarantors	  	 	93	 
	 SECTION 3.12.
	 	Compliance Certificate; Statement by Officers as to Default	  	 	93	 
	 SECTION 3.13.
	 	[Reserved]	  	 	93	 
	 SECTION 3.14.
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	94	 
	 SECTION 3.15.
	 	Covenant Suspension	  	 	94	 

  
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	 	 	 	  	Page	 
			
	 SECTION 3.16.
	 	Stay, Extension and Usury Laws	  	 	96	 
	
	ARTICLE IV	  

	
	MERGER, CONSOLIDATION, AMALGAMATION OR SALE OF ASSETS	  

			
	 SECTION 4.1.
	 	When the Issuers May Merge, Amalgamate or Otherwise Dispose of Assets	  	 	96	 
	
	ARTICLE V	  

	
	REDEMPTION OF NOTES	  

			
	 SECTION 5.1.
	 	Optional Redemption	  	 	98	 
	 SECTION 5.2.
	 	Election to Redeem; Notice to Trustee of Optional and Mandatory Redemptions	  	 	99	 
	 SECTION 5.3.
	 	Selection by Trustee of Notes to Be Redeemed	  	 	99	 
	 SECTION 5.4.
	 	Notice of Redemption	  	 	99	 
	 SECTION 5.5.
	 	Deposit of Redemption Price	  	 	100	 
	 SECTION 5.6.
	 	Notes Payable on Redemption Date	  	 	101	 
	 SECTION 5.7.
	 	Notes Redeemed in Part	  	 	101	 
	 SECTION 5.8.
	 	Offer to Repurchase	  	 	101	 
	
	ARTICLE VI	  

	
	DEFAULTS AND REMEDIES	  

			
	 SECTION 6.1.
	 	Events of Default	  	 	103	 
	 SECTION 6.2.
	 	Acceleration	  	 	104	 
	 SECTION 6.3.
	 	Other Remedies	  	 	105	 
	 SECTION 6.4.
	 	Waiver of Past Defaults	  	 	105	 
	 SECTION 6.5.
	 	Control by Majority	  	 	105	 
	 SECTION 6.6.
	 	Limitation on Suits	  	 	105	 
	 SECTION 6.7.
	 	Rights of Holders to Receive Payment	  	 	106	 
	 SECTION 6.8.
	 	Collection Suit by Trustee	  	 	106	 
	 SECTION 6.9.
	 	Trustee May File Proofs of Claim	  	 	106	 
	 SECTION 6.10.
	 	Priorities	  	 	106	 
	 SECTION 6.11.
	 	Undertaking for Costs	  	 	107	 
	
	ARTICLE VII	  

	
	TRUSTEE	  

			
	 SECTION 7.1.
	 	Duties of Trustee	  	 	107	 
	 SECTION 7.2.
	 	Rights of Trustee	  	 	108	 
	 SECTION 7.3.
	 	Individual Rights of Trustee	  	 	110	 
	 SECTION 7.4.
	 	Disclaimer	  	 	110	 
	 SECTION 7.5.
	 	Notice of Defaults	  	 	110	 
	 SECTION 7.6.
	 	Compensation and Indemnity	  	 	110	 
	 SECTION 7.7.
	 	Replacement of Trustee	  	 	111	 
	 SECTION 7.8.
	 	Successor Trustee by Merger	  	 	111	 
	 SECTION 7.9.
	 	Eligibility; Disqualification	  	 	112	 
	 SECTION 7.10.
	 	Limitation on Duty of Trustee	  	 	112	 

  
 -ii- 

							
	 	 	 	  	Page	 
			
	 SECTION 7.11.
	 	Preferential Collection of Claims Against the Issuers	  	 	112	 
	 SECTION 7.12.
	 	Reports by Trustee to Holders of the Notes	  	 	112	 
	
	ARTICLE VIII	  

	
	DISCHARGE OF INDENTURE; DEFEASANCE	  

			
	 SECTION 8.1.
	 	Discharge of Liability on Notes; Defeasance	  	 	112	 
	 SECTION 8.2.
	 	Conditions to Defeasance	  	 	114	 
	 SECTION 8.3.
	 	Application of Trust Money	  	 	115	 
	 SECTION 8.4.
	 	Repayment to Issuers	  	 	115	 
	 SECTION 8.5.
	 	Indemnity for U.S. Government Obligations	  	 	115	 
	 SECTION 8.6.
	 	Reinstatement	  	 	115	 
	
	ARTICLE IX	  

	
	AMENDMENTS	  

			
	 SECTION 9.1.
	 	Without Consent of Holders	  	 	115	 
	 SECTION 9.2.
	 	With Consent of Holders	  	 	117	 
	 SECTION 9.3.
	 	Effect of Consents and Waivers	  	 	118	 
	 SECTION 9.4.
	 	Notation on or Exchange of Notes	  	 	118	 
	 SECTION 9.5.
	 	Trustee To Sign Amendments	  	 	118	 
	
	ARTICLE X	  

	
	GUARANTEES	  

			
	 SECTION 10.1.
	 	Guarantees	  	 	119	 
	 SECTION 10.2.
	 	Limitation on Liability; Termination, Release and Discharge	  	 	120	 
	 SECTION 10.3.
	 	Right of Contribution	  	 	121	 
	 SECTION 10.4.
	 	No Subrogation	  	 	122	 
	 SECTION 10.5.
	 	Limitations on Merger	  	 	122	 
	 SECTION 10.6.
	 	Execution and Delivery	  	 	123	 
	
	ARTICLE XI	  

	
	INTENTIONALLY OMITTED	  

	
	ARTICLE XII	  

	
	MISCELLANEOUS	  

			
	 SECTION 12.1.
	 	Notices	  	 	123	 
	 SECTION 12.2.
	 	Certificate and Opinion as to Conditions Precedent	  	 	124	 
	 SECTION 12.3.
	 	Statements Required in Certificate or Opinion	  	 	125	 
	 SECTION 12.4.
	 	[Reserved]	  	 	125	 
	 SECTION 12.5.
	 	Rules by Trustee, Paying Agent and Registrar	  	 	125	 
	 SECTION 12.6.
	 	Days Other than Business Days	  	 	125	 
	 SECTION 12.7.
	 	Governing Law	  	 	125	 
	 SECTION 12.8.
	 	[Reserved]	  	 	125	 
	 SECTION 12.9.
	 	Waiver of Jury Trial	  	 	125	 

  
 -iii- 

							
	 	 	 	  	Page	 
	 SECTION 12.10.
	 	No Recourse Against Others	  	 	125	 
	 SECTION 12.11.
	 	Successors	  	 	126	 
	 SECTION 12.12.
	 	Multiple Originals	  	 	126	 
	 SECTION 12.13.
	 	Variable Provisions	  	 	126	 
	 SECTION 12.14.
	 	Table of Contents; Headings	  	 	126	 
	 SECTION 12.15.
	 	Force Majeure	  	 	126	 
	 SECTION 12.16.
	 	USA Patriot Act	  	 	126	 
	 SECTION 12.17.
	 	[Reserved]	  	 	126	 
	 SECTION 12.18.
	 	Communication by Holders with Other Holders	  	 	126	 
	
	ARTICLE XIII	  

	
	MEASURING COMPLIANCE	  

			
	 SECTION 13.1.
	 	Compliance in Connection with Certain Investments and Repayments	  	 	127	 

  

			
	EXHIBITS	  	
	EXHIBIT A	  	Form of Note
	EXHIBIT B	  	Form of Certificate of Transfer
	EXHIBIT C	  	Form of Certificate of Exchange
	EXHIBIT D	  	Form of Certificate to Be Delivered in Connection with Transfers to Institutional
	Accredited Investors
	EXHIBIT E-1	  	Form of Supplemental Indenture

  
 -iv- 

 INDENTURE, dated as of August 18, 2015, as amended or supplemented from time to time
(this “Indenture”), among JAGUAR HOLDING COMPANY II, a Delaware corporation (the “ Company”), PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC, a Delaware limited liability company (“PPD” and, together with
the Company, the “Issuers”), the Guarantors (as defined herein) and WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (in such capacity, the “Trustee”). 

Recitals 
 Each party
agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein) of the Notes (as defined herein): 

ARTICLE I 
 Definitions and
Incorporation by Reference 
 SECTION 1.1. Definitions. 

“144A Global Note” means a global note substantially in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule
144A. 
 “Acquired Indebtedness” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged, amalgamated or consolidated with or into
or becomes a Restricted Subsidiary of such specified Person, whether or not such Indebtedness is Incurred in connection with, or in contemplation of, such other Person merging, amalgamating or consolidating with or into, or becoming a Restricted
Subsidiary of such specified Person, and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such
specified Person. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or otherwise. 
 “Agent” means any Registrar, Paying Agent, co-registrar or additional paying agent. 
 “Applicable Premium” means, with respect to
any Note on any applicable Redemption Date, as calculated by the Issuers, the greater of: 
 (1) 1% of the then outstanding
principal amount of such Note; and 
 (2) the excess, if any, of (a) the present value at such Redemption Date of
(i) the redemption price of the Note at August 1, 2018, in the case of the Initial Notes, or at such first optional redemption date as may be specified by the Issuers in accordance with the provisions of
Section 2.2 hereof, in the case of any Additional Notes, in each case, as set forth in Section 5.1(a), 

 
plus (ii) all required interest payments due on such Note through August 1, 2018 or at such first optional redemption date as may be specified by the Issuers in accordance with the
provisions of Section 2.2 hereof (excluding accrued but unpaid interest to (but not including) the Redemption Date), computed using a discount rate equal to the Treasury Rate plus 50 basis points; over (b) the then
outstanding principal amount of such Note. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or
for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 

“Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions)
of property or assets (including by way of a Sale/Leaseback Transaction) of the Company or any Restricted Subsidiary, or 

(2) the issuance or sale of Equity Interests (other than preferred stock of Restricted Subsidiaries issued in compliance with
Section 3.3 and directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary of the Company
(other than to the Company or another Restricted Subsidiary) (whether in a single transaction or a series of related transactions), 
 (each of the
foregoing referred to in this definition as a “disposition”). Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 

(a) a sale, exchange or other disposition of cash, Cash Equivalents or Investment Grade Securities, or of obsolete, damaged,
unnecessary, unsuitable or worn out equipment or other assets in the ordinary course of business, or dispositions of property no longer used, useful or economically practicable to maintain in the conduct of the business of the Company and its
Restricted Subsidiaries (including allowing any registrations or any applications for registration of any intellectual property to lapse or become abandoned); 

(b) the sale, conveyance, lease or other disposition of all or substantially all of the assets of either of the Issuers in
compliance with Section 4.1 or any disposition that constitutes a Change of Control; 
 (c) any
Restricted Payment that is permitted to be made, and is made, under Section 3.4 or any Permitted Investment; 

(d) any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary, in a single transaction or
series of related transactions, with an aggregate Fair Market Value of less than $30 million; 
 (e) any transfer or
disposition of property or assets or issuance or sale of Equity Interests by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to another Restricted Subsidiary; 

(f) the creation of any Lien permitted under this Indenture; 

(g) any issuance, sale, pledge or other disposition of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary; 

  
 -2- 

 (h) the sale, lease, assignment, license or sublease of inventory,
equipment, accounts receivable, notes receivable or other current assets held for sale in the ordinary course of business or the conversion of accounts receivable to notes receivable or dispositions of accounts receivable in connection with the
collection or compromise thereof; 
 (i) the lease, assignment, license, sublicense or sublease of any real or personal
property in the ordinary course of business; 
 (j) a sale or transfer of accounts receivable, or participations therein, and
related assets of the type specified in the definition of “Receivables Financing” to a Receivables Subsidiary in a Qualified Receivables Financing or in factoring or similar transactions; 

(k) a transfer of accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” (or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing; 

(l) any exchange of assets for Related Business Assets (including a combination of Related Business Assets and a de minimis
amount of cash or Cash Equivalents) of comparable or greater market value, as determined in good faith by the Company; 
 (m)
(i) non-exclusive licenses, sublicenses or cross-licenses of intellectual property or other general intangibles and (ii) exclusive licenses, sublicenses or cross-licenses of intellectual property or other
general intangibles in the ordinary course of business of the Company and the Restricted Subsidiaries of the Company; 
 (n)
the sale in a Sale/Leaseback Transaction of any property acquired after the Issue Date within twelve months of the acquisition of such property; 

(o) the surrender or waiver of obligations of trade creditors or customers or other contract rights that were incurred in the
ordinary course of business of the Company or any Restricted Subsidiary of the Company, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or compromise,
settlement, release or surrender of a contract, tort or other litigation claim, arbitration or other disputes; 
 (p)
dispositions arising from foreclosures, condemnations, eminent domain, seizure, nationalization or any similar action with respect to assets, dispositions of property subject to casualty events and (except for purposes of calculating Net Cash
Proceeds of any Asset Sale under Section 3.7 hereof) dispositions necessary or advisable (as determined by the Company in good faith) in order to consummate any acquisition of any Person, business or assets; 

(q) dispositions of Investments (including Equity Interests) in joint ventures to the extent required by, or made pursuant to
customary buy/sell arrangements or rights of first refusal between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(r) to the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for
use in a Similar Business; 
 (s) the issuance of directors’ qualifying shares and shares issued to foreign nationals to
the extent required by applicable law; 

  
 -3- 

 (t) dispositions of property to the extent that (i) such property is
exchanged for credit against the purchase price of similar replacement property that is promptly purchased or (ii) the proceeds of such Asset Sale are promptly applied to the purchase price of such replacement property (which replacement
property is actually promptly purchased); 
 (u) a sale or transfer of equipment receivables, or participations therein, and
related assets; and 
 (v) sale, distribution or other disposition of the Existing
Non-Core Assets held by the Company or any Restricted Subsidiary of the Company. 
 For the
avoidance of doubt, the unwinding of Swap Contracts shall not be deemed to constitute an Asset Sale. 
 “Bankruptcy Law”
means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. 
 “beneficial owner”
has the meaning given to that term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will not be deemed to have beneficial ownership of any securities that such “person” has the right to acquire or vote only upon
the happening of any future event or contingency (including the passage of time) that has not yet occurred. The terms “beneficial ownership,” “beneficially owns” and “beneficially owned” have a
corresponding meaning. 
 “Board of Directors” means as to any Person, the board of directors, board of managers, sole
member or managing member or other governing body of such Person, or if such Person is owned or managed by a single entity, the board of directors, board of managers, sole member or managing member or other governing body of such entity, or in each
case, any duly authorized committee thereof, and the term “directors” means members of the Board of Directors. 

“Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or
required by law or regulation to close in the State of New York or, with respect to any payments to be made under this Indenture, the place of payment. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that “cash-settled phantom appreciation programs” in
connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock). 

  
 -4- 

 “Capitalized Lease Obligation” means, at the time any determination thereof
is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Cash Contribution Amount” means the aggregate amount of cash contributions made to the capital of the Issuers or any
Guarantor and designated as a “Cash Contribution Amount” as described in the definition of “Contribution Indebtedness.” 

“Cash Equivalents” means: 

(1) U.S. Dollars, Canadian Dollars, Japanese yen, pounds sterling, euros or the national currency of any participating member
state of the European Union and, with respect to any Foreign Subsidiaries, other currencies held by such Foreign Subsidiary in the ordinary course of business; 

(2) securities issued or directly and guaranteed or insured by the government of the United States or any country that is a
member of the European Union or any agency or instrumentality thereof in each case with maturities not exceeding two years from the date of acquisition; 

(3) money market deposits, certificates of deposit, time deposits and eurodollar time deposits with maturities of two years or
less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding two years, and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250 million in the
case of domestic banks or $100 million (or the dollar equivalent thereof) in the case of foreign banks; 
 (4)
repurchase obligations for underlying securities of the types described in clauses 
 (2) and (3) above and clause
(6) below entered into with any financial institution or securities dealers of recognized national standing meeting the qualifications specified in clause (3) above; 

(5) commercial paper or variable or fixed rate notes issued by a corporation or other Person (other than an Affiliate of the
Company) rated at least “A-2” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing
within two years after the date of acquisition; 
 (6) readily marketable direct obligations issued by any state,
commonwealth or territory of the United States of America or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or reasonably equivalent ratings of another internationally
recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 
 (7)
Indebtedness issued by Persons (other than the Sponsors) with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another
internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition, and marketable short-term money market and similar securities having a rating of at least
“A-2” or “P-2” from either S&P or Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency); 

(8) investment funds investing at least 95% of their assets in investments of the types described in clauses (1) through
(7) above and (9) and (10) below; 

  
 -5- 

 (9) Investments with average maturities of 12 months or less from the date
of acquisition in money market funds rated AAA (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency);
and 
 (10) in the case of investments by any Foreign Subsidiary or investments made in a country outside the United States
of America, other investments of comparable tenor and credit quality to those described in the foregoing clauses (1) through (9) customarily utilized in the countries where such Foreign Subsidiary is located or in which such investment is made.

 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clause
(1) above; provided that such amounts are converted into any currency listed in clause (1) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts. 

“Cash Management Services” means any of the following to the extent not constituting a line of credit (other than an
overnight draft facility that is not in default); automated clearing house transactions, treasury and/or cash management services, including, without limitation, controlled disbursement services, overdraft facilities, foreign exchange facilities,
deposit and other accounts and merchant services. 
 “Change of Control” means the occurrence of any of the following
events: 
 (i) any person or “group” (within the meaning of Rules 13d-3 and
13d-5 under the Exchange Act, but excluding any employee benefit plan and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than one or
more Permitted Holders, acquires beneficial ownership of Voting Stock of the Company representing more than 50% of the aggregate ordinary voting power for the election of directors of the Company (determined on a fully diluted basis); 

(ii) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the
Company and its Subsidiaries, taken as a whole, to any Person other than one or more Permitted Holders; or 
 (iii) the
Company ceases to own, directly or indirectly, 100% of the outstanding Capital Stock of PPD; 
 provided, however, that in no
event shall a Change of Control be deemed to have occurred pursuant to clause (i) or (ii) above if immediately after, and for the 90 days following, the date upon which the event occurred that would have given rise to the Change of
Control, the Consolidated Total Debt Ratio of the Company and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date would be no greater
than 3.50 to 1.00. 
 “Clearstream” means Clearstream Banking, Société Anonyme. 

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

“Company” has the meaning set forth in the preamble hereto. 

  
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 “Company Order” means a written request or order signed in the name of the
Issuers by any Officer of each of the Issuers. 
 “Consolidated EBITDA” means, with respect to any Person and its
Restricted Subsidiaries on a consolidated basis for any period, the Consolidated Net Income of such Person for such period: 

(1) increased, in each case to the extent deducted and not added back in calculating such Consolidated Net Income (and without
duplication), by: 
 (a) provision for taxes based on income, profits or capital, including federal, state, franchise,
excise, property and similar taxes and foreign withholding taxes paid or accrued, including any penalties and interest with respect thereto, and state taxes in lieu of business fees (including business license fees) and income tax credits and
including an amount equal to the amount of tax distributions actually made to the holders of Equity Interests of such Person or its Restricted Subsidiaries or any direct or indirect parent of such Person or its Restricted Subsidiaries in respect of
such period (in each case, to the extent attributable to the operations of such Person and its Subsidiaries), which shall be included as though such amounts had been paid as income taxes directly by such Person or its Restricted Subsidiaries;
plus 
 (b) Consolidated Interest Expense; plus 

(c) all depreciation and amortization charges and expenses, including amortization for upfront payments related to any contract
signing and signing bonus and incentive payments; plus 
 (d) the amount of any interest expense consisting of
Subsidiary income attributable to minority equity interests of third parties in any Restricted Subsidiary of such Person that is not a wholly owned Restricted Subsidiary of such Person; plus 

(e) the amount of management, monitoring, consulting, transaction and advisory fees (including termination fees) and related
indemnities, charges and expenses paid or accrued to or on behalf of any direct or indirect parent of the Company or any of the Permitted Holders, in each case, to the extent permitted under Section 3.8; plus 

(f) earn-out obligations incurred in connection with any acquisition or other
Investment and paid or accrued during the applicable period; plus 
 (g) all charges, costs, expenses, accruals or
reserves in connection with the rollover, acceleration or payout of equity interests held by management and all losses, charges and expenses related to payments made to holders of options or other derivative equity interests in the common equity of
such Person or any direct or indirect parent of the Company in connection with, or as a result of, any distribution being made to equityholders of such Person or any of its direct or indirect parents, which payments are being made to compensate such
optionholders as though they were equityholders at the time of, and entitled to share in, such distribution; plus 

(h) all non-cash losses, charges and expenses, including any write-offs or write-downs;
provided that if any such non-cash charge represents an accrual or reserve for potential cash items in any future four-fiscal quarter period, (i) such Person may determine not to add back such non-cash charge in the period for which Consolidated EBITDA is being calculated and (ii) to the extent such Person does decide to add back such non-cash charge, the cash
payment in respect thereof in such future four-fiscal quarter period will be subtracted from Consolidated EBITDA for such future four-fiscal quarter period; plus 

  
 -7- 

 (i) all costs and expenses in connection with
pre-opening and opening and closure and/or consolidation of facilities that were not already excluded in calculating such Consolidated Net Income; plus 

(j) restructuring charges, accruals or reserves and business optimization expense, including any restructuring costs and
integration costs incurred in connection with any acquisitions, project start-up costs (including entry into new market/channels and new service offerings), costs related to the closure, relocation,
reconfiguration and/or consolidation of facilities and costs to relocate employees, integration and transaction costs, retention charges, severance, contract termination costs, recruiting and signing bonuses and expenses, future lease commitments,
systems establishment costs, conversion costs and excess pension charges and consulting fees, expenses attributable to the implementation of costs savings initiatives, costs associated with tax projects/audits and costs consisting of professional
consulting or other fees relating to any of the foregoing; plus 
 (k) Pro Forma Cost Savings; plus 

(l) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” (or similar pro
forma non-GAAP measures) as set forth in the “Summary” section in the Offering Memorandum relating to the offering of the Initial Notes that contains a reconciliation of net income to such
measure to the extent such adjustments continue to be applicable during the period in which Consolidated EBITDA is being calculated; provided that any such adjustments that consist of reductions in costs and other operating improvements or
synergies shall be calculated in accordance with, and satisfy the requirements specified in, the definition of “Pro Forma Basis;” plus 

(m) the amount of loss or discount on sale of receivables and related assets to the Receivables Subsidiary in connection with a
Receivables Financing; plus 
 (n) with respect to any joint venture that is not a Restricted Subsidiary, an amount
equal to the proportion of those items described in clauses (a), (b) and (c) above relating to such joint venture corresponding to such Person’s and the Restricted Subsidiaries’ proportionate share of such joint venture’s
Consolidated Net Income (determined as if such joint venture were a Restricted Subsidiary) solely to the extent Consolidated Net Income was reduced thereby; 

(2) decreased (without duplication and to the extent increasing such Consolidated Net Income for such period) by (i) non-cash gains or income, excluding any non-cash gains that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that were deducted
(and not added back) in the calculation of Consolidated EBITDA for any prior period ending after the Issue Date and (ii) the amount of any minority interest income consisting of a Subsidiary loss attributable to minority equity interest of
third parties in any non-Wholly Owned Subsidiary (to the extent not deducted from Consolidated Net Income for such period); 

(3) increased (with respect to losses) or decreased (with respect to gains) by, without duplication, any
net realized gains and losses relating to (i) amounts denominated in foreign currencies resulting from the application of FASB ASC 830 (including net realized gains and losses from exchange rate fluctuations on intercompany balances and balance
sheet items, net of realized gains or losses from related Swap Contracts (entered into in the ordinary course of business or consistent with past practice)) or (ii) any other amounts denominated in or otherwise
trued-up to provide similar accounting as if it were denominated in foreign currencies; and 

  
 -8- 

 (4) increased (with respect to losses) or decreased (with
respect to gains) by, without duplication, any gain or loss relating to Swap Contracts (excluding Swap Contracts entered into in the ordinary course of business or consistent with past practice); 

provided that the Company may, in its sole discretion, elect to not make any adjustment for any item pursuant to the foregoing clauses
(1) through (4) above if any such item individually is less than $2 million in any fiscal quarter. 
 “Consolidated
Interest Expense” means, with respect to any Person for any period, the sum, without duplication, of: 
 (a) the
aggregate interest expense of such Person and its Restricted Subsidiaries for such period, calculated on a consolidated basis in accordance with GAAP, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income
(including pay in kind interest payments, amortization of original issue discount, the interest component of Capitalized Lease Obligations and net payments and receipts (if any) pursuant to interest rate Swap Contracts (other than in connection with
the early termination thereof) but excluding any non-cash interest expense attributable to the movement in the mark-to-market
valuation of Indebtedness, Swap Contracts or other derivative instruments, all amortization and write-offs of deferred financing fees, debt issuance costs, commissions, discounts, fees and expenses and expensing of any bridge, commitment or other
financing fees, costs of surety bonds, charges owed with respect to letters of credit, bankers’ acceptances or similar facilities, and all discounts, commissions, fees and other charges associated with any Receivables Financing); plus

 (b) consolidated capitalized interest of the referent Person and its Restricted Subsidiaries for such period, whether paid
or accrued; less 
 (c) interest income of the referent Person and its Restricted Subsidiaries for such period; 

provided that (a) when determining Consolidated Interest Expense in respect of any four-quarter period ending prior to the first
anniversary of the Issue Date, Consolidated Interest Expense will be calculated by multiplying the aggregate Consolidated Interest Expense accrued since the Issue Date by 365 and then dividing such product by the number of days from and including
the Issue Date to and including the last day of such period and (b) in the case of any Person that became a Restricted Subsidiary of such Person after the commencement of such four-quarter period, the interest expense of such Person paid in
cash prior to the date on which it became a Restricted Subsidiary of such Person will be disregarded. For purposes of this definition, interest on Capitalized Lease Obligations will be deemed to accrue at the interest rate reasonably determined by
such Person to be the rate of interest implicit in such Capitalized Lease Obligations in accordance with GAAP. 
 “Consolidated Net
Income” means, with respect to any Person for any period, the aggregate of the net income (or loss) of such Person and its Restricted Subsidiaries for such period, calculated on a consolidated basis in accordance with GAAP and before any
reduction in respect of Preferred Stock dividends; provided that (without duplication): 
 (a) all net after-tax extraordinary, nonrecurring or unusual gains, losses, income, expenses and charges, and in any event including, without limitation, all restructuring, severance, relocation, retention and completion
bonuses, consolidation, integration or other similar charges and expenses, contract termination costs, system establishment charges, start-up or closure or transition costs, expenses related to any
reconstruction, decommissioning, recommissioning or 

  
 -9- 

 
reconfiguration of fixed assets for alternative uses, fees, expenses or charges relating to curtailments or modifications to pension and post-retirement employee benefit plans in connection with
any acquisition or Permitted Investment, expenses associated with strategic initiatives, facilities shutdown and opening costs, and any fees, expenses, charges or change in control payments related to any acquisition or Permitted Investment
(including any transition-related expenses (including retention or transaction-related bonuses) incurred before, on or after the Issue Date), will be excluded; 

(b) all (i) charges and expenses related to the Refinancing Transactions, (ii) transaction fees, costs and expenses
incurred in connection with the consummation of any equity issuances, investments, acquisitions, dispositions, recapitalizations, mergers, option buyouts and the Incurrence, modification or repayment of Indebtedness permitted to be Incurred
hereunder (including any Refinancing Indebtedness in respect thereof) or any amendments, waivers or other modifications under the agreements relating to such Indebtedness or similar transactions and (iii) without duplication of any of the
foregoing, non-operating or non-recurring professional fees, costs and expenses for such period will be excluded; 

(c) all net after-tax income, loss, expense or charge from abandoned, closed or
discontinued operations and any net after-tax gain or loss on the disposal of abandoned, closed or discontinued operations (and all related expenses) other than in the ordinary course of business (as
determined in good faith by such Person) will be excluded; 
 (d) all net after-tax
gain, loss, expense or charge attributable to business dispositions and asset dispositions, including the sale or other disposition of any Equity Interests of any Person, other than in the ordinary course of business (as determined in good faith by
such Person) will be excluded; 
 (e) all net after-tax income, loss, expense or
charge attributable to the early extinguishment or cancellation of Indebtedness, Swap Contracts or other derivative instruments (including deferred financing costs written off and premiums paid) will be excluded; 

(f) all non-cash gains, losses, expenses or charges attributable to the movement in the
mark-to-market valuation of Indebtedness, Swap Contracts or other derivative instruments will be excluded; 

(g) any non-cash or unrealized currency translation gains and losses related to changes
in currency exchange rates (including remeasurements of Indebtedness and any net loss or gain resulting from Swap Contracts for currency exchange risk), will be excluded; 

(h) (i) the net income for such period of any Person that is not a Restricted Subsidiary of the referent Person or that is
accounted for by the equity method of accounting, will be included only to the extent of the amount of dividends or distributions to the referent Person or a Restricted Subsidiary thereof in respect of such period and (ii) the net income for
such period will include any ordinary course dividends or distributions received from any such Person during such period in excess of the amounts included in subclause (i) above; 

(i) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of
accounting policies during such period will be excluded; 

  
 -10- 

 (j) the effects of purchase accounting, fair value accounting or
recapitalization accounting adjustments (including the effects of such adjustments pushed down to the referent Person and its Restricted Subsidiaries) resulting from the application of purchase accounting, fair value accounting or recapitalization
accounting in relation to any acquisition consummated before or after the Issue Date (including the acquisition of PPD by the Sponsors), and the amortization, write-down or write-off of any amounts thereof,
net of taxes, will be excluded; 
 (k) all non-cash impairment charges and asset write-ups, write-downs and write-offs, in each case pursuant to GAAP, and the amortization of intangibles arising from the application of GAAP will be excluded; 

(l) all non-cash expenses realized in connection with or resulting from stock option
plans, employee benefit plans or agreements or post-employment benefit plans or agreements, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other similar rights will be excluded;

 (m) any costs or expenses incurred in connection with the payment of dividend equivalent rights to option holders pursuant
to any management equity plan, stock option plan or any other management or employee benefit plan or agreement or post-employment benefit plan or agreement will be excluded; 

(n) all amortization and write-offs of deferred financing fees, debt issuance costs, commissions, fees and expenses, costs of
surety bonds, charges owed with respect to letters of credit, bankers’ acceptances or similar facilities, and expensing of any bridge, commitment or other financing fees (including in connection with a transaction undertaken but not completed),
will be excluded; 
 (o) all discounts, commissions, fees and other charges (including interest expense) associated with any
Receivables Financing will be excluded; 
 (p) (i) the non-cash portion of
“straight-line” rent expense will be excluded and (ii) the cash portion of “straight-line” rent expense that exceeds the amount expensed in respect of such rent expense will be included; 

(q) expenses and lost profits with respect to liability or casualty events or business interruption will be disregarded to the
extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer, but only to the extent that such amount
(i) has not been denied by the applicable carrier in writing and (ii) is in fact reimbursed within 365 days of the date on which such liability was discovered or such casualty event or business interruption occurred (with a deduction for
any amounts so added back that are not reimbursed within such 365-day period); provided that any proceeds of such reimbursement when received will be excluded from the calculation of Consolidated Net
Income to the extent the expense or lost profit reimbursed was previously disregarded pursuant to this clause (q); 
 (r)
losses, charges and expenses that are covered by indemnification or other reimbursement provisions in connection with any asset disposition will be excluded to the extent actually reimbursed, or, so long as such Person has made a determination that
a reasonable basis exists for indemnification or reimbursement, but only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so
added back to the extent not so indemnified or reimbursed within such 365 days); 

  
 -11- 

 (s) non-cash charges or income
relating to increases or decreases deferred tax asset valuation allowances will be excluded; 
 (t) cash dividends or returns
of capital from Investments (such return of capital not reducing the ownership interest in the underlying Investment), in each case received during such period, to the extent not otherwise included in Consolidated Net Income for that period or any
prior period subsequent to the Issue Date will be included; 
 (u) solely for the purpose of determining the amount available
for Restricted Payments under Section 3.4(a)(C) and without duplication of provisions under Section 3.4(a)(C) with respect to returns on Investments, the net income (or loss) for such period of any
Restricted Subsidiary (other than PPD or a Guarantor) will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary is not at the date of determination permitted without any prior
governmental approval (which has not been obtained) or, directly or indirectly, by the operation of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary
or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of such Person will be increased by the amount of dividends or other
distributions or other payments actually paid in cash (or to the extent converted into cash) to such Person or any of its Restricted Subsidiaries in respect of such period, to the extent not already included therein (subject, in the case of a
dividend to another Restricted Subsidiary (other than PPD or a Guarantor), to the limitation contained in this clause (u)); 

(v) any Initial Public Company Costs will be excluded; 

(w) any (a) severance or relocation costs or expenses, (b) one-time non-cash compensation charges, (c) the costs and expenses after April 1, 2015 related to employment of terminated employees, or (d) costs or expenses realized in connection with or resulting from
stock appreciation or similar rights, stock options or other rights existing on April 1, 2015 of officers, directors and employees, in each case of such Person or any of its Restricted Subsidiaries, shall be excluded; and 

(x) any non-cash interest expense and non-cash
interest income, in each case to the extent there is no associated cash disbursement or receipt, as the case may be, before the earlier of the maturity date of the notes and the date on which all the Notes cease to be outstanding, shall be excluded;

 provided that the Company may, in its sole discretion, elect to not make any adjustment for any item pursuant to clauses
(a) through (x) above if any such item individually is less than $2 million in any fiscal quarter. 
 For the purpose of
Section 3.4 only, there shall be excluded from Consolidated Net Income any income arising from the sale or other disposition of Restricted Investments, from repurchases or redemptions of Restricted Investments, from
repayments of loans or advances which constituted Restricted Investments or from any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries, in each case to the extent such amounts increase the amount
of Restricted Payments permitted under Sections 3.4(a)(C)(5) or 3.4(a)(C)(6). 

  
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 “Consolidated Net Tangible Assets” means the aggregate amount of assets
(including deferred tax assets (without reducing such deferred tax assets by deferred tax liabilities), and less applicable reserves and other properly deductible items) after deducting therefrom all goodwill, trade names, trademarks, patents,
unamortized debt discount and expense, investments, and other like intangibles, all as set forth in the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries and computed in accordance with GAAP. 

“Consolidated Senior Secured Debt Ratio” means, as of any date of determination, the ratio of (1) (x) Consolidated Total
Indebtedness of the Company that is secured by a Lien as of such date and not subordinated in right of payment to the Notes minus (y) the amount of unrestricted cash and Cash Equivalents that would be stated on the balance sheet of the
Company and its Restricted Subsidiaries for which internal financial statements are available immediately preceding such date and held by the Company and its Restricted Subsidiaries as of such date of determination, and in each case, calculated on a
Pro Forma Basis to (2) the Consolidated EBITDA of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date, calculated on a Pro Forma Basis;
provided that (in the event that the Company shall classify Indebtedness Incurred on the date of determination as secured in part pursuant to clause (24) of the definition of “Permitted Liens” and in part pursuant to one or
more other clauses of such definition (other than Liens Incurred under clause (6) thereof on Indebtedness Incurred under clause (b)(i)(y) of Section 3.3) as provided in the final paragraph of such definition) any
calculation of Consolidated Total Indebtedness that is secured by a Lien for purposes of clause (x) above on such date (but not in respect of any future calculation following such date) shall not include any such Indebtedness (and shall not
give effect to any repayment, repurchase, redemption, defeasance or other acquisition, retirement or discharge of Indebtedness from the proceeds thereof) to the extent secured pursuant to any such other clause of such definition. For purposes of
calculating the Consolidated Senior Secured Debt Ratio with respect to any revolving Indebtedness, the Company may elect, at any time (which election may not be changed with respect to such revolving Indebtedness), to either (x) give pro forma
effect to the Incurrence of the entire committed amount of such Indebtedness, in which case such committed amount may thereafter be borrowed or reborrowed, in whole or in part, from time to time, without further compliance with the Consolidated
Senior Secured Debt Ratio component of any provision hereunder, or (y) give pro forma effect to the Incurrence of the actual amount drawn under such revolving Indebtedness, in which case, the ability to Incur the amounts committed to under such
Indebtedness will be subject to the Consolidated Senior Secured Debt Ratio (to the extent being Incurred pursuant to such ratio) at the time of each such Incurrence. The Company hereby elects that on the Issue Date, the entire committed amount of
the revolving portion of the Senior Credit Agreement shall be deemed to have been Incurred (with any subsequent permanent reductions in the committed amount of such revolving credit facility reducing the amount Incurred on the Issue Date). 

“Consolidated Total Debt Ratio” means, as of any date of determination, the ratio of (1) (x) Consolidated Total Indebtedness
of the Company as of such date minus (y) the amount of unrestricted cash and Cash Equivalents that would be stated on the balance sheet of the Company and its Restricted Subsidiaries for which internal financial statements are available
immediately preceding such date and held by the Company and its Restricted Subsidiaries as of such date of determination, and in each case, calculated on a Pro Forma Basis to (2) the Consolidated EBITDA of the Company for the most recently
ended four full fiscal quarters for which internal financial statements are available immediately preceding such date, calculated on a Pro Forma Basis. 

“Consolidated Total Indebtedness” means, as of any date of determination, an amount equal to (1) the aggregate principal
amount of Indebtedness of the Company and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis, to the extent required to be recorded on a balance sheet in accordance with GAAP, consisting of funded Indebtedness
for borrowed money (other than Indebtedness with respect to Cash Management Services or that are otherwise removed in consolidation) and (2) the aggregate amount of all outstanding Disqualified Stock of the Company and all

  
 -13- 

 
Disqualified Stock and Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their
respective voluntary or involuntary liquidation preferences and Maximum Fixed Repurchase Prices, in each case determined on a consolidated basis in accordance with GAAP, in each case of clauses (1) and (2) above, based on internal financial
statements that are available immediately preceding such date and calculated on a Pro Forma Basis. For purposes hereof, the “Maximum Fixed Repurchase Price” of any Disqualified Stock or Preferred Stock that does not have a fixed
repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to
be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by the Company.

 “Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases,
dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation,
any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured
or waived. 
 “Contribution Indebtedness” means Indebtedness of the Company or any Restricted Subsidiary in an aggregate
principal amount not greater than the aggregate amount of cash contributions (other than Excluded Contributions) made to the capital of the Company after the Issue Date and designated as a Cash Contribution Amount; provided that such
Contribution Indebtedness (a) is Incurred within 210 days after the making of such cash contributions and (b) is so designated as Contribution Indebtedness pursuant to an Officer’s Certificate on the Incurrence date thereof. 

“Corporate Trust Office” shall be at the address of the Trustee specified in Section 12.1 or such
other address as to which the Trustee may give notice to the Issuers or Holders pursuant to the procedures set forth in Section 12.1. 

“Credit Agreement” means (i) the Senior Credit Agreement and (ii) whether or not the Senior Credit Agreement
remains outstanding, if designated by the Issuers to be included in the definition of “Credit Agreement,” one or more (A) debt facilities, indentures or commercial paper facilities providing for revolving credit loans, term loans,
notes, debentures, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such 

  
 -14- 

 
receivables) or letters of credit, (B) debt securities, notes, mortgages, guarantees, collateral documents, indentures or other forms of debt financing (including convertible or exchangeable
debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented,
modified, extended, restructured, renewed, refinanced, restated, increased; provided that such increase in borrowings is permitted under this Indenture, replaced or refunded in whole or in part from time to time and whether by the same or any
other agent, lender or investor or group of lenders or investors. 
 “Custodian” means any receiver, trustee, assignee,
liquidator, custodian or similar official under any Bankruptcy Law. 
 “Default” means any event which is, or after notice
or passage of time or both would be, an Event of Default. 
 “ Definitive Note” means a certificated Note registered in the
name of the Holder thereof and issued in accordance with Section 2.6 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the
“Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means The Depository
Trust Company, its nominees and their respective successors and assigns, or such other depository institution hereinafter appointed by the Issuer. 

“Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash
Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration. 
 “ Designated Preferred Stock” means Preferred Stock of the
Company or any direct or indirect parent of the Company, as applicable (other than Excluded Equity), that is issued after the Issue Date for cash and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, on the
issuance date thereof, the cash proceeds of which are contributed to the capital of the Company (if issued by Holdings or any other direct or indirect parent of the Company) and excluded from the calculation set forth in
Section 3.4(a)(C). 
 “Disqualified Stock” means, with respect to any Person, any Equity
Interests of such Person that, by its terms (or by the terms of any security into which it is convertible or for which it is puttable, redeemable or exchangeable), in each case, at the option of the holder thereof or upon the happening of any event:

 (1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are no more favorable in any material respect to holders of such Equity Interests than the asset sale and change of
control provisions applicable to the Notes and any purchase requirement triggered thereby may not become operative until compliance with the asset sale and change of control provisions applicable to the Notes (including the purchase of any Notes
tendered pursuant thereto)), 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock, or 

(3) is redeemable at the option of the holder thereof, in whole or in part, 

  
 -15- 

 in each case, prior to the date that is 91 days after the earlier of the maturity date of the Notes and the
date the Notes are no longer outstanding; provided that only the portion of Equity Interests that so mature or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such
date shall be deemed to be Disqualified Stock; provided, further, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or a direct or indirect parent of
the Company or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries or a direct or indirect parent of the Company in
order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Equity Interests of such Person that by its terms authorizes
such Person to satisfy its obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock. 

“Domestic Subsidiary” means a Restricted Subsidiary that is a not a Foreign Subsidiary or a Foreign Subsidiary Holdco or a
Subsidiary of a “controlled foreign corporation” within the meaning of Section 957(a) of the Code. 
 “Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any Capital Stock that arises only by reason of the happening of a contingency or any debt security that is convertible into,
or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or private sale on or after the Issue Date of
Capital Stock or Preferred Stock of the Company or any direct or indirect parent of the Company, as applicable (other than Disqualified Stock), other than: 

(1) public offerings with respect to the Company’s or such direct or indirect parent’s common stock registered on
Form S-4 or Form S-8 or a successor form thereto; 

(2) issuances to any Subsidiary of the Company; and 

(3) any such public or private sale that constitutes an Excluded Contribution or Refunding Capital Stock. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “ Excluded Contributions” means the Net Cash Proceeds and Cash Equivalents, or the Fair Market Value of
other assets, received by the Company after the Issue Date from: 
 (1) contributions to its common equity capital, and 

(2) the sale of Capital Stock (other than Excluded Equity) of the Company, 

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate, or that are utilized to make a Restricted Payment pursuant to
Section 3.4(b)(ii). Excluded Contributions will be excluded from the calculation set forth in Section 3.4(a)(C). 

  
 -16- 

 “Excluded Equity” means (i) Disqualified Stock, (ii) any Equity
Interests issued or sold to a Restricted Subsidiary or any employee stock ownership plan or trust established by the Company or any of its Subsidiaries or a direct or indirect parent of the Company (to the extent such employee stock ownership plan
or trust has been funded by the Company or any Subsidiary or a direct or indirect parent of the Company), and (iii) any Equity Interest that has already been used or designated (x) as (or the proceeds of which have been used or designated
as) a Cash Contribution Amount, Designated Preferred Stock, an Excluded Contribution or Refunding Capital Stock, or (y) to increase the amount available under Section 3.4(b)(iv)(a) or clause (14) of the definition
of “Permitted Investments” or is proceeds of Indebtedness referred to in Section 3.4(b)(xiii)(b). 

“Exempted Indebtedness” means, as of any particular time, all then outstanding Indebtedness of the Company and Principal
Property Subsidiaries incurred after the Issue Date and secured by any mortgage, security interest, pledge or lien other than those permitted by Section 3.5(b). 

“Existing Investments” means A.M. Pappas Life Science Ventures III, L.P., A.M. Pappas Life Science Ventures IV, L.P., Bay
City Capital Fund IV, L.P. and Bay City Capital Fund V, L.P. (each of which is included as either a venture capital fund or equity investment in Footnote 4 to the audited consolidated financial statements for the year ended December 31, 2014)
and Auven Therapeutics Holdings, L.P. and venBio Global Strategic Fund, L.P. 
 “Existing Holdco Notes” means the
$1,125 million in aggregate principal amount of 9.375%/10.125% Senior PIK Toggle Notes issued by Holdings, which are expected to be redeemed in connection with the Refinancing Transactions. 

“Existing Non-Core Assets” means the Existing Investments, X-Chem and XRX. 
 “Existing Notes” means the Existing Opco Notes and the Existing Holdco
Notes. 
 “Existing Opco Notes” means the $575 million in aggregate principal amount of 9.500% Senior Notes issued by
the Company and Jaguar Merger Sub, Inc. (which merged with and into PPD), which are expected to be redeemed in connection with the Refinancing Transactions. 

“Fair Market Value” means, with respect to any asset or property, the price that could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction (as determined in good
faith by the senior management or the Board of Directors of the Company or any direct or indirect parent of the Company, whose determination will be conclusive for all purposes under this Indenture and the Notes). 

“FASB ASC” means the Accounting Standard Codifications as promulgated by the Financial Accounting Standards Board, including
any renumbering of such standards or any successor or replacement section or sections promulgated by the Financial Accounting Standards Board. 

“Fixed Charge Coverage Ratio” means, with respect to any Person as of any date, the ratio of (1) Consolidated EBITDA of
such Person for the most recent period of four consecutive fiscal quarters for which internal financial statements are available immediately preceding the date on which such calculation of the Fixed Charge Coverage Ratio is made, calculated on a Pro
Forma Basis for such period to (2) the Fixed Charges of such Person for such period calculated on a Pro Forma Basis. In the event that the Company or any of its Restricted Subsidiaries Incurs or redeems or repays any Indebtedness (other than in
the case of revolving credit borrowings or revolving advances under any Qualified Receivables Financing unless the related commitments have been terminated and such Indebtedness has been 

  
 -17- 

 
permanently repaid and has not been replaced) or issues or redeems Preferred Stock or Disqualified Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is
being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made, then the Fixed Charge Coverage Ratio shall be calculated on a Pro Forma Basis; provided that, in the event
that the Company shall classify Indebtedness Incurred on the date of determination as Incurred in part as Ratio Debt and in part pursuant to one or more clauses of Section 3.3(b) (other than in respect of clause
(xv) of Section 3.3(b)) as provided in Section 3.3(c), any calculation of Fixed Charges pursuant to this definition on such date (but not in respect of any future calculation following such
date) shall not include any such Indebtedness (and shall not give effect to any repayment, repurchase, redemption, defeasance or other acquisition, retirement or discharge of Indebtedness from the proceeds thereof) to the extent Incurred pursuant to
any such other clause of such definition. 
 “Fixed Charges” means, with respect to any Person for any period, the sum of:

 (1) Consolidated Interest Expense of such Person for such period, and 

(2) the product of (a) all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred
Stock or Disqualified Stock of such Person and its Restricted Subsidiaries for such period and (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local
statutory tax rate of such Person and its Restricted Subsidiaries, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 

“Fixed GAAP Date” means the Issue Date; provided that at any time after the Issue Date, the Company may by written
notice to the Trustee elect to change the Fixed GAAP Date to be the date specified in such notice, and upon such notice, the Fixed GAAP Date shall be such date for all periods beginning on and after the date specified in such notice. 

“Fixed GAAP Terms” means (a) the definitions of the terms “Capitalized Lease Obligation,” “Consolidated
Interest Expense,” “Consolidated Net Income,” “Consolidated Net Tangible Assets,” “Consolidated Senior Secured Debt Ratio,” “Consolidated Total Debt Ratio,” “Consolidated Total Indebtedness,”
“Consolidated EBITDA” and “Indebtedness,” (b) all defined terms in this Indenture to the extent used in or relating to any of the foregoing definitions, and all ratios and computations based on any of the foregoing definitions,
and (c) any other term or provision of this Indenture or the Notes that, at the Company’s election, may be specified by the Company by written notice to the Trustee from time to time; provided that the Company may elect to remove
any term from constituting a Fixed GAAP Term. 
 “Foreign Subsidiary” means a Restricted Subsidiary not organized or
existing under the laws of the United States of America, any state thereof or the District of Columbia and any direct or indirect Subsidiary of such Restricted Subsidiary. 

“Foreign Subsidiary Holdco” means any Subsidiary of the Company (or of any Guarantor that is organized under the laws of the
United States, any state thereof or the District of Columbia) that owns no material assets other than Capital Stock and/or, if applicable, indebtedness of one or more “controlled foreign corporations” within the meaning of
Section 957(a) of the Code or another Foreign Subsidiary Holdco (it being understood that PPD International Holdings, Inc. and APBI Finance Corp. satisfy the foregoing requirement as of the Issue Date). 

  
 -18- 

 “ GAAP” means generally accepted accounting principles in the United States
of America as in effect on the Fixed GAAP Date (for purposes of the Fixed GAAP Terms) and as in effect from time to time (for all other purposes of this Indenture), including those set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the
accounting profession (but excluding the policies, rules and regulations of the SEC applicable only to public companies); provided that the Company may at any time elect by written notice to the Trustee to use IFRS in lieu of GAAP for
financial reporting purposes and, upon any such notice, references herein to GAAP shall thereafter be construed to mean (a) for periods beginning on and after the date specified in such notice, IFRS as in effect on the date specified in such
notice (for purposes of the Fixed GAAP Terms) and as in effect from time to time (for all other purposes of this Indenture) and (b) for prior periods, GAAP as defined in the first sentence of this definition prior to the proviso. All ratios and
computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP. 
 “Global Note Legend”
means the legend set forth in Section 2.1(b) hereof, which is required to be placed on all Global Notes issued under this Indenture. 

“Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes,
substantially in the form of Exhibit A hereto issued in accordance with Section 2.1 or 2.6 hereof. 

“guarantee” means, as to any Person, a guarantee (other than by endorsement of negotiable instruments for collection in the
ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Guarantee” means any guarantee of the Obligations of the Issuers under this Indenture and the Notes in accordance with the
provisions of this Indenture. 
 “Guarantors ” means, collectively, UK Holdco, Cayman Finco and each Restricted Subsidiary
of the Company (other than PPD) that executes (or otherwise becomes a party to) this Indenture on the Issue Date and each other Restricted Subsidiary of the Company that Incurs a Guarantee of the Notes; provided that upon the release or
discharge of such Person from its Guarantee in accordance with this Indenture, such Person automatically ceases to be a Guarantor. 

“Holder” means the Person in whose name a Note is registered on the registrar’s books. 

“Holdings” means Jaguar Holding Company I, a Delaware corporation, and its successors. 

“IAI Global Note” means a global note substantially in the form of Exhibit A hereto bearing the Global Note Legend and
the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount of the Notes resold to IAIs. 

“IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards Board. 

“Incur” means, with respect to any Indebtedness, Capital Stock or Lien, to issue, assume, guarantee, incur or otherwise
become liable for such Indebtedness, Capital Stock or Lien, as applicable; provided that any Indebtedness, Capital Stock or Lien of a Person existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation,
consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. 

  
 -19- 

 “Indebtedness” means, with respect to any Person, without duplication: 

(1) the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price
of any property, (d) in respect of Capitalized Lease Obligations or (e) representing any Swap Contracts, in each case, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Swap Contracts) would
appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(2) to the extent not otherwise included, any guarantee by such Person of the Indebtedness of another Person (other than by
endorsement of negotiable instruments for collection in the ordinary course of business); and 
 (3) to the extent not
otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness shall be the
lesser of: (a) the Fair Market Value of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person. 

The term “Indebtedness” shall not include any lease, concession or license of property (or Guarantee thereof) which would be considered an operating
lease under GAAP as in effect on the Issue Date, any prepayments of deposits received from clients or customers in the ordinary course of business or consistent with past practices, or obligations under any license, permit or other approval (or
Guarantees given in respect of such obligations) Incurred prior to the Issue Date or in the ordinary course of business or consistent with past practices. 

Notwithstanding the above provisions, in no event shall the following constitute Indebtedness: 

(i) Contingent Obligations Incurred in the ordinary course of business or consistent with past practices; 

(ii) obligations under or in respect of Receivables Financings; 

(iii) any balance that constitutes a trade payable, accrued expense or similar obligation to a trade creditor, in each case
Incurred in the ordinary course of business; 
 (iv) intercompany liabilities that would be eliminated on the consolidated
balance sheet of the Company and its consolidated Subsidiaries; 
 (v) prepaid or deferred revenue arising in the ordinary
course of business; 
 (vi) Cash Management Services; 

(vii) in connection with the purchase by the Company or any Restricted Subsidiary of any business, any post-closing payment
adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided, however, that, at
the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid in a timely manner; 

(viii) for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement or
termination obligations, deferred compensatory or employee or director equity plans pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage taxes; or 

(ix) Capital Stock (other than Disqualified Stock and Preferred Stock). 

  
 -20- 

 “Indenture” has the meaning set forth in the preamble hereto. 

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in each case of
nationally recognized standing that is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“ Initial Notes” means the $1,125,000,000 in aggregate principal amount of 6.375% Senior Notes due 2023 of the Issuers issued
under this Indenture on the Issue Date. 
 “Initial Public Company Costs” means, as to any Person, costs relating to
compliance with the provisions of the Securities Act and the Exchange Act, as applicable to companies with equity securities held by the public, costs associated with, or in anticipation of, or preparation for, compliance with the requirements of
the Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, the rules of national securities exchange companies with listed equity, directors’ compensation, fees and expense reimbursement, costs relating to
investor relations, stockholder meetings and reports to stockholders, directors’ and officers’ insurance and other executive costs, legal and other professional fees, and listing fees, in each case to the extent arising solely by virtue of
the initial listing of such Person’s equity securities on a national securities exchange; provided that any such costs arising from the costs described above in respect of the ongoing operation of such Person as a listed equity or its
listed debt securities following the initial listing of such Person’s equity securities or debt securities, respectively, on a national securities exchange shall not constitute Initial Public Company Costs. 

“Initial Purchasers” means J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., UBS
Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Barclays Capital Inc., with respect to the offer and sale of the Initial Notes, and such other initial purchasers party to future purchase agreements entered into
in connection with an offer and sale of any Additional Notes. 
 “Interest Payment Date” means, in the case of the Initial
Notes, February 1 and August 1 of each year, commencing on February 1, 2016 and, in the case of any Additional Notes, such interest payment dates as may be designated by the Issuers in accordance with the provisions of
Section 2.2 hereof and, in each case, ending at the Stated Maturity of the Notes. 
 “ Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 

“Investment Grade Securities” means: 

(1) securities issued or directly guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other
than Cash Equivalents), 
 (2) securities that have an Investment Grade Rating, but excluding any debt securities or
instruments constituting loans or advances among the Company and its Subsidiaries, 

  
 -21- 

 (3) investments in any fund that invests at least 95% of its assets in
investments of the type described in clauses (1) and (2) above and clause (4) below which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 

(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments and
in each case with maturities not exceeding two years from the date of acquisition. 
 “Investments” means, with respect to
any Person, (i) all investments by such Person in other Persons (including Affiliates) in the form of (a) loans (including guarantees of Indebtedness), (b) advances or capital contributions (excluding accounts receivable, trade credit and
advances or other payments made to customers, dealers, suppliers and distributors and payroll, commission, travel and similar advances to officers, directors, managers, employees, consultants and independent contractors made in the ordinary course
of business), and (c) purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and (ii) investments that are required by GAAP to be classified on the balance sheet
of the Company in the same manner as the other investments included in clause (i) of this definition to the extent such transactions involve the transfer of cash or other property; provided that Investments shall not include, in the case
of the Company and the Restricted Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business. If the Company or any
Restricted Subsidiary sells or otherwise disposes of any Equity Interests of any Restricted Subsidiary, or any Restricted Subsidiary issues any Equity Interests, in either case, such that, after giving effect to any such sale or disposition, such
Person is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or other disposition equal to the Fair Market Value of the Equity Interests of and all other Investments in such
Restricted Subsidiary retained. In no event shall a guarantee of an operating lease of the Company or any Restricted Subsidiary be deemed an Investment. For purposes of the definition of “Unrestricted Subsidiary” and
Section 3.4: 
 (1) “Investments” shall include the portion (proportionate to the
Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a
redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 

(a) the Company’s “Investment” in such Subsidiary at the time of such redesignation, less 

(b) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net
assets of such Subsidiary at the time of such redesignation; and 
 (2) any property transferred to or from an Unrestricted
Subsidiary shall be valued at its Fair Market Value at the time of such transfer. 
 The amount of any Investment outstanding at any time
(including for purposes of calculating the amount of any Investment outstanding at any time under any provision of Section 3.4 and otherwise determining compliance with Section 3.4) shall be the
original cost of such Investment (determined, in the case of any Investment made with assets of the Company or any Restricted Subsidiary, based on the Fair Market Value of the assets invested and without taking into account subsequent increases or
decreases in value), reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Company or a Restricted Subsidiary in respect of such Investment, and shall be net of any Investment
by such Person in the Company or any Restricted Subsidiary. 

  
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 “Issue Date” means August 18, 2015. 

“Issuers” has the meaning set forth in the preamble hereto. 

“joint venture” means any joint venture or similar arrangement (in each case, regardless of legal formation), including but
not limited to collaboration arrangements, profit sharing arrangements or other contractual arrangements. 
 “JV
Distributions” means, at any time, 50% of the aggregate amount of all cash dividends or distributions received by the Company or any of its Restricted Subsidiaries as a return on an Investment in a Permitted Joint Venture during the period
from April 1, 2015 through the end of the fiscal quarter most recently ended immediately prior to such date for which financial statements are internally available; provided that the Company or any of its Restricted Subsidiaries are not
required to reinvest such dividends or distributions in the Permitted Joint Venture. 
 “Lien” means, with respect
to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any
conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial
Code (or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien. 

“Management Agreement” means those certain Consulting Services Agreements between Holdings, on the one hand, and any Sponsor,
as applicable, on the other hand, entered into on December 5, 2011, and each such Consulting Services Agreement, as the same may be amended, restated, modified or replaced, from time to time, to the extent such amendment, modification or
replacement is not less advantageous to the Holders of the Notes in any material respect than such Consulting Service Agreement entered into on December 5, 2011. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

“Net Cash Proceeds” means the aggregate cash proceeds (using the Fair Market Value of any Cash Equivalents) received by the
Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash
Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, and including any proceeds received as a result
of unwinding any related Swap Contracts in connection with such transaction but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct cash costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation,
legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or
deductions and any tax sharing arrangements related thereto), amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 3.7(b)) to
be paid 

  
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as a result of such transaction, any costs associated with unwinding any related Swap Contracts in connection with such transaction and any deduction of appropriate amounts to be provided by the
Company or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company or any of its Restricted Subsidiaries after such sale or
other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

“Non-Guarantor Subsidiary” means any Restricted Subsidiary of the Company (other than
PPD) that is not a Guarantor. 
 “Non-U.S. Person” means a Person who is not a U.S.
Person. 
 “ Notes” means the Initial Notes and any Additional Notes, treated as a single class of securities except as
otherwise provided in Section 2.2 and Section 9.2(a). 
 “Notes
Custodian” means the custodian with respect to the Global Note (as appointed by the Depositary), or any successor Person thereto and shall initially be the Trustee. 

“Obligations ” means any principal, interest (including any interest accruing subsequent to the filing of a petition in
bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium, penalties, fees,
indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness.

 “Offering Memorandum” means the Offering Memorandum related to the offering of the Initial Notes, dated August 3,
2015. 
 “Officer” means, with respect to any Person, the Chairman of the Board, Chief Executive Officer, Chief Financial
Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary (or any person serving the equivalent function of any of the foregoing) of such Person (or of the general partner, managing
member or sole member of such Person) or any individual designated as an “Officer” for purposes of this Indenture by the Board of Directors of such Person (or the Board of Directors of the general partner, managing member or sole member of
such Person). 
 “Officer’s Certificate” means a certificate signed on behalf of each of the Issuers or any direct or
indirect parent of the Company by an Officer of each of the Issuers or such parent entity that meets the requirements set forth in this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may
be an employee of or counsel to the Issuers. 
 “Pari Passu Indebtedness” means: 

(1) with respect to the Issuers, the Notes and any Indebtedness that ranks pari passu in right of payment to the Notes; and

 (2) with respect to any Guarantor, its Guarantee and any Indebtedness that ranks pari passu in right of payment to such
Guarantor’s Guarantee. 

  
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 “Participant” means, with respect to the Depositary, Euroclear or
Clearstream a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear or Clearstream). 

“Permanent Regulation S Global Note” means a permanent Global Note in the form of Exhibit A hereto bearing the Global
Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Temporary Regulation S Global Note
upon expiration of the Restricted Period. 
 “Permitted Asset Swap” means the substantially concurrent purchase and sale or
exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received
must be applied in accordance with Section 3.7. 
 “Permitted Holders” means each of (a) the
Sponsors, (b) managers and members of management of the Company (or any Permitted Parent (other than clause (c) thereof)) or its Subsidiaries that have ownership interests in the Company (or such Permitted Parent (other than clause
(c) thereof)), (c) any other beneficial owner in the common equity of the Company (or such Permitted Parent (other than clause (c) thereof)) as of the Issue Date, (d) any group (within the meaning of Rules
13d-3 and 13d-5 under the Exchange Act) of which any of the Persons described in clauses (a), (b) or (c) above are members; provided that, without giving
effect to the existence of such group or any other group, any of the Persons described in clauses (a), (b) and (c), collectively, beneficially own Voting Stock representing 50% or more of the total voting power of the Voting Stock of the
Company (or any Permitted Parent (other than clause (c) thereof)) then held by such group, and (e) any Permitted Parent. Any Person or group, together with its Affiliates, whose acquisition of beneficial ownership constitutes a Change of
Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 

“Permitted Investments” means: 

(1) any Investment in cash and Cash Equivalents or Investment Grade Securities and Investments that were Cash Equivalents or
Investment Grade Securities when made; 
 (2) any Investment in the Company (including the Notes) or any Restricted
Subsidiary; 
 (3) any Investments by Subsidiaries that are not Restricted Subsidiaries in other Subsidiaries that are not
Restricted Subsidiaries; 
 (4) any Investment by the Company or any Restricted Subsidiary in a Person that is primarily
engaged in a Similar Business if as a result of such Investment (a) such Person becomes a Restricted Subsidiary, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or
into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary (and any Investment held by such Person that was not acquired by such Person in contemplation of so becoming a
Restricted Subsidiary or in contemplation of such merger, consolidation, amalgamation, transfer, conveyance or liquidation); 

  
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 (5) any Investment in securities or other assets received in connection with
an Asset Sale made pursuant to Section 3.7 or any other disposition of assets not constituting an Asset Sale; 

(6) any Investment (x) existing on the Issue Date, (y) made pursuant to binding commitments in effect on the Issue
Date or (z) that replaces, refinances, refunds, renews or extends any Investment described under either of the immediately preceding clauses (x) or (y), provided that any such Investment is in an amount that does not exceed the
amount replaced, refinanced, refunded, renewed or extended, except as contemplated pursuant to the terms of such Investment in existence on the Issue Date or as otherwise permitted under this definition or under
Section 3.4; 
 (7) loans and advances to, or guarantees of Indebtedness of, employees, directors,
officers, managers, consultants or independent contractors in an aggregate amount, taken together with all other Investments made pursuant to this clause (7) that are at the time outstanding, not in excess of $15 million outstanding at any
one time in the aggregate; 
 (8) loans and advances to officers, directors, employees, managers, consultants and independent
contractors for business-related travel and entertainment expenses, moving and relocation expenses and other similar expenses, in each case in the ordinary course of business; 

(9) any Investment (x) acquired by the Company or any of its Restricted Subsidiaries 

(a) in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in
connection with or as a result of a bankruptcy, workout, reorganization or recapitalization by the Company or any such Restricted Subsidiary of such other Investment or accounts receivable, or (b) as a result of a foreclosure or other remedial
action by the Company or any of its Restricted Subsidiaries with respect to any Investment or other transfer of title with respect to any Investment in default and (y) received in compromise or resolution of (A) obligations of trade
creditors or customers that were incurred in the ordinary course of business of the Company or any Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor
or customer, or (B) litigation, arbitration or other disputes; 
 (10) Swap Contracts and Cash Management Services
permitted under Section 3.3(b)(x); 
 (11) any Investment by the Company or any of its Restricted Subsidiaries in a
Similar Business (other than an Investment in an Unrestricted Subsidiary) in an aggregate amount, taken together with all other Investments made pursuant to this clause (11) that are at the time outstanding, not to exceed the greater of (x)
$200 million and (y) 12% of Consolidated Net Tangible Assets; provided, however, that if any Investment pursuant to this clause (11) is made in any Person that is not a Restricted Subsidiary at the date of the making of such
Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (2) above and shall cease to have been made pursuant to this clause (11) for so
long as such Person continues to be a Restricted Subsidiary; 
 (12) additional Investments by the Company or any of its
Restricted Subsidiaries in an aggregate amount, taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding, not to exceed the greater of (x) $200 million and (y) 12% of Consolidated Net
Tangible Assets; provided, however, that if any Investment pursuant to this clause (12) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted
Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (2) above and shall cease to have been made pursuant to this clause (12) for so long as such Person continues to be a Restricted
Subsidiary; 

  
 -26- 

 (13) any transaction to the extent it constitutes an Investment that is
permitted and made in accordance with the provisions of Section 3.8(b) (except transactions described in clause (ii), (iii), (iv), (viii), (ix), (xiii) or (xiv) of such
Section 3.8(b)); 
 (14) Investments the payment for which consists of Equity Interests (other than
Excluded Equity) of the Company or any direct or indirect parent of the Company, as applicable; provided, however, that such Equity Interests shall not increase the amount available for Restricted Payments under
Section 3.4(a)(C); 
 (15) Investments consisting of the leasing, licensing, sublicensing or
contribution of intellectual property in the ordinary course of business or pursuant to joint marketing arrangements with other Persons; 

(16) Investments consisting of purchases or acquisitions of inventory, supplies, materials and equipment or purchases,
acquisitions, licenses, sublicenses or leases or subleases of intellectual property, or other rights or assets, in each case, in the ordinary course of business; 

(17) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection
with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness; 

(18) Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged or amalgamated into or
consolidated with a Restricted Subsidiary in a transaction that is not prohibited by Section 4.1 after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19) repurchases of the Notes; 

(20) guarantees of Indebtedness permitted to be Incurred under Section 3.3, and Obligations relating
to such Indebtedness and guarantees (other than guarantees of Indebtedness) in the ordinary course of business; 
 (21)
advances, loans or extensions of trade credit in the ordinary course of business by the Company or any of its Restricted Subsidiaries; 

(22) Investments consisting of purchases and acquisitions of assets or services in the ordinary course of business; 

(23) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection
or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; 

  
 -27- 

 (24) intercompany current liabilities owed to Unrestricted Subsidiaries or
joint ventures Incurred in the ordinary course of business in connection with the cash management operations of the Company and its Subsidiaries; 

(25) Investments in joint ventures of the Company or any of its Restricted Subsidiaries existing on the Issue Date in an
aggregate amount, taken together with all other Investments made pursuant to this clause (25) that are at the time outstanding, not to exceed the greater of (x) $150 million and (y) 9% of Consolidated Net Tangible Assets; provided
that the Investments permitted pursuant to this clause (25) may be increased by the amount of JV Distributions, without duplication of dividends or distributions increasing amounts available pursuant to
Section 3.4(a)(C); 
 (26) accounts receivable, security deposits and prepayments and other credits
granted or made in the ordinary course of business and any Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and others, including in connection with the bankruptcy or reorganization of,
or settlement of delinquent accounts and disputes with or judgments against, such account debtors and others, in each case, in the ordinary course of business; 

(27) Investments acquired as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured
Investments or other transfer of title with respect to any secured Investment in default; 
 (28) Investments resulting from
pledges and deposits that are Permitted Liens; 
 (29) acquisitions of obligations of one or more officers or other employees
of any direct or indirect parent of the Company, the Company or any Subsidiary of the Company in connection with such officer’s or employee’s acquisition of Equity Interests of any direct or indirect parent of the Company, so long as no
cash is actually advanced by the Company or any Restricted Subsidiary to such officers or employees in connection with the acquisition of any such obligations; 

(30) Guarantees of operating leases (for the avoidance of doubt, excluding Capitalized Lease Obligations) or of other
obligations that do not constitute Indebtedness, in each case, entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 

(31) Investments consisting of the redemption, purchase, repurchase or retirement of any Equity Interests permitted by
Section 3.4; 
 (32) non-cash Investments made in
connection with tax planning and reorganization activities; 
 (33) Investments made pursuant to obligations entered into
when the Investment would have been permitted hereunder so long as such Investment when made reduces the amount available under the clause under which the Investment would have been permitted; and 

(34) Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client and
customer contracts and loans or advances made to, and guarantees with respect to obligations of, distributors, suppliers, licensors and licensees in the ordinary course of business. 

“Permitted Joint Venture” means, with respect to any specified Person, a joint venture in any other Person engaged in a
Similar Business in respect of which the Company or a Restricted Subsidiary beneficially owns at least 35% of the shares of Equity Interests of such Person. 

  
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 “Permitted Liens” means, with respect to any Person: 

(1) Liens Incurred in connection with workers’ compensation laws, unemployment insurance laws or similar legislation, or
in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or to secure public or statutory obligations of such Person or to secure surety, stay, customs or appeal bonds to
which such Person is a party, or as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business; 

(2) Liens imposed by law, such as carriers’, warehousemen’s, landlords’, materialmen’s, repairman’s,
construction contractors’, mechanics’ or other like Liens, in each case for sums not yet overdue by more than 30 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against
such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review (or which, if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are
being maintained, to the extent required by GAAP); 
 (3) Liens for taxes, assessments or other governmental charges or
levies (i) which are not yet due or payable or (ii) which are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained to the extent required by GAAP, or for property taxes on property
such Person or one of its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy or claim is to such property; 

(4) Liens in favor of the issuers of performance and surety bonds, bid, indemnity, warranty, release, appeal or similar bonds
or with respect to regulatory requirements or letters of credit or bankers’ acceptances issued and completion of guarantees provided for, in each case, pursuant to the request of and for the account of such Person in the ordinary course of its
business; 
 (5) survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for,
licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar
purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such
Person or to the ownership of its properties which do not in the aggregate materially adversely interfere with the ordinary conduct of the business of such Person; 

(6) Liens Incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (i) or
(iv) of Section 3.3(b) and obligations secured ratably thereunder; provided that, in the case of Section 3.3(b)(iv), such Lien extends only to the assets and/or Capital Stock, the
acquisition, lease, construction, repair, replacement or improvement of which is financed thereby and any replacements, additions and accessions thereto and any income or profits thereof; 

(7) Liens of the Issuers or any of the Guarantors existing on the Issue Date (other than Liens permitted under clause
(6) above, which clause (6) includes Liens Incurred to secure Indebtedness under the Senior Credit Agreement); 

  
 -29- 

 (8) Liens on assets of, or Equity Interests in, a Person at the time such
Person becomes a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, that such Liens are
limited to all or a portion of the assets (and improvements on such assets) that secured (or, under the written arrangements under which the Liens arose, could secure) the obligations to which such Liens relate; provided, further, that
for purposes of this clause (8), if a Person becomes a Subsidiary, any Subsidiary of such Person shall be deemed to become a Subsidiary of the Issuers, and any assets of such Person or any Subsidiary of such Person shall be deemed acquired by the
Issuers at the time of such merger, amalgamation or consolidation; 
 (9) Liens on assets at the time the Company or any
Restricted Subsidiary acquired the assets, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or such Restricted Subsidiary; provided, however, that such Liens are not created or
Incurred in connection with, or in contemplation of, such acquisition; provided, further, that such Liens are limited to all or a portion of the assets (and improvements on such assets) that secured (or, under the written
arrangements under which the Liens arose, could secure) the obligations to which such Liens relate; provided, further, that for purposes of this clause (9), if, in connection with an acquisition by means of a merger, amalgamation or
consolidation with or into the Company or any Restricted Subsidiary, a Person other than the Company or a Restricted Subsidiary is the successor company with respect thereto, any Subsidiary of such Person shall be deemed to become a Subsidiary of
the Company or any Restricted Subsidiary, and any assets of such Person or any such Subsidiary of such Person shall be deemed acquired by the Company or any Restricted Subsidiary at the time of such merger, amalgamation or consolidation; 

(10) Liens securing Indebtedness or other obligations of the Company, PPD or any Guarantor owing to the Company, PPD or another
Restricted Subsidiary permitted to be Incurred in accordance with Section 3.3; 
 (11) Liens
securing Swap Contracts Incurred in compliance with Section 3.3; 
 (12) Liens on specific items of
inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit entered into in the ordinary course of business issued or created for the account of such Person
to facilitate the purchase, shipment or storage of such inventory or other goods; 
 (13) leases, subleases, licenses,
sublicenses, occupancy agreements or assignments of or in respect of real or personal property; 
 (14) Liens arising from,
or from Uniform Commercial Code financing statement filings regarding, operating leases or consignments entered into by the Issuers and the Guarantors in the ordinary course of business; 

(15) Liens in favor of the Company or any of its Restricted Subsidiaries; 

(16) (i) Liens on accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” Incurred in connection with a Qualified Receivables Financing and (ii) Liens securing Indebtedness or other obligations of any Receivables Subsidiary; 

  
 -30- 

 (17) deposits made or other security provided in the ordinary course of
business to secure liability to insurance carriers or under self-insurance arrangements in respect of such obligations; 

(18) Liens on the Equity Interests of Unrestricted Subsidiaries; 

(19) grants of intellectual property, software and other technology licenses; 

(20) judgment and attachment Liens not giving rise to an Event of Default pursuant to clauses (iv), (v), (vi) or (vii) of
Section 6.1 and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(21) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business; 
 (22) Liens Incurred to secure Cash Management Services and other “bank
products” (including those described in clauses (x) and (xxiii) of Section 3.3(b)); 

(23) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings,
extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (7), (8) or (9), or the succeeding clauses (24) or (25); provided, however, that
(x) such new Lien shall be limited to all or part of the same property that secured (or, under the written arrangements under which the original Lien arose, could secure) the original Lien (plus any replacements, additions, accessions and
improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness
described under clauses (7), (8), (9), (24) or (25) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including unpaid accrued interest and the aggregate
amount of premiums (including tender premiums), and underwriting discounts, defeasance costs and fees and expenses in connection therewith, related to such refinancing, refunding, extension, renewal or replacement, and (z) any amounts incurred
under this clause (23) as a refinancing indebtedness of clause (25) hereunder shall reduce the amount available under such clause (25); 

(24) Liens securing Pari Passu Indebtedness permitted to be Incurred pursuant to Section 3.3; if at
the time of any Incurrence of such Pari Passu Indebtedness and after giving pro forma effect thereto the Consolidated Senior Secured Debt Ratio would not exceed 4.75 to 1.00; 

(25) other Liens securing obligations the principal amount of which does not exceed the greater of (x) $150 million and
(y) 9% of Consolidated Net Tangible Assets, at any one time outstanding; 
 (26) Liens on the Equity Interests or assets of a
joint venture to secure Indebtedness of such joint venture Incurred pursuant to clause (xxi) of Section 3.3(b); 

(27) Liens on equipment of the Company, PPD or any Guarantor granted in the ordinary course of business to the Company’s,
PPD’s or such Guarantor’s client at which such equipment is located; 

  
 -31- 

 (28) Liens created for the benefit of (or to secure) all of the Initial
Notes or the related Guarantees; 
 (29) Liens on property or assets used to defease or to satisfy and discharge
Indebtedness; provided that such defeasance or satisfaction and discharge is not prohibited by this Indenture; 
 (30)
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation and exportation of goods in the ordinary course of business; 

(31) Liens (i) of a collection bank arising under Section 4-210 of the
Uniform Commercial Code, or any comparable or successor provision, on items in the course of collection; (ii) attaching to pooling, commodity trading accounts or other commodity brokerage accounts Incurred in the ordinary course of business; and
(iii) in favor of banking or other financial institutions or entities, or electronic payment service providers, arising as a matter of law encumbering deposits (including the right of set-off) and which
are within the general parameters customary in the banking or finance industry; 
 (32) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other Persons not given in connection with the issuance of Indebtedness; (ii) relating to pooled deposit or sweep accounts of
the Company, PPD or any Guarantor to permit satisfaction of overdraft or similar obligations Incurred in the ordinary course of business of the Company, PPD and the Guarantors; or (iii) relating to purchase orders and other agreements entered
into with customers of the Company, PPD or any Guarantor in the ordinary course of business; 
 (33) any encumbrance or
restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(34) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(35) Liens on vehicles or equipment of the Company, PPD or any of the Guarantors granted in the ordinary course of business;

 (36) Liens on assets of Foreign Subsidiaries securing Indebtedness Incurred in accordance with clause (xx) of
Section 3.3(b); 
 (37) Liens disclosed by the title insurance policies delivered on or subsequent
to the Issue Date and any replacement, extension or renewal of any such Liens (so long as the Indebtedness and other obligations secured by such replacement, extension or renewal Liens are permitted by this Indenture); provided that such
replacement, extension or renewal Liens do not cover any property other than the property that was subject to such Liens prior to such replacement, extension or renewal; 

(38) Liens arising solely by virtue of any statutory or common law provision or customary business provision relating to
banker’s liens, rights of set-off or similar rights; 

  
 -32- 

 (39) (a) Liens solely on any cash earnest money deposits made by the Company
or any Restricted Subsidiary in connection with any letter of intent or other agreement in respect of any Permitted Investment and (b) Liens on advances of cash or Cash Equivalents in favor of the seller of any property to be acquired in a
Permitted Investment to be applied against the purchase price for such Investment; 
 (40) the prior rights of consignees and
their lenders under consignment arrangements entered into in the ordinary course of business; 
 (41) Liens on securities
that are the subject of repurchase agreements constituting Cash Equivalents under clause (4) of the definition thereof; 

(42) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(43) rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Company
or any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

(44) restrictive covenants affecting the use to which real property may be put; provided that the covenants are complied
with; 
 (45) security given to a public utility or any municipality or governmental authority when required by such utility
or authority in connection with the operations of that Person in the ordinary course of business; and 
 (46) zoning by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements and contract zoning agreements. 

For purposes of determining compliance with this definition, (x) a Lien need not be Incurred solely by reference to one category of
Permitted Liens described in this definition but may be Incurred under any combination of such categories (including in part under one such category and in part under any other such category), (y) in the event that a Lien (or any portion thereof)
meets the criteria of one or more of such categories of Permitted Liens, the Company shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition, and (z) in the event
that a portion of Indebtedness secured by a Lien could be classified as secured in part pursuant to clause (6) or (24) above (giving effect to the Incurrence of such portion of such Indebtedness), the Company, in its sole discretion, may
classify such portion of such Indebtedness (and any Obligations in respect thereof) as having been secured pursuant to clause (6) or (24) above and thereafter the remainder of the Indebtedness as having been secured pursuant to one or more of
the other clauses of this definition. 
 “Permitted Parent ” means (a) any direct or indirect parent of the Company so
long as a Permitted Holder pursuant to clause (a), (b), (c) or (d) of the definition thereof holds 50% or more of the Voting Stock of such direct or indirect parent of the Company, (b) Holdings, so long as it is a Permitted Holder pursuant
to clause (a), (b), (c) or (d) of the definition thereof and (c) any Public Company (or Wholly Owned Subsidiary of such Public Company) to the extent and until such time as any Person or group (other than a Permitted Holder under clause
(a), (b), (c) or (d) thereof) is deemed to be or become a beneficial owner of Voting Stock of such Public Company representing more than 50% of the total voting power of the Voting Stock of such Permitted Parent. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock
company, trust, unincorporated organization, government (or any agency or political subdivision thereof) or any other entity. 

  
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 “Preferred Stock” means any Equity Interest with preferential right of
payment of dividends or upon liquidation, dissolution or winding up. 
 “Principal Property Subsidiary” means any
Subsidiary that owns, operates or leases one or more Restricted Properties. 
 “Private Placement Legend” means the legend
set forth in Section 2.1(c) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions hereof. 

“ Pro Forma Basis” means, with respect to the calculation of any test, financial ratio, basket or covenant under this
Indenture, including the Consolidated Senior Secured Debt Ratio, the Consolidated Total Debt Ratio and the Fixed Charge Coverage Ratio and the calculation of Consolidated Net Tangible Assets, of any Person and its Restricted Subsidiaries, as of any
date, that pro forma effect will be given to any acquisition, merger, amalgamation, consolidation, Investment, any issuance, Incurrence, assumption or repayment or redemption of Indebtedness (including Indebtedness issued, Incurred or assumed
or repaid or redeemed as a result of, or to finance, any relevant transaction and for which any such test, financial ratio, basket or covenant is being calculated, including, without limitation, the Refinancing Transactions), any issuance or
redemption of Preferred Stock or Disqualified Stock, all sales, transfers and other dispositions or discontinuance of any Subsidiary, line of business, division, segment or operating unit, any operational change (including the entry into any
material contract or arrangement) or any designation of a Restricted Subsidiary to an Unrestricted Subsidiary or of an Unrestricted Subsidiary to a Restricted Subsidiary, in each case that have occurred during the four consecutive fiscal quarter
period of such Person being used to calculate such test, financial ratio, basket or covenant (the “Reference Period”), or subsequent to the end of the Reference Period but prior to such date or prior to or substantially
simultaneously with the event for which a determination under this definition is made (including any such event occurring at a Person who became a Restricted Subsidiary of the subject Person or was merged, amalgamated or consolidated with or into
the subject Person or any other Restricted Subsidiary of the subject Person after the commencement of the Reference Period), as if each such event occurred on the first day of the Reference Period; provided that (x) pro forma
effect will be given to factually supportable and quantifiable pro forma cost savings or expense reductions related to operational efficiencies (including the entry into any material contract or arrangement), strategic initiatives or
purchasing improvements and other cost savings, improvements or synergies, in each case, that have been realized, or reasonably expected to be realized, by such Person and its Restricted Subsidiaries based upon actions to be taken within 24 months
after the consummation of the action as if such cost savings, expense reductions, improvements and synergies occurred on the first day of the Reference Period and (y) no amount shall be added back pursuant to this definition to the extent
duplicative of amounts that are otherwise included in computing Consolidated EBITDA for such Reference Period. 
 For purposes of making any
computation referred to above: 
 (1) if any Indebtedness bears a floating rate of interest and is being given pro
forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date for which a determination under this definition is made had been the applicable rate for the entire period (taking into account any Swap
Contracts applicable to such Indebtedness if such Swap Contracts has a remaining term in excess of 12 months); 
 (2)
interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer, in his or her capacity as such and not in his or her personal capacity, of the Company
to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP; 

  
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 (3) interest on Indebtedness that may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the
Company may designate; 
 (4) interest on any Indebtedness under a revolving credit facility or a Qualified Receivables
Financing computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period; and 

(5) to the extent not already covered above, any such calculation may include adjustments calculated in accordance with
Regulation S-X under the Securities Act. 
 Any pro forma calculation may include, without limitation,
(1) adjustments calculated in accordance with Regulation S-X under the Securities Act, (2) adjustments calculated to give effect to any Pro Forma Cost Savings and (3) all adjustments of the type
used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 12 to “Summary—Summary historical and unaudited condensed consolidated financial information” in the Offering Memorandum to the extent
such adjustments, without duplication, continue to be applicable to the Reference Period; provided that any such adjustments that consist of reductions in costs and other operating improvements or synergies shall be calculated in accordance
with, and satisfy the requirements specified in, the definition of “Pro Forma Cost Savings.” 
 “Pro Forma Cost
Savings ” means, without duplication of any amounts referenced in the definition of “Pro Forma Basis,” an amount equal to the amount of cost savings, operating expense reductions, operating improvements (including the entry into
any material contract or arrangement) and acquisition synergies, in each case, projected in good faith to be realized (calculated on a pro forma basis as though such items had been realized on the first day of such period) as a result of
actions taken or to be taken by the Company (or any successor thereto) or any Restricted Subsidiary, net of the amount of actual benefits realized or expected to be realized during such period that are otherwise included in the calculation of
Consolidated EBITDA from such actions; provided that such cost savings, operating expense reductions, operating improvements and synergies are factually supportable and reasonably identifiable (as determined in good faith by a responsible
financial or accounting officer, in his or her capacity as such and not in his or her personal capacity, of the Company (or any successor thereto)) and are reasonably anticipated to be realized within 24 months after the consummation of any change
that is expected to result in such cost savings, expense reductions, operating improvements or synergies; provided that no cost savings, operating expense reductions, operating improvements and synergies shall be added pursuant to this
definition to the extent duplicative of any expenses or charges otherwise added to Consolidated Net Income or Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period. 

“Public Company” means any Person with a class or series of Voting Stock that is traded on a stock exchange or in the over-the-counter market. 
 “QIB” means any
“qualified institutional buyer” (as defined in Rule 144A). 
 “Qualified Receivables Financing” means any
Receivables Financing of a Receivables Subsidiary that meets the following conditions: 
 (1) the Board of Directors of the
Company or any direct or indirect parent of the Company shall have determined in good faith that such Qualified Receivables Financing (including financing terms, covenants, termination events and other provisions) is, in the aggregate, economically
fair and reasonable to the Company and its Restricted Subsidiaries, 

  
 -35.- 

 (2) all sales of accounts receivable and related assets by the Company or
any Restricted Subsidiary to the Receivables Subsidiary are made at Fair Market Value (as determined in good faith by the Company), and 

(3) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in
good faith by the Company) and may include Standard Securitization Undertakings. 
 The grant of a security interest in any accounts
receivable of the Company or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure any Credit Agreement shall not be deemed a Qualified Receivables Financing. 

“Rating Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the
Notes for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3 under the Exchange Act selected by the Company or any direct or indirect parent of the
Company as a replacement agency for Moody’s or S&P, as the case may be. 
 “Receivables Fees” means distributions
or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing. 

“Receivables Financing” means any transaction or series of transactions that may be entered into by the Company or any of its
Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer by the Company or any of its Subsidiaries), and (b) any other Person
(in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Company or any of its Subsidiaries, and any assets related thereto
including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets which are
customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Swap Contracts entered into by the Company or any such Subsidiary in
connection with such accounts receivable. 
 “Receivables Repurchase Obligation” means any obligation of a seller of
receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any
asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Receivables Subsidiary” means a Wholly Owned Restricted Subsidiary of the Company (or another Person formed for the purposes
of engaging in a Qualified Receivables Financing with the Company in which the Company or any Subsidiary of the Company or a direct or indirect parent of the Company makes an Investment and to which the Company or any Subsidiary of the Company or a
direct or indirect parent of the Company transfers accounts receivable and related assets) which engages in no activities other than in connection with the financing of accounts receivable of the Company and its Subsidiaries or a direct or indirect
parent of the Company, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors
of the Company or any direct or indirect parent of the Company (as provided below) as a Receivables Subsidiary and: 
 (1) no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any other Subsidiary of the Company (excluding guarantees of obligations (other than the principal of, and interest on,
Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any other Subsidiary of the Company in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any
property or asset of the Company or any other Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, 

  
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 (2) with which neither the Company nor any other Subsidiary of the Company
has any material contract, agreement, arrangement or understanding other than on terms which the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons that
are not Affiliates of the Company, and 
 (3) to which neither the Company nor any other Subsidiary of the Company has any
obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

Any such designation by the Board of Directors of the Company or any direct or indirect parent of the Company shall be evidenced to the
Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Company or any direct or indirect parent of the Company giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the foregoing conditions. 
 “Record Date” for the interest payable on any applicable Interest
Payment Date means, in the case of the Initial Notes, January 15 and July 15 (whether or not a Business Day) and, in the case of any Additional Notes, such record date (whether or not a Business Day) as may be designated by the Issuers in
accordance with the provisions Section 2.2, in each case, next preceding such Interest Payment Date. 

“Refinancing Transactions” means the issuance of the Notes on or about the Issue Date and the entry into the Senior Credit
Agreement on or about the Issue Date, and the use of proceeds therefrom, together with cash on hand as described in the Offering Memorandum (including the payment of one or more cash dividends or distributions to Holdings’ stockholders and one
or more distributions to optionholders), and, in each case, the payment of fees and expenses related thereto, including any transaction fees paid to Sponsors in connection therewith. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Temporary Regulation S Global Note or Permanent Regulation S Global Note, as applicable,
in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Notes sold in reliance on Rule 903. 
 “Related Business Assets” means assets (other than cash or
Cash Equivalents) used or useful in a Similar Business; provided that any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary shall not be deemed to be Related
Business Assets if they consist of securities of a Person, unless such Person is, or upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 

  
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 “Related Taxes” means any taxes, charges or assessments, including, but not
limited to, sales, use, transfer, rental, ad valorem, value-added, stamp, property, consumption, franchise, license, capital, net worth, gross receipts, excise, occupancy, intangibles or similar taxes, charges or assessments (other than U.S.
federal, state or local income taxes), required to be paid by Holdings or any other direct or indirect parent of the Company by virtue of its being incorporated or having Capital Stock outstanding (but not by virtue of owning stock or other equity
interests of any corporation or other entity other than the Company, any of its Subsidiaries or any other direct or indirect parent of the Company), or being a holding company parent of the Company, any of its Subsidiaries or any other direct or
indirect parent of the Company or receiving dividends from or other distributions in respect of the Capital Stock of the Company, any of its Subsidiaries or any other direct or indirect parent of the Company, or having guaranteed any obligations of
the Company or any Subsidiary thereof, or having made any payment in respect of any of the items for which the Company or any of its Subsidiaries is permitted to make payments to any parent entity pursuant to Section 3.4 or
acquiring, developing, maintaining, owning, prosecuting, protecting or defending its intellectual property and associated rights (including but not limited to receiving or paying royalties for the use thereof) relating to the business or businesses
of the Company or any Subsidiary thereof. 
 “Replacement Assets” means (1) substantially all the assets of a Person
primarily engaged in a Similar Business or (2) a majority of the Voting Stock of any Person primarily engaged in a Similar Business that shall become, on the date of acquisition thereof, a Restricted Subsidiary. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means, in relation to the Initial Notes, the 40 consecutive days beginning on and including the later of
(A) the day on which the Initial Notes are offered to Persons other than distributors (as defined in Regulation S under the Securities Act) and (B) the Issue Date; and, in relation to any Additional Notes that bear the Private Placement
Legend, the comparable period of 40 consecutive days. 
 “Restricted Property” means (a) any manufacturing facility,
or portion thereof, owned or leased by the Company or any of its Subsidiaries and located within the continental United States, which, in the opinion of the Board of Directors of the Company or any direct or indirect parent of the Company, is of
material importance to the business of the Company and its Subsidiaries taken as a whole, but no such manufacturing facility, or portion thereof, shall be deemed of material importance if its gross book value (before deducting accumulated
depreciation) is less than 5% of Consolidated Net Tangible Assets, or (b) any shares of capital stock of any Subsidiary owning any such manufacturing facility. As used in this definition, “manufacturing facility” means
property, plant and equipment used for actual manufacturing such as quality assurance, engineering, maintenance, staging area for work in process materials, employees’ eating and comfort facilities and manufacturing administration, and it
excludes sales offices, research facilities and facilities used only for warehousing or general administration. 
 “Restricted
Subsidiary” means any Subsidiary of a Person other than an Unrestricted Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Company
(including PPD). 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

  
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 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“ S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business, or any successor to the rating agency business thereof. 
 “Sale/Leaseback Transaction” means an arrangement
relating to property now owned or hereafter acquired by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or such Restricted Subsidiary leases it from such
Person, other than leases between the Company and a Restricted Subsidiary or between Restricted Subsidiaries. 
 “SEC”
means the Securities and Exchange Commission. 
 “Secured Indebtedness” means any Indebtedness secured by a Lien other than
Indebtedness with respect to Cash Management Services. 
 “Securities Act” means the Securities Act of 1933, as amended,
and the rules and regulations of the SEC promulgated thereunder. 
 “Senior Credit Agreement” means the credit agreement to
be entered into on or around the redemption date of the Existing Notes among the Company, PPD, the financial institutions named therein and Credit Suisse AG, as Administrative Agent, as described under “Description of new senior secured credit
facilities” in the Offering Memorandum, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, as amended, restated, supplemented, waived, renewed or otherwise modified
from time to time, and (if designated by the Company) as replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including
(if designated by the Company) any agreement or indenture or commercial paper facilities with banks or other institutional lenders or investors extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of
the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder permitted under
Section 3.3 or altering the maturity thereof or adding Restricted Subsidiaries as additional borrowers, issuers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders, investors or
group of investors. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (it being understood that PPD shall be deemed a Significant
Subsidiary in all instances). 
 “Similar Business” means any business engaged or proposed to be engaged in by the Company
or its Subsidiaries on the Issue Date and any business or other activities that are similar, ancillary, complementary, incidental or related to, or an extension, development or expansion of, the businesses in which the Company is engaged on the
Issue Date. 
 “Specified Consolidated Total Debt Ratio” means 5.00 to 1.00. 

  
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 “Sponsors” means (1) T.C. Group L.L.C., (2) Hellman &
Friedman LLC, (3) one or more investment funds advised, managed or controlled by either of the foregoing and, in each case (whether individually or as a group) Affiliates of (1), (2) or (3) (but excluding any operating portfolio companies of
the foregoing). 
 “Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and
guarantees of performance entered into by the Company or any Subsidiary of the Company which the Company has determined in good faith to be customary in a Receivables Financing including, without limitation, those relating to the servicing of the
assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency unless such contingency has occurred). 
 “Subordinated Indebtedness” means (a) with
respect to the Issuers, any Indebtedness of the Issuers which is by its terms expressly subordinated in right of payment to the Notes, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms expressly
subordinated in right of payment to its Guarantee. 
 “Subsidiary” means, with respect to any Person (1) any
corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of the Voting Stock is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, (2) any partnership, joint venture, limited liability company or similar entity of which (x) more than 50%
of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Restricted Subsidiary of such Person is a controlling general partner or
otherwise controls such entity and (3) any Person that is consolidated in the consolidated financial statements of the specified Person in accordance with GAAP. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind,
and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement, including any obligations or liabilities under any such master agreement. 

  
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 “Temporary Regulation S Global Note” means a temporary Global Note in the
form of Exhibit A hereof bearing the Global Note Legend, the Private Placement Legend, and the Temporary Regulation S Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903. 
 “Temporary Regulation S
Legend” means the legend set forth in Section 2.1(d). 
 “ TIA” means the Trust
Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the Issue Date. 
 “ Treasury Rate” means, as of
the applicable redemption date, the yield to maturity as of the earlier of (a) such redemption date or (b) the date on which the Notes are defeased or satisfied and discharged, of the most recently issued United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to such date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date or date of defeasance or satisfaction and discharge to August 1, 2018; provided, however, that if the
period from such redemption date to August 1, 2018 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Officer” means any officer within the corporate trust administration department of the Trustee, with direct
responsibility for performing the Trustee’s duties under this Indenture and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of such person’s
knowledge of and familiarity with the particular subject. 
 “Trustee” has the meaning set forth in the preamble hereto.

 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the
Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note substantially in the form of
Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the
Depositary, representing Notes that do not bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board
of Directors of the Company or any direct or indirect parent of the Company pursuant to Section 3.14; and 

(2) any Subsidiary of an Unrestricted Subsidiary. 

“U.S. Government Obligations” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

  
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 (2) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in each case, are not callable or redeemable at the
option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of
principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced
by such depository receipt. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is
at the time entitled to vote (without regard to the occurrence of any contingency) in the election of the Board of Directors of such Person. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the
case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or
similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 

“Wholly Owned Restricted Subsidiary” means any Wholly Owned Subsidiary that is a Restricted Subsidiary. 

“Wholly Owned Subsidiary” of any Person means a direct or indirect Subsidiary of such Person 100% of the outstanding Capital
Stock or other ownership interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) shall at the time be owned by
such Person or by one or more Wholly Owned Subsidiaries of such Person. 
 “
X-Chem” means X-Chem, Inc., a wholly owned indirect Subsidiary of the Company, as presently constituted on the Issue Date. 

“X-RX” means X-RX, Inc., an 80% owned
indirect Subsidiary of the Company, as presently constituted on the Issue Date. 
 SECTION 1.2. Other Definitions. 

 

			
	 Term
	  	 Defined in

Section

	“actual knowledge”	  	7.2(g)
	“Additional Notes”	  	2.2
	“Affiliate Transaction”	  	3.8(a)
	“Agent Members”	  	2.1(d)
	“Asset Sale Offer”	  	3.7(d)
	“Authentication Order”	  	2.2
	“Certain Capital Markets Debt”	  	3.11
	“Change of Control Offer”	  	3.9(b)
	“Change of Control Payment”	  	3.9(a)
	“Change of Control Payment Date”	  	3.9(b)(iii)
	“covenant defeasance option”	  	8.1(b)

  
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	 Term
	  	 Defined in

Section

	“Covenant Suspension Event”	  	3.15(a)
	“Defaulted Interest”	  	2.12
	“DTC”	  	2.1(b)
	“Election Date”	  	3.5(b)
	“ERISA”	  	2.1(c) and (d)
	“Event of Default”	  	6.1
	“Excess Proceeds”	  	3.7(d)
	“Guarantor Obligations”	  	10.1(a)
	“IAIs”	  	2.2
	“Increased Amount”	  	3.5(e)
	“legal defeasance option”	  	8.1(b)
	“Offer Amount”	  	5.8(a)
	“Offer Period”	  	5.8(a)
	“Offer to Repurchase”	  	5.8
	“Paying Agent”	  	2.3
	“Permitted Debt”	  	3.3(b)
	“Purchase Date”	  	5.8(a)
	“Qualified Reporting Subsidiary”	  	3.2(e)
	“Ratio Debt”	  	3.3(a)
	“Redemption Date”	  	5.4
	“Refinancing Indebtedness”	  	3.3(b)(xiv)
	“Refunding Capital Stock”	  	3.4(b)(ii)(a)
	“Registrar”	  	2.3
	“Resale Restriction Termination Date”	  	2.1(c) and (d)
	“Restricted Payments”	  	3.4(a)
	“Retained Declined Proceeds”	  	3.7(e)
	“Retired Capital Stock”	  	3.4(b)(ii)(a)
	“Reversion Date”	  	3.15(b)
	“Similar Laws”	  	2.1(c) and (d)
	“Special Interest Payment Date”	  	2.12(a)
	“Special Record Date”	  	2.12(a)
	“Successor Company”	  	4.1(a)(i)
	“Successor Guarantor”	  	4.1(b)(i)(A)
	“Suspended Covenants”	  	3.15(a)
	“Suspension Period”	  	3.15(b)
	“Total Leverage Excess Proceeds”	  	3.7(d)
	“Transaction Agreement Date”	  	13.1
	“Unpaid Amount”	  	3.4(b)(ii)(c)

 SECTION 1.3. Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

  
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 (b) an accounting term not otherwise defined has the meaning assigned to it
in accordance with GAAP or IFRS, if applicable; 
 (c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; 

(f) (i) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; (ii) Secured Indebtedness shall not be deemed to be subordinated or junior to other Secured Indebtedness merely because it has a junior priority with respect to the same collateral; and (iii) Indebtedness
shall not be treated as subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral; 

(g) references to sections of, or rules under, the Securities Act or Exchange Act shall be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC from time to time; 
 (h) unless the context otherwise
requires, any reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and 

(i) the words “herein,” “hereof” and “hereunder” and any other words of similar import refer to
this Indenture as a whole and not any particular Article, Section, clause or other subdivision. 
 ARTICLE II 

The Notes 
 SECTION 2.1. Form
and Dating. 
 (a) The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A
hereto, the terms of which are incorporated in and made a part hereof. The Notes may have notations, legends or endorsements approved as to form by the Issuers, and required by law, stock exchange rule, agreements to which the Issuers are subject or
usage. Each Note shall be dated the date of its authentication. The Notes shall be issuable only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(b) The Notes shall initially be issued in the form of one or more Global Notes and The Depository Trust Company (“DTC”), its
nominees, and their respective successors, shall act as the Depositary with respect thereto. Each Global Note (i) shall be registered in the name of the Depositary for such Global Note or the nominee of such Depositary, (ii) shall be
delivered by the Trustee to such Depositary or held by the Trustee as custodian for the Depositary pursuant to such Depositary’s instructions, and (iii) shall bear a Global Note Legend in substantially the following form: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
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 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME
OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

(c) Except as permitted by Section 2.6(g), any Note not registered under the Securities Act shall bear the following
Private Placement Legend on the face thereof: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN
THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE
ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE 

  
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 TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF
SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E)
OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

BY ITS ACQUISITION OF THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE
ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE
“PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAW. 
 (d) The Temporary Regulation S Global Note shall bear a
legend in substantially the following form: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN
THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER 

  
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OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S)
IN RELIANCE ON REGULATION S, ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER
AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR
OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT
PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 

BY ITS ACQUISITION OF THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE
ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE
“PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAW. 

  
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 Members of, or Participants in, the Depositary (“Agent Members”) shall have
no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuers or the Trustee as the
absolute owner of the Global Note for all purposes whatsoever, including but not limited to notices and payments. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuers or the Trustee from
giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of
any Note. Notwithstanding anything to the contrary contained herein, any notice to be delivered to DTC (including, but not limited to, a notice of redemption) may be delivered electronically by the Trustee or the Issuers in accordance with
applicable procedures of DTC. 
 SECTION 2.2. Form of Execution and Authentication. An Officer shall sign the Notes for each of the
Issuers by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time the Note is
authenticated, the Note shall nevertheless be valid. 
 A Note shall not be valid until authenticated by the manual signature of the
Trustee. The signature of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee
shall authenticate (i) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $1,125,000,000, and (ii) subject to compliance with Section 3.3, one or more series of Notes
(“Additional Notes”) for original issue after the Issue Date (such Notes to be substantially in the form of Exhibit A) in an unlimited amount, in each case upon written order of each of the Issuers signed by an Officer of
each of the Issuers (an “Authentication Order”), which Authentication Order shall, in the case of any issuance of Additional Notes, certify that such issuance is in compliance with Section 3.3. In addition,
each such Authentication Order shall specify the amount of Notes to be authenticated, the date on which the Notes are to be authenticated, whether the securities are to be Initial Notes or Additional Notes and the aggregate principal amount of Notes
outstanding on the date of authentication, and shall further specify the amount of such Notes to be issued as Global Notes or Definitive Notes. Such Notes shall initially be in the form of one or more Global Notes, which (i) shall represent,
and shall be denominated in an amount equal to the aggregate principal amount of, the Notes to be issued, (ii) shall be registered in the name of the Depositary or its nominee and (iii) shall be held by the Trustee as Notes Custodian. 

The Issuers shall have the right to designate the maturity date, interest rate and optional redemption provisions applicable to each series of
Additional Notes, which may differ from the maturity date, interest rate and optional redemption provisions applicable to the Initial Notes. Additional Notes that differ with respect to maturity date, interest rate or optional redemption provisions
from the Initial Notes will constitute a different series of Notes from the Initial Notes. Additional Notes that have the same maturity date, interest rate and optional redemption provisions as the Initial Notes will be treated as the same series as
the Initial Notes unless otherwise designated by the Issuers. Except as otherwise provided in Section 9.2(a), the Initial Notes and any Additional Notes issued under this Indenture shall vote and consent together on all
matters as one class and no series of Notes shall have the right to vote or consent as a separate class on any matter. The Issuers shall also have, subject to the provisions of Section 9.2(a), the right to vary the application of
the provisions of this Indenture to any series of Additional Notes. 

  
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 The Initial Notes and any Additional Notes shall be resold initially only to (A) QIBs
and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial Notes and Additional Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and
institutional “accredited investors” (as defined in Rules 501(a)(1), (2), (3) and (7) under the Securities Act) who are not QIBs (“IAIs”) in accordance with Rule 501 of the Securities Act in accordance with the
procedures described herein. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to authenticate Notes.
Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with the Issuers or any Affiliate of the Issuers. 
 SECTION 2.3. Registrar
and Paying Agent. The Issuers shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (including any co-registrar, the
“Registrar”) and (ii) an office or agency in the United States where Notes may be presented for payment (“ Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange
and, upon written request from the Issuers, the Registrar shall provide the Issuers with a copy of such register to enable it to maintain a register of the Notes at its registered offices. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. The Issuers may change any Paying Agent, Registrar or
co-registrar without prior notice to any Holder. The Issuers shall notify the Trustee in writing and the Trustee shall notify the Holders of the name and address of any Agent not a party to this Indenture. The
Issuers or any of their Subsidiaries may act as Paying Agent, Registrar or co-registrar. The Issuers shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement
shall implement the provisions hereof that relate to such Agent. The Issuers shall notify the Trustee in writing of the name and address of any such Agent. If the Issuers fail to maintain a Registrar or Paying Agent, or fail to give the foregoing
notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.6. 

The Issuers initially appoint the Trustee as Registrar, Paying Agent and to act as Notes Custodian with respect to the Notes. 

SECTION 2.4. Paying Agent to Hold Money in Trust. The Issuers shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest on the Notes, and shall notify the Trustee in writing
of any Default by the Issuers in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held
by such Paying Agent to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than either of the Issuers) shall have no further liability for the money delivered to the Trustee. If either of the Issuers acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. 
 SECTION 2.5.
Lists of Holders of the Notes. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with TIA § 312(a). If the
Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Holders, including the aggregate principal amount of the Notes held by each thereof, and the Issuers shall otherwise comply with TIA § 312(a). 

  
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 SECTION 2.6. Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except, as a whole, by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Notes shall be exchanged
by the Issuers for Definitive Notes, subject to any applicable laws, only (i) if the Issuers deliver to the Trustee written notice from the Depositary that the Depositary is unwilling or unable to continue to act as Depositary for the Global
Notes or that is it is no longer a clearing agency registered under the Exchange Act and, in either case, the Issuers fail to appoint a successor Depositary within 120 days after the date of such notice from the Depositary; (ii) the Issuers in
their sole discretion determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee; provided that in no event shall the Temporary Regulation S
Global Note be exchanged by the Issuers for Definitive Notes prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act;
or (iii) upon request of Holders of a majority of the aggregate principal amount of outstanding Notes if there shall have occurred and be continuing an Event of Default with respect to the Notes. In any such case, the Issuers shall notify the
Trustee in writing that, upon surrender by the Participants and Indirect Participants of their interests in such Global Note, certificated Notes shall be issued to each Person that such Participants, Indirect Participants and DTC jointly identify as
being the beneficial owner of the related Notes. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.7 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 2.6 or Section 2.7 or Section 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.6(a). However, beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.6(b) or Section 2.6(c) below. 
 (b) Transfer and Exchange of Beneficial
Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions hereof and the Applicable Procedures. Beneficial interests in the
Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth in this Indenture to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance
with the applicable subparagraphs below. 
 (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any
Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend;
provided, however, that prior to the expiration of the Restricted Period, no transfer of beneficial interests in a Temporary Regulation S Global Note may be made to a U.S. Person or for the account or benefit of a U.S. Person (other
than an Initial Purchaser) unless permitted by applicable law and made in compliance with Sections 2.6(b)(ii) and (iii) below. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.6(b)(i)
unless specifically stated above. 
 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection
with all transfers and exchanges of beneficial interests that are not subject to Section 2.6(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global

  
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 Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase, or (B) (1) if Definitive Notes are at such time permitted to be issued pursuant to this Indenture, a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in
(1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Temporary Regulation S Global Note prior to (A) the expiration of the Restricted Period and
(B) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.6(i) below. 

(iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.6(b)(ii) above and the Registrar receives
the following: 
 (A) if the transferee shall take delivery in the form of a beneficial interest in a 144A Global Note, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transferee shall take delivery in the form of a beneficial interest in the Temporary Regulation S Global Note or the
Permanent Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transferee shall take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (3) thereof, if applicable. 
 (iv)
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial
interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of
Section 2.6(b)(ii) above, and 
 (A) the Registrar receives the following: 

(y) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(z) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 

  
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 and, in each such case set forth in this subparagraph (A), if the Registrar or the Issuers
so request or if the Applicable Procedures so require, an Opinion of Counsel of the Holder or the Issuers (except in the case the Issuers have so requested) in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is
in compliance with the Securities Act and that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

If any such transfer is effected pursuant to subparagraph (A) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.2, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (A) above. 
 Beneficial interests in an Unrestricted Global Note
cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 

(c) Transfer and Exchange of Beneficial Interests for Definitive Notes. 

(i) Transfer and Exchange of Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes. Subject to
Section 2.6(a), if any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Restricted Definitive Note, then upon receipt by the Registrar of the following documentation: 

(A) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C)
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such beneficial interest is being
transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to an IAI in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3) thereof, if applicable; 

(F) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

  
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 (G) if such beneficial interest is being transferred pursuant to an
effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof; 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.6(i) below, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the certificate a Restricted Definitive Note in the appropriate principal amount. Any Restricted
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.6(c) shall be registered in such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes
are so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.6(c)(i) shall bear the Private Placement Legend and shall be subject to
all restrictions on transfer contained therein. 
 (ii) Beneficial Interests in Regulation S Temporary Global Note to Definitive
Notes. Notwithstanding Section 2.6(c)(i)(A) and Section 2.6(c)(i)(C) hereof, a beneficial interest in the Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a
Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the
Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

(iii) Transfer and Exchange of Beneficial Interests in Restricted Global Notes for Unrestricted Definitive Notes. Subject to
Section 2.6(a), a holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note only if: 
 (A) the Registrar receives the following: 

(y) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(z) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof, 

and, in each such case set forth in this subparagraph (A), if the Registrar or the Issuers so request or if the Applicable Procedures so
require, an Opinion of Counsel of the Holder or the Issuers (except in the case the Issuers have so requested) in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

  
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 (iv) Transfer and Exchange of Beneficial Interests in Unrestricted Global Notes for
Unrestricted Definitive Notes. Subject to Section 2.6(a), if any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note or to
transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.6(b)(ii) above, the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.6(i) below, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person
designated in the certificate an Unrestricted Definitive Note in the appropriate principal amount. Any Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.6(c)(iv) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Unrestricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.6(c)(iv) shall not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes
for Beneficial Interests. 
 (i) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a
beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A)
if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b)
thereof; 
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to an IAI in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 

  
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 the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate
principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above, the Regulation S Global Note, and in all other
cases, the IAI Global Note. 
 (ii) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note only if: 
 (A) the Registrar receives the following: 

(y) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in an Unrestricted Global
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(z) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (A), if the Registrar or the Issuers so request or if the Applicable Procedures so
require, an Opinion of Counsel of the Holder or the Issuers (except in the case the Issuers have so requested) in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.6(d)(ii), the Trustee shall cancel
the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (iii)
Transfer and Exchange of Unrestricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or
transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel
the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from an Unrestricted Definitive Note or a Restricted Definitive Note, as the case may be, to a beneficial
interest is effected pursuant to Sections 2.6(d)(ii)(A) or (d)(iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.2, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Unrestricted Definitive Notes or Restricted Definitive Notes, as the case
may be, so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive
Notes and such Holder’s compliance with the provisions of this Section 2.6(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder shall present or surrender to the Registrar the Definitive Notes duly 

  
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endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or its attorney, duly authorized in writing. In addition, the
requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.6(e). 

(i) Transfer of Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and
registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer shall be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the
transfer shall be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer shall be made pursuant to any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including, if the Issuers so request, a certification and/or Opinion of Counsel in form reasonably acceptable to the Issuers to the effect that such transfer is
in compliance with the Securities Act. 
 (ii) Transfer and Exchange of Restricted Definitive Notes for Unrestricted Definitive Notes.
Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if 

(A) the Registrar receives the following: 

(y) if the Holder of such Restricted Definitive Note proposes to exchange such Note for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(z) if the Holder of such Restricted Definitive Note proposes to transfer such Note to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (A), if the Registrar or the Issuers so request, an Opinion of Counsel of the Holder or
the Issuers (except in the case the Issuers so request) in form reasonably acceptable to the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this
Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (iii)
Transfer of Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt
of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 

  
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 (f) Temporary Regulation S Global Note. 

(i) Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Temporary Regulation S Global Note, which
shall be deposited on behalf of the purchasers of the Notes represented thereby with the Notes Custodian and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of
Euroclear or Clearstream, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided. 
 (ii) During the
Restricted Period, beneficial ownership interests in Temporary Regulation S Global Notes may only be sold, pledged or transferred (A) to the Issuers, (B) in an offshore transaction in accordance with Rule 904 of Regulation S (other than a
transaction resulting in an exchange for an interest in a Permanent Regulation S Global Note) or (C) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any
State of the United States; and beneficial interests in a 144A Global Note may be transferred to a Person who takes delivery in the form of an interest in a Regulation S Global Note, whether before or after the expiration of the Restricted Period,
only if the transferor first delivers to the Trustee a written certificate to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 

(iii) Within a reasonable period after expiration or termination of the Restricted Period, beneficial interests in each Temporary Regulation S
Global Note shall be exchanged for beneficial interests in a Permanent Regulation S Global Note upon delivery to DTC of the certification of compliance and the transfer of applicable Notes pursuant to the Applicable Procedures. Simultaneously with
the authentication of the corresponding Permanent Regulation S Global Note, the Trustee shall cancel the corresponding Temporary Regulation S Global Note. The aggregate principal amount of a Temporary Regulation S Global Note and a Permanent
Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

(iv) Notwithstanding anything to the contrary in this Section 2.6, a beneficial interest in the Temporary Regulation
S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of
any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

(g) Private Placement Legend. 

(i) Except as permitted by subparagraph (ii) below, each Restricted Global Note and each Restricted Definitive Note (and all Notes issued
in exchange therefor or substitution thereof) shall bear the Private Placement Legend. 
 (ii) Notwithstanding the foregoing, any Global Note
or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.6 (and all Notes issued in exchange therefor or substitution thereof) shall not bear
the Private Placement Legend. 
 (h) Global Note Legend. Each Global Note shall bear the Global Note Legend. 

  
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 (i) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by
the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form
of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(j) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.2 or at the Registrar’s request. 

(ii) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.2, 2.10, 3.7, 3.9, 5.7, 5.8 and 9.4). 

(iii) [Reserved]. 
 (iv) All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits hereof, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (v) Neither the Registrar nor the Issuers
shall be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business on a Business Day 15 days before the mailing of a notice of redemption of Notes and ending at the close of
business on the day of such mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer
of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date. 
 (vi) Prior to due presentment for the
registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 

(vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.2. 
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to the
Registrar pursuant to this Section 2.6 to effect a registration of transfer or exchange may be submitted by facsimile or electronically. 

  
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 (ix) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or Indirect Participants) other than to
require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof. 
 (x) Neither the Trustee, the Issuers nor any Agent shall have any responsibility for any
actions taken or not taken by the Depositary. 
 (xi) Affiliates of the Issuers, including investment funds affiliated with the Sponsors, may
acquire, hold and dispose of the Notes and exercise voting, consent and other similar rights with respect to such Notes (subject to the express restrictions contained in this Indenture). 

SECTION 2.7. Replacement Notes. If any mutilated Note is surrendered to the Trustee, or the Issuers and the Trustee receive evidence to
their satisfaction of the destruction, loss or theft of any Note, the Issuers shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements for replacements of Notes
are met. The Holder must supply indemnity or security sufficient in the judgment of the Trustee (with respect to the Trustee) and the Issuers (with respect to the Issuers) to protect the Issuers, the Trustee, any Agent or any authenticating agent
from any loss which any of them may suffer if a Note is replaced. The Issuers and the Trustee may charge for their fees and expenses in replacing a Note including amounts to cover any tax, assessment, fee or other governmental charge that may be
imposed in relation thereto. 
 Every replacement Note is an obligation of the Issuer. 

SECTION 2.8. Outstanding Notes. The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those
canceled by it, those delivered to it for cancellation and those described in this Section 2.8 as not outstanding. 

If a Note is replaced pursuant to Section 2.7, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under
Section 3.1 hereof, it shall cease to be outstanding and interest on it shall cease to accrue. 
 Subject to
Section 2.9, a Note does not cease to be outstanding because either of the Issuers or any Affiliate of either of the Issuers hold the Note. 

SECTION 2.9. Treasury Notes. In determining whether the Holders of the requisite majority of outstanding Notes have concurred in any
request, demand, authorization, direction, notice, waiver or consent (other than in respect of any action pursuant to Section 9.2(a), which requires the consent of each Holder of an affected Note), Notes owned by either of
the Issuers or any Affiliate of either of the Issuers shall be disregarded and considered as though not outstanding, except that for purposes of determining whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, waiver or consent, only Notes which a Trust Officer actually knows to be owned by either of the Issuers or any Affiliate of either of the Issuers shall be considered as not outstanding. Upon request of the Trustee,
the Issuers shall promptly furnish to the Trustee an Officer’s Certificate listing and identifying all Notes, if any, known by the Issuers to be owned or held by or for the account of any of the above-described persons, and the Trustee shall be
entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

  
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 SECTION 2.10. Temporary Notes. Until Definitive Notes are ready for delivery, the
Issuers may prepare and the Trustee shall upon receipt of an Authentication Order authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Issuers consider appropriate for
temporary Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate Definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be
entitled to the same rights, benefits and privileges as Definitive Notes. 
 SECTION 2.11. Cancellation. The Issuers at any time may
deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall dispose of all canceled Notes in its customary manner (subject to the record retention requirements of the Exchange Act and the Trustee), and upon the written request
of the Issuers, the Trustee shall deliver copies of such canceled Notes to the Issuers. The Issuers may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. 

SECTION 2.12. Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more predecessor Notes) is registered at the close of business on the regular Record Date for such interest at the office or agency of the Issuers
maintained for such purpose pursuant to Section 2.3. 
 Any interest on any Note which is payable, but is not paid
when the same becomes due and payable and such nonpayment continues for a period of 30 days shall forthwith cease to be payable to the Holder on the regular Record Date by virtue of having been such Holder, and such defaulted interest and (to the
extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Issuers, at their election in each
case, as provided in clause (a) or (b) below: 
 (a) The Issuers may elect to make payment of any Defaulted Interest to
the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Issuers shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (the “Special Interest Payment Date”), and at the same time the
Issuers shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Issuers shall fix a record date (the “Special Record Date”) for the payment of such Defaulted
Interest, which shall be not more than 15 days and not less than 10 days prior to the Special Interest Payment Date and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Issuers shall promptly notify
the Trustee of such Special Record Date and shall, or at the written request and in the name and expense of the Issuers, the Trustee shall, cause notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special
Interest Payment Date therefor to be given in the manner provided for in Section 12.1, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date and Special Interest Payment Date therefor having been so given, such Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (b). 

  
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 (b) The Issuers may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuers to the Trustee of the proposed payment
pursuant to this clause (b), such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of
this Section, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

SECTION 2.13. CUSIP and ISIN Numbers. The Issuers in issuing the Notes may use “CUSIP” and/or “ISIN” numbers (if
then generally in use). The Trustee shall not be responsible for the use of CUSIP or ISIN numbers, and the Trustee makes no representation as to their correctness as printed on any Note or notice to Holders. The Issuers shall promptly notify the
Trustee in writing of any change in the CUSIP or ISIN numbers. A separate CUSIP or ISIN number will be issued for any Additional Notes, unless (i) the Initial Notes and such Additional Notes have the same maturity date, interest rate and
optional redemption provisions and are treated as “fungible” for U.S. federal income tax purposes, (ii) both the Initial Notes and such Additional Notes are issued in the same series (as set forth in
Section 2.2) without (or with less than a de minimis amount of) original issue discount for U.S. federal income tax purposes or (iii) another then-recognized identifier is used. 

SECTION 2.14. Record Date. The Record Date for purposes of determining the identity of Holders entitled to vote or consent to any
action by vote or consent authorized or permitted under this Indenture shall be determined as provided for in TIA § 316(c). 
 ARTICLE
III 
 Covenants 

SECTION 3.1. Payment of Notes. The Issuers shall promptly pay the principal of, premium, if any, and interest on the Notes on the dates
and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if by 10:00 a.m. (New York City time) on such date the Trustee or the Paying Agent holds in accordance
with this Indenture money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of
this Indenture. 
 The Issuers shall pay interest on overdue principal at the rate specified therefor in the Notes. 

Notwithstanding anything to the contrary contained in this Indenture, the Issuers may, to the extent they are required to do so by law, deduct
or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. The Issuers or any other Payor may withhold from any interest payment made on any Note to or for the benefit of any
Person who is not a “United States person” (as such term is defined for U.S. federal income tax purposes) U.S. federal withholding tax, and pay such withheld amounts to the Internal Revenue Service, unless such Person provides
documentation to the Issuers or other Payor such that an exemption from U.S. federal withholding tax would apply to such payment if interest on such Note were treated entirely as income from sources within the United States for U.S. federal income
tax purposes. 

  
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 SECTION 3.2. Reports and Other Information. 

(a) So long as any Notes are outstanding, the Company shall provide to the Trustee and, upon request, to the Holders a copy of all of the
following information and reports: 
 (i) within 90 days after the end of each fiscal year (or such longer period as may be
permitted by the SEC if the Company were then subject to SEC reporting requirements as a non-accelerated filer), annual audited financial statements for such fiscal year including a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” with respect to the periods presented and a report on the annual financial statements by the Company’s independent registered public accounting firm (all of the
foregoing financial information to be prepared on a basis substantially consistent with the corresponding financial information included in the Offering Memorandum), 

(ii) within 45 days after the end of each of the first three fiscal quarters of each fiscal year (or such longer period as may
be permitted by the SEC if the Company were then subject to SEC reporting requirements as a non-accelerated filer), unaudited financial statements for the interim period as of, and for the period ending on,
the end of such fiscal quarter including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (all of the foregoing financial information to be prepared on a basis substantially consistent with the
corresponding financial information included in the Offering Memorandum), and 
 (iii) within the time period specified for
filing current reports on Form 8-K by the SEC, current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such
reports for any of the following events: (a) significant acquisitions or dispositions, (b) the bankruptcy of either of the Issuers or a Significant Subsidiary, (c) the acceleration of any Indebtedness of the Company or any Restricted
Subsidiary having a principal amount in excess of $75 million, (d) a change in the Company’s certifying independent auditor, (e) the appointment or departure of the Chief Executive Officer, Chief Financial Officer, Chief
Accounting Officer, Chief Operating Officer or President (or persons fulfilling similar duties) of Holdings, (f) resignation of a director on disagreeable terms, (g) change in fiscal year,
(h) non-reliance on previously issued financial statements, (i) change of control transactions, (j) entry into material agreements, (k) entry into material financial obligations and
(l) historical financial statements of an acquired business (relating to transactions required to be reported pursuant to Item 2.01 of Form 8-K to the extent and in the form available to the Company (as
determined by the Company in good faith) if the Company were a reporting company under the Exchange Act); provided that no such current report will be required to be furnished if the Company determines in its good faith judgment that such
event is not material to Holders or to the business, assets, operations, financial position or prospects of the Company and its Restricted Subsidiaries, taken as a whole, or if the Company determines in its good faith judgment that such disclosure
would otherwise cause material competitive harm to the business, assets, operations, financial position or prospects of the Company and its Restricted Subsidiaries, taken as a whole; provided, further, that such non-disclosure shall be limited only to those specific provisions that would cause material competitive harm and not the occurrence of the event itself; 

provided, further, however, that in addition to providing such information to the Trustee and upon request, Holders, the Issuers shall,
to the extent the requirements set forth in Section 3.2(h) are satisfied, make available to the Holders, bona fide prospective investors in the Notes, bona fide market makers in the Notes affiliated with any Initial
Purchaser and bona fide securities analysts (to the extent providing 

  
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analysis of investment in the Notes) such information by (i) posting to the website of the Company or PPD or on a non-public, password-protected
website maintained by the Company, PPD or a third party, in each case, within 15 days after the time the Company would be required to provide such information pursuant to clause (i), (ii) or (iii) above, as applicable, or (ii) otherwise
providing substantially comparable availability of such reports (as determined by the Company in good faith) (it being understood that, without limitation, making such reports available on Bloomberg or another comparable private electronic
information service shall constitute substantially comparable availability). 
 (b) Notwithstanding the foregoing, (i) the Issuers shall
not be required to furnish any information, certificates or reports required by (A) Section 302, Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation S-K or (B) Regulation G or Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-generally accepted
accounting principles financial measures contained therein, (ii) the information and reports referred to in Section 3.2(a) will not be required to contain the separate financial statements or other information contemplated by Rule
3-05, Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation
S-X, (iii) to the extent pro forma financial information is required to be provided by the Company, the Company may provide only pro forma revenues, net income, income before extraordinary
items and the cumulative effect of accounting changes, EBITDA, Adjusted EBITDA (as such term is defined in the Offering Memorandum), senior secured debt, total debt and capital expenditures (or equivalent financial information) in lieu thereof,
(iv) the information and reports referred to in Section 3.2(a) shall not be required to present compensation or beneficial ownership information and (v) the information and reports referred to in
Section 3.2(a) shall not be required to include any exhibits required by Item 15 of Form 10-K, Item 6 of Form 10-Q or Item 9.01 of Form 8-K. 
 (c) For so long as the Company has designated certain of its Subsidiaries as Unrestricted
Subsidiaries, then the quarterly and annual financial information required by Section 3.2(a) will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, or in
the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or other comparable section, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from
the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 
 (d) In addition, to the extent not
satisfied by the foregoing, the Issuers agree that, for so long as any Notes are outstanding, the Issuers shall furnish to Holders, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act (or
any successor provision). 
 (e) Notwithstanding the foregoing, the financial statements, information, auditors’ reports and other
documents required to be provided as described above, may be, rather than those of the Company, those of (i) any predecessor or successor of the Company or any entity meeting the requirements of clauses (ii) or (iii) of this
Section 3.2(e), (ii) any Wholly Owned Subsidiary of the Company that, together with its consolidated Subsidiaries, constitutes substantially all of the assets of the Company and its consolidated Subsidiaries
(“Qualified Reporting Subsidiary”) or (iii) any direct or indirect parent of the Company; provided that, if the financial information so furnished relates to such Qualified Reporting Subsidiary of the Company or such
direct or indirect parent of the Company, the same is accompanied by consolidating information, which may be posted to the website of the Company or PPD or on a non-public, password-protected website
maintained by the Company, PPD or a third party, that explains in reasonable detail the differences between the information relating to such Qualified Reporting Subsidiary or such parent entity (as the case may be), on the one hand, and the
information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand. For the avoidance of doubt, the consolidating information referred to in the proviso in the preceding sentence need not be audited. 

  
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 (f) The Issuers will be deemed to have satisfied the information and reporting requirements
of Section 3.2(a) if (i) the Company or any Qualified Reporting Subsidiary of the Company or any direct or indirect parent of the Company has filed reports or registration statements containing such information
(including the information required pursuant to the first sentence of Section 3.2(e), which, for the avoidance of doubt, need not be filed with the SEC via EDGAR to the extent it is otherwise provided to Holders pursuant to
this covenant) with the SEC via the EDGAR (or successor) filing system within the applicable time periods after giving effect to any extensions permitted by the SEC and that are publicly available or (ii) with respect to the Holders only, the
Company or any Qualified Reporting Subsidiary or any parent entity has made such reports available electronically (including by posting to a non-public, password-protected website as provided above) pursuant
to this Section 3.2. 
 (g) So long as Notes are outstanding, the Company shall also: 

(i) promptly after furnishing to the Trustee the annual and quarterly reports required by Sections 3.2(a)(i) and
(ii), hold a conference call to discuss such reports and the results of operations for the relevant reporting period; and 

(ii) post to the website of the Company or PPD, announce by press release or on a
non-public, password-protected website maintained by the Company, PPD or a third party, which will require a confidentiality acknowledgment (but not restrict the recipients of such information from trading
securities of the Company or its affiliates), prior to the date of the conference call required to be held in accordance with Section 3.2(g)(i), the time and date of such conference call and either all information necessary
to access the call or informing the Holders, bona fide prospective investors in the Notes, bona fide market makers in the Notes affiliated with any Initial Purchaser and bona fide securities analysts (to the extent providing analysis of an
investment in the Notes) how they can obtain such information, including, without limitation, the applicable password or other login information. 

(h) Any person who requests or accesses such financial information or seeks to participate in any conference calls required by this covenant
will be required to provide its email address, employer name and other information reasonably requested by the Issuers and represent to the Issuers (to the Issuers’ reasonable good faith satisfaction) that: 

(i) it is a Holder, a beneficial owner of the Notes, a bona fide prospective investor in the Notes, a bona fide market maker in
the Notes affiliated with any Initial Purchaser or a bona fide securities analyst providing an analysis of investment in the Notes; 

(ii) it will not use the information in violation of applicable securities laws or regulations; 

(iii) it will keep such provided information confidential and will not communicate the information to any Person; and 

(iv) it (a) will not use such information in any manner intended to compete with the business of the Company and its
Subsidiaries and (b) it is not a Person (which includes such Person’s Affiliates) that (i) is principally engaged in a Similar Business or (ii) derives a significant portion of its revenues from operating or owning a Similar
Business. 

  
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 (i) Delivery of reports, information and documents (including without limitation reports
contemplated under this Section 3.2) to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Issuers’ compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

SECTION 3.3. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

(a) (1) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness
(including Acquired Indebtedness) or issue any shares of Disqualified Stock, and (2) the Company will not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Company and
any Restricted Subsidiary may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any Restricted Subsidiary may issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio for the
Company and its Restricted Subsidiaries, calculated as of the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been 2.00 to 1.00 or greater (“Ratio Debt”);
provided, further, that the aggregate amount of Indebtedness (including Acquired Indebtedness) that may be Incurred and Disqualified Stock or Preferred Stock that may be issued pursuant to the foregoing by Non-Guarantor Subsidiaries shall not exceed the greater of (x) $250 million and (y) 15% of Consolidated Net Tangible Assets, at any one time outstanding, on a Pro Forma Basis (including pro forma application of
the proceeds therefrom). 
 (b) The foregoing limitations will not apply to (collectively, “Permitted Debt”): 

(i) the Incurrence by the Company or its Restricted Subsidiaries of Indebtedness under any Credit Agreement, the guarantees
thereof and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) up to an aggregate
outstanding principal amount not to exceed (x) $3,025 million at any one time outstanding (with any amount Incurred pursuant to subclause (y) hereof reducing the amount permitted to be Incurred under subclause (x), with the exception of
the greater of (i) $150 million and (ii) 9% of Consolidated Net Tangible Assets) or (y) an unlimited amount so long as the Consolidated Senior Secured Debt Ratio does not exceed 4.75 to 1.00 (with any Indebtedness up to the greater of (A)
$150 million and (B) 9% of Consolidated Net Tangible Assets Incurred under subclause (x) hereof on the date of determination (in the same transaction or series of transactions) of the Consolidated Senior Secured Debt Ratio not being
included in the calculation of the Consolidated Senior Secured Debt Ratio under this subclause (y) on such date but not, for the avoidance of doubt, excluded from any such calculation made on any such subsequent date); provided that
solely for the purpose of calculating the Consolidated Senior Secured Debt Ratio under this clause (i), any outstanding Indebtedness Incurred under this clause (i) that is unsecured shall nevertheless be deemed to be secured by a Lien; 

(ii) the Incurrence by the Issuers and the Guarantors of Indebtedness represented by the Notes (not including any Additional
Notes) and the Guarantees thereof, as applicable; 
 (iii) Indebtedness of the Company and its Restricted Subsidiaries
existing on the Issue Date (other than Indebtedness described in clause (i) or (ii) above); 

  
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 (iv) Indebtedness (including, without limitation, Capitalized Lease
Obligations and mortgage financings as purchase money obligations) Incurred by the Company or any of its Restricted Subsidiaries, Disqualified Stock issued by the Company or any of its Restricted Subsidiaries and Preferred Stock issued by any of its
Restricted Subsidiaries to finance all or any part of the purchase, lease, construction, installation, repair or improvement of property (real or personal), plant or equipment or other fixed or capital assets (whether through the direct purchase of
assets or the Capital Stock of any Person owning such assets) and Indebtedness arising from the conversion of the obligations of the Company or any Restricted Subsidiary under or pursuant to any “synthetic lease” transactions to on-balance sheet Indebtedness of the Company or such Restricted Subsidiary, in an aggregate principal amount or liquidation preference, including all Indebtedness Incurred and Disqualified Stock or Preferred Stock
issued to renew, refund, refinance, replace, defease or discharge any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued pursuant to this clause (iv), not to exceed the greater of (x) $175 million and (y) 11% of Consolidated
Net Tangible Assets, at any one time outstanding, plus, in the case of any refinancing of any Indebtedness permitted under this clause (iv) or any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid
interest, premiums and other costs and expenses incurred in connection with such refinancing (it being understood that any Indebtedness, Disqualified Stock or Preferred Stock Incurred pursuant to this clause (iv) shall cease to be deemed
Incurred or outstanding pursuant to this clause (iv) but shall be deemed Incurred and outstanding as Ratio Debt from and after the first date on which the Company or such Restricted Subsidiary, as the case may be, could have Incurred such
Indebtedness, Disqualified Stock or Preferred Stock as Ratio Debt (to the extent the Company or any of its Restricted Subsidiaries are able to Incur any Liens related thereto as Permitted Liens after such reclassification)); provided that
Capitalized Lease Obligations incurred by the Company or any Restricted Subsidiary pursuant to this clause (iv) in connection with a Sale/Leaseback Transaction shall not be subject to the foregoing limitation so long as the proceeds of such
Sale/Leaseback Transaction are used by the Company or such Restricted Subsidiary to permanently repay outstanding loans under any Credit Agreement or other Indebtedness secured by a Lien on the assets subject to such Sale/Leaseback Transaction; 

(v) Indebtedness Incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit or bank guarantees or similar instruments issued in the ordinary course of business, including, without limitation, (x) letters of credit or performance or surety bonds in respect of workers’ compensation
claims, health, disability or other employee benefits (whether current or former) or property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’
compensation claims, health, disability or other employee benefits (whether current or former) or property, casualty or liability insurance and (y) guarantees of Indebtedness Incurred by customers in connection with the purchase or other
acquisition of equipment or supplies in the ordinary course of business; 
 (vi) the Incurrence of Indebtedness, Disqualified
Stock or Preferred Stock arising from agreements of the Company or its Restricted Subsidiaries providing for indemnification, earn-outs, adjustment of purchase or acquisition price or similar obligations, in each case, Incurred in connection with
the acquisition or disposition of any business, assets or a Subsidiary of the Company in accordance with the terms of this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets
or Subsidiary for the purpose of financing such acquisition; 

  
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 (vii) Indebtedness or Disqualified Stock of the Company to a Restricted
Subsidiary; provided that (x) such Indebtedness or Disqualified Stock owing to a Non-Guarantor Subsidiary shall be subordinated in right of payment to the Issuers’ Obligations with
respect to this Indenture or the Guarantee of the Guarantors with respect to Obligations under this Indenture and (y) any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary
ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this
clause (vii); 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to the Company or another Restricted
Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by this
clause (viii); 
 (ix) Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary owing to the Company or
another Restricted Subsidiary; provided that (x) if PPD or a Guarantor Incurs such Indebtedness, Disqualified Stock or Preferred Stock owing to a Non-Guarantor Subsidiary, such Indebtedness,
Disqualified Stock or Preferred Stock is subordinated in right of payment to PPD’s Obligations with respect to this Indenture or the Guarantee of such Guarantor, as applicable, and (y) any subsequent issuance or transfer of any Capital
Stock or any other event that results in any Restricted Subsidiary lending such Indebtedness, Disqualified Stock or Preferred Stock ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness, Disqualified Stock
or Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness, Disqualified Stock or Preferred Stock not permitted by this clause (ix); 

(x) Swap Contracts or Cash Management Services Incurred not for speculative purposes; 

(xi) obligations (including reimbursement obligations with respect to letters of credit or bank guarantees or similar
instruments) in respect of self-insurance, performance, bid, appeal and surety bonds and completion guarantees and similar obligations provided by the Company or any Restricted Subsidiary; 

(xii) Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries and Preferred Stock of any of its
Restricted Subsidiaries in an aggregate principal amount or liquidation preference that, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and
Incurred pursuant to this clause (xii), does not exceed the greater of (x) $250 million and (y) 15% of Consolidated Net Tangible Assets, at any one time outstanding, plus, in the case of any refinancing of any Indebtedness, Disqualified
Stock or Preferred Stock permitted under this clause (xii) or any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection with such
refinancing (it being understood that any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued pursuant to this clause (xii) shall cease to be deemed Incurred, issued or outstanding pursuant to this clause (xii) but shall
be deemed Incurred or issued and outstanding as Ratio Debt from and after the first date on which the Company or such Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness or issued such Disqualified Stock or Preferred
Stock as Ratio Debt (to the extent the Company or any of its Restricted Subsidiaries are able to Incur any Liens related thereto as Permitted Liens after such reclassification)); 

  
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 (xiii) any guarantee by the Company or a Restricted Subsidiary of
Indebtedness or other obligations of the Company or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness or other obligations by the Company or such Restricted Subsidiary is permitted under the terms of this Indenture;

 (xiv) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness or Disqualified Stock or the
Incurrence of Preferred Stock of a Restricted Subsidiary that serves to refund, refinance, replace, redeem, repurchase, retire or defease, and is in an aggregate principal amount (or if issued with original issue discount an aggregate issue price)
that is equal to or less than, Indebtedness Incurred or Disqualified Stock or Preferred Stock issued as Ratio Debt or permitted under clause (ii), (iii), this clause (xiv), (xv) or (xviii) of this Section 3.3(b) or
subclause (y) of each of clauses (iv), (xii), (xx), (xxix) or (xxx) of this Section 3.3(b) (provided that any amounts incurred under this clause (xiv) as Refinancing Indebtedness of subclause
(y) of these clauses shall reduce the amount available under such subclause (y) of such clauses) so long as such Refinancing Indebtedness remains outstanding or any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued to
so refund, replace, refinance, redeem, repurchase, retire or defease such Indebtedness, Disqualified Stock or Preferred Stock, plus any additional Indebtedness Incurred or Disqualified Stock or Preferred Stock issued to pay unpaid accrued
interest and the aggregate amount of premiums (including tender premiums), and underwriting discounts, defeasance costs and fees and expenses in connection therewith (subject to the following proviso, “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

(1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred that is not less than the
remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced, replaced, redeemed, repurchased or retired; 

(2) in the case of any revolving Indebtedness, has a Stated Maturity which is no earlier than the Stated Maturity of the
Indebtedness being refunded, refinanced, replaced, redeemed, repurchased or retired; 
 (3) to the extent that such
Refinancing Indebtedness refinances (i) Subordinated Indebtedness, such Refinancing Indebtedness is Subordinated Indebtedness or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred
Stock, respectively; and 
 (4) shall not include (x) Indebtedness, Disqualified Stock or Preferred Stock of a Non-Guarantor Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuers or a Guarantor, or (y) Indebtedness or Disqualified Stock of the Company or Indebtedness, Disqualified
Stock or Preferred Stock of a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; 

provided that subclause (1) will not apply to any refunding or refinancing of any Secured Indebtedness; 

  
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 (xv) (i) Indebtedness, Disqualified Stock or Preferred Stock (x) of the
Company or any of its Restricted Subsidiaries Incurred or assumed in connection with an acquisition of any assets (including Capital Stock), business or Person and (y) of any Person that is acquired by the Company or any of its Restricted
Subsidiaries or merged into or consolidated or amalgamated with the Company or a Restricted Subsidiary in accordance with the terms of this Indenture and (ii) Indebtedness Incurred or assumed in anticipation of an acquisition of any assets,
business or Person; provided, however, that after giving effect to such acquisition, merger, consolidation or amalgamation and the Incurrence of such Indebtedness, Disqualified Stock or Preferred Stock, either: 

(1) the Company would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or 

(2) the Fixed Charge Coverage Ratio of the Company is equal to or greater than immediately prior to such acquisition, merger,
consolidation or amalgamation; 
 (xvi) Indebtedness arising from the honoring by a bank or other financial institution of a
check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; 
 (xvii)
Indebtedness of the Company or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to any credit facility permitted hereunder, so long as such letter of credit has not been terminated and is in a principal
amount not in excess of the stated amount of such letter of credit or bank guarantee; 
 (xviii) Contribution Indebtedness;

 (xix) Indebtedness, Disqualified Stock or Preferred Stock of the Company or any Restricted Subsidiary consisting of
(x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xx) Indebtedness, Disqualified Stock or Preferred Stock of Foreign Subsidiaries in an aggregate principal amount not to exceed
the greater of (x) $200 million and (y) 12% of Consolidated Net Tangible Assets, at any one time outstanding, plus, in the case of any refinancing of any Indebtedness, Disqualified Stock or Preferred Stock permitted under this clause or
any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses Incurred in connection with such refinancing, outstanding at any one time (it being understood that any
Indebtedness Incurred or Disqualified Stock or Preferred Stock issued pursuant to this clause (xx) shall cease to be deemed Incurred, issued or outstanding pursuant to this clause (xx) but shall be deemed Incurred or issued and outstanding
as Ratio Debt from and after the first date on which such Foreign Subsidiary could have Incurred such Indebtedness or issued such Disqualified Stock or Preferred Stock as Ratio Debt (to the extent the Company or any of its Restricted Subsidiaries
are able to Incur any Liens related thereto as Permitted Liens after such reclassification)); 
 (xxi) Indebtedness,
Disqualified Stock or Preferred Stock of a joint venture to the Company or a Restricted Subsidiary and to the other holders of Equity Interests or participants of such joint venture, so long as the percentage of the aggregate amount of such
Indebtedness, Disqualified Stock or Preferred Stock of such joint venture owed to such holders of its Equity Interests or participants of such joint venture does not exceed the percentage of the aggregate outstanding amount of the Equity Interests
of such joint venture held by such holders or such participant’s participation in such joint venture; 

  
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 (xxii) Indebtedness Incurred by a Receivables Subsidiary in a Qualified
Receivables Financing that is not recourse to the Company or any Restricted Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings); 

(xxiii) Indebtedness owed on a short-term basis to banks and other financial institutions Incurred in the ordinary course of
business of the Company and the Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements, including cash management, cash pooling arrangements and related activities to manage
cash balances of the Company and its Subsidiaries and joint ventures including treasury, depository, overdraft, credit, purchasing or debit card, electronic funds transfer and other cash management arrangements and Indebtedness in respect of netting
services, overdraft protection, credit card programs, automatic clearinghouse arrangements and similar arrangements; 

(xxiv) Indebtedness, Disqualified Stock or Preferred Stock consisting of Indebtedness, Disqualified Stock or Preferred Stock
issued by the Company or any Restricted Subsidiary to future, current or former officers, directors, managers, employees, consultants and independent contractors thereof or any direct or indirect parent thereof, their respective estates, heirs,
family members, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Company or any direct or indirect parent of the Company to the extent permitted by Section 3.4; 

(xxv) customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in
the ordinary course of business; 
 (xxvi) Indebtedness Incurred by the Company or a Restricted Subsidiary in connection with
bankers’ acceptances, discounted bills of exchange, warehouse receipts or similar facilities or the discounting or factoring of receivables for credit management purposes, in each case Incurred or undertaken in the ordinary course of business;

 (xxvii) Indebtedness Incurred or Disqualified Stock issued by the Company or any Restricted Subsidiary to the extent that
the net proceeds thereof are promptly deposited with the Trustee to satisfy and discharge the Notes in accordance with this Indenture; 

(xxviii) (i) guarantees Incurred in the ordinary course of business in respect of obligations to suppliers, customers,
franchisees, lessors, licensees, sub-licensees and distribution partners and (ii) Indebtedness Incurred by the Company or a Restricted Subsidiary as a result of leases entered into by the Company or such
Restricted Subsidiary or any direct or indirect parent of the Company in the ordinary course of business; 
 (xxix) the
incurrence by the Company or any Restricted Subsidiary of Indebtedness Incurred or Disqualified Stock or Preferred Stock issued on behalf, or representing guarantees of Indebtedness Incurred or Disqualified Stock or Preferred Stock issued by, joint
ventures; provided that the aggregate principal amount of Indebtedness Incurred or guaranteed or Disqualified Stock or Preferred Stock issued or guaranteed pursuant to this clause (xxix) does not at any one time outstanding exceed
the greater of (x) $50 million and (y) 3% of Consolidated Net Tangible Assets at any one time outstanding, plus, in the case of any refinancing of any Indebtedness, Disqualified Stock or Preferred Stock permitted under this

  
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 clause (xxix) or any portion thereof, the aggregate amount of fees, underwriting
discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection with such refinancing (it being understood that any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued pursuant to this clause
(xxix) shall cease to be deemed Incurred, issued or outstanding pursuant to this clause (xxix) but shall be deemed Incurred or issued and outstanding as Ratio Debt from and after the first date on which the Company or such Restricted
Subsidiary could have Incurred such Indebtedness or issued such Disqualified Stock or Preferred Stock as Ratio Debt (to the extent the Company or any of its Restricted Subsidiaries are able to Incur any Liens related thereto as Permitted Liens after
such reclassification)); 
 (xxx) Indebtedness, Disqualified Stock or Preferred Stock of the Company or a Restricted
Subsidiary Incurred to finance or assumed in connection with an acquisition of any assets (including Capital Stock), business or Person in an aggregate principal amount or liquidation preference that does not exceed the greater of (x)
$175 million and (y) 11% of Consolidated Net Tangible Assets, at any one time outstanding plus, in the case of any refinancing of any Indebtedness, Disqualified Stock or Preferred Stock permitted under this clause (xxx) or any
portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection with such refinancing (it being understood that any Indebtedness Incurred or
Disqualified Stock or Preferred Stock issued pursuant to this clause (xxx) shall cease to be deemed Incurred, issued or outstanding pursuant to this clause (xxx) but shall be deemed Incurred or issued and outstanding as Ratio Debt from and
after the first date on which the Company or such Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness or issued such Disqualified Stock or Preferred Stock as Ratio Debt (to the extent the Company or any of its Restricted
Subsidiaries are able to Incur any Liens related thereto as Permitted Liens after such reclassification)); 
 (xxxi)
Indebtedness consisting of obligations of the Company or any Restricted Subsidiary under deferred compensation or other similar arrangements incurred by such Person in connection with the Refinancing Transactions or any Permitted Investment; and

 (xxxii) unfunded pension fund and other employee benefit plan obligations and liabilities to the extent that they are
permitted to remain unfunded under applicable law. 
 (c) For purposes of determining compliance with this
Section 3.3, in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of Permitted Debt or is entitled to be Incurred or
issued as Ratio Debt, the Issuers shall, in their sole discretion, at the time of Incurrence or issuance, divide, classify or reclassify, or at any later time divide, classify or reclassify, such item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) in any manner that complies with this covenant, provided that all Indebtedness under the Senior Credit Agreement Incurred on or prior to the Issue Date shall be deemed to have been Incurred pursuant to
Section 3.3(b)(i)(x) and the Company shall not be permitted to reclassify all or any portion of Indebtedness Incurred on or prior to the Issue Date pursuant to Section 3.3(b)(i). Accrual of
interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest or dividends in the form of additional Indebtedness with the same terms, the payment of dividends on
Disqualified Stock or Preferred Stock in the form of additional shares of Disqualified Stock or Preferred Stock of the same class, the accretion of liquidation preference and increases in the amount of Indebtedness, Disqualified Stock or Preferred
Stock outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock for purposes of this covenant. 

  
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 Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness that are otherwise
included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such guarantee or letter of
credit, as the case may be, was in compliance with this Section 3.3. 
 For purposes of determining compliance with any
U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the
date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred (whichever yields the lower U.S. dollar-equivalent), in the case of revolving credit debt; provided that if such Indebtedness is Incurred to
refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such
refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced (plus unpaid
accrued interest and the aggregate amount of premiums (including tender premiums) and underwriting discounts, defeasance costs and fees, discounts and expenses in connection therewith). 

The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness
being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 

SECTION 3.4. Limitation on Restricted Payments. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any payment or distribution on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests, including any payment made in connection with any merger or consolidation involving the Company (other than (A) dividends or distributions by the Company payable solely in Equity Interests (other than
Disqualified Stock) of the Company; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted
Subsidiary other than a Wholly Owned Restricted Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities);

 (ii) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Company or any direct
or indirect parent of the Company, including in connection with any merger or consolidation; 
 (iii) make any principal
payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Issuers or any Guarantor (other than the
payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness of the Issuers or any Guarantor in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each
case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clause (vii) or (ix) of Section 3.3(b); or 

(iv) make any Restricted Investment; 

  
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 (all such payments and other actions set forth in clauses (i) through (iv) above being collectively
referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 
 (A) no Default or
Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 
 (B) immediately after
giving effect to such transaction on a Pro Forma Basis, the Company could Incur $1.00 of additional Indebtedness as Ratio Debt; and 

(C) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its
Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clause (i) of Section 3.4(b), but excluding all other Restricted Payments permitted by Section 3.4(b)),
is less than the sum of, without duplication: 
 (1) (x) $100 million plus (y) 50.0% of the Consolidated Net Income of
the Company for the period (taken as one accounting period) beginning on April 1, 2015 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted
Payment, or, in the case that such Consolidated Net Income for such period is a deficit, minus 100.0% of such deficit, plus 

(2) 100% of the aggregate net proceeds, including cash and the Fair Market Value of assets (other than cash), received by the
Company after the Issue Date from the issue or sale of Equity Interests of the Company (other than Excluded Equity), including such Equity Interests issued upon exercise of warrants or options, plus 

(3) 100% of the aggregate amount of contributions to the capital of the Company received in cash and the Fair Market Value of
assets (other than cash) after the Issue Date (other than Excluded Equity), plus 
 (4) the principal amount of any
Indebtedness, or the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock, in each case, of the Company or any Restricted Subsidiary thereof issued after the Issue Date (other than Indebtedness or
Disqualified Stock issued to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Company or any Restricted Subsidiary (other than to the extent such employee stock ownership plan or trust has been funded by the
Company or any Restricted Subsidiary)) that, in each case, has been converted into or exchanged for Equity Interests in the Company or any direct or indirect parent of the Company (other than Excluded Equity), plus 

(5) 100% of the aggregate amount received by the Company or any Restricted Subsidiary in cash and the Fair Market Value of
assets (other than cash) received by the Company or any Restricted Subsidiary from: 
 (A) the sale or other disposition
(other than to the Company or a Restricted Subsidiary of the Company) of Restricted Investments made by the Company and its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Company and its
Restricted Subsidiaries by any Person (other than the Company or any of its Restricted Subsidiaries) and from repayments of loans or advances that constituted Restricted Investments, 

  
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 (B) the sale (other than to the Company or a Restricted Subsidiary or an
employee stock ownership plan or trust established by the Company or any Restricted Subsidiary (other than to the extent such employee stock ownership plan or trust has been funded by the Company or any Restricted Subsidiary)) of the Capital Stock
of an Unrestricted Subsidiary, 
 (C) any distribution or dividend from an Unrestricted Subsidiary, plus 

(6) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or a Restricted Subsidiary, in each case after the Issue Date, the Fair Market Value of the Investment of the Company in such Unrestricted
Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made
pursuant to Section 3.4(b)(x) or constituted a Permitted Investment, plus 
 (7) the
aggregate amount of Retained Declined Proceeds since the Issue Date (to the extent holders were provided notice in connection with the Asset Sale Offer related thereto that any Excess Proceeds not accepted by the holders shall constitute Retained
Declined Proceeds and such Retained Declined Proceeds will increase the amount available for Restricted Payments under Section 3.4(a)(C) to the extent not otherwise applied in accordance with
Section 3.4(b)(xi)). 
 (b) The provisions of Section 3.4(a) will not prohibit: 

(i) the payment of any dividend or distribution or consummation of any redemption within 60 days after the date of declaration
thereof or the giving of a redemption notice related thereto, if at the date of declaration or notice such payment would have complied with the provisions of this Indenture; 

(ii) (a) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) of the Company or any direct or indirect parent of the Company, or Subordinated Indebtedness of the Issuers or any Guarantor, in exchange for, or out of the proceeds of the issuance or sale of, Equity Interests of the Company or any
direct or indirect parent of the Company or contributions to the equity capital of the Company (other than Excluded Equity) (collectively, including any such contributions, “Refunding Capital Stock”); 

(b) the declaration and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the issuance or sale
(other than to a Restricted Subsidiary of the Company or to an employee stock ownership plan or any trust established by the Company or any of its Restricted Subsidiaries) of Refunding Capital Stock; and 

(c) if immediately prior to the retirement of the Retired Capital Stock, the declaration and payment of dividends thereon was
permitted pursuant to this Section 3.4 and has not been made as of such time (the “Unpaid Amount”), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital
Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of the Company or any direct or indirect parent of the Company) in an aggregate amount no greater than the Unpaid Amount (with the payment
of such Unpaid Amount being treated as a payment under the applicable provision); 

  
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 (iii) the prepayment, redemption, defeasance, repurchase or other
acquisition or retirement of Subordinated Indebtedness of the Issuers or any Guarantor made by exchange for, or out of the proceeds of the Incurrence of, Refinancing Indebtedness thereof; 

(iv) the purchase, retirement, redemption or other acquisition (or Restricted Payments to the Company or any direct or indirect
parent of the Company to finance any such purchase, retirement, redemption or other acquisition) for value of Equity Interests (including related stock appreciation rights or similar securities) of the Company or any direct or indirect parent of the
Company held directly or indirectly by any future, present or former employee, officer, director, manager, consultant or independent contractor of the Company or any direct or indirect parent of the Company or any Subsidiary of the Company or their
estates, heirs, family members, spouses or former spouses or permitted transferees (including for all purposes of this clause (iv), Equity Interests held by any entity whose Equity Interests are held by any such future, present or former employee,
officer, director, manager, consultant or independent contractor or their estates, heirs, family members, spouses or former spouses or permitted transferees) pursuant to any management equity plan or stock option plan or any other management or
employee benefit plan or other agreement or arrangement or any stock subscription or shareholder or similar agreement; provided, however, that the aggregate amounts paid under this clause (iv) shall not exceed (x)
$25 million in any calendar year or (y) subsequent to the consummation of an underwritten public Equity Offering of common stock of the Company or any direct or indirect parent of the Company, $40 million in any calendar year
(with unused amounts in any calendar year being permitted to be carried over for the next two succeeding calendar years); provided, further, however, that such amount in any calendar year may be increased by an amount not to
exceed: 
 (a) the cash proceeds received by the Company from the issuance or sale of Equity Interests (other than
Disqualified Stock) of the Company or any direct or indirect parent of the Company (to the extent contributed to the Company), in each case, to any future, present or former employees, officers, directors, managers, consultants or independent
contractors of the Company or its Restricted Subsidiaries or any direct or indirect parent of the Company that occurs on or after the Issue Date; provided that the amount of such cash proceeds utilized for any such repurchase, retirement,
other acquisition or dividend will not increase the amount available for Restricted Payments under Section 3.4(a)(C); plus 

(b) the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries or any direct
or indirect parent of the Company (to the extent contributed to the Company) after the Issue Date; plus 
 (c) the
amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent contractors of the Company or its Restricted Subsidiaries or any direct or indirect parent of the Company that are foregone in
return for the receipt of Equity Interests; less 
 (d) the amount of cash proceeds described in subclause (a), (b) or
(c) of this clause (iv) previously used to make Restricted Payments pursuant to this clause (iv); provided that the Issuers may elect to apply all or any portion of the aggregate increase contemplated by subclauses (a), (b) and
(c) above in any calendar year; 
 provided, further, that cancellation of Indebtedness owing to the Company or any
Restricted Subsidiary from any future, current or former officer, director, employee, manager, consultant or independent contractor (or any permitted transferees thereof) of the Company or any of its Restricted Subsidiaries or any direct or
indirect parent of the Company, in connection with a repurchase of Equity Interests of the Company or any direct or indirect parent of the Company from such Persons will not be deemed to constitute a Restricted Payment for purposes of this covenant
or any other provisions of this Indenture; 

  
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 (v) the declaration and payment of dividends or distributions to holders of
any class or series of Disqualified Stock of the Company or any of its Restricted Subsidiaries and any class or series of Preferred Stock of any Restricted Subsidiaries issued or Incurred in accordance with Section 3.3;

 (vi) the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred
Stock (other than Disqualified Stock) and the declaration and payment of dividends to the Company or any direct or indirect parent of the Company, the proceeds of which will be used to fund the payment of dividends to holders of any class or series
of Designated Preferred Stock (other than Disqualified Stock) of the Company or any direct or indirect parent of the Company issued after the Issue Date; provided, however, that (A) for the most recently ended four full fiscal
quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, the Fixed Charge Coverage Ratio of the Company is 2.00 to 1.00 or greater and (B) the aggregate amount
of dividends declared and paid pursuant to this clause (vi) does not exceed the net cash proceeds actually received by the Company from the sale (or the contribution of the net cash proceeds from the sale) of Designated Preferred Stock; 

(vii) Restricted Payments made within 45 days of the consummation of the Refinancing Transactions (or made subsequent to such 45-day period if made pursuant to an agreement entered into during such 45-day period), including without limitation, (i) to Holdings for the redemption, repayment or
defeasance of or other payment with respect to the satisfaction and discharge of the Existing Holdco Notes in accordance with the terms thereof and (ii) dividends or distributions to holders of Equity Interests of the Company or any direct or
indirect parent of the Company in an aggregate amount not to exceed $500 million in the aggregate; 
 (viii) the
declaration and payment of dividends on the Company’s common stock (or the payment of dividends to any direct or indirect parent of the Company to fund the payment by any direct or indirect parent of the Company of dividends on such
entity’s common stock) of up to 6% per annum of the net cash proceeds received by the Company from any public offering of common stock or contributed to the Company by any direct or indirect parent of the Company from any public offering of
common stock, other than public offerings with respect to the Company’s common stock registered on Form S-4 or S-8 or successor form thereto and other than any
public sale constituting Excluded Contributions; 
 (ix) Restricted Payments that are made with Excluded Contributions; 

(x) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this
clause (x) not to exceed the greater of (x) $250 million and (y) 15% of Consolidated Net Tangible Assets; 
 (xi)
the payment, purchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness, Disqualified Stock or Preferred Stock of the Company and its Restricted Subsidiaries pursuant to provisions similar to those
described under Sections 3.7 and 3.9; provided that, prior to such payment, purchase, redemption, defeasance or other acquisition or retirement for value, the Issuers (or a third party to the extent permitted by this Indenture)
have made any Change of Control Offer or Asset Sale Offer, as the case may be, with respect to the Notes, and have repurchased, redeemed, defeased, acquired or retired all Notes validly tendered and not withdrawn in connection with such Change of
Control Offer or Asset Sale Offer, as the case may be; 

  
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 (xii) for so long as the Company or any of its Subsidiaries are members of a
group filing a consolidated, combined, affiliated or unitary income tax return with Holdings or any other direct or indirect parent of the Company, Restricted Payments to Holdings or such other direct or indirect parent of the Company in amounts
required for Holdings or such other parent entity to pay federal, national, foreign, state and local income taxes (and franchise taxes) imposed on such entity to the extent such income taxes (and franchise taxes) are attributable to the income of
the Company and its Subsidiaries; provided, however, that the amount of such payments in respect of any tax year does not, in the aggregate, exceed the amount that the Company and its Subsidiaries that are members of such consolidated,
combined, affiliated or unitary group would have been required to pay in respect of federal, national, foreign, state and local income and/or franchise taxes (as the case may be) in respect of such year if the Company and its Subsidiaries paid such
income taxes directly on a separate company basis or as a stand-alone consolidated, combined, affiliated or unitary income (or franchise in lieu of income) tax group (reduced by any such taxes paid directly by the Company or any Subsidiary); 

(xiii) the declaration and payment of dividends, other distributions or other amounts to, or the making of loans to Holdings or
any other direct or indirect parent of the Company, in the amount required for such entity to, if applicable: 
 (a) pay
amounts equal to the amounts required for Holdings or any other direct or indirect parent of the Company to pay fees and expenses (including Related Taxes), customary salary, bonus and other benefits payable to, and indemnities provided on behalf
of, officers, employees, directors, managers, consultants or independent contractors of Holdings or any other direct or indirect parent of the Company, if applicable, and general corporate operating (including, without limitation, expenses related
to auditing and other accounting matters) and overhead costs and expenses of the Company or any direct or indirect parent of the Company, if applicable, in each case to the extent such fees, expenses, salaries, bonuses, benefits and indemnities are
attributable to the ownership or operation of the Company and its Subsidiaries; 
 (b) pay, if applicable, amounts equal to
amounts required for Holdings or any other direct or indirect parent of the Company to pay interest and/or principal on Indebtedness the proceeds of which have been contributed to the Company (other than as Excluded Equity) and that has been
guaranteed by, and is otherwise considered Indebtedness of, the Company or any Restricted Subsidiary Incurred in accordance with Section 3.3 (except to the extent any such payments have otherwise been made by any such
Guarantor); 
 (c) pay fees and expenses incurred by Holdings or any other direct or indirect parent of the Company related
to (i) the maintenance of such parent entity of its corporate or other entity existence and performance of its obligations under this Indenture and similar obligations under any Credit Agreement, (ii) any unsuccessful equity or debt
offering of such parent entity (or any debt or equity offering from which such parent does not receive any proceeds) and (iii) any equity or debt issuance, incurrence or offering, any disposition or acquisition or any investment transaction by
the Company or any of its Restricted Subsidiaries (or any acquisition of or investment in any business, assets or property that will be contributed to the Company or any of its Restricted Subsidiaries as part of the same or a related transaction)
permitted by this Indenture; 
 (d) make payments to the Sponsors for any monitoring, consulting, management, transaction,
advisory, financing, underwriting or placement services or in respect of other investment banking activities, termination or similar fees, indemnities, reimbursements and reasonable and documented out-of-pocket fees and expenses of the Sponsors including, without limitation, in connection with acquisitions or divestitures, which payments are approved in respect of such activities by a majority of the
Board of Directors of the Company or any direct or indirect parent of the Company in good faith; 

  
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 (e) pay franchise and excise taxes and other fees, taxes and expenses in
connection with any ownership of the Company or any of its Subsidiaries or required to maintain their organizational existences; 

(f) make payments for the benefit of the Company or any of its Restricted Subsidiaries to the extent such payments could have
been made by the Company or any of its Restricted Subsidiaries because such payments (x) would not otherwise be Restricted Payments and (y) would be permitted by Section 3.8; and 

(g) Restricted Payments to any direct or indirect parent of the Company to finance, or to any direct or indirect parent of the
Company for the purpose of paying to any other direct or indirect parent of the Company to finance, any Investment that, if consummated by the Company or any Restricted Subsidiary, would be a Permitted Investment; provided that (i) such
Restricted Payment is made substantially concurrently with the closing of such Investment and (ii) promptly following the closing thereof, such direct or indirect parent of the Company causes (x) all property acquired (whether assets or
Equity Interests) to be contributed to the Company or any Restricted Subsidiary or (y) the merger, consolidation or amalgamation (to the extent permitted by Section 4.1) of the Person formed or acquired into the
Company or any Restricted Subsidiary in order to consummate such acquisition or Investment, in each case, in accordance with the requirements of Section 3.11; 

(xiv) (i) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests
represent a portion of the exercise price of such options or warrants, (ii) payments made or expected to be made by the Company or any Restricted Subsidiary in respect of withholding or similar taxes payable or expected to be payable by any future,
present or former director, officer, employee, manager, consultant or independent contractor of the Company or any direct or indirect parent of the Company or any Subsidiary of the Company (or their respective Affiliates, estates or immediate family
members) in connection with the exercise of stock options or the grant, vesting or delivery of Equity Interests and (iii) loans or advances to officers, directors, employees, managers, consultants and independent contractors of the Company or
any direct or indirect parent of the Company or any Subsidiary of the Company in connection with such Person’s purchase of Equity Interests of the Company or any direct or indirect parent of the Company; provided that no cash is actually
advanced pursuant to this subclause (iii) other than to pay taxes due in connection with such purchase, unless immediately repaid; 

(xv) purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables
Financing and the payment or distribution of Receivables Fees; 
 (xvi) payments or distributions to satisfy dissenters’
rights, pursuant to or in connection with a consolidation, merger, amalgamation or transfer of assets that complies with the provisions of this Indenture; 

(xvii) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a
Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents); 

(xviii) the payment of cash in lieu of the issuance of fractional shares of Equity Interests in connection with any merger,
consolidation, amalgamation or other business combination, or in connection with any dividend, distribution or split of or upon exercise, conversion or exchange of Equity Interests, warrants, options or other securities exercisable or convertible
into, Equity Interests of the Company or any direct or indirect parent of the Company; 

  
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 (xix) Investments in Unrestricted Subsidiaries having an aggregate Fair
Market Value, taken together with all other Investments made pursuant to this clause (xix) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist
of cash, Cash Equivalents or marketable securities, not to exceed the greater of (x) $150 million and (y) 9% of Consolidated Net Tangible Assets (with the Fair Market Value of each Investment being measured at the time made and without giving
effect to subsequent changes in value); 
 (xx) the making of payments to or on behalf of the Sponsors for any other
financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are approved in respect of such
activities by a majority of the Board of Directors of the Company or any direct or indirect parent of the Company in good faith; 

(xxi) any additional Restricted Payment so long as immediately after giving effect to the making of such Restricted Payment,
the Company’s Consolidated Total Debt Ratio does not exceed 5.00 to 1.00; 
 (xxii) payments, dividends or distributions
with any Total Leverage Excess Proceeds; and 
 (xxiii) Restricted Payments made with the Net Cash Proceeds from the sale or
other disposition of the Existing Non-Core Assets, distributions in the form of returns of capital from the Existing Non-Core Assets or the dividend or distribution of
the Capital Stock or assets of the Existing Non-Core Assets; 
 provided, however, that at the time
of, and after giving effect to, any Restricted Payment permitted under clauses (x), (xxi), (xxii) and (xxiii) of this Section 3.4(b), no Event of Default shall have occurred and be continuing or would occur as a
consequence thereof. For purposes of clauses (xii) and (xiii) of this Section 3.4(b), taxes and Related Taxes shall include all interest and penalties with respect thereto and all additions thereto. 

As of the Issue Date, all of the Company’s Subsidiaries will be Restricted Subsidiaries. The Company will not permit any Unrestricted
Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Company
and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments or Permitted Investments in an amount determined as set forth in the last sentence of the definition of
“Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
Unrestricted Subsidiaries will not be subject to any of the restrictive covenants set forth in this Indenture. 
 For purposes of this
Section 3.4, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant to one or more provisions described above and/or one or more of the exceptions contained in the definition of
“Permitted Investments,” the Company may divide and classify such Investment or Restricted Payment (or a portion thereof) in any manner that complies with this covenant and may later divide and reclassify any such Investment or Restricted
Payment so long as the Investment or Restricted Payment (as so divided and/or reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification. 

  
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 SECTION 3.5. Liens. 

(a) Prior to a Covenant Suspension Event or following any Reversion Date and during any period when there is no election by the Issuers
pursuant to Section 3.5(b), the Issuers will not, and will not permit any Guarantor to, directly or indirectly, create, Incur or suffer to exist any Lien securing Indebtedness (other than Permitted Liens) on any asset or
property of the Issuers or Guarantors, unless (1) in the case of Liens securing Subordinated Indebtedness, the Notes and any applicable Guarantee are secured by a Lien on such property or assets and the proceeds thereof that is senior in
priority to such Liens; or (2) in all other cases, the Notes and the applicable Guarantee are secured by a Lien on such property or assets and the proceeds thereof equally and ratably with or prior to such Liens. 

(b) Following a Covenant Suspension Event, the Issuers may elect by written notice to the Trustee to be subject to this clause (b) with
respect to the limitation on Liens in lieu of Section 3.5(a) (such date, the “Election Date”). From and after making such election, the Issuers will not and will not permit any of the Company’s
Principal Property Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien of any kind upon any (1) Restricted Property or (2) shares of Capital Stock or evidence of Indebtedness for borrowed money issued by any
Principal Property Subsidiary, whether owned at the Issue Date or thereafter acquired, without making effective provision, and the Issuers in such case will make or cause to be made effective provision, whereby the Notes and the applicable
Guarantees shall be secured by such Lien equally and ratably with any and all other Indebtedness or obligations thereby secured, so long as such Indebtedness or obligations shall be so secured; provided, however, that the foregoing
shall not apply to any of the following: 
 (1) Liens that exist on the date of the Covenant Suspension Event (other than
Liens incurred on or prior to the Election Date in reliance on clause (24) or (25) of the definition of “Permitted Liens” or refinancings thereof incurred on or prior to the Election Date under clause (23) of the definition of
“Permitted Liens”); 
 (2) Liens on property, shares of Capital Stock or evidence of Indebtedness of any
corporation existing at the time such corporation becomes a Guarantor; 
 (3) Liens in favor of the Issuers or any Guarantor;

 (4) Liens in favor of governmental bodies to secure progress, advance or other payments pursuant to contract or statute or
Indebtedness incurred to finance all or a part of construction of or improvements to property subject to such Liens; 
 (5)
Liens (i) on property, shares of Capital Stock or evidences of Indebtedness for borrowed money existing at the time of acquisition thereof (including acquisition through merger, amalgamation or consolidation), and construction and improvement
Liens that are entered into within one year from the date of such construction or improvement; provided that in the case of construction or improvement the Lien shall not apply to any property theretofore owned by the Issuers or any Guarantor
except substantially unimproved real property on which the property so constructed or the improvement is located and (ii) for the acquisition of any real property, which Liens are created within 180 days after the completion of such acquisition
to secure or provide for the payment of the purchase price of the real property acquired; provided that with respect to clauses (i) and (ii), any such Liens do not extend to any other property of the Issuers or any of the Guarantors
(whether such property is then owned or thereafter acquired); 
 (6) mechanics’, landlords’ and similar Liens
arising in the ordinary course of business in respect of obligations not due or being contested in good faith; 
 (7) Liens
for taxes, assessments, or governmental charges or levies that are not delinquent or are being contested in good faith; 

(8) Liens arising from any legal proceedings that are being contested in good faith; 

  
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 (9) any Liens that (i) are incidental to the ordinary conduct of its
business or the ownership of its properties and assets, including Liens incurred in connection with workmen’s compensation, unemployment insurance or other forms of governmental insurance or benefits, or to secure performance of tenders,
statutory obligations, leases and contracts, (ii) were not incurred in connection with the borrowing of money or the obtaining of advances or credit and (iii) do not in the aggregate materially detract from the value of the property of the
Issuers or any other Guarantor or materially impair the use thereof in the operation of its business; and 
 (10) Liens for
the sole purpose of extending, renewing or replacing in whole or in part any of the foregoing. 
 (c) Notwithstanding the provisions of
Section 3.5(b), the Company or any Subsidiary may, without equally and ratably securing the Notes and the Guarantees, create or assume Liens which would otherwise be subject to the foregoing restrictions if at the time of
such creation or assumption, and after giving effect thereto, Exempted Indebtedness does not exceed 10% of Consolidated Net Tangible Assets. 

(d) Any Lien that is granted to secure the Notes or the applicable Guarantee pursuant to clauses (a), (b) or (c) of
this Section 3.5 shall be automatically and unconditionally released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes or such Guarantee under clauses
(a), (b) or (c) of this Section 3.5 (other than a release as a result of the enforcement of remedies in respect of such Lien or the Obligations secured by such Lien). 

(e) With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any
accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original issue discount or liquidation preference,
any fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection therewith and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of
currencies or increases in the value of property securing Indebtedness. 
 SECTION 3.6. Dividend and Other Payment Restrictions Affecting
Subsidiaries. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries (other than PPD or the Guarantors) to,
directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary (other than PPD or the Guarantors) to: 

(A) (i) pay dividends or make any other distributions to the Company or any of its Restricted Subsidiaries on its Capital
Stock; or (ii) pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries; 
 (B) make loans or
advances to the Company or any of its Restricted Subsidiaries; or 
 (C) sell, lease or transfer any of its properties or
assets to the Company or any of its Restricted Subsidiaries. 

  
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 However, the preceding restrictions will not apply to encumbrances or restrictions existing under or by
reason of: 
 (i) contractual encumbrances or restrictions of the Company or any of its Restricted Subsidiaries in effect on
the Issue Date, including pursuant to the Senior Credit Agreement and the other documents relating to the Senior Credit Agreement, related Swap Contracts and Indebtedness permitted pursuant to clause (iii) of
Section 3.3(b); 
 (ii) this Indenture, the Notes, and the Guarantees; 

(iii) applicable law or any applicable rule, regulation or order; 

(iv) any agreement or other instrument of a Person acquired by or merged, amalgamated or consolidated with or into the Company
or any Restricted Subsidiary or an Unrestricted Subsidiary that is designated a Restricted Subsidiary that was in existence at the time of such acquisition (or at the time it merges with or into the Company or any Restricted Subsidiary or assumed in
connection with the acquisition of assets from such Person (but, in each case, not created in contemplation thereof)), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the
Person, or the property or assets of the Person, so acquired or designated; provided that in connection with a merger, amalgamation or consolidation under this clause (iv), if a Person other than the Company or such Restricted Subsidiary is
the successor company with respect to such merger, amalgamation or consolidation, any agreement or instrument of such Person or any Subsidiary of such Person, shall be deemed acquired or assumed, as the case may be, by the Company or such Restricted
Subsidiary, as the case may be, at the time of such merger, amalgamation or consolidation; 
 (v) customary encumbrances or
restrictions contained in contracts or agreements for the sale of assets applicable to such assets pending consummation of such sale, including customary restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement entered
into for the sale or disposition of Capital Stock or assets of such Restricted Subsidiary; 
 (vi) restrictions on cash or
other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (vii)
customary provisions in operating or other similar agreements, asset sale agreements and stock sale agreements entered into in connection with the entering into of such transaction, which limitation is applicable only to the assets that are the
subject of those agreements; 
 (viii) purchase money obligations for property acquired and Capitalized Lease Obligations
entered into in the ordinary course of business, to the extent such obligations impose restrictions of the nature discussed in clause (C) of this Section 3.6(a) on the property so acquired; 

(ix) customary provisions contained in leases, sub-leases, licenses, sublicenses,
contracts and other similar agreements entered into in the ordinary course of business to the extent such obligations impose restrictions of the type described in clause (C) of this Section 3.6(a) on the property subject to
such lease; 
 (x) any encumbrance or restriction effected in connection with a Qualified Receivables Financing that, in the
good faith determination of the Issuers, are necessary or advisable to effect such Qualified Receivables Financing; 

  
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 (xi) other Indebtedness, Disqualified Stock or Preferred Stock of the
Company or any Restricted Subsidiary that is Incurred subsequent to the Issue Date pursuant to Section 3.3; provided that (i) such encumbrances and restrictions contained in any agreement or instrument will not
materially affect the Issuers’ ability to make anticipated principal or interest payments on the Notes (as determined by the Company in good faith) or (ii) such encumbrances and restrictions contained in any agreement or instrument taken
as a whole are not materially less favorable to the Holders than the encumbrances and restrictions contained in this Indenture or the Senior Credit Agreement (as determined by the Company in good faith); 

(xii) any encumbrance or restriction contained in Secured Indebtedness otherwise permitted to be Incurred pursuant to
Sections 3.3 and 3.5 to the extent limiting the right of the debtor to dispose of the assets securing such Indebtedness; 

(xiii) any encumbrance or restriction arising or agreed to in the ordinary course of business, not relating to any
Indebtedness, and that do not, individually or in the aggregate, (x) detract from the value of the property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary or
(y) materially affect the Issuers’ ability to make future principal or interest payments on the Notes, in each case, as determined by the Company in good faith; 

(xiv) customary provisions in joint venture agreements or arrangements and other similar agreements or arrangements relating
solely to the applicable joint venture; and 
 (xv) any encumbrances or restrictions of the type referred to in clauses (A),
(B) and (C) of this Section 3.6(a) imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to
in the immediately preceding clauses (i) through (xiv); provided that such encumbrances and restrictions contained in any such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing
are, in the good faith judgment of the Company, not materially more restrictive, taken as a whole, than the encumbrances and restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or
refinancing. 
 (b) For purposes of determining compliance with this Section 3.6, (i) the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the
subordination of loans or advances made to the Company or a Restricted Subsidiary to other Indebtedness Incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

SECTION 3.7. Asset Sales. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless: 

(i) the Company or any of its Restricted Subsidiaries, as the case may be, receives consideration (including by way of relief
from, or by any other person assuming responsibility for, any liabilities, contingent or otherwise) at the time of such Asset Sale at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of
the assets sold or otherwise disposed of; and 

  
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 (ii) except in the case of a Permitted Asset Swap, at least 75% of the
consideration therefor received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents or Replacement Assets; provided that the amount of: 

(1) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet or in the
notes thereto for which internal financial statements are available immediately preceding such date or, if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s or
such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet in the good faith determination of the Company) of the Company or such Restricted
Subsidiary (other than liabilities that are by their terms subordinated to the Notes) that are extinguished in connection with the transactions relating to such Asset Sale, or that are assumed by the transferee of any such assets or Equity
Interests, in each case, pursuant to an agreement that releases or indemnifies the Company or such Restricted Subsidiary, as the case may be, from further liability; 

(2) any notes or other obligations or other securities or assets received by the Company or such Restricted Subsidiary from
such transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in
each case, within 180 days of the receipt thereof; and 
 (3) any Designated Non-cash
Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received
pursuant to this subclause (3) that is at that time outstanding, not to exceed the greater of (x) $225 million and (y) 14% of Consolidated Net Tangible Assets, calculated at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to
subsequent changes in value); 
 shall each be deemed to be Cash Equivalents for the purposes of this clause (ii). 

(b) Within 455 days after the Company’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset Sale, the
Company or such Restricted Subsidiary may apply an amount equal to the Net Cash Proceeds from such Asset Sale, at its option: 

(i) to reduce Obligations under the Senior Credit Agreement and in the case of revolving loans, to correspondingly reduce
commitments with respect thereto; 
 (ii) to reduce Obligations under Indebtedness (other than Subordinated Indebtedness)
that is secured by a Lien, which Lien is permitted by this Indenture and, in the case of revolving loans, to correspondingly reduce commitments with respect thereto; 

(iii) to reduce Obligations under (x) Pari Passu Indebtedness of the Issuers or the Guarantors (provided that if
the Issuers or any Guarantor shall so reduce such Obligations under Pari Passu Indebtedness other than the Notes, the Issuers shall (A) equally and ratably reduce Obligations under the Notes as provided in Section 5.1
or through open-market purchases (to the extent such purchases are at or above 100.0% of the principal amount thereof) or (B) make an offer (in accordance with the procedures set forth below for an Asset

  
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 Sale Offer) to all Holders to purchase at a purchase price equal to 100.0% of the principal
amount thereof, plus accrued and unpaid interest, if any, the principal amount of Notes that would otherwise be redeemed under subclause (A) above) or (y) Indebtedness of a Non-Guarantor Subsidiary,
in each case, other than Indebtedness owed to the Company or another Restricted Subsidiary (and, in the case of revolving loans, to correspondingly reduce commitments with respect thereto); 

(iv) to make an investment in any one or more businesses, assets (other than working capital assets), or property or capital
expenditures, in each case used or useful in a Similar Business; provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary; 

(v) to make an investment in any one or more businesses, properties (other than working capital assets) or assets (other than
working capital assets) that replace the businesses, properties and/or assets that are the subject of such Asset Sale; provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results
in such Person becoming a Restricted Subsidiary; or 
 (vi) any combination of the foregoing; 

provided that the Company and its Restricted Subsidiaries will be deemed to have complied with the provisions described in clause (iv) or
(v) of this Section 3.7(b) if and to the extent that, within 455 days after the Asset Sale that generated the Net Cash Proceeds, the Company or such Restricted Subsidiary, as applicable, has entered into and not abandoned
or rejected a binding agreement to make an investment in compliance with the provision described in clauses (iv) and (v) of this Section 3.7(b), and that investment is thereafter completed within 180 days after the end
of such 455-day period. 
 (c) Notwithstanding the foregoing, to the extent that any of or all the
Net Cash Proceeds of any Asset Sales by a Foreign Subsidiary is prohibited or delayed by applicable local law from being repatriated to the United States, the portion of such Net Cash Proceeds so affected will not be required to be applied in
compliance with this Section 3.7, and such amounts may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit repatriation to the United States (the Issuers
hereby agreeing to use reasonable efforts to cause the applicable Foreign Subsidiary to take all actions reasonably required by the applicable local law, applicable organizational impediments or other impediment to permit such repatriation), and if
such repatriation of any of such affected Net Cash Proceeds is permitted under the applicable local law, such repatriation will be promptly effected and such repatriated Net Cash Proceeds will be applied (whether or not repatriation actually occurs)
in compliance with this Section 3.7. The time periods set forth in this Section 3.7 shall not start until such time as the Net Cash Proceeds may be repatriated (whether or not such repatriation
actually occurs). 
 (d) Pending the final application of any such amount of Net Cash Proceeds, the Company or such Restricted Subsidiary may
temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest or utilize such Net Cash Proceeds in any manner not prohibited by this Indenture. Any amount of Net Cash Proceeds from any Asset Sale that is not invested
or applied as provided and within the time period set forth in Section 3.7(b) shall be deemed to constitute “Excess Proceeds;” provided that any amount of proceeds offered to Holders pursuant to
Section 3.7(b)(iii)(x) or pursuant to an Asset Sale Offer made at any time after the Asset Sale shall be deemed to have been applied as required and shall not be deemed to be Excess Proceeds without regard
to the extent to which such offer is accepted by the Holders. When the aggregate amount of Excess Proceeds less Total Leverage Excess Proceeds exceeds $50 million, the Issuers shall make an offer (an “Asset Sale Offer”) to all
Holders and, 

  
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if required by the terms of any Pari Passu Indebtedness, to all holders of such Pari Passu Indebtedness, to purchase the maximum principal amount of such Notes and Pari Passu Indebtedness, as
appropriate, on a pro rata basis, that may be purchased out of the Excess Proceeds at an offer price, in the case of the Notes, in cash in an amount equal to 100.0% of the principal amount thereof (or in the event such other Indebtedness was issued
with original issue discount, 100.0% of the accreted value thereof), plus accrued and unpaid interest, if any (or such lesser price with respect to Pari Passu Indebtedness, if any, as may be provided by the terms of such other Indebtedness), to (but
not including) the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture and the agreement governing such Pari Passu Indebtedness. However, the Issuers shall only be required to make an Asset Sale
Offer with 50% of the Excess Proceeds if the Consolidated Total Debt Ratio for the Company is less than or equal to the Specified Consolidated Total Debt Ratio after giving effect to any application of any Net Cash Proceeds as set forth herein,
including making an offer to repurchase a portion of the Notes (any Excess Proceeds not required to be offered in an Asset Sale Offer in reliance on this sentence (i.e. such 50%) shall constitute “Total Leverage Excess Proceeds”).
For the avoidance of doubt, any Excess Proceeds not constituting Total Leverage Excess Proceeds shall be, at the option of the Issuers, offered in an Asset Sale Offer or applied in the manner and within the time periods described in clauses
(i) through (vi) of Section 3.7(b). The Issuers will commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that such Excess Proceeds less any Total Leverage Excess Proceeds
exceed $50 million by transmitting electronically or by mailing to Holders the notice required pursuant to the terms of this Indenture, with a copy to the Trustee or otherwise in accordance with the procedures of DTC. The Issuers may satisfy
the foregoing obligations with respect to such Net Cash Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Cash Proceeds at any time prior to the expiration of the application period or by electing to make an Asset
Sale Offer with respect to such Net Cash Proceeds before the aggregate amount of Excess Proceeds less any Total Leverage Excess Proceeds exceeds $50 million. 

(e) To the extent that the aggregate amount of Notes and any other Pari Passu Indebtedness tendered or otherwise surrendered in connection with
an Asset Sale Offer made with Excess Proceeds is less than the amount offered in an Asset Sale Offer, the Issuers may use any remaining Excess Proceeds (any such amount, “Retained Declined Proceeds”) for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes and Pari Passu Indebtedness tendered or otherwise surrendered by holders thereof exceeds the amount offered in an Asset Sale Offer, the Trustee shall select the Notes (and the
Issuers or their agents shall select such Pari Passu Indebtedness) to be purchased in the manner described below. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. To the extent the Excess Proceeds
exceed the outstanding aggregate principal amount of the Notes (and, if required by the terms thereof, all Pari Passu Indebtedness), the Issuers need only make an Asset Sale Offer up to the outstanding aggregate principal amount of Notes (and any
such Pari Passu Indebtedness), and any additional Excess Proceeds shall not be subject to this covenant and shall be permitted to be used for any purpose in the Issuers’ discretion. 

(f) The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations to the extent such laws or regulations are applicable in connection with the purchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with
the provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations under this Section 3.7 by virtue of such compliance.

 (g) If more Notes are tendered pursuant to an Asset Sale Offer than the Issuers are required to purchase, selection of such Notes for
purchase will be made in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed (so long as the Trustee knows of such listing) or if such Notes are not listed, on a pro rata basis based
on the total amount of 

  
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Notes and Pari Passu Indebtedness tendered in connection with an Asset Sale Offer (with adjustments so that only Notes in denominations of the minimum denomination of $2,000 or integral multiples
of $1,000 in excess thereof shall be purchased), by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with applicable legal requirements, and, in the case of global notes, the procedures of
DTC); provided that the selection of Notes for purchase shall not result in a Holder with a principal amount of Notes less than the minimum denomination of $2,000. No Note will be repurchased in part if less than the minimum denomination of
such Note would be left outstanding. 
 (h) Notices of an Asset Sale Offer shall be sent by first class mail, postage prepaid, or sent
electronically, upon commencement of such Asset Sale Offer to each Holder at such Holder’s registered address or otherwise in accordance with DTC procedures. If any Note is to be purchased in part only, any notice of purchase that relates to
such Note shall state the portion of the principal amount thereof that has been or is to be purchased. 
 (i) A new Note in principal amount
equal to the unpurchased portion of any Note (other than a global note) purchased in part will be issued in the name of the Holder thereof upon cancellation of the Note. On and after the purchase date, unless the Issuers default in payment of the
purchase price, interest shall cease to accrue on Notes or portions thereof purchased. 
 SECTION 3.8. Transactions with Affiliates.

 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Company involving aggregate consideration in excess of $50 million (each of the foregoing, an “Affiliate Transaction”), unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $60 million, the Issuers deliver to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Company or any direct or indirect parent of the Company, approving such Affiliate Transaction,
together with an Officer’s Certificate certifying that the Board of Directors of the Company or any direct or indirect parent of the Company determined or resolved that such Affiliate Transaction complies with clause (i) above. 

(b) The provisions of Section 3.8(a) shall not apply to the following: 

(i) (a) transactions between or among the Company and/or any of its Restricted Subsidiaries (or an entity that becomes a
Restricted Subsidiary as a result of such transaction) and (b) any merger, amalgamation or consolidation of the Company and Holdings or any other direct or indirect parent of the Company; provided that such parent entity shall have no
material liabilities and no material assets (other than cash, Cash Equivalents and the Capital Stock of the Company) and such merger, amalgamation or consolidation is otherwise in compliance with the terms of this Indenture and effected for a bona
fide business purpose; 

  
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 (ii) (a) Restricted Payments permitted by this Indenture and
(b) Permitted Investments; 
 (iii) transactions in which the Company or any of its Restricted Subsidiaries, as the case
may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of
Section 3.8(a)(i); 
 (iv) payments, loans, advances or guarantees (or cancellation of loans,
advances or guarantees) to employees, officers, directors, managers, consultants or independent contractors for bona fide business purposes or in the ordinary course of business; 

(v) any agreement or arrangement as in effect as of the Issue Date or as thereafter amended, supplemented or replaced (so long
as such amendment, supplement or replacement agreement is not materially disadvantageous to the Holders when taken as a whole as compared to the original agreement as in effect on the Issue Date) or any transaction or payments contemplated thereby;

 (vi) the Management Agreements or any transaction or payments (including reimbursement of
out-of-pocket expenses or payments under any indemnity obligations) contemplated thereby; 

(vii) the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under the
terms of any stockholders or similar agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date or similar transactions, arrangements or agreements which it may enter
into thereafter; provided, however, that the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under, any future amendment to any such existing transaction, arrangement or
agreement or under any similar transaction, arrangement or agreement entered into after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing transaction, arrangement or agreement,
together with all amendments thereto, taken as a whole, or new transaction, arrangement or agreement are not otherwise disadvantageous to the Holders, in any material respect when taken as a whole as compared with the original transaction,
arrangement or agreement as in effect on the Issue Date; 
 (viii) transactions with customers, clients, suppliers or
purchasers or sellers of goods or services, in each case, in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its Restricted Subsidiaries or are on terms at least as
favorable as might reasonably have been obtained at such time from an unaffiliated party; 
 (ix) any transaction effected as
part of a Qualified Receivables Financing; 
 (x) the sale, issuance or transfer of Equity Interests (other than Disqualified
Stock) of the Company; 
 (xi) payments by the Company or any of its Restricted Subsidiaries to or on behalf of the Sponsors
made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are approved by a
majority of the Board of Directors of the Company or any direct or indirect parent of the Company in good faith or a majority of the disinterested members of the Board of Directors of the Company or any direct or indirect parent of the Company in
good faith; 

  
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 (xii) any contribution to the capital of the Company (other than
Disqualified Stock) or any investments by the Sponsors or a direct or indirect parent of the Company in Equity Interests (other than Disqualified Stock of the Company) of the Company (and payment of reasonable out-of-pocket expenses incurred by the Sponsors or a direct or indirect parent of the Company in connection therewith); 

(xiii) any transaction with a Person (other than an Unrestricted Subsidiary) that would constitute an Affiliate Transaction
solely because the Company or a Restricted Subsidiary owns an Equity Interest in or otherwise controls such Person; provided that no Affiliate of the Company or any of its Subsidiaries (other than the Company or a Restricted Subsidiary) shall
have a beneficial interest or otherwise participate in such Person; 
 (xiv) transactions between the Company or any of its
Restricted Subsidiaries and any Person that would constitute an Affiliate Transaction solely because such Person is a director or such Person has a director which is also a director of the Company or any direct or indirect parent of the Company;
provided, however, that such director abstains from voting as a director of the Company or such direct or indirect parent of the Company, as the case may be, on any matter involving such other Person; 

(xv) the entering into of any tax sharing agreement or arrangement and any payments permitted by Sections 3.4 (b)(xii),
(b)(xiii)(a) or (b)(xiii)(e); 
 (xvi) transactions to effect the Refinancing Transactions and the payment of
all transaction, underwriting, commitment and other fees and expenses related to the Refinancing Transactions; 
 (xvii)
pledges of Equity Interests of Unrestricted Subsidiaries; 
 (xviii) the issuances of securities or other payments, awards or
grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Company
or any direct or indirect parent of the Company in good faith; 
 (xix) (1) any employment, consulting, service or
termination agreement, or customary indemnification arrangements, entered into by the Company or any of its Restricted Subsidiaries with current, former or future officers, directors, employees, managers, consultants and independent contractors of
the Company or any of its Restricted Subsidiaries (or of any direct or indirect parent of the Company to the extent such agreements or arrangements are in respect of services performed for the Company or any of the Restricted Subsidiaries), (2) any
subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with current, former or future officers, directors, employees, managers, consultants and independent
contractors of the Company or any of its Restricted Subsidiaries or of any direct or indirect parent of the Company and (3) any payment of compensation or other employee compensation, benefit plan or arrangement, any health, disability or
similar insurance plan which covers officers, directors, employees, managers, consultants and independent contractors of the Company or 

  
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any of its Restricted Subsidiaries or any direct or indirect parent of the Company (including amounts paid pursuant to any management equity plan or any other management or employee benefit plan
or agreement or any stock subscription or shareholder agreement, stock option or similar plans and any successor plan thereto and any supplemental executive retirement benefit plans or arrangements), in each case in the ordinary course of business
or as otherwise approved in good faith by the Board of Directors of the Company or any direct or indirect parent of the Company; 

(xx) investments by Affiliates in Indebtedness or preferred Equity Interests of the Company or any of its Subsidiaries, so long
as non-Affiliates were also offered the opportunity to invest in such Indebtedness or preferred Equity Interests, and transactions with Affiliates solely in their capacity as holders of Indebtedness or
preferred Equity Interests of the Company or any of its Subsidiaries, so long as such transaction is with all holders of such class (and there are such non-Affiliate holders) and such Affiliates are treated no
more favorably than all other holders of such class generally; 
 (xxi) the existence of, or the performance by the Company
or any of its Restricted Subsidiaries of their obligations under the terms of, any registration rights agreement to which they are a party or become a party in the future; 

(xxii) investments by the Sponsors or a direct or indirect parent of the Company in securities of the Company or any Restricted
Subsidiary (and payment of reasonable out-of-pocket expenses incurred by the Sponsors or a direct or indirect parent of the Company in connection therewith); 

(xxiii) transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary
course of business; 
 (xxiv) any lease entered into between the Company or any Restricted Subsidiary, as lessee, and any
Affiliate of the Company, as lessor, in the ordinary course of business; 
 (xxv) (i) intellectual property licenses and
(ii) intercompany intellectual property licenses and research and development agreements in the ordinary course of business; 

(xxvi) transactions pursuant to, and complying with, Section 3.3 to the extent such transaction
complies with Section 3.8(a)(i) or Section 4.1(a) and Section 4.1(c); and 

(xxvii) intercompany transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the
Company and its Restricted Subsidiaries and not for the purpose of circumventing any covenant set forth in this Indenture. 
 SECTION 3.9.
Change of Control. 
 (a) Upon the occurrence of a Change of Control, each Holder shall have the right to require the Issuers to
purchase all or any part of such Holder’s Notes at a purchase price in cash (a “Change of Control Payment”) equal to 101.0% of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not
including) the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the purchase date), except to the extent the Issuers have
previously elected to redeem all of the Notes pursuant to Section 5.1. 

  
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 (b) Prior to or within 30 days following any Change of Control, except to the extent that
the Issuers have exercised their right to redeem all the Notes as described under Section 5.1, the Issuers shall deliver a notice (a “Change of Control Offer”) to each Holder with a copy to the Trustee
describing: 
 (i) that a Change of Control has occurred or, if the Change of Control Offer is being made in advance of a
Change of Control, that a Change of Control is expected to occur, and that such Holder has, or upon such occurrence will have, the right to require the Issuers to purchase such Holder’s Notes at a purchase price in cash equal to 101.0% of the
principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the date of purchase (subject to the right of Holders of record on a Record Date to receive interest on the relevant Interest Payment Date falling prior to or
on the purchase date); 
 (ii) the transaction or transactions that constitute, or are expected to constitute, such Change of
Control; 
 (iii) the purchase date (which shall be no earlier than 10 days nor later than 60 days from the date such notice
is delivered) (a “Change of Control Payment Date”); 
 (iv) that any Note not properly tendered will remain
outstanding and continue to accrue interest; 
 (v) that unless the Issuers default in the payment of the Change of Control
Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 

(vi) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Payment Date; 
 (vii) that Holders shall be entitled to withdraw their tendered
Notes and their election to require the Issuers to purchase such Notes; provided that the Paying Agent receives, not later than the expiration time of the Change of Control Offer, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(viii) that if a Holder (other than a Holder of a Global Note) is tendering for purchase less than all of its Notes, the
Issuers will issue new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof;

 (ix) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer
is conditional on the occurrence of such Change of Control; and 
 (x) the other instructions determined by the Issuers,
consistent with this covenant, that a Holder must follow in order to have its Notes purchased. 

  
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 While the Notes are in global form and the Issuers make an offer to purchase all of the
Notes pursuant to the Change of Control Offer, a Holder may exercise its option to elect for the purchase of the Notes to be made through the facilities of the Depositary in accordance with the rules and regulations thereof. 

(c) Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Paying
Agent at the address specified in the notice at least three Business Days prior to the Change of Control Payment Date. Holders shall be entitled to withdraw their election if the Paying Agent receives not later than prior to the expiration of the
Change of Control Offer, a telegram, telex facsimile transmission or letter setting forth the name of the Holder, the principal amount at maturity of the Note which was delivered for purchase by the Holder and a statement that such Holder is
withdrawing his selection to have such Note purchased. 
 (d) On the Change of Control Payment Date, all Notes purchased by the Issuers under
this Section 3.9 shall be delivered by the Issuers to the Trustee for cancellation, and the Issuers shall pay through the Paying Agent the purchase price plus accrued and unpaid interest, if any, to, but not including the
Change of Control Payment Date, to the Holders entitled thereto. With respect to any Note purchased in part (other than a Global Note), the Issuers shall issue a new Note in a principal amount equal at maturity to the unpurchased portion of the
original Note in the name of the Holder upon cancellation of the original Note. 
 (e) Notwithstanding the provisions of this
Section 3.9, the Issuers shall not be required to make a Change of Control Offer (i) upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (ii) if the Issuers have previously
issued a notice of a full redemption pursuant to the provisions of Section 5.4. 
 (f) Prior to any Change of
Control Offer, the Issuers shall deliver to the Trustee an Officer’s Certificate stating that all conditions precedent contained herein to the right of the Issuers to make such offer have been complied with. 

(g) The Issuers shall comply, to the extent applicable, with the requirements of Rule 14e-1 of the
Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 3.9. To the extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 3.9, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations under this Section 3.9 by
virtue of such compliance. 
 (h) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change
of Control. 
 (i) On the Change of Control Payment Date, the Issuers shall, to the extent permitted by law, 

(i) accept for payment all Notes issued by the Issuers or portions thereof validly tendered and not withdrawn pursuant to the
Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in
respect of all Notes or portions thereof so tendered; and 

  
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 (iii) deliver, or cause to be delivered, to the Trustee for cancellation the
Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuers. 

SECTION 3.10. Maintenance of Insurance. The Issuers and the Guarantors shall maintain with financially sound and reputable insurance
companies not Affiliates of the Issuers, insurance with respect to their properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as
are customarily carried under similar circumstances by such other Persons. 
 SECTION 3.11. Future Guarantors. If, after the Issue
Date, (a) any Domestic Subsidiary of the Company (including any newly formed, newly acquired or newly redesignated Restricted Subsidiary, but excluding any Receivables Subsidiary) that is not then an Issuer or a Guarantor guarantees or Incurs
any Indebtedness under the Senior Credit Agreement or guarantees any capital markets Indebtedness of the Company or any of its Restricted Subsidiaries (including PPD) with an aggregate principal amount in excess of $125 million
(“Certain Capital Markets Debt”) or (b) the Issuers otherwise elect to have any Restricted Subsidiary of the Company become a Guarantor, then, in each such case, the Company shall cause such Restricted Subsidiary to execute and
deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary shall become a Guarantor under this Indenture providing for a Guarantee by such Restricted Subsidiary on the same terms and conditions as those set forth in
this Indenture and applicable to the other Guarantors; provided that, in the case of clause (a), such supplemental indenture shall be executed and delivered to the Trustee within 20 Business Days of the date that such Indebtedness under the
Senior Credit Agreement or such Certain Capital Markets Debt has been guaranteed or Incurred by such Restricted Subsidiary. 
 Each Guarantee
shall be released in accordance with Section 10.2(b). 
 SECTION 3.12. Compliance Certificate; Statement by
Officers as to Default. The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the Issue Date, an Officer’s Certificate to the effect that to the best knowledge of the signer
thereof on behalf of the Company, the Issuers are or are not in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided
hereunder) and, if the Issuers (through their own action or omission or through the action or omission of any Guarantor as applicable) shall be in default, specifying all such defaults and the nature and status thereof of which such signer may have
knowledge. The individual signing any certificate given by any Person pursuant to this Section 3.12 shall be the principal executive, financial or accounting officer of such Person or the direct or indirect parent of such
Person, in compliance with TIA § 314(a)(4). 
 So long as any of the Notes are outstanding, upon any Officer becoming aware of any
Default or Event of Default, the Company shall deliver to the Trustee, within 30 days of such Officer becoming aware of such Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the
Issuers are taking or propose to take with respect thereto. 
 SECTION 3.13. [Reserved]. 

  
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 SECTION 3.14. Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Board of Directors of the Company or any direct or indirect parent of the Company may designate any Subsidiary of the Company
(including any existing Subsidiary and any newly acquired or newly formed Subsidiary of the Company but excluding PPD) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of,
or owns or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so designated and its
Subsidiaries do not at the time of designation have any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted Subsidiaries; provided, further, however, that either:

 (i) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 

(ii) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under
Section 3.4. 
 (b) The Board of Directors of the Company or any direct or indirect parent of the Company may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation: 

(x) (1) the Company could Incur $1.00 of additional Indebtedness as Ratio Debt or (2) the Fixed Charge Coverage Ratio for
the Company and its Restricted Subsidiaries would be equal to or greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such designation, in each case on a Pro Forma Basis taking into account such designation,
and 
 (y) no Event of Default shall have occurred and be continuing. 

(c) Any such designation by the Board of Directors of the Company or any direct or indirect parent of the Company pursuant to
Section 3.14(b) shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors of the Company or any direct or indirect parent of the Company giving effect to such
designation and an Officer’s Certificate certifying that such designation complied with this Section 3.14. 

SECTION 3.15. Covenant Suspension. 

(a) If on any date following the Issue Date (i) the Notes have Investment Grade Ratings from both Rating Agencies, after giving effect to
the Covenant Suspension Event and the Suspended Covenants, and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to
as a “Covenant Suspension Event”), the Guarantees will be automatically and unconditionally released and discharged and Sections 3.3, 3.4, 3.5(a) (to the extent the Issuers make an election pursuant to
Section 3.5(b)), 3.6, 3.7, 3.8, 3.9, 3.11 and 4.1(a)(iv) (collectively, the “Suspended Covenants”) shall no longer be applicable to such Notes. 

(b) In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any
period of time pursuant to Section 3.15(a) and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the
Notes below an Investment Grade Rating, then the Company and its Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. The period of time between the occurrence of a
Covenant Suspension Event and the Reversion Date is referred to as the “Suspension Period.” 

  
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 (c) Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from
Net Cash Proceeds shall be reset at zero. 
 (d) With respect to Restricted Payments made after the Reversion Date, the amount of Restricted
Payments made shall be calculated as though Section 3.4 had been in effect prior to, but not during, the Suspension Period. No Subsidiary may be designated as an Unrestricted Subsidiary during the Suspension Period, unless
such designation would have complied with Section 3.4 as if Section 3.4 were in effect during such period. In addition, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued,
during the Suspension Period shall be classified to have been Incurred or issued pursuant to Section 3.3(b)(iii). In addition, for purposes of Section 3.8, all agreements and arrangements entered
into by the Company and any Restricted Subsidiary with an Affiliate of the Company during the Suspension Period prior to such Reversion Date shall be deemed to have been entered pursuant to Section 3.8(b)(v), and for
purposes of Section 3.6, all contracts entered into during the Suspension Period prior to such Reversion Date that contain any of the restrictions contemplated by Section 3.6 shall be deemed to
have been entered pursuant to Section 3.6(a)(i). In addition, any Change of Control during such Suspension Period shall not require a Change of Control Offer during or after the Suspension Period; provided that if
the public notice of an arrangement that could result in a Change of Control occurs during a Suspension Period and the Notes are rated below Investment Grade by either of the Rating Agencies during the period commencing 60 days prior to such notice
until the end of the 60-day period following such notice (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced
consideration for possible downgrade by either of the Rating Agencies) then the Issuers shall be required to make a Change of Control Offer upon the Reversion Date. 

(e) During the Suspension Period, any reference in the definition of “Unrestricted Subsidiary” or “Permitted Liens” to
Section 3.3 or any provision thereof shall be construed as if Section 3.3 had remained in effect since the Issue Date and during the Suspension Period. 

(f) In addition, during the Suspension Period, the Guarantees will be automatically released and the obligation to grant further Guarantees
will be suspended. Upon the Reversion Date, the obligation to grant Guarantees pursuant to Section 3.11 will be reinstated (and the Reversion Date will be deemed to be the date on which any guaranteed Indebtedness was
Incurred for purposes of Section 3.11). 
 (g) Notwithstanding that the Suspended Covenants may be reinstated, no
Default or Event of Default will be deemed to have occurred as a result of any failure to comply with the Suspended Covenants during any Suspension Period, and the Company and any Subsidiary of the Company will be permitted, without causing a
Default or Event of Default or breach of any of the Suspended Covenants (notwithstanding the reinstatement thereof) under this Indenture, to honor, comply with or otherwise perform any contractual commitments or obligations entered into during a
Suspension Period following a Reversion Date and to consummate the transactions contemplated thereby; provided that, to the extent any such commitment or obligation results in the making of a Restricted Payment, such Restricted Payment shall
be made under Section 3.4(a)(C) or Section 3.4(b) and if not permitted by Section 3.4(a)(C) or Section 3.4(b), such Restricted Payment shall be deemed
permitted by Section 3.4(a)(C) and shall be deducted for purposes of calculating the amount pursuant to Section 3.4(a)(C) (so that the amount available under
Section 3.4(a)(C) immediately following such Restricted Payment shall be negative). 
 The Issuers shall provide
an Officer’s Certificate to the Trustee indicating the occurrence of any Covenant Suspension Event or Reversion Date. The Trustee shall have no obligation to (i) independently determine or verify if such events have occurred,
(ii) make any determination regarding the impact of actions taken during the Suspension Period on the Company and its Restricted Subsidiaries’ future compliance with their covenants or (iii) notify the Holders of any Covenant
Suspension Event or Reversion Date. 

  
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 SECTION 3.16. Stay, Extension and Usury Laws. The Issuers and each of the Guarantors
covenant (to the extent that they may lawfully do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuers and each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and
covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

ARTICLE IV 
 Merger,
Consolidation, Amalgamation or Sale of Assets 
 SECTION 4.1. When the Issuers May Merge, Amalgamate or Otherwise Dispose of
Assets. 
 (a) Neither Issuer may consolidate, merge or amalgamate with or into or wind up into (whether or not such Issuer is the
surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 

(i) such Issuer is the surviving Person or the Person formed by or surviving any such consolidation, merger, amalgamation or
winding up (if other than such Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the laws of the
United States, any state thereof or the District of Columbia or any territory thereof (such Issuer or such Person, as the case may be, being herein called the “Successor Company”) and, if such entity is not organized or existing
under the laws of the United States, any state or territory thereof or the District of Columbia, a co-obligor of the Notes is organized or existing under such laws; 

(ii) the Successor Company (if other than such Issuer) expressly assumes all the obligations of such Issuer under this
Indenture and the Notes pursuant to supplemental indentures or other documents or instruments; 
 (iii) immediately after
giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such
Restricted Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and be continuing; 

(iv) immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning
of the applicable four-quarter period, either: 
 (1) the Company (or a Successor Company to the Company, if applicable)
would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or 
 (2) the Fixed Charge Coverage
Ratio for the Company (or a Successor Company to the Company, if applicable) and its Restricted Subsidiaries would be equal to or greater than such ratio for the Company (or a Successor Company to the Company, if applicable) and its Restricted
Subsidiaries immediately prior to such transaction; 

  
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 (v) each Guarantor, unless it is the other party to the transactions
described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s Obligations under this Indenture and the Notes; and 

(vi) such Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture. 
 The Successor
Company shall succeed to, and be substituted for, such Issuer under this Indenture and the Notes, and such Issuer shall automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing
clauses (iii) and (iv) above, (A) such Issuer may consolidate or amalgamate with, merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to any Guarantor, (B) such Issuer
may merge, consolidate or amalgamate with an Affiliate of the Issuer solely for the purpose of reincorporating or reorganizing such Issuer in another state of the United States, the District of Columbia or any territory of the United States, so long
as the principal amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby (unless such increase is permitted by this Indenture), (C) such Issuer may convert into a corporation, partnership, limited partnership,
limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Issuer or the laws of a jurisdiction in the United States; provided that, if such entity is not organized or existing under
the laws of the United States, any state or territory thereof or the District of Columbia, a co-obligor of the Notes is organized or existing under such laws, (D) either Issuer or any Guarantor may change
its name and (E) any Restricted Subsidiary may merge, amalgamate or consolidate with either Issuer; provided that such Issuer is the Successor Company in such merger, amalgamation or consolidation. 

(b) Subject to Sections 10.2 and 10.5, each Guarantor shall not, and the Company shall not permit any Guarantor to, consolidate,
merge or amalgamate with or into or wind up into (whether or not such Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more
related transactions to, any Person unless: 
 (i) (A) such Guarantor is the surviving Person or the Person formed by or
surviving any such consolidation, merger, amalgamation or winding up (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership, limited
partnership or limited liability company or trust organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia (such Guarantor or such Person, as the case may be, being herein called the
“Successor Guarantor”); 
 (B) the Successor Guarantor (if other than such Guarantor) expressly assumes all
the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture or other documents or instruments; 

(C) immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the
Successor Guarantor or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at the time of such transaction) no Default or Event of Default shall have occurred and
be continuing; 
 (D) each Guarantor, unless it is the other party to the transactions described above, shall have by
supplemental indenture confirmed that its Guarantee shall continue to apply; and 

  
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 (E) the Successor Guarantor (if other than such Guarantor) shall have
delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indenture (if any) comply with this Indenture;
or 
 (ii) such sale or disposition or consolidation, amalgamation or merger is made in compliance with
Section 3.7. 
 (c) Subject to Article X, the Successor Guarantor shall succeed to, and be substituted for,
such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor shall automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing,
(1) a Guarantor may merge, consolidate or amalgamate with an Affiliate of the Company incorporated or organized solely for the purpose of reincorporating or reorganizing such Guarantor in the United States, any state or territory thereof or the
District of Columbia, so long as the principal amount of Indebtedness of the Company and the Restricted Subsidiaries is not increased thereby (unless such increase is permitted by this Indenture), (2) a Guarantor may consolidate, merge or amalgamate
with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and assets to, either Issuer or a Guarantor, (3) a Guarantor may convert into a corporation, partnership,
limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Guarantor or the laws of a jurisdiction in the United States, (4) a Guarantor may change its name and
(5) any Restricted Subsidiary may merge, amalgamate or consolidate into any Guarantor; provided, in the case of this clause (5), that the surviving Person (i) is a corporation, partnership, limited partnership, limited liability
company or trust organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia (or, in the case of a voluntary Guarantee by a Foreign Subsidiary, the jurisdiction of organization of such
Restricted Subsidiary or Guarantor) and (ii) is or becomes a Guarantor upon consummation of such merger, amalgamation or consolidation. 

(d) For purposes of this Section 4.1, the sale, lease, conveyance, assignment, transfer or other disposition of all
or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of
the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

ARTICLE V 
 Redemption of Notes

 SECTION 5.1. Optional Redemption. 

(a) The Notes may be redeemed, in whole at any time, or in part from time to time, subject to the conditions and at the redemption prices set
forth in Paragraph 6 of the form of Note set forth in Exhibit A hereto, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to the redemption date. 

(b) In connection with any redemption of Notes (including with the net cash proceeds of an Equity Offering), any such redemption may, at the
Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, consummation of any related Equity Offering or consummation of a Change of Control or refinancing of Indebtedness. In addition, if such
redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied
(or waived by the Issuers in their sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by
the redemption date, or by the redemption date so delayed. 

  
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 (c) The Issuers or their affiliates may at any time and from time to time purchase the
Notes. Any such purchases may be made through open market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise, upon such terms and at such prices as well as with such
consideration as the Issuers or any such Affiliates may determine. 
 SECTION 5.2. Election to Redeem; Notice to Trustee of Optional and
Mandatory Redemptions. If the Issuers elect to redeem Notes pursuant to Section 5.1, the Issuers shall furnish to the Trustee, at least two Business Days for Global Notes and 10 calendar days for Definitive Notes before
notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 5.4, an Officer’s Certificate setting forth (a) the paragraph or subparagraph of such Note and/or Section of this
Indenture pursuant to which the redemption shall occur, (b) the Redemption Date, (c) the principal amount of the Notes to be redeemed and (d) the redemption price. The Issuers may also include a request in such Officer’s
Certificate that the Trustee give the notice of redemption in the Issuers’ name and at their expense and setting forth the information to be stated in such notice as provided in Section 5.4. The Issuers shall deliver
to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 5.3. 

SECTION 5.3. Selection by Trustee of Notes to Be Redeemed. If less than all of the Notes are to be redeemed at any time, the Trustee
shall select Notes for redemption in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed (so long as the Trustee knows of such listing), or if such Notes are not so listed, on a pro
rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with applicable legal requirements and, in the case of the Global Notes, the procedures of the Depositary) in minimum
denominations of $2,000 and in integral multiples of $1,000 in excess thereof; provided that the selection of Notes for redemption shall not result in a Holder of Notes with a principal amount of Notes less than the minimum denomination of
$2,000. If any Note is to be purchased or redeemed in part only, the notice of purchase or redemption relating to such Note shall state the portion of the principal amount thereof that has been or is to be purchased or redeemed. A new Note in
principal amount equal to the unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note in accordance with Section 5.7. On and after the Redemption Date, interest
will cease to accrue on Notes or portions thereof called for redemption so long as the Issuers have deposited with the Paying Agent funds sufficient to pay the principal of and premium, if any, plus accrued and unpaid interest, if any, on the Notes
to be redeemed. 
 The Trustee shall promptly notify the Issuers in writing of the Notes selected for redemption and, in the case of any
Notes selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to redemption of Notes shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed. 

SECTION 5.4. Notice of Redemption. The Issuers shall deliver to each Holder’s registered address or otherwise in accordance with
the procedures of the Depositary, a notice of redemption to each Holder whose Notes are to be redeemed not less than 10 nor more than 60 days prior to a date fixed for redemption (a “Redemption Date”); provided, however, that
redemption notices may be delivered more than 60 days prior to a Redemption Date if the notice is issued pursuant to Article VIII. At the Issuers’ written request, the Trustee may give notice of redemption in the Issuers’ name and
at the Issuers’ expense. 

  
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 All notices of redemption shall be prepared by the Issuers and shall state: 

(a) the Redemption Date, 

(b) the redemption price and the amount of accrued interest to, but excluding, the Redemption Date payable as provided in
Section 5.6, if any, 
 (c) if less than all outstanding Notes are to be redeemed, the
identification of the particular Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption, 

(d) in case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the
Redemption Date, upon surrender of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof remaining unredeemed, 

(e) that on the Redemption Date the redemption price (and accrued interest to, but excluding, the Redemption Date payable as
provided in Section 5.6, if any) shall become due and payable upon each such Note, or the portion thereof, to be redeemed, and, unless the Issuers default in making the redemption payment, that interest on Notes called for
redemption (or the portion thereof) shall cease to accrue on and after said date, 
 (f) the place or places where such Notes
are to be surrendered for payment of the redemption price and accrued interest, if any, 
 (g) the name and address of the
Paying Agent, 
 (h) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price, 
 (i) the CUSIP number, and that no representation is made as to the accuracy or correctness of the CUSIP number, if
any, listed in such notice or printed on the Notes, and 
 (j) the Section of this Indenture pursuant to which the Notes are
to be redeemed. 
 At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ names and at their
expense; provided, however, that the Issuers shall have delivered to the Trustee, at least two Business Days prior to when the notice of the redemption is to be given, an Officer’s Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in such notice as provided in the preceding paragraph. Such Officer’s Certificate shall state that all conditions precedent to the delivery of such notice have been complied with. 

SECTION 5.5. Deposit of Redemption Price. Prior to 10:00 a.m. New York City time, on any Redemption Date, the Issuers shall deposit
with the Trustee or with a Paying Agent (or, if the Issuers are acting as their own Paying Agent, segregate and hold in trust as provided in Section 2.4) an amount of money sufficient to pay the redemption price of, and
accrued interest on, all the Notes which are to be redeemed on that date. 

  
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 SECTION 5.6. Notes Payable on Redemption Date. Notice of redemption having been given
as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable at the redemption price therein specified (together with accrued interest, if any, to, but excluding, the Redemption Date), and from and after such date
(unless the Issuers shall default in the payment of the redemption price and accrued interest, if any, to, but excluding, the Redemption Date) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with
said notice, such Note shall be paid by the Issuers at the redemption price, together with accrued interest, if any, to, but excluding, the Redemption Date (subject to the rights of Holders of record on the relevant Record Date to receive interest
due on the relevant Interest Payment Date falling prior to or on the Redemption Date). 
 If any Note called for redemption shall not be so
paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. 

If a Redemption Date is on or after a Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any,
shall be paid to the Person in whose name the Note is registered at the close of business on such Record Date, and no further interest shall be payable to Holders whose Notes shall be subject to redemption by the Issuers. 

SECTION 5.7. Notes Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article) shall
be surrendered at the office or agency of the Issuers maintained for such purpose pursuant to Section 2.3 (with, if the Issuers so require, due endorsement by, or a written instrument of transfer in form satisfactory to the
Issuers duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Issuers shall execute, and the Trustee upon receipt of an Authentication Order shall authenticate and make available for delivery to the
Holder of such Note at the expense of the Issuers, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so
surrendered; provided that each such new Note shall be in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof. 

SECTION 5.8. Offer to Repurchase. In the event that, pursuant to Section 3.7, the Issuers are required to
commence an offer to all Holders to purchase the Notes (an “Offer to Repurchase”), they shall follow the procedures specified below: 

(a) The Offer to Repurchase shall remain open for a period of at least 10 days following its commencement and not more than 60
days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuers shall
apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such Pari Passu Indebtedness, if any (in each instance, on a pro rata basis, if applicable), or, if less than the Offer Amount has been tendered, all Notes
and other Indebtedness tendered in response to the Offer to Repurchase. Payment for any Notes so purchased shall be made pursuant to Section 3.1. 

(b) If the Purchase Date is on or after an Interest Record Date and on or before the related Interest Payment Date, any accrued
and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Offer to Repurchase.

  
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 (c) Upon the commencement of an Offer to Repurchase, the Issuers shall send,
by first class mail (or electronically for Global Notes), a notice to the Trustee and each of the Holders. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Repurchase.
The notice, which shall govern the terms of the Offer to Repurchase, shall state: 
 (i) that the Offer to Repurchase is
being made pursuant to this Section 5.8 and Section 3.7, and the length of time the Offer to Repurchase shall remain open; 

(ii) the Offer Amount, the purchase price and the Purchase Date; 

(iii) that any Note not tendered or accepted for payment shall continue to accrue interest; 

(iv) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Offer to Repurchase
shall cease to accrue interest after the Purchase Date; 
 (v) that Holders electing to have a Note purchased pursuant to an
Offer to Repurchase may elect to have Notes purchased in a minimum amount of $2,000 or an integral multiple of $1,000 in excess thereof only; 

(vi) that Holders electing to have Notes purchased pursuant to any Offer to Repurchase shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the address specified in the
notice at least three Business Days before the Purchase Date; 
 (vii) that Holders shall be entitled to withdraw their
election if the Issuers, the Depositary or the Paying Agent, as the case may be, receives, not later than on the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal
amount of Notes the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; 

(viii) that, if the aggregate principal amount of Notes and, if applicable, Pari Passu Indebtedness, if any, surrendered by
Holders thereof exceeds the Offer Amount, the Trustee shall select the Notes and, if applicable, the Issuers shall select such Pari Passu Indebtedness to be purchased or prepaid, on a pro rata basis based on the principal amount of Notes and Pari
Passu Indebtedness, if any, surrendered (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in minimum denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased); and 

(ix) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 

  
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 (d) On or before the Purchase Date, the Issuers shall, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Offer to Repurchase, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver or
cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of this
Section 5.8. The Issuers, the Depositary or the Paying Agent, as the case may be, shall on the Purchase Date mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such
Holder and accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note, and the Trustee, upon written request from the Issuers, shall authenticate and mail or deliver (or cause to be transferred by book entry) such new Note
to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers shall publicly announce the results of
the Offer to Repurchase on the Purchase Date. 
 ARTICLE VI 

Defaults and Remedies 

SECTION 6.1. Events of Default. Each of the following is an “Event of Default”: 

(i) a default in any payment of interest on any Note when due, continued for 30 days; 

(ii) a default in the payment of principal or premium, if any, of any Note when due at its Stated Maturity, upon optional
redemption, upon required purchase, upon acceleration or otherwise; 
 (iii) the failure by the Company or any Restricted
Subsidiary (including PPD) to comply for 60 days after receipt of written notice referred to below with any of its obligations, covenants or agreements (other than a default pursuant to Sections 6.1(i) or 6.1(ii)) contained in the
Notes or this Indenture; provided that in the case of a failure to comply with Section 3.2, such period of continuance of such default or breach shall be 120 days after written notice described in this clause
(iii) has been given; 
 (iv) the failure by the Company or any Restricted Subsidiary (including PPD) to pay the
principal amount of any Indebtedness for borrowed money (other than Indebtedness for borrowed money owing to the Company or a Restricted Subsidiary (including PPD)) within any applicable grace period after final maturity or the acceleration of any
such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid at final maturity or acceleration exceeds $75 million or its foreign currency equivalent; 

(v) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(1) commences a voluntary case; 

(2) consents to the entry of an order for relief against it in any voluntary case; 

(3) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

  
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 (4) makes a general assignment for the benefit of its creditors; 

or takes any comparable action under any foreign laws relating to insolvency; 

(vi) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(1) is for relief against the Company or any Significant Subsidiary in an involuntary case; 

(2) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or 

(3) orders the winding up or liquidation of the Company or any Significant Subsidiary; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days; 

(vii) failure by the Issuers or any Significant Subsidiary to pay final and
non-appealable judgments aggregating in excess of $75 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent insurance
companies), which judgments are not discharged, waived or stayed for a period of 60 days after such judgment becomes final and, in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon
such judgment or decree which is not promptly stayed; or 
 (viii) the Guarantee of a Significant Subsidiary ceases to be in
full force and effect (except as contemplated by the terms thereof or of this Indenture), or any Guarantor that is a Significant Subsidiary denies in writing that it has any further liability under its Guarantee or gives written notice to such
effect, other than by reason of the termination or discharge of this Indenture or the release of any such Guarantee in accordance with this Indenture, and such Default continues for 10 days. 

The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary
or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

However, a default under Section 6.1(iii) shall not constitute an Event of Default until the Trustee or the Holders
of at least 30% in principal amount of outstanding Notes notify in writing the Issuers of the default and such default is not cured within the time specified in Section 6.1(iii) after receipt of such notice. 

SECTION 6.2. Acceleration. If an Event of Default (other than an Event of Default specified in Sections 6.1(v) or
(vi) above with respect to the Issuers) occurs and is continuing, the Trustee or the Holders of at least 30% in principal amount of outstanding Notes by written notice to the Issuers may declare the principal of, premium, if any, and
accrued but unpaid interest, on all the Notes to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default arising from Sections 6.1(v) or (vi) of the
Issuers occurs, the principal of, premium, if any, and interest on all Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. 

  
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 SECTION 6.3. Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture (including sums owed to the Trustee and its agents and counsel) and
the Guarantees. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative. 
 SECTION 6.4. Waiver of Past Defaults. The Holders of a
majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee and the Issuers may, on behalf of the Holders of all of the Notes, waive, rescind or cancel any declaration of an existing or past Default or Event
of Default and its consequences under this Indenture if such waiver, rescission or cancellation would not conflict with any judgment or decree, except a continuing Default or Event of Default in the payment of interest or premium on, or the
principal of, the Notes (other than such nonpayment of principal or interest that has become due as a result of such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

In the event of any Event of Default arising from Section 6.1(iv), such Event of Default and all consequences
thereof shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if prior to 20 days after such Event of Default arose, the Issuers deliver an Officer’s Certificate to the Trustee stating that
(x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the requisite amount of holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise
to such Event of Default or (z) the default that is the basis for such Event of Default has otherwise been cured. 
 SECTION 6.5.
Control by Majority. The Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in
personal liability unless such Holders have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. Prior to taking any action under this Indenture, the Trustee shall be entitled to security or
indemnification satisfactory to it in its sole discretion against all losses, liabilities and expenses that may be caused by taking or not taking such action. 

SECTION 6.6. Limitation on Suits. In case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense. Except to
enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder may pursue any remedy with respect to this Indenture or the Notes unless: 

(i) such Holder has previously given the Trustee written notice that an Event of Default is continuing; 

  
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 (ii) Holders of at least 30% of the aggregate principal amount of the
outstanding Notes have requested in writing the Trustee to pursue the remedy; 
 (iii) such Holders have offered the Trustee
security or indemnity reasonably satisfactory to it in respect of any loss, liability or expense; 
 (iv) the Trustee has not
complied with such request within 60 days after the receipt of the request and the offer of security or indemnity; and 
 (v)
the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a written direction inconsistent with such request within such 60-day period. 

SECTION 6.7. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to
receive payment of principal of, premium, if any, or interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.8. Collection Suit by Trustee. If an Event of
Default specified in Sections 6.1(i) or (ii) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount then due and owing (together with
interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.6. 
 SECTION 6.9.
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company, its Subsidiaries (including PPD) or their respective creditors or properties and, unless
prohibited by law or applicable regulations, may vote on behalf of the Holders (pursuant to the written direction of Holders of a majority in principal amount of the then outstanding Notes) in any election of a trustee in bankruptcy or other Person
performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.6.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan or reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in such proceeding. 
 SECTION 6.10.
Priorities. The Trustee shall pay out any money or property received by it in the following order: 
 First: to
the Trustee for amounts due under Section 7.6; 

  
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 Second: to Holders for amounts due and unpaid on the Notes for
principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Issuers or, to the extent the Trustee receives any amount for any Guarantor, to such Guarantor as a
court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to
this Section. At least 15 days before such record date, the Issuers (or Trustee) shall deliver to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal amount of the Notes. 

ARTICLE VII 
 Trustee 

SECTION 7.1. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall, in the exercise of its rights and powers under this Indenture,
use the same degree of care and skill in its exercise of such rights and powers as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs, subject to the provisions of clause (h) below.

 (b) Except during the continuance of an Event of Default of which a Trust Officer has actual knowledge, the Trustee: 

(i) and the Agents undertake to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee or the Agents; and 
 (ii) in the
absence of gross negligence or bad faith on its part, may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee under this Indenture, the
Notes and the Guarantees, as applicable. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to
determine whether or not they conform to the requirements of this Indenture, the Notes and the Guarantees as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) this Section 7.1(c) does not limit the effect of
Section 7.1(b); 

  
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 (ii) the Trustee shall not be liable for any error of judgment made in good
faith by a Trust Officer or Trust Officers unless it is proved in a final non-appealable decision of a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and

 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.5. 
 (d) The Trustee and the Agents shall not be liable for
interest on any money received by it except as the Trustee and the Agents may agree in writing with the Issuers. 
 (e) Money held in trust
by the Trustee need not be segregated from other funds except to the extent required by law. 
 (f) No provision of this Indenture, the Notes
or the Guarantees shall require the Trustee or an Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if
it shall have reasonable grounds to believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 

(g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 7.1. 
 (h) The Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee, security, prefunding or indemnity satisfactory to it against the costs, expenses (including
reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction. 

SECTION 7.2. Rights of Trustee. 

(a) The Trustee and the Agents may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument,
opinion, notice, request, direction, consent, order, bond or any other paper or document believed by it to be genuine and to have been signed or presented by the proper Person or Persons. The Trustee and the Agents need not investigate any fact or
matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting (except in connection with (x) the original
issuance of Notes on the date hereof and (y) with respect to an Opinion of Counsel, the execution of any amendment or supplement adding a new Guarantor under this Indenture), it may require an Officer’s Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys, custodians, nominees and agents and shall not be responsible for the misconduct or negligence of
or for the supervision of any agent, custodians, nominees or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence as determined in
a final non-appealable decision of a court of competent jurisdiction. 

  
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 (e) The Trustee may consult with counsel of its selection, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture, the Notes and the Guarantees shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder or under the
Notes and the Guarantees in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee and the Agents shall
not be bound to make any investigation into any statement, warranty or representation, or the facts or matters stated in any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond or other paper or
document made or in connection with this Indenture; moreover, the Trustee and the Agents shall not be bound to make any investigation into (i) the performance or observance of any of the covenants, agreements or other terms or conditions set
forth herein, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture or any other agreement, instrument or document or (iii) the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note or other evidence of indebtedness or other paper or document, but the Trustee or an Agent, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee or an Agent, as applicable, shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Issuers, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(g) The Trustee shall not be deemed to have knowledge of any Default or Event of Default except any Default or Event of Default of which a
Trust Officer shall have (x) received written notification from the Issuers or a Holder at the Corporate Trust Office of the Trustee and such notice references the Notes and this Indenture or (y) obtained “actual knowledge.”
“Actual knowledge” shall mean the actual fact or statement of knowing by a Trust Officer without independent investigation with respect thereto. 

(h) In no event shall the Trustee or an Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee or Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent (including the Agents), custodian and other Person employed to act hereunder. 

(j) The Trustee may request that the Issuers deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture. 
 (k) The Trustee shall not have any duty (A) to see to any
recording, filing, or depositing of this Indenture or any agreement referred to herein, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, re-filing or
redepositing of any thereof or (B) to see to any insurance. 
 (l) The right of the Trustee or an Agent to perform any discretionary act
enumerated in this Indenture shall not be construed as a duty. 

  
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 SECTION 7.3. Individual Rights of Trustee. Subject to the TIA, the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuers, the Guarantors or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Section 7.9. In addition, the Trustee shall
be permitted to engage in transactions with the Issuers; provided, however, that if the Trustee acquires any conflicting interest the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest,
(ii) apply to the SEC for permission to continue acting as Trustee or (iii) resign. 
 SECTION 7.4. Disclaimer. Neither the
Trustee nor any Agent shall be responsible for and none of them makes any representation as to the validity or adequacy of this Indenture, the Notes or the Guarantees, neither of them shall be accountable for the Issuers’ use of the Notes or
the proceeds from the Notes, and neither of them shall be responsible for any statement of the Issuers in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of
authentication or for the use or application of any funds received by any Paying Agent other than the Trustee. 
 SECTION 7.5. Notice of
Defaults. If a Default occurs and is continuing and is actually known to the Trustee, the Trustee shall deliver to each Holder notice of the Default within 90 days after it is known to the Trustee. Except in the case of a Default in the payment
of principal of, premium (if any) or interest on any Note, the Trustee may withhold notice if and so long as a committee of its Trust Officers in good faith determines that withholding notice is in the interests of the Holders. 

SECTION 7.6. Compensation and Indemnity. The Issuers shall pay to the Trustee and the Agents from time to time such compensation for
their services as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee and the Agents upon
request for all reasonable out-of-pocket expenses incurred or made by it, including, but not limited to, costs of collection, costs of preparing and reviewing reports,
certificates and other documents, costs of preparation and mailing of notices to Holders and reasonable costs of counsel, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuers shall indemnify the Trustee or any predecessor Trustee in each of its capacities hereunder (including Paying Agent, and Registrar), and each of
their officers, directors, employees, counsel and agents, against any and all loss, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of this trust
and the performance of their duties hereunder and under the Notes and the Guarantees, including the costs and expenses of enforcing this Indenture (including this Section 7.6), the Notes and the Guarantees and of defending
itself against any claims (whether asserted by any Holder, the Issuers or otherwise). The Trustee and the Agents shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Trustee or an Agent to so notify the
Issuers shall not relieve the Issuers of their obligations hereunder. The Issuers shall defend the claim and the Trustee and the Agents may have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel. The Issuers
need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee or an Agent as a result of its own willful misconduct, negligence or bad faith. 

To secure the Issuers’ payment obligations in this Section, the Trustee shall have a lien prior to the Notes on all money or property
held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. The right of the Trustee to receive payment of any amounts due under this Section 7.6 shall
not be subordinate to any other liability or indebtedness of the Issuer. 

  
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 The Issuers’ obligations pursuant to this Section and any lien arising hereunder shall
survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee or an Agent. When the Trustee or an Agent incurs expenses after the occurrence of a Default specified in Sections 6.1(v) or
(vi) with respect to the Issuer, the expenses are intended to constitute expenses of administration under any Bankruptcy Law. 

Pursuant to Section 10.1, the obligations of the Issuers hereunder are jointly and severally guaranteed by the
Guarantors. 
 SECTION 7.7. Replacement of Trustee. The Trustee may resign at any time by so notifying the Issuers. The Holders of a
majority in principal amount of the Notes may remove the Trustee by so notifying the Issuers and the Trustee in writing and may appoint a successor Trustee. The Issuers shall remove the Trustee if: 

 

	 	(i)	 the Trustee fails to comply with Section 7.9; 

 

	 	(ii)	 the Trustee is adjudged bankrupt or insolvent; 

 

	 	(iii)	 a receiver or other public officer takes charge of the Trustee or its property; or 

 

	 	(iv)	 the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed by the Issuers or by the Holders of a majority in principal amount of the Notes and such Holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuers shall promptly appoint a successor Trustee.

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.6. All costs reasonably incurred in connection with any
resignation or removal hereunder shall be borne by the Issuers. 
 If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee or the Holders of at least 10% in principal amount of the Notes may petition, at the Issuers’ expense, any court of competent jurisdiction for the appointment of a successor Trustee.

 If the Trustee fails to comply with Section 7.9, unless the Trustee’s duty to resign is stayed, any Holder
may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement of the Trustee pursuant to this Section 7.7, the Issuers’ obligations under
Section 7.6 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.8. Successor Trustee by
Merger. If the Trustee, consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee. 

  
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 In case at the time such successor or successors by merger, conversion or consolidation to
the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and
deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.9. Eligibility; Disqualification. The Trustee shall have a combined capital and surplus of at least $50 million as set
forth in its most recent filed annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the requirements of
TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 SECTION 7.10. Limitation on Duty of Trustee. The
Trustee shall not have any duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture, the Notes and the Guarantees by the Issuers, the Guarantors or any other Person. 

SECTION 7.11. Preferential Collection of Claims Against the Issuers. The Trustee is subject to TIA § 311(a), excluding any
creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

SECTION 7.12. Reports by Trustee to Holders of the Notes. Within 60 days after each August 1, beginning with August 1, 2016,
the Trustee shall send to the Holders a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report
need be transmitted). The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit all reports as required by TIA § 313(c). 

The Issuers shall promptly notify the Trustee in writing when any Notes are listed on any stock exchange and of any delisting thereof. 

ARTICLE VIII 
 Discharge of
Indenture; Defeasance 
 SECTION 8.1. Discharge of Liability on Notes; Defeasance. 

(a) This Indenture shall be discharged and shall cease to be of further effect and any collateral then securing the Notes shall be released
(except as to surviving rights of registration or transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when: 

(1) either (i) all the Notes theretofore authenticated and delivered (other than Notes pursuant to
Section 2.7 which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from
such trust) have been delivered to the Trustee for cancellation or (ii) all of the Notes not previously delivered to the Trustee for cancellation (a) have become due and payable, (b) shall become due and payable at their Stated
Maturity within one year or (c) if redeemable at the option of the Issuers, have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of a full
redemption by the Trustee in the name, and at the expense, of the 

  
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Issuers, and the Issuers or any Guarantor have irrevocably deposited or caused to be deposited with the Trustee funds in cash in U.S. Dollars, U.S. Government Obligations or a combination thereof
in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of maturity or redemption, as the
case may be, together with irrevocable instructions from the Issuers directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 

(2) the Issuers and/or the Guarantors have paid all other sums payable under this Indenture; and 

(3) the Issuers have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b)
Subject to Sections 8.1(c) and 8.2, the Issuers at any time may terminate (i) all of their obligations under the Notes and this Indenture (with respect to such Notes) and have each Guarantor’s obligation discharged with
respect to its Guarantee and cure any then-existing Events of Default (“legal defeasance option”) or (ii) their obligations under Sections 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8,
3.9 and 3.10 and the operation of Section 4.1 (other than Sections 4.1(a)(i), (ii) and (vi) and Section 4.1(b)(i)(C)) and Sections 6.1(iii) (with
respect to any Default under Sections 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9 and 3.10), 6.1(iv), 6.1(v) (with respect to Significant Subsidiaries of the Company (other than
PPD) only), 6.1(vi) (with respect to Significant Subsidiaries of the Company (other than PPD) only) and 6.1(vii) (“covenant defeasance option”). The Issuers may exercise their legal defeasance option notwithstanding their
prior exercise of the covenant defeasance option. In the event that the Issuers terminate all of their obligations under the Notes and this Indenture (with respect to such Notes) by exercising the legal defeasance option or the covenant defeasance
option, the obligations of each Guarantor under its Guarantee of such Notes shall be terminated simultaneously with the termination of such obligations. 

If the Issuers exercise their legal defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default.
If the Issuers exercise their covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in Section 6.1(iii) (with respect to any Default by the Issuers or
any of their Restricted Subsidiaries with any of their obligations under Article III other than Sections 3.1, 3.11, 3.15), 6.1(iv), 6.1(v) (with respect to Significant Subsidiaries (other than PPD) of the Company
only), 6.1(vi) (with respect to Significant Subsidiaries (other than PPD) of the Company only) or 6.1(vii). 
 Upon
satisfaction of the conditions set forth herein and upon request of the Issuers, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuers terminate. 

(c) Notwithstanding clauses (a) and (b) above, the Issuers’ obligations in Sections 2.3, 2.4, 2.5, 2.6,
2.7, 2.8, 7.6, 7.7 and in this Article VIII shall survive until the Notes have been paid in full. Thereafter, the Issuers’ obligations in Sections 7.6, 8.5 and 8.6 shall survive such
satisfaction and discharge. 

  
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 SECTION 8.2. Conditions to Defeasance. 

(a) The Issuers may exercise their legal defeasance option or their covenant defeasance option only if: 

(i) the Issuers irrevocably deposit or cause to be deposited in trust with the Trustee cash in U.S. Dollars, U.S. Government
Obligations or a combination thereof in an amount in the opinion of a nationally recognized certified public accounting firm sufficient to pay the principal and the premium (if any) and interest on the Notes when due at maturity or redemption, as
the case may be; provided that if such redemption is made pursuant to Paragraph 6(b) of the form of Note set forth in Exhibit A hereto (or any corresponding paragraph of a Global Note or a Definitive Note), then (x) the amount of
money or U.S. Government Obligations that the Issuers must irrevocably deposit or cause to be deposited will be determined using an assumed Applicable Premium calculated as of the date of such deposit, as calculated by the Issuers in good faith, and
(y) the Issuers must irrevocably deposit or cause to be deposited additional money in trust on the redemption date as necessary to pay the Applicable Premium as determined on such date; 

(ii) the Issuers deliver to the Trustee a certificate from a nationally recognized firm of independent accountants expressing
their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment shall provide cash at such times and in such amounts as shall be
sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

(iii) 91 days pass after the deposit is made and during the 91-day period no Default
specified in Sections 6.1(v) or (vi) with respect to the Issuers occurs which is continuing at the end of the period; 

(iv) the deposit does not constitute a default under any other agreement binding on the Issuers; 

(v) the Issuers deliver to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not
constitute, or is qualified as, a regulated investment advisor under the Investment Advisors Act of 1940; 
 (vi) in the case
of the legal defeasance option, the Issuers shall have delivered to the Trustee an Opinion of Counsel stating that (1) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the
date of this Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders shall not recognize income, gain or loss for
U.S. federal income tax purposes as a result of such deposit and defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had
not occurred; 
 (vii) in the case of the covenant defeasance option, the Issuers shall have delivered to the Trustee an
Opinion of Counsel to the effect that the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and shall be subject to U.S. federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 
 (viii)
the Issuers deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article
VIII have been complied with. 

  
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 Before or after a deposit, the Issuers may make arrangements satisfactory to the Trustee for
the redemption of such Notes at a future date in accordance with Article V. 
 SECTION 8.3. Application of Trust Money. The
Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article VIII. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance
with this Indenture to the payment of principal of and interest on the Notes. 
 SECTION 8.4. Repayment to Issuers. Anything herein
to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon Company Order any money or U.S. Government Obligations held by it as provided in this Article VIII which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect legal defeasance or covenant
defeasance, as applicable; provided that the Trustee shall not be required to liquidate any U.S. Government Obligations in order to comply with the provisions of this Section 8.4. 

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Issuers upon written request any money
held by them for the payment of principal of or interest on the Notes that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuers for payment as general creditors. 

SECTION 8.5. Indemnity for U.S. Government Obligations. The Issuers shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.6. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance
with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Issuers and each
Guarantor under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such money
or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if any of the Issuers or the Guarantors has made any payment of interest on or principal of any Notes because of the
reinstatement of its obligations, the Issuers or any Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying
Agent. 
 ARTICLE IX 

Amendments 
 SECTION 9.1.
Without Consent of Holders. Notwithstanding Section 9.2 hereof, this Indenture, the Notes and Guarantees may be amended or supplemented by the Issuers, any Guarantor (with respect to this Indenture or a Guarantee to
which it is a party) and the Trustee without notice to or consent of any Holder: 
 (i) to cure any ambiguity, omission,
mistake, defect or inconsistency identified in an Officer’s Certificate of the Issuers, as applicable, delivered to the Trustee; 

  
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 (ii) to conform the text of this Indenture (including any supplemental
indenture or other instrument pursuant to which Additional Notes are issued), the Guarantees or the Notes to the “Description of notes” in the Offering Memorandum or, with respect to any Additional Notes and any supplemental indenture or
other instrument pursuant to which such Additional Notes are issued, to the “Description of notes” relating to the issuance of such Additional Notes, solely to the extent that such “Description of notes” provides for terms of
such Additional Notes that differ from the terms of the Initial Notes, as contemplated by Section 2.2; 

(iii) to comply with Section 4.1; 

(iv) to provide for the assumption by a successor Person of the obligations of an Issuer or any Guarantor under this Indenture
and the Notes or Guarantee, as the case may be; 
 (v) to provide for uncertificated Notes in addition to or in place of
certificated Notes; provided, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code; 

(vi) (A) to add or release Guarantees in accordance with the terms of this Indenture with respect to the Notes or
(B) to add additional co-issuers of the Notes to the extent it does not result in adverse tax consequences to the Holders; 

(vii) to secure the Notes; 

(viii) to add to the covenants of the Issuers for the benefit of the Holders or to surrender any right or power herein
conferred upon the Issuers or any Guarantor; 
 (ix) to make any change that does not adversely affect the rights of any
Holder in any material respect upon delivery to the Trustee of an Officer’s Certificate of the Issuers certifying the absence of such adverse effect; 

(x) to comply with any requirement of the SEC in connection with the qualification of this Indenture under the TIA; 

(xi) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by
this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation
of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(xii) to evidence and provide for the acceptance of appointment by a successor Trustee; provided that the successor
Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; or 
 (xiii) to provide for or
confirm the issuance of Additional Notes in accordance with this Indenture. 

  
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 SECTION 9.2. With Consent of Holders. 

(a) This Indenture, the Notes and the Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes) and any existing or past Default or compliance with any
provisions of such documents may be waived with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes); provided that (x) if any such amendment or waiver will only affect one series of Notes (or less than all series of Notes) then outstanding under this Indenture, then only the consent of the holders of a
majority in principal amount of the Notes of such series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such series of Notes) shall be required and
(y) if any such amendment or waiver by its terms will affect a series of Notes in a manner different from and materially adverse relative to the manner in which such amendment or waiver affects other series of Notes, then the consent of the
holders of a majority in principal amount of the Notes of such series then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such series of Notes) shall be
required. However, without the consent of each Holder of a Note affected (including, for the avoidance of doubt, any Notes held by Affiliates), no amendment, supplement or waiver may (with respect to any Notes held by a non-consenting Holder): 
 (i) reduce the percentage of the aggregate principal amount of
Notes whose Holders must consent to an amendment, supplement or waiver; 
 (ii) reduce the rate of or extend the time for
payment of interest on any Note; 
 (iii) reduce the principal of or change the Stated Maturity of any Note; 

(iv) waive a Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission of
acceleration of the Notes with respect to a nonpayment default by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration; 

(v) reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed as
described under Section 5.1; 
 (vi) make any Note payable in money other than that stated in such
Note; 
 (vii) impair the right of any Holder to institute suit for the enforcement of any payment on or with respect to such
Holder’s Notes; 
 (viii) make any change in the amendment or waiver provisions of this Indenture that require each
Holder’s consent, as described in clauses (i) through (vii) above; 
 (ix) make any change in the provisions of
this Indenture relating to waivers of past Defaults or the rights of Holders to receive payments of principal or premium, if any, or interest on the Notes; or 

(x) make the Notes or any Guarantee subordinated in right of payment to any other obligations. 

  
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 (b) It shall not be necessary for the consent of the Holders under this
Section 9.2 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. For the avoidance of doubt, no amendment to, or deletion of any of the
covenants contained in Article III of this Indenture (other than Section 3.1) shall be deemed to impair or affect any rights of Holders of the Notes to receive payment in respect of the Notes. 

(c) After an amendment under this Section 9.2 becomes effective, the Issuers shall (or shall cause the Trustee, at
the expense of and at the written request of the Issuers, to) mail or electronically deliver to the Holders of Notes affected thereby a notice briefly describing such amendment. The failure of the Issuers to deliver such notice, or any defect
therein, shall not in any way impair or affect the validity of an amendment under this Section 9.2. 
 SECTION
9.3. Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting
Holder’s Note, even if notation of the consent or waiver is not made on the Note. After an amendment or waiver becomes effective, it shall bind every Holder unless it makes a change described in clauses (i) through (ix) of
Section 9.2(a), in which case the amendment or waiver or other action shall bind each Holder who has consented to it and every subsequent Holder of a Note that evidences the same debt as the consenting Holder’s Notes.
Any amendment, other than an amendment that in the sole determination of the Trustee adversely affects the rights, duties, liabilities or immunities of the Trustee or a waiver, in each case, made pursuant to Section 9.2 shall
become effective upon receipt by the Trustee of the requisite number of written consents. 
 The Issuers may, but shall not be obligated to,
fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to take any such action, whether or not such Persons continue
to be Holders after such record date. 
 SECTION 9.4. Notation on or Exchange of Notes. If an amendment changes the terms of a Note,
the Trustee, at the request of the Issuers, may require the Holder to deliver it to the Trustee. The Trustee, at the request of the Issuers, may place an appropriate notation on the Note regarding the changed terms and return it to the Holder.
Alternatively, if the Issuers so determine, the Issuers in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not
affect the validity of such amendment. 
 SECTION 9.5. Trustee To Sign Amendments. The Trustee shall sign any amendment, supplement
or waiver authorized pursuant to this Article IX if the amendment, supplement or waiver does not, in the sole determination of the Trustee, adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee
may but need not sign it. In signing any amendment, supplement or waiver pursuant to this Article IX, the Trustee shall be entitled to receive, and (subject to Sections 7.1 and 7.2) shall be fully protected in relying upon, an
Officer’s Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by or complies with this Indenture, that all conditions precedent to such amendment required by this Indenture have
been complied with and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers, enforceable against the Issuers in accordance with its terms, subject to customary exceptions. Notwithstanding the foregoing,
no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture. 

  
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 ARTICLE X 

Guarantees 
 SECTION 10.1.
Guarantees. 
 (a) Subject to the provisions of this Article X, each Guarantor hereby jointly and severally, irrevocably, fully
and unconditionally guarantees, as guarantor and not as a surety, with each other Guarantor, to each Holder, to the extent lawful, and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or
otherwise, of the principal of, premium, if any, and interest on the Notes and all other Obligations of the Issuers under this Indenture and the Notes (including, without limitation, interest accruing after the filing of any petition in bankruptcy,
or the commencement of any insolvency, reorganization or like proceeding, relating to the Issuers or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and the obligations under
Section 7.6) (all the foregoing being hereinafter collectively called the “Guarantor Obligations”). Each Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended or renewed, in
whole or in part, without notice or further assent from it, and that it shall remain bound under this Article X notwithstanding any extension or renewal of any Guarantor Obligation. 

(b) Each Guarantor waives (to the extent lawful) presentation to, demand of, payment from and protest to the Issuers of any of the Guarantor
Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Guarantor waives (to the extent lawful) notice of any default under the Notes or the Guarantor Obligations. 

(c) Each Guarantor further agrees that its Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and
waives any right to require that any resort be had by any Holder to any security held for payment of the Guarantor Obligations. 
 (d) Except
as set forth in Section 10.2 and Article VIII, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the
Guarantor Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of
the invalidity, illegality or unenforceability of the Guarantor Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not (to the extent lawful) be discharged or impaired or
otherwise affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Issuers or any other Person under this Indenture, the Notes or any other agreement or otherwise; (b) any
extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder for the
Guarantor Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of the Issuers; (g) any default, failure or delay, willful or otherwise,
in the performance of the Guarantor Obligations; or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a
discharge of such Guarantor as a matter of law or equity. 
 (e) Each Guarantor agrees that its Guarantee herein shall remain in full force
and effect until payment in full of all the Guarantor Obligations or such Guarantor is released from its Guarantee in compliance with Section 4.1, Section 10.2 and Article VIII. Each
Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest on any of the Guarantor Obligations is
rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuers or otherwise. 

  
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 (f) In furtherance of the foregoing and not in limitation of any other right which any
Holder has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuers to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise,
each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid amount
of such Guarantor Obligations then due and owing and (ii) accrued and unpaid interest on such Guarantor Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after the filing of any petition
in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Issuers or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding). 

(g) Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity
of the Guarantor Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Guarantor Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guarantor Obligations, such Guarantor Obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantor for the purposes of this Guarantee. 
 (h) Each Guarantor also agrees to pay any and all reasonable costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Section. 
 (i) Neither the
Issuers nor the Guarantors shall be required to make a notation on the Notes to reflect any Guarantee or any release, termination or discharge thereof and any such notation shall not be a condition to the validity of any Guarantee. 

SECTION 10.2. Limitation on Liability; Termination, Release and Discharge. 

(a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Guarantor hereunder shall be limited to
the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of
such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal
or state law or the laws of the jurisdiction of organization of such Guarantor and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 

(b) A Guarantee by a Guarantor shall be automatically and unconditionally released and discharged, and each Guarantor and its obligations under
the Guarantee and this Indenture shall be released and discharged upon: 
 (1) the sale, exchange, disposition or other
transfer (including through merger, consolidation or dissolution) of (x) the Capital Stock of such Guarantor, if after such transaction the Guarantor is no longer a Restricted Subsidiary, or (y) all or substantially all the assets of such
Guarantor if such sale, exchange, disposition, dissolution or other transfer is made in compliance with this Indenture, so long as such Subsidiary Guarantor is also released from its guarantee under the Senior Credit Agreement and Certain Capital
Markets Debt (if applicable); 

  
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 (2) the Issuers designating such Guarantor to be an Unrestricted Subsidiary
in accordance with the provisions set forth in Section 3.4, Section 3.14 and the definition of “Unrestricted Subsidiary;” 

(3) in the case of any Restricted Subsidiary that after the Issue Date is required to guarantee the Notes pursuant to
Section 3.11, the release or discharge of the guarantee by such Restricted Subsidiary of Indebtedness of the Issuers or any Restricted Subsidiary of the Issuers or such Restricted Subsidiary or the repayment of the
Indebtedness or Disqualified Stock, in each case, that resulted in the obligation to guarantee the Notes, except if a release or discharge is by or as a result of payment in connection with the enforcement of remedies under such other guarantee;

 (4) the Issuers’ exercise of their legal defeasance option or covenant defeasance option as described under
Article VIII or if the Issuers’ Obligations under this Indenture are discharged in accordance with the terms of this Indenture; 

(5) the release or discharge of the Guarantee by, or direct obligation of, such Guarantor of the Obligations under the Senior
Credit Agreement, except a discharge or release by or as a result of payment in connection with the enforcement of remedies under such guarantee or direct obligation; 

(6) such Guarantor ceasing to be a Domestic Subsidiary; or 

(7) the Notes having an Investment Grade Rating from both Rating Agencies. 

A Guarantee also will be automatically released upon the applicable Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of
any pledge or security interest securing the Senior Credit Agreement or other exercise of remedies in respect thereof. 
 (c) If any
Guarantor is released from its Guarantee, any of its Subsidiaries that are Guarantors shall be released from their Guarantees, if any. 
 (d)
In the case of Section 10.2(b), the Issuers shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such
transaction have been complied with. 
 (e) The release of a Guarantor from its Guarantee and its obligations under this Indenture in
accordance with the provisions of this Section 10.2 shall not preclude the future applications of Section 3.11 to such Person. 

SECTION 10.3. Right of Contribution. Each Guarantor hereby agrees that to the extent that any such Guarantor shall have paid more than
its proportionate share of any payment made on the obligations under its Guarantee, such Guarantor shall be entitled to seek and receive contribution from and against the Issuers or any other Guarantor who have not paid their proportionate share of
such payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee and the Holders and each Guarantor shall remain liable to the Trustee and the
Holders for the full amount guaranteed by such Guarantor hereunder. 

  
 -121- 

 SECTION 10.4. No Subrogation. Notwithstanding any payment or payments made by each
Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Issuers or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any
Holder for the payment of the Guarantor Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuers or any other Guarantor in respect of payments made by such Guarantor hereunder, until all
amounts owing to the Trustee and the Holders by the Issuers on account of the Guarantor Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Guarantor
Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to
the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guarantor Obligations. 

SECTION 10.5. Limitations on Merger. Subject to Sections 4.1 and 10.2, a Guarantor shall not, and the Company shall not
permit any Guarantor to, consolidate, merge or amalgamate with or into or wind up into (whether or not such Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions to, any Person unless: 
 (1) (a) such Guarantor is the surviving
Person or the Person is the Successor Guarantor; 
 (b) the Successor Guarantor (if other than such Guarantor) expressly
assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture or other documents or instruments; 

(c) immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the
Successor Guarantor or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and
be continuing; 
 (d) each other Guarantor, unless it is the other party to the transactions described above, shall have by
supplemental indenture confirmed that its Guarantee shall continue to apply; and 
 (e) the Successor Guarantor (if other
than such Guarantor) shall have delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indenture (if
any) comply with this Indenture; or 
 (2) such sale or disposition or consolidation, amalgamation or merger is made in
compliance with Section 3.7. 
 Subject to this Article X, the Successor Guarantor shall succeed to, and be
substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor shall automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee.
Notwithstanding the foregoing, (1) a Guarantor may merge, consolidate or amalgamate with an Affiliate of the Company incorporated or organized solely for the purpose of reincorporating or reorganizing such Guarantor in the United States, any
state or territory thereof or the District of Columbia, so long as the principal amount of Indebtedness of the Company and the Restricted Subsidiaries is not increased thereby (unless such increase is permitted by this Indenture), (2) a Guarantor
may consolidate, merge or amalgamate with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all 

  
 -122- 

 
or substantially all of its properties and assets to the Issuers or a Guarantor, (3) a Guarantor may convert into a corporation, partnership, limited partnership, limited liability company
or trust organized or existing under the laws of the jurisdiction of organization of such Guarantor or the laws of a jurisdiction in the United States, (4) a Guarantor may change its name and (5) any Restricted Subsidiary may merge,
amalgamate or consolidate into any Guarantor; provided that, in the case of this clause (5), that the surviving Person (i) is a corporation, partnership, limited partnership or limited liability company or trust organized or existing
under the laws of the United States, any state or territory thereof or the District of Columbia (or in the case of a voluntary Guarantee by a Foreign Subsidiary, the jurisdiction of organization of such Restricted Subsidiary or Guarantor) and
(ii) is or becomes a Guarantor upon consummation of such merger, amalgamation or consolidation. 
 SECTION 10.6. Execution and
Delivery. 
 (a) To evidence its Guarantee set forth in Section 10.1, each Guarantor hereby agrees that this Indenture shall be
executed on behalf of such Guarantor by an Officer or person holding an equivalent title. 
 (b) Each Guarantor hereby agrees that its
Guarantee set forth in Section 10.1 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

(c) If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the
Guarantees shall be valid nevertheless. 
 (d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 
 (e) If required by
Section 3.11, the Issuers shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 3.11 and this Article X, to the extent applicable. 

ARTICLE XI 
 INTENTIONALLY
OMITTED 
 ARTICLE XII 

Miscellaneous 
 SECTION
12.1. Notices. Notices given by publication shall be deemed given on the first date on which publication is made, and notices given by first-class mail, postage prepaid, shall be deemed given five calendar days after mailing. Notices
personally delivered will be deemed given at the time delivered by hand. Notices given by facsimile will be deemed given when receipt is acknowledged. Notices given by overnight air courier guaranteeing next day delivery will be deemed given the
next Business Day after timely delivery to the courier. Any notice or communication shall be in writing and delivered in person, by facsimile or mailed by first-class mail addressed as follows: 

if to the Issuers or any Guarantor: 

Jaguar Holding Company II 

Pharmaceutical Product Development, LLC 

  
 -123- 

 929 North Front Street 

Wilmington, NC 28401 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
 if to the
Trustee: 
 Wilmington Trust, National Association 

246 Goose Lane, Suite 105 

Guilford, CT 06437 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
 The Issuers or
the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 Any notice
or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. Any notice or
communication shall also be so mailed or delivered to any Person described in TIA § 313(c), to the extent required by the TIA. 

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a
notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 The Trustee
agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give
the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such
instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee) pursuant to the standing instructions
from such Depositary. 
 SECTION 12.2. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Issuers to the Trustee to take or refrain from taking any action under this Indenture (except in connection with (x) the original issuance of Notes on the date hereof and (y) with respect to clause (ii) below, the execution of any
amendment or supplement adding a new Guarantor under this Indenture), the Issuers shall furnish to the Trustee: 
 (i) an
Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

  
 -124- 

 (ii) an Opinion of Counsel in form reasonably satisfactory to the Trustee
stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 12.3. Statements Required
in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions
of TIA § 314(e) and also shall include: 
 (i) a statement that the individual making such certificate or opinion has
read such covenant or condition; 
 (ii) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the
opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials. 
 SECTION 12.4. [Reserved]. 

SECTION 12.5. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of,
Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 12.6. Days Other than Business
Days. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If a regular Record Date is not a Business Day, the Record Date
shall not be affected. 
 SECTION 12.7. Governing Law. This Indenture, the Notes and the Guarantees shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 SECTION 12.8. [Reserved]. 

SECTION 12.9. Waiver of Jury Trial. EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 12.10. No Recourse Against Others. No manager, managing director, incorporator, director, officer, employee or holder of any
Equity Interests of the Issuers, any Subsidiary or any direct or indirect parent of the Company, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the Notes, the Guarantees or this Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issuance of the Notes. This
waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

  
 -125- 

 SECTION 12.11. Successors. All agreements of the Issuers and any Guarantor in this
Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 12.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. Delivery of an executed counterpart of a signature page to this Indenture by telecopier, facsimile or other electronic transmission (i.e. a “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart thereof. One signed copy is enough to prove this Indenture. 
 SECTION 12.13. Variable
Provisions. The Issuers initially appoint the Trustee as Paying Agent and Registrar and Notes Custodian with respect to any Global Notes. 

SECTION 12.14. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 12.15. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION 12.16. USA Patriot
Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee and the Trust Officers, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this agreement agree that they shall provide the Trustee and the Trust Officers with
such information as they may request in order to satisfy the requirements of the USA Patriot Act. 
 SECTION 12.17. [Reserved]. 

SECTION 12.18. Communication by Holders with Other Holders. Holders may communicate pursuant to TIA § 312(b) with other Holders of
Notes with respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

  
 -126- 

 ARTICLE XIII 

Measuring Compliance 

SECTION 13.1. Compliance in Connection with Certain Investments and Repayments. With respect to any (x) Investment or acquisition,
in each case, for which the Company or any Subsidiary of the Company may not terminate its obligations due to a lack of financing for such Investment or acquisition (whether by merger, consolidation or other business combination or the acquisition
of Capital Stock or otherwise), as applicable, and (y) repayment, repurchase or refinancing of Indebtedness with respect to which an irrevocable notice of repayment (or similar irrevocable notice) has been delivered, in each case for purposes
of determining: 
 (a) whether any Indebtedness (including Acquired Indebtedness) that is being incurred in connection with such Investment,
acquisition or repayment, repurchase or refinancing of Indebtedness is permitted to be incurred in compliance with Section 3.3; 

(b) whether any Lien being incurred in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness or
to secure any such Indebtedness is permitted to be incurred in accordance with Section 3.5 or the definition of “Permitted Liens”; 

(c) whether any other transaction undertaken or proposed to be undertaken in connection with such Investment, acquisition or repayment,
repurchase or refinancing of Indebtedness complies with the covenants or agreements contained in this Indenture or the Notes; and 
 (d) any
calculation of the ratios, including Fixed Charge Coverage Ratio, Consolidated Total Debt Ratio, Consolidated Senior Secured Debt Ratio, Specified Consolidated Total Debt Ratio, Consolidated Net Income, Consolidated EBITDA, Consolidated Net Tangible
Assets and/or Pro Forma Cost Savings and, whether a Default or Event of Default exists in connection with the foregoing, 
 at the option of the Company,
using the date that the definitive agreement for such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness is entered into (the “Transaction Agreement Date”) may be used as the applicable date of
determination, as the case may be, in each case with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Pro Forma Basis” or “Consolidated EBITDA.”
For the avoidance of doubt, if the Company elects to use the Transaction Agreement Date as the applicable date of determination in accordance with the foregoing, (a) any fluctuation or change in the Fixed Charge Coverage Ratio, Consolidated
Total Debt Ratio, Consolidated Senior Secured Debt Ratio, Specified Consolidated Total Debt Ratio, Consolidated Net Income, Consolidated EBITDA, Consolidated Net Tangible Assets and/or Pro Forma Cost Savings of the Company from the Transaction
Agreement Date to the consummation of such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness, will not be taken into account for purposes of determining whether any Indebtedness or Lien that is being incurred in
connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness, or in connection with compliance by the Company or any of the Restricted Subsidiaries with any other provision of this Indenture or the Notes or
any other transaction undertaken in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness, is permitted to be Incurred and (b) until such Investment, acquisition or repayment, repurchase or refinancing
of Indebtedness is consummated or such definitive agreements are terminated, such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness and all transactions proposed to be undertaken in connection therewith (including the
incurrence of Indebtedness and Liens) will be given pro forma effect when determining compliance of other transactions (including the incurrence of Indebtedness and Liens unrelated to such Investment, acquisition or repayment, repurchase or
refinancing of Indebtedness) that are consummated after the Transaction Agreement Date and on or prior to the consummation of such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness and any such transactions (including
any incurrence of Indebtedness and the use of proceeds thereof) will be deemed to have occurred on the date the definitive agreements are entered and outstanding thereafter for purposes of calculating any baskets or ratios under this Indenture after
the date of such agreement and before the consummation of such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness. The compliance with any requirement relating to the absence of a Default or Event of Default may be
determined as of the Transaction Agreement Date and not as of any later date as would otherwise be required under this Indenture. 

[Signature Pages Follow] 

  
 -127- 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the date first above written. 
  

			
	JAGUAR HOLDING COMPANY II
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	WILDCAT ACQUISITION HOLDINGS (UK) LIMITED
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Director
	
	JAGUAR CAYMAN FINANCE LIMITED
		
	By:	 	 /s/ Brian S. Tuttle

		 	Name: Brian S. Tuttle
		 	Title: Director
	
	ACURIAN, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary

 [Signature Page to the Indenture] 

			
	APPLIED BIOSCIENCE INTERNATIONAL, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President and Secretary
	
	ATP, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President and Secretary
	
	CLINICAL RESEARCH ADVANTAGE, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	CNS RESEARCH SCIENCE, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	CRA INTERMEDIATE HOLDINGS, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	INNOVA HOLDINGS, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary

  
 [Signature Page to the
Indenture] 

			
	PHARMACO INVESTMENTS, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: President and Secretary
	
	PPD AERONAUTICS, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President and Secretary
	
	PPD DEVELOPMENT, L.P.
		 	By PPD GP, LLC, its General Partner
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President, General Counsel and Secretary
	
	PPD GLOBAL CENTRAL LABS, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President and Secretary
	
	PPD GP, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President, General Counsel and Secretary
	
	PPD HOLDINGS, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President and Secretary

  
 [Signature Page to the
Indenture] 

			
	PPD INVESTIGATOR SERVICES, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	PPD SERVICES, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President and Secretary
	
	PPD VACCINES AND BIOLOGICS, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President
	
	RADIANT RESEARCH, INC.
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: General Counsel and Secretary
	
	RIVER VENTURES, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President and Secretary
	
	X-CHEM, INC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name: B. Judd Hartman
		 	Title: Vice President, General Counsel and Secretary

  
 [Signature Page to the
Indenture] 

			
	WILMINGTON TRUST NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Jane Schweiger

		 	Name: Jane Schweiger
		 	Title: Vice President

  
 [Signature Page to the
Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 Global
Note Legend, if applicable 
 Private Placement Legend, if applicable 

Temporary Regulation S Legend, if applicable 

  
 A-1 

			
	No. [___]	  	Principal Amount $[________________],
		  	as revised by the Schedule of Increases
		  	or Decreases in the Global Note attached
		  	hereto1
		
		  	CUSIP NO. _________________2

 JAGUAR HOLDING COMPANY II 

PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC 

6.375% Senior Notes due 2023 

Jaguar Holding Company II, a Delaware corporation, and Pharmaceutical Product Development, LLC, a Delaware limited liability company, promise
to pay to Cede & Co., or registered assigns, the initial principal amount set forth on the Schedule of Increases or Decreases in the Global Note attached hereto, as revised by the Schedule of Increases or Decreases in the Global Note
attached hereto, on August 1, 2023. 
 Interest Payment Dates: February 1 and August 1. 

Record Dates: January 15 and July 15. 

Additional provisions of this Note are set forth on the other side of this Note. 

 

	1 	 Insert Global Notes only 

	2 	 144A – 47010D AA8 

Reg S – U4682W AA1 
 IAI
– 47010D AB6 

  
 A-2 

 
			
	JAGUAR HOLDING COMPANY II
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 A-3 

	
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION
	
	as Trustee, certifies that this is one of the Notes referred to in the Indenture.

  

							
	By:	  	  
	  	                                	  	
		  	Authorized Signatory	  		  	
		  		  		  	Date:

  
 A-4 

 [FORM OF REVERSE SIDE OF NOTE] 

6.375% Senior Note due 2023 
  

	1.	 Interest 

Jaguar Holding Company II, a Delaware corporation, and Pharmaceutical Product Development, LLC, a Delaware limited liability company (such
corporation and limited liability company, and their successors and assigns under the Indenture, hereinafter referred to as the “Issuers”), promise to pay interest on the principal amount of this Note at the rate per annum shown
above. 
 The Issuers shall pay interest semiannually on February 1 and August 1 of each year, with the first interest payment to
be made on February 1, 2016.3 Interest on the Notes shall accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from August 18,
2015.4 The Issuers shall pay interest on overdue principal or premium, if any (plus interest on such interest to the extent lawful), at the rate borne by the Notes to the extent lawful. Interest
shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuers shall pay interest on overdue principal at 2% per annum in excess of the above rate
and shall pay interest on overdue installments of interest at such higher rate to the extent lawful. 
  

	2.	 Method of Payment 

By no later than 10:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due and
payable, the Issuers shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest. The Issuers shall pay interest (except Defaulted Interest) to the Persons who are
registered Holders of Notes at the close of business on the January 15 and July 15 next preceding the Interest Payment Date unless Notes are cancelled, repurchased or redeemed after the record date and before the Interest Payment Date.
Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuers shall pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for payment of public and private
debts. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by the Paying Agent by the transfer of immediately available funds to the accounts specified by the Depositary. The
Issuers shall make all payments in respect of a Definitive Note (including principal, premium, if any, and interest) through the Paying Agent by mailing a check to the registered address of each Holder thereof. 

 

	3.	 Paying Agent and Registrar 

Initially, Wilmington Trust, National Association, duly organized and existing under the laws of the United States of America and having a
corporate trust office at 246 Goose Lane, Suite 105, Guilford, CT 06437 (“Trustee”), shall act as Paying Agent and Registrar. The Issuers may appoint and change any Paying Agent, Registrar or
co-registrar without notice to any Holder. The Issuers or any of their Subsidiaries may act as Paying Agent, Registrar or co-registrar. 

 

	3 	 With respect to the Initial Notes. 

	4 	 With respect to the Initial Notes. 

  
 A-5 

	4.	 Indenture 

The Issuers issued the Notes under an Indenture dated as of August 18, 2015 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Indenture”), among the Issuers, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Securities Act for a statement of those terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Notes are senior unsecured obligations
of the Issuers. This Note is one of the 6.375% Senior Notes due 2023 referred to in the Indenture. The Notes include (i) $1,125,000,000 aggregate principal amount of the Issuers’ 6.375% Senior Notes due 2023 issued under the Indenture on
August 18, 2015 (herein called “Initial Notes”) and (ii) if and when issued, additional Notes of the Issuers that may be issued from time to time under the Indenture subsequent to August 18, 2015 (herein called
“Additional Notes”). 
  

	5.	 Guarantee 

To guarantee the due and punctual payment of the principal, premium, if any, and interest (including post-filing or post-petition interest) on
the Notes and all other amounts payable by the Issuers under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the
Guarantors have unconditionally Guaranteed (and future guarantors shall unconditionally Guarantee), jointly and severally, such obligations on a senior unsecured basis, subject to the limitations described in Article X of the Indenture. 

 

	6.	 Optional Redemption 

(a) On and after August 1, 20185, the Issuers may redeem the Notes, at their option,
in whole at any time or in part from time to time, upon notice as described in Section 5.4 of the Indenture, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid
interest, if any, to (but not including) the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the redemption date), if
redeemed during the 12-month period commencing on August 16 of the years set forth below: 

 

					
	Year	  	Percentage	 
	 2018
	  	 	104.781	% 
	 2019
	  	 	103.188	% 
	 2020
	  	 	101.594	% 
	 2021 and thereafter
	  	 	100.000	% 

 (b) At any time prior to August 1, 20187, the Issuers
may redeem the Notes at their option, in whole at any time or in part from time to time, upon notice as described in Section 5.4 of the Indenture, at a redemption price equal to 100% of the principal amount of the Notes
redeemed plus the Applicable Premium as of the date of the redemption notice, and accrued and unpaid interest, if any, to (but not including) the applicable redemption date (subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant interest payment date falling prior to or on the redemption date). 
  

	5 	 With respect to the Initial Notes. 

	6 	 With respect to the Initial Notes. 

	7 	 With respect to the Initial Notes. 

  
 A-6 

 (c) At any time and from time to time, upon notice as described in
Section 5.4 of the Indenture, prior to August 1, 20188, the Issuers may redeem in the aggregate up to 40% of the aggregate principal amount of the Notes (calculated
after giving effect to any issuance of Additional Notes of such series) with an amount equal to the net cash proceeds of one or more Equity Offerings, to the extent the net cash proceeds thereof are contributed to the common equity capital of the
Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company through an issuance of Capital Stock by the Company, at a redemption price (expressed as a percentage of the principal amount thereof) equal to 106.375% plus
accrued and unpaid interest, if any, to (but not including) the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the
redemption date); provided, however, that at least 50% of the aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes of such series) must remain outstanding after each such
redemption; provided, further, that for purposes of calculating the principal amount of the Notes able to be redeemed with the net cash proceeds of such Equity Offering or Equity Offerings, such amount shall include only the principal
amount of the Notes to be redeemed plus the premium on such Notes to be redeemed; provided, further, that such redemption shall occur within 120 days after the date on which any such Equity Offering is consummated. 

(d) At any time, the Issuers or a third party will have the right to redeem the Notes at 101% of the principal amount thereof, plus accrued and
unpaid interest, if any, to (but not including) the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the purchase date)
following the consummation of a Change of Control if at least 90% of the Notes outstanding prior to such consummation are purchased pursuant to a Change of Control Offer with respect to such Change of Control. 

(f) In connection with any redemption of Notes (including with the net cash proceeds of an Equity Offering), any such redemption may, at the
Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, consummation of any related Equity Offering or consummation of a Change of Control or refinancing of Indebtedness. In addition, if such
redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied
(or waived by the Issuers in their sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by
the redemption date, or by the redemption date so delayed. 
 (g) Unless the Issuers default in the payment of the redemption price, interest
shall cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 (h) Any redemption
pursuant to this paragraph 6 shall be made pursuant to the provisions of Article V of the Indenture. 
  

	8	 With respect to the Initial Notes. 

  
 A-7 

	7.	 Change of Control; Asset Sales 

(a) If a Change of Control occurs after the Issue Date, unless the Issuers have exercised their right to redeem all of the Notes under
Section 5.1 of the Indenture, each Holder shall have the right to require the Issuers to repurchase all or any part (in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof; provided
that the Notes submitted or selected for purchase shall not result in a Holder with a principal amount of Notes less than the minimum denomination of $2,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal
amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior
to or on the purchase date) as provided in, and subject to the terms of, the Indenture. 
 (b) In connection with any Change of Control
Offer, any such Change of Control Offer may, at the Issuers’ discretion, be subject to one or more conditions precedent. In addition, if such Change of Control Offer or notice is subject to satisfaction of one or more conditions precedent, such
notice shall state that, in the Issuers’ discretion, the purchase date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion), or such purchase may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the purchase date, or by the purchase date so delayed. 

(c) In the event of an Asset Sale Offer that requires the purchase of Notes pursuant to Section 3.7(d) of the Indenture, the
Issuers shall be required to make an offer to all Holders to purchase Notes in accordance with Sections 3.7(d) and 5.8 of the Indenture at an offer price in cash in an amount equal to 100.0% of the principal amount of the Notes, plus
accrued and unpaid interest to, but excluding, the date of purchase (subject to the rights of Holders of record on any Record Date to receive payments of interest on the related Interest Payment Date). Holders that are the subject of an offer to
purchase shall receive an Asset Sale Offer from the Issuers prior to any related purchase date and may elect to have such Note purchased pursuant to such offer by completing the form entitled “Option of Holder To Elect Purchase” attached
hereto, or transferring its interest in such Note by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the address specified in the notice at least three Business Days before the Purchase Date. 

 

	8.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in minimum denominations of principal amount of $2,000 and whole multiples of $1,000 in excess
thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes for a period beginning 15 Business Days before an Interest Payment Date and ending on such Interest Payment Date. 

 

	9.	 Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

 

	10.	 Unclaimed Money 

If money for the payment of the principal of or premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall
pay the money back to the Issuers at their request unless an abandoned property law designates another person. After any such payment, Holders entitled to the money must look only to the Issuers and not to the Trustee for payment. 

  
 A-8 

	11.	 Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers irrevocably deposit in trust with the Trustee money or U.S. Government Obligations (sufficient, without reinvestment, in the opinion of a nationally recognized certified public accounting firm) for the payment
of principal, premium (if any) and interest on the Notes to redemption or maturity, as the case may be. 
  

	12.	 Amendment, Waiver 

The Indenture and the Notes may be amended or waived as set forth in Article IX of the Indenture. 

 

	13.	 Defaults and Remedies 

Events of Default shall be as set forth in Article VI of the Indenture. 

If an Event of Default occurs and is continuing, the Trustee or Holders of at least 30% in principal amount of outstanding Notes may declare
all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Issuers are Events of Default which shall result in the Notes being due and payable immediately upon the occurrence of such Events of
Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the
Indenture or the Notes unless it receives indemnity or security satisfactory to the Trustee. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest. 

 

	14.	 Trustee Dealings with the Issuer 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuers or their Affiliates and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee.

  

	15.	 No Recourse Against Others 

No manager, managing director, director, officer, employee, incorporator or Holder of any Equity Interests in the Issuers, any Subsidiary or
any direct or indirect parent of the Company, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the Notes, the Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such
obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release shall be part of the consideration for the issuance of the Notes. This waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

  
 A-9 

	16.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the
certificate of authentication on the other side of this Note. 
  

	17.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entirety), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors Act). 
  

	18.	 CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures the Issuers have caused CUSIP numbers to be
printed on the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers placed thereon. 

 

	19.	 Successor Entity 

When a successor entity assumes, in accordance with the Indenture, all the obligations of its predecessor under the Notes and the Indenture,
and immediately before and thereafter no Default or Event of Default exists and all other conditions of the Indenture are satisfied, the predecessor entity shall be released from those obligations. 

 

	20.	 Governing Law 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 A-10 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign and
transfer this Note to 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint ____________agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for
him. 
  

									
	Date:	 	                                    	 		 	Your Signature:	 	                                      
      
		 		 		 		 	

  

					
	Signature Guarantee:	 	  
	 	
		 	(Signature must be guaranteed)	 	

  
  

Sign exactly as your name appears on the other side of this Note. 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

  
 A-11 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of the Note shall be $[        ]. The following increases or decreases in
this Global Note have been made: 
  

									
	 Date of

Exchange
	  	 Amount of decrease in Principal

Amount of this Global Note
	  	 Amount in increase in

Principal amount of this

Global Note
	  	 Principal amount of this

Global Note following

such decrease or increase
	  	 Signature of authorized signatory

of Trustee or Notes Custodian

  
 A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Sections 3.7 or 3.9 of the Indenture, check the box:

  

			
	 ☐
	  	 ☐

	 3.7
	  	 3.9

 If you want to elect to have only part of this Note purchased by the Issuers pursuant to Sections 3.7 or
3.9 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or integral multiples of $1,000 in excess thereof): $ 
  

									
	Date:	 	                                    	 	                    	 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the other side of the Note) Signature Guarantee:

  

					
	Signature Guarantee:	 	  
	 	
		 	(Signature must be guaranteed)    	 	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

  
 A-13 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Jaguar Holding
Company II 
 Pharmaceutical Product Development, LLC 
 929
North Front Street 
 Wilmington, NC 28401 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
 Wilmington Trust, National
Association 
 246 Goose Lane, Suite 105 
 Guilford, CT 06437

 Facsimile: [                    ] 

Attention: [                    ] 

Re: 6.375% Senior Notes due 2023 

Reference is hereby made to the Indenture, dated as of August 18, 2015 (the “Indenture”), among Jaguar Holding Company
II, a Delaware corporation, Pharmaceutical Product Development, LLC, a Delaware limited liability company (such corporation and limited liability company, and their successors and assigns under the Indenture, hereinafter referred to as the
“Issuers”), the Guarantors and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture. 
 __________________ (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s]
specified in Annex A hereto, in the principal amount of $____ in such Note[s] or interests (the “Transfer”), to ___________ (the “Transferee”), as further specified in Annex A hereto. In connection with the
Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

 

									
	1.	  	☐	  	Check if Transferee shall take delivery of a beneficial interest in the 144A Global Note or a Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being
transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky
securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act.

  
 B-1 

									
			
	2.	  	☐	  	Check if Transferee shall take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and
in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was
originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or
through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and
(iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of
the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S
Global Note and/or the Definitive Note and in the Indenture and the Securities Act.
			
	3.	  	☐	  	Check and complete if Transferee shall take delivery of a beneficial interest in the IAI Global Note or an Unrestricted Global Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation
S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any
applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
					
		  		  	(a)	  	☐	  	 such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 
 or

					
		  		  	(b)	  	☐	  	 such Transfer is being effected to the Issuers or a subsidiary thereof;

 
 or

					
		  		  	(c)	  	☐	  	 such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in
compliance with the prospectus delivery requirements of the Securities Act;
  

or

					
		  		  	(d)	  	☐	  	such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904,
and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests
in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by

  
 B-2 

									
					
		  		  		  		  	the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $150,000, an Opinion of Counsel provided by the Transferor or
the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note shall be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the
Securities Act. 
			
	4.	  	☐	  	Check if Transferee shall take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.
					
		  		  	(a)	  	☐	  	Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
					
		  		  	(b)	  	☐	  	Check if Transfer is pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
					
		  		  	(c)	  	☐	  	Check if Transfer is pursuant to other exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule
144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive
Note shall not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

  
 B-3 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuers. 
  

			
	  

	 [Insert Name of Transferor]

		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

  
 B-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

									
		
	1.	  	The Transferor owns and proposes to transfer the following:
	
	[CHECK ONE OF (a) OR (b)]
				
		  	(a)	  	☐	  	a beneficial interest in the:
					
		  		  	(i)	  	☐	  	144A Global Note (CUSIP [        ]), or
					
		  		  	(ii)	  	☐	  	Regulation S Global Note (CUSIP [        ]), or
					
		  		  	(iii)	  	☐	  	IAI Global Note (CUSIP [        ]), or
				
		  	(b)	  	☐ 	  	a Restricted Definitive Note.
		
	2.	  	After the Transfer the Transferee shall hold:
	
	[CHECK ONE]
				
		  	(a)	  	☐	  	a beneficial interest in the:
					
		  		  	(i)	  	☐	  	144A Global Note (CUSIP [        ]), or
					
		  		  	(ii)	  	☐	  	Regulation S Global Note (CUSIP [        ]), or
					
		  		  	(iii)	  	☐	  	Unrestricted Global Note (CUSIP [        ]), or
					
		  		  	(iv)	  	☐	  	IAI Global Note (CUSIP [        ]), or
				
		  	(b)	  	☐	  	a Restricted Definitive Note; or
				
		  	(c)	  	☐	  	an Unrestricted Definitive Note,
	
	in accordance with the terms of the Indenture.

  
 B-5 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Jaguar Holding
Company II 
 Pharmaceutical Product Development, LLC 
 929
North Front Street 
 Wilmington, NC 28401 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
 Wilmington Trust, National
Association 
 246 Goose Lane, Suite 105 
 Guilford, CT 06437

 Facsimile: [                    ] 

Attention: [                    ] 

Re: 6.375% Senior Notes due 2023 

(CUSIP [                     ]) 

Reference is hereby made to the Indenture, dated as of August 18, 2015 (the “Indenture”), among Jaguar Holding Company
II, a Delaware corporation, Pharmaceutical Product Development, LLC, a Delaware limited liability company (such corporation and limited liability company, and their successors and assigns under the Indenture, hereinafter referred to as the
“Issuers”), the Guarantors and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture. 

                       
 (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $ in such Note[s] or interests (the “Exchange”). In connection with the
Exchange, the Owner hereby certifies that: 
  

	
	
	 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted
Definitive Notes or Beneficial Interests in an Unrestricted Global Note.

	
	 (a) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes
and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

	
	 (b) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been

  
 C-1 

	
	effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United
States.
	
	 (c) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

	
	 (d) ☐ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive
Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and

	
	 (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States.
  
 2. Exchange of Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes.

	
	 (a) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the
Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued shall continue to be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

	
	 (b) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] _ 144A Global Note, _ Regulation S Global Note with an equal principal amount, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the beneficial interest issued shall be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

  
 C-2 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuers. 
  

			
	  

	 [Insert Name of Transferor]

		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

  
 C-3 

 EXHIBIT D 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

Jaguar Holding Company II 
 Pharmaceutical Product Development,
LLC 
 929 North Front Street 
 Wilmington, NC 28401 

Facsimile: [                    ] 

Attention: [                    ] 

Wilmington Trust, National Association 
 246 Goose Lane, Suite
105 
 Guilford, CT 06437 
 Facsimile:
[                    ] 
 Attention:
[                    ] 
 Re: 6.375%
Senior Notes due 2023 
 Reference is hereby made to the Indenture, dated as of August 18, 2015 (the “Indenture”),
among Jaguar Holding Company II, a Delaware corporation, Pharmaceutical Product Development, LLC, a Delaware limited liability company (such corporation and limited liability company, and their successors and assigns under the Indenture, hereinafter
referred to as the “Issuers”), the Guarantors and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture. 
 In connection with our proposed purchase of $ aggregate principal amount of: 

 

	 	(a)	 ☐ a beneficial interest in a Global Note, or 

 

	 	(b)	 ☐ a Definitive Note, 

we confirm that: 

1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and
conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of
1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the Notes have not
been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as
hereinafter stated, that if we should sell the Notes or any interest therein, we shall do so only (A) to the Issuers or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional
buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Issuers a signed letter
substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at 

  
 D-1 

 
the time of transfer of less than $150,000, an Opinion of Counsel in form reasonably acceptable to the Issuers to the effect that such transfer is in compliance with the Securities Act,
(D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement under the
Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice
advising such purchaser that resales thereof are restricted as stated herein. 
 3. We understand that, on any proposed
resale of the Notes or beneficial interest therein, we shall be required to furnish to you and the Issuers such certifications, legal opinions and other information as you and the Issuers may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions. We further understand that the Notes purchased by us shall bear a legend to the foregoing effect. 

4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to
bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial interest therein purchased by
us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 

You and the Issuers are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	  

	 [Insert Name of Accredited Investor]

		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

  
 D-2 

 EXHIBIT E 

FORM OF SUPPLEMENTAL INDENTURE 
 THIS [●]
SUPPLEMENTAL INDENTURE, dated as of [●], 20[●] (this “Supplemental Indenture”), is by and among Jaguar Holding Company II, a Delaware corporation, Pharmaceutical Product Development, LLC, a Delaware limited liability
company (such corporation and limited liability company, and their successors and assigns under the Indenture, hereinafter referred to as the “ Issuers”), each of the parties identified as a New Guarantor on the signature pages
hereto (each, a “New Guarantor” and collectively, the “New Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 

WHEREAS, the Issuers and the Trustee are parties to an indenture dated as of August 18, 2015 (the “Indenture”),
providing for the issuance of the Issuers’ 6.375% Senior Notes due 2023 (the “Notes”); 
 WHEREAS, Section 3.11
– Future Guarantors of the Indenture provides that under certain circumstances the New Guarantors shall execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantors shall unconditionally guarantee all of the
Issuers’ obligations under the Notes and the Indenture on the terms and conditions set forth herein; and 
 WHEREAS, pursuant to
Section 9.1 – Amendments Without Consent of Holders of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Issuers, the New Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. Agreements to Become Guarantors. Each of the New Guarantors hereby unconditionally guarantees the Issuers’ obligations for the
due and punctual payment of the principal of, premium, if any, and interest on all the Notes and the performance and observance of each other obligation and covenant set forth in the Indenture to be performed or observed on the part of the Issuers,
on the terms and subject to the conditions set forth in Article X-Guarantees of the Indenture and agrees to be bound by all other provisions of the Indenture and the Notes applicable to a Guarantor therein.

 3. Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all
respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or
hereafter authenticated and delivered shall be bound hereby. 
 4. No Recourse Against Others. No manager, managing director,
director, officer, employee, incorporator or holder of any Equity Interests in the Company, PPD any Subsidiary or any direct or indirect parent of the Company, as such, shall have any liability for any obligations of the Issuers or the New
Guarantors under the Notes, the Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes, by accepting a Note, waives and releases all such liability. This waiver
and release are part of the consideration for issuance of the Notes. This waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

  
 E-1 

 5. Notices. For purposes of Section 12.1 – Notices of the Indenture, the
address for notices to each of the Issuers and the Guarantors shall be: 
 Jaguar Holding Company II 

Pharmaceutical Product Development, LLC 

929 North Front Street 

Wilmington, NC 28401 
 Facsimile:
[                ] 
 Attention:
[                ] 
 6. Governing Law. This
Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
 7. Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement. Delivery of an executed counterpart of a signature page to this
Supplemental Indenture by telecopier, facsimile or other electronic transmission (i.e. a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof. 

8. Effect of Headings. The section headings herein are for convenience only and shall not affect the construction hereof. 

9. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by each of the Issuers and the New Guarantors. 

[remainder of page intentionally blank] 

  
 E-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

					
	JAGUAR HOLDING COMPANY II
		
	By:	 	  

		 	Name:	 	[                                      
              ]
		 	Title:	 	[                                      
              ]
	
	PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC
		
	By:	 	  

		 	Name:	 	[                                      
              ]
		 	Title:	 	[                                      
              ]
	
	[●], as a New Guarantor
		
	By:	 	  

		 	Name:	 	[                                      
              ]
		 	Title:	 	[                                      
              ]

  
 E-3 

 
					
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	  

		 	Name:	 	[                                      
              ]
		 	Title:	 	[                                      
              ]

  
 E-4

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