Document:

EX-10.1

 Exhibit 10.1 

SEAWORLD ENTERTAINMENT, INC. 

STOCKHOLDERS AGREEMENT 

Dated as of March 24, 2017 

 TABLE OF CONTENTS 

Page 

							
	 ARTICLE I INTRODUCTORY MATTERS
	  	 	1	 
			
	 1.1
	 	Defined Terms	  	 	1	 
	 1.2
	 	Construction	  	 	9	 
		
	 ARTICLE II CORPORATE GOVERNANCE MATTERS
	  	 	9	 
			
	 2.1
	 	Composition of the Board	  	 	9	 
	 2.2
	 	Size of the Board	  	 	11	 
	 2.3
	 	Committees	  	 	11	 
	 2.4
	 	Qualification of ZHG Designees	  	 	11	 
	 2.5
	 	Participation of ZHG Designees in Certain Matters; Acquisition Proposals	  	 	13	 
	 2.6
	 	Resignations	  	 	14	 
	 2.7
	 	Other ZHG Investments	  	 	14	 
		
	 ARTICLE III VOTING MATTERS
	  	 	15	 
			
	 3.1
	 	Voting in Elections	  	 	15	 
	 3.2
	 	Voting with respect to Certain Acquisitions	  	 	15	 
	 3.3
	 	Voting with respect to Other Matters	  	 	16	 
	 3.4
	 	Quorum	  	 	16	 
		
	 ARTICLE IV ADDITIONAL COVENANTS
	  	 	16	 
			
	 4.1
	 	Transfer Restrictions	  	 	16	 
	 4.2
	 	Right of First Refusal	  	 	19	 
	 4.3
	 	Standstill	  	 	20	 
	 4.4
	 	Information and Access Rights	  	 	23	 
	 4.5
	 	Cooperation	  	 	23	 
	 4.6
	 	Tender of Shares in Certain Acquisitions	  	 	24	 
	 4.7
	 	Public Announcements	  	 	24	 
	 4.8
	 	Corporate Opportunities	  	 	24	 
	 4.9
	 	Translator	  	 	24	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	25	 
			
	 5.1
	 	Representations and Warranties of the Company	  	 	25	 
	 5.2
	 	Representations and Warranties of ZHG	  	 	25	 
	 5.3
	 	No Other Representations or Warranties	  	 	26	 
		
	 ARTICLE VI GENERAL PROVISIONS
	  	 	26	 
			
	 6.1
	 	Termination	  	 	26	 
	 6.2
	 	Notices	  	 	26	 

  
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	 6.3
	 	Amendment; Waiver	  	 	27	 
	 6.4
	 	Further Assurances	  	 	28	 
	 6.5
	 	Assignment	  	 	28	 
	 6.6
	 	Third Parties	  	 	28	 
	 6.7
	 	Governing Law	  	 	28	 
	 6.8
	 	Jurisdiction; Waiver of Jury Trial	  	 	28	 
	 6.9
	 	Specific Performance	  	 	28	 
	 6.10
	 	Entire Agreement	  	 	29	 
	 6.11
	 	Severability	  	 	29	 
	 6.12
	 	Table of Contents, Headings and Captions	  	 	29	 
	 6.13
	 	Counterparts	  	 	29	 
	 6.14
	 	Effectiveness of this Agreement	  	 	30	 

  
 ii 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement, dated as of March 24, 2017, by and among SeaWorld Entertainment, Inc., a Delaware corporation (the
“Company”), Sun Wise (UK) Co., Ltd, a private limited company incorporated under the laws of England and Wales (“ZHG”), and, solely for purposes of Section 4.3, Zhonghong Zhuoye Group Co., Ltd., a
company incorporated under the laws of the People’s Republic of China (“ZHG Group”). 
 BACKGROUND: 

WHEREAS, ZHG and Blackstone (as defined below), as of the date hereof, have entered into the Stock Purchase Agreement (as defined below),
pursuant to which, among other things, ZHG has agreed to purchase from Blackstone, and Blackstone has agreed to sell to ZHG, shares of Common Stock (as defined below), subject to the terms and conditions set forth in the Stock Purchase Agreement;

 WHEREAS, the Company is entering into this Agreement as a condition to ZHG’s willingness to enter into the Stock Purchase Agreement;

 WHEREAS, concurrently with the execution of this Agreement, the Company and ZHG are entering into a Registration Rights Agreement, dated
as of the date hereof (the “Registration Rights Agreement”), providing for certain registration rights which the Company is granting to ZHG; 

WHEREAS, concurrently with the execution of this Agreement, Sea Holdings I, LLC and Zhonghong Holding Co., Ltd. (“ZHG
Holding”), are entering into a Park Exclusivity and Concept Design Agreement, and Sea Holdings I, LLC and ZHG Holding are entering into a Center Concept & Preliminary Design Support Agreement, each dated as of the date hereof;

 WHEREAS, in connection with the transactions contemplated by the Stock Purchase Agreement, the Company and ZHG wish to set forth
certain understandings between such parties, including with respect to certain governance matters; and 
 WHEREAS, the Company and ZHG wish
the rights and obligations set forth herein to become automatically effective simultaneously with the Closing (as defined below). 
 NOW,
THEREFORE, in consideration of the foregoing, and the representations, warranties, covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to
be legally bound hereby, the parties agree as follows: 
 ARTICLE I 

INTRODUCTORY MATTERS 
 1.1
Defined Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein with initial capital letters: 

 “5% Stockholder” means, in connection with a proposed Transfer of Equity
Securities of the Company, any Person or Group that has filed or is required to file a statement of beneficial ownership report on Schedule 13D or Schedule 13G with the SEC which reports such Person’s or Group’s beneficial ownership of
five percent (5%) or more of the total outstanding Common Stock at the time of such proposed Transfer. 

“Acquisition” means any transaction or series of related transactions involving: (i) (a) any acquisition (whether direct
or indirect, including by way of merger, share exchange, consolidation, business combination or other similar transaction) or purchase from the Company or any of its Subsidiaries that would result in any Person or Group Beneficially Owning more than
fifty percent (50%) of the total outstanding Equity Securities of the Company or any of its Subsidiaries (measured by voting power or economic interest), or (b) any tender offer, exchange offer or other secondary acquisition that would
result in any Person or Group Beneficially Owning more than fifty percent (50%) of the total outstanding Equity Securities of the Company or any of its Subsidiaries (measured by voting power or economic interest), or (c) any merger,
consolidation, share exchange, business combination or similar transaction involving the Company or any of its Subsidiaries that would result in the stockholders of the Company immediately preceding such transaction Beneficially Owning less than
fifty percent (50%) of the total outstanding Equity Securities in the surviving or resulting entity of such transaction (measured by voting power or economic interest); provided, that, in the case of each of clauses (a), (b) and (c), in
the case such acquisition or other transaction involves only a Subsidiary or Subsidiaries of the Company, only if such acquisition or other transaction would be material to the Company and its Subsidiaries on a consolidated basis; or (ii) any
sale or lease or exchange, transfer, license or disposition of a business or assets that constitute more than fifty percent (50%) of the consolidated assets, business, revenues, net income, or assets of the Company and its Subsidiaries on a
consolidated basis. 
 “Acquisition Notice” has the meaning set forth in Section 2.5(a). 

“Acquisition Proposal” means any proposal, offer, inquiry, indication of interest or expression of intent (whether binding or
non-binding, and whether communicated to the Company, the Board or publicly announced to the Company’s stockholders or otherwise) by any Person or Group relating to an Acquisition. 

“Adjusted Ownership Percentage” has the meaning set forth in Section 4.3(c). 

“Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act. 

“Affiliated ZHG Designee” means any Qualified ZHG Designee that is not an Independent ZHG Designee. 

“Agreement” means this Stockholders Agreement, as the same may be amended, supplemented, restated or otherwise modified from
time to time in accordance with the terms hereof. 
 “Beneficially Own” (including its correlative meanings,
“Beneficial Owner” and “Beneficial Ownership”) has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act; provided, however, that, notwithstanding anything in Rule 13d-3(d)(1)(i) to the

  
 2 

 
contrary, the determination of “Beneficial Ownership” of a Person shall be made after giving effect to the conversion of all options, warrants, rights and convertible or other similar
securities outstanding as of any date in question that are held by such Person, irrespective of any vesting period of any such security. 

“Blackstone” means, collectively, SW Delaware L.P., SW Delaware A L.P., SW Delaware B L.P., SW Delaware C L.P., SW
Delaware D L.P., SW Delaware E L.P., SW Delaware F L.P., SW Delaware Co-Invest L.P. and SW Delaware (GSO) L.P. 

“Board” means the board of directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday, holiday or other day on which commercial banks in New York,
New York, Hong Kong or Beijing, PRC are authorized or required by Law to close. 
 “Buy-Back Period” means
the period commencing on the closing date of the applicable issuance of Equity Securities of the Company or Stock Acquisition, as the case may be, and ending on the nine (9) month anniversary of such closing date; provided, that, if the
Company has imposed any “blackout” period or periods that restrict the ZHG Entities’ ability to purchase shares of Common Stock during such nine (9) month period, such nine (9) month period shall be extended by the number of
days of such “blackout” period or periods.  
 “Closing” has the meaning set forth in the Stock
Purchase Agreement. 
 “Closing Date” means the date on which the Closing occurs. 

“Common Stock” means the shares of common stock, $0.01 par value per share, of the Company, and any other capital
stock of the Company into which such common stock is reclassified or reconstituted and any other common stock of the Company. 

“Company” has the meaning set forth in the Preamble. 

“Company Charter” means the Amended and Restated Certificate of Incorporation of the Company, as amended. 

“Confidentiality Agreement” has the meaning set forth in Section 4.4. 

“Control” (including its correlative meanings, “Controlled” and “Controlled by”) means
possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person. 

“Controlled Affiliate” means, with respect to ZHG, any Affiliate of ZHG that is controlled by ZHG, including any
direct or indirect Subsidiary of ZHG. 
 “Designee Qualifications” has the meaning set forth in
Section 2.4(a)(vi). 
 “Director” means any director of the Company. 

  
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 “Director Confidentiality Agreement” means a Confidentiality Agreement,
substantially in the form attached as Exhibit A to this Agreement (as it may be modified from time to time by the Nominating and Corporate Governance Committee), which the Company will require each Director that is not an employee of the
Company to execute as a condition to such Director’s election or nomination for election and any subsequent nomination for election as a Director. 

“Equity Securities” means any and all (i) shares, interests, participations or other equivalents (however
designated) of capital stock or other Voting Securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a Person (other than a corporation), (ii) securities convertible into or exchangeable for
shares, interests, participations or other equivalents (however designated) of capital stock or Voting Securities of (or other ownership or profit or voting interests in) such Person, and (iii) any and all warrants, rights or options to
purchase any of the foregoing, whether voting or nonvoting, and, in each case, whether or not such shares, interests, participations, equivalents, securities, warrants, options, rights or other interests are authorized or otherwise existing on any
date of determination. 
 “Exchange” shall mean the New York Stock Exchange LLC or any other exchange on
which the Common Stock is listed. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder, as the same may be amended from time to time. 
 “Governmental
Authority” means any nation, government, or supra-national body of competent jurisdiction, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government, and, other than with respect to Section 2.4(a)(iii) or Section 4.1(b)(vi), any arbitrator or arbitral body or panel of competent jurisdiction or other entity with quasi-governmental
authority. 
 “Group” has the meaning assigned to it in Section 13(d)(3) of the Exchange Act and Rule
13d-5 thereunder. 
 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

“Independent ZHG Designee” means a Qualified ZHG Designee that (A) at no time during the three (3) year
period prior to his or her election or appointment to the Board, nor during his or her service as a Director, has been or is an employee, director, officer of, or consultant or other service provider to, any of the ZHG Entities, or has received or
is receiving compensation from any of the ZHG Entities, and (B) qualifies as an “independent” director under the rules of the Exchange and any guidelines adopted by the Board or the Nominating and Corporate Governance Committee that
are applicable to all Directors, as determined in good faith by the Nominating and Corporate Governance Committee. 

“Initial ZHG Designees” has the meaning set forth in Section 2.1(d). 

“Issuance Notice” has the meaning set forth in Section 4.2(a). 

  
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 “Law” means any statute, law (including common law), regulation,
ordinance, rule, injunction, order, decree, award, governmental approval, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the
foregoing by, any Governmental Authority. 
 “Market Price” means, as of any date, the last reported trading
price of the Common Stock as of the end of regular trading hours on the Exchange on such date or, if the Common Stock is not listed on an Exchange, the fair market value per share of the Common Stock as determined in good faith by the Board as of
such date. 
 “Material Terms” has the meaning set forth in Section 2.1(a). 

“Maximum Ownership Percentage” has the meaning set forth in Section 4.3. 

“New Issuance” has the meaning set forth in Section 4.2(a). 

“New Issuance Closing” has the meaning set forth in Section 4.2(c). 

“New Securities” means (A) any shares of Common Stock or (B) any preferred or debt securities that are
convertible into or exchangeable for shares of Common Stock, other than, in each case, any shares of Common Stock or such other securities that are: (i) issued to employees, officers or directors of, or consultants to, the Company or any of its
Affiliates pursuant to any plan, agreement or arrangement approved by the Board (or a committee thereof); (ii) issued as consideration for the acquisition by the Company (or any of its Affiliates) of any business, assets or property of any
third party, by merger, sale of assets, sale of stock or otherwise; (iii) issued upon conversion or exercise of convertible securities, options, warrants or other similar securities; (iv) distributed or set aside ratably to all holders of
Common Stock on a per share equivalent basis; or (v) issued in connection with any debt financing from a financial institution or other equipment or real property loan or leasing arrangement. 

“Nominating and Corporate Governance Committee” means the nominating and corporate governance committee of the Board,
or another committee performing the functions of nominating or selecting Persons for election or appointment to the Board. 

“Non-Votes” has the meaning set forth in Section 3.2. 

“Other Specified Matter” means (a) any amendment to the Company’s certificate of incorporation or by-laws
that adversely affects ZHG or any other ZHG Party disproportionately as compared to other stockholders of the Company, or (b) any issuance of Common Stock representing twenty percent (20%) or more of the Company’s total outstanding
shares of Common Stock (other than as non-cash consideration in an acquisition of the business, assets or property of a third party or parties) at a price per share below the Market Price on the last Business Day prior to the date on which the
Company entered into the definitive agreement pursuant to which such Common Stock will be issued. 
 “Permitted
Transfer” has the meaning set forth in Section 4.1(b). 

  
 5 

 “Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, a cooperative, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental
Authority or any department, agency or political subdivision thereof. 
 “Per Security Offering Price” has the meaning set
forth in Section 4.2(a). 
 “PRC” means the People’s Republic of China. 

“Private Placement” has the meaning set forth in Section 4.2(a). 

“Qualified ZHG Designee” means any ZHG Designee that meets the Designee Qualifications. 

“Reduction Percentage” has the meaning set forth in Section 4.3(c). 

“Registration Rights Agreement” has the meaning set forth in the Recitals. 

“Related Acquisition Proposal” has the meaning set forth in Section 2.5(b). 

“Restricted Entity” means a Person principally engaged in the business of owning, operating, managing, franchising or
branding theme parks and other entertainment destinations, that, in each case, competes with the Company and is listed on Exhibit B attached hereto, as such list may be amended by the Company acting reasonably and in good faith from time to
time, but not more than once every twelve (12) months, by delivery of written notice to ZHG no less than forty-five (45) days prior to such amendment. 

“Restricted Period” means the period commencing on Closing Date and ending on the second (2nd) anniversary of the Closing Date. 
 “SEC” means the U.S. Securities and
Exchange Commission or any successor agency. 
 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder, as the same may be amended from time to time. 
 “Specified Acquisition”
means an Acquisition pursuant to a definitive agreement entered into, within the two (2) year period following the Closing Date in which the value of the consideration to be received per share of Common Stock is equal to or less than $23.00 per
share. For all purposes of this definition, the per share value of any stock to be received as consideration shall be deemed to be equal to the final trading price of such stock on the last trading day prior to the execution of the definitive
agreement providing for the Acquisition. 
 “Standstill Commitment Period” means, in the event a ZHG Standstill Commitment
is delivered to the Company pursuant to Section 2.5 following the Company’s delivery of an Acquisition Notice to ZHG, the period commencing upon the delivery of such Acquisition Notice to ZHG and ending upon the first
to occur of (i) the twelve (12) month anniversary of the termination of discussions regarding the Acquisition Proposal described in such Acquisition Notice and any Related Acquisition Proposal, and (ii) the public announcement of a
definitive agreement with respect to an Acquisition entered into between the Company and any Person other than a ZHG Entity. 

  
 6 

 “Stock Acquisition” means any acquisition (whether direct or indirect, including
by way of merger, share exchange, consolidation, business combination or other similar transaction) by the Company of any entity or assets pursuant to which the Company issues shares of Common Stock or securities that are convertible into or
exchangeable for shares of Common Stock as consideration. 
 “Stock Purchase Agreement” means that certain Stock Purchase
Agreement, dated as of the date hereof, between ZHG and Blackstone. 
 “Subsidiary” means, with respect to any Person, any
corporation, limited liability company, partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a
limited liability company, partnership, association or other business entity (other than a corporation), a majority of the total voting power of stock (or equivalent ownership interest) of such limited liability company, partnership, association or
other business entity is at the time owned or Controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to own, control or have a
majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such limited liability company, partnership,
association or other business entity gains or losses or shall be or Control the managing director or member, or general partner, of such limited liability company, partnership, association or other business entity. 

“Total Number of Directors” means the total number of authorized Directors comprising the entire Board. 

“Total Share Ownership” means, as of any applicable date hereunder, and with respect to any Person, the total number of
shares of Common Stock both (i) Beneficially Owned by such Person and (ii) in which such Person has the pecuniary interest. For the avoidance of doubt, a Person shall not be deemed to have ownership of a share of Common Stock, for purposes
of calculating Total Share Ownership, if such Person has Beneficial Ownership of such share of Common Stock but does not also have the pecuniary interest in such share or, conversely, if such Person has the pecuniary interest in such share of Common
Stock but does not also have Beneficial Ownership of such share. 
 “Transfer” (including its correlative meaning,
“Transferred”) shall mean, with respect to any Equity Security, directly or indirectly, by operation of Law, contract or otherwise, (i) to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security
interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic,

  
 7 

 
voting or other rights in or to such Equity Security, (ii) to engage in any hedging, swap, forward contract or other similar transaction that is designed to or which reasonably could be
expected to lead to or result in a sale or disposition of Beneficial Ownership of, or pecuniary interest in, such Equity Security, including any short sale or any purchase, sale or grant of any right (including without limitation any put or call
option) with respect to such Equity Security, or (iii) to enter into a short sale of, or trade in, derivative securities representing the right to vote or economic benefits of, such Equity Security. When used as a noun,
“Transfer” shall have such correlative meaning as the context may require. 
 “Voting Percentage Limit”
means the number of Voting Securities Beneficially Owned by ZHG Entities equal to (i) fifteen percent (15%) of the Voting Securities entitled to vote at the applicable meeting of stockholders of the Company as disclosed in the proxy or
information statement for such meeting; or (ii) in a tender offer or exchange offer, fifteen percent (15%) of the shares of Common Stock outstanding immediately prior to the expiration of the offer. 

“Voting Securities” means shares of Common Stock and any other securities of the Company entitled to vote generally in the
election of Directors. 
 “ZHG” has the meaning set forth in the Preamble. 

“ZHG Acquisition” means any Acquisition in which a ZHG Entity is the acquiror. 

“ZHG Designee” has the meaning set forth in Section 2.1(b). 

“ZHG Designator” means, as of any applicable time hereunder, the individual ZHG Entity whose Total Share Ownership, in the
aggregate, is greater than any other individual ZHG Entity as of such time. 
 “ZHG Entities” means ZHG Group, ZHG Holding,
ZHG and each of their respective Controlled Affiliates. 
 “ZHG Group” has the meaning set forth in the Preamble. 

“ZHG Holding” has the meaning set forth in the Preamble. 

“ZHG Permitted Transferee” has the meaning set forth in Section 4.1(b)(iii). 

“ZHG Parties” means (i) ZHG and (ii) any ZHG Permitted Transferee that becomes a party to this Agreement by
executing a joinder agreement substantially in the form attached as Exhibit C to this Agreement. 
 “ZHG Standstill
Commitment” means a written commitment to the Company by ZHG Group and ZHG, on behalf of themselves and all other ZHG Entities, not to, directly or indirectly, (i) make any Acquisition Proposal within the Standstill Commitment Period,
or (ii) request any waiver of the restriction set forth in clause (i) of this definition prior to the date that is six (6) months after the termination of discussions regarding the Acquisition Proposal described in the Acquisition
Notice in respect of which ZHG is providing such ZHG Standstill Commitment and any Related Acquisition Proposal. 

  
 8 

 1.2 Construction. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive, (b) words in the
singular include the plural, and in the plural include the singular, (c) the words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and
not to any particular provision of this Agreement, (d) the word “including” and words of similar import when used in this Agreement mean “including, without limitation,” unless otherwise specified, (e) the word
“extent” in the phrase “to the extent” means the degree to which a subject or other thing extends and such phrase shall not mean simply “if”, (f) references to “day” means a calendar day unless otherwise
indicated as a “Business Day”, and (g) references to “$” means U.S. dollars, the lawful currency of the United States of America. Section references are to this Agreement unless otherwise specified and references to
clauses without a cross-reference to a Section or subsection are references to clauses within the same Section or, if more specific, subsection. When calculating the period of time before which, within which or following which any act is
to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period is excluded. If the last day of such period is a non-Business Day, the period in question ends on the next succeeding Business Day.

 ARTICLE II 

CORPORATE GOVERNANCE MATTERS 

2.1 Composition of the Board. 

(a) From and after the Closing, subject to the terms and conditions of this Article II, the ZHG Designator shall have the right (but not
the obligation) to designate, and the individuals nominated for election as Directors by or at the direction of the Board or a duly-authorized committee thereof shall include, two (2) individuals that meet the Designee Qualifications to serve
as Directors. Notwithstanding the foregoing provisions of this Section 2.1(a), but subject to the proviso set forth in Section 2.6, (i) the number of individuals that the ZHG Designator shall be entitled to designate to
serve as Directors pursuant to this Section 2.1(a) shall be reduced to one (1) Director if, at any time, the aggregate Total Share Ownership of the ZHG Entities is less than twenty percent (20%) of the total number of shares of
Common Stock outstanding, and (ii) the ZHG Designator shall not be entitled to designate any individuals to serve as Directors pursuant to this Section 2.1(a) if, at any time, (A) the aggregate Total Share Ownership of the ZHG
Entities is less than ten percent (10%) of the total number of shares of Common Stock outstanding or (B) any ZHG Entity breaches Article III, Section 4.1, Section 4.3 or Section 4.6 of this
Agreement (the “Material Terms”) in any material respect and such breach continues after written notice from the Company and a thirty (30) day opportunity to cure. From and after the date on which either of the Initial ZHG
Designees ceases to serve as a Director, not more than one ZHG Designee at any time may be an Affiliated ZHG Designee, and any other ZHG Designee shall be an Independent ZHG Designee, unless otherwise determined by the Board (excluding any ZHG
Designee). 

  
 9 

 (b) If at any time the ZHG Designator has designated fewer than the total number of individuals
that the ZHG Designator is then entitled to designate pursuant to Section 2.1(a), the ZHG Designator shall have the right (but not the obligation) to designate such number of additional individuals who meet the Designee Qualifications
that the ZHG Designator is entitled to so designate, in which case, any individuals nominated by or at the direction of the Board or any duly-authorized committee thereof for election as Directors to fill any vacancy or newly created directorships
on the Board shall include such designees, and the Company shall use its best efforts to (x) effect the election of such additional designees, whether by increasing the size of the Board or otherwise, and (y) cause the election of such
additional designees to fill any such newly-created vacancies or to fill any other existing vacancies. Each such individual whom the ZHG Designator shall actually designate pursuant to this Section 2.1 and who qualifies to serve and is
thereafter elected as a Director shall be referred to herein as a “ZHG Designee”. 
 (c) In the event that a vacancy is
created at any time by the death, disability, retirement, removal or resignation of any ZHG Designee, any individual nominated or appointed by or at the direction of the Board or any duly-authorized committee thereof to fill such vacancy shall be,
and the Company shall use its reasonable best efforts to cause such vacancy to be filled by, a new designee of the ZHG Designator who meets the Designee Qualifications, and the Company and the Board shall take, to the fullest extent permitted by
Law, at any time and from time to time, all actions necessary to accomplish the same as soon as possible following such designation. 
 (d)
The Company and the Board shall take, to the fullest extent permitted by Law, all actions necessary, including increasing the Total Number of Directors, to cause Yoshikazu Maruyama and Yongli Wang (together, the “Initial ZHG
Designees”) to be appointed to the Board immediately after the Closing, with (x) Mr. Maruyama appointed to the class of Directors up for election at the Company’s annual meeting of stockholders for 2019 and
(y) Mr. Wang appointed to replace Peter Wallace, who is expected to resign in connection with the Closing, and to the class of Directors up for election at the Company’s annual meeting of stockholders for 2019; provided,
however, that if the Closing occurs after mailing of the Company’s proxy statement relating to its annual meeting of stockholders for 2017, (i) such appointments shall occur immediately after such annual meeting, and
(ii) Mr. Maruyama shall be appointed to the class of Directors up for election at the Company’s annual meeting of stockholders for 2018. 

(e) For any designation pursuant to this Section 2.1 that occurs after the Closing, after the Company’s annual meeting of
stockholders for 2017, and after the appointments contemplated in Section 2.1(d), in connection with an election of Directors by the stockholders of the Company, the ZHG Designator shall identify its designees by written notice to the
Company no less than ninety (90) days prior to the date of the meeting of stockholders of the Company called for the purpose of electing Directors. So long as an individual designated by the ZHG Designator pursuant to this
Section 2.1 meets the Designee Qualifications, the Company shall, to the fullest extent permitted by Law, include such individual in the slate of nominees recommended by the Board at any meeting of stockholders called for the purpose of
electing Directors, and use its reasonable best efforts to cause the election of such individual to the Board, including nominating such individual to be elected as a Director as provided herein, recommending such individual’s election,
soliciting proxies or consents in favor thereof, and, if necessary, increasing the Total Number of Directors. 

  
 10 

 (f) The Company shall at all times provide each ZHG Designee (in his or her capacity as a member
of the Board) with the same rights to indemnification, advancement of expenses and exculpation that it provides to other Directors. 
 2.2
Size of the Board. Without prejudice to the ZHG Designator’s rights pursuant to Section 2.1, the consent of the ZHG Designator shall not be required to increase or decrease the Total Number of Directors. 

2.3 Committees. 
 (a) Each
Independent ZHG Designee serving as a Director on the Board shall be entitled to serve on at least one (1) committee of the Board (to the extent that an Independent ZHG Designee elects to serve on such committee and subject to such Independent
ZHG Designee meeting the applicable eligibility requirements for membership on such committee mandated by applicable Law, the rules of the Exchange or the charter of such committee), as a full member with the same voting and other privileges as
other members of such committee. The committee(s) on which any Independent ZHG Designee serves shall be determined by the Nominating and Corporate Governance Committee. 

(b) Until no ZHG Designee serves as a Director on the Board (and the ZHG Designator either no longer has any rights under this Article
II to designate any ZHG Designee to serve on the Board or irrevocably waives any such rights), the Company shall not amend the certificate of incorporation, bylaws or any other organizational documents of the Company, or the charter or other
governing documents of any committee of the Board, in any manner that adversely and disparately affects the right of any Independent ZHG Designee to be a member of any such committee (except as otherwise required by Law or the rules of the
Exchange). 
 (c) Each ZHG Designee may attend, upon the request of such ZHG Designee and on a non-voting basis, any meetings of the
Regulatory & Governmental Affairs Committee, Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee or other standing committee of the Board that may be established, except when such attendance would present
an actual or potential conflict of interest for such ZHG Designee in the good faith opinion of the applicable committee. 
 2.4
Qualification of ZHG Designees. 
 (a) Each ZHG Designee shall, at the time of his or her nomination or appointment as a Director and
at all times thereafter until such individual ceases to serve as a Director: 
 (i) meet and comply with any and all
policies, procedures, processes, codes, rules, standards and guidelines of the Company applicable to all non-employee Board members, including the Company’s code of business conduct and ethics, securities trading policies and corporate
governance guidelines; 
 (ii) not be involved in any of the events enumerated in Item 2(d) or Item 2(e) of
Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K, in each case, during the applicable time period set forth therein; 

  
 11 

 (iii) not be subject to any order, decree or judgment of any Governmental
Authority prohibiting service as a director of any public company; 
 (iv) not be an employee, officer, or director of, or
consultant to, or be receiving any compensation or benefits from, any Restricted Entity (unless otherwise agreed to by the Nominating and Corporate Governance Committee); 

(v) have demonstrated good judgment, character and integrity in his or her personal and professional dealings and have relevant
financial, investment, management and/or business experience (including with respect to real estate investment and/or theme park development), qualification and background for purposes of serving as a Director, each as determined by the Nominating
and Corporate Governance Committee acting in good faith; 
 (vi) have demonstrated proficiency and financial literacy in the
English language for purposes of serving as a Director, including with respect to the reading, comprehension and analysis of English language materials (including financial materials) furnished in advance of and in connection with meetings of the
Board (and committees thereof) and the ability to participate on a conversant basis in the English language meetings of the Board (and committees thereof) and the topics covered therein, including financial discussions, each as determined by the
Nominating and Corporate Governance Committee acting in good faith; and 
 (vii) if such ZHG Designee is an Independent ZHG
Designee, meets the criteria set forth in the definition of “Independent ZHG Designee” in Article I (the requirements set forth in this Section 2.4(a), Section 2.4(b) and Section 2.4(c) being
referred to, collectively, as the “Designee Qualifications”). 
 (b) As a condition to a ZHG Designee’s election or
nomination for election and any subsequent nomination for election as a Director, such ZHG Designee shall have executed and delivered to the Company a Director Confidentiality Agreement. 

(c) Each ZHG Designee, as a condition to his or her initial appointment or election to the Board and any re-nomination for election to the
Board, must be willing to be interviewed by the Nominating and Corporate Governance Committee on the same basis as any other new candidate for appointment or election to the Board and must be reasonably satisfactory to the Nominating and Corporate
Governance Committee acting in good faith. ZHG, in its capacity as a stockholder of the Company on behalf of itself and other ZHG Entities, and each ZHG Designee, shall deliver such questionnaires and otherwise provide such information as are
reasonably requested by the Company in connection with assessing qualification, independence and other criteria applicable to Directors, or required to be or customarily provided by directors, candidates for director, and their Affiliates and
representatives for inclusion in a proxy statement or other filing required by applicable Law and the rules of the Exchange, in each case to substantially the same extent requested or required of other candidates for appointment or election to the
Board after the date hereof. 

  
 12 

 2.5 Participation of ZHG Designees in Certain Matters; Acquisition Proposals. 

(a) The Company shall promptly provide ZHG with written notice (an “Acquisition Notice”) of any written bona
fide Acquisition Proposal that is received by or presented to the Board, and such Acquisition Notice need not specify the identity of the potential acquirer or any other terms of such Acquisition Proposal. From delivery of an Acquisition
Notice to ZHG until ZHG delivers a ZHG Standstill Commitment to the Company or the expiration of the ten (10) Business Day period contemplated by Section 2.5(b), the Company shall provide ZHG with prior written notice of any meeting
of the Board (or a committee thereof) scheduled to discuss, consider or vote upon such Acquisition Proposal at least twenty-four (24) hours before such meeting is convened. 

(b) If (i) an Acquisition Notice has been delivered to ZHG and, within ten (10) Business Days thereafter, a ZHG Standstill
Commitment is delivered to the Company, and (ii) any Acquisition Proposal previously made by a ZHG Entity has been withdrawn, then each Affiliated ZHG Designee shall be entitled, after but not before such ZHG Standstill Commitment has been
delivered to the Company, to participate in all discussions, consideration and voting by the Board regarding, and shall be entitled to receive any materials provided to the Board relating to, the Acquisition Proposal described in such Acquisition
Notice, revisions to such Acquisition Proposal and any other Acquisition Proposal solicited by or on behalf of the Board in connection with the consideration of such Acquisition Proposal or made by a third party in response to such Acquisition
Proposal (collectively, the “Related Acquisition Proposals”). If a ZHG Standstill Commitment is not delivered to the Company within such ten (10) Business Day period, no Affiliated ZHG Designee shall be entitled to participate
in any discussions, consideration or voting by the Board regarding, and no Affiliated ZHG Designee shall be entitled to receive any materials provided to the Board relating to, any such Acquisition Proposal or the Related Acquisition Proposals.

 (c) Notwithstanding anything to the contrary in Section 2.5(b), no Affiliated ZHG Designee shall be entitled to
participate in any discussions, consideration or voting by the Board regarding, and shall not be entitled to receive any Board (or committee) materials relating to, any transaction or matter that, in the good faith determination of the Board (other
than the Affiliated ZHG Designees), presents an actual or potential conflict of interest for such Affiliated ZHG Designee, including, without limitation, any Acquisition Proposal involving a ZHG Entity. 

(d) Each Independent ZHG Designee shall be permitted to participate in all discussions, consideration and voting by the Board regarding, and
shall be entitled to receive any Board materials relating to, any Acquisition Proposal, except when such attendance or receipt of materials would present an actual or potential conflict of interest for such Independent ZHG Designee in the good faith
determination of the Board (other than the Affiliated ZHG Designees and such Independent ZHG Designee). 
 (e) If the Board establishes a
committee of the Board to consider any Acquisition Proposal, one (1) ZHG Designee, as determined by the ZHG Designator, shall be entitled to be a member of such committee; provided, that such ZHG Designee may be an Affiliated ZHG
Designee only if (i) a ZHG Standstill Commitment has been delivered by ZHG to the Company in accordance with Section 2.5(b), and (ii) any Acquisition Proposal previously made by a ZHG Entity has been withdrawn; provided,
further, that no ZHG Designee may serve as a member of such committee if, in the good faith determination of the Board (other than the Affiliated ZHG Designee), such service presents an actual or potential conflict of interest for such ZHG
Designee. 

  
 13 

 2.6 Resignations. Notwithstanding anything to the contrary in this Agreement, if, at any
time, (a) the number of ZHG Designees is greater than the number of Directors that the ZHG Designator has the right to designate pursuant to Section 2.1 or (b) any ZHG Entity breaches any of the Material Terms in any material
respect and such breach continues after written notice from the Company and a thirty (30) day opportunity to cure, in each case, if requested by the Nominating and Corporate Governance Committee, the ZHG Designator shall cause, to the fullest
extent permitted by applicable Law, that certain number of ZHG Designees to promptly tender his, her or their resignations from the Board and any applicable committee of the Board, such that the number of ZHG Designees serving on the Board
corresponds with the number of Directors that the ZHG Designee has the right to designate pursuant to Section 2.1, or in the case where any ZHG Entity breaches any of the Material Terms in any material respect and such breach continues
after written notice from the Company and a thirty (30) day opportunity to cure, such that there are no ZHG Designees serving on the Board; provided, however, that notwithstanding Section 2.1 and the foregoing
provisions of this Section 2.6, if the closing of an issuance of Equity Securities of the Company (other than an issuance of New Securities in which ZHG is permitted to purchase New Securities pursuant to Section 4.2) or a
Stock Acquisition causes the aggregate Total Share Ownership of the ZHG Entities, as a percentage of the total number of shares of Common Stock outstanding, to decline below a requisite percentage of the total number of shares of Common Stock
outstanding such that the ZHG Designator would be required by this Section 2.6 to cause, to the fullest extent permitted by applicable Law, a ZHG Designee or ZHG Designees, as applicable, to promptly tender his, her, or their
resignations from the Board, then (i) the ZHG Designator shall not be required to cause such ZHG Designee or ZHG Designees, as applicable, to promptly tender his, her, or their resignations from the Board, and (ii) the Company and the
Board shall not seek or take any action to remove such ZHG Designee or ZHG Designees from the Board, in each case unless in the applicable Buy-Back Period the ZHG Entities have not made purchases of Common Stock in open market transactions, as
permitted by Section 4.3(c), such that the aggregate Total Share Ownership of the ZHG Entities, as a percentage of the total number of shares of Common Stock outstanding, exceeds the applicable percentage of the total number of
shares of Common Stock outstanding, such that the ZHG Designator would not be required by this Section 2.6 to cause a ZHG Designee or ZHG Designees, as applicable, to promptly tender his, or her, or their resignations from the Board. If
the ZHG Designator is required to cause, to the fullest extent permitted by applicable Law, a ZHG Designee to tender his or her resignation from the Board and such ZHG Designee does not promptly tender his or her resignation from the Board, such ZHG
Designee shall not thereafter be entitled to participate as a member of any committee of the Board pursuant to this Agreement. 
 2.7
Other ZHG Investments. For the avoidance of doubt, no investment by any ZHG Entity in any Person, including any Restricted Entity, shall, in and of itself, limit the rights of the ZHG Designator pursuant to this Article II. 

  
 14 

 ARTICLE III 

VOTING MATTERS 
 3.1
Voting in Elections. At any meeting of stockholders of the Company involving the election of Directors (or if action is taken by written consent of stockholders of the Company in lieu of a meeting in respect of an election of Directors), the
ZHG Parties shall vote, or cause to be voted (including, if applicable, by written consent), all Voting Securities Beneficially Owned by ZHG Entities (a) up to the Voting Percentage Limit, affirmatively in favor of the election of each Person
nominated to serve as a Director by the Board or the Nominating and Corporate Governance Committee, and (b) in excess of the Voting Percentage Limit, at their sole discretion, either (i) affirmatively in favor of the election of each
Person nominated to serve as a Director by the Board or the Nominating and Corporate Governance Committee or (ii) in the same proportion as the Voting Securities not Beneficially Owned by ZHG Entities are voted (including, if applicable, by
written consent, or by voting by ballot or by submitting any alternative proxy card necessary to accomplish the proportionate voting contemplated by this subclause (ii)) affirmatively for or against, or to withhold authority with respect to, as
applicable, the election of each Person nominated to serve as a Director (or, as applicable, the removal of any Director) (it being understood that the ZHG Parties must elect to vote as contemplated by subclause (i) or (ii) of this
Section 3.1(b) and cannot elect not to vote or to vote in any other manner). 
 3.2 Voting with respect to Certain
Acquisitions. At any meeting of stockholders of the Company at which an Acquisition (other than a Specified Acquisition or a ZHG Acquisition) that has been approved and recommended (and such recommendation has not been withdrawn) by the Board
(and any other related matter the approval of which is required to consummate such Acquisition) is submitted to a vote of the stockholders of the Company (or if action is taken with respect to such matter(s) by written consent of stockholders of the
Company in lieu of a meeting), the ZHG Parties shall vote or cause to be voted (including by abstaining or, if applicable, taking action by written consent) all Voting Securities Beneficially Owned by ZHG Entities in excess of the Voting Percentage
Limit in the same proportion as the Voting Securities not Beneficially Owned by ZHG Entities are voted (including by written consent) for or against, or abstain with respect to, such Acquisition (and such related matter(s)). For the avoidance of
doubt, in calculating the voting requirements of the ZHG Parties under this Section 3.2, all broker non-votes and all Voting Securities that are not present or represented at the applicable stockholder meeting shall not be considered.
The ZHG Parties shall be free to vote or cause to be voted (including by abstaining or, if applicable, taking action by written consent), in their sole discretion, all Voting Securities Beneficially Owned by ZHG Entities up to and including the
Voting Percentage Limit. Nothing contained in this Section 3.2 shall restrict in any manner the voting (including by written consent) of all Voting Securities Beneficially Owned by ZHG Entities at any meeting of stockholders of the
Company at which a Specified Acquisition or a ZHG Acquisition is submitted to a vote of the stockholders of the Company (or, if applicable, any action taken by written consent of the stockholders of the Company in lieu of a meeting) and the ZHG
Parties shall be free to vote (including by written consent), at their sole discretion, all Voting Securities Beneficially Owned by ZHG Entities against any Specified Acquisition and for any ZHG Acquisition. 

  
 15 

 3.3 Voting with respect to Other Matters. At any meeting of stockholders of the Company at
which any matter, other than an Other Specified Matter or a matter that is subject to Section 3.1 or Section 3.2, is submitted to a vote of the stockholders of the Company (or if action is taken with respect thereto by
written consent of stockholders in lieu of a meeting), the ZHG Parties shall vote or cause to be voted (including by abstaining or, if applicable, taking action by written consent) all Voting Securities Beneficially Owned by ZHG Entities in excess
of the Voting Percentage Limit in the same proportion as the Voting Securities not Beneficially Owned by ZHG Entities are voted (including by written consent) for or against, or abstain with respect to, each such matter. Each ZHG Party shall be free
to vote or cause to be voted (including by abstaining or, if applicable, taking action by written consent), in their sole discretion, all Voting Securities Beneficially Owned by ZHG Entities up to and including the Voting Percentage Limit for or
against, or to abstain from voting on, each such matter. 
 3.4 Quorum. At each meeting of stockholders, the ZHG Entities shall cause
all of the Voting Securities Beneficially Owned by ZHG Entities to be present in person or by proxy for quorum purposes. 
 ARTICLE IV

 ADDITIONAL COVENANTS 

4.1 Transfer Restrictions. 

(a) During the Restricted Period, no ZHG Party shall Transfer any shares of Common Stock, other than pursuant to a Permitted Transfer. 

(b) “Permitted Transfer” means: 

(i) a Transfer that has been approved in advance by a majority of the disinterested members of the Board or a duly-authorized
committee thereof; 
 (ii) a Transfer to another ZHG Party; 

(iii) a Transfer to any ZHG Entity that is not a Restricted Entity and not a ZHG Party (any such ZHG Entity, an “ZHG
Permitted Transferee”), if such ZHG Permitted Transferee shall have agreed in writing to be bound to the same extent as ZHG by the obligations of this Agreement by executing a joinder agreement substantially in the form attached as
Exhibit C to this Agreement; 
 (iv) a Transfer in connection with any Acquisition approved by the Board or a
duly-authorized committee thereof (including if the Board or such committee (A) recommends that the Company’s stockholders tender in response to a tender or exchange offer that, if consummated, would constitute an Acquisition, or
(B) does not recommend that the Company’s stockholders reject any such tender or exchange offer within the ten (10) Business Day period specified in Rule 14e-2(a) under the Exchange Act); 

  
 16 

 (v) a Transfer that constitutes a tender into a tender or exchange offer
commenced by the Company or any of its Affiliates; or 
 (vi) a Transfer in connection with any bona fide mortgage,
encumbrance or pledge to a financial institution in connection with any bona fide loan or debt transaction or enforcement thereunder; provided, that (A) such financial institution either shall not be Controlled by any Governmental
Authority at the time of such Transfer or, if such financial institution is Controlled by a Governmental Authority at the time of such Transfer, such financial institution shall either (x) be included on The Banker’s most recently issued
Top 1000 World Banks ranking or (y) have common equity securities listed on a globally recognized stock exchange, and (B) as a condition to such financial institution’s ability to take ownership of any shares of Common Stock in
connection with enforcement under any such loan or debt transaction, such financial institution or its assignee (as applicable) shall agree to comply with the restrictions in this Section 4.1 with respect to such shares of Common Stock
(it being acknowledged and agreed that such financial institution or its assignee shall inure to the rights of ZHG under the Registration Rights Agreement with respect to such shares of Common Stock). 

(c) Following the Restricted Period, each ZHG Party shall be free to Transfer any shares of Common Stock; provided, that (i) with respect
to any Transfer, other than a Permitted Transfer or an underwritten public offering or an underwritten block trade, the ZHG Parties shall not Transfer any shares of Common Stock to (A) any Restricted Entity or (B) any Person or Group known
to such ZHG Party (or to the broker in an ordinary course brokerage transaction) to be a 5% Stockholder or that would become the Beneficial Owner of five percent (5%) or more of the total outstanding Common Stock as a result of the Transfer,
(ii) with respect to any Transfer, other than a Permitted Transfer, that is an underwritten public offering or an underwritten block trade, such ZHG Party shall instruct the managing underwriter(s) or broker(s) not to Transfer any shares of
Common Stock to any Person or Group that is a 5% Stockholder or that would become the Beneficial Owner of five percent (5%) or more of the total outstanding Common Stock as a result of the Transfer (unless, in each case, the identity of the
Person purchasing the shares of Common Stock is not known to the managing underwriter(s) or broker(s)) and (iii) with respect to a Transfer, other than a Permitted Transfer, that is an underwritten block trade, such ZHG Party shall instruct the
broker(s) not to Transfer any shares of Common Stock to a Restricted Entity (unless the identity of the Person purchasing the shares of Common Stock is not known to such ZHG Party or broker(s)). For purposes of this Section 4.1(c), the
total number of shares of Common Stock outstanding at any time shall be the number specified in the most recent SEC filing of the Company disclosing the total number of shares of Common Stock outstanding. 

(d) Any Transfer or attempted Transfer of Equity Securities of the Company in violation of this Section 4.1 shall, to the fullest
extent permitted by applicable Law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties not to, record or recognize any such purported transaction on the books of the Company.

 (e) Following any Transfer by a ZHG Party contemplated by Section 4.1(b)(vi), ZHG shall (i) promptly notify the Company
in writing upon receipt of any notice of acceleration or foreclosure from a financial institution under the applicable loan or debt transaction, and 

  
 17 

 
(ii) reimburse any reasonable costs and expenses incurred by the Company in connection with (x) the establishment of such mortgage, encumbrance or pledge or (y) any Transfer of
shares of Common Stock to such financial institution in connection with such event of acceleration or foreclosure. 
 (f) The Company shall
use reasonable efforts to have the shares of Common Stock purchased pursuant to the Stock Purchase Agreement registered directly on the books and records of the transfer agent in the name of the applicable ZHG Party and maintained in book entries
directly on the books and records of the transfer agent in the name of the applicable ZHG Party. Any certificates for shares of Common Stock held by a ZHG Party as of the Closing Date shall bear a legend or legends (and appropriate comparable
notations or other arrangements will be made with respect to shares maintained in the form of book entries) referencing restrictions on transfer of such shares under the Securities Act and under this Agreement which legend shall state in substance:

 THESE SECURITIES AND THE SECURITIES ISSUABLE UPON THE EXCHANGE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATING TO SUCH SECURITIES UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER
JURISDICTIONS. 
 THESE SECURITIES ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN THE STOCKHOLDERS AGREEMENT DATED AS OF March
24, 2017, AMONG SEAWORLD ENTERTAINMENT, INC., SUN WISE (UK) CO., LTD AND, SOLELY FOR PURPOSES OF SECTION 4.3 THEREOF, ZHONGHONG ZHUOYE GROUP CO., LTD., AS AMENDED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.

 Notwithstanding the foregoing, upon the request of the applicable ZHG Party, (i) in connection with any Transfer of Common Stock
Transferred in accordance with the terms of this Agreement (other than Section 4.1(b)(ii) and Section 4.1(b)(iii)), the Company shall promptly cause the second paragraph of the legend (or notation) to be removed upon such
Transfer if such restrictions would not be applicable following such Transfer, (ii) following receipt by the Company of an opinion of counsel reasonably satisfactory to the Company to the effect that such legend (or notation) may be lifted in
connection with the Transfer of Common Stock, the Company shall promptly cause the first paragraph of the legend (or notation) to be removed from any Common Stock to be Transferred in accordance with the terms of this Agreement, and (iii) to
the extent the first and second paragraph of the legend (or notation) would be removed pursuant to this paragraph in connection with any Transfer of Common Stock, the Company shall use reasonable efforts to cause such Common Stock to be registered
in the name of The Depository Trust Company’s nominee. 

  
 18 

 4.2 Right of First Refusal. 

(a) If the Company, at any time or from time to time following the Closing, proposes to issue (a “New Issuance”) any
New Securities, for cash in an offering that is not an underwritten public offering or an offering pursuant to Rule 144A (or a successor rule) under the Securities Act (any such offering, a “Private Placement”), the Company shall
provide ZHG with written notice (an “Issuance Notice”) of such New Issuance at least thirty (30) days prior to the issuance of such New Securities. The Issuance Notice shall set forth the material terms and conditions of the
New Issuance, including (i) the proposed number of New Securities if known or, if not known, an estimate thereof, (ii) a description of the New Securities and proposed manner of sale, (iii) the purchase price per New Security (or
conversion price or premium in the event of an offering of convertible debt) (the “Per Security Offering Price”) if known or, if not known, an estimate thereof, and (iv) the proposed issuance date if known or, if not known, an
estimate thereof. ZHG shall be entitled to purchase (either directly or through any other ZHG Parties or any of ZHG’s Controlled Affiliates that are ZHG Permitted Transferees), at the Per Security Offering Price and on the other terms and
conditions specified in the Issuance Notice, up to the number of such New Securities that would result in the aggregate Total Share Ownership of the ZHG Entities, as a percentage of the total number of outstanding shares of Common Stock immediately
following such New Issuance being equal to the aggregate Total Share Ownership of the ZHG Entities, as a percentage of the total number of outstanding shares of Common Stock immediately prior to such New Issuance, provided that for this purpose such
percentage shall not exceed the Maximum Ownership Percentage. Notwithstanding the foregoing, the number of New Securities that ZHG (directly or through any other ZHG Parties or their Controlled Affiliates that are ZHG Permitted Transferees) shall be
entitled to purchase pursuant to this Section 4.2 with respect to any New Issuance shall be limited to the maximum amount that may be issued by the Company to ZHG (directly or through any other ZHG Parties or their Controlled Affiliates
that are ZHG Permitted Transferees) without requiring approval of such issuance by the stockholders of the Company under the rules of the Exchange, as determined in good faith by the Company (which such determination shall be binding on the
parties). 
 (b) ZHG may exercise its rights under this Section 4.2 by delivering written notice of its election to
purchase (either directly or through any other ZHG Parties or any of ZHG’s Controlled Affiliates that are ZHG Permitted Transferees) such New Securities to the Company within ten (10) days after receipt of the Issuance Notice, which notice
shall specify the number of New Securities requested to be purchased by ZHG. Delivery of such notice shall constitute a binding commitment of ZHG to purchase (either directly or through any other ZHG Parties or any of ZHG’s Controlled
Affiliates that are ZHG Permitted Transferees) the amount of New Securities so specified at the Per Security Offering Price and on the terms and conditions specified in the Issuance Notice. If, at the termination of such ten (10) day period,
ZHG has not exercised its right to purchase any such New Securities, ZHG shall be deemed to have waived its rights under this Section 4.2 with respect to, and only with respect to, the purchase of the New Securities specified in the
applicable Issuance Notice. 
 (c) The closing of any sale of New Securities to ZHG, any other ZHG Parties or any of ZHG’s
Controlled Affiliates that are ZHG Permitted Transferees pursuant to this Section 4.2 shall take place concurrently with the consummation of the sale of the New Securities on the terms set forth in the Issuance Notice to all other
Persons purchasing such New Securities (the “New Issuance Closing”). 

  
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 (d) If the Company issues, at the New Issuance Closing, less than all of the New Securities
described in the Issuance Notice, then the number of New Securities that ZHG (and any other ZHG Parties and any of ZHG’s Controlled Affiliates that are ZHG Permitted Transferees) shall be entitled to purchase in connection with such New
Issuance pursuant to this Section 4.2 shall be reduced proportionately and ZHG’s notice delivered pursuant to Section 4.2(b) shall be deemed amended to reflect such reduction. If the number of New Securities is reduced
as contemplated by this Section 4.2(d), the Company shall not issue or sell the remainder of the New Securities described in the Issuance Notice without again complying with the provisions of this Section 4.2. 

(e) If the New Issuance Closing (other than any over-allotment closing) does not occur within ninety (90) days after the date of the
Issuance Notice, the Company shall not issue or sell the New Securities described in the Issuance Notice without again complying with the provisions of this Section 4.2. 

(f) ZHG (or any other ZHG Parties or any of ZHG’s Controlled Affiliates that are ZHG Permitted Transferees) shall, prior to the closing of
any Private Placement in which any of them has elected to purchase New Securities pursuant to this Section 4.2, execute and deliver all such documents and instruments as are customarily required in connection with such an offering or are
reasonably requested by the Company, including, without limitation, customary investment representations and representations as to its status as the type of offeree to whom a private sale may be made pursuant to the Securities Act, and any failure
to deliver or enter into any such documents and instruments at or prior to such closing shall constitute a waiver of the right of first refusal set forth in this Section 4.2 with respect to such New Issuance. 

(g) Notwithstanding the foregoing provisions of this Section 4.2, this Section 4.2 shall not apply and the ZHG Entities
shall have no rights under this Section 4.2 if, at any time, any ZHG Entity breaches any of the Material Terms in any material respect and such breach continues after written notice from the Company and a thirty (30) day opportunity
to cure. 
 4.3 Standstill. 

(a) Subject to Section 4.3(b) and Section 4.3(c), on and after the Closing, ZHG Group and the ZHG Parties shall not,
shall cause their respective Affiliates not to, and shall cause the representatives of ZHG Group, the ZHG Parties and their respective Affiliates acting at their direction not to, in any manner, directly or indirectly, without the prior written
consent of, or waiver by, the Company: 
 (i) acquire, offer to acquire or agree to acquire, by purchase or otherwise,
Beneficial Ownership of any Equity Securities of the Company (including any rights, options or other derivative securities or contracts or instruments to acquire such ownership that derives its value (in whole or in part) from such Equity Securities
(whether currently, upon lapse of time, following the satisfaction of any conditions, upon the occurrence of any event or any combinations of the foregoing)) other than: (A) as a 

  
 20 

 
result of any stock split, stock dividend or distribution, subdivision, reorganization, reclassification or similar capital transaction involving Equity Securities of the Company;
(B) pursuant to Section 4.1(b)(ii), Section 4.1(b)(iii), Section 4.2 or Section 4.3(c) or (C) a Transfer between ZHG Parties; provided, that no ZHG Party shall be in breach of
this Section 4.3(a)(i) as a result of the acquisition by any ZHG Designee of any Equity Securities of the Company pursuant to (x) the grant or vesting of any equity compensation awards granted by the Company to any ZHG Designee, or
(y) the exercise of any stock options, restricted stock units, or similar awards relating to any Equity Securities of the Company granted by the Company to any ZHG Designee; 

(ii) make any public announcement or public offer with respect to any merger, business combination, recapitalization,
reorganization, restructuring, liquidation, change of control or other similar extraordinary transaction involving the Company or any of its Subsidiaries (unless such transaction is approved or affirmatively recommended by the Board); 

(iii) make, knowingly encourage or in any way participate in, any “solicitation” of “proxies” (as such
terms are used in the proxy rules of the SEC promulgated pursuant to Section 14 of the Exchange Act) to vote any Voting Securities, or seek to advise or influence any Person with respect to the voting of, any Voting Securities (other than, in
each case, in a manner that is consistent with the Board’s recommendation in connection with a matter); 
 (iv) seek
election to, or seek to place a representative on, the Board or removal of any member of the Board or otherwise act, alone or in concert with others, to seek representation or to control or influence the management, the Board or policies of the
Company (other than (A) with respect to the election or removal of a ZHG Designee or (B) to vote in accordance with the requirements of Article III); 

(v) call, or seek to call, a meeting of the stockholders of the Company or initiate any stockholder proposal for action by
stockholders of the Company; 
 (vi) form, join or in any way participate in a Group with respect to Equity Securities (other
than a Group consisting solely of ZHG Parties); 
 (vii) otherwise act, alone or in concert with others, to seek to control
or influence the management or the policies of the Company (for the avoidance of doubt, excluding any such act in their capacity as a commercial counterparty, customer, supplier, industry participant or the like); 

(viii) advise or knowingly assist or encourage or enter into any discussions, negotiations, agreements or arrangements with any
other Persons in connection with any of the foregoing activities; 
 (ix) publicly disclose any intention, plan or
arrangement inconsistent with any of the foregoing activities; 

  
 21 

 (x) arrange, or in any way provide, directly or indirectly, any financing for the
purchase by any Person or Group of any Equity Securities or assets of the Company, other than financing for (A) the purchase of assets then being offered for sale by the Company and approved by the disinterested Directors, (B) the Transfer
of any shares of Common Stock to a ZHG Party or a ZHG Permitted Transferee, (C) purchases of any Equity Securities of the Company by a ZHG Entity that are permitted by this Agreement and (D) a ZHG Acquisition. 

(xi) take any action that ZHG Group or a ZHG Party knows, or would reasonably be expected to know, after consultation with
outside legal counsel, would require the Company to make a public announcement regarding the possibility of an Acquisition; or 

(xii) contest the validity of this Section 4.3(a) or initiate or participate in any judicial proceeding to amend,
waive, terminate or seek a release of the restrictions contained herein, it being understood and agreed that (A) without prejudice to Section 2.5, this Section 4.3 shall not limit (x) the activities of any ZHG
Designee taken in good faith in his or her capacity as a Director or (y) the participation of any ZHG Designee in any Board (or committee of the Board, as applicable) discussions, deliberations, negotiations or determinations, and (B) ZHG
and ZHG Group shall be responsible for any breach of this Section 4.3 caused by any action taken by any ZHG Entity or by a representative of a ZHG Entity acting at the direction of any ZHG Entity. 

(b) Notwithstanding anything to the contrary in Section 4.3(a), on and after the date hereof, other than during any Standstill
Commitment Period, no ZHG Party shall be prohibited or restricted from: (i) initiating and engaging in private discussions with, and/or making and submitting to, the Company and/or the Board a non-public, confidential Acquisition Proposal so
long as such ZHG Party does not know, and would not be reasonably expected to know, after consultation with outside legal counsel, that such actions would be reasonably likely to require ZHG, the Company or any other Person to make a public
announcement regarding such Acquisition Proposal; or (ii) from and after a public announcement of a definitive agreement with respect to an Acquisition entered into between the Company and any Person other than a ZHG Entity and until the
earlier of (A) the closing of such Acquisition and (B) thirty (30) days after the termination of such definitive agreement, notwithstanding any ZHG Standstill Commitment, making and submitting to the Company, the Board, and/or the
Company’s stockholders, an alternative Acquisition Proposal on a publicly disclosed and announced basis for all outstanding shares of Common Stock, which, if a tender or exchange offer, shall be on the same terms for all such shares and include
a non-waivable condition that a majority of outstanding shares of Common Stock not Beneficially Owned by any ZHG Entity are tendered into such offer. For the avoidance of doubt, Section 3.2, Section 4.3(a) and
Section 4.6 shall continue to apply except to the extent such provisions would prevent a ZHG Party from taking the actions expressly permitted by Section 4.3(b)(i) or Section 4.3(b)(ii). 

(c) Notwithstanding anything to the contrary in Section 4.3(a), ZHG may (directly or through any other ZHG Parties or any of their
respective Controlled Affiliates that are ZHG Permitted Transferees), at any time and from time to time, purchase shares of Common Stock in open market transactions in an amount that, when aggregated with the number of shares of

  
 22 

 
Common Stock then Beneficially Owned by all ZHG Entities, would not then exceed a percentage of the shares of Common Stock outstanding at such time equal to the lower of (i) twenty four and
nine-tenths percent (24.9%) and (ii) the Adjusted Ownership Percentage (such lower percentage, the “Maximum Ownership Percentage”). The “Adjusted Ownership Percentage” shall initially be equal to twenty
four and nine-tenths percent (24.9%) and, upon each Transfer of shares of Common Stock by a ZHG Entity that (A) is to a Person other than another ZHG Entity and (B) occurs when the aggregate Total Share Ownership of the ZHG Entities,
as a percentage of the total number of outstanding shares of Common Stock is less than or equal to twenty four and nine-tenths percent (24.9%) or causes such percentage to be less than twenty four and nine-tenths percent (24.9%), shall be
reduced by a percentage (the “Reduction Percentage”) equal to the percentage of the total number of outstanding shares of Common Stock that such Transfer of shares of Common Stock constituted, but in no event shall a Reduction
Percentage be greater than the difference between twenty four and nine-tenths percent (24.9%) and the aggregate Total Share Ownership of the ZHG Entities, as a percentage of the total number of outstanding shares of Common Stock, following such
Transfer. For purposes of this Section 4.3(c), the total number of shares of Common Stock outstanding at any time shall be the number specified in the latest of (i) the most recent SEC filing of the Company disclosing the total
number of shares of Common Stock outstanding or (ii) a written notice from the Company, which will be provided to ZHG as soon as reasonably practicable upon a written request therefor from ZHG following any New Issuance or Stock Acquisition.

 4.4 Information and Access Rights. The books and records of the Company shall be available for inspection by the ZHG Parties at
the principal place of business of the Company. The Company shall, and shall cause its Subsidiaries to, (i) afford the ZHG Parties and their respective agents access at all reasonable times to its officers, employees, auditors, legal counsel,
properties, offices and other facilities and to all of its books and records, (ii) afford the ZHG Parties and their respective agents with the opportunity to consult with its officers from time to time as the ZHG Parties may reasonably request
regarding the affairs, finances and accounts of the Company and its Subsidiaries, (iii) to the extent otherwise prepared by the Company, provide annual operating and capital expenditure budgets and periodic information packages relating to the
operations and cash flows of the Company and its Subsidiaries and (iv) subject to applicable Law, provide any additional information regarding the affairs, finances and accounts of the Company and its Subsidiaries that is reasonably requested
by the ZHG Parties from time to time (it being acknowledged that the Company may reasonably withhold information that constitutes a trade secret or other competitively sensitive intellectual property or is subject to attorney-client privilege). ZHG
hereby agrees that, notwithstanding any other provision of this Agreement to the contrary, ZHG and its Affiliates shall be provided confidential information in accordance with and subject to the terms of a Confidentiality Agreement in the form
attached hereto as Exhibit D, which such Confidentiality Agreement shall be executed and delivered concurrently with the Closing (the “Confidentiality Agreement”). 

4.5 Cooperation. Following the Closing, the Company and ZHG shall, from time to time, engage in good faith discussions regarding
strategic cooperation that may be mutually beneficial to such parties. 

  
 23 

 4.6 Tender of Shares in Certain Acquisitions. If, at any time when (i) ZHG Entities
Beneficially Own Voting Securities in excess of the Voting Percentage Limit, and (ii) any Acquisition (other than a Specified Acquisition) by a Person other than a ZHG Entity is to be effected by means of a tender or exchange offer that has
been approved and recommended (and such recommendation has not been withdrawn) by the Board, the ZHG Parties shall tender into such offer, prior to any expiration thereof (as such offer may be extended from time to time), all the shares of Common
Stock Beneficially Owned by ZHG Entities in excess of the Voting Percentage Limit in the same proportion as the shares of Common Stock not Beneficially Owned by ZHG Entities are so tendered. Such tender by the ZHG Parties shall be made within twelve
(12) hours of notification from any depositary for such tender or exchange offer of the percentage of Voting Securities Beneficially Owned by holders other than ZHG Entities then received by such depositary. The ZHG Parties shall be free, in
their sole discretion, to tender or not tender into such offer, any and all shares of Common Stock Beneficially Owned by ZHG Entities up to and including the Voting Percentage Limit. 

4.7 Public Announcements. The initial press release with respect to this Agreement shall be a joint press release to be reasonably
agreed upon by ZHG and the Company. Thereafter, ZHG and the Company shall consult with each other before issuing any press release, or other public announcement with respect to this Agreement or the matters contemplated hereby and, except in respect
of any such press release or other public announcement as may be required by applicable Law or any applicable rule of any securities exchange or association, shall not issue any such press release or other public announcement prior to such
consultation. ZHG Group and the ZHG Parties shall not, shall cause their respective Affiliates not to, and shall cause the representatives of ZHG Group, the ZHG Parties and their respective Affiliates acting at their direction not to, in any manner,
disparage or cause to be disparaged the Company or its Affiliates or any of its or their respective current or former directors or executive officers, and the Company shall not, shall cause its Affiliates not to, and shall cause its representatives
and the representatives of its Affiliates acting at their direction not to, in any manner disparage or cause to be disparaged any of the ZHG Parties, the ZHG Group, or any of their respective Affiliates, or any of its or their respective current or
former directors, managers or executive officers, 
 4.8 Corporate Opportunities. On or before the Closing, the Company and the Board
(or a duly authorized committee thereof) shall, in compliance with applicable Law, take all actions necessary to duly adopt the resolutions substantially as set forth in Exhibit E to this Agreement and such resolutions shall remain in
effect until the later of (i) termination of this Agreement, or (ii) no ZHG Designee is a member of the Board. 
 4.9
Translator. The individuals nominated by the ZHG Designator pursuant to Section 2.1(a) and any ZHG Designees who reasonably require a translator to facilitate participation in the meetings of the Board (or a committee thereof),
shall be permitted to attend any meetings of the Board (or a committee thereof) or any other meetings with representatives of the Company (including, without limitation, any interviews pursuant to Section 2.4(c)), whether in person, by
telephone or otherwise, with such translator; provided, that (a) such translator shall have previously executed a standard from of confidentiality agreement with the Company, (b) such translator shall be at the sole cost and expense
of the ZHG Entities, (c) such translation shall be conducted only on a simultaneous basis (also referred to as “U.N.-style”) and (d) such translation shall otherwise be conducted in a manner that is not disruptive to the
proceedings of the Board (and the committees thereof), as determined by the Nominating and Governance Committee acting in good faith. For the avoidance of doubt, (i) all meetings of the Board (and 

  
 24 

 
the committees thereof) shall be conducted in the English language and (ii) the Nominating and Governance Committee shall have the right to exclude the translator from any and all meetings
of the Board (or any committee thereof) if the Nominating and Corporate Governance Committee determines, acting in good faith, that such translation is or will be disruptive to the proceedings of the Board (and the committees thereof). 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

5.1 Representations and Warranties of the Company. The Company hereby represents and warrants to ZHG as follows as of the Closing: 

(a) The Company is a corporation, duly incorporated, validly existing and in good standing under the Laws of the State of Delaware. The Company
has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under the Agreement. 
 (b) The
execution and delivery by the Company of this Agreement and the performance of the obligations of the Company under this Agreement do not and will not conflict with or violate any provision of, or require the consent or approval of any Person
(except for any such consents or approvals which have been obtained) under, (x) applicable Law, (y) the organizational documents of the Company, or (z) any contract or agreement to which the Company is a party. 

(c) The execution and delivery by the Company of this Agreement and the performance of the obligations of the Company under this Agreement have
been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming the due authorization, execution and delivery by ZHG, constitutes a legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and other Laws of general applicability relating to or affecting creditors’ rights and to general principles of
equity. 
 (d) The Board (or a duly authorized committee thereof) has taken all action necessary to approve the transactions contemplated by
the Stock Purchase Agreement and any other action which may be necessary, in compliance with applicable Law, to render inapplicable to ZHG and, to the fullest extent permitted by Law, any other ZHG Party the restrictions on “business
combinations” set forth in the Company Charter. No “business combination”, “moratorium,” “control share,” “fair price,” “takeover,” “interested stockholder,” or similar Law is
applicable to the Stock Purchase Agreement or the transactions contemplated thereby, including but not limited to Section 203 of the Delaware General Corporation Law. 

5.2 Representations and Warranties of ZHG. ZHG hereby represents and warrants to the Company as follows as of the Closing: 

  
 25 

 (a) ZHG is duly organized, validly existing and in good standing under the Laws of the
jurisdiction of its organization. ZHG has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement. 

(b) The execution and delivery by ZHG of this Agreement and the performance by ZHG of its obligations under this Agreement do not and will not
conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been obtained) under, (x) applicable Law, (y) its organizational documents, or (z) any
contract or agreement to which it is a party. 
 (c) The execution and delivery by ZHG of this Agreement and the performance by ZHG of its
obligations under this Agreement have been duly authorized by all necessary corporate or other analogous action on its part. This Agreement has been duly executed and delivered by ZHG and, assuming the due authorization, execution and delivery by
the Company, constitutes a legal, valid and binding obligation of ZHG, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Laws of general applicability relating to or affecting creditors’ rights and
to general principles of equity. 
 5.3 No Other Representations or Warranties. Each of ZHG and the Company hereby acknowledges and
agrees that (a) except for the express representations and warranties set forth in this Article V, neither party hereto nor any Person acting on its behalf is making any representation or warranty of any kind, express or implied, in connection
with the negotiation, execution or performance of this Agreement or the Stock Purchase Agreement or the transactions contemplated hereby and thereby, and (b) neither party hereto has relied on the accuracy or completeness of any information
furnished by the other party hereto or any Person acting on its behalf in connection with the negotiation, execution or performance of this Agreement or the Stock Purchase Agreement or the transactions contemplated hereby and thereby. 

ARTICLE VI 
 GENERAL
PROVISIONS 
 6.1 Termination. Unless otherwise specified herein, this Agreement shall automatically terminate on the earlier to
occur of (a) the date on which the aggregate Total Share Ownership of the ZHG Entities is less than five percent (5%) of the total number of shares of Common Stock outstanding as of such date and (b) the termination of the Stock
Purchase Agreement prior to the Closing in accordance with its terms; provided, that Section 2.6 shall survive the termination of this Agreement indefinitely. 

6.2 Notices. Any notice, designation, request, request for consent or consent provided for in this Agreement shall be in writing and
shall be deemed given (a) when delivered personally, (b) two (2) Business Days after being sent, if sent by internationally recognized overnight courier, or (c) when sent, if transmitted by facsimile (which such facsimile shall
be confirmed within 24 hours thereafter in a manner provided in clause (a) or (b)), in each case, to the parties at the following addresses (or at such other address for a party as shall be specified by prior written notice from such
party): 

  
 26 

 if to the Company: 

SeaWorld Entertainment, Inc. 

9205 South Park Center Loop, Suite 400 

Orlando, FL 32819 

USA 

Attention: General Counsel 

Fax:          +1 (407) 226-5039 

with a copy (not constituting notice) to: 

Latham & Watkins LLP 

330 N. Wabash Ave., Suite 2800 

Chicago, IL 60611 

USA 

Attention: Cathy A. Birkeland 

                 Bradley C. Faris 

Fax:          +1 (312) 993-9767 

if to ZHG: 

c/o Zhonghong Zhuoye Group Co., Ltd. 

Building No. 8, Eastern International, No. 1 

Ciyunsi, Chaoyang District 

Beijing, Peoples Republic of China 100025 

Attention: Yu Ting 

Fax:          +(0086) 010-85356993 

with a copy (not constituting notice) to: 

Paul Hastings LLP 

515 South Flower Street, 25th Floor 

Los Angeles, CA 90071 

Attention: Robert A. Miller, Jr. 

Fax:          +1 (213) 996-3254 

6.3 Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified, and the observance of any term hereof may be
waived, only by a written instrument executed by (i) the Company and (ii) the ZHG Designator. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. Any amendment, supplement or modification to this Agreement and any waiver of any term hereof effected in accordance with this Section 6.3 shall be binding on each party hereto and all of such
party’s successors and permitted assigns, whether or not such party, successor or permitted assign entered into or approved such amendment, supplement or modification. 

  
 27 

 6.4 Further Assurances. Each party hereto shall sign such further documents and do and
perform and cause to be done such further acts and things as any other party hereto may reasonably request to the extent necessary to carry out the intent and accomplish the purposes of this Agreement. 

6.5 Assignment. This Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and
permitted assigns. This Agreement may not be assigned, except by any ZHG Party to any ZHG Permitted Transferee that has executed a joinder agreement substantially in the form attached as Exhibit C to this Agreement, without the express prior
written consent of the other parties hereto, and any attempted assignment, without such consent, will be null and void. 
 6.6 Third
Parties. This Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

6.7 Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without
regard to principles of conflicts of Laws thereof. 
 6.8 Jurisdiction; Waiver of Jury Trial. In any judicial proceeding involving
any dispute, controversy or claim between the parties hereto arising out of or relating to this Agreement, each of the parties hereto, by execution and delivery of this Agreement, unconditionally accepts and consents to the exclusive jurisdiction
and venue of the Delaware Court of Chancery and any state appellate court to which orders and judgments thereof may be appealed within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular
matter, any state or federal court within the State of Delaware), including but not limited to the in personam and subject matter jurisdiction of those courts, or if jurisdiction over the matter is vested exclusively in federal courts, the
United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed, waives any objections to such jurisdiction on the grounds of venue or forum non conveniens, the absence
of in personam or subject matter jurisdiction and any similar grounds or any other manner permitted by Law, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. In any such judicial
proceeding, the parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by Law, service of process may be made by delivery provided pursuant to the directions in
Section 6.2. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

6.9 Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them,
the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly 

  
 28 

 
agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and agrees that the parties, in addition to any other remedy to which they may be
entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 
 6.10 Entire
Agreement. This Agreement, the Confidentiality Agreement and any Director Confidentiality Agreement with a ZHG Designee set forth the entire understanding of the parties hereto with respect to the subject matter hereof. There are no agreements,
representations, warranties, covenants or understandings with respect to the subject matter hereof other than those expressly set forth herein or in the Confidentiality Agreement or any such Director Confidentiality Agreement. This Agreement, the
Confidentiality Agreement and any such Director Confidentiality Agreement supersede all other prior agreements and understandings between the parties with respect to such subject matter, other than, with respect to the confidentiality and non-use
restrictions set forth in (a) that certain letter agreement regarding confidentiality, dated February 17, 2017, by and between the Company and ZHG Group with respect to information disclosed thereunder prior to the Closing, but only to the
extent such information is not otherwise subject to the confidentiality and non-use restrictions set forth in the Confidentiality Agreement or Director Confidentiality Agreement, and (b) that certain confidentiality agreement, dated
October 27, 2016, by and between the Company and ZHG Group with respect to information disclosed thereunder prior to the date hereof, but only to the extent such information is not otherwise subject to the confidentiality and non-use
restrictions set forth in the Confidentiality Agreement or Director Confidentiality Agreement (it being understood that, in each case, such letter agreement and confidentiality agreement shall remain in full force and effect in accordance with their
respective terms with respect to the confidentiality and non-use restrictions set forth therein with respect to such information disclosed thereunder prior to the Closing or the date hereof, as applicable). 

6.11 Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any
jurisdiction, shall be held to be invalid or unenforceable to any extent, (a) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by Law,
(b) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by Law and (c) the application of such provision to other Persons or circumstances
or in other jurisdictions shall not be affected thereby. 
 6.12 Table of Contents, Headings and Captions. The table of contents,
headings, subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

6.13 Counterparts. This Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

  
 29 

 6.14 Effectiveness of this Agreement. This Agreement shall become automatically effective
upon the Closing, without the requirement of any further action by any Person, and until the Closing (if any), this Agreement shall be of no force or effect and shall create no rights or obligations on the part of any party hereto. 

[Remainder Of Page Intentionally Left Blank] 

  
 30 

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

			
	SEAWORLD ENTERTAINMENT, INC.
		
	By:	 	 /s/ Joel K. Manby

	Name:	 	Joel K. Manby
	Title:	 	Chief Executive Officer and President
	
	SUN WISE (UK) CO., LTD
		
	By:	 	 /s/ Yongli Wang

	Name:	 	Yongli Wang
	Title:	 	Director
	
	ZHONGHONG ZHUOYE GROUP CO., LTD.
	(solely for purposes of Section 4.3)
		
	By:	 	 /s/ Yongli Wang

	Name:	 	Yongli Wang
	Title:	 	Director

 [Signature Page to Stockholders Agreement]EX-10.2

 Exhibit 10.2 
  

 
 REGISTRATION RIGHTS AGREEMENT

 by and between 

SEAWORLD ENTERTAINMENT, INC. 

and 
 SUN WISE (UK) CO.,
LTD 
 Dated as of March 24, 2017 
  

 

 TABLE OF CONTENTS 

 

					
		
	 Article I DEFINITIONS
	  	 	1	 
		
	 Article II DEMAND REGISTRATION RIGHTS
	  	 	4	 
		
	 Section 2.1 Long-Form Registration
	  	 	4	 
	 Section 2.2 Short-Form Registration
	  	 	5	 
	 Section 2.3 Shelf Registration
	  	 	5	 
	 Section 2.4 Payment of Expenses for Demand Registrations
	  	 	6	 
	 Section 2.5 Priority
	  	 	6	 
	 Section 2.6 Restrictions
	  	 	6	 
	 Section 2.7 Selection of Underwriters
	  	 	7	 
	 Section 2.8 Additional Rights
	  	 	7	 
		
	 Article III PIGGYBACK REGISTRATIONS
	  	 	7	 
		
	 Section 3.1 Right to Piggyback
	  	 	7	 
	 Section 3.2 Priority on Primary Registrations
	  	 	8	 
	 Section 3.3 Priority on Secondary Registrations
	  	 	8	 
	 Section 3.4 Selection of Underwriters
	  	 	8	 
	 Section 3.5 Payment of Expenses for Piggyback Registrations
	  	 	9	 
		
	 Article IV ADDITIONAL AGREEMENTS
	  	 	9	 
		
	 Section 4.1 Holders’ Agreements
	  	 	9	 
	 Section 4.2 Company’s Agreements
	  	 	9	 
	 Section 4.3 Suspension of Resales
	  	 	9	 
		
	 Article V REGISTRATION PROCEDURES
	  	 	10	 
		
	 Section 5.1 Company Obligations
	  	 	10	 
		
	 Article VI REGISTRATION EXPENSES
	  	 	13	 
		
	 Section 6.1 The Company’s Expenses
	  	 	13	 
	 Section 6.2 The Stockholder’s Expenses
	  	 	14	 
		
	 Article VII INDEMNIFICATION
	  	 	14	 
		
	 Section 7.1 By the Company
	  	 	14	 
	 Section 7.2 By Each Holder of Registrable Securities
	  	 	14	 
	 Section 7.3 Procedure
	  	 	15	 
	 Section 7.4 Survival
	  	 	16	 

  
 i 

					
	 Article VIII CONTRIBUTION
	  	 	16	 
		
	 Section 8.1 Contribution
	  	 	16	 
	 Section 8.2 Equitable Considerations; Etc.
	  	 	16	 
		
	 Article IX COMPLIANCE WITH RULE 144 AND RULE 144A
	  	 	17	 
		
	 Section 9.1 Compliance with Rule 144 and Rule 144A
	  	 	17	 
		
	 Article X PARTICIPATION IN UNDERWRITTEN REGISTRATIONS
	  	 	17	 
		
	 Section 10.1 Participation in Underwritten Registrations
	  	 	17	 
		
	 Article XI MISCELLANEOUS
	  	 	17	 
		
	 Section 11.1 Amendments and Waivers
	  	 	17	 
	 Section 11.2 Successors and Assigns
	  	 	17	 
	 Section 11.3 Descriptive Headings
	  	 	18	 
	 Section 11.4 Notices
	  	 	18	 
	 Section 11.5 GOVERNING LAW; MUTUAL WAIVER OF JURY TRIAL
	  	 	18	 
	 Section 11.6 Reproduction of Documents
	  	 	19	 
	 Section 11.7 Remedies
	  	 	19	 
	 Section 11.8 Further Assurances
	  	 	19	 
	 Section 11.9 No Presumption Against Drafter
	  	 	19	 
	 Section 11.10 Severability
	  	 	20	 
	 Section 11.11 Entire Agreement
	  	 	20	 
	 Section 11.12 Execution in Counterparts
	  	 	20	 
	 Section 11.13 Effectiveness
	  	 	20	 
	 Section 11.14 No Third Party Beneficiaries
	  	 	20	 
	 Section 11.15 Waiver of Certain Damages
	  	 	20	 
	 Section 11.16 Confidentiality
	  	 	21	 

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 24, 2017, is by and between SEAWORLD
ENTERTAINMENT, INC., a Delaware corporation (the “Company”), and Sun Wise (UK) Co., LTD, (“Purchaser”) a private limited company incorporated under the laws of England. 

RECITALS 
 WHEREAS,
Purchaser and Blackstone Capital Partners V L.P. and certain of its affiliates (collectively, “Blackstone”) have, as of the date hereof, entered into the Stock Purchase Agreement (as defined below), pursuant to which, among other
things, Purchaser has agreed to purchase from Blackstone, and Blackstone has agreed to sell to Purchaser, shares of the Company’s Common Stock (as defined below), subject to the terms and conditions set forth in the Stock Purchase Agreement;

 WHEREAS, the Company is entering into this Agreement as a condition to Purchaser’s willingness to enter into the Stock Purchase
Agreement; 
 WHEREAS, concurrently with the execution of this Agreement, the Company and Purchaser are entering into the Stockholders
Agreement (as defined below); 
 WHEREAS, the Company is entering into this Agreement in consideration of, and as a condition and inducement
to, Purchaser’s willingness to enter into the Stockholders Agreement; and 
 WHEREAS, in connection with the transactions contemplated
by the Stock Purchase Agreement, the Company and Purchaser wish to define certain registration rights granted to Purchaser on the terms and conditions set out in this Agreement. 

NOW, THEREFORE, in consideration of the recitals and the mutual premises, covenants and agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 DEFINITIONS 

In addition to capitalized terms defined elsewhere in this Agreement, the following capitalized terms shall have the following meanings when
used in this Agreement: 
 “Affiliate” means as to any specified Person, any other Person directly or indirectly
controlling or controlled by or under common control with such specified Person. For purposes of this definition, “control,” 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. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” have correlative meanings. 

  
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 “Agreement” as defined in the Preamble. 

“Blackstone” as defined in the Recitals. 

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

“Business Day” means any day other than a Saturday, Sunday or other day in New York, NY on which banking institutions are
authorized by law or regulations to close. 
 “Closing” as defined in the Stock Purchase Agreement. 

“Commission” means the U.S. Securities and Exchange Commission and any successor agency performing comparable functions. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Company” as defined in the Preamble. 

“Demand Registrations” as defined in Section 2.3(a). 

“Demand Registration Statements” as defined in Section 2.3(a). 

“Effective Date” means the date on which the Closing (as defined in the Stock Purchase Agreement) occurs pursuant to the
terms of the Stock Purchase Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor federal statute, and the rules and regulations of the Commission thereunder, as the same shall be in effect from time to time. 

“Governmental Authority” means any regional, federal, state or local legislative, executive or judicial body or agency, any
court of competent jurisdiction, any department, political subdivision or other governmental authority or instrumentality, or any arbitral authority, in each case, whether domestic or foreign. 

“Indemnified Party” as defined in Section 7.3. 

“Indemnifying Party” as defined in Section 7.3. 

“Long-Form Demand Registration” as defined in Section 2.1(b). 

“Long-Form Demand Registration Statement” as defined in Section 2.1(a). 

“New Issuance” as defined in the Stockholders Agreement. 

  
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 “Permitted Transferee” means (i) a ZHG Party, (ii) a ZHG Permitted
Transferee that has executed a joinder agreement to the Stockholders Agreement and (iii) a pledgee (or assignee thereof) that is pledged shares of Common Stock as part of a “Permitted Transfer” in accordance with the terms and
conditions of the Stockholder Agreement and that has agreed to comply with the restrictions in Section 4.1 of the Stockholders Agreement. 

“Person” means an individual, a corporation, a partnership, a joint venture, a limited liability company or limited liability
partnership, an association, a trust, estate or other fiduciary or any other legal entity, and any Governmental Authority. 

“Piggyback Registration” as defined in Section 3.1. 

“Piggyback Registration Statement” as defined in Section 3.1. 

“Purchaser” as defined in the Preamble. 

“Public Offering” means any offering by the Company of its equity securities to the public pursuant to an effective
registration statement under the Securities Act or any comparable statement under any comparable federal statute then in effect (other than any registration statement on Form S-8 or Form S-4 or any successor forms thereto). 

“Registrable Securities” means all shares of Common Stock held by a Stockholder, including shares of Common Stock purchased
in a New Issuance in accordance with Section 4.2 of the Stockholders Agreement, and any securities into which the Common Stock may be converted or exchanged pursuant to any merger, consolidation, sale of all or any part of its assets,
corporate conversion or other extraordinary transaction of the Company and any equity securities of the Company then outstanding which were issued or issuable as a dividend, stock split or other distribution with respect to or in replacement of
Common Stock held by a Stockholder (whether now held or hereafter acquired, and including any such securities received by a Stockholder upon the conversion or exchange of, or pursuant to such a transaction with respect to, other securities held by
such Stockholder). As to any Registrable Securities, such securities will cease to be Registrable Securities when: (i) a registration statement covering such Registrable Securities has been declared effective and such Registrable Securities
have been disposed of pursuant to such effective registration statement; (ii) such Registrable Securities shall have been sold pursuant to Rule 144 (or any similar provision then in effect) under the Securities Act; (iii) such Registrable
Securities may be sold pursuant to Rule 144 (or any similar provision then in effect) without limitation thereunder on volume or manner of sale; (iv) such Registrable Securities cease to be outstanding, or (v) such Registrable Securities
have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities. 

“Registration Expenses” as defined in Section 6.1. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto. 

  
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 “Securities Act” means the Securities Act of 1933, as amended, or any successor
federal statute, and the rules and regulations of the Commission thereunder, as the same shall be in effect from time to time. 

“Shelf Demand Registration” as defined in Section 2.3(a). 

“Shelf Registration Statement” as defined in Section 2.3(a). 

“Short-Form Demand Registration” as defined in Section 2.2. 

“Short-Form Demand Registration Statement” as defined in Section 2.2. 

“Stockholder” means Purchaser or any transferee to whom Purchaser has transferred Registrable Securities in accordance with
the Stockholders Agreement and to whom registration rights are assigned pursuant to and in accordance with Section 11.2, in each case that is a holder of Registrable Securities. 

“Stockholders Agreement” means that certain Stockholders Agreement, dated as of the date hereof, by and between the Company
and Purchaser. 
 “Stock Purchase Agreement” means that certain Stock Purchase Agreement, dated as of the date hereof,
among Purchaser and Blackstone. 
 “ZHG Party” as defined in the Stockholders Agreement. 

“ZHG Permitted Transferee” as defined in the Stockholders Agreement. 

ARTICLE II 

DEMAND REGISTRATION RIGHTS 

Section 2.1 Long-Form Registration. 

(a) Subject to the terms of this Agreement and the Stockholders Agreement, a Stockholder shall be entitled to request registration under the
Securities Act of the resale of all or part of the Stockholder’s Registrable Securities on Form S-1 or any similar long-form registration statement (a “Long-Form Demand Registration Statement”); provided, however, that
with respect to any request under this Section 2.1(a): (i) the Company shall not otherwise be eligible at the time of the request to file a registration statement on Form S-3 or any similar short form registration statement for the
resale of Registrable Securities by the Stockholder; and (ii) the Stockholder shall, at the anticipated time of effectiveness of such registration statement, be permitted under the Stockholders Agreement to sell the Common Stock to be
registered pursuant to the applicable registration statement. 
 (b) Upon receipt of any written request pursuant to this
Section 2.1, the Company will use its reasonable best efforts to effect the registration under the Securities Act. A registration requested pursuant to this Section 2.1 is referred to herein as a “Long-Form Demand
Registration.” 

  
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 Section 2.2 Short-Form Registration. In addition to the Long-Form Demand
Registration right provided pursuant to Section 2.1 above, at any time after the date hereof when the Company is eligible to use Form S-3, the Stockholder shall be entitled to request, and the Company shall use reasonable best efforts to
cause, registration under the Securities Act of the resale of all or part of their Registrable Securities on Form S-3 or any similar short-form registration statement (a “Short-Form Demand Registration Statement”); provided,
however, that with respect to any requests under this Section 2.2, the Stockholder shall, at the anticipated time of effectiveness of such registration statement, be permitted under the Stockholders Agreement to sell the Common Stock
to be registered pursuant to the applicable registration statement. A registration requested pursuant to this Section 2.2 is referred to herein as a “Short-Form Demand Registration.” 

Section 2.3 Shelf Registration. 

(a) Subject to the terms of this Agreement and the Stockholders Agreement, commencing at any time after the date a Stockholder is permitted
under the Stockholders Agreement to sell such Stockholder’s Registrable Securities and the Company is eligible to use Form S-3 or similar short-form registration statement, a Stockholder shall be entitled to request that the Company file a
shelf registration statement on Form S-3, which, if the Company is a well-known seasoned issuer, as defined by Securities Act Rule 405, at the time of the filing of such registration, may be an automatic shelf registration statement (and will be, if
requested by the Stockholder requesting the registration), to register the resale of all or part of the Stockholder’s Registrable Securities, pursuant to Securities Act Rule 415 (including the prospectus, amendments and supplements to the shelf
registration statement or prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed incorporated by reference, if any, in such shelf registration statement) (the
“Shelf Registration Statement” and, together with the Long-Form Demand Registration Statement and the Short-Form Demand Registration Statement, the “Demand Registration Statements”). A registration requested
pursuant to this Section 2.3(a), including a shelf takedown from a Shelf Registration Statement, is referred to herein as a “Shelf Demand Registration” (and, together with the Long-Form Demand Registration and the
Short-Form Demand Registration, the “Demand Registrations”). 
 (b) The Company shall use its reasonable best efforts to
cause the Shelf Registration Statement to become or be declared effective by the Commission as soon as practicable after such filing, and shall use its reasonable best efforts to keep the Shelf Registration Statement effective, from the date such
Shelf Registration Statement becomes effective until the earliest to occur (i) the first date as of which all of the shares of Registrable Securities included in the Shelf Registration Statement have been sold or (ii) a period of three
(3) years. 
 (c) The Stockholder shall be limited to a total of six (6) Demand Registrations (including, with respect to a Shelf
Demand Registration, an underwritten shelf takedown) pursuant to Section 2.1, Section 2.2 or Section 2.3. Other than as provided by Section 2.4 and Section 6.1, a registration will not
count as a Demand Registration until the Demand Registration Statement has become effective and, with respect to an underwritten shelf takedown, the prospectus supplement for such offer has been filed with the Commission. 

  
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 Section 2.4 Payment of Expenses for Demand Registrations. The Company will pay
all Registration Expenses (as defined in Section 6.1 below) for up to three (3) Demand Registrations permitted under Section 2.1, Section 2.2 and Section 2.3; provided, however that
if a Stockholder requests more than three (3) Demand Registrations (including any Demand Registrations forfeited by the Stockholder in accordance with this Section 2.4 and Section 6.1), the Stockholder will pay, in
connection with such additional Demand Registrations, (i) all Registration Expenses; (ii) any underwriting discounts, commissions, transfer taxes and underwriter fees and disbursements (in connection with an underwritten Demand
Registration) relating to the Registrable Securities; and (iii) the expenses and fees for listing the securities to be registered on each securities exchange. A registration will not count as a Demand Registration until the registration
statement has become effective and, with respect to an underwritten shelf takedown, the prospectus supplement for such offer has been filed with the Commission; provided, however that if a Stockholder fails to reimburse the Company for
reasonable and documented Registration Expenses with respect to a withdrawn Demand Registration in accordance with Section 6.1, the Stockholder shall forfeit such withdrawn Demand Registration. 

Section 2.5 Priority. In the case of an underwritten offering, if the managing underwriters with respect to a Demand
Registration advise the Company in writing that, in their opinion, the inclusion of the number of Registrable Securities and other securities to be included in such underwritten offering creates a substantial risk that the price per share will be
reduced, the Company will include in such registration, prior to the inclusion of any securities which are not Registrable Securities, the number of such Registrable Securities that in the opinion of such underwriters can be sold without creating
such a risk. In no event will a Demand Registration pursuant to Section 2.1, Section 2.2 or Section 2.3 count as a Demand Registration for purposes of Section 2.3(c) unless (i) all Registrable
Securities requested to be registered in such Demand Registration by the Stockholder are, in fact, registered in such registration if the offering is not underwritten, or (ii) at least fifty percent (50%) of all Registrable Securities
requested to be registered in such Demand Registration by the Stockholder are, in fact, registered in such registration if the offering is underwritten. 

Section 2.6 Restrictions. 

(a) The Company will not be obligated to effect any Demand Registration within one hundred eighty (180) days after the effective date of
(i) a previous Demand Registration Statement; or (ii) a previous Piggyback Registration Statement under which the Stockholder requesting the Demand Registration had piggyback rights pursuant to Section 3.1 below wherein the
Stockholder was permitted to register and sold at least 50% of the Registrable Securities included in such Piggyback Registration Statement. 

  
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 (b) The Company may postpone the filing of a Demand Registration Statement for a reasonable
“blackout period” not in excess of ninety (90) days if (i) the Board determines that such registration or offering could materially interfere with a bona fide business, financing or business combination transaction of the Company
or is reasonably likely to require premature disclosure of material non-public information, which premature disclosure could materially and adversely affect the Company, or (ii) such registration would require the Company to recast its
historical financial statements or prepare pro forma financial statements, acquired business financial statements or other information, with which requirement the Company is reasonably unable to comply. 

(c) Such blackout period will end upon the earlier to occur of, (i) in the case of a bona fide business, financing or business combination
transaction, a date not later than ninety (90) days from the date such deferral commenced, (ii) in the case of disclosure of non-public information, the earlier to occur of (x) the filing by the Company of its next succeeding Form
10-K or Form 10-Q, or (y) the date upon which such information is otherwise disclosed, (iii) in the case of the recasting of historical financial statements, the date upon which such financial statements are filed by the Company with the
Commission, provided however, the Company shall use its reasonable best efforts to file such statements as promptly as practicable and (iv) in the case of preparation of pro forma or acquired business financial statements, a date not later than
seventy-five (75) days after the date of such acquisition. In no event shall there be more than two (2) blackout periods during any rolling period of three hundred sixty-five (365) days, and the number of days covered by any one or
more blackout periods pursuant to this Section 2.6 or Section 4.3 shall not exceed one hundred eighty (180) days in the aggregate during any rolling period of three hundred sixty-five (365) days. 

Section 2.7 Selection of Underwriters. In connection with any underwritten Demand Registration, the Stockholder initiating
the Demand Registration shall have the right to (i) determine the plan of distribution and (ii) select the investment banker or bankers and managers to administer the offering, including the lead managing underwriter (provided that such
investment banker or bankers and managers shall be reasonably satisfactory to the Company). 
 Section 2.8 Additional
Rights. The Company represents that, upon the Closing, it will have no obligation to any Person (other than the Stockholder) to register any of its securities, and agrees that it shall not enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Stockholders in this Agreement or grant any additional registration rights to any person or with respect to any securities that are not Registrable Securities that adversely affect the
priorities of the Stockholders pursuant to this Agreement. 
 ARTICLE III 

PIGGYBACK REGISTRATIONS 

Section 3.1 Right to Piggyback. At any time after the date on which a Stockholder is permitted under the Stockholders
Agreement to sell Common Stock, whenever the Company proposes to register the issuance or sale of any of its Common Stock under the Securities Act for its own account or otherwise, and the registration form to be used may be used for the
registration of the resale of Registrable Securities (each, a “Piggyback Registration”) (except for the registrations on Form S-8 or Form S-4 or any successor form thereto) (a “Piggyback Registration Statement”),
the Company will give written notice, at least fifteen (15) days prior to 

  
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the proposed filing of such registration statement, to the Stockholder of its intention to effect such a registration and will use reasonable best efforts to include in such registration all
Registrable Securities (in accordance with the priorities set forth in Sections 3.2 and 3.3 below) with respect to which the Company has received written requests for inclusion specifying the number of Registrable Securities desired to
be registered, which request shall be delivered within fifteen (15) days after the delivery of the Company’s notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration Statement at any time in
its sole discretion. 
 Section 3.2 Priority on Primary Registrations. If a Piggyback Registration is an underwritten
primary offering on behalf of the Company and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities requested to be included in the registration creates a substantial risk that the price
per share of the primary securities will be reduced or that the amount of the primary securities intended to be included on behalf of the Company will be reduced, then the managing underwriter and the Company may exclude securities (including
Registrable Securities) from the registration and the underwriting, and the number of securities that may be included in such registration and underwriting shall include: (i) first, any securities that the Company proposes to sell;
(ii) second, any Registrable Securities requested to be included in such registration, pro rata among the holders of such Registrable Securities on the basis of the total number of Registrable Securities which are held by such holders, and
(iii) third, other securities, if any, requested to be included in such registration to be allocated pro rata among the holders thereof. 

Section 3.3 Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary offering on
behalf of holders of the Company’s securities and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in the registration creates a substantial risk that the price per
share of securities offered thereby will be reduced, the Company will include in such registration: (i) first, the Common Stock requested to be included therein by the Person requesting such registration, (ii) second, the Registrable
Securities requested to be included in such registration, pro rata among the other holders of such Registrable Securities on the basis of the total number of Registrable Securities which are held by such holders; and (iii) third, other
securities, if any, requested to be included in such registration to be allocated pro rata among the holders thereof. 
 Section 3.4
Selection of Underwriters. In connection with any underwritten Piggyback Registration initiated by the Company, the Company shall have the right to (i) determine the plan of distribution and (ii) select the investment banker or
bankers and managers to administer the offering, including the lead managing underwriter. In connection with any underwritten secondary Piggyback Registration, the Person initiating the Piggyback Registration shall have the right to
(i) determine the plan of distribution and (ii) select the investment banker or bankers and managers to administer the offering, including the lead managing underwriter (provided that such investment banker or bankers and managers shall be
reasonably satisfactory to the Company). 

  
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 Section 3.5 Payment of Expenses for Piggyback Registrations. The Company will
pay all Registration Expenses (as defined in Section 6.1 below) for the Piggyback Registrations under this Article III. 

ARTICLE IV 

ADDITIONAL AGREEMENTS 

Section 4.1 Holders’ Agreements. To the extent not inconsistent with applicable law, each holder of Registrable
Securities agrees that upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, it will (i) not offer, sell, contract to sell, loan, grant any option to purchase, make any short sale
or otherwise dispose of, hedge or transfer any of the economic interest in (or offer, agree or commit to do any of the foregoing) any shares of Common Stock, or any options or warrants to purchase any shares of Common Stock, or any securities
convertible into, exchangeable for or that represent the right to receive shares of Common Stock, whether now owned or hereinafter acquired by such holder, owned directly (including holding as a custodian) or with respect to which such holder has
beneficial ownership within the rules and regulations of the Commission (other than those included by such holder in the offering in question, if any) without the prior written consent of the Company or such underwriters, as the case may be, for up
to fourteen (14) days prior to, and during the ninety (90) day period following, the effective date of the registration statement for such underwritten offering, and (ii) enter into and be bound by such form of agreement with respect
to the foregoing as the Company or such managing underwriter may reasonably request; provided that each executive officer and director of the Company also agrees to substantially similar restrictions. 

Section 4.2 Company’s Agreements. The Company agrees not to effect any public sale or public distribution of its
equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the ninety (90) day period following the effective date of a registration statement of the Company for an underwritten Public
Offering (except as part of any such underwritten registration or pursuant to registrations on Form S-8 or Form S-4 or any successor forms thereto), unless the underwriters managing the Public Offering otherwise agree. 

Section 4.3 Suspension of Resales. 

(a) The Company shall be entitled to suspend the use of the prospectus forming any part of a Demand Registration Statement or Piggyback
Registration Statement for a reasonable “blackout period” not in excess of ninety (90) days if (i) the Board determines that such registration or offering could materially interfere with a bona fide business, financing or
business combination transaction of the Company or is reasonably likely to require premature disclosure of material non-public information, which premature disclosure could materially and adversely affect the Company, or (ii) an offering or
sale pursuant to such prospectus would require the Company to recast its historical financial statements or prepare pro forma financial statements, acquired business financial statements or other information, with which requirement the Company is
reasonably unable to comply. 

  
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 (b) The blackout period will end upon the earlier to occur of (i) in the case of a bona fide
business, financing or business combination transaction, a date not later than ninety (90) days from the date such deferral commenced, (ii) in the case of disclosure of non-public information, the earlier to occur of (x) the filing by
the Company of its next succeeding Form 10-K or Form 10-Q, or (y) the date upon which such information is otherwise disclosed, (iii) in the case of the recasting of historical financial statements, the date upon which such financial
statements are filed by the Company with the Commission, provided however, the Company shall use its reasonable best efforts to file such statements as promptly as practicable and (iv) in the case of preparation of pro forma or acquired
business financial statements, a date not later than seventy-five (75) days after the date of such acquisition. In no event shall there be more than two (2) blackout periods during any rolling period of three hundred sixty-five
(365) days, and the number of days covered by any one or more blackout periods under this Section 4.3 or Section 2.6 shall not exceed one hundred eighty (180) days in the aggregate during any rolling period of
three-hundred sixty five (365) days. 
 (c) Each holder of Registrable Securities included in any such Demand Registration Statement or
secondary Piggyback Registration Statement and not previously sold thereunder agrees that upon its receipt of a written certification from the Company notifying the Stockholder of such suspension, it will immediately discontinue the sale of any
Registrable Securities pursuant to such registration statement or otherwise until such Stockholder has received copies of the supplemented or amended prospectus or until such holder is advised in writing that the use of the prospectus forming a part
of such registration statement may be resumed and has received copies of any additional or supplemental filings that are incorporated by reference in such prospectus. 

ARTICLE V 

REGISTRATION PROCEDURES 

Section 5.1 Company Obligations. Whenever the Company is required to file a registration
statement under this Agreement or to use its reasonable best efforts to effect the registration of Registrable Securities, or whenever the holders of Registrable Securities have requested that the resale of any Registrable Securities be registered
pursuant to this Agreement, the Company shall, as expeditiously as reasonably practicable: 
 (a) prepare and, as soon as practicable after
the end of the period within which requests for registration may be given to the Company, file with the Commission a registration statement with respect to the resale of such Registrable Securities and use its reasonable best efforts to cause such
registration statement to become effective (provided that before filing a registration statement or prospectus, or any amendments or supplements thereto, the Company will furnish copies of all such documents proposed to be filed to one counsel
designated by holders of a majority of the Registrable Securities covered by such registration statement and to the extent practicable under the circumstances, provide such counsel an opportunity to comment on any information pertaining to the
holders of Registrable Securities covered by such registration statement contained therein; and the Company shall consider in good faith any corrections reasonably requested by such counsel with respect to such information); 

  
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 (b) except as otherwise provided in this Agreement (including Section 2.3(b) hereof),
prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus(es) used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than
the earlier of (i) with respect to a Long Form Demand Registration Statement, one hundred eighty (180) days, and with respect to a Short Form Demand Registration Statement, two (2) years, and (ii) the date that all of the
securities covered by the registration statement have been sold, and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the
intended methods of disposition by the sellers thereof set forth in such registration statement; 
 (c) in connection with any filing of any
registration statement or prospectus or amendment or supplement thereto, cause such document (i) to comply in all material respects with the requirements of the Securities Act and the rules and regulations of the Commission thereunder and
(ii) to not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 

(d) furnish to each seller and underwriter of Registrable Securities, without charge, such number of copies of such registration statement,
each amendment and supplement thereto, the prospectus(es) included in such registration statement (including each preliminary prospectus and summary prospectus) and such other documents as such seller or underwriter may reasonably request in order
to facilitate the disposition of the Registrable Securities owned by such seller; 
 (e) use its commercially reasonable efforts to register
or qualify such Registrable Securities under such securities or blue sky laws of such jurisdictions as the Stockholders or underwriter reasonably request, keep each such registration or qualification effective during the period the associated
registration statement is required to be kept effective, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller or underwriter to consummate the disposition in such jurisdictions of such
Registrable Securities (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (ii) consent to general
service of process in any such jurisdiction, or (iii) subject itself or any of its Affiliates to taxation in any material respect in any such jurisdiction in which it is not subject to taxation); 

(f) promptly notify each seller and underwriter of such Registrable Securities and confirm in writing, when a registration statement has become
effective and when any post-effective amendments and supplements thereto become effective; 
 (g) promptly notify each seller and underwriter
of such Registrable Securities, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains
an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to Section 4.3, prepare and deliver a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

  
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 (h) use commercially reasonable efforts to cause all such Registrable Securities to be listed on
each securities exchange on which the same or similar securities issued by the Company are then listed or if no such securities are then listed, on a national securities exchange selected by the Company; 

(i) provide a transfer agent, registrar and CUSIP number for all such Registrable Securities not later than the effective date of such
registration statement; 
 (j) enter into such customary agreements (including underwriting agreements in customary form) and take all such
other customary actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; 

(k) use commercially reasonable efforts to cooperate with each seller and the underwriter or managing underwriter, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations (consistent with the provisions of the
governing documents thereof) and registered in such names as each seller or the underwriter or managing underwriter, if any, may reasonably request at least three (3) business days prior to any sale of Registrable Securities; 

(l) subject to confidentiality agreements in form and substance acceptable to the Company, make available for inspection, at such place and in
such manner as determined by the Company in its sole discretion, by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant or other agent retained
by any such seller or underwriter, financial and other records, pertinent corporate documents and properties of the Company reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration
statement, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration
statement; provided, however, that any records, information or documents that are furnished by the Company and that are non-public shall be used only in connection with such registration; 

(m) advise each seller and underwriter of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of
the issuance of any stop order by the Commission suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of
any stop order or to obtain its withdrawal if such stop order should be issued; 

  
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 (n) make available to its security holders, as soon as reasonably practicable, an earnings
statement (which need not be audited) covering at least twelve (12) months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(o) cooperate and assist in any filing required to be made with the Financial Industry Regulatory Authority (FINRA); 

(p) obtain for delivery to any underwriter of Registrable Securities an opinion or opinions of counsel for the Company in customary form; 

(q) at the request of any seller of such Registrable Securities in connection with an underwritten offering, furnish on the date or dates
provided for in the underwriting agreement a letter or letters from the independent certified public accountants of the Company addressed to the underwriters and the sellers of Registrable Securities, covering such matters as such accountants,
underwriters and sellers may reasonably agree upon, in which letter(s) such accountants shall state, without limiting the generality of the foregoing, that they are an independent registered public accounting firm within the meaning of the
Securities Act and that in their opinion the financial statements and other financial data of the Company included in the registration statement, the prospectus(es), or any amendment or supplement thereto, comply in all material respects with the
applicable accounting requirements of the Securities Act; and 
 (r) with respect to underwritten Demand Registrations, make senior
executives of the Company reasonably available to assist the underwriters with respect to, and participate in, the so-called “road show” in connection with the marketing efforts for, and the distribution and sale of, Registrable Securities
pursuant to a registration statement. 
 ARTICLE VI 

REGISTRATION EXPENSES 

Section 6.1 The Company’s Expenses. Other than as provided by Section 2.4, the Company will pay all
reasonable expenses incident to the Company’s performance of or compliance with this Agreement, including: all registration and filing fees; fees and expenses of compliance with securities or blue sky laws; fees and expenses incurred in
connection with FINRA and rating agencies; costs and expenses related to analyst and investor presentations and “roadshows”; printing expenses; messenger and delivery expenses; and fees and disbursements of counsel for the Company; fees
and disbursements of the Company’s registered public accounting firm (including with respect to “comfort letters”); all reasonable fees and disbursements of one counsel for all Stockholders in connection with the registration;
reasonable fees and disbursements of all other Persons retained by the Company; and any other fees and disbursements customarily paid by issuers of securities (all such expenses being herein called “Registration Expenses”);
provided, however, that, as between the Company and the Stockholder, underwriting discounts, commissions, transfer taxes and underwriter fees and disbursements (in connection with an underwritten Demand Registration) relating to the
Registrable Securities will be borne by the Stockholder. In addition, the Company will pay its internal expenses (including, but not limited to, all salaries and expenses of its officers and 

  
 13 

 
employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance obtained by the Company and the expenses and fees for
listing the securities to be registered on each securities exchange. Notwithstanding the foregoing, if a request for Demand Registration for which the Company is obligated to pay all Registration Expenses pursuant to Section 2.4
and this Section 6.1 is subsequently withdrawn at the request of the Stockholder, the Stockholder shall forfeit such Demand Registration unless the Stockholder pays (or reimburses the Company) for all reasonable and documented
Registration Expenses with respect to such withdrawn Demand Registration. 
 Section 6.2 The Stockholder’s
Expenses. To the extent that any expenses incident to any registration are not required to be paid by the Company, the Stockholder will pay all such expenses which are clearly and solely attributable to the registration of the Registrable
Securities so included in such registration. 
 ARTICLE VII 

INDEMNIFICATION 

Section 7.1 By the Company. The Company shall indemnify, to the fullest extent permitted by law, the
Stockholder and, as applicable, each of its trustees, stockholders, members, directors, managers, partners, officers and employees, and each Person who controls such holder (within the meaning of the Securities Act), against all losses, claims,
damages, liabilities and expenses (including, but not limited to, attorneys’ fees and expenses) or actions or proceedings in respect thereof (whether or not such indemnified Person is party thereto) arising out of or based upon (a) any
untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto (including, in each case, all documents incorporated therein by
reference), (b) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (c) any violation or alleged violation by the Company or any of its
Subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its Subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or related document or
report, except insofar as the same are caused by or contained in any information furnished in writing to the Company by the Stockholder expressly for use therein or by the Stockholder’s failure to deliver a copy of the prospectus or any
amendments or supplements thereto after the Company has furnished the Stockholder with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors
and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Stockholder. The payments required by this Section 7.1 will be made
promptly during the course of the investigation or defense, as and when bills are received or expenses incurred. 
 Section 7.2
By Each Holder of Registrable Securities. In connection with any registration statement in which a holder of Registrable Securities is participating, each such holder will furnish to the Company in writing such
information relating to such holder as requested by the Company and is reasonably necessary for use in connection with any such 

  
 14 

 
registration statement, prospectus or prospectus supplement and, to the fullest extent permitted by law, will indemnify the Company and, as applicable, each of its directors, employees and
officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the
registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto (including, in each case, all documents incorporated therein by reference), or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in or omitted from any information furnished in writing by such holder for the acknowledged
purpose of inclusion in such registration statement, prospectus or preliminary prospectus; provided, however, that the obligation to indemnify will be several, not joint and several, among such holders of Registrable Securities and the
liability of each such holder of Registrable Securities will be in proportion to and limited to the net amount received by such holder from the sale of Registrable Securities pursuant to such registration statement, unless such loss, claim, damage,
liability or expense resulted from such holder’s intentionally fraudulent conduct. 
 Section 7.3 Procedure. Each
party entitled to indemnification under this Article VII (the “Indemnified Party”) shall give written notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after
such Indemnified Party has received written notice of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that the
counsel for the Indemnifying Party who is to conduct the defense of such claim or litigation is reasonably satisfactory to the Indemnified Party (whose approval shall not be unreasonably withheld or delayed). The Indemnified Party may participate in
such defense at such Indemnified Party’s expense; provided, however, that the Indemnifying Party shall bear the expense of such defense of the Indemnified Party if (i) the Indemnifying Party has agreed in writing to pay such
expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such claim or to employ counsel reasonably satisfactory to the Indemnified Party, or (iii) in the reasonable judgment of the Indemnified Party, based upon the
written advice of such Indemnified Party’s counsel, representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interest; provided, however, that in no event shall the Indemnifying
Party be liable for the fees and expenses of more than one counsel (excluding one local counsel per jurisdiction as necessary) for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same event, allegations or circumstances. The Indemnified Party shall not make any settlement without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed.
The failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Article VII except and only to the extent that such failure to give notice shall materially
prejudice the Indemnifying Party in the defense of any such claim or any such litigation. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party, consent to entry
of any judgment or enter into any settlement (i) that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation in
form and substance reasonably satisfactory to such Indemnified Party or (ii) that includes an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 

  
 15 

 Section 7.4 Survival. The indemnification (and contribution provisions in
Article VIII below) provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party
and will survive the transfer of securities. 
 ARTICLE VIII 

CONTRIBUTION 
 Section
8.1 Contribution. If the indemnification provided for in Article VII from the Indemnifying Party is unavailable to or unenforceable by the Indemnified Party in respect to any costs, fines, penalties, losses, claims, damages,
liabilities or expenses referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such costs, fines, penalties, losses,
claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and Indemnified Parties, on the other hand, in connection with the actions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Parties shall be determined by reference to, among other things, whether any
action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified
Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the costs, fines, penalties, losses, claims, damages,
liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Article VII, any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or
proceeding. Notwithstanding this Article VIII, an indemnifying Stockholder shall not be required to contribute any amount in excess of the amount by which (i) the total price at which the Registrable Securities sold by the Stockholder
exceeds (ii) the amount of any damages which such indemnifying holder has otherwise been required to pay by reason of the untrue or alleged untrue statement or omission or alleged omission giving rise to such payments, unless such loss, claim,
damage, liability or expense in respect of which contribution is required resulted from such holder’s intentionally fraudulent conduct. 

Section 8.2 Equitable Considerations; Etc. The Company and the Stockholder agree that it would not be just and equitable
if contribution pursuant to this Article VIII were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

  
 16 

 ARTICLE IX 

COMPLIANCE WITH RULE 144 AND RULE 144A 

Section 9.1 Compliance with Rule 144 and Rule 144A. For so long as the Company is subject to the report requirements of
Section 13 or 15(d) of the Exchange Act, the Company shall take such measures and file such information, documents and reports as shall be required by the Commission as a condition to the availability of Rule 144 or Rule 144A (or any successor
provisions) under the Securities Act. 
 ARTICLE X 

PARTICIPATION IN UNDERWRITTEN REGISTRATIONS 

Section 10.1 Participation in Underwritten Registrations. No Person may participate in any registration
hereunder which is underwritten unless such Person (i) agrees to sell its securities on the basis provided in any underwriting arrangements approved by such Person or Persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

ARTICLE XI 

MISCELLANEOUS 
 Section
11.1 Amendments and Waivers. Any waiver, permit, consent or approval of any kind or character on the part of any such holders of any provision or condition of this Agreement must be made in writing and shall be effective only to
the extent specifically set forth in writing. Any amendment, modification, supplement or restatement of this Agreement must be effected by written agreement of the Company and the Purchaser. No waiver by any party of any default, misrepresentation
or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of
any prior or subsequent such occurrence. Any amendment, modification, supplement or restatement or waiver effected in accordance with this paragraph shall be binding upon the Stockholders and the Company as provided herein. 

Section 11.2 Successors and Assigns. Neither the Company nor Purchaser shall assign all or any part of this Agreement
without the prior written consent of the Company and Purchaser; provided, however, that any Stockholder may assign its rights and obligations under this Agreement in whole or in part to a Permitted Transferee to which Registrable Securities
are transferred pursuant to, and subject to the conditions set forth in, the Stockholders Agreement, provided that such assignee executes and delivers to the Company a counterpart to this Agreement whereby it agrees to be bound by the terms
of the Agreement. Except as otherwise provided herein, this Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and permitted assigns. 

  
 17 

 Section 11.3 Descriptive Headings. The descriptive headings of this Agreement
are inserted for convenience of reference only and do not constitute a part of and shall not be utilized in interpreting this Agreement. 

Section 11.4 Notices. Any notice or communication by the Company or any Stockholder is duly given if in writing and
delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the recipient’s address: 

If to the Company: 
 9205 South
Park Center Loop, Suite 400 
 Orlando, Florida 32819 

Facsimile No.: (407) 226-5039 

Attention: General Counsel 
 With
a copy to: 
 Latham & Watkins LLP 

330 North Wabash Avenue, Suite 2800 

Chicago, IL 60611 
 Facsimile No.:
(312) 993-9767 
 Attention: Cathy A. Birkeland 

         Bradley C. Faris 

If to the Purchaser: 
 c/o
Zhonghong Zhuoye Group Co., Ltd. 
 Building No. 8, Eastern International, No. 1 

Ciyunsi, Chaoyang District 

Beijing, People’s Republic of China 100025 

Attention: Yu Ting 
 Fax: (0086)
010-85356993 
 with a copy (not constituting notice) to: 

Paul Hastings LLP 
 515 South
Flower Street, 25th Floor 
 Los Angeles, CA 90071 

Attention: Robert A. Miller, Jr. 

Fax: +1 (213) 996-3254 
 The
Company or any Stockholder, by notice to the other parties hereto, may designate additional or different addresses for subsequent notices or communications. All notices and communications will be deemed to have been duly given: at the time delivered
by hand, if personally delivered; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery. If a notice or communication is mailed, transmitted or sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

Section 11.5 GOVERNING LAW ; MUTUAL WAIVER OF JURY TRIAL. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. EACH OF THE PARTIES HEREBY EXPRESSLY AND
IRREVOCABLY SUBMITS TO 

  
 18 

 
THE EXCLUSIVE JURISDICTION OF, AND CONSENTS TO VENUE IN, THE DELAWARE COURT OF CHANCERY AND ANY STATE APPELLATE COURT THEREFROM WITHIN THE STATE OF DELAWARE (OR, IF THE DELAWARE COURT OF CHANCERY
DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER, ANY STATE OR FEDERAL COURT WITHIN THE STATE OF DELAWARE) FOR ALL PURPOSES HEREUNDER INCLUDING BUT NOT LIMITED TO THE IN PERSONAM AND SUBJECT MATTER JURISDICTION OF THOSE COURTS, WAIVES
ANY OBJECTIONS TO SUCH JURISDICTION ON THE GROUNDS OF VENUE OR FORUM NON CONVENIENS, THE ABSENCE OF IN PERSONAM OR SUBJECT MATTER JURISDICTION AND ANY SIMILAR GROUNDS, CONSENTS TO SERVICE OF PROCESS BY MAIL (IN ACCORDANCE WITH THE
NOTICE PROVISIONS OF THIS AGREEMENT) OR ANY OTHER MANNER PERMITTED BY LAW, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND AGREE THAT ANY SUCH LEGAL PROCEEDING WILL INSTEAD BE TRIED IN A COURT OF
COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 Section 11.6 Reproduction of Documents. This Agreement and
all documents relating hereto, including, but not limited to, (i) consents, waivers, amendments and modifications which may hereafter be executed, and (ii) certificates and other information previously or hereafter furnished, may be
reproduced by any photographic, photostatic, microfilm, optical disk, micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any arbitral,
judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence. 
 Section 11.7 Remedies. Each of the parties hereto
acknowledges and agrees that in the event of any breach of this Agreement by any of them, the non-breaching party would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of this Agreement. 

Section 11.8 Further Assurances. Each of the parties hereto will, without additional consideration,
execute and deliver such further instruments and take such other action as may be reasonably requested by any other party hereto in order to carry out the purposes and intent of this Agreement. 

Section 11.9 No Presumption Against Drafter. Each of the parties hereto has jointly participated in the
negotiation and drafting of this Agreement. In the event there arises any ambiguity or question or intent or interpretation with respect to this Agreement, this Agreement shall be construed as if drafted jointly by all of the parties hereto and no
presumptions or burdens of proof shall arise favoring any party by virtue of the authorship of any of the provisions of this Agreement. 

  
 19 

 Section 11.10 Severability. If any provision of this Agreement (or any portion
thereof) or the application of any such provision (or any portion thereof) to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a Governmental Authority, such invalidity, illegality or unenforceability
shall not affect any other provision hereof (or the remaining portion thereof) or the application of such provision to any other persons or circumstances. Upon such determination that any provision of this Agreement (or any portion thereof) or the
application of any such provision (or any portion thereof) to any Person or circumstance is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties hereto as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

Section 11.11 Entire Agreement. This Agreement, together with the other agreements referred to herein, constitute
the entire agreement of the parties with respect to the subject matter hereof and supersede and shall supersede all prior agreements and understandings (whether written or oral) between the Company and the Stockholders, or any of them, with respect
to the subject matter hereof. 
 Section 11.12 Execution in Counterparts. This Agreement may be executed by any
one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile or other electronic image scan shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 11.13 Effectiveness. This Agreement shall become effective automatically on the Effective Date, without
further action by any party. Until the Effective Date (if any), this Agreement shall be of no force or effect and shall create no rights or obligations on the part of any party hereto. 

Section 11.14 No Third Party Beneficiaries. Except as provided in Article VII and Article VIII nothing
in this Agreement is intended or shall be construed to give any Person, other than the parties hereto, their successors and permitted assigns, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision
contained herein. 
 Section 11.15 Waiver of Certain Damages. To the extent permitted by applicable law, each
party hereto agrees not to assert, and hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any of the transactions contemplated hereby. 

  
 20 

 Section 11.16 Confidentiality. Each Stockholder agrees that all
material non-public information provided pursuant to or in accordance with the terms of this Agreement shall be kept confidential by the Person to whom such information is provided, until such time as such information becomes public other than
through violation of this provision. Notwithstanding the foregoing, any party may disclose the information (i) if required to do so by any law, rule, regulation, order, decree or subpoena of any governmental agency or authority or court,
(ii) that (A) is or becomes available to such party on a non-confidential basis from a source other than the Company or its representatives (which source was not to such party’s knowledge prohibited from disclosing such information to
such party by a legal, contractual or fiduciary obligation owed to the Company), (B) is already in such party’s possession (not including information furnished by or on behalf of the Company), and (C) is independently developed or
acquired by such party without reference to, or use of, any material non-public information and without violating this Section 11.16 and (iii) to its representatives who have a need to know such information in connection with the
transactions contemplated by this Agreement, provided that such party shall remain liable for any breach of this Section 11.16 by its representatives. 

Signature pages follow. 

  
 21 

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

			
	THE COMPANY
	
	SEAWORLD ENTERTAINMENT, INC.
		
	By:	 	 /s/ Joel K. Manby

	Name:	 	Joel K. Manby
	Title:	 	Chief Executive Officer and President

  
 22 

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

			
	PURCHASER
	
	SUN WISE (UK) CO., LTD
		
	By:	 	 /s/ Yongli Wang

	Name:	 	Yongli Wang
	Title:	 	Director

  
 23

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