Document:

Exchange and Registration Rights Agreement

 Exhibit 4.17 
 EXECUTION VERSION 
 Houghton Mifflin, LLC 
 Houghton Mifflin Finance, Inc. 
 Floating Rate Senior PIK Notes due 2011 
 Exchange and Registration Rights Agreement 
 May 9, 2006 
 Deustche Bank Securities Inc. 
 Goldman, Sachs & Co. 
 As representatives of the several
Purchasers 
 named in Schedule I to the Purchase Agreement 
 c/o Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 
 Ladies and Gentlemen: 
 Houghton Mifflin, LLC, a Delaware corporation (“HM LLC”) and Houghton Mifflin Finance, Inc. (“HM Finance” and together with HM LLC,
the “Issuers”), propose to issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) its Floating Rate Senior PIK Notes due 2011 (the “Senior PIK Notes”). As an
inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchasers thereunder, the Issuers agree with the Purchasers for the benefit of holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows: 
 1. Certain Definitions. For purposes of this Exchange and
Registration Rights Agreement, the following terms shall have the following respective meanings: 
 “Base
Interest” shall mean the interest that would otherwise accrue on the Securities under the terms thereof and the Indenture, without giving effect to the provisions of this Agreement. 

 The term “broker-dealer” shall mean any broker or dealer registered with
the Commission under the Exchange Act. 
 “Closing Date” shall mean the date on which the Senior PIK Notes
are initially issued. 
 “Commission” shall mean the United States Securities and Exchange Commission, or any
other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 
 “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as of which the Commission declares the Exchange Registration Statement effective or as of which the
Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement
otherwise becomes effective. 
 “Electing Holder” shall mean any holder of Registrable Securities that has
returned a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(d)(ii) or 3(d)(iii) hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, or any successor thereto, as the same shall be amended from time to time. 
 “Exchange Offer” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Exchange Registration” shall have the meaning assigned thereto in Section 3(c) hereof. 
 “Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Exchange Securities” shall have the meaning assigned thereto in Section 2(a) hereof. 
 The term “holder” shall mean each of the Purchasers and other persons who acquire Registrable Securities from time to
time (including any successors or assigns), in each case for so long as such person owns any Registrable Securities. 
  

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 “Indenture” means the indenture, dated as of May 9, 2006, between the
Issuers and the Trustee, relating to the issuance of the Senior PIK Notes, as the same shall be amended from time to time. 
 “Notice and Questionnaire” means a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto. 
 The term “person” shall mean a corporation, association, partnership, organization, business, individual, government or
political subdivision thereof or governmental agency. 
 “Purchase Agreement” shall mean the Purchase
Agreement, dated May 3, 2006, between the Purchasers and the Issuers relating to the Securities. 
 “Purchasers” shall mean the Purchasers named in Schedule I to the Purchase Agreement. 
 “Registrable Securities” shall mean the Securities; provided, however, that a Security shall cease to be a Registrable Security when (i) in the circumstances contemplated by Section 2(a) hereof, the Security has been
exchanged for an Exchange Security in an Exchange Offer as contemplated in Section 2(a) hereof (provided that any Exchange Security that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in connection with
resales by broker-dealers shall be deemed to be a Registrable Security with respect to Sections 6 and 9 until resale of such Registrable Security has been effected within the 90-day period referred to in the second to last sentence of Section 2(a));
(ii) in the circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective and such Security has been sold or otherwise transferred by the
holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such Security is sold pursuant to Rule 144 under circumstances in which any legend borne by such Security relating to restrictions on
transferability thereof, under the Securities Act or otherwise, is removed by the Issuers or pursuant to the Indenture; (iv) such Security is eligible to be sold pursuant to paragraph (k) of Rule144; or (v) such Security shall cease to be
outstanding. 
 “Registration Default” shall have the meaning assigned thereto in Section 2(c) hereof.

 “Registration Expenses” shall have the meaning assigned thereto in Section 4 hereof. 
 “Resale Period” shall have the meaning assigned thereto in Section 2(a) hereof. 
  

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 “Restricted Holder” shall mean (i) a holder that is an affiliate of the
Issuers within the meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person to participate in the Exchange
Offer for the purpose of distributing Exchange Securities and (iv) a holder that is a broker-dealer, but only with respect to Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities
acquired by the broker-dealer directly from the Issuers. 
 “Rule 144,” “Rule 405” and
“Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time. 
 “Securities” shall mean the Senior PIK Notes of the Issuers to be issued and sold to the Purchasers, and securities
issued in exchange therefor or in lieu thereof pursuant to the Indenture. 
 “Securities Act” shall mean the
Securities Act of 1933, or any successor thereto, as the same shall be amended from time to time. 
 “Shelf
Registration” shall have the meaning assigned thereto in Section 2(b) hereof. 
 “Shelf Registration
Statement” shall have the meaning assigned thereto in Section 2(b) hereof. 
 “Special Interest”
shall have the meaning assigned thereto in Section 2(c) hereof. 
 “Suspension Period” shall have the meaning
assigned thereto in Section 3(d)(ix) hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of
1939, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 
 Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Exchange and Registration Rights Agreement, and the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Exchange and Registration Rights Agreement as a whole and not to any particular Section or other subdivision. 
  

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 2. Registration Under the Securities Act. 
 (a) Except as set forth in Section 2(b) below, the Issuers agree to file under the Securities Act a registration statement relating to an offer to
exchange (such registration statement, the “Exchange Registration Statement”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Issuers,
which debt securities are substantially identical to the Securities (and are entitled to the benefits of a trust indenture which is substantially identical to the Indenture or is the Indenture that has been qualified under the Trust Indenture Act),
except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(c) below (such new debt securities hereinafter called
“Exchange Securities”). The Issuers agree to use commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act. The Exchange Offer will be registered under the Securities Act on
the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Issuers further agree to use commercially reasonable efforts to commence and complete the Exchange Offer no later than 360 days
after the Closing Date, hold the Exchange Offer open for at least 20 business days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange
Offer. The Exchange Offer will be deemed to have been “completed” only if the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such
holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the States of the United States of America. The Exchange Offer shall be
deemed to have been completed upon the earlier to occur of (i) the Issuers having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (ii) the Issuers having exchanged, pursuant to the
Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 business days following the commencement
of the Exchange Offer. The Issuers agree (x) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (y) to keep such Exchange Registration Statement
effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 90th day after the Exchange Offer has been completed or such time
as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (c), (d) and (e)
hereof. 
 (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the
debt securities received by holders other 

  

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than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without
restriction under the Securities Act, (ii) the Exchange Offer has not been completed within 360 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Issuers shall, in lieu of (or, in the
case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use commercially reasonable efforts to file under the Securities Act, a “shelf” registration statement providing for the registration of, and
the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration
statement, the “Shelf Registration Statement”). The Issuers agree to use commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective and to keep such Shelf Registration Statement
continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled
to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf
Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any
such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(d)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as
and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the
Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. 
 (c) In the event that (i) the Exchange Offer has not been completed within 360 days after the Closing Date (if the Exchange Offer is then required to be made) or (ii) the Shelf Registration Statement, if required, has
not become effective or been declared effective by the Commission on or before the date that is 360 days after the Closing Date or (iii) any Exchange Registration Statement or Shelf Registration Statement required by Section 2(a) or 2(b) hereof is
filed and declared effective but shall thereafter either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement
(except as specifically permitted herein) without being succeeded as soon as practicable thereafter by an additional registration statement filed and declared effective (each such event referred to in clauses (i) through (iii), a “Registration
Default” and each period during which a Registration Default has occurred and is continuing, a “Registration 
  

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Default Period”), then, subject to the provisions of Section 9(b), special interest (“Special Interest”), in addition to the Base Interest,
shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.25% for each 90-day period thereafter; provided, however, that the maximum rate during any Registration
Default Period shall not exceed 1.0% per annum; provided, further, that the Registration Default referred to in this Section 2(c) shall not apply in the case of any Suspension Period permitted in accordance with Section 3(d)(ix)
(subject to the limitations set forth therein) to the extent such liquidated damages are due solely as a result of the imposition of such Suspension Period. 
 (d) The Issuers shall take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated. 
 (e) Any reference herein to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated,
therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of
such time. 
 3. Registration Procedures. 
 If the Issuers file a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply: 
 (a) At or before the Effective Time of the Exchange Offer or the Shelf Registration, as the case may be, the Issuers shall qualify the Indenture under the Trust Indenture Act of 1939. 
 (b) In the event that such qualification would require the appointment of a new trustee under the Indenture, the Issuers shall appoint a new trustee
thereunder pursuant to the applicable provisions of the Indenture. 
 (c) In connection with the Issuers’ obligations with respect to
the registration of Exchange Securities as contemplated by Section 2(a) (the “Exchange Registration”), if applicable, the Issuers shall, as soon as practicable (or as otherwise specified): 
 (i) prepare and file with the Commission an Exchange Registration Statement on any form which may be utilized by the Issuers and which
shall permit the Exchange Offer and resales of Exchange Securities by broker-dealers during the Resale Period to be effected as contemplated by Section 2(a), and use commercially reasonable efforts to cause such Exchange Registration Statement to
become effective no later than 360 days after the Closing Date; 
  

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 (ii) as soon as practicable prepare and file with the Commission such amendments and
supplements to such Exchange Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Registration Statement for the periods and purposes contemplated in Section 2(a)
hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange Registration Statement, and promptly provide each broker-dealer holding Exchange Securities with
such number of copies of the prospectus included therein (as then amended or supplemented), in conformity in all material respects with the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the
Commission thereunder, as such broker-dealer reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of Exchange Securities; 
 (iii) promptly notify each broker-dealer that has requested or received copies of the prospectus included in such registration statement,
and if requested in writing by such broker-dealer, confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed,
and, with respect to such Exchange Registration Statement or any post-effective amendment, when the same has become effective, (B) of the issuance by the Commission of any stop order suspending the effectiveness of such Exchange Registration
Statement or the initiation or threatening of any proceedings for that purpose, (C) of the receipt by the Issuers of any notification with respect to the suspension of the qualification of the Exchange Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose, or (D) at any time during the Resale Period when a prospectus is required to be delivered under the Securities Act, that such Exchange Registration Statement, prospectus, prospectus
amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or contains an
untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
 (iv) in the event that the Issuers would be required, pursuant to Section 3(e)(iii)(D) above, to notify any broker-dealers holding
Exchange Securities, as soon as practicable prepare and furnish to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of such Exchange Securities during the Resale
Period, such prospectus 
  

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shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the
Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

 (v) use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such Exchange
Registration Statement or any post-effective amendment thereto at the earliest practicable date; 
 (vi) use commercially
reasonable efforts to (A) register or qualify the Exchange Securities under the securities laws or blue sky laws of such jurisdictions as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, (B) keep such
registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions until the expiration of the Resale Period and (C) take any and all other actions as may
be reasonably necessary or advisable to enable each broker-dealer holding Exchange Securities to consummate the disposition thereof in such jurisdictions; provided, however, that the Issuers shall not be required for any such purpose
to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or (3) make any
changes to its certificate of incorporation or by-laws or any agreement between it and its stockholders; 
 (vii) subject to
Section 3(c)(vi), use commercially reasonable efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Exchange Registration, the Exchange Offer and the
offering and sale of Exchange Securities by broker-dealers during the Resale Period; 
 (viii) provide a CUSIP number for all
Exchange Securities, not later than the applicable Effective Time; 
 (ix) comply with all applicable rules and regulations of
the Commission, and make generally available to its securityholders as soon as practicable but no later than eighteen months after the effective date of such Exchange Registration Statement, an earning statement of the Issuers and its subsidiaries
complying with Section 11(a) of the Securities Act (including, at the option of the Issuers, Rule 158 thereunder). 
  

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 (d) In connection with the Issuers’ obligations with respect to the Shelf Registration, if
applicable, the Issuers shall, as soon as practicable (or as otherwise specified): 
 (i) prepare and file with the
Commission, as soon as practicable but in any case within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Issuers and which shall register all of the Registrable Securities for
resale by the holders thereof in accordance with such method or methods of disposition as may be specified by such of the holders as, from time to time, may be Electing Holders and use commercially reasonable efforts to cause such Shelf Registration
Statement to become effective as soon as practicable but in any case within the time periods specified in Section 2(b); 
 (ii) not less than 20 business days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to the holders of Registrable Securities; no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities at any time, unless such holder has returned a completed
and signed Notice and Questionnaire to the Issuers by the deadline for response set forth therein; provided, however, holders of Registrable Securities shall have at least 18 days from the date on which the Notice and Questionnaire is
first mailed to such holders to return a completed and signed Notice and Questionnaire to the Issuers; 
 (iii) after the
Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable Securities that is not then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Issuers shall not be
required to take any action to name such holder as a selling securityholder in the Shelf Registration Statement or to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities until such holder has
returned a completed and signed Notice and Questionnaire to the Issuers; 
 (iv) as soon as practicable prepare and file with
the Commission such amendments and supplements to such Shelf Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in
Section 2(b) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement
or amendment simultaneously with or prior to its being used or filed with the Commission; 
  

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 (v) comply with the provisions of the Securities Act with respect to the disposition of
all of the Registrable Securities covered by such Shelf Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement; 
 (vi) provide (A) the Electing Holders, (B) the underwriters (which term, for purposes of this Exchange and Registration Rights Agreement,
shall include a person deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or placement agent therefor, (D) counsel for any such underwriter or agent and (E) not more than one
counsel for all the Electing Holders the opportunity to participate in the preparation of such Shelf Registration Statement, each prospectus included therein or filed with the Commission and each amendment or supplement thereto; 
 (vii) for a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in Section
2(b), make available at reasonable times at the Issuers’ principal place of business or such other reasonable place for inspection by the persons referred to in Section 3(d)(vi) who shall certify to the Issuers that they have a current
intention to sell the Registrable Securities pursuant to the Shelf Registration such financial and other information and books and records of the Issuers, and cause the officers, employees, counsel and independent certified public accountants of the
Issuers to respond to such inquiries, as shall be reasonably necessary, in the judgment of the respective counsel referred to in such Section, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act;
provided, however, that each such party shall be required to maintain in confidence and not to disclose to any other person any information or records reasonably designated by the Issuers as being confidential, until such time as (A)
such information becomes a matter of public record (whether by virtue of its inclusion in such registration statement or otherwise), or (B) such person shall be required so to disclose such information pursuant to a subpoena or order of any court or
other governmental agency or body having jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Issuers prompt prior written notice of such requirement), or (C) such information is
required to be set forth in such Shelf Registration Statement or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to such prospectus in order that such Shelf Registration
Statement, prospectus, amendment or supplement, as the case may be, complies with applicable requirements of the federal securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a material fact or
omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
  

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 (viii) promptly notify each of the Electing Holders, any sales or placement agent
therefor and any underwriter thereof (which notification may be made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in writing, (A) when such Shelf Registration Statement or
the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has become effective, (B) of
any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Shelf Registration Statement or prospectus or for
additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the
representations and warranties of the Issuers contemplated by Section 3(d)(xvii) cease to be true and correct in all material respects, (E) of the receipt by the Issuers of any notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, or (F) if at any time when a prospectus is required to be delivered under the Securities Act, that such Shelf Registration
Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the
Commission thereunder or contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

 (ix) use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such
registration statement or any post-effective amendment thereto at the earliest practicable date; provided, however, the Issuers shall be deemed not to have used their commercially reasonable efforts to keep the Shelf Registration
Statement effective during the requisite period if it voluntarily takes any action that would result in Electing Holders of Exchange Securities covered thereby not being able to offer and sell such Exchange Securities during that period, unless, in
the opinion of counsel to the Issuers, (A) such action is required by applicable law; or (B) due to the existence of material non-public information, disclosure of such material non-public information would be required to 

  

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make the statements contained in the applicable registration statement not misleading (including, without limitation and for the avoidance of doubt, the
pendency of an acquisition, disposition or public or private offering by the Issuers), and the Issuers have a bona fide business purpose for preserving as confidential such material non-public information, the Issuers shall have the right to suspend
the use of such registration statement (a “Suspension Period”), and no Electing Holder of Exchange Securities shall be permitted to sell any Exchange Securities pursuant thereto until such time as such suspension is no longer
required hereunder; provided that the Issuers shall, prior to any suspension of the Shelf Registration Statement, provide the Electing Holders with written notice of such suspension, which notice need not specify the nature of the event
giving rise to such suspension; provided, further, that (i) such Suspension Period shall not exceed a period of forty-five (45) consecutive days, (ii) the Issuers may not declare more than three (3) Suspension Periods during any
calendar year and (iii) in each case the effective period of such Shelf Registration Statement shall be extended by the number of days of the applicable Suspension Period pursuant to the foregoing. As soon as such suspension is no longer required
hereunder or upon expiration of a Suspension Period, the Issuers shall take all such reasonable actions as are required to permit sales by Electing Holders of Exchange Securities under an effective Registration Statement, including, if required,
promptly, but in no event later than the date the Issuers file any documents with the Commission referencing such material information, file with the Commission either such Registration Statement, or if necessary, an amendment to such Registration
Statement disclosing such information and use their commercially reasonable efforts to have such Registration Statement or amendment be declared effective as soon as possible; 
 (x) if requested by any managing underwriter or underwriters, any placement or sales agent or any Electing Holder, promptly incorporate in
a prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the Commission and as such managing underwriter or underwriters, such agent or such Electing Holder specifies should be
included therein relating to the terms of the sale of such Registrable Securities, including information with respect to the principal amount of Registrable Securities being sold by such Electing Holder or agent or to any underwriters, the name and
description of such Electing Holder, agent or underwriter, the offering price of such Registrable Securities and any discount, commission or other compensation payable in respect thereof, the purchase price being paid therefor by such underwriters
and with respect to any other terms of the offering of the Registrable Securities to be sold by such Electing Holder or agent or to such underwriters; and make all required filings of such prospectus supplement or post-effective amendment promptly
after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; 
  

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 (xi) furnish to each Electing Holder, each placement or sales agent, if any, therefor,
each underwriter, if any, thereof and the respective counsel referred to in Section 3(d)(vi) an executed copy (or, in the case of an Electing Holder, a conformed copy) of such Shelf Registration Statement, each such amendment and supplement thereto
(in each case including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such number of copies of such Shelf Registration Statement (excluding
exhibits thereto and documents incorporated by reference therein unless specifically so requested by such Electing Holder, agent or underwriter, as the case may be) and of the prospectus included in such Shelf Registration Statement (including each
preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, and such other
documents, as such Electing Holder, agent, if any, and underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by such Electing Holder, offered or sold by such agent or
underwritten by such underwriter and to permit such Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the Issuers hereby consent to the use of such prospectus (including such
preliminary and summary prospectus) and any amendment or supplement thereto by each such Electing Holder and by any such agent and underwriter, in each case in the form most recently provided to such person by the Issuers, in connection with the
offering and sale of the Registrable Securities covered by the prospectus (including such preliminary and summary prospectus) or any supplement or amendment thereto; 
 (xii) use commercially reasonable efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration
Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or sales agent, if any, therefor and underwriter, if any, thereof shall reasonably request, (B) keep such registrations or
qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration is required to remain effective under Section 2(b) above and for
so long as may be necessary to enable any such Electing Holder, agent or underwriter to complete its distribution of Securities pursuant to such Shelf Registration Statement and (C) take any and all other actions as may be reasonably necessary or
advisable to enable each such 

  

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Electing Holder, agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such Registrable Securities; provided,
however, that the Issuers shall not be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(d)(xii), (2)
consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws or any agreement between it and its stockholders; 
 (xiii) subject to Section 3(d)(xii), use commercially reasonable efforts to obtain the consent or approval of each governmental agency or
authority, whether federal, state or local, which may be required to effect the Shelf Registration or the offering or sale in connection therewith or to enable the selling holder or holders to offer, or to consummate the disposition of, their
Registrable Securities; 
 (xiv) unless any Registrable Securities shall be in book-entry only form, cooperate with the
Electing Holders and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any
Registrable Securities are listed, shall be penned, lithographed or engraved, or produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; and, in the case of an
underwritten offering, enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request at least two business days prior to any sale of the Registrable Securities; 
 (xv) provide a CUSIP number for all Registrable Securities, not later than the applicable Effective Time; 
 (xvi) on no more than one occasion, enter into an underwriting agreement, agency agreement, “best efforts” underwriting
agreement or similar agreement, as appropriate, including customary provisions relating to indemnification and contribution, and take such other actions in connection therewith as any Electing Holders aggregating at least a majority in aggregate
principal amount of the Registrable Securities at the time outstanding shall request in order to expedite or facilitate the disposition of such Registrable Securities; 
 (xvii) in the event an agreement of the type referred to in Section 3(d)(xvi) hereof is entered into, (A) make such representations and
warranties to the Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection 

  

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with an offering of debt securities pursuant to any appropriate agreement or to a registration statement filed on the form applicable to the Shelf
Registration; (B) obtain an opinion of counsel to the Issuers in customary form and covering such matters, of the type customarily covered by such an opinion, as the managing underwriters, if any, or as any Electing Holders of at least a majority in
aggregate principal amount of the Registrable Securities at the time outstanding may reasonably request, addressed to such Electing Holder or Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof
and dated the effective date of such Shelf Registration Statement (and if such Shelf Registration Statement contemplates an underwritten offering of a part or all of the Registrable Securities, dated the date of the closing under the underwriting
agreement relating thereto) (it being agreed that the matters to be covered by such opinion shall include the due incorporation and good standing of the Issuers and their subsidiaries; the due authorization, execution and delivery of the relevant
agreement of the type referred to in Section 3(d)(xvi) hereof; the due authorization, execution, authentication and issuance, and the validity and enforceability, of the Securities; a statement that the transactions contemplated by such agreement
referred to in clause (xvi) above would not result in a breach by the Issuers of, or a default under, material agreements binding upon the Issuers; the absence of governmental approvals required to be obtained in connection with the Shelf
Registration, the offering and sale of the Registrable Securities, this Exchange and Registration Rights Agreement or any agreement of the type referred to in Section 3(d)(xvi) hereof, except such approvals as may be required under state securities
or blue sky laws; the material compliance as to form of such Shelf Registration Statement and any documents incorporated by reference therein and of the Indenture with the requirements of the Securities Act and the Trust Indenture Act and the rules
and regulations of the Commission thereunder, respectively; and, as of the date of the opinion and of the Shelf Registration Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Shelf Registration
Statement and the prospectus included therein, as then amended or supplemented, and from the documents incorporated by reference therein (in each case other than the financial statements and other financial information contained therein) of an
untrue statement of a material fact or the omission to state therein a material fact necessary to make the statements therein not misleading (in the case of such documents, in the light of the circumstances existing at the time that such documents
were filed with the Commission under the Exchange Act)); (C) obtain a “cold comfort” letter or letters from the independent certified public accountants of the Issuers addressed to the selling Electing Holders, the placement or sales
agent, if any, therefor or the underwriters, if any, thereof, dated (i) the effective date of such Shelf Registration Statement and (ii) the effective date of any prospectus supplement to the prospectus 

  

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included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement which includes unaudited or audited financial
statements as of a date or for a period subsequent to that of the latest such statements included in such prospectus (and, if such Shelf Registration Statement contemplates an underwritten offering pursuant to any prospectus supplement to the
prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period subsequent to that of the latest such
statements included in such prospectus, dated the date of the closing under the underwriting agreement relating thereto), such letter or letters to be in customary form and covering such matters of the type customarily covered by letters of such
type; (D) deliver such documents and certificates, including officers’ certificates, as may be reasonably requested by any Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities at the time
outstanding or the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof to evidence the accuracy of the representations and warranties made pursuant to clause (A) above or those contained in Section 5(a) hereof
and the compliance with or satisfaction of any agreements or conditions contained in the underwriting agreement or other agreement entered into by the Issuers; and (E) undertake such obligations relating to expense reimbursement, indemnification and
contribution as are provided in Section 6 hereof; 
 (xviii) notify in writing each holder of Registrable Securities of any
proposal by the Issuers to amend or waive any provision of this Exchange and Registration Rights Agreement pursuant to Section 9(h) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the text of the
amendment or waiver proposed or effected, as the case may be; 
 (xix) in the event that any broker-dealer registered under
the Exchange Act shall underwrite any Registrable Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Conduct Rules) of the
National Association of Securities Dealers, Inc. (“NASD”) or any successor thereto, as amended from time to time) thereof, whether as a holder of such Registrable Securities or as an underwriter, a placement or sales agent or a broker or
dealer in respect thereof, or otherwise, assist such broker-dealer in complying with the requirements of such Conduct Rules, including by (A) if such Conduct Rules shall so require, engaging a “qualified independent underwriter” (as
defined in such Conduct Rules) to participate in the preparation of the Shelf Registration Statement relating to such Registrable Securities, to exercise usual standards of due diligence in respect thereto and, if any 

  

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portion of the offering contemplated by such Shelf Registration Statement is an underwritten offering or is made through a placement or sales agent, to
recommend the yield of such Registrable Securities, (B) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 6 hereof (or to such other customary extent as may be requested
by such underwriter), and (C) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Conduct Rules; and 
 (xx) comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as
practicable but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earning statement of the Issuers and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the
option of the Issuers, Rule 158 thereunder). 
 (e) In the event that the Issuers would be required, pursuant to Section 3(d)(viii)(F) above,
to notify the Electing Holders, the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Issuers shall as soon as practicable prepare and furnish to each of the Electing Holders, to each placement or sales
agent, if any, and to each such underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all material
respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Issuers pursuant to Section 3(d)(viii)(F)
hereof, such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received copies of such
amended or supplemented prospectus, and if so directed by the Issuers, such Electing Holder shall deliver to the Issuers (at the Issuers’ expense) all copies, other than permanent file copies, then in such Electing Holder’s possession of
the prospectus covering such Registrable Securities at the time of receipt of such notice. 
 (f) In the event of a Shelf Registration, in
addition to the information required to be provided by each Electing Holder in its Notice Questionnaire, the Issuers may require such Electing Holder to furnish to the Issuers such additional information regarding such Electing Holder and such
Electing Holder’s intended method of distribution of Registrable Securities as may be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Issuers as promptly as practicable of any inaccuracy or
change in information previously 

  

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furnished by such Electing Holder to the Issuers or of the occurrence of any event in either case as a result of which any prospectus relating to such Shelf
Registration contains or would contain an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact regarding
such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing,
and promptly to furnish to the Issuers any additional information required to correct and update any previously furnished information or required so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of
such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 
 (g) Until the expiration of two years after the Closing Date, the Issuers will not, and will not permit any of their “affiliates” (as defined
in Rule 144) to, resell any of the Securities that have been reacquired by any of them except pursuant to an effective registration statement under the Securities Act. 
 4. Registration Expenses. 
 The Issuers agree to bear and to pay or cause to be paid promptly all
expenses incident to the Issuers’ performance of or compliance with this Exchange and Registration Rights Agreement, including (a) all Commission and any NASD registration, filing and review fees and expenses, (b) all fees and expenses in
connection with the qualification of the Securities for offering and sale under the State securities and blue sky laws referred to in Section 3(d)(xii) hereof and determination of their eligibility for investment under the laws of such jurisdictions
as any managing underwriters or the Electing Holders may designate, including reasonable and documented fees and disbursements of counsel for the Electing Holders or underwriters in connection with such qualification and determination, (c) all
expenses relating to the preparation, printing, production, distribution and reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto, each amendment or
supplement to the foregoing, the expenses of preparing the Securities for delivery and the expenses of printing or producing any underwriting agreements, agreements among underwriters, selling agreements and blue sky or legal investment memoranda
and all other documents in connection with the offering, sale or delivery of Securities to be disposed of (including certificates representing the Securities), (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery
of Securities and the preparation of documents referred in clause (c) above, (e) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any counsel for the Trustee and of any collateral agent or custodian, (f) internal
expenses (including all salaries and expenses of the Issuers’ officers and employees performing legal or accounting duties), (g) 

  

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fees, disbursements and expenses of counsel and independent certified public accountants of the Issuers (including the expenses of any opinions or “cold
comfort” letters required by or incident to such performance and compliance), (h) fees, disbursements and expenses of any “qualified independent underwriter” engaged pursuant to Section 3(d)(xix) hereof, (i) reasonable and documented
fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities held by
Electing Holders (which counsel shall be reasonably satisfactory to the Issuers), (j) any fees charged by securities rating services for rating the Securities, and (k) fees, expenses and disbursements of any other persons, including special experts,
retained by the Issuers in connection with such registration (collectively, the “Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities or any placement
or sales agent therefor or underwriter thereof, the Issuers shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the
holders of the Registrable Securities being registered shall pay all agency fees and commissions and underwriting discounts and commissions attributable to the sale of such Registrable Securities and the fees and disbursements of any counsel or
other advisors or experts retained by such holders (severally or jointly), other than the counsel and experts specifically referred to above. 
 5. [Reserved] 
 6. Indemnification. 
 (a) Indemnification by the Issuers. The Issuers will indemnify and hold harmless each of the holders of Registrable Securities included in an Exchange Registration Statement, each of the Electing Holders of
Registrable Securities included in a Shelf Registration Statement and each person who participates as a placement or sales agent or as an underwriter in any offering or sale of such Registrable Securities against any losses, claims, damages or
liabilities, joint or several, to which such holder, agent or underwriter may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
an untrue statement or alleged untrue statement of a material fact contained in any Exchange Registration Statement or Shelf Registration Statement, as the case may be, under which such Registrable Securities were registered under the Securities
Act, or any preliminary, final or summary prospectus contained therein or furnished by the Issuers to any such holder, Electing Holder, agent or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such holder, such Electing Holder, such agent and such underwriter for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such action or 

  

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claim as such expenses are incurred; provided, however, that the Issuers shall not be liable to any such person in any such case to the extent
that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or preliminary, final or summary prospectus, or
amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Issuers by such person expressly for use therein. 
 (b) Indemnification by the Holders and any Agents and Underwriters. The Issuers may require, as a condition to including any Registrable Securities in any registration statement filed pursuant to Section 2(b)
hereof and to entering into any underwriting agreement with respect thereto, that the Issuers shall have received an undertaking reasonably satisfactory to it from the Electing Holder of such Registrable Securities and from each underwriter named in
any such underwriting agreement, severally and not jointly, to (i) indemnify and hold harmless the Issuers, and all other holders of Registrable Securities, against any losses, claims, damages or liabilities to which the Issuers or such other
holders of Registrable Securities may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue
statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus contained therein or furnished by the Issuers to any such Electing Holder, agent or underwriter, or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the
extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Issuers by such Electing Holder or underwriter expressly for use
therein, and (ii) reimburse the Issuers for any legal or other expenses reasonably incurred by the Issuers in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no
such Electing Holder shall be required to undertake liability to any person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s
Registrable Securities pursuant to such registration. 
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party
under subsection (a) or (b) above of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or
contemplated by this Section 6, notify such indemnifying party in writing of the commencement of such action; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
otherwise than under the indemnification provisions of or contemplated by Section 6(a) or 6(b) hereof, except to the extent it has been materially prejudiced by such omissions. In case any such action shall be brought against any indemnified party
and it shall notify an indemnifying party of 

  

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the commencement thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after
notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in
each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement
or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or
potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii)does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) Contribution. If for any
reason the indemnification provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect the relative fault and relative benefits of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect
thereof), as well as any other relevant equitable considerations. The relative fault and relative benefits of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders or any
agents or underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6(d), no holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the proceeds received by such

  

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holder from the sale of any Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages
which such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to contribute any amount in excess of the amount by which the total price
at which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The holders’ and any underwriters’ obligations in this Section 6(d) to contribute shall be several in proportion to the principal amount of Registrable Securities registered or underwritten, as the case may be, by them
and not joint. 
 (e) The obligations of the Issuers under this Section 6 shall be in addition to any liability which the Issuers may
otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, agent and underwriter and each person, if any, who controls any holder, agent or underwriter within the meaning of the
Securities Act; and the obligations of the holders and any agents or underwriters contemplated by this Section 6 shall be in addition to any liability which the respective holder, agent or underwriter may otherwise have and shall extend, upon the
same terms and conditions, to each officer and director of the Issuers and to each person, if any, who controls the Issuers within the meaning of the Securities Act. 
 7. Underwritten Offerings. 
 (a) Selection of Underwriters. If any of the Registrable
Securities covered by the Shelf Registration are to be sold pursuant to an underwritten offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate principal amount of
the Registrable Securities to be included in such offering, provided that such designated managing underwriter or underwriters is or are reasonably acceptable to the Issuers. 
 (b) Participation by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no such holder may participate
in any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  

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 8. Rule 144. 
 The Issuers covenant to the holders of Registrable Securities that to the extent they shall be required to do so under the Exchange Act, the Issuers shall timely file the reports required to be filed by it under the
Exchange Act or the Securities Act (including the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the Commission under the Securities Act) and the rules and regulations adopted by the
Commission thereunder, and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under
the Securities Act within the limitations of the exemption provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the
written request of any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule144, the Issuers shall deliver to such holder a written statement as to whether it has complied with such requirements. 
 9. Miscellaneous. 
 (a) No
Inconsistent Agreements. The Issuers represent, warrant, covenant and agree that they have not granted, and shall not grant, registration rights with respect to Registrable Securities or any other securities which would be inconsistent with the
terms contained in this Exchange and Registration Rights Agreement. 
 (b) Specific Performance. The parties hereto acknowledge that
there would be no adequate remedy at law if the Issuers fail to perform any of its obligations hereunder and that the Purchasers and the holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and
accordingly agree that the Purchasers and such holders, 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 the obligations of the Issuers under this Exchange and
Registration Rights Agreement in accordance with the terms and conditions of this Exchange and Registration Rights Agreement, in any court of the United States or any State thereof having jurisdiction. 
 (c) Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have
been duly given when delivered by hand, if delivered personally or by courier, or three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) as follows: If to the Issuers, to them at 222
Berkeley Street, Boston, Massachusetts 02116, Attention: Office of General Counsel, and if to a holder, to the address of such holder set forth in the security register or other records of the Issuers, or to such other address as the Issuers or any
such holder may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
  

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 (d) Parties in Interest. All the terms and provisions of this Exchange and Registration Rights
Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and the holders from time to time of the Registrable Securities and the respective successors and assigns of the parties hereto and such
holders. In the event that any transferee of any holder of Registrable Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further
writing or action of any kind, be deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all of the terms of this Exchange and Registration Rights Agreement, and by taking and holding such Registrable
Securities such transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of this Exchange and Registration Rights Agreement. If the Issuers shall so
request, any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable Securities subject to all of the applicable terms hereof. 
 (e) Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this Exchange and Registration Rights Agreement or made pursuant hereto shall remain in
full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer or partner of such holder, any agent or underwriter or any director,
officer or partner thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities pursuant to the Purchase Agreement and the transfer and registration of Registrable Securities by
such holder and the consummation of an Exchange Offer. 
 (f) Governing Law. This Exchange and Registration Rights Agreement shall be
governed by and construed in accordance with the laws of the State of New York. 
 (g) Headings. The descriptive headings of the
several Sections and paragraphs of this Exchange and Registration Rights Agreement are inserted for convenience only, do not constitute a part of this Exchange and Registration Rights Agreement and shall not affect in any way the meaning or
interpretation of this Exchange and Registration Rights Agreement. 
 (h) Entire Agreement; Amendments. This Exchange and Registration
Rights Agreement and the other writings referred to herein (including the Indenture and the form of Securities) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter.
This Exchange and Registration Rights Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. This Exchange and Registration Rights Agreement may be amended and the observance 

  

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of any term of this Exchange and Registration Rights Agreement may be waived (either generally or in a particular instance and either retroactively or
prospectively) only by a written instrument duly executed by the Issuers and the holders of at least a majority in aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable Securities at the
time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered
to such holder. 
 (i) Inspection. For so long as this Exchange and Registration Rights Agreement shall be in effect, this Exchange
and Registration Rights Agreement and a complete list of the names and addresses of all the holders of Registrable Securities shall be made available for inspection and copying during business hours on any business day by any holder of Registrable
Securities for proper purposes only (which shall include any purpose related to the rights of the holders of Registrable Securities under the Securities, the Indenture and this Agreement) at the offices of the Issuers at the address thereof set
forth in Section 9(c) above and at the office of the Trustee under the Indenture. 
 (j) Counterparts. This agreement may be executed
by the parties in counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. 
  

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 If the foregoing is in accordance with your understanding, please sign and return to us, five
counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement between each of the Purchasers and the Issuers. It is understood that your
acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement Among Purchasers, the form of which shall be submitted to the Issuers for examination upon request, but without warranty on
your part as to the authority of the signers thereof. 
  

			
	Very truly yours,
	
	Houghton Mifflin, LLC
		
	By:	 	 /s/ Stephen C. Richards
  

	Name:	 	Stephen C. Richards
	Title:	 	Executive Vice President, Chief Operating Officer and Chief Financial Officer
	
	Houghton Mifflin Finance, Inc.
		
	By:	 	 /s/ Stephen C. Richards
  

	Name:	 	Stephen C. Richards
	Title:	 	Executive Vice President, Chief Operating Officer and Chief Financial Officer

  

 -27- 

			
	Accepted as of the date hereof:
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	 /s/ Vikrant Sawhney

	Name:	 	Vikrant Sawhney
	Title:	 	Managing Director
		
	By:	 	 /s/ Stephen A. Bishop

	Name:	 	Stephen A. Bishop
	Title:	 	Director
	
	GOLDMAN, SACHS & CO.
	
	 /s/ Goldman, Sachs & Co.
 (Goldman, Sachs & Co.)

 For themselves and the other several Initial Purchasers 
 named in Schedule I to the Purchase Agreement 
  

 -28- 

 Exhibit A 
 Houghton Mifflin, LLC 
 Houghton Mifflin Finance, Inc. 
 INSTRUCTION TO DTC PARTICIPANTS 
 (Date of Mailing) 
 URGENT - IMMEDIATE ATTENTION REQUESTED 
 DEADLINE FOR RESPONSE: [DATE]a 
 The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial interests in Houghton Mifflin, LLC
(“HM LLC”) and Houghton Mifflin Finance, Inc. (“HM Finance” and together with HM LLC, the “Issuers”) Floating Senior PIK Notes due 2011 (the “Securities”) are held. 
 The Issuers are in the process of registering the Securities under the Securities Act of 1933 for resale by the beneficial owners thereof. In order to
have their Securities included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 
 It is important that beneficial owners of the Securities receive a copy of the enclosed materials as soon as possible as their rights to have the
Securities included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the Securities
through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact the Issuers via mail at 222 Berkeley Street, Boston, Massachusetts 02116, Attention: Office of General Counsel, or by
telephone at (617) 351-5000. 
  

	a	Not less than 18 days from date of mailing. 

  

 A-1 

 Houghton Mifflin, LLC 
 Houghton Mifflin Finance, Inc. 
 Notice of Registration Statement 
 and 
 Selling Securityholder
Questionnaire 
 (Date) 
 Reference is hereby made to the Exchange and Registration Rights Agreement (the “Exchange and Registration Rights Agreement”) between Houghton Mifflin, LLC (“HM LLC”) and Houghton Mifflin Finance, Inc. (“HM
Finance” and together with HM LLC, the “Issuers”) and the Purchasers named therein. Pursuant to the Exchange and Registration Rights Agreement, the Issuers have filed with the United States Securities and Exchange Commission (the
“Commission”) a registration statement on Form [    ] (the “Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of the Floating Rate Senior PIK Notes due 2011 (the “Securities”). A copy of the Exchange and Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Exchange and Registration Rights Agreement. 
 Each beneficial owner of Registrable Securities (as defined below) is entitled
to have the Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling
Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Issuers’ counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of
Registrable Securities who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part thereof
for resales of Registrable Securities. 
 Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling
securityholder in the Shelf Registration Statement and related Prospectus. 
 The term “Registrable Securities” is defined
in the Exchange and Registration Rights Agreement. 
  

 A-2 

 ELECTION 
 The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned by it and listed
below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and the Exchange and Registration
Rights Agreement, including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 
 Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the
Issuers and Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement. 
 The Selling Securityholder hereby provides the following information to the Issuers and represents and warrants that such information is accurate and complete: 
  

 -31- 

 QUESTIONNAIRE 
  

									
	(1)	  	(a)	  	Full Legal Name of Selling Securityholder:
			
		  	(b)	  	Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item (3) below:
			
		  	(c)	  	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed in Item (3) below are Held:
		
	(2)	  	Address for Notices to Selling Securityholder:
					
		  		  		  	  
	  	
					
		  		  		  	  
	  	
					
		  		  		  	  
	  	
					
		  		  	Telephone:	  	  
	  	
					
		  		  	Fax:	  	  
	  	
					
		  		  	Contact Person:	  	  
	  	
			
	(3)	  	Beneficial Ownership of Securities:	  	
		
		  	Except as set forth below in this Item (3), the undersigned does not beneficially own any Securities.
			
		  	(a)	  	 Principal amount of Registrable Securities beneficially owned:
                                        
                            
 CUSIP No(s). of such Registrable Securities:

		  		  	  
	  	
			
		  	(b)	  	Principal amount of Securities other than Registrable Securities beneficially owned:
		  		  	  
	  	
		  		  	CUSIP No(s). of such other Securities:
		  		  	  
	  	
			
		  	(c)	  	 Principal amount of Registrable Securities which the undersigned wishes to be included in the Shelf Registration Statement:
                                        
                                        
        
 CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration
Statement:

  

 A-4 

			
	(4)	  	Beneficial Ownership of Other Securities of the Issuers:
		
		  	Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of the Issuers, other than the Securities
listed above in Item (3).
		
		  	State any exceptions here:
		
	(5)	  	Relationships with the Issuers:
		
		  	Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has
had any other material relationship with the Issuers (or its predecessors or affiliates) during the past three years.
		
		  	State any exceptions here:
		
	(6)	  	Plan of Distribution:
		
		  	Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if at all): Such Registrable
Securities may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Registrable Securities may be sold in one or more transactions at fixed prices, at
prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national securities
exchange or quotation service on which the Registered Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market,
or (iv) through the writing of options. In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the
Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable
Securities to broker-dealers that in turn may sell such securities.
		
		  	State any exceptions here:

 By signing below, the Selling Securityholder acknowledges that it understands its obligation to
comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules and regulations thereunder, particularly Regulation M. 
  

 A-5 

 In the event that the Selling Securityholder transfers all or any portion of the Registrable Securities
listed in Item (3) above after the date on which such information is provided to the Issuers, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Notice and Questionnaire
and the Exchange and Registration Rights Agreement. 
 By signing below, the Selling Securityholder consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such information will be relied
upon by the Issuers in connection with the preparation of the Shelf Registration Statement and related Prospectus. 
 In accordance with the
Selling Securityholder’s obligation under Section 3(d) of the Exchange and Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees
to promptly notify the Issuers of any inaccuracies or changes in the information provided herein which may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant
to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery as follows: 
  

											
	(i)	  	To the Issuers:	  		  		  		  	
				
		  		  	Houghton Mifflin, LLC	  	
		  		  	Houghton Mifflin Finance, Inc.	  	
		  		  	222 Berkeley Street	  	
		  		  	Boston, Massachusetts 02116	  	
		  		  	Attention: Office of General Counsel	  	
						
	(ii)	  	With a copy to:	  		  		  		  	
					
		  		  	  
	  		  	
					
		  		  	  
	  		  	
					
		  		  	  
	  		  	
					
		  		  	  
	  		  	
					
		  		  	  
	  		  	

  

 A-6 

 Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the
Issuers’ counsel, the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal
representatives, and assigns of the Issuers and the Selling Securityholder (with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above. This Agreement shall be governed in all respects
by the laws of the State of New York. 
 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
 Dated: 
  

	
	  
 Selling Securityholder

	(Print/type full legal name of beneficial owner of Registrable Securities)

  

			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-7 

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR
RESPONSE] TO THE ISSUERS’ COUNSEL AT: 
  

							
		  		  	 Houghton Mifflin, LLC
 Houghton Mifflin Finance, Inc.
 222 Berkeley Street
 Boston, Massachusetts 02116
 Attention: Office of General Counsel
	  	

  

 A-8 

 Exhibit B 
 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
 Wells Fargo Bank Minnesota, N.A. 
 Houghton Mifflin, LLC 
 Houghton Mifflin Finance, Inc. 
 c/o Joseph O’Donnell 
 213 Court St., Suite 703 
 Middletown, Connecticut 06457 
 Attention: Trust Officer 
  

	 	Re:	Houghton Mifflin, LLC and 

 Houghton Mifflin Finance, Inc.
(the “Issuers”) 
 Floating Rate Senior PIK Notes due 2011 
 Dear Sirs: 
 Please be advised that
                         has transferred
$                         aggregate principal amount of the above-referenced Notes pursuant to an effective Registration
Statement on Form [            ] (File No.333-            ) filed by the Issuers. 
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the
above-named beneficial owner of the Notes is named as a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus
opposite such owner’s name. 
 Dated: 
  

			
	Very truly yours,
	
	  
 (Name)

		
	By:	 	  

		 	(Authorized Signature)

  

 B-1Form of Non-Qualified Stock Option Agreement

 Exhibit 10.1 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 This NON-QUALIFIED STOCK OPTION AGREEMENT (this “Option Agreement”), dated as of
                    , 20     (the “Grant Date”), is between ZEBRA TECHNOLOGIES CORPORATION, a Delaware
Corporation (the “Company”), and                      (the “Participant”), relating to a non-qualified stock option
granted under the 2006 Zebra Technologies Corporation Incentive Compensation Plan (the “Plan”). Capitalized terms used in this Option Agreement without definition shall have the meanings ascribed to such terms in the Plan. 
  

	1.	Grant of Option. 

  

	 	(a)	Grant. Subject to the provisions of this Option Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant as of the Grant Date
a Non-Qualified Stock Option (the “Option”) to purchase                      shares (the “Option Shares”) of the
Company’s Class A Common Stock, $.01 par value per share (the “Stock”), at a price of $                 per share (the “Option
Price”). 

  

	 	(b)	Term of the Option. Unless the Option terminates earlier pursuant to other provisions of the Option Agreement, the Option shall expire on the tenth anniversary of the
Grant Date (the “Expiration Date”). 

  

	 	(c)	Nontransferability. The Option shall be non-transferable, except by will or the laws of descent and distribution, or as otherwise permitted under the Plan.

  

	2.	Vesting of Option. 

  

	 	(a)	General Vesting Rule. Prior to the Expiration Date, the Option shall become and be exercisable as follows: 

  

			
	 Grant Date Anniversary
	  	Percentage of Option Exercisable
	 Prior to the first anniversary of the Grant Date
	  	     0%
	 On or after the first anniversary of the Grant Date
	  	   15%
	 On or after the second anniversary of the Grant Date, an additional
	  	17.5%
	 On or after the third anniversary of the Grant Date, an additional
	  	   20%
	 On or after the fourth anniversary of the Grant Date, an additional
	  	22.5%
	 On or after the fifth anniversary of the Grant Date, an additional
	  	   25%

 provided, however, except as otherwise provided for under this Option Agreement, the Participant
must remain employed by the Company or any Subsidiary continuously through the applicable vesting dates.  

	 	(b)	Death or Disability. Notwithstanding the provisions of Section 2(a) hereof, in the event the Participant’s employment with the Company and/or any Subsidiary
is terminated due to death or Disability, any unvested Option Shares as of the date of Participant’s termination of employment shall immediately become fully vested and exercisable and, along with unexercised vested Option Shares, shall remain
exercisable until the earlier of: 

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	one (1) year after the date of the Participant’s termination of employment due to death or Disability. 

 In the event of the Participant’s death, the Participant’s beneficiary or estate may exercise the vested Option Shares. 
  

	 	(c)	Retirement. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated due to Retirement, any unexercised, vested Option
Shares as of the date of Participant’s termination of employment shall remain exercisable until the earlier of: 

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	one (1) year after the date of the Participant’s termination of employment due to Retirement. 

 For purposes of this Option Agreement, “Retirement” means the Participant’s voluntary termination of employment with the Company and/or any
Subsidiary after attaining either: 
  

	 	•	 	age 55 with ten (10) complete years of service or more with the Company and/or any Subsidiary; or 

  

	 	•	 	age 65. 

  

	 	(d)	Termination for Cause. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated for Cause, all unvested Option Shares and
all unexercised, vested Option Shares shall expire immediately, be forfeited and considered null and void. For purposes of this Option Agreement, “Cause” means, as determined by the Company, in its sole discretion, termination of the
Participant’s employment with the Company or any Subsidiary because of: 

  

	 	(i)	Participant’s breach of this Option Agreement; 

  

	 	(ii)	willful or intentional misconduct; gross negligence; or dishonest, fraudulent, or unethical behavior; or other conduct involving serious moral turpitude, by Participant in the
performance of his or her duties; or 

  

	 	(iii)	the Participant’s dishonesty, theft or conviction of any crime or offense involving money or property of the Company or any Subsidiary; or 

  

	 	(iv)	the Participant’s breach of any fiduciary duty owing to the Company or any Subsidiary. 

  

	 	(e)	Other Termination of Employment. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated for any reason other than as
provided in Sections 2(b), (c) or (d) hereof, any unexercised, vested Option Shares as of the date of Participant’s termination of employment shall remain exercisable until the earlier of: 

  

	 	(i)	the Expiration Date; or 

  

	 	(ii)	ninety (90) days after the date of the Participant’s involuntary (as to the Participant) termination of employment for reasons other than death, Disability, Retirement, or
Cause; or 

  

 2 

	 	(iii)	thirty (30) days after the date of the Participant’s voluntary termination of employment for reasons other than Retirement. 

  

	 	(f)	Change in Control Vesting. Subject to the provisions of Section 15 of the Plan, if a Change in Control occurs, 100% of the remaining unvested Option Shares shall
be immediately vested and exercisable upon the Change in Control and, along with unexercised vested Option Shares, shall remain exercisable through the Expiration Date. 

  

	3.	Exercise of Option. 

  

	 	(a)	Manner of Exercise. The vested Option Shares may be exercised, in whole or in part, by delivering written notice to the Company in accordance with of Section 7(k)
hereof and in such form as the Company may require from time to time. Such notice of exercise shall: 

  

	 	(i)	specify the number of Option Shares to be purchased; 

  

	 	(ii)	specify the aggregate Option Price for such Option Shares; and 

  

	 	(iii)	be accompanied by payment in full of such aggregate Option Price. 

  

	 	(b)	Payment Upon Exercise. The Option Price upon exercise of any Option Shares shall be payable to the Company in full either: 

  

	 	(i)	in cash or its equivalent; 

  

	 	(ii)	by tendering previously acquired Stock that has been held for at least six months (or such longer period to avoid a charge to earnings for financial reporting purposes) and having
an aggregate Fair Market Value at the time of exercise equal to the total Option Price, or 

  

	 	(iii)	a combination of Sections 3(b)(i) and (ii) hereof. 

 In addition, payment of the Option Price may be payable by one or more of the following methods either upon written consent from the Committee or if one or more of the following methods will not result in a charge to earnings for financial
reporting purposes: 
  

	 	(iv)	by withholding Stock that otherwise would be acquired on exercise having an aggregate Fair Market Value at the time of exercise equal to the total Option Price,

  

	 	(v)	by tendering other Awards payable under the Plan, or 

  

	 	(vi)	by cashless exercise through delivery of irrevocable instructions to a broker to promptly deliver to the Company the amount of proceeds from a sale of shares having a Fair Market
Value equal to the purchase price. 

  

	 	(vii)	Any combination of Sections 3(b)(i)-(vi) upon written consent of the Committee. 

  

	 	(c)	Compliance with Federal and State Law. The Company reserves the right to delay a Participant’s exercise of an Option if the Company’s issuance of Stock upon
such exercise would violate any applicable federal or state securities laws or any other applicable laws or regulations. The Participant may not sell or otherwise dispose of the Option Shares in violation of any applicable law. The Company may
postpone issuing and delivering any Option Shares for so long as the Company reasonably determines to be necessary to satisfy the following: 

  

	 	(i)	its completing or amending any securities registration or qualification of the Option Shares or it or the Participant satisfying any exemption from registration under any federal or
state law, rule, or regulation; 

  

	 	(ii)	its receiving proof it considers satisfactory that a person seeking to exercise the Option after the Participant’s death is entitled to do so; 

  

 3 

	 	(iii)	the Participant complying with any requests for representations under the Plan; 

  

	 	(iv)	the Participant complying with any federal, state, or local tax withholding obligations; 

  

	 	(v)	its deferring payment of any amount that it reasonably determines would not be deductible under Code Section 
162(m) until the earlier of: 

  

	 	•	 	the earliest date on which the Company reasonably determines that the deductibility 
of the payment will not be limited; or 

  

	 	•	 	the year following the Participant’s termination of employment; and 

  

	 	(vi)	its compliance with the restrictions of Code Section 409A to the extent applicable, including any final regulations issued pursuant thereto, including the Committee’s
right to amend any provision of this Option Agreement, to the extent necessary to comply with Code Section 409A. 

  

	 	(d)	No Fractions of Stock. The Company shall not be required to issue any fractional shares of Stock. 

  

	4.	Payment of Taxes. 

  

	 	(a)	General Rule. If the Company is obligated to withhold an amount on account of any tax imposed as a result of the exercise of an Option, the Participant shall be
required to pay such amount to the Company, as provided under Section 17 of the Plan. The Participant acknowledges and agrees that the Participant is responsible for the tax consequences associated with the grant of the Option and its exercise.

  

	5.	Changes in Company’s Capital Structure. 

  

	 	(a)	Adjustment in Authorized Stock. As may be determined to be appropriate and equitable by the Committee, in its complete and sole discretion, to prevent dilution or
enlargement of rights, the Committee may make or authorize to be made: 

  

	 	(i)	any adjustment, recapitalization, reorganization or other changes in the Company’s capital structure or its business; 

  

	 	(ii)	any merger or consolidation of the Company; 

  

	 	(iii)	any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Stock or the rights thereof; 

  

	 	(iv)	the dissolution or liquidation of the Company; 

  

	 	(v)	any sale or transfer of all or any part of the Company’s assets or business; or 

  

	 	(vi)	any other corporate act or proceeding, whether of a similar character or otherwise. 

  

	6.	Confidentiality, Non-Solicitation and Non-Compete. Participant agrees to, understands and acknowledges the following: 

  

	 	(a)	Confidential Information. Participant will be furnished, use or otherwise have access to certain Confidential Information of the Company. For purposes of this Option
Agreement, Confidential Information means any and all financial, technical, commercial or other information concerning the business and affairs of the Company that is confidential and proprietary to the Company, including without limitation,

  

 4 

	 	(i)	information relating to the Company’s past and existing customers and vendors and development of prospective customers and vendors, including specific customer product
requirements, pricing arrangements, payments terms, customer lists and other similar information; 

  

	 	(ii)	inventions, designs, methods, discoveries, works of authorship, creations, improvements or ideas developed or otherwise produced, acquired or used by the Company;

  

	 	(iii)	the Company’s proprietary programs, processes or software, consisting of but not limited to, computer programs in source or object code and all related documentation and
training materials, including all upgrades, updates, improvements, derivatives and modifications thereof and including programs and documentation in incomplete stages of design or research and development; 

  

	 	(iv)	the subject matter of the Company’s patents, design patents, copyrights, trade secrets, trademarks, service marks, trade names, trade dress, manuals, operating instructions,
training materials, and other industrial property, including such information in incomplete stages of design or research and development; and 

  

	 	(v)	other confidential and proprietary information or documents relating to the Company’s products, business and marketing plans and techniques, sales and distribution networks and
any other information or documents which the Company reasonably regards as being confidential. 

 The Company devotes
significant financial, human and other resources to the development of its products, its customer base and the general goodwill associated with its business, and the Company diligently maintains the secrecy and confidentiality of its Confidential
Information. Each and every component of the Confidential Information is sufficiently secret to derive economic value from its not being generally known to other persons. While employed by the Company and thereafter, Participant will hold in the
strictest confidence and not use in any manner which is detrimental to the Company or disclose to any individual or entity any Confidential Information, except as may be required by the Company in connection with Participant’s employment.

  

	 	(b)	Non-Solicitation and Non-Compete. For the period beginning on the date hereof and ending twelve (12) months following the termination of employment with the
Company, Participant will not directly or indirectly: 

  

	 	(i)	employ, recruit or solicit for employment any person who is (or was within the six (6) months prior to Participant’s employment termination date) an employee of the
Company; or 

  

	 	(ii)	solicit or encourage any customer, vendor or potential customer or vendor of the Company with whom Participant had contact while employed by the Company to terminate or otherwise
alter his, her or its relationship with the Company. 

  

	 	(iii)	Participant understands that any person or entity that Participant contacted during the twelve (12) months prior to the date of Participant’s termination of employment for
the purpose of soliciting sales from such person or entity shall be regarded as a “potential customer” of the Company to whom the Company has a protectible proprietary interest. 

  

 5 

	 	(c)	Remedies for Violation. 

  

	 	(i)	Injunctive Action. Participant acknowledges that if he or she violates the terms of this Section 6, the injury that would be suffered by the Company as a result
of a breach of the provisions of this Option Agreement (including any provision of Section 6 (a) or (b) hereof) would be irreparable and that an award of monetary damages to the Company for such a breach would be an inadequate remedy.
Consequently, the Company will have the right, in addition to any other rights it may have, to obtain injunctive relief to restrain any breach or threatened breach or otherwise to specifically enforce any provision of this Option Agreement, and the
Company will not be obligated to post bond or other security in seeking such relief. Without limiting the Company’s rights under this Section 6(c) (or Sections 6(a) or (b) hereof) or any other remedies of the Company, if the
Participant breaches any of the provisions of Sections 6(a) or (b) hereof, the Company will have the right to cease making any payments otherwise due to the Participant under this Option Agreement. 

  

	 	(ii)	Forfeiture of the Option and Repayment. In addition to the rights available to the Company under Section 6(c)(i) hereof, if Participant violates the terms of this
Section 6 at any time, Participant, without any further action by the Company or Participant, shall forfeit, as of the first day of any such violation, all right, title and interest to this Option, any Option Shares then owned by Participant
and any net proceeds received by Participant pursuant to any sales or transfer of any Option Shares prior to, on or after such date, and the Company shall have the right to issue a stop transfer order and other appropriate instructions to its
transfer agent with respect to this Option and the Option Shares, and the Company further shall be entitled to reimbursement from Participant of any fees and expenses (including attorneys’ fees) incurred by or on behalf of the Company in
enforcing the Company’s rights under this Section 6. By accepting this Option grant, Participant hereby consents to a deduction from any amounts the Company owes to Participant from time to time (including amounts owed to Participant as
wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to Participant by the Company), to the extent of any amounts that Participant owes the Company under this Section 6. In addition to any injunctive
relief sought under Section 6(c)(i) hereof and whether or not the Company elects to make any set-off in whole or in part, if the Company does not recover by means of set-off the full amount Participant owes to the Company, calculated as set
forth in this Section 6(c)(ii), Participant agrees to immediately pay the unpaid balance to the Company. 

  

	 	(d)	Enforceability of Restrictive Covenants. The scope and duration of the restrictive covenants contained in this Option Agreement are reasonable and necessary to protect
a legitimate, protectible interest of the Company. However, if one or more provisions of this Option Agreement are held to be unenforceable under applicable law to any extent, such provision(s) shall, to that extent, be excluded from this Option
Agreement and the balance of the Option Agreement shall be interpreted as if such provision(s) were so excluded to that extent and shall be enforceable in accordance with its terms. 

  

	 	(e)	Written Acknowledgement by Participant. The Committee, in its sole discretion, may require the Participant, as a condition to the exercise of this Option, to
acknowledge in writing that he or she has not engaged, and is not in the process of engaging, in any of the activities described in this Section 6. 

  

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	7.	Miscellaneous Provisions. 

  

	 	(a)	No Service or Employment Rights. No provision of this Option Agreement or of the Option granted hereunder shall give the Participant any right to continue in the
service or employ of the Company or any Subsidiary, create any inference as to the length of employment or service of the Participant, affect the right of the Company or any Subsidiary to terminate the employment or service of the Participant, with
or without Cause, or give the Participant any right to participate in any employee welfare or benefit plan or other program (other than the Plan) of the Company or any Subsidiary. 

  

	 	(b)	Stockholder Rights. Until the Option shall have been duly exercised to purchase such Option Shares and such shares have been officially recorded as issued on the
Company’s official stockholder records, no person or entity shall be entitled to vote, receive dividends or be deemed for any purpose the holder of any Option Shares, and adjustments for dividends or otherwise shall be made only if the record
date therefor is subsequent to the date such shares are recorded and after the date of exercise and without duplication of any adjustment. 

  

	 	(c)	Plan Document Governs. The Option is granted pursuant to the Plan, and the Option and this Option Agreement are in all respects governed by the Plan and subject to all
of the terms and provisions thereof, whether such terms and provisions are incorporated in this Option Agreement by reference or are expressly cited. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the
Plan. Any inconsistency between the Option Agreement and the Plan shall be resolved in favor of the Plan. Participant hereby acknowledges receipt of a copy of the Plan. 

  

	 	(d)	Investment Representation and Agreement. The Committee may require the Participant to furnish to the Company, prior to the issuance of any shares of Common Stock upon
the exercise of all or any part of this Option, an agreement (in such form as such Committee may specify) in which the Participant represents that the shares of Common Stock acquired by him or her upon exercise are being acquired for investment and
not with a view to the sale or distribution thereof. 

  

	 	(e)	Beneficiary Designation. The Participant may, from time to time, in accordance with procedures set forth by the Committee, name any beneficiary or beneficiaries (who
may be named contingently or successively) to whom any benefit under this Option Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by
the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Committee during the Participant’s lifetime. In the absence of any such designation, benefits remaining
unpaid at the Participant’s death shall be paid to the Participant’s estate or exercised by the Participant’s estate. 

  

	 	(f)	Administration. This Option Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended
from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or
appropriate to the administration of the Plan and this Option Agreement, all of which shall be binding upon the Participant.  

  

	 	(g)	No Vested Right In Future Awards. Participant acknowledges and agrees (by executing this Option Agreement) that the granting of Options under this Option Agreement are
made on a fully discretionary basis by the Company and that this Option Agreement does not lead to a vested right to further Option awards in the future. 

  

 7 

	 	(h)	Use Of Personal Data. Participant acknowledges and agrees (by executing this Option Agreement) to the collection, use, processing and transfer of certain personal data
as described in this Section 7(h). The Participant understands that he or she is not obliged to consent to such collection, use, processing and transfer of personal data. However, the Participant understands that his or her failure to provide
such consent may affect his or her ability to participate in the Plan. The Participant understands that the Company may hold certain personal information about the Participant, including his or her name, salary, nationality, job title, position
evaluation rating along with details of all past Awards and current Awards outstanding under the Plan, for the purpose of managing and administering the plan (the “Data”). The Company, or its Subsidiaries, will transfer Data amongst
themselves as necessary for the purpose of implementation, administration and management of the Plan. The Company and/or any of it Subsidiaries may further transfer Data to any third parties assisting the Company in the implementation,
administration and management of the Plan. These various recipients of Data may be located elsewhere throughout the world. The Participant authorizes these various recipients of Data to receive, possess, use, retain and transfer the Data, in
electronic or other form, for the purposes of implementing, administering and managing the Plan, including any required transfer of such Data as may be required for the subsequent holding of Option Shares on the Participant’s behalf by a broker
or other third party with whom the Participant may elect to deposit any Option Shares acquired pursuant to the Plan. The Participant understands that he or she may, at any time, review Data with respect to the Participant and require any necessary
amendments to such Data. The Participant also understands that he or she may withdraw the consents to use Data herein by notifying the Company in writing; however, the Participant understands that by withdrawing his or her consents to use Data, that
the Participant may affect his or her ability to participate in the Plan. 

  

	 	(i)	Severability. In the event that any provision of this Option Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of this Option Agreement, and this Option Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. 

  

	 	(j)	Waiver; Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision hereof shall not affect its right to require
performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time. 

  

	 	(k)	Notices. Any notice which either party hereto may be required or permitted to give the other shall be in writing and may be delivered personally or by mail, postage
prepaid, addressed to the Secretary of the Company, at its then corporate headquarters, and the Participant at the Participant’s address as shown on the Company’s records, or to such other address as the Participant, by notice to the
Company, may designate in writing from time to time. 

  

	 	(l)	Counterparts. This Option Agreement may be signed in two counterparts, each of which shall be an original, but both of which shall constitute but one and the same
instrument. 

  

	 	(m)	Successors and Assigns. This Option Agreement shall inure to the benefit of and be binding upon each successor and assign of the Company. All obligations imposed upon
the Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and successors. 

  

	 	(n)	Governing Law. This Option Agreement and the Option granted hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State of
Delaware, without giving effect to provisions thereof regarding conflict of laws. 

  

 8 

	 	(o)	Entire Agreement. This Option Agreement, together with the Plan, constitute the entire obligation of the parties hereto with respect to the subject matter hereof and
shall supersede any prior expressions of intent or understanding with respect to this transaction. 

  

	 	(p)	Amendment. Any amendment to this Option Agreement shall be in writing and signed by the Company. 

  

	 	(q)	Headings. The headings contained in this Option Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Option Agreement.

 IN WITNESS WHEREOF, the Company has caused this Option Agreement to be duly executed by an officer thereunto duly
authorized, and the Participant has hereunto set his or her hand, all as of the day and year first above written. 
  

									
	ZEBRA TECHNOLOGIES CORPORATION	 		 	Participant
				
	By:	 	  	 		 	  
					
	Name:	 	  	 		 	Name:	 	  
					
	Title:	 	  	 		 		 	

  

 9

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